Prosafe posts Q4 2015 and full year results
Operating profit for 2015 amounted to USD 167 million and net profit was USD 85.6 million. Utilisation of the fleet was 70 per cent. Prosafe is taking proactive measures by renewing and updating its fleet, strengthening the balance sheet, increasing its financial flexibility and securing liquidity buffers, the company said in its press release.
Operating profit for 2015 amounted to USD 167 million (USD 248.3 million) and utilisation of the fleet was 70 per cent (87 per cent).
Net financial expenses for 2015 amounted to USD 70.9 million (USD 57 million). The increase results mainly from fair value adjustments of currency forward contracts and higher interest expenses. In accordance with IFRS, interest costs totalling USD 12.8 million (USD 7.9 million) have been allocated to new build and construction projects and consequently capitalised as part of the vessel costs.
Net profit for 2015 equalled USD 85.6 million (USD 178.8 million) and diluted earnings per share were USD 0.36 (USD 0.76).
Utilisation of the fleet was 62 per cent (92 per cent). Operating profit for the fourth quarter amounted to USD 17.5 million (USD 77.4 million).
Jasminia remained off-hire in the quarter. An impairment of USD 9.4 million relating to Jasminia has been charged to the accounts in the fourth quarter. The net book value of the vessel is zero as at 31 December 2015.
A fee of USD 4 million relating to the cancelled towage of Safe Zephyrus was expensed in Q4 2015. Safe Zephyrus was delivered at the end of January 2016, and the final instalment was reduced by USD 30 million. This represents a seller's credit from the yard, to be repaid in a single payment on or before 15 June 2017. Safe Zephyrus is scheduled to commence a contract in Norway early Q3 2016.
Further in Q4 2015, non recurring items amounting to USD 3.4 million were charged and USD 2.25 million provided for relating to settlement of certain contractual matters and an operational incident resulting in the loss of an anchor wire.
Safe Concordia, Safe Caledonia, Safe Regency, Safe Lancia, Safe Hibernia and Safe Britannia were fully contracted throughout the quarter.
Net financial costs amounted to USD 22.2 million (USD 25.3 million). Net loss equalled USD 6.8 million (net profit of USD 51 million), corresponding to diluted earnings per share of USD 0.03 negative (USD 0.22 positive).
Total assets at 31 December amounted to USD 2 323 million (USD 1 817 million). Net interest-bearing debt equalled USD 1 189.9 million (USD 707.7 million), and the book equity ratio was 36.6 per cent (41.2 per cent).
