2009: a year of transition...
Onal first oil
- First oil on 9 March 2009 (average entitlement of 6,975 b/d over the
year)
- Additional investments to meet satellite production
Late exploration success. A promising new play: Kissenda
- An intensive programme: EUR230m in exploration expenses
- A discovery rate below that of previous years
- Two major successes in 2009 (OMOC and OMGW) and one in 2010 (OMOC-N)
- New reservoir found: Kissenda
The Group's management of the credit crisis
Disposal of Colombian assets
- Major reduction in production (approximately 18,000 b/d of entitlement)
Loan restructuring
- Extraordinary and non-recurring financial expenses
- Major liquidity: EUR428m as of 31/12/2009
... characterised by contrasting results
- 2009 sales: EUR183m
- 2009 corporate net income: EUR143m
- 2009 net consolidated loss: -EUR51m
- Contrasting results explained by the recognition of the
capital gain from the sale of the Colombian assets in the
unconsolidated financial statements and of a loss in sales (EUR293m
over 2008) and income (EUR84m) in the consolidated financial
statements, not yet offset by production in Gabon.
- Proposal of a dividend of EUR0.10 per share along with a free
allocation of share subscription warrants
- Sustained oil-services activities, increased profitability
2010: a year of hope
A promising outlook
- Initial approach to the P1+P2 reserves, net of royalties, of the OMOC-N
field at 7 Mboe
- Group's oil reserves at 123 Mboe as of 1/4/2010 vs. 114 Mboe as of
1/1/2009
- i.e. 53 Mboe in P1 reserves (+64%)
- and 123 Mboe, +7%, in P1+P2
- Major contribution from Nigeria:
- 80 Mboe of oil resources in Nigeria (P1+P2 = 27 Mboe, C1+C2 = 53
Mboe)
- Major potential in gas:
- in Tanzania: 250 Bcf net of royalties on Mnazi Bay (the equivalent
of 45 Mboe)
- in Tanzania: Mafia Deep currently undergoing appraisal
- in Nigeria: 340 Bcf net of royalties on OML 4, 38 and 41 (the
equivalent of 60 Mboe)
Improvement in risk profile:
- Production progressing in Gabon: objective of 15,000 b/d net in 2010
- Investment concentrated on appraisal and development
- Focus on production in Gabon and Nigeria
- Significant opportunities in Colombia, Tanzania and the Congo
2009: a year of transition characterised by mixed results
Against a difficult economic and financial backdrop, the Group had to implement appropriate responses in order to guarantee its financial autonomy and free up cash. Consequently, the Group undertook a major restructuring of its assets and loans:
- disposal of most of the Colombian assets;
- signing of a financing agreement (RBL) for $255m;
- a new convertible bond issue (2014 OCEANE bonds);
- repayment of a portion of the 2010 OCEANE bonds;
- subscription of a 45% stake in SEPLAT, a Nigerian company,
to get 45% of the OML 4, 38 and 41.
In this depressed market, the restructuring of the financial debt generated significant financial costs and expenses, which directly impacted the Company's financial statements.
The deferment of the production start-up date in the ONAL and OMKO fields (3 months) is also reflected in a reduced level of sales for oil activities already impacted by the loss of production that once came from Colombia.
At the same time, the Group continued its voluntary exploration programme, generating exploration expenses that had a significant impact on the Group's operating income. Nevertheless, there were two major successes in Gabon: OMGW and OMOC-N, which revealed a new play, Kissenda. This will be a major research topic over the coming months.
As a result of the investments made in Gabon in the Onal region, the Group is able to put any new discoveries into almost immediate first oil production. This is currently the case with the Omko and Omgw field and will shortly be the case with the Ombg field, leading to a significant rise in the Group's production level in 2010.
The accounts discussed below, were approved by the Board of Directors March 31, 2010. The audit procedures on the financial statements have been made. The certification report is being issued.
As of 1 January 2010, after repayment of EUR183m relating to the balance on the 2010 OCEANE bonds, the Group had cash flow of EUR245m.
