IN LINE RESULTS - GROUP TRANSFORMATION IN PROGRESS
SBM Offshore reports 2012 half-year results in-line with expectations. The
Company secured important orders with the Ichthys turret and the Shell FPSO Fram
letter of interim award and took significant steps to transform its strategy,
structure and culture. Bruno Chabas, CEO of SBM Offshore, said:
"In my first half-year as CEO, we have made significant progress in transforming
the Group. Several outstanding Board Members and Executive Directors have joined
and we have restructured the management organisation making it both profit and
cashflow accountable. A divestment programme for non-core assets of up to US$
400 million is in progress.
"I have met with many key stakeholders, particularly shareholders, customers and
banks, in a constructive dialogue. Although the Group is still working on
important legacy issues,
I am encouraged to report whole-hearted support for our
strategy to focus exclusively on FPSOs and associated products or services".
+------------------------------------------------------------------------------+
|US$ million H1 2012 H1 2011* C
+-------------------------------------------------------------------------
|Turnover 1,669.5 1,460.6
+-------------------------------------- |
|EBITDA 335.1 372.8
(10%) |
+-------------------------------------- |
|EBIT 223.5 (201.0) N/A |
+-------------------------------------- |
|Net Profit / (Loss) 157.8 (250.8) N/A |
+-------------------------------------- |
|EBIT margin 13.4% (13.8%) N/A |
+-------------------------------------- |
|Investments in fixed assets and |
|finance leases 660.2 568.4
+-------------------------------------- |
|Operating cashflow 690.3 175.7 3.9x |
+-------------------------------------------------------------------------
| 30 June 2012 31 Dec 2011 |
+------------------------------------------------------------------------------+
|Order Portfolio 16,109.1 16,910.1
+-------------------------------------- |
|Net Debt 1,964.4 1,958.5 0% |
+------------------------------------------------------------------------------+
* Restated for comparison purposes (
Income Tax and cashflow statement)
Summary
Reported Turnover is well ahead of the first half of 2011, driven by strong
performance of the turnkey systems segment, on the back of last year's strong
order intake. The benefit to Group EBITDA is masked for this half year by the
introduction at year-end 2011 of a more conservative margin recognition
methodology, resulting in deferral of US$ 69 million to later periods. No
significant one-off charges were recorded in the first half of 2012, and the
Group is pleased to report an EBIT margin of 13.4% for the period.
While still pursuing completion of projects such as Yme, key events in this
reporting period include the Ichthys turret contract award bringing the backlog
to US$ 16.1 billion and discussions with Shell resulting in a framework
agreement to be applied for the first time to the Fram contract for a North Sea
FPSO. Excellent progress has been made in financing our projects, especially the
refinancing of the Normand Installer and the first tranche of US$ 1.05 billion
of a US$ 1.2 billion project loan for the Cidade de Ilhabela project, completed
since period end.
De toeleverancier aan de olie- en gasindustrie SBM Offshore heeft in het eerste halfjaar een nettowinst geboekt van 157,8 miljoen dollar (128 miljoen euro), tegen een verlies van 251 miljoen dollar een jaar eerder. Dat werd donderdag door het bedrijf bekendgemaakt.
Een jaar geleden stond het resultaat nog onder druk door afschrijvingen op probleemprojecten. De omzet bedroeg 1,67 miljard dollar, een stijging van 14 procent op jaarbasis. Hier werd door analisten gerekend op gemiddeld 1,8 miljard dollar. Bij de nettowinst werd een bedrag voorspeld van gemiddeld 170 miljoen dollar.
De orderportefeuille daalde met 5 procent tot 16,1 miljard dollar. In de eerste helft van dit jaar ontving het bedrijf voor 872 miljoen dollar aan nieuwe orders. Dat is fors minder dan een jaar eerder, maar dat komt door de timing van opdrachten.
Voor heel 2012 handhaafde SBM zijn verwachting voor een omzet van 4 miljard dollar.