Investor News Story

Spectrum ASA: 2nd Quarter 2018 Financial Results (2018-08-17T07:00:00 CET)

 

Summary Q2 and 6 months -18 (segment reporting using APMs)
         
       SPECTRUM GROUP
       Quarter   Quarter   6 months   6 months   12 Months 
       ended   ended   ended   ended   ended 
      30.06.18 30.06.17 30.06.18 30.06.17 31.12.17
 (USD 1000)      (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
               
Segment revenue       23 462   30 403   50 373   55 727   118 850
               
Segment EBIT     (1 969) (619) (2 637) (3 326) (16 037)
               
Segment Net Profit / (Loss)     (4 416) (2 983) (581) (6 703) (26 843)
               
Cash flow from operating activities     22 653   24 774   53 273   60 334   99 400
               
Investment in Multi-Client library       15 563   31 331   37 799   58 611   82 359
               
Segment Multi-Client Net book value   173 315   205 105   173 315   205 105   169 408
               
Cash and cash equivalents        26 710   6 859   26 710   6 859   14 155
               

  

Q2 Highlights

 

- Late sales in the quarter of MUSD 14.1 (2017: MUSD 8.2)
-  Segment early sale on Multi-Client investments in the quarter was MUSD 9.3 (2017: MUSD 22.2), primarily related to the Mozambique, Argentina and Otway surveys
-  Multi-Client investments were MUSD 15.6 with 60% prefunding rate (2017: MUSD 31.3 with 71% prefunding)
- Gross Multi-Client investments were MUSD 30.4 (2017: MUSD 39.8)
- Operational cash flow in Q2 was MUSD 22.7 (2017: MUSD 24.8)

 

6 Months Highlights

 

- Late sales YTD of MUSD 27.2 (2017: MUSD 18.1)
- Segment early sale on Multi-Client investments was MUSD 23.1 (2017: MUSD 37.5), substantial part related to Mozambique, Argentina and Otway surveys
-  Multi-Client investments were MUSD 37.8 with 61% prefunding rate (2017: MUSD 58.6 with 64% prefunding)
-  Gross Multi-Client investments were MUSD 81.6 (2017: MUSD 75.8)
-  Operational cash flow was MUSD 53.3 (2017: MUSD 60.3)

 

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Q2 18 Earnings Release pdf
Q2 18 presentation pdf