Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q4 2019 Earnings Presentation
13 slides from Electromagnetic Geoservices Asa's earnings presentation, Feb 6, 2020
Slide 1: Company Update and Q4 2019 Results
COMPANY UPDATE AND Q4 2019 RESULTS Oslo, 6th of February 2020 Bjørn Petter Lindhom, CEO Anders Eimstad, CFO
Slide 2: Disclaimer
Disclaimer This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates
Slide 3: Q4 2019 Highlights
Q4 2019 Highlights Operational highlights • Completed USD 24 million proprietary acquisition in South East Asia • Safe and efficient operations in Mexico (Pemex contract) • Backlog at end Q4 of USD 58.0 million, whereof USD 14.3 million is firm Financial highlights • Revenues of USD 37.2 million • E
Slide 4: Operations, Market and Outlook
Operations, Market and Outlook
Slide 5: 2019 lookback
2019 lookback • Strong financial performance and return to profitability 170 • Revenue of USD 89.4 million (unaudited) • Adjusted EBITDA USD 33.3 million (unaudited) • Net income USD 15 million (unaudited) 120 • 2019 compared to past years: revenue (8th), net income (2nd) 70 • Awarded 4th and 7th la
Slide 6: Vessel Update and Backlog
Vessel Update and Backlog Comments Order backlog (USD million) • Order backlog at USD 58 million at end of 2019, 100 whereof USD 14.3 million is firm 90 • Petrel Explorer arriving in Mexico shortly 80 • Atlantic Guardian scheduled to leave Mexico, then 70 transit to Las Palmas for upgrades to the De
Slide 7: 2020 vessel opportunities
2020 vessel Proprietary opportunities Multi-Client Canada • Planning and preparing for potential proprietary contract Mexico • Large campaign for Pemex ongoing • Permitting Multi-Client campaign Petrel Explorer Africa • Contract with BP in Mauritania & Senegal • Campaign in Namibia including proprie
Slide 8: Financial review
awemegs Spot the difference.
Slide 9: Fourth quarter 2019 performance: Increase in revenues and EBITDA
Fourth quarter 2019 performance I Increase in revenues and EBITDA Key financial metrics Quarterly development (USD million) • Revenues Revenues 40 37 • USD 37.2 million 30 27 • Proprietary work in South East Asia and Mexico 20 14 13 11 10 • Late sales and uplift settlement 0 Q4'18 Q1'19 Q2'19 Q3'19
Slide 10: Operational costs
Operational costs Quarterly operational cost base* development (USD million) Comments 20 • Operational costs base in Q4 19 of USD 16.3 million 15 • USD 1 million higher than Q3 2019 4.8 • Legal fees related to Brazilian Municipal Service Tax (ISS) claim 10 3.9 (USD 0.6 million) 1.8 • Withholding tax
Slide 11: Increase in free cash in Q4 2019
Increase in free cash in Q4 2019 Quarterly free cash development (USD million) Comments • Net increase in free cash of USD 16.0 million to USD 19.7 million • Trade receivables increased by USD 3.5 million to USD 23.5 million • Continued delays in some of the payments under on-going contract • Adjust
Slide 12: Summary, Q&A
Summary, Q&A awemegs Spot the difference.
Slide 13: Summary
Summary • Strong 4th quarter with revenues of USD 37.2 million and adjusted EBITDA of USD 20.9 million • Full year revenue of USD 89.4 million (unaudited) • Cash position continues to be adversely affected by delayed payments, but standing at USD 19.7 million at end of year. • Order backlog at end o
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