Paris, 3 August
2018, 6pm CEST
No. 11-18
Consolidated
results at 30 June 2018
to -€8m (-US$10m)
Main financial
aggregates at 30 June 2018:
| in €m |
H1 2018 |
|
H1 2017 |
|
Change |
|
Sales |
196 |
|
172 |
|
14% |
|
EBITDA |
99 |
|
78 |
|
27% |
| as % of sales |
51% |
|
45% |
|
|
|
Operating income |
53 |
|
19 |
|
|
|
Financial income |
-8 |
|
-54 |
|
|
|
Share of income/loss of associates |
9 |
|
-6 |
|
|
|
Consolidated net income |
20 |
|
-56 |
|
|
| |
|
|
|
|
|
| Net cash flow from operating activities |
76 |
|
79 |
|
|
| Net cash position at the end of period |
265 |
|
216 |
|
41% |
At its meeting of 3 August 2018,
chaired by Aussie B. Gautama, the Board of Directors of the
Maurel & Prom Group approved the consolidated
financial statements for the period ended 30 June 2018.
Michel Hochard, Maurel &
Prom's Chief Executive Officer, said:
"In a more favourable economic environment, Maurel
& Prom saw an improvement in its results in the first half of
2018, which was reflected in the sharp increase (+27%) in our
EBITDA to €99 million. In the second half of the year we will be
focusing our efforts on our drilling programme in Gabon and our
organic and external growth opportunities."
Significant
events
As of June 30, 2018, the key indicators for the period are:
-
Number of Fatalities (FAT) : 0(1)
-
Lost Time Injury Frequency (LTIF) :
0.50(1)
-
Total Recordable Injury Rate (TRIR) :
1.76(1)
(1)
Based on 4 million hours worked
These indicators are to be
correlated with the resumption of drilling activities on the Ezanga
permit since the beginning of the year, for which a strengthening
of the EHS-S processes for safety has been specifically developed.
However, the Group recorded a number of incidents during the second
quarter of 2018, leading us to reinforce our corrective and
preventive actions.
Operated oil production in Gabon in first-half
2018 stood at 21,561 bopd, or 17,249 bopd for M&P's working
interest.
Gas production in Tanzania
reached new highs in the first half and posted output of 79.3
MMcf/d at 100%, or 38.1 MMcf/d for M&P's working interest.
Since February 2018, the average operated production level has
exceeded 80 MMcf/d, rising steadily to reach a record level of 89
MMcf/d in June 2018.
In the first half of 2018,
exploration activities focused on preparation
for drilling in Gabon, which is expected to begin at the end of
2018. In addition, a complementary seismic survey was carried out
in Namibia on licenses 44 and 45.
Brent prices continued to rise in the first half of 2018. The
average sale price of oil produced in Gabon was US$69.2/bbl in the
first half of 2018, 36% higher than in the first half of 2017. This
price increase resulted in consolidated
sales2) of €196
million, up by 14% over the first half of 2017, despite a 13% drop
in production in Gabon due to limited evacuation of oil volumes in
the export pipeline, as requested by the operator, following
pressure increases in the export pipeline from Cap Lopez. After
consultation with other users, the level of production is gradually
being restored (21,577 bopd in July).
The favourable price environment
had a positive impact on the Group's margins. The EBITDA margin rose from 45% of sales in the first half
of 2017 to 51% in the first half of 2018. Current
operating income amounted to €56 million in H1 2018, a clear
improvement over H1 2017. As for the Group's operating income, this amounted to €53 million in H1
2018 versus €19 million in H1 2017.
(2)
The entry into force of IFRS 15, mandatory from 1
January 2018, led the Group to change the way it recognises sales.
Instead of being based on the Group's entitlements on the
production delivered to the oil terminals ("entitlement method"),
they are now calculated on the basis of liftings during the period.
In accordance with IFRS 15, this change in accounting method was
applied prospectively, without restating comparative periods. The
effect on sales in first-half 2018 in Gabon was positive to the
tune of some US$18 million, with lifted volumes exceeding
production.
