Q4 2018 in short

The fourth quarter of 2018 went through a shifting crude oil market where the year's highest and lowest prices took place during the same quarter. This volatility was due to geopolitical tensions, increased oil production in the US and that OPEC and other oil-producing countries decided to reduce production in 2019 to stabilize the market. 

 

Sales revenue for the fourth quarter of 2018 increased by SEK 3 billion compared with the fourth quarter of 2017, a result of higher crude oil and product prices. The underlying factors for the negative operating profit were falling market prices, which resulted in a large reduction in inventory value. Sales volumes in the Swedish market fell by two per cent during the fourth quarter of 2018 compared with the same period in 2017. This was mainly due to two large one-off transactions in December 2017. 

 

During the past quarter, Preem has signed lease agreements with Thun Tankers maritime transports that meet high safety standards, efficiency with very low environmental impact and can be operated with liquid natural gas (LNG) or Biogas (LBG).

 

As a result of Preem's strategy in renewable fuels in 2030, Preem and the Norwegian company Biozin AS have signed a cooperation agreement regarding large-scale production of biofuels with residual products from the forest and wood industry. Initially, a new production facility will be built in Jordøya in Åmli municipality, Norway.

 

Q4 YTD

Adjusted EBITDA

Profit before tax

Leverage*

3.6

8

3.5

BSEK

MSEK

%

 *Transaction expenses are excluded in the leverage ratio.

  

BSEK

Sales revenue

Net debt

Capital expenditure

Q4 2018

92,6

16,7

2,1

Q4 2017

68,7

14,8

2,3

Change

26%

11%

-11%