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Posts are Based on PFC Accounts ........... Not Dreamt Up by Idiots........
If according to PFC the Bonds approved by the Banks is too the maximum $500m……. https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/
Explicitly around Performance Guarantees which are normally 10% of the EPC contract Value……. EPC Contracts with Performance Guarantees on contracts to the primary value of around £3billion.the cost to the PFC revolving credit facility would be £300million as that’s the irrevocable bonds in place due to failure to complete the EPC contract to its required Performance capabilities contained in the EPC contract…..
Therefore the maximum contracts PFC could fund at any one time amounts to $5billion…..You also consider that $5billion of work is spread over 3 years approx.……..It does not leave a lot in reserve to fund Advance Payment Bonds for a contract?
Therefore it would be safe to assume that PFC have facilities for $1.5billion a year in contracts….According to there current Banking Facility…..
It therefore makes a mockery of the PFC Propaganda about $40 billion Pipelines…or Bidding Pipelines ect
PFC don’t have the funding to undertake or support that Volume of work…Or deal with any Legacy Issues currently…….
So why are they PFC Misleading Investors…Please ask yourself………
PFC Revolving Credit facility of $550million is constrained to the bonds which are in the region of $300 to $400million giving them PFC access to working capital of $100 to $200 million in real terms…IMHO
Source-“PFC Group…. (US$550 million new debt facilities, comprising US$500 million bridge to bond and a US$50 million term loan; and
US$180 million revolving credit facility as of 26/10/2022)”
https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/
Feel Free to Rebuff my Points all welcome…..
DYOR
What Is there Not to Understand....... Don't they Know whats Happening
The Facts IMHO
Point. 1,
PFC Revolving Credit facility of $550million is constrained to the bonds which are in the region of $300 to $400million giving them PFC access to working capital of $100 to $200 million in real terms…IMHO
Source-“PFC Group…. (US$550 million new debt facilities, comprising US$500 million bridge to bond and a US$50 million term loan; and
US$180 million revolving credit facility as of 26/10/2022)”
https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/
This is to some degree will have been additional highlighted by the Auditors… “Auditors highlight that a risk level has increased…especially “Misstatement of financial information” ……..Banking Facility’s currently are fully utilised…
Point. 2,
TenneT have engaged a contract with PFC and are sedentary awaiting for PFC to put in place the required Performance Guarantees and Advance Payment Bonds for a contract?........Will TenneT delay for ever.........The Clients will go with Contractors who can Satisfy the "Contract Requirements" for Performance Guarantees and Advance Payment Bonds....... "
And in the Meantime...the clock is running......PFC are in a total INDETERMINATE STATE.......
Point 3
Until Legacy Contracts are complete the Banks will not issue any New Bonds for TenneT or other new Contracts… The PFC Banking Facility’s currently is fully utilised…Clients don’t release Bonds until the work is Finished on the Legacy Contracts, If they did it means they have to pay Twice for work…. The bond if it is called negates this problem for the client…
Without TenneT PFC are Finished because for years PFC have preached about the Bidding Pipeline…Unfortunately this Bidding Pipeline brings loss making Contracts….If a Bond was pulled everything will collapse in Days……Banks are Over Exposed Because of the Bonds……..
Point.4
With regard to the Asset Business…
Anything with value was predisposed last Shares Dilution…
The Banks will hold anything of Significance as Security at this stage of proceedings and will not consent to their Security Position to be undermined…
DYOR
Another Claim coming the Way of PFC I would Imagine.......
The Shetland Gas Plant has been shut down after a release of steam.
Operator TotalEnergies says part of the heating system on the site failed and staff were called to muster. Nobody was hurt in the incident and an investigation is under way.
The plant, next to the Sullom Voe Oil Terminal, takes in gas from fields to the north-west of Shetland.
The facility processes the gas before it is piped to the Scottish mainland.
A spokesperson for TotalEnergies said: "Following the failure of an element of the heating medium system at Shetland Gas Plant yesterday, production remains shutdown whilst we conduct an investigation into the incident.
"Separately, we are also assessing when it will be safe to restart production. We will not restart production until it is safe to do so."
