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Integra brochure
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April 16, 2014

Integra Group Reports 2013 Financial Results and 2013 Order Book Update

Integra Group Reports 2013 Financial Resultsand 2013 Order Book Update
 
MOSCOW, April 16, 2014 – Integra Group (LSE: INTE), one of the leading independent providers of diversified oilfield services, released today its Audited Consolidated Financial Statements, prepared in accordance with IFRS, for the year ended December 31, 2013.
 
2013 Financial Highlights
·         Sales decreased by 11.8% to US$ 549.6 million (vs. US$ 623.0 million in 2012)
·         Adjusted EBITDA(1) from continuing operations increased by 34.7% to US$ 50.8 million (vs. US$ 37.7 million in 2012)
·         Adjusted EBITDA margin increased to 9.2% (vs. 6.1% in 2012)
  • Loss from continuing operations amounted to US$ 42.4 million (vs. US$ 84.6 million in 2012)
  • Net cash generated from operating activities were US$ 40.5 million (vs. US$ 76.4 million in 2012)
·         Capital expenditures increased to US$ 70.0 million (vs. US$ 57.0 million in 12M 2012)
·         Net cash used in investing activities of US$ 9.0 million includes the proceeds from disposal of assets in Irkutsk region of US$ 63.4 million
·         Net debt as of December 31, 2013 was US$ 122.9 million (vs. US$ 164.8 million as of December 31, 2012)
 
2013 Operating Highlights
·         265 thousand meters drilled (vs. 276 thousand meters during 2012)
·         28 active drilling rigs (2012: 27active drilling rigs)
·         3,566 workover operations conducted (vs. 3,555 workover operations during 2012)
·         77 workover crews (2012: 78 workover crews)
·         1,148 cementing operations conducted (vs. 617 cementing operations during 2012)
·         23 cementing fleets (2012: 14 cementing fleets)
·         470 coiled tubing operations conducted (vs. 328 coiled tubing operations during 2012)
·         5 coiled tubing units (2012: 4 coiled tubing units)
·         20 directional drilling crews (2012: 24  directional drilling crews)
·         537 downhole motors and 11 turbodrills produced (vs. 525 downhole motors and 48 turbodrills produced during 2012)
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(1) Adjusted EBITDA is calculated as profit (loss) from continuing operations before finance income (expense), exchange gains (losses), current and deferred income taxes, depreciation and amortization, impairment, write-off or disposal of property, plant and equipment or intangible assets, gains (losses) on acquisition and disposal of any interest in the Group’s subsidiaries or associates, impairment of goodwill, share of results in associates, share-based compensation and profit (loss) attributable to non-controlling interest.

 
2014 Order book update
·         US$ 495.8 million (RR 16.5 billion) in tenders won and executed contracts in 2014, calculated on April 15, 2014;
·         of which US$ 320.2 million (RR 10.6 billion) is with respect to executed contracts for 2014;
·         2014 order book (executed contracts and tenders won) is 4.1% lower in Russian ruble terms compared to 2013 order book calculated on April 16, 2013 primarily due to lower demand for the downhole motors and directional drilling, coiled tubing and well testing services;
·         Our 2014 order book is denominated in Russian rubles.
 
The Audited Consolidated Financial Statements, prepared in accordance with IFRS, for the year ended December 31, 2013 can be found under the following link: 
http://www.integra.ru/eng/investors/results/
For additional discussion and analysis of our financial results for the year ended December 31, 2013, please see our Management's Discussion and Analysis of Financial Condition and Results of Operations, which can be found under the following link: 
http://www.integra.ru/eng/investors/results/
For additional information please see our Corporate Governance Statement under the following link:
http://www.integra.ru/eng/company/corporate_management/regulations/
 
 
Contacts
 
 
 
Integra Group
 
 
 
 
 
 
 
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Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Integra Group. You can identify forward-looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might,” or the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. Integra Group does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Integra Group’s projections or forward-looking statements, including, among others, general economic and market conditions, Integra Group’s competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to Integra Group and its operations.
 
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Integra Group, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of Integra Group.