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Integra brochure
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December 10, 2012

Integra Group Interim Management Statement and Financial Highlights for the 9M 2012

 

MOSCOW, December 10, 2012 – Integra Group (LSE: INTE) released today its Interim Management Statement and unaudited financial highlights for the nine months period ended September 30, 2012. The financial data are based on management assessment only and have not been reviewed by external auditors.
 
Operations of Integra Group’s Formation Evaluation segment were discontinued following a combination of the seismic businesses of Integra, Schlumberger and Geotech and were excluded from 9M 2011 financial results for comparison purposes.
 
9M 2012 Financial Highlights
 
·         Sales decreased by 2.4% to US$ 461.0 million (vs. US$ 472.1 million in 9M 2011)
·         Adjusted EBITDA [1]24.0 million (vs. US$ 67.4 million in 9M 2011) decreased by 64.4% to US$
·         Adjusted EBITDA margin decreased to 5.2% (vs. 14.3% in 9M 2011)
·         Net cash from operating activities increased to US$ 35.8 million (vs. US$ 7.6 million in 9M 2011)
·         Capital expenditures decreased to US$ 40.8 million (vs. US$ 61.0 million in 9M 2011)  
·         Net Debt as of December 10, 2012 amounted to US$ 172.7 million (vs. US$ 188.8 million as of June 30, 2012)

9M 2012 Operating Highlights

·         211 thousand meters drilled (9M 2011: 196 thousand meters)
·         29 active drilling rigs (9M 2011: 19 active drilling rigs)
·         2,613 workover operations conducted (9M 2011: 2,783 workover operations)
·         79 workover crews (9M 2011: 78 workover crews)
·         461 cementing operations (9M 2011: 889 cementing operations)
·         14 cementing fleets (9M 2011: 14 cementing fleets)
·         213 coiled tubing operations (9M 2011: 240 coiled tubing operations)
·         4 coiled tubing units (9M 2011: 4 coiled tubing units)
·         313 wells completed with directional drilling service (9M 2011: 333 wells)
·         26 directional drilling crews (9M 2011: 24 directional drilling crews)
·         444 downhole motors and 41 turbodrills produced (9M 2011: 349 downhole motors and 55 turbodrills produced)
 
 
 
 
Felix Lubashevsky, Integra Group’s President and Chief Executive Officer, commented:
 
“Integra’s third quarter results demonstrated a significant recovery in Adjusted EBITDA margin to 13.6% from just 0.5% in 1H 2012. This was achieved in the absence of material incident related expenses and amidst rigorous cost discipline returning the business to a normalized run-rate profitability. The run-rate profitability of the business continues to be affected by pricing trends which are not sufficient to offset the increase in operating costs resulting in year-on-year margin compression in several services. Operating cash flow improved materially as we continue to focus on cash conversions. 
 
We are encouraged by the early results of our 2013 contracting campaign which reveals a positive outlook for 2013 primarily driven by higher volumes.”
 
 
 
Conference Call Dial-In Details
Date:                                      Monday, December 10, 2012
Time:                                     17:00 Moscow / 13:00 London / 8:00 New York
Title:                                       Integra Group 9M 2012 Results
Conference ID:                      77821197
UK international tel.:               +44 1452 555 566
USA international tel.:            +1 866 966 9439
 
There will also be a playback facility available until December 24, 2012. The details are:

 
UK international tel.:
 
+44 1452 550 000
USA international tel.:
+1 866 247 4222
Access code:
77821197#

 
Contacts

 
 
 
Integra Group
 
 
Andrey Machanskis
Head of Investor Relations
 Tel. +7 495 933 0621