EXMAR NV PRESS RELEASE PROVISIONAL RESULTS 2015
28/01/2016 - 5.45 pm | Regulated informationThe Executive Committee of EXMAR reported today the provisional results for the fourth quarter and the entire year 2015.
Highlights and recent developments:
LNG portfolio performing as per contracts and all eyes on the delivery of the Caribbean FLNG in the second quarter of 2016
EXMAR prolonged the option period for the second FLNG at Wison Offshore and Marine until the end of 2016
Offshore assets performing as per contracts. Ongoing interest for the low-cost OPTI® development concept
LPG had a strong 2015 and early 2016 show no signs of slow down
KEY FIGURES
Application IFRS 10 & 11 | ||
YTD December 2015 | YTD December 2014 | |
115,2 | 134,0 | |
-7,6 | -8,2 | |
-5,6 | -7,7 | |
-13,2 | -15,9 | |
9,5 | 17,3 | |
0,0 | 4,1 | |
50,6 | 70,9 | |
46,9 | 72,3 | |
-5,5 | -4,0 | |
41,4 | 68,3 | |
41,4 | 68,3 | |
Proportionate Consolidation | ||
YTD December 2015 | YTD December 2014 | |
341,7 | 331,2 | |
116,7 | 133,0 | |
-45,3 | -46,4 | |
71,4 | 86,6 | |
-24,0 | -14,0 | |
0,0 | 4,1 | |
-0,3 | -0,2 | |
47,1 | 72,4 | |
-5,7 | -4,1 | |
41,4 | 68,3 | |
41,4 | 68,3 | |
Turnover EBITDA
Depreciations
Operating result (EBIT) Financial Result:
- Of which Change in Fair Value of Financial Derivatives
Share in the result of equity accounted investees Result before taxes
Income taxes
Consolidated result after taxation
- Share of the group in the result | ||||
Information per share (in USD per share) | YTD December | YTD December | YTD December | YTD December |
2015 | 2014 | 2015 | 2014 | |
Weighted average number of shares during the period | 56.770.261 | 56.876.600 | 56.770.261 | 56.876.600 |
EBITDA | -0,13 | -0,14 | 2,06 | 2,34 |
EBIT | -0,23 | -0,28 | 1,26 | 1,52 |
Consolidated result after taxation | 0,73 | 1,20 | 0,73 | 1,20 |
Contribution to the consolidated operating result (EBIT) of the various operating divisions (in million USD) | YTD December 2015 | YTD December 2014 | ||
LNG | 34,5 | 24,0 | ||
Offshore | 6,9 | 6,5 | ||
LPG | 32,3 | 55,5 | ||
Supporting Services and Holding | -2,3 | 0,6 | ||
Consolidated operating result | 71,4 | 86,6 |
All figures have been prepared under IFRS and have not been reviewed by the statutory auditor.
Cash Flow from Operations (EBITDA as per Proportionate Consolidation Method) for the year 2015 was USD
116.7 million and the Operating Result (EBIT) was USD 71,4 million.
Press Release | Provisional Results 2015 Contact: Miguel de Potter CFO | +32 3 247 56 70 www.exmar.be
Final Results 2015: 24th March 2016
Annual report available on website: 28th April 2016 Publication results 1st quarter 2016: 28th April 2016
LNG and LNG INFRASTRUCTURE
The operating result (EBIT) for the fourth quarter was USD 9.7 million and USD 34.5 million for the full year 2015 (compared to USD 24.0 million in 2014).
EXMAR remains committed to long-term charter, and is therefore not directly impacted by the rate fluctuations on the worldwide market. EXCEL is currently employed until end January. Discussions on future employment are on-going. In the meantime EXCEL continues to benefit from the minimum revenue undertaking.
The construction of the Caribbean FLNG is progressing and commissioning of the unit has started. Delivery is expected in the second quarter 2016 once the unit has been successfully performance-tested at the Wison shipyard. EXMAR is working together with Pacific Exploration and Production ("PRE") to find alternative employment for the unit.
The DC LNG consortium is awaiting feedback from the Canadian authorities on the import duty for the FLNG barge. The consortium will be able to decide on the way forward after this item has been cleared despite the challenging market conditions in the commodity markets.
EXMAR prolonged the option period for a second FLNG at Wison Offshore and Marine until the end of 2016 and is therefore perfectly positioned for a potential turnaround in energy prices during the course of 2016.
The FSRU under construction at Wison is progressing as planned and the unit is expected to be delivered by end 2016. EXMAR is in several negotiations for long-term employment of the unit.
