Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksIg Seismic S Regulatory News (IGSS)

Share Price Information for Ig Seismic S (IGSS)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.30
Bid: 0.00
Ask: 0.00
Change: 0.00 (0.00%)
Spread: 0.00 (0.00%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 0.30
IGSS Live PriceLast checked at -
  • This share is an international stock.

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

FY2015 Financial Results Press Release

28 Apr 2016 14:14

RNS Number : 7000W
IG Seismic Services PLC
28 April 2016
 

 

 

 

 

IG Seismic Services PLC

 

 

IG SEISMIC SERVICES ANNOUNCES

AUDITED FINANCIAL AND OPERATIONAL RESULTS

FOR THE TWELVE MONTHS OF 2015

 

 

Moscow, 28 April 2016

 

 

IG Seismic Services PLC ("IGSS" or the "Company", LSE: IGSS), the leading pure-play land and transition zone seismic company in Russia and the CIS and one of the largest land seismic companies globally, announces its audited financial and operational results for the twelve months ended 31 December 2015.

Key Financial Results for the 12 Months of 2015

 

12m 2015

12m 2014

Change, %

in million RUR, unless otherwise stated

Revenue

18,805

19,589

-4.0%

EBITDA

4,016

4,449

-9.7%

EBITDA margin

21.4%

22.7%

 -135 bp

Net Loss*

(2,123)

(2,410)

-11.9%

Operating Cash Flow

1,335

3,425

-61.0%

Capital Expenditures

1,941

3,289

-41.0%

Net Debt

17,218

15,185

13.4%

 

___________________________________________________________________________________

*In addition to the financial metrics and segment information disclosed in the Audited Consolidated Financial Statements, the Group presents normalization of the financial results for the year ended 31 December 2015 and 2014 for the effect of one-off and non-recurring items in addition to those affecting adjusted EBITDA and adjusted EBIT. For details please see the Management Report on 2015 Results.

 

 

 

 

· Revenue amounted to RUR 18,805 mln, a decrease of 4.0% year-on-year;

· EBITDA decreased by 9.7% to RUR 4,016 mln. EBITDA margin decreased by 135 bp year-on-year to 21.4% of sales compared to 22.7% of sales for the same period of 2014;

· Net loss decreased by 11.9% and amounted to RUR 2,123 mln;

· Operating Cash Flow decreased year-on-year by 61.0% to RUR 1,335 mln;

· Capital Expenditures for the twelve months of 2015 amounted to RUR 1,941 mln;

· As of 31 December 2015, net debt amounted to RUR 17,218 mln; gross debt amounted to RUR 17,536 mln; cash and cash equivalents amounted to RUR 318 mln.

 

Key Operating Results for the 12 Months of 2015

 

· IGSS seismic crews performed 1,473 thousand shot points, out of which 316 thousand related to 2D surveys, 797 thousand to 3D surveys and 360 thousand to HD (high density) surveys; of which 1,337 thousand shot points were performed in Russia, 44 thousand - in Kazakhstan, and 92 thousand - in other countries.

· Total of 13 thousand linear kilometers related to 2D surveys, 10 thousand square kilometers related to 3D survey and 1,246 square kilometers related to HD were performed.

· As of 31 December 2015, the Company operated 52 field crews in Russia, Kazakhstan and certain other countries with 396,318 channels, 147 vibroseis sources, 165 pulse sources and 546 drilling units.

· As of 31 December 2015 the Company employed 10,837 employees.

 

Kilometers

12m 2015

12m 2014

Change, %

2D (km)

12,802

12,199

5%

3D (sq.km)

10,444

9,280

13%

HD (km)

-

622

-100%

HD (sq.km)

1,246

1,187

5%

Shot Points performed by IGSS crews

2D

315,580

273,395

15%

3D

797,234

666,780

20%

HD

359,725

423,456

-15%

TOTAL performed by IGSS crews

1,472,539

1,363,631

8%

including

Russia

1,336,720

1,179,924

13%

Kazakhstan

43,564

98,418

-56%

Other

92,255

85,289

8%

 

 

 

 

Order Book as of 31 December 2015

 

· As of 31 December 2015, the Company's seismic services order book amounted to RUR 28,762 million (inclusive of VAT), of which RUR 22,856 million (inclusive of VAT) accounted for signed contracts and RUR 5,906 million (inclusive of VAT) represented tenders won.

· The seismic services order book as of 31 December 2015 decreased by 5% compared to the order book as of 31 December 2014.

· As of 31 December 2015, the Company's DPI order book increased by 112% compared to the results of 2014 and amounted to RUR 590 mln (inclusive of VAT).

· The Group is still in the process of contracting for the 2016-2017 and 2017-2018 season. The current order book does not yet provide an accurate indication of 2016-2017 and 2017-2018 seismic revenues and trends may change.

