ANNUAL ACCOUNTS OF THE PARENT COMPANY
The business of the Parent Company is investment in and management of oil and gas assets. The net result for the parent company amounted to MSEK -32.3 (MSEK 62.8) for the financial year ended 31 December 2009. The result included general and administrative expenses of MSEK 49.3 (MSEK 25.6) for the year ended 31 December 2009. Interest income derived from loans to subsidiary companies amounted to MSEK 7.7 (MSEK 8.7). Included in financial income for the comparative period is an amount of MSEK 113.3 relating to the Parent Company’s portion of the gain on the sale of an investment in Revus Energy ASA. For the financial year ended 31 December 2009 there is a tax charge of MSEK 17.6 (MSEK 36.4) and this relates to Swedish taxes on the results of Controlled Foreign Companies being Cyprus entities within the Group.
The financial statements of the Parent Company are prepared in accordance with accounting principles generally accepted in Sweden, applying RFR 1.2 issued by the Swedish Financial Reporting Board and the Annual Accounts Act (1995: 1554). RFR 1.2 requires the Parent Company to use similar accounting principles as for the Group, i.e. IFRS to the extent allowed by RFR 1.2. The Parent Company’s accounting principles do not in any material respect deviate from the Group principles, see page 60–66.
PARENT COMPANY INCOME STATEMENT
PARENT COMPANY INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER
Expressed in TSEK Operating income Other operating income Gross profit General, administration and depreciation expenses Operating profit Result from financial investments Financial income Financial expenses 3 4 8,589 -7,133 1,456 Profit before tax Corporation tax Net result 5 -14,671 -17,600 -32,271 126,276 -22,863 103,413 99,181 -36,403 62,778 2 1 33,154 33,154 -49,281 -16,127 21,406 21,406 -25,638 -4,232 Note 2009 2008
Lundin Petroleum ANNUAL REPORT 2009