Quarterly Financial Statements
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1 [Type text] Quarterly Financial Statements KCA Deutag Alpha Limited For the twelve months ended 31 December 2013 Page 1 of 11
2 Table of Contents Consolidated income statement... 3 Consolidated statement of changes in shareholder's equity... 3 Consolidated balance sheet... 4 Consolidated cash flow statement... 5 Notes to the quarterly financial statements Significant accounting policies Compliance with IAS Basis of preparation Segment reporting Net finance costs Exceptional items Reconciliation of net debt Tangible fixed assets Intangible assets Trade and other receivables Trade and other payables Cash generated from operating activities Assets and liabilities of disposal group held for sale Page 2 of 11
3 Consolidated income statement Note Sales 2 2, , Operating costs (1,855.7) (1,474.5) (488.3) (444.4) EBITDA Depreciation/Amortisation (204.3) (217.2) (56.7) (62.1) Operating profit (pre-exceptional) Exceptional items (including impairment) 4,6 (134.3) (140.3) (126.5) (130.8) Operating profit (post-exceptional) (37.7) (94.5) (74.9) (114.6) Income from associates/jvs 0.3 (1.0) 0.5 (0.1) Net finance costs 3 (156.8) (119.1) (38.3) (31.5) (Loss) before tax (194.2) (214.6) (112.7) (146.2) Taxation (16.4) (37.5) 16.0 (10.9) (Loss) after tax (210.6) (252.1) (96.7) (157.1) Consolidated statement of changes in shareholder s equity Share capital Share premium Retained earnings Other reserves Total $m At 1 January (1,439.6) 1, Comprehensive income Loss for the period - - (210.6) - (210.6) Other comprehensive income (expense) Fair value movement on cash flow hedges Exchange differences on foreign operations (4.4) (4.4) Actuarial gains on defined benefit plans Deferred tax on retirement benefit obligation Total other comprehensive income (expense) Total comprehensive income (expense) - - (207.4) 2.4 (205.0) Transactions with owners Capital contribution At 31 December (1,647.0) 1, At 31 December (1,439.6) 1, Page 3 of 11
4 Consolidated balance sheet Q Q Note $m $m Assets Non-current assets Property, plant and equipment 6 1, ,304.5 Goodwill Intangible assets Investments Deferred tax assets , ,022.2 Current assets Inventories and work-in-progress Trade and other receivables Amounts owed by parent company Financial assets - derivative financial instruments Cash, cash equivalents and other deposits Assets of disposal group classified as held for sale Total assets 2, ,692.6 Liabilities Current liabilities Trade and other payables 9 (383.5) (396.8) Bank overdraft (21.6) (62.3) Tax liabilities (49.9) (35.9) Financial liabilities - derivative financial instruments - (8.3) Financial liabilities - borrowings (5.2) (15.0) Provisions and other payables (3.4) (3.5) (463.6) (521.8) Non-current liabilities Financial liabilities - borrowings (1,259.8) (1,192.1) Amounts owed to parent company (478.9) (652.9) Deferred tax liabilities (66.4) (71.6) Retirement benefit obligations (132.3) (131.4) Provisions and other payables (4.8) (1.3) (1,942.2) (2,049.3) Liabilities of disposal group classified as held for sale 11 (11.7) - Total liabilities (2,417.5) (2,571.1) Net assets Capital and reserves Share capital - - Share premium reserve Other reserves 1, ,546.9 Retained earnings (deficit) (1,647.0) (1,439.6) Total shareholder s funds Page 4 of 11
5 Consolidated cash flow statement Note Cash flows from operating activities Cash generated from operations Tax paid (36.4) (40.9) (11.5) (8.2) Net cash inflow from operating activities Cash flows from investing activities Capital expenditure (127.1) (223.5) (26.5) (45.4) Proceeds from sale of property, plant and equipment (1.1) 6.6 Purchase of intangible assets (5.3) (4.6) (2.5) (2.4) Interest paid, including capitalised interest (93.8) (94.6) (41.9) (25.5) Interest received Net cash outflow from investing activities (172.5) (286.6) (71.7) (66.6) Cash flows from financing activities New senior secured notes (net of original issue discount) Bank loan drawdowns (repayments) (465.0) Arrangement fees paid (24.7) New finance leases sale and leaseback Finance lease payments (7.8) - (1.8) - Net drawdown (repayment) of borrowings (1.8) 8.6 Equity injection from (repaid to) parent 59.0 (3.0) - (3.0) Net cash generated from (used in) financing activities (1.8) 5.6 Effect of foreign exchange rate changes (17.1) (0.8) (10.1) 1.1 Net cash in (out) flow 30.8 (110.5) Cash and bank overdrafts at start of period Cash and bank overdrafts at end of period Page 5 of 11