 

SEISMIC SERVICES

 

Order Book as of 31 December 2015 (including VAT)

 

As of 31.12.2015

As of 31.12.2014

Ch.

RUR mln

RUR mln

RUR, %

Western Siberia

9,169

9,908

-7%

Eastern Siberia

9,082

11,436

-21%

Timano-Pechora

7,578

4,934

54%

South of Russia

2,834

3,424

-17%

Kazakhstan

99

0

100%

International projects

-

620

-100%

TOTAL, including

28,762

30,322

-5%

Contracts signed*

22,856

25,946

-12%

Tenders won, contracts to be signed

5,906

4,376

35%

 

 

Order Book as of 31 December 2015 Breakdown by Year (including VAT)

 

As of 31.12.2015

RUR mln

2016

16,216

2017

7,801

2018

4,745

TOTAL

28,762

 

 

SEISMIC DATA PROCESSING AND INTERPRETATION

 

Order Book as of 31 December 2015 (including VAT)

 

As of 31.12.2015

As of 31.12.2014

Ch.

RUR mln

RUR mln

RUR, %

Contracts signed*

536

278

93%

Tenders won, contracts to be signed

54

0

100%

TOTAL

590

278

112%

 

 

 

 

___________________________________________________________________________________ *Signed contracts may be subject to renegotiation of volumes and/or other terms or even cancellation, and both signed contracts and tenders won may not proceed as originally planned at all.

Order Book Update as of 1 March 2016

 

· As of 1 March 2016, the Company's seismic services order book amounted to RUR 24,604 mln (inclusive of VAT), of which RUR 20,919 mln accounted for signed contracts and RUR 3,685 mln represented tenders won.

· The seismic services order book as of 1 March 2016 decreased in RUR terms by 8% compared to the order book as of 1 March 2015.

· As of 1 March 2016, the Company's Data Processing and Interpretation (DPI) order book increased by 129% compared to 1 March 2015 and amounted to RUR 523 mln (inclusive of VAT) of signed contracts.

· The Group is still in the process of contracting for the 2016-2017 and 2017-2018 season. The current order book does not yet provide an accurate indication of 2016-2017 and 2017-2018 seismic revenues and trends may change.

SEISMIC SERVICES

 

Order Book as of 1 March 2016 (including VAT)*

 

As of 01.03.2016

As of 01.03.2015

Ch.

RUR mln

RUR mln

RUR, %

Western Siberia

7,173

8,851

-19%

Eastern Siberia

8,370

9,882

-15%

Timano-Pechora

6,024

4,190

44%

South of Russia

2,739

3,290

-17%

Kazakhstan

99

0

100%

International projects

199

582

-66%

TOTAL, including

24,604

26,795

-8%

Contracts signed*

20,919

23,051

-9%

Tenders won, contracts to be signed

3,685

3,744

-2%

 

 

Order Book as of 1 March 2016 Breakdown by Year (including VAT)

 

As of 01.03.2016

RUR mln

2016

11,646

2017

8,336

2018

4,622

TOTAL

24,604

 

 

SEISMIC DATA PROCESSING AND INTERPRETATION

 

Order Book as of 1 March 2016 (including VAT) 

 

As of 01.03.2016

As of 01.03.2015

Ch.

RUR mln

RUR mln

RUR, %

Contracts signed*

523

228

129%

Tenders won, contracts to be signed

0

0

--

TOTAL

523

228

129%

 

 

 

___________________________________________________________________________________*Signed contracts may be subject to renegotiation of volumes and/or other terms or even cancellation, and both signed contracts and tenders won may not proceed as originally planned at all.

Nikolay Levitskiy, IGSS Chief Executive Officer, commented:

 

"2015 was challenging but quite eventful year for our company. We have continued a major restructuring aimed at improving the efficiency of the Group. The Company also welcomed two new strategic investors in the shareholding structure at the end of the year.

In 2015 Russian economy was negatively impacted by a significant drop in crude oil prices and the devaluation of the Russian Rouble, as well as sanctions imposed on Russia by several countries. The combination of the above affected the Group's performance and resulted in a loss for the year of RUR 2,123 mln. Because of the difficult economic situation in Russia, geopolitical tensions, lower oil prices, rising interest rates and the weakening of the ruble, the Company's revenue decreased by 4,0% and amounted to RUR 18,805 mln RUR, and EBITDA decreased by 9.7% to RUR 4,016 mln. We are taking all appropriate measures to support the sustainability of the Group's business in the current circumstances.

We have successfully started 2016-2017 season and promptly mobilized our seismic crews. As previously reported, the Company is actively working to reduce seasonal effects on the business by increasing the amount of work completed during the warmer months of the year.

Currently we are completing field works for the 2015-2016 season and contracting for future seasons - our order book as of March 01, 2016 amounted to 25 bln. RUR. We plan to enter into new long-term contracts this year and we expect that by the end of 2016 our order book will increase.