PFC Fundamentals (Speaks For its Self)
Standard IFRS IFRS IFRS IFRS IFRS
Millions Millions Millions Millions Millions
Income Statement 31 Dec '22 31 Dec '21 31 Dec '20 31 Dec '19 31 Dec '18
Revenue 2,591.00 3,038.00 4,081.00 5,530.00 5,829.00
Operating Profit / Loss (217.00) (196.00) (160.00) 220.00 159.00
Net Interest (109.00) (66.00) (28.00) (45.00) (67.00)
Pre Tax Profit (321.00) (255.00) (183.00) 192.00 107.00
Post Tax Profit (337.00) (242.00) (201.00) 66.00 61.00
Profit for the Period (337.00) (242.00) (201.00) 66.00 61.00
Equity Holders of Parent Company (310.00) (245.00) (192.00) 73.00 64.00
Minority Interests (27.00) 3.00 (9.00) (7.00) (3.00)
Continuing EPS
Earnings per Share (Basic) (60.20USX) (67.70USX) (57.00USX) 20.81USX 18.12USX
Earnings per Share (Diluted) (60.20USX) (67.70USX) (57.00USX) 20.43USX 17.84USX
Earnings per Share (Adjusted) (55.20USX) 0.80USX 14.80USX 78.73USX 100.11USX
Continuing and Discontinued EPS
Earnings per Share (Basic) (60.20USX) (67.70USX) (57.00USX) 20.81USX 18.12USX
Earnings per Share (Diluted) (60.20USX) (67.70USX) (57.00USX) 20.43USX 17.84USX
Earnings per Share (Adjusted) (55.20USX) 0.80USX 14.80USX 78.73USX 100.11USX
Dividend per Share n/a n/a n/a n/a $0.38
Millions Millions Millions Millions Millions
Balance Sheet 31 Dec '22 31 Dec '21 31 Dec '20 31 Dec '19 31 Dec '18
Non-Current Assets
Intangible Assets 121.00 128.00 152.00 165.00 129.00
Property, Plant and Equipment 244.00 269.00 288.00 398.00 685.00
Investments 30.00 34.00 35.00 38.00 30.00
Investment Properties n/a n/a n/a n/a n/a
Other Financial Assets 151.00 209.00 202.00 316.00 446.00
Other Non-Current Assets 57.00 73.00 116.00 111.00 187.00
Total Non-Current Assets 603.00 713.00 793.00 1,028.00 1,477.00
Current Assets
Inventories 17.00 23.00 8.00 17.00 21.00
Trade and Other Receivables 765.00 688.00 886.00 1,103.00 1,440.00
Cash at Bank and in Hand 450.00 620.00 684.00 1,025.00 726.00
Current Asset Investments n/a n/a n/a n/a n/a
Other Current Assets 1,432.00 1,763.00 1,800.00 2,203.00 2,142.00
Total Current Assets 2,664.00 3,094.00 3,378.00 4,348.00 4,329.00
Other Assets n/a n/a n/a 600.00 n/a
Total Assets 3,267.00 3,807.00 4,171.00 5,976.00 5,806.00
Current Liabilities
Borrowings 799.00 764.00 750.00 411.00 260.00
Other Current Liabilities 2,047.00 2,253.00 2,586.00 3,391.00 3,534.00
Total Current Liabilities 2,846.00 3,017.00 3,336.00 3,802.00 3,794.00
Net Current Assets n/a n/a n/a n/a n/a
Non-Current Liabilities
Borrowings n/a n/a 50.00 599.00 376.00
Provisions 163.00 172.00 209.00 226.00 286.00
Other Non-Current Liabilities 146.00 195.00 166.00 315.00 341.00
Total Non-Current Liabilities 309.00 367.00 425.00 1,140.00 1,003.00
Net Assets 112.00 423.00 410.00 914.00 1,009.00
If according to PFC the Bonds sanctioned by the Banks is too the maximum $500m…….
It therefore makes a travesty of the PFC Information about $40 billion Pipelines…or Bidding Pipelines ect
PFC don’t have the existing funding to undertake or support that Volume of work…and deal with any Legacy Issues currently… IMHO
So why are they PFC Misleading Investors…Please ask yourself………
Is this a massive case of Overtrading?
