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2020-08-31

Information from Interim report January - June 2020 Misen Energy AB (publ)

Following is a summary of the financial information given Interim report January - June 2020 ("H1 2020") from Misen Energy AB (publ) published today. The complete report is attached and is available in both English and Swedish on the Company's website: http://misenenergy.se/repository/Financial_reports_ENG/Misen_Energy_Q2_2020_ENG.pdf

Results for the January-June 2020 (within brackets same period 2019):

  • Consolidated operating group result KSEK 10,749 (-6,623)
  • Consolidated group net turnover: KSEK 19,497 (12,289)
  • Earnings per share: SEK 0.06 (-0.02)
  • Production of natural gas: at zero level (at zero level)

Results for the April-June 2020 (within brackets same period 2019):

  • Consolidated operating group result KSEK 1,084 (-3,642)
  • Consolidated group net turnover: KSEK 3,215 (9,394)
  • Earnings per share: SEK 0.01 (-0.01)
  • Production of natural gas: at zero level (at zero level)

Summary of results:

  • Given that the Arbitral Tribunal rendered a final partial award to terminate the Joint Activity Agreement No.3 (the "JAA"), Misen Energy AB (publ) believes that control over the specific assets owed by the Joint Activity (the "JA") no longer exists. Thus, Misen Energy AB (publ) continues accounting treatment of 50.01% along with Powerful United Limited and Mr Konstantin Guenevski participation interest in the JA under which assets and liabilities are not presented in the financial statements.
  • Accumulated earnings per share for H1 2020 are SEK 0.06.

Key events during H1 2020:

  • The Arbitral Tribunal concluded that the JAA must be terminated as of 11 July 2018. JSC Ukrgazvydobuvannya, Misen Enterprises AB and LLC Karpatygaz seek to enforce termination of the JAA. 
  • On 11 January 2020 the hearing was held in the court proceeding in Case initiated by National Anticorruption Bureau of Ukraine ("NABU") based on the criminal complaint submitted by JSC Ukrgasvydobuvannya in 2017. The Kyiv Commercial Court resolved to open the court proceeding. The hearing was held on 19 May 2020. The court postponed the hearing until November 2020.
  • On 12 February 2020, Misen, Powerful United Limited (PUL) and SP Holdings signed an additional agreement to the Financing Agreement dated 28 November 2018 whereby from 1 October 2019 all rights and obligations of SP Holdings Limited deriving from the Loan Agreement have acquired PUL Capital Partner's rights and obligations under the Financing Agreement.
  • On 13 March 2020 Misen Energy AB (publ) signed the Financing Agreement with a new financial partner, thus strengthening its financial position in the light of ongoing SCC Arbitration. 
  • On 26 March 2020 the Arbitral Tribunal rendered a consent award and confirmed a settlement agreement concluded by JSC Ukrgazvydobuvannya, Misen Enterprises AB and LLC Karpatygaz in July 2019 regarding hydrocarbons produced using the JA's assets from 1 December 2016 to 10 July 2018 (termination of JAA No.3), lease payments for booster compression stations. Total value of the produced hydrocarbons is MUAH 1,200 (MSEK 424). Misen Group is entitled to approximately 24% of that amount. 
  • In April 2020, Misen Enteprises filed a motion to enforce a Consent Award rendered by the Arbitral Tribunal on 26 March 2020. The court confirmed and recognized a Consent Award in June 2020.
  • On 17 June 2020, the Arbitral Tribunal issued a second final partial award. The Arbitral Tribunal decided that joint property should be valued solely by reference to the Depreciated Replacement Cost methodology, value of the joint property shall not be reduced by the costs allegegily necessary to repair the Chervonodonetska BCS and amount for alleged penalties for maintenance of the Yulyivska BCS. As a result, the Arbitral Tribunal directed JSC Ukrgasvydobuvannya, Misen Enterprises AB and LLC Karpatygaz within 60 days of the date of the second partial final award, or the other date mutually agreed by the parties, to agree on the net value of the joint property in Ukrainian Hryvnia as of 11 July 2018.
  • On 20 May 2020, JSC Ukrgasvydobuvannya, Misen Enteprises AB and LLC Karpatygaz signed a Settlement Agreement with Financial Leasing Center LLC. Under the Agreement, Financial Leasing Center LLC shall receive UAH 237,507,020.04 (SEK 85,539,578). The parties shall terminate all respective court proceedings in Ukraine. 

Key events after end of Q1 2020:

  • On 18 August 2020, the Arbitral Tribunal issued corrections to the second partial final award. The Arbitral Tribunal reduced the share of Misen Enterprises AB to 23.8965% (as opposed to 50% under JAA) and increased the share of LLC Karpatygaz to 0.0152% (as opposed to 0.01% under JAA) in the joint property. 
  • JSC Ukrgasvydobuvannya, Misen Enterprises AB and LLC Karpatygaz failed to agree on the net value of the joint property within 60 days as directed by the Arbitral Tribunal. Accordingly, the parties requested the Arbitral Tribunal additional 30 days to seek to reach an agreement. The parties should revert to the Arbitral Tribunal by mid of September 2020. 
  • Misen Enterprises AB seeks to enforce the arbitration awards in Ukraine in order to receive compensation. In July 2020, Misen Enteprises AB filed a motion to confirm and enforce the second partial final award in Ukraine. The court hearing will be held on 11 September 2020. 

Publication of the Interim report January - June 2020

This Interim report January - June 2020 is published at the Company's website (www.misenenergy.se), and a printed version can be ordered at info@misenenergy.se.

Future reports and events

Next report, the of the Interim report Q3 2020, will be published on 30 November 2020.
 

Författare Misen Energy AB

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