In EUR millions 2009 2008 2008
retreated published
Sales 183 93 385
Income from production and oil-related 39 7 Na
services
Exploration write-offs -53 -25 Na
Other -3 Na
Income from production, exploration and
oil-related services -18 -18 Na
Operating income -28 -10 96
Financial result -25 -18 -5
Income before tax -53 -28 91
Net income from continuing operations -46 -22 63
Net income from discontinued operations -5 84 -
Net income of the consolidated Group -51 63 63
Net cash flow from operating activities 53 49 193
Investments (including activities sold ) 439 539 539
Closing cash and cash equivalents 428 189 189
Note that sales for Colombia in 2008 amounted to EUR293m, with net profit of EUR84m.
The Group's Board of Directors will propose a dividend of EUR0.10 per share. To reward the shareholders and build their loyalty, the Board of Directors also wishes to issue free share subscription warrants in addition to the dividend, the terms and conditions of which will be reviewed soon and given to the AMF..
The oil industry was marked by volatile oil prices. In 2009, the average prices for Brent and WTI fell respectively by 37% and 38% from 2008. In contrast, the increase in the American currency had a favourable impact on sales, limiting the negative impact of changes in oil prices.
Production
The Group's average net production in 2009 (after in-kind oil taxes = entitlement) was 6,975 b/d (8,578 b/d including Venezuela).
2009 was marked by the long-term testing of the Omko-101 well that began on 23 February 2009 and the first oil from the Onal field on 9 March 2009.
Oil and gas production in Venezuela, net of a 30%-deduction in kind on oil, was 1,603 boepd for 2009. Oil represented 58% of the production. This activity is not included in the Group's sales.
Sales
Sales for fiscal year 2009 totalled EUR183.2m versus EUR92.3m in 2008 (adjusted for the disposal of Hocol). This increase is the result of the first oil start-up of the Onal and Omko fields in Gabon.
Early in 2009, the Group implemented a hedging policy on oil prices. The average hedge price was $61.7/b whereas the average price of Brent was $61.5/b in 2009, reaching a maximum of $80.22 and a minimum of $40.04. This is reflected in a negative sales figure of EUR15.9m.
Operating income
Operating income for fiscal year 2009 was (-EUR28.3m). This was primarily due to the following:
- (-EUR53.5m) in write-offs due to the major exploration
programme.
- (-EUR35.3m) in amortisation and depreciation relating mainly to the
Onal production fixed assets (-EUR12.4m), Omko (-EUR4.0m) and Banio
(-EUR0.3m), and to the oil-related services company Caroil (-EUR15.5m).
Production start-up at Onal will improve Group margins, while drilling operations has withstood the crisis remarkably well.
Financial result
The financial result was (-EUR25m). This can be broken down as follows:
- interest expenses pertaining to OCEANE bond loans of
(-EUR35m), of which (-EUR12.8m) related to the 2014 OCEANE bonds;
- gains on oil and gas derivatives of EUR13m related to hedges
for first quarter 2009;
- income on currency derivatives of EUR22.2m resulting
primarily from current cash management operations carried out with a
view to limiting foreign exchange risks in the amount of (-EUR30.8m)
generated by the Company as a result of its strong position in dollars.
Net income
Maurel & Prom's consolidated net income was (-EUR50.7m). This income was impacted by the consolidated net income of activities sold in Colombia (Hocol) amounting to a loss of EUR4.6m. This includes all income and expenses from business activities sold up to the loss of control on 28 May 2009 as well as the actual income from disposals.
The price supplement clause relating to the Huron field on the Niscota license has not been valued yet as it depends on the assessment of those reserves by an independent certifier as of 31 December 2010. The ceiling has been set at US$50m.
The price supplement clause is based on the average oil price for 2010 and was marked to market at the end of December 2009, i.e., EUR37.8m. The final amount of this price adjustment is not known but is capped at US$65m.
Net unconsolidated income of Etablissements Maurel & Prom amounted to EUR143m. This unconsolidated income reflects primarily the gain from the disposal of Hocol Colombia and intra-group dividends.
Balance sheet
The total balance sheet as of 31 December 2009 was EUR1,645m. Group shareholders' equity amounted to EUR940m versus EUR1,036m as of 31 December 2008, a decline of EUR96m. This is due primarily to the impact of the adjustment made to the derivative valuation as of 31 December 2009 (-EUR61.3m), the dividend distribution (-EUR40m paid in July 2009), the premium related to the 2014 OCEANE bonds of EUR16.7m, and currency translation adjustments of EUR24.6m.