Overtrading often results from businesses growing more rapidly than their production and cash flow can accommodate, or the late payment of customer invoices. If not anticipated properly, overtrading can lead to insolvency and the closure of a business.
It too explains why the Auditors…
“Auditors highlight that a risk level has increased…especially “Misstatement of financial information” ……..
Banking Facility’s currently are fully over utilised…IMHO
https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/
Explicitly around Performance Guarantees which are normally 10% of the EPC contract worth… EPC Contracts with Performance Guarantees on contracts to the principal value of around £3billion.the cost to the PFC revolving credit facility would be £300million as that’s the irrevocable bonds in place due to failure to complete the EPC contract to its obligatory Performance capabilities contained in the EPC contract…..
Therefore the highest contracts PFC could fund at any one time amounts to $5billion…..You also consider that $5billion of work is spread over 3 years approx.……..It does not leave a lot in reserve to fund Advance Payment Bonds for a contract?
Therefore it would be trustworthy to assume that PFC have facilities for $1.5billion a year in contracts….According to there current Banking Facility…..
Feel Free to Contest my Points all welcome…..
DYOR
Posts are Based on PFC Accounts ...........
If according to PFC the Bonds approved by the Banks is too the maximum $500m……. https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/
Explicitly around Performance Guarantees which are normally 10% of the EPC contract Value……. EPC Contracts with Performance Guarantees on contracts to the primary value of around £3billion.the cost to the PFC revolving credit facility would be £300million as that’s the irrevocable bonds in place due to failure to complete the EPC contract to its required Performance capabilities contained in the EPC contract…..
Therefore the maximum contracts PFC could fund at any one time amounts to $5billion…..You also consider that $5billion of work is spread over 3 years approx.……..It does not leave a lot in reserve to fund Advance Payment Bonds for a contract?
Therefore it would be safe to assume that PFC have facilities for $1.5billion a year in contracts….According to there current Banking Facility…..
It therefore makes a mockery of the PFC Propaganda about $40 billion Pipelines…or Bidding Pipelines ect
PFC don’t have the funding to undertake or support that Volume of work…Or deal with any Legacy Issues currently…….
So why are they PFC Misleading Investors…Please ask yourself………
PFC Revolving Credit facility of $550million is constrained to the bonds which are in the region of $300 to $400million giving them PFC access to working capital of $100 to $200 million in real terms…IMHO
Source-“PFC Group…. (US$550 million new debt facilities, comprising US$500 million bridge to bond and a US$50 million term loan; and
US$180 million revolving credit facility as of 26/10/2022)”
https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/
Feel Free to Rebuff my Points all welcome…..
DYOR
Is the Fact Missing..........
You need a lot of Cash to run a $5billion a year Business....IMHO
PFC Revolving Credit facility of $550million is constrained to the bonds which are in the region of $300 to $400million giving them PFC access to working capital of $100 to $200 million in real terms…IMHO
Source-“PFC Group…. (US$550 million new debt facilities, comprising US$500 million bridge to bond and a US$50 million term loan; and
US$180 million revolving credit facility as of 26/10/2022)”
https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/
This is to some degree will have been additional highlighted by the Auditors… “Auditors highlight that a risk level has increased…especially “Misstatement of financial information” ……..PFC Banking Facility’s currently are fully utilised…
What Is there Not to Understand.......
The Facts IMHO
Point. 1,
PFC Revolving Credit facility of $550million is constrained to the bonds which are in the region of $300 to $400million giving them PFC access to working capital of $100 to $200 million in real terms…IMHO
Source-“PFC Group…. (US$550 million new debt facilities, comprising US$500 million bridge to bond and a US$50 million term loan; and
US$180 million revolving credit facility as of 26/10/2022)”
https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/
This is to some degree will have been additional highlighted by the Auditors… “Auditors highlight that a risk level has increased…especially “Misstatement of financial information” ……..Banking Facility’s currently are fully utilised…
Point. 2,
TenneT have engaged a contract with PFC and are sedentary awaiting for PFC to put in place the required Performance Guarantees and Advance Payment Bonds for a contract?........Will TenneT delay for ever.........The Clients will go with Contractors who can Satisfy the "Contract Requirements" for Performance Guarantees and Advance Payment Bonds....... "
And in the Meantime...the clock is running......PFC are in a total INDETERMINATE STATE.......
