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15 May 2009 15:01
PETROFAC LIMITED
PRO-FORMA FIGURES FOR 2006 TO 2008
Petrofac, the international oil & gas facilities service provider, introduced a new organisational structure as of 1 January 2009 to improve integration and create a broader platform for continued growth. The group's three divisions (Engineering & Construction, Operations Services and Energy Developments) were reorganised into seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training, Production Solutions and Energy Developments.
For segmental reporting purposes, Engineering & Construction and Engineering & Construction Ventures will be reported together as 'Engineering & Construction'. Offshore Engineering & Operations and Energy Developments will be reported as individual reporting segments. Engineering Services, Training and Production Solutions will be reported together as 'Others'.
The financial results for the six months to 30 June 2009 onwards will be reported on this basis. The pro-forma results for the comparative period, and for the full years 2006 to 2008 are set out below.
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Year ended |
Year ended |
Six months ended |
Year ended |
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31 December |
31 December |
30 June |
31 December |
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2006 |
2007 |
2008 |
2008 |
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US$000's |
US$000's |
US$000's |
US$000's |
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Engineering & Construction |
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Revenue |
944,596 |
1,169,681 |
922,787 |
1,993,539 |
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EBITDA |
111,899 |
140,259 |
102,563 |
252,370 |
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Net income |
88,141 |
122,465 |
88,724 |
206,349 |
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Net income margin % |
9.3% |
10.5% |
9.6% |
10.4% |
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Offshore Engineering & Operations |
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Revenue |
683,067 |
774,616 |
377,089 |
776,564 |
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Pass-through revenue |
186,322 |
180,529 |
87,080 |
221,154 |
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EBITDA |
27,748 |
31,540 |
7,666 |
24,676 |
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Net income |
17,131 |
19,201 |
4,739 |
16,443 |
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Net income margin % |
2.5% |
2.5% |
1.3% |
2.1% |
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Net income margin excluding pass-through revenue |
3.4% |
3.2% |
1.6% |
3.0% |
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Energy Developments |
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Revenue |
62,125 |
132,832 |
77,688 |
153,357 |
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EBITDA |
40,107 |
82,799 |
40,836 |
89,148 |
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Net income |
14,365 |
33,388 |
16,335 |
21,880 |
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Net income margin % |
23.1% |
25.1% |
21.0% |
14.3% |
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Others (Engineering Services, Production Solutions & Training) |
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Revenue |
214,755 |
450,193 |
271,015 |
510,404 |
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Pass-through revenue |
35,468 |
46,519 |
27,291 |
54,793 |
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EBITDA |
20,534 |
53,283 |
31,075 |
61,890 |
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Net income |
8,211 |
24,325 |
17,792 |
33,093 |
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Net income margin % |
3.8% |
5.4% |
6.6% |
6.5% |
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Net income margin excluding pass-through revenue |
4.6% |
6.0% |
7.3% |
7.3% |
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Corporate |
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Revenue |
33 |
0 |
0 |
0 |
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EBITDA |
(1,842) |
(5,826) |
(2,036) |
(8,077) |
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Net income |
(8,259) |
(10,957) |
(4,280) |
(8,545) |
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Consolidation adjustments & eliminations |
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Revenue |
(40,670) |
(87,071) |
(72,425) |
(104,328) |
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EBITDA |
(97) |
(796) |
(867) |
(1,055) |
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Net income |
743 |
294 |
(2,070) |
(4,231) |
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Total |
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Revenue |
1,863,906 |
2,440,251 |
1,576,154 |
3,329,536 |
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Pass-through revenue |
221,790 |
227,048 |
114,371 |
275,947 |
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EBITDA |
198,349 |
301,259 |
179,237 |
418,952 |
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Net income |
120,332 |
188,716 |
121,240 |
264,989 |
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Net income margin % |
6.5% |
7.7% |
7.7% |
8.0% |
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Net income margin excluding pass-through revenue |
7.3% |
8.5% |
8.3% |
8.7% |
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A downloadable version of the above and a diagram mapping the old and new reporting segments is available from www.petrofac.com
Ends
For further information contact:
Petrofac Limited
Jonathan Low, Head of Investor Relations +44 (0) 20 7811 4930
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Ann-marie Wilkinson
Olly Scott
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