EXMAR entered into a binding Term Sheet with Swan Energy Limited for the joint development and operation of the Jafrabad LNG port project, to be located in the State of Gujarat, India. A 5 million tons per annum (MTPA) FSRU solution will be required for this project and both parties have the firm intention to expand the terminal to 10 MTPA, through the deployment of a second FSRU. The FEED study is currently ongoing and FID is planned for the first half of 2016.
OFFSHORE
The operating result (EBIT) for the fourth quarter was USD 2.5 million and USD 6.9 million for the full year 2015 (compared to USD 6.5 million in 2014).
EXMAR is continuing to pursue a number of projects around the world based on its OPTI® production semisubmersible design. Due to the current energy prices, decisions to award contracts for these projects have been delayed until the second half of 2016. The OPTI® semisubmersible continues to be a model for a low cost deepwater Oil and Gas production solution and efficient design.
The accommodation barges WARIBOKO and NUNCE are operating in West Africa and will be fully employed during 2016. KISSAMA might be redelivered from its current contract in May should the extension option not be lifted, and is currently being offered for employment in the region. There is continued pressure from oil
companies to revise existing contracts in order to reduce daily rates. As projects under construction near completion and new projects are delayed the demand for field service vessels continues to decline.
EXMAR OFFSHORE (Houston) experienced significantly higher utilization rates for engineering work in the second half of 2015 versus the first six months of the year, however, due to the rapid deterioration of energy prices from late 2015 and the current lack of price stability EXMAR OFFSHORE does not have high expectations for large engineering contracts in the first quarter.
LPG
The operating result (EBIT) of the LPG fleet in the fourth quarter was USD 9.3 million and USD 32.3 million for the full year 2015 (as compared to USD 55.5 million for the same period in 2014).
Despite downward freight corrections during the fourth quarter of the year freight levels for Very Large Gas Carriers ("VLGC") were still healthy and turned out very similar to the same period in 2014.
Since October last year another 14 newbuildings have been contracted, which adds to the already substantial orderbook. At present the equivalent of 35% of the existing Fully-Refrigerated VLGC fleet is on order, while deliveries made during 2015 represented on themselves an expansion of already 20%.
Still, freight sentiment remains strong in view of the continuously rapid expanding US LPG export capacity and the expectation that high vessel utilization levels will be maintained.
Time-Charter Equivalent (in USD per day) | YTD December 2015 | YTD December 2014 |
Midsize (38,115 m³) | 30.319 | 26.116 |
VLGC (83,300 m³) | 55.255 | 48.474 |
Pressurized (3,500 m³) | 5.473 | 7.371 |
Pressurized (5,000 m³) | 7.790 | 7.375 |
Dynamic LPG trading in all regions continued to provide virtual full employment for the Midsize (MGC) segment and prospects for 2016 remain firm.
With another 5 newbuildings reportedly contracted since October the orderbook within the Fully-Refrigerated 35 - 39,000 m³ segment has reached a historically high number of vessels.
EXMAR's Midsize fleet is rewardingly hedged with 80% Time-Charter and COA employment for 2016 whereas 48% Time-Charter cover has already been secured for 2017.
Fair activity in most regions and occasional weather-related tightness on shipping availability turned out insufficient to materially improve income levels. However, the general market sentiment remains that, albeit
slowly, a more structural recovery will take place based on a modest Pressurized newbuilding orderbook (3% of total fleet) and increased scrapping.
In the meantime the Time-Charter portfolio on EXMAR's Pressurized fleet is being well maintained and already covers 2016 to the extent of 75%.
SUPPORTING SERVICES
The contribution of the Services activities (EXMAR SHIP MANAGEMENT, BELGIBO, TRAVEL PLUS) to the operating result (EBIT) for the fourth quarter was USD 1.5 million and USD 3.1 million for the full year (compared to USD 1.2 million in 2014).
The contribution of the Holding activities to the operating result (EBIT) for the fourth quarter was USD -1.3 million and USD -5.4 million for the full year (compared to USD -0.6 million in 2014).
Both EXMAR SHIP MANAGEMENT, BELGIBO and TRAVEL PLUS have seen improved contribution compared to 2014 and the prospects for 2016 remain good.
ANNEX
Consolidated statement of profit or loss
Exmar NV issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 January 2016 16:53:10 UTC
Original Document: http://www.exmar.be/sites/default/files/media/document_center/reports_and_downloads/press_releases/2016/provisional_results_2015.pdf
