PROD - Interim Financial Statement for the 4th quarter of 2009
(Thomson Reuters ONE) - (Figures in brackets refer to the corresponding period of 2008)Operating revenues for 4th quarter of 2009 were USD 90.4 million compared to USD71.4 million for the same period in 2008.Operating profit before depreciation amounted to USD 50.4 million (USD 35.8million) for the fourth quarter. The main reason for the increase is FDPSOAzurite and FPSO Cidade de S?Mateus which commenced operations during 2009.This was partly offset by the scheduled decline in the dayrate for FPSO Umuroa.As reported to the market in connection with previous interim resultannouncements, the conversion of FPSO Ningaloo Vision was substantially delayeddue to damages sustained during an electrical fire, as well as technicalchallenges on the steam systems and the gas compressors. As such, the totalproject cost ended up at a higher level than anticipated at the start of 2009.Moreover, the market value of M/T Takama, a VLCC sized single hull conversioncandidate, has dropped further. Due to these factors, an impairment charge ofUSD 46.7 million has been recognised in the 4th quarter. Thus, operating resultfor the 4th quarter amounted to USD -26.5 million (USD -175.9 million).Excluding impairment charges, the operating profit for 4th quarter came in atUSD 20.1 million (USD 20.9 million).Interest expenses amounted to USD 11.3 million (USD 11.2 million) for thequarter. Other financial items amounted to USD 3.2 million (USD -4.3 million).The difference compared to the same period last year is mainly an effect offavourable changes in foreign exchange rates as well as change in value ofhedging instruments.The tax cost for the 4th quarter equalled USD 6.6 million (USD -3.8 million).Taxes in this quarter was higher than normal, as the company made adjustments tothe tax position in New Zealand, as well as accounted for changes in deferredtax. Changes to deferred tax are largely related to currency fluctuation onassets and liabilities.The net result for the 4th quarter totaled USD -41.1 million (USD -186.7million). Excluding impairment charges the net profit was USD 5.6 million (USD10.1 million).As a result of investments in the new units, total assets amounted to USD 2,097million (USD 1,985 million) as of 31 December 2009. Equity amounted to USD 814million (USD 806 million), resulting in a book equity ratio of 39%. Netinterest-bearing debt amounted to USD 1,018 million (USD 822 million).Reidar Lund, Chairman of the Board, has informed the Election Committee that hewill not seek re-election on the Annual General Meeting in May.Conference call and web castManagement will hold a teleconference/web cast to go through the results anddiscuss the outlook for the business at CET 2.00 p.m. There are two alternativesto listen in to the presentation:1. WebcastPlease refer to link www.prosafeproduction.com to follow the webcast.2. TeleconferencePlease call in at one of the following numbers:Norway Toll Free 800 19640International call +44 20 7806 1951UK Toll Free 0800 028 1243USA Toll Free 1888 935 4575The participants will be asked for their name, company and conference ID code.The Prosafe Production conference ID code is: 2046791There will be a Q&A session after the presentation and questions can be askedboth on the conference call and through the web cast.In order to view the presentation held while listening to the conference, pleasedownload the presentation material from www.prosafeproduction.com.The conference will be available for replay at www.prosafeproduction.com.About Prosafe ProductionProsafe Production is a leading owner and operator of Floating Production,Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years ofoperational experience from several of the world's largest oil and gasprovinces. The company has a good operational uptime track record and possessesa range of proprietary FPSO-related technologies. Prosafe Production operatesglobally and employs approximately 1,000 employees from more than 40 countries.Headquartered in Limassol, Cyprus, Prosafe Production is listed on the OsloStock Exchange with ticker code PROD. Please refer to www.prosafeproduction.comfor more details.For further information please contact:Bj?Henriksen, President and CEOPhone: +31 6105 32543E-mail: bjorn.henriksen(at)prosafeproduction.comSven B? Larsen, Executive VP and CFOPhone: +65 9657 2590E-mail: sven.larsen(at)prosafeproduction.comThis information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1384905] Q4 2009 Prosafe Production Report: http://hugin.info/139144/R/1384905/343605.pdf Q4 2009 Prosafe Production Presentation: http://hugin.info/139144/R/1384905/343606.pdf
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2010 - 11:52 Uhr
Sprache: Deutsch
News-ID 12555
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 153 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"PROD - Interim Financial Statement for the 4th quarter of 2009"
steht unter der journalistisch-redaktionellen Verantwortung von
Prosafe Production Public Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
