cegal blueback as · 2017. 4. 25. · cegal blueback as, interim report q2 2015 / 1h 2015 financial...

1 • TEMA •

CEGAL BLUEBACK GROUPAmount in NOK thousand

CEGAL BLUEBACK AS, INTERIM REPORT Q2 2015 / 1H 2015

CEGAL BLUEBACK ASInterim Report Q2 2015 / 1H 2015

2 • TEMA •



TABLE OF CONTENTS

Q2 2015 HIGHLIGHTS 3

Q2 2015 IN BRIEF 4

FINANCIAL STATEMENTS 5

PROFORMA 9

OUR LOCATIONS 11

3


• 40 % revenue increase from Q2 2014 to Q2 2015

• 46 % revenue increase from 1H 2014 to 1H 2015

• 3 % revenue increase from Q2 2014 (proforma*) to Q2 2015

• 7 % revenue increase from 1H 2014 (proforma*) to 1H 2015

• 2 % EBITDA increase from Q2 2014 to Q2 2015

• 2 % EBITDA increase from 1H 2014 to 1H 2015

• 3 % EBITDA decrease from Q2 2014 (proforma*) to Q2 2015

• EBITDA at the same level 1H 2015 as 1H 2014

• EBIT affected by amortization of Goodwill and Software products allocation regarding the Blueback Reservoir transaction

Q2 2015 HIGHLIGHTS

• Q2 2015 HIGHLIGHTS •

*See “Proforma”, page 9

Operating revenueMNOK

200

150

100

50

0

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

EBITDAMNOK

30

25

20

15

10

5

0

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

EBITMNOK

15

10

5

0

-5

-10

-15

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

4


• Q2 2015 IN BRIEF •

Revenues in Q2 2015 were NOK 133.6 million compared to NOK 95.1 million in the same period last year, representing a 40 % increase (3 % growth on a proforma basis). Revenue in 1H 2015 were NOK 272.2, compared to NOK 186.3 mill in the same period last year.

The Company has overall experienced a slowdown in growth among its existing clients as a result of reduced activity within the oil & gas market. Robust growth within the core business areas Cloud and Software Product revenues has been partly offset by reduced revenues within G&G consulting and Hardware sales (-14 % growth year-on-year YTD). Cloud revenues generated a year-on-year YTD revenue growth of 16 %. Software products generated a year-on-year YTD revenue growth of 56 % driven by high renewal rates and a favourable currency effect. The underlying growth YTD within software products was adjusted with 23 % for the currency effect.

Compared to Q2 2014, Cloud and software product revenues generated growth of 16 % and 49 % respectively.

EBITDA in Q2 2015 was NOK 26.5 million, compared to NOK 26.1 million in the same period last year, representing a 2 % growth. EBITDA in 1H 2015 was NOK 40.0 mill, compared to NOK 39.1 mill in the same period last year.

During Q2 2015 the Company signed, renewed or increased contracts with a total contract value of NOK 55.1 million.

The Company still expects that the general activity level in the market for the Group’s products and services continue to be robust. However, the decline in oil price has resulted in increased cost focus among customers, which could have a negative impact on future revenue growth, although the core of Cegal’s service offering has proven resilient also in a more demanding market. The Company has a strong and continuous focus on cost efficiency to maintain its competitiveness and is maintaining investment in software product development and Geocloud expansion.

The number of employees on 30 June 2015 was 304 compared to 291 on 30 June 2014. The number of employees is expected to be steady in 2015.

In Q2 2015, the Company invested NOK 6.7 million in equipment on behalf of customers and internal investments in the Cloud operation. The customer contracts have a minimum duration of three years and underpin the earnings visibility and growth going forward. In addition the Company invested NOK 4.3 million in development of software products.

As of 30 June 2015 the Company was in compliance with all covenants.