Investments
Total investments in 2009, including business activities sold, amounted to EUR439m, and can be broken down as follows:
EURk Colombia Gabon Tanzania Mozambique Congo Syria
Exploration 19 99 68 10 16 13
Development 0 141
Oil-related services 2 3 1 10
TOTAL 21 243 69 10 26 13
(table continued)
EURk Other TOTAL Business Total
activities including
sold business
activities
sold
Exploration 5 230 21
Development 141 31
Oil-related services 15 0
TOTAL 5 386 52 439
The value of intangible assets as of 31/12/2009 was EUR458m, of which EUR141m for the Bigwa Rufiji Mafia licence in Tanzania.
Cash flow
The Group's operating cash flow amounted to EUR13m. Net cash flow from operating activities was EUR53.3 million.
As of 31 December 2009, Maurel & Prom posted cash of EUR428m (EUR210m of which was in American dollars for an amount of $302m), an increase of EUR239m over 31 December 2008 due primarily to:
- inflows from the disposal of the Colombian assets amounting
to EUR457.2m,
- sustained investment of EUR386m (EUR439m when business
activities sold are included) across all Group activities,
- the impact of the retrocession to Tulip Oil of 15% of the
interests in the Onal and Omko fields (+EUR77.7m),
- the difference between the income from the 2014 Oceane bond
issue and the buy-back of the 2010 Oceane bonds (+EUR75m),
- inflows from the sale of the derivatives allocated to risk
management in respect of the Colombian activities sold (+EUR66.2m),
- the dividend paid on 20 July 2009 for a total amount of
EUR40m, including EUR8m reinvested in shares.
P1+P2 oil reserves of 123 Mboe net of royalties
P1+P2 gas resources of 50 Mboe net of royalties
The reserves were certified on 1 January 2010 by DeGolyer & MacNaughton based on economic conditions and using existing geological and engineering data to estimate the quantities of hydrocarbons that could be produced. Since the assessment process is a matter of subjective judgement, subsequent reassessments may be required depending on further knowledge of the fields.
The reserves associated with the OMOC-N field discovered in February 2010 have been evaluated, without any development plan, by DGMN on 1 April 2010 at 2.8 Mboe in P1 reserves and 6.7 Mboe in P1+P2 reserves, net of royalties. That assessment pertains to a first approach of the reserves in this field based on a single well and one seismic line.
The reserves relating to the Nigerian acquisition are not included in the assessment of reserves hereunder (see next section).
After adjustment for the portion of the reserves related to the gas fields, as of 1 January 2009 the Group had 114 Mboe oil. In 2009 and early 2010, the Group had thus identified an additional 13 Mboe of P1+P2 reserves net of royalties, which can be compared with a production net of royalties of 3 Mboe (including Venezuela).
The development of the Onal field made possible a remarkable increase of +66% in P1 reserves, to the detriment of the quantity classified under P2 in 2009.
The following table represents the level of the Group's oil reserves net of royalties. It does not include potential reserves related to exploration.
