Topaz Energy and Marine Financial results for the quarter ended 31st March 2018
Three Months Ended | |||
Mar 2017 | Mar 2018 | % Change | |
Consolidated Revenue | 58 | 66 | +14% |
EBITDA | 31 | 33 | +6% |
EBITDA Margin (%) | 53% | 50% | 50% |
Net Profit/(Loss) | (3) | (3) | - |
Net Profit/(Loss) Margin (%) | NM | NM | - |
Core Vessel Utilization | 62% | 84% | +22ppt |
- Safety is our number one priority. We are pleased to report No Lost Time Incidents (LTIs) for more than 28 months
- Overall core fleet utilization at 84% with all operating regions delivering utilization at or above 80% during the period
- Robust EBITDA margin of 50% generated during the period
- Backlog continues to stand at US$1.5bn bolstering long-term earnings visibility and financial strength
- Our strategic ‘Tengizchevroil’ (“Tengiz”) marine logistics project continues to progress on schedule with 16 vessels now received from the shipyards. Three vessels are earning full revenue, ahead of schedule. Full project ramp up continues
- 90% utilization rates in Africa region, with nine vessels now on charter
- Continued fully compliant with financial covenants
REVENUE | Three Months Ended | ||
Mar 2017 | Mar 2018 | % change | |
Caspian | 45 | 38 | -16% |
MENA | 11 | 10 | -9% |
Africa | 2 | 7 | +250% |
Topaz Solutions | - | 11 | NA |
Total | 58 | 66 | +14% |
DIRECT COSTS | Three Months Ended | ||
Mar 2017 | Mar 2018 | % change | |
Crew cost | 11 | 13 | +18% |
Technical maintenance | 3 | 4 | +33% |
Depreciation / dry-dock | 17 | 16 | -6% |
Mobilization charges | - | - | - |
Others | 6 | 9 | +50% |
Total | 37 | 42 | +14% |
For the period ended 31 March 2018, direct costs increased by US$5m, to reach US$42m in Q1 2018, compared to US$37m incurred in the prior year. The increase in costs is due to higher vessel utilization in Africa and MENA and ramp up of the Tengiz project. On a like-to-like vessel basis, direct costs remained the same.
EBITDA | Three Months Ended | ||
Mar 2017 | Mar 2018 | % change | |
Caspian | 31 | 24 | -23% |
MENA | 3 | 2 | -33% |
Africa | (2) | 2 | NA |
Topaz Solutions | - | 6 | NA |
Corporate / adj | (1) | (1) | - |
Total | 31 | 33 | +6% |
CASH FLOW | Three Months Ended | ||
Mar 2017 | Mar 2018 | % change | |
EBITDA | 31 | 33 | +6% |
Changes in working capital | 3 | (11) | NM |
Cash generated from Operations | 34 | 22 | -35% |
Cash conversion | 108% | 67% | -43PPT |
Income tax paid | (4) | (3) | -25% |
Interest paid | (6) | (22) | NM |
Net cash generated from operating activities | 24 | (3) | NM |
Net cash used in Tengiz | - | (12) | NA |
Cash used in investing activities | (6) | (7) | +17% |
Cash used in financing activities | (1) | (8) | NM |
Increase/(decrease) in cash and cash equivalents | 18 | (30) | NM |
Facility | Maturity | Interest Rate | Repayment | Outstanding at 31 March 18 US$’000 |
Conventional and Islamic facility** | 7 years |
3month LIBOR + 2.75% |
Quarterly with bullet repayment | |
Senior Notes | 5 years | 9.125% | Bullet | 366,902 |
Total Topaz Loans | 655,698 |
Financial Covenant | Threshold | 31 March 2018 |
Net Interest-Bearing Debt to EBITDA | < 5.75 | 5.09x |
Headroom 11% | ||
Tangible Net Worth | > US$275m | US$310m |
Headroom 13% | ||
Free liquidity (in millions) | > US$30m | US$123m |
Headroom 311% | ||
EBITDA to DSCR | > 1.20x | 1.41x |
Headroom 18% |
Mar-17 | Jun-17 | Sep-17 | Dec’17 | Mar’18 | Change Mar’18 v Mar’17 | |
Cash & Cash Equivalents | 57 | 49 | 51 | 78 | 48 | (9) |
Floating rate senior secured loans | 292 | 286 | 278 | 296 | 289 | (3) |
Other loans / Senior Notes¹ | 346 | 346 | 366 | 366 | 367 | 21 |
Subordinated shareholder funding | 79 | 79 | 79 | 79 | 79 | - |
Total debt | 717 | 711 | 723 | 741 | 735 |
18
|
Total equity | 459 | 449 | 422 | 343 | 341 | (118) |
Total capitalization | 1,176 | 1,160 | 1,145 | 1,084 | 1,076 | (100) |
Net debt | 659 | 661 | 672 | 663 | 687 | 28 |
Total debt / LTM EBITDA | 5.3 | 5.6 | 5.9 | 6.3 | 6.1 | |
Net debt / LTM EBITDA | 4.8 | 5.2 | 5.5 | 5.6 | 5.7 |
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