Polarcus: First Quarter 2015 Report – Responding to an Uncertain Market Environment
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the release of its first quarter 2015 financial statements.
Highlights in the first quarter 2015:
- Revenues of USD 81.1 million down 33% from same quarter the previous year
- Multi-Client sales of USD 36.7 million with prefunding ratio of 80%
- Gross cost of sales of 68.7m down 13% from same quarter the previous year
- Improved liquidity position by USD 59 million following an amendment agreement with the banks
- Extension of maturity of the USD 125m convertible bond by two years to 2018
“The current market environment can be best described as uncertain, as oil companies have continued to reduce or defer spending commitments making for a highly competitive landscape. In response, we have stayed true to the 2015 Agenda I announced in February; building backlog, reducing costs, and managing our balance sheet. This focus included the difficult yet necessary decision to cold stack Polarcus Nadia at the end of the quarter.
Our Agenda is starting to deliver. Backlog visibility has grown to 70% for the year, costs are down 13% from first quarter 2014, and we have secured important amendments to our Fleet Back Facility and pushed back the date for our next bond maturity to 2018. We also recorded multi-client sales in the quarter of USD 36.7 million as our Capreolus 3D project offshore Australia passed the 50% completion milestone. All positive developments underpinned by continued safe and efficient operational performance in the field.
We will continue to focus on these business fundamentals to successfully navigate through this uncertain market.”
Rod Starr, Chief Executive Officer
Key Financials
|
|
Quarter ended |
Year ended |
||
|
(In millions of USD) |
31-Mar-15 |
31-Mar-14 |
31-Dec-14 |
|
|
Revenues |
81.1 |
121.4 |
|
466.7 |
|
Cost of sales |
(38.0) |
(74.6) |
|
(286.2) |
|
EBITDA |
35.2 |
39.6 |
|
150.1 |
|
EBIT excl. impairment charge |
(8.8) |
16.9 |
|
27.5 |
|
EBIT |
(8.8) |
16.9 |
|
(1.3) |
|
Net Financial Income/(Expenses) |
(12.0) |
(16.0) |
|
(63.5) |
|
Net profit / (loss) for the period |
(26.4) |
1.0 |
|
(78.6) |
|
Basic and diluted earnings per share (USD) |
(0.039) |
0.002 |
|
(0.145) |
|
Net cash flows from operating activities |
51.5 |
55.9 |
|
157.8 |
|
Total assets (period end) |
1,227.1 |
1,314.3 |
|
1,239.2 |
|
Total liabilities (period end) |
768.1 |
785.2 |
|
753.7 |
|
Total Equity (period end) |
459.0 |
529.1 |
|
485.5 |
|
Equity Ratio |
37% |
40% |
|
39% |
|
Property, plant & equipment cash investment |
7.1 |
12.7 |
|
52.7 |
|
Multi-Client projects cash investment |
43.0 |
9.9 |
|
46.9 |
|
Total cash (period end) |
54.2 |
92.3 |
|
73.7 |
|
Net interest bearing debt (period end) |
629.2 |
629.3 |
|
609.4 |