Point 3
Until Legacy Contracts are complete the Banks will not issue any New Bonds for TenneT or other new Contracts… The PFC Banking Facility’s currently is fully utilised…Clients don’t release Bonds until the work is Finished on the Legacy Contracts, If they did it means they have to pay Twice for work…. The bond if it is called negates this problem for the client…
Without TenneT PFC are Finished because for years PFC have preached about the Bidding Pipeline…Unfortunately this Bidding Pipeline brings loss making Contracts….If a Bond was pulled everything will collapse in Days……Banks are Over Exposed Because of the Bonds……..
Point.4
With regard to the Asset Business…
Anything with value was predisposed last Shares Dilution…
The Banks will hold anything of Significance as Security at this stage of proceedings and will not consent to their Security Position to be undermined…
DYOR
Cuban_cigar
"If I owe you 10K I would be afraid of you but if I owe you 600m, then who have sleepiness nights then"
Thats a grappling at straws analogy...WTF
Personally if you owed me a fiver you would have sleepless nights.
Iam a MAD JOCK Bastard.......
DYOR
Cuban_cigar ....You are a Silly Billy
But as handy as Ti@s on a Bull...
"IES with EBITDA of US$65 million as a Collateral ? It is a matter of negotiation, in a nutshell."
The Banks will hold anything of Significance as Security at this stage of proceedings and will not consent to their Security Position to be undermined…
DYOR
It therefore makes a mockery of the PFC Propaganda about $40 billion Pipelines…or Bidding Pipelines ect
PFC don’t have the current funding to undertake or support that Volume of work…Or deal with any Legacy Issues currently… IMHO
So why are they PFC Misleading Investors…Please ask yourself……… Or is this a massive case of Overtrading……..
Overtrading often results from businesses growing more rapidly than their production and cash flow can accommodate, or the late payment of customer invoices. If not anticipated properly, overtrading can lead to insolvency and the closure of a business.
It too some degree explains why the Auditors…
“Auditors highlight that a risk level has increased…especially “Misstatement of financial information” ……..
Banking Facility’s currently are fully over utilised…IMHO
DYOR
Cuban_cigar ....You are a Silly Billy.......But a Great Help to me.....
You forgot to include this Bit..
"On Demand Performance Bonds
On Demand Performance Bonds, as the name suggests pays On Demand from the Employer and typically the Surety has only 5 working days, or less, to settle any claim. While we do place these Bonds regularly it is important that the Contractor is aware of the nature of this type of Bond as any Collateral given could be enforced if the Surety is Demanded to pay the Employer."
5 days from a Bond being Pulled and total disaster and thats whats facing PFC with all Legacy Contracts.........
DYOR
cuban_cigar
"snapper10 - so you are much more superior than the analysists and researchers @ fitch and s&p then.."
i don't think thats a big challenge .....considering how m,any **** ups they have made...do you
Cuban_Cigar
Rubbish....... DYOR..... Definitely No cigar..... You forgot to include this Bit..
.Is thee Englaze note yur fist Langouge?
"Will I Need To Provide Additional Security?
All Bonds, without exception, ask for some level of security or collateral from the applicant. This is a minimum of a Company Indemnity but can be higher depending on the Bond amount and other underwriting factors. However we will always aim to get you the best option with the lowest security and avoiding Personal Guarantees or Cash Deposits where possible."
Cuban_Cigar
Rubbish....... DYOR..... No cigar.....
How Much Does A Performance Bond Cost?
https://suretybondsandguarantees.co.uk/surety_bonds/performance_bonds.aspx
"This question is hard to answer as there are so many variables, but it can be from 1% to 10% of the Bond amount using a fixed rate but some Surety markets quote per annum too. Our team can give you an instant indication over the phone for any tenders enabling you to price these competitively and quickly."
Call now for instant advice and indications on 666 or use the form opposite and we will contact you straight back.
Take the Meds and read the labels ......Health warning