Paratus Energy Services Ltd. · OSL:PLSV
Paratus Energy Services — Q3 2024 Earnings Presentation
13 slides from Paratus Energy Services's earnings presentation, Nov 29, 2024
Slide 1: Q3 2024 Interim Results Presentation
Paratus Energy Q3 2024 Interim Results Presentation
Slide 2: Q3 highlights and post-quarter developments
Q3 highlights and post-quarter developments Company highlights Key figures (USDm) Revenue • Revenues of $110m, including $8m of variable revenue previously not recognized in Mexico 124 110 52 47 • EBITDA stood at $63m on the back of solid operational performance and cost discipline. EBITDA excluding
Slide 3: Operational update Q3 – Seagems
Seagems JV Operational update Q3 – Seagems(1) Operational highlights Resilient financials and strong margins USDm EBITDA margin % Revenue EBITDA 337 $94m $49m 71% 63% 305 57% 58% 55% 56% 201 Revenue EBITDA 160 113 116 104 77 94 62 56 49 Q2 2023 Q3 2023 Q2 2024 Q3 2024 YTD 2023 YTD 2024 55% $2.0bn Fl
Slide 4: Operational update Q3 – Fontis
Operational update Q3 – Fontis Operational highlights Resilient financials and strong margins USDm EBITDA margin % Revenue EBITDA 190 65% $63m $39m 56% 61% 151 61% 47% 45% 116 Revenue EBITDA 72 63 68 54 54 47 30 39 26 Q2 2023 Q3 2023 Q2 2024 Q3 2024 YTD 2023 YTD 2024 61% $317m Fleet status overview
Slide 5: Financial summary Q3
Financial summary Q3 Paratus Group Profit/(Loss) summary(1) Net income key drivers(1) (USDm) (Management reporting) 34 Quarter-to-date Quarter YTD 6 (USDm) Q2 2024 Q3 2024 ∆ 2023 2024 ∆ (9) Contract revenues 124 110 (14) 320 343 23 (5) Tax on revenues (4) (2) 1 (8) (9) (1) Amortization favorable con
Slide 6: Cash flow analysis
Cash flow analysis Commentary Cash flow analysis (USDm) • At Paratus consolidated level, exited the quarter with a cash balance of $150m 232 • Operational cash flows (-$45m) impacted by build-up of 22 receivables in Mexico (no collections in Q3), settlement and (4) payment of tax audit claims in Mex
Slide 7: Capital structure and key balance sheet figures
Capital structure and key balance sheet figures Debt maturity profile Key figures per segment (USDm) Cash • Partially refinanced 2026 notes in July 2024, extending the 246 majority of maturities to 2029 14 165 119 134 127 15 25 19 18 232 • Net Leverage Ratio 2.2x as of Q3 2024 94 115 109 150 • Debt
Slide 8: Long-standing commercial relationship with customer in Mexico
Long-standing commercial relationship with customer in Mexico Fontis collections (USDm) Fontis Net debt (USDm) -615 ~825 ~850 588 408 315 235 159 180 130 (1) (1)(2) -30 -57 -27 Fontis Total Revenue Fontis Total Collections Since 2021 Since 2021 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q3’24 • Fo
Slide 9: Updated full year 2024 guidance
Updated full year 2024 guidance Guidance Updated guidance Full Year Contract Revenue (1) • Revenue and EBITDA full year guidance lifted from Q2 2024 due to stronger than $455-475m expected results year-to-date (previously: $435-475m) • Majority of capex not spent in 2024 expected to be carried over
Slide 10: Attractive dividend yield, substantial backlog, efficient capital structure
Attractive dividend Substantial backlog Efficient and flexible yield visibility capital structure 10
Slide 11: Appendix
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Slide 12: Reconciliation Financial reporting and Management reporting
Reconciliation Financial reporting and Management reporting(1) Quarter-to-date Q3 Year-to-date Financial Management Financial Management Reporting Seagems Reporting Reporting Seagems Reporting Consolidated Eliminations (50% share) Prop.consolidated Consolidated Eliminations (50% share) Prop.consolid
Slide 13: Disclaimer
Disclaimer This document and any information provided in this presentation (the "Presentation") has been prepared by Paratus Energy Services Ltd (the "Company") solely for the purposes of providing existing investors and other stakeholders with an update about certain limited aspects of the Company.
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