The company is constantly striving to develop and implement technologies that enable to adapt the seismic services to complexity of the surface conditions, explore deeper levels and more complex reservoirs. In 2015 as pioneers in the country we conducted experimental work with cableless telemetry system operating in real time, which will extend the range of potential seismic survey by environmentally sensitive areas, with a minimum negative impact on the environment - the project of "green seismic".

 

 

Consolidated Financial Statements of IGSS and Management Report are available on the website at http://igseis.com/en/investor-relations/financial-and-operational-results.

 

Contacts

 

For further information please visit www.igseis.com or contact:

 

IGSS Investor Relations

+ 7 495 580 7882

query@igseis.com 

 

This document may contain "forward-looking statements" which include all statements other than statements of historical fact. Such forward-looking statements can often be identified by words such as "plans", "expects", "intends", "estimates", "will", "may", "continue", "should" and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the IG Seismic Services PLC's (the "Company") control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and neither the Company, nor any of its respective agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. The information and opinions contained in this document are provided as at the date of this document or as otherwise specified herein and are subject to change without notice.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACSMMGZDFRGGVZM
Date   Source Headline
15th Apr 201911:57 amRNSDirectorate Change
7th Feb 20192:21 pmRNSAGM Statement
7th Feb 20198:17 amRNSDirectorate Change
29th Nov 201811:35 amRNSStatement of claim
2nd Oct 20184:31 pmRNSStatement of claim
15th Dec 20178:10 amRNSDisposal
5th Dec 20179:54 amRNSResult of AGM
13th Nov 20177:00 amRNSNotice of AGM
9th Nov 20178:17 amRNSDirectorate Change
23rd Oct 20174:52 pmRNSDirector/PDMR Shareholding
26th Sep 20179:24 amRNSDirectorate Change
22nd Jun 20177:00 amRNSStatement re appointment of new Executive Director
22nd Jun 20177:00 amRNSDirector/PDMR Shareholding
21st Jun 20176:27 pmRNSDirectorate Change
9th Jun 20172:27 pmRNSStatement re 2016 financial and operational result
28th Apr 20175:15 pmRNSChange of financial year period
2nd Feb 20173:40 pmRNSNotice of Results
12th Jan 20178:21 amRNSNotice of GM
19th Sep 201612:46 pmRNSMoody's downgrade IGSS rating to B3
7th Sep 20162:40 pmRNSIGSS announces 2016 AGM results
15th Aug 20165:57 pmRNSNotice of AGM
25th Jul 20164:26 pmRNSS&P assigned to IGSS "B-", outlook "negative"
13th Jul 201610:59 amRNSIGSS appoints new CEO
28th Apr 20163:24 pmRNSFY2015 Financial Report
28th Apr 20162:32 pmRNS2015 Corporate Governance Statement
28th Apr 20162:24 pmRNSFY2015 Management Report
28th Apr 20162:14 pmRNSFY2015 Financial Results Press Release
27th Apr 20165:56 pmRNSMoody's affirms IGSS "B2"; outlook "Negative"
22nd Apr 20165:37 pmRNSIGSS request to cancel listing of GDRs Update
16th Mar 20163:40 pmRNSPrice Monitoring Extension
4th Mar 20163:22 pmRNSResult of EGM, March 2 2016
9th Feb 20165:10 pmRNSIGSS Published Circular to the Shareholders
9th Feb 20165:04 pmRNSNotice of EGM, March 2, 2016
9th Feb 20164:51 pmRNSIGSS request to cancel the listing of GDRs-UPDATE
18th Dec 20154:35 pmRNSDirector/PDMR Shareholding
20th Nov 20155:44 pmRNSTransaction Announcement
12th Nov 20154:13 pmRNSS&P affirms IGSS 'B'; Outlook 'NEGATIVE'
30th Sep 20154:52 pmRNS1H 2015 Financial Report
30th Sep 20154:20 pmRNS1H 2015 Management Report
30th Sep 20154:04 pmRNS1H 2015 Financial Press Release
25th Aug 20153:45 pmRNSSecond Price Monitoring Extn
25th Aug 20153:40 pmRNSPrice Monitoring Extension
4th Aug 20152:47 pmRNSIGSS Signed Agreement with Otkritie FC Bank
22nd Jul 20154:14 pmRNSS&P Placed IGSS Rating 'B' on CreditWatch Negative
15th Jul 201510:03 amRNSResults of EGM, 10 July, 2015
26th Jun 20152:31 pmRNSIGSS request to cancel listing of GDRs UPDATE
25th Jun 20151:03 pmRNSIGSS EGM July 10, 2015 Shareholder's Circular
25th Jun 201512:44 pmRNSNotice of EGM, July 10, 2015
16th Jun 20153:45 pmRNSSecond Price Monitoring Extn
16th Jun 20153:40 pmRNSPrice Monitoring Extension

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.