Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — FY2018 Earnings Presentation
20 slides from Dana Gas Pjsc's earnings presentation, Feb 14, 2019
Slide 1: Clean Energy for the Future: FY 2018 Financial Results
Clean Energy for the Future FY 2018 –Financial Results 14th February 2019 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections abo
Slide 3: Contents
Contents 1 FY 2018 Deliverables 2 Headlines 3 Operational Update 4 Financial Update 5 Summary 3
Slide 4: 1. High level review
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Slide 5: FY 2018: Deliverables
FY 2018: Deliverables What we promised What we delivered Delivered on major growth projects Completed debottlenecking project in KRI; and Balsam-8 project in Egypt Received regular cash receipts KRI payments are up to date and Egypt collections are up 27% year-on-year Successful conclusion of sukuk
Slide 6: 2. Headlines
2. Headlines 6
Slide 7: Highlights
Highlights Financials Operations Revenue - $470mm; up 4% from $450mm in 2017 due to Group production averaged 63,050 boepd – down 7%; higher realized prices and KRI production helping offset decrease primarily result of natural field declines in Egypt and production declines in Egypt and the UAE
Slide 8: 3. Operation Update
3. Operation Update 8
Slide 9: Average Production & Average Realized Prices
Average Production & Average Realized Prices Production (boepd) FY 2018 Vs FY 2017 Production (boepd) Q4 18 Vs Q3 18 & Q4 17 67,350 65,450 67,600 63,050 Q4 2017 FY 2017 59,350 Q3 2018 32,250 FY 2018 39,050 Q4 2018 25,100 39,500 34,450 34,500 29,200 26,100 25,750 26,650 1,200 800 1,500 1,100 700 700
Slide 10: Egypt: Programme Overview
Egypt: Programme Overview Nile Delta Concessions • 4 well drilling and work-over programme completed, 14 MMscf/d production capacity added • Balsam-8 spudded 11 Aug; completed ahead of schedule and below budget with no incidents • Added 25 MMscf/d gas and 1,100 bbl/d condensate, total 5,500 boepd •
Slide 11: KRI: Expansion plans underway
KRI: Expansion plans underway Ambitious programme to increase daily production to 900 MMscf and 35,000 bbl by 2022 10-Year Gas Sales Agreement Pearl Petroleum signed GSA with KRG in Jan ‘18 to sell additional gas supply from debottlenecking project that came online in October Debottlenecking of ex
Slide 12: UAE
UAE Field has been underperforming since it came onstream in late 2015 Problem lies with reservoir quality Currently producing at around 6 MMscf/d No further interventions to raise production are economically viable Production expected to stop sometime in 2019 Investment in Zora Gas Fiel
Slide 13: Arbitration & Sukuk Update
Arbitration & Sukuk Update MOL [Kurdistan Region of Iraq] Following the hearing scheduled in late November 2018, a ruling is expected in February- March UAE Gas Project In October 2017 Tribunal indicated final judgement on the amount of damages would likely be delivered in second half of 2018
Slide 14: 4. Financial Update
4. Financial Update 14
Slide 15: Financial Highlights
Financial Highlights Gross Revenue ($mm) Like for like profit ($mm) 500 450 470 400 2018 2017 Profit before impairment and 300 64 5 reversals 200 2017 Impairment (250) (36) 2018 100 Reversals - 114 0 Net (Loss)/Profit (186) 83 Gross Profit ($mm) Net Profit ($mm) 150 140 100 83 64 118 50 5 100 0 FY L
Slide 16: CAPEX & OPEX
CAPEX & OPEX G&A / OPEX ($mm) CAPEX ($mm) G&A OPEX 56 54 234 52 52 122 107 23 15 16 47 13 2015 2016 2017 2018 2015 2016 2017 2018 G&A / OPEX CAPEX OPEX and G&A maintained at similar levels in 2018 $57mm in Egypt and $ 50mm in KRI reflecting continued tight cost control $20-30mm annual maintena
Slide 17: Liquidity & Receivables
Liquidity & Receivables Figure hidden YE cash of $407mm Egypt Receivables (mm $) $95mm dividend payment in May 2018 Billing Collection 173% 200% 225 % $235mm payment attributed to Sukuk 150% 129% restructuring 150 111% 121% $mm 100% $131m of Sukuk buyback at nominal value ($5mm 64% post peri
Slide 18: 5. Summary
5. Summary
Slide 19: Summary
Summary Strong operational and financial performance. Full delivery of 2018 objectives: KRI 1 production expansion, remediate Egypt production decline, resolution of sukuk restructuring, improved collections, payment of dividend. Delivered on two major projects: fast track debottlenecking project in
Slide 20: Reach Us: Dana Gas PJSC
Reach Us: Dana Gas PJSC P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : mohammed.mubaideen@danagas.com Direct : +971 6 519 4401