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Wed, 6th Mar 2019 07:00
RNS Number : 9509R
Nautilus Marine Services PLC
06 March 2019
NAUTILUS MARINE SERVICES PLC
(the "Group" or "Nautilus")
AUDITED FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018
Nautilus Marine Services PLC (AIM: NAUT), the Group focused on making strategic investments in service providers, technologies, and assets to offer integrated and innovative solutions for multiple offshore service industries, today announces its audited final results for the year ended 31 December 2018 (the "Period").
Highlights:
· The Group received multiple offers for its Colombia operations in late 2018, many on terms that, if realised, would be agreeable to the Company. As announced in January 2019 (post-period end), it is therefore likely that the Company will divest of its Bolivar and Bocachico contracts or the entities holding them (the "Disposal Group") during 2019. Accordingly, the Disposal Group has been classified as held for sale at year end. In accordance with International Financial Reporting Standards ("IFRS"), the Group has reported these assets and their associated liabilities as a "disposal group" within its Consolidated Statement of Financial Position as at 31 December 2018, and income/(loss) from the Disposal Group are reflected as discontinued operations within the Consolidated Statement of Comprehensive Income for all periods presented.
· $11 million cash as at 31 December 2018.
· Losses from continuing operations of $9.2 million, representing a $2.0 million decrease in losses as compared to the prior year period.
· $1.8 million (64%) decrease in operating expenses for offshore vessels and equipment as a result of cost reduction initiatives implemented during late 2017.
· $1.1 million (20%) decrease in administrative expenses for continuing operations primarily due to staffing reductions within the corporate group implemented during 2017 and 2018.
· $643 thousand gain on disposals, primarily due to sales of non-strategic offshore vessels and equipment during the year.
· $666 thousand impairment charge on certain vessels within the Group's offshore fleet as a result of decreased third party fleet valuation reports at year-end.
· $1.7 million impairment reversal (included within income from discontinued operations) as a result of the initial measurement of the Disposal Group to the estimated recoverable amount of fair value less costs to sell upon classification as held for sale.
Plus the loan notes were redeemed.. so it’s got a nav of about 20m usd.. however who would trust this board!