Financial
income for first-half 2018 showed a loss of €8 million, which
included in particular a net borrowing cost of -€9 million. The
Group's refinancing in US dollars at the end of 2017 led to a
significant reduction in the Group's exposure to foreign exchange
risk. Foreign exchange income was a positive €1 million for
the period, versus a loss of €33 million at 30 June 2017.
Income from
equity associates stood at €9 million, reflecting the sharp
improvement in Seplat's financial results (20.46% M&P) in H1
2018 following the return of its hydrocarbon production to the
levels achieved before a force majeure was declared on the
Transforcados export terminal (Nigeria) and higher gas production.
Note that Seplat's investments in equity associates amounting to
€134 million do not reflect the market value of M&P's
share, which stood at €187 million at 30 June 2018.
After taking into account the
above elements and a tax liability of €34 million, the Group's
consolidated net income at 30 June 2018 was
€20 million.
The Group's cash
flow from operating activities amounted to €77 million in H1
2018. This was primarily used to finance investments of €31
million, for the most part in Gabon on the Ezanga production
permit, and for interest payments on borrowings amounting to €7
million.
At 30 June 2018, the Group's
cash position stood at €265 million and its
net debt at €335 million.
The financial
report as at 30 June 2018 is available on the Company's website
at
www.maureletprom.fr
| French |
|
|
English |
| Million |
M |
m |
Million |
| pieds cubes |
pc |
cf |
cubic feet |
| pieds cubes par jour |
pc/j |
cfpd |
cubic
feet per day |
| milliers de pieds cubes |
kpc |
Mcf |
1,000
cubic feet |
| millions de pieds cubes |
Mpc |
MMcf |
1,000 Mcf
= million cubic feet |
| milliards de pieds cubes |
Gpc |
Bcf |
billion cubic feet |
| baril |
b |
bbl |
barrel |
| barils d'huile par jour |
b/j |
bopd |
barrels
of oil per day |
| milliers de barils |
kb |
Mbbl |
1,000
barrels |
| millions de barils |
Mb |
MMbbl |
1,000 Mbbl = million barrels |
| barils équivalent pétrole |
bep |
boe |
barrels
of oil equivalent |
| barils équivalent pétrole par jour |
bep/j |
boepd |
barrels
of oil equivalent per day |
| milliers de barils équivalent pétrole |
kbep |
Mboe |
1,000
barrels of oil equivalent |
| millions de barils équivalent pétrole |
Mbep |
MMboe |
1,000
Mbbl = million barrels of oil equivalent |
For more information, visit
www.maureletprom.fr
Contacts
MAUREL &
PROM
Press, shareholder and investor relations
Tel: +33 (0)1 53 83 16
45
ir@maureletprom.fr
NewCap
Financial communications and investor
relations
Julie Coulot/Louis-Victor Delouvrier
Tel: +33 (0)1 44 71 98
53
maureletprom@newcap.eu
Media relations
Nicolas Merigeau
Tel: +33 (0)1 44 71 94 98
maureletprom@newcap.eu
This document may
contain forward-looking statements regarding the financial
position, results, business and industrial strategy of Maurel &
Prom. By their very nature, such forward-looking statements
consider risks and uncertainties based on events and circumstances
that may or may not occur in the future. These projections are
based on assumptions that we believe to be reasonable, but that may
prove to be incorrect and that depend on a number of risk factors,
such as fluctuations in crude oil prices, changes in exchange
rates, uncertainties related to the valuation of our oil reserves,
actual rates of oil production and related costs, operational
problems, political stability, legislative or regulatory reforms,
or even wars, terrorism and sabotage.
Maurel & Prom is listed for
trading on Euronext Paris
CAC All-Share - CAC Oil & Gas - Next 150 - PEA-PME and SRD
eligible
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
pdf
This
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Maurel & Prom via Globenewswire
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