6 Notes to the Quarterly Financial Statements 1. Significant Accounting Policies 1.1 COMPLIANCE WITH IAS 34 These condensed quarterly consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. They do not contain all the disclosures required for annual financial statements and should therefore be read in conjunction with the Group s annual financial statements for the year ended 31 December 2013, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. 1.2 BASIS OF PREPARATION General principle The preparation of these condensed quarterly financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group s accounting policies. The areas involving a higher degree of judgement, complexity or areas where assumptions and estimates are significant to the condensed quarterly consolidated financial statements are disclosed in Note Accounting estimates and judgements Accounting estimates and underlying assumptions are based on past experience and other factors considered reasonable under the circumstances. They serve as the basis for any judgement required for determining the carrying amounts of assets and liabilities when such amounts cannot be obtained directly from other sources. Actual amounts may differ from these estimates. The main sources of uncertainty relating to estimates used to prepare the quarterly consolidated financial statements were the same as those described in the full year 2013 consolidated financial statements. Page 6 of 11
7 2. Segment reporting Revenues Platform services RDS Land Drilling* MODUs* Bentec Central overheads (0.7) (0.2) Elimination on consolidation (26.6) (67.5) (4.6) 5.4 GROUP TOTAL 2, , EBITDA (pre-exceptional) Platform services RDS Land Drilling* MODUs* (1.6) Bentec Central overheads (53.0) (51.5) (11.3) (13.3) Elimination on consolidation GROUP TOTAL *Brunei Land Rig has been re-classified from MODUs to Land Drilling to be consistent with statutory accounts segmentation. 3. Net finance costs Interest payable to parent company (14.1) (12.3) (3.7) (3.2) Interest payable on bank borrowings (61.3) (104.7) (9.8) (26.7) Interest payable on senior secured notes (30.9) - (11.5) - Interest payable on finance leases (1.4) - (1.4) - Less: amounts included in the cost of property, plant and equipment (6.7) 3.6 Commitment fees (0.6) (0.7) (0.2) (0.1) Amortisation of arrangement fees (37.9) (18.4) (3.9) (4.6) Amortisation of discount asset (2.1) - (0.8) - Other finance costs (2.8) (1.9) (1.0) (0.2) Finance costs (149.0) (129.3) (39.0) (31.2) Bank interest receivable Other finance income Finance income Exchange gains (losses) (8.7) (1.0) Finance costs - net (156.8) (119.1) (38.3) (31.5) Page 7 of 11
8 4. Exceptional items Libya unrest (3.8) Reorganisation costs 2 (11.6) (13.2) (6.4) (9.8) Impairment of Modus - Inventory write-down 3 (9.0) - (9.0) - Impairment of Modus - Disposal costs 4 (2.5) Claim in respect of pre-acquisition GTB items 5 (4.3) - (4.3) - Refinancing and others 6 (1.6) - (0.9) - Compliance fine 7 - (9.0) - (9.0) Release of provision for contingent consideration GROUP TOTAL (28.4) (20.3) (20.6) (10.8) 1 During 2012 the situation in Libya stabilised and plans put in place to re-enter the country with exceptional costs of $3.8m incurred relating to standby and security costs as well as a warehouse fire. During 2013, fire insurance proceeds of $3.3m were received and were partly offset by a $2.7m loss on the disposal of a Libyan subsidiary. 2 Reorganisation costs include rationalisation and redundancy expenditure, a business efficiency programme, and various other non-recurring project items. 3 Arising from the anticipated disposal of the Tender Barges business, exceptional cost of $9.0m has been recorded to write down the carrying value of the inventory held for sale to its realisable value. 