ANÁLISIS DE REGRESIÓN ANÁLISIS DE REGRESIÓN ANÁLISIS DE REGRESIÓN
Sección 1. REGRESIÓN DE LOS DATOS EXPERIMENTALES DISCUSIÓN DE
VIII.1 REGRESIÓN DE LOS DATOS EXPERIMENTALES DISCUSIÓN DE RESULTADOS.
VIII.1.4 ANÁLISIS DE REGRESIÓN DE LOS DATOS EXPERIMENTALES OBTENIDOS EN EL
As a result from an internal reorganisation effective 1 January 2013, the 'Turnkey Services' segment was merged with the 'Turnkey Systems' segment into a new 'Turnkey' segment. Comparative data for 2012 has been restated accordingly. Thus, the Company's reportable segments are identified as follows:
•
Lease and operate;•
Turnkey;•
Other (This category consists of corporate overhead functions and other units).Sales between segments are carried out at arm’s length. The revenue to third parties and non-current assets reported to the chief operating decision maker, the Management Board, are measured in a manner consistent with that in the income statement and statement of financial position. These assets are allocated based on the operations of the segment.
Business information Period ending 31 December 2013
Figures are expressed in millions of US$ and may not add up due to rounding
Lease and Operate
Turnkey Other Eliminations and adjustments Consolidated Revenue Third party 1,018 3,784 - - 4,803 Inter-segment - 349 - (349) - Total revenue 1,018 4,134 - (349) 4,803 Gross margin (141) 625 - 0 484
Other operating income/expense (0) (5) 33 - 28
Selling and marketing expenses (3) (31) (0) - (34)
General and administrative expenses (20) (88) (53) - (161)
Research and development expenses - (23) 0 - (23)
EBIT (164) 478 (21) 0 293
Net financing costs (100)
Share of profit of equity-accounted investees 1
Income tax expense (80)
Profit/(Loss) 114
EBITDA
EBIT (164) 478 (21) 0 293
Depreciation, amortisation and impairment 390 15 1 - 406
EBITDA 226 493 (19) 0 700
Other segment information
Impairment charges 190 - - - 190
Capital expenditure 111 54 35 - 200
Business information Period ending 31 December 2012
Figures are expressed in millions of US$ and may not add up due to rounding
Lease and Operate
Turnkey (*) Other Eliminations and adjustments Consolidated (*) Revenue Third party 932 2,706 - - 3,639 Inter-segment - 118 - (118) - Total revenue 932 2,824 - (118) 3,639 Gross margin (299) 410 (0) - 111
Other operating income 0 130 0 - 130
Selling and marketing expenses (9) (41) 0 - (50)
General and administrative expenses (18) (62) (49) - (129)
Research and development expenses (1) (24) - - (25)
EBIT (327) 414 (49) - 38
Net financing costs (79)
Share of profit of equity-accounted investees 4
Income tax expense (38)
Profit/(Loss) (75)
EBITDA
EBIT (327) 414 (49) - 38
Depreciation, amortisation and impairment 619 23 1 - 643
EBITDA 292 437 (48) - 681
Other segment information
Impairment charges 427 - - - 427
Capital expenditure 511 139 5 - 655
Non-current assets 3,004 386 53 - 3,443
(*) restated for comparison purposes
The year was marked by the following financial highlights: Divestment programme for non-core assets
As part of the disposal program of non-core assets announced in 2012, the Company completed sale of its non-core “COOL™ hose” technology, and the sale and lease back transactions of two out of three office
properties in Monaco. Sales proceeds thus far exceed US$ 100 million, resulting in a book profit of approximately US$ 27 million reported as “Other Operating Income” in 2013.
YME Project
In March 2013, the Company reached an agreement with Talisman to terminate the Yme MOPUSTOR contract for a settlement of US$ 470 million. The settlement includes the termination of the existing agreements and arbitration procedures and the decommissioning of the MOPU. As the Company had already made a provision of US$ 200 million for estimated decommissioning costs in 2012, the difference of US$ 270 million was recognised in the 2013 results as cost of sales.
future claim recoveries (after expenses and legal costs) relating to the Yme development project under the relevant construction all risks insurance shall be shared 50/50 between the Company and Talisman.
During 2013, the Company has started with the preparation for the future demobilisation works of the platform, and as such, it has incurred related costs. A call for tender for the transportation from the 500 meters zone and the scrapping of the platform was issued and responses were being evaluated at year-end 2013. On this basis, the Company has reviewed and updated the necessary accruals for these future works, which are currently anticipated to occur during summer 2015.
Deep Panuke project
The Company completed the debottlenecking process, and brought the platform to full production capacity safely and received a Production Acceptance Notice (PAN) from the client on 11 December 2013. The platform is currently on hire and generating the full day rate as per contract terms. Additional costs associated with the delay and debottlenecking lead to an additional impairment charge of US$ 27 million accounted for in the 2013 results. ThunderHawk
The ThunderHawk semisubmersible production facility in the US Gulf of Mexico, is the only facility in the Company lease fleet portfolio which bears exposure to reservoir risk.
During the second half of 2013, there have been two new triggering events for impairment:
• Production has declined more quickly than originally projected due to a lack of reservoir drive compounded by a
higher than anticipated water cut;
• The Company has engaged in commercial discussions around potential tie-backs to the facility.
The revised estimates of future deliverable volumes (derived from production trends from current reserves and projections from planned new fields) including a potential tie-back in 2015, and the expected rates (derived from recent commercial discussions) will be insufficient to sustain the asset’s current book value.
As a result, an impairment charge of US$ 65 million has been accounted for in the 2013 results. Decommissioning review
With the upcoming expiration of contracts for FPSO Kuito and FPSO Brasil, the Company has undertaken the reassessment of decommissioning costs. As a consequence, a Company-wide review was conducted in the last quarter of 2013 to reassess decommissioning expenses of all other vessels. This review was conducted while taking into consideration various contractual obligations resulting from the contracts with customers, and revised decommissioning costs estimates derived from the quotes received for imminent decommissioning of certain vessels resulting in a charge of US$ 40 million accounted for in the 2013 results.
Residual value of laid-up vessels
The FPSO Falcon and VLCC Alba laid up since 2009 and 2011, respectively, have been classified as assets held for sale, and were subsequently written down to their estimated market value, resulting in an impairment of US$ 53 million.