Integra Group Reports 2013 Financial Results and 2013 Order Book Update
Integra Group, one of the leading independent providers of diversified oilfield services, released today its Audited Consolidated Financial Statements, prepared in accordance with IFRS, for the year ended December 31, 2013.
2013 Financial Highlights
Sales decreased by 11.8% to US$ 549.6 million (vs. US$ 623.0 million in 2012)
Adjusted EBITDA(1) from continuing operations increased by 34.7% to US$ 50.8 million (vs. US$ 37.7 million in 2012)
Adjusted EBITDA margin increased to 9.2% (vs. 6.1% in 2012)
Loss from continuing operations amounted to US$ 42.4 million (vs. US$ 84.6 million in 2012)
Net cash generated from operating activities were US$ 40.5 million (vs. US$ 76.4 million in 2012)
Capital expenditures increased to US$ 70.0 million (vs. US$ 57.0 million in 12M 2012)
Net cash used in investing activities of US$ 9.0 million includes the proceeds from disposal of assets in Irkutsk region of US$ 63.4 million
Net debt as of December 31, 2013 was US$ 122.9 million (vs. US$ 164.8 million as of December 31, 2012)
2013 Operating Highlights
265 thousand meters drilled (vs. 276 thousand meters during 2012)
28 active drilling rigs (2012: 27active drilling rigs)
3,566 workover operations conducted (vs. 3,555 workover operations during 2012)
77 workover crews (2012: 78 workover crews)
1,148 cementing operations conducted (vs. 617 cementing operations during 2012)
23 cementing fleets (2012: 14 cementing fleets)
470 coiled tubing operations conducted (vs. 328 coiled tubing operations during 2012)
5 coiled tubing units (2012: 4 coiled tubing units)
20 directional drilling crews (2012: 24 directional drilling crews)
537 downhole motors and 11 turbodrills produced (vs. 525 downhole motors and 48 turbodrills produced during 2012)
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(1) Adjusted EBITDA is calculated as profit (loss) from continuing operations before finance income (expense), exchange gains (losses), current and deferred income taxes, depreciation and amortization, impairment, write-off or disposal of property, plant and equipment or intangible assets, gains (losses) on acquisition and disposal of any interest in the Group’s subsidiaries or associates, impairment of goodwill, share of results in associates, share-based compensation and profit (loss) attributable to non-controlling interest.
2014 Order book update
US$ 495.8 million (RR 16.5 billion) in tenders won and executed contracts in 2014, calculated on April 15, 2014;
of which US$ 320.2 million (RR 10.6 billion) is with respect to executed contracts for 2014;
2014 order book (executed contracts and tenders won) is 4.1% lower in Russian ruble terms compared to 2013 order book calculated on April 16, 2013 primarily due to lower demand for the downhole motors and directional drilling, coiled tubing and well testing services;
Our 2014 order book is denominated in Russian rubles.