4 Also arising from the anticipated disposal of the Tender Barges business, a provision of $2.5m has been recognised for the costs of disposal of the Barges. 5 Provision was made during 2013 for a customer claim relating to pre-acquisition items associated with the GTB business acquired in Other non-recurring costs in 2013 related to legal and related expenses for business refinancing and the disposal of the Ben Avon rig. 7 During 2011 concerns were raised to management about potentially improper payments to an overseas agent in With the assistance of external legal advisors and forensic accountants, an internal investigation was conducted. Following completion of that investigation full disclosure was made to the Crown Office and Procurator Fiscal Service in July 2012 under the self reporting initiative. The Company subsequently entered into a civil settlement under which the Civil Recovery Unit is to recover 5.6 million ($9.0 million) under the Proceeds of Crime legislation. 8 During 2012 the contingent consideration in relation to the acquisition of GTB on 2 August 2011 of $8.0 million was re-evaluated and resulted in a release of $5.7 million which was no longer required. 5. Reconciliation of net debt Opening net debt (1,130.4) (986.5) (1,219.0) (1,118.8) Net cash in (out) flow 30.8 (110.5) Net cash generated from (used in) financing activities (17.9) (15.0) 1.6 (15.0) Other non-cash movements (40.0) (18.4) (4.8) (4.6) Closing net debt per balance sheet (1,157.5)* (1,130.4) (1,157.5) (1,130.4) Capitalised arrangement fees (72.6) (67.9) (72.6) (67.9) Closing net debt (1,230.1) (1,198.3) (1,230.1) (1,198.3) * Includes cash held for sale of $0.3m see Note 11. Page 8 of 11
9 6. Tangible fixed assets Land and buildings long leasehold and freehold Drilling rigs and equipment Plant, machinery and vehicles Total Cost At 1 January , ,296.9 Additions at cost Disposals - (292.9) (4.3) (297.2) Exchange adjustments 0.1 (1.3) (5.9) (7.1) Transferred to disposal group held for sale - (304.6) - (304.6) At 31 December , ,852.6 Accumulated depreciation At 1 January Charge for the period Impairment Disposals - (203.8) (3.7) (207.5) Exchange adjustments - (0.6) (5.5) (6.1) Transferred to disposal group held for sale - (259.6) - (259.6) At 31 December Net carrying amount At 31 December ,048.4 Net carrying amount At 31 December , , Includes capitalised interest of $2.1m. Page 9 of 11
10 7. Intangible assets Customer relationships and contracts Trade name Technology Total Cost At 1 January Additions at cost At 31 December Accumulated amortisation At 1 January Charge for the period At 31 December Net carrying amount At 31 December Net carrying amount At 31 December Trade and other receivables Q Q $m $m Trade receivables Other receivables Prepayments and accrued income Transferred to disposal group held for sale (4.1) - Total Trade and other payables Q Q $m $m Trade payables Other tax and social security Other payables Accruals Payments received on account Deferred income Transferred to disposal group held for sale (11.7) - Total Page 10 of 11
11 10. Cash generated from operating activities (Loss) profit for the period (210.6) (252.1) (96.7) (157.1) Adjustments for: Tax charge (credit) (16.0) 10.9 Depreciation Impairment of tangible fixed assets Amortisation of intangible assets (4.6) Amortisation of deferred costs (Gain) loss on sale of property, plant and equipment, excluding exceptionals 1.4 (5.1) (0.7) (1.6) Net movement in provisions, other liabilities and retirement benefit obligations 6.6 (0.4) 3.8 (1.3) Net finance cost Share of associates post tax result (0.3) 1.0 (0.6) 0.4 (Increase) decrease in inventories and work in progress (2.3) (12.7) 13.7 (14.6) (Increase) decrease in trade and other receivables (101.7) (61.2) Increase in trade and other payables Cash generated from operating activities Assets and liabilities of disposal group held for sale Q Q $m $m Assets of disposal group held for sale Property, plant and equipment Inventories Trade and other receivables Cash and cash equivalents Total assets Liabilities of disposal group held for sale Trade and other payables (11.7) - Total liabilities (11.7) - Page 11 of 11
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