Oil reserves (in MMboe*)
Region License Oil reserves less P1 P2 2P = P3
royalties P1+P2
Congo Loufika Reserves (01/01/09) 0,0 0.2 0.2 0.5
(Oil)
2009 production (net 0,0
of royalties)
Revision 0,0 -0.2 -0.2 0.2
Reserves (01/01/2010) 0,0 0,0 0,0 0.7
Gabon Onal Reserves (01/01/2009) 23.6 61.0 84.6 22.1
(Oil)
2009 production (net -2.0 -2.0
of royalties)
Revision 14.9 -10.4 4.6 13.6
Reserves (01/01/2010) 36.6 50.6 87.2 35.7
OMKO Reserves (01/01/2009) 3.1 15.3 18.5 153.0
(Oil)
2009 production (net -0.6 -0.6
of royalties)
Revision 4.8 -9.9 -5.2 -148.1
Reserves (01/01/2010) 7.3 5.4 12.7 4.9
OMBG Reserves (01/01/2009) 0.8 3.4 4.2 13.9
(Oil)
2009 production (net 0,0 0,0
of royalties)
Revision 0,0 0,0 0,0 0,0
Reserves (01/01/2010) 0.8 3.4 4.2 13.9
OMGW Reserves (01/01/2009) 0,0 0,0
(Oil)
2009 production (net 0,0 0,0
of royalties)
Revision 0,0
Reserves (01/01/2010) 1.8 4.3 6.1 3.2
Banio Reserves (01/01/2009) 0.4 0.1 0.6 0,0
(Oil)
2009 production (net -0.1 -0.1
of royalties)
Revision 0.1 -0.0 0.1 0,0
Reserves (01/01/2010) 0.4 0.1 0.5 0,0
Total Reserves (01/01/2009) 28.0 79.8 107.8 188.9
Gabon
2009 production (net -2.8 0.0 -2.8 0.0
of royalties)
Revision 21.6 -16.0 5.6 -134.5
Reserves (01/01/2010) 46.8 63.8 110.7 57.6
Venezuela B2X 70-80 Reserves (01/01/2009) 4.2 2.0 6.2 0.1
2009 production (net -0.3 -0.3
of royalites)
Revision -0.3 0.0 -0.2
Reserves (01/01/2010) 3.7 2.0 5.7 0.0
TOTAL Oil Reserves 32.2 82.0 114.3 189.5
(01/01/2009)**
2009 production (net -3.0 0.0 -3.0 0.0
of royalties)
Revision 21.3 -16.2 5.2 -134.3
Reserves (01/01/2010) 50.5 65.8 116.4 58.3
Gabon OMOC-N Assessed reserves 2.8 3.9 6.7 16.5
Q1 2010 production -0.6 -0.6
TOTAL as of 1 April 52.7 69.8 122.5 74.8
2010
* MMboe = Million barrels of oil equivalent.
** adjusted for reserves in Colombia.
P1 = proven reserves, P2 = probable reserves, P3 = possible reserves
Proven reserves amounted to 52.7 MMboe (P1), +64%, and proven and probable reserves to 122.5 MMboe (P1+P2), +7%. They represent the Company's share in each of the licenses, less royalties.
At the Onal field (85%): The drilling of wells in the south-east area of the Onal field, which has shown an extension of the oil zone, and the behaviour of the wells in first oil production since 9 March 2009 have made it possible to generate P1+P2 reserve levels at the end of 2009 exceeding the corresponding reserves at the end of 2008, and that, when taking into account the 2009 production of up to 2 MMboe. The increase (13 MMboe) in P1 reserves is the result of the reclassification in that category of a portion of the reserves classified under P2 as at 1 January 2009. Conversely, since water injection had not started until late December 2009, the expected effect on recovery was only applied, for this year, to P2 reserves. P1+P2 certified reserves do not correspond to the Gres de base play.
At the Omko field (85%): The drilling of the Omko-102 and Omko-103 wells made it possible to increase the P1 reserves by 4.2 MMboe. Conversely, the serious depletion of those wells resulting from the production of Omko-101 indicates a more limited extension of the reservoir in the direction of the water zone which affects 2P reserves. The Omko-102 and Omko-103 wells will be turned into water injection wells in 2010 in order to increase pressure in the reservoir. Redefining the boundaries of the field has as a result a drastic decrease in P3.
Following the discovery of the Omgw field in December 2009, DGMN certified 1.8 MMboe in P1 reserves and 6.1 MMboe in P2 reserves for that field which started first oil production in March 2010.
There has been no change in the reserves of the Ombg (85%) field. A flow line originating from the Omgw field and connecting it to the Onal production centre will be used to collect the production from this field during 2010.
The certified reserves of the Banio field (92.5%) amounted to 0.5 MMboe; they are related to the Banio-2 well.
