Q3 2018 in short

Preem reports a strong third quarter with increased sales and strong operating income compared with the previous quarterly periods in 2018. Refineries in the third quarter of 2018 had a satisfactory production with a high margin. The company continues to show good growth and profitability, driven by, among other things, increased sales volumes.

 

Preem is approaching the final phase of two major projects. HPU, a new facility for hydrogen production in Gothenburg, mechanically ready in early 2019, with a start-up in the first quarter of 2019. The construction of a new hydrogen production plant is to increase the production of renewable fuels. With the new factory, Preem will be able to increase its own renewable production of diesel to 190,000 cubic meters per year, which makes it possible to reach 300,000 cubic meters a year at the beginning of 2020. VDU, a new vacuum distillation plant in Lysekil, is expected to be mechanically ready in December 2018, and to start-up in the first quarter of 2019. Vacuum distillation is an important component in the production of gasoline and diesel.

 

During the past quarter, Preem signed a lease agreement with Sirius to provide maritime transport that applies slow steaming, which means that the vessels adjust speed to minimize the time of anchorage at refineries and ports. This contributes to lower fuel consumption, safety is increased and less environmental impact.

Q3 YTD

Adjusted EBITDA

Profit before tax

Leverage*

2.6

1.4

2.6

BSEK

BSEK

%

 *Transaction expenses are excluded in the leverage ratio.

  

BSEK

Sales revenue

Net debt

Capital expenditure

Q3 2018

70,4

13,2

1,4

Q3 2017

49,6

14,1

1,6

Change

42%

-6%

-13%