SWIBER HOLDINGS LIMITED Swiber Holdings Limited Co Reg No. 200414721N
12 International Business Park, Swiber@IBP #01-05 Singapore 609920
Tel: +65 6505 0800 Fax: +65 6505 0802
www.swiber.com
News Release
Revenue up 14.7% to US$833.0 million on higher contributions from Latin America and South Asia
Absence of one-time gain on business disposals and impairments on investments and receivables behind earnings drop
Gross profit of US$99.3 million on gross profit margin of 11.9%, up from 2.4%
The core business of the Group continued to see growth particularly in Latin America and South Asia despite depressed market conditions. Group revenue rose 14.7% to US$833.0 million in FY15 on higher contributions recognised from Latin America and new projects in South Asia. Latin America contributed 53.6% or US$446.8 million to Group revenue, South Asia US$244.1 million, while South East Asia and other markets added US$117.1 million and US$24.9 million respectively.
Other operating income fell 91.4% to US$8.9 million due mainly to the presence of a one-time gain in FY14 on disposal of a group of subsidiaries and associates amounting to US$101.8 million, as well as lower foreign exchange gains of US$7.9 million and the absence of write-back receivables in FY15.
Impairment loss of trade receivables amounting to US$8.6 million raised other operating expenses by 100.9% from US$5.9 million to US$11.9 million.
Swiber Holdings Limited Co Reg No. 200414721N
12 International Business Park, Swiber@IBP #01-05 Singapore 609920
Tel: +65 6505 0800 Fax: +65 6505 0802
www.swiber.com
Share of profit from associates and joint ventures dropped 32.8% to US$27.8 million as a result of lower contributions from certain associates.
Impairment loss of investment in an associate of US$24.6 million has further hurt the bottom line considerably.
The Group's gross profit stands at US$99.3 million. Gross profit margin improved to 11.9% in FY15 from 2.4% in FY14 due mainly to stringent control over operating costs.
Group administrative expenses fell 48.0% to US$28.8 million, reflecting Swiber's cost optimisation programme. Finance expenses decreased 7.9% to US$60.4 million.
Swiber Group Chief Executive Officer and President Mr Francis Wong said: "The oil and gas industry remains very cautious due to the weak oil prices with major oil companies aggressively cutting costs and delaying their projects. However, we believe that the impact on shallow water activities will be lower.
"The Swiber team is working very hard as we face challenging market conditions to continue to expand our pipeline of projects and fill up our order book. We believe that our track record of executing projects in a timely, cost-efficient manner will put us in good stead."
Swiber's order book stood at US$1.35 billion as of 29 February 2016. The Group continues to make headway in strengthening its capabilities in higher-value EPIC services and improving its operational performance while maximising cost efficiencies. The Group has also put in place stringent controls on costs to protect its bottom line.
Total borrowings as at 31 December 2015 stood at US$1,016.8 million compared with US$1,166.0 million in the previous corresponding period. Group net debt-to-equity ratio was
1.59 at 31 December 2015 against 1.53 at 30 September 2015. Net asset value per share
Swiber Holdings Limited Co Reg No. 200414721N
12 International Business Park, Swiber@IBP #01-05 Singapore 609920
Tel: +65 6505 0800 Fax: +65 6505 0802
www.swiber.com
amounted to 105.6 US cents as at 31 December 2015 compared to 181.1 US cents at end December 2014.
-The End -
An SGX-listed company, Swiber is a leading global offshore construction services provider to the oil and gas industry, offering a wide range of Engineering, Procurement, Installation, and Construction (EPIC) services complemented by its in-house marine support and engineering capabilities, across the Asia Pacific, Middle East, and Latin America regions. Swiber is now recognized among global offshore oil and gas engineering and construction organisations. It currently owns an operating fleet of 13 construction vessels supported by its in-house offshore support vessels, with more than 2,700 employees in over 35 different nationalities. Headquartered in Singapore, Swiber has offices in Brunei, India, Indonesia, Malaysia, Mexico, Myanmar and Vietnam.
| phone (65 ) 6327 6088
| mobile ( 65 ) 9697 0007 | email: cath@catherineong.com
| phone (65 ) 6327 6089
| mobile (65) 8318 9665 | email: farhan@catherineong.com
Swiber Holdings Limited issued this content on 29 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 March 2016 02:54:16 UTC
Original Document: http://ir.listedcompany.com/tracker.pl?type=6&id=513919