Gas resources (in MMboe*)
Country License Gas resources net of P1 P2 2P=P1+P2 P3
royalties
Sicily Fiume
Tellaro
(Gas) Resources (01/01/2009) 0,0 0,0 98.3
2009 production (net of
royalties)
Revision
Resources (01/01/2010) 98.3
Tanzania Mnazi Bay Resources (01/01/2009) 0,0 0,0
2009 product (net of
royalties) 0,0
Acquisition 45.0 45.0 75.0
Resources (01/01/2010) 0,0 45.0 45.0 75.0
Venezuela B2X 70-80 Resources (01/01/2009) 3.0 1.6 4.6 0,0
2009 product (net of
royalties) -0.3 -0.3
Revision 0.3 0.2 0.4
Resources (01/01/2010) 3.0 1.8 4.8 0.0
TOTAL Gas Resources (01/01/2009) 3.0 1.6 4.6 98.3
2009 product (net of
royalties) -0.3 0.0 -0.3 0.0
Revision 0.3 45.2 45.4 75.0
Resources (01/01/2010) 3.0 46.8 49.8 173.3
* MMboe = Million barrels of oil equivalent.
** adjusted for reserves in Colombia.
P1 = proven reserves
P2 = probable reserves
P3 = possible reserves
The gas/oil conversion factor used is: 1 barrel of oil = 5,610 cubic feet of gas.
The quantities of gas related to the Mnazi Bay license in Tanzania, in which the Group has acquired a 38.22% stake, have been assessed by Rose & Associates at 45 MMboe in P1+P2 and 75 MMboe in P3 for Group share net of royalties.
Impact of 2009 and 2010 acquisitions on resource levels
In 2009 the Group expanded its mining portfolio in Tanzania and Mozambique by working with Cove Energy to regain some of the Artumas assets.
The quantities of gas related to the Mnazi Bay license, in which the Group has acquired a 38.22% stake, are not taken into account in the Group's reserves. These gas resources have been assessed by Rose & Associates at an oil equivalent of 45 MMboe (1 barrel of oil = 5,610 cubic feet of gas) in P1+P2 and 75 MMboe in P3 for Group share net of royalties.
At the end of January 2010, the Group acquired a 45% stake in the Nigerian company SEPLAT. This company has signed an agreement with Shell, AGIP and TOTAL to acquire a 45% stake in the OML 4, 38 and 41 licenses in Nigerian onshore operations.
The 2P reserves (P1+P2) of this license, before the deduction of royalties, were assessed by Gaffney, Cline & Associates at 76 MMboe for the SEPLAT share (oil and condensate), i.e., 27 MMboe for Maurel & Prom net of royalties. In addition, there are some discovered fields that require more work in order to certify additional reserves (assessed at 53 MMboe for M&P's share net of royalties and qualified as C1+C2), as well as an as-yet unquantified exploration potential supported by a 3D seismic.
There are also gas resources of low assessment. These resources have been assessed by Gaffney, Cline & Associates at 26 Mboe for Maurel & Prom's share net of royalties for the gas fields in production and at 34 Mboe for the gas fields that have been discovered but not developed.
Outlook for growth
Maurel & Prom has suffered more than others from the financial crisis that began in 2008.
Within a few months the theoretical lines of credit available to the company fell from $800m to zero. In spite of this, the Group was able to dispose of its Colombian assets satisfactorily, which eased the financial stress. This reassured the market and renewed a portion of the OCEANE bonds maturing in January 2010. This necessary operation was extremely costly in terms of intermediation and interest rate costs.
It should also be noted that the exploratory drilling campaigns produced results that were immediately disappointing. However, successful results are expected of the OMOC-N-1 and OMGW-1 wells, which will be exploited without delay. These wells can confirm the existence of a new type of reservoir already identified on Omko: Kissenda, much of which seems to be located on our license. Development will use the Onal facilities and require only modest investment.
In addition, agreements concluded in respect of Nigeria, after 10 years of unsuccessful attempts, have opened the door to fast and very significant expansion in a major oil-producing country in collaboration with quality partners.
These two successes will enable the Group to increase its reserves considerably within a very short period of time. The other plays, Banio (Gabon), Congo, Tanzania, and South America, are likely to produce more news in 2010. This fiscal year will see high-risk exploration efforts being gradually reduced in favour of appraisal-delineation and development operations.
This reorientation, a result of the work carried out in 2008 and 2009, will give Maurel & Prom a lower risk profile thanks to more predictable operations.
Over the last decade, Maurel & Prom has accumulated shareholders' equity of approximately EUR1bn. This enables us to focus on the various regions we have acquired and into which we have put so much effort in recent years.