Q2 2015 IN BRIEF

5 • TEMA •



FINANCIAL STATEMENTS- Profit & loss- Balance sheet- Cash flow statement


FINANCIAL STATEMENTSAmount in NOK million

6

PROFIT & LOSS UnauditedQ2 2015

UnauditedQ2 2014

Unaudited1H 2015

Unaudited1H 2014

AuditedFY 2014

Operating revenue 133.6 95.1 272.2 186.3 466.7

Cost of goods sold 33.2 30.7 70.0 59.1 141.0

Salaries 55.7 29.3 127.8 70.0 196.4

Other operating costs 18.2 9.0 34.4 18.1 49.8

EBITDA 26.5 26.1 40.0 39.1 79.4

Ordinary depreciation 18.8 8.2 35.8 15.7 32.4

Goodwill depreciation 6.8 4.4 13.5 8.8 31.3

EBIT 0.9 13.5 -9.3 14.6 15.7

Net financial items -7.0 -4.9 -9.1 -5.0 -6.0

EBT (profit before tax) -6.1 8.6 -18.4 9.6 9.7

Tax -0.6 3.5 -2.5 5.0 8.2

Net profit -5.4 5.1 -15.9 4.6 1.5

• FINANCIAL STATEMENTS •



7 • FINANCIAL STATEMENTS •

BALANCE SHEET Unaudited 30.06.2015

Unaudited30.06.2014

Audited31.12.2014

Assets

Intangible assets 284.2 127.0 293.7

Tangible fixed assets 75.4 63.2 64.8

Other financial fixed assets 3.6 7.2 1.9

Total non-current assets 363.1 197.4 360.4

Receivables 98.9 82.1 141.9

Bank deposits, cash and similar 71.3 187.8 78.8

Total current assets 170.2 269.9 220.7

Total assets 533.3 467.3 581.1

Equity and liabilities

Paid-in capital 1.2 1.0 1.2

Other equity 167.5 131.8 173.3

Total equity 168.8 132.8 174.5

Interest-bearing long term liabilities 260.6 257.2 251.0

Other long term liabilities 5.5 0.0 10.6

Total non-current liabilities 266.1 257.2 261.6

Interest-bearing current liabilities 21.5 19.7 23.4

Other current liabilities 76.9 57.5 121.6

Total current liabilities 98.4 77.2 144.9

Total liabilities 364.5 334.4 406.6

Total equity and liabilities 533.3 467.3 581.1

8


• FINANCIAL STATEMENTS •


CASH FLOW STATEMENT UnauditedQ2 2015

UnauditedQ2 2014

Unaudited1H 2015

Unaudited1H 2014

AuditedFY 2014

Profit before tax -6.1 8.6 -18.4 8.4 9.8

Depreciation and write-downs 25.6 12.6 49.4 24.5 63.6

Change in net working capital -21.1 -13.5 -3.6 -22.2 -38.2

Net cash flow from operations -1.6 7.7 27.4 10.7 35.2

Net cash flow from investment activities -8.5 -4.4 -26.0 -8.2 -67.5

Net cash flow from financing activities -5.6 159.1 -8.9 153.5 79.5

Net change in cash and cash equivalents -15.7 162.4 -7.5 156.1 47.1

Cash and cash equivalents at start of period 87.0 25.4 78.8 31.7 31.7

Cash and cash equivalents at end of period 71.3 187.8 71.3 187.8 78.8

9


The following figures represent the proforma figures for the merged Cegal Blueback Group from Q113 to Q215:

PROFORMA

• PROFORMA •

The Q2 2015 revenues were NOK 133.6 million compared to NOK 130.0 million in proforma revenues for the same period last year, representing a 3 % increase. Revenues in 1H 2015 were NOK 272.2 mill, compared to NOK 253.9 mill in the same period last year.

EBITDA for Q2 2015 ended at NOK 26.5 million, compared to NOK 27.3 million in Q2 2014. For 1H 2015 EBITDA ended at NOK 40.0 mill, compared to NOK 40.1 mill in the same period last year.

Revenue (proforma)MNOK

200

150

100

50

0

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

EBITDA (proforma)MNOK

30

25

20

15

10

5

0

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

EBIT (proforma)MNOK

15

10

5

0

-5

-10

-15

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5


10

UnauditedQ2 2015

UnauditedQ2 2014

Unaudited1H 2015

Unaudited1H 2014

UnauditedFY 2014

Operating revenue 133.6 130.0 272.2 253.9 556.1

Cost of goods sold 33.2 34.5 70.0 67.1 152.4

Salaries 55.7 49.4 127.8 111.8 252.7

Other operating costs 18.2 18.8 34.4 34.8 69.2

EBITDA 26.5 27.3 40.0 40.1 81.7

Ordinary depreciation 18.8 10.8 35.8 23.8 51.7

Goodwill depreciation 6.8 6.8 13.5 13.5 27.4

EBIT 0.9 9.7 -9.3 2.8 2.6

Net financial items -7.0 -4.3 -9.1 -5.0 -6.0

EBT (profit before tax) -6.1 5.4 -18.4 -2.2 -3.3

Tax -0.6 3.3 -2.5 3.1 6.5

Net profit -5.4 2.1 -15.9 -5.3 -9.8

• PROFORMA •

UNAUDITED PROFORMA PROFIT & LOSS FOR CEGAL BLUEBACK GROUP:Amount in NOK million

11 • TEMA •



OUR LOCATIONS

STAVANGERCegal AS & Cegal Geoscience AS

Kanalvegen 114033 Stavanger

Norway

Tel: +47 52 04 00 00

OSLOCegal AS & Cegal Geoscience AS

Tordenskioldsgate 6. 4 etg.0160 Oslo

T: +47 52 04 00 00

LONDONCegal Ltd

Trident Court1 Oakcroft Road

ChessingtonSurrey, KT9 1BD

T: +44 (0) 203 044 2799

HOUSTONCegal LLC

1160 Dairy Ashford StreetSte 600

Houston TX 77079

T: +1 832 327 5400F: +1 281 619 7991

ABERDEENCegal Ltd

i2 Business Centre214 Union Street

Aberdeen, AB10 1TL

T: +44 (0) 1224 517 325

CALGARYCegal Geoscience Inc.Bow Valley Square II

#3300, 205 5th Avenue SWCalgary, AB Canada T2P 2V7

T: +1 403 538 4799F: +1 403 264 1262

DUBAIBlueback Reservoir FZ-LLC

Al Thuraya Tower 1, Office 208Dubai Internet City

P.O. Box 500156, Dubai, UAE

T: +971 4 4337471F: +971 4 3607120

cegal blueback as · 2017. 4. 25. · cegal blueback as, interim report q2 2015 / 1h 2015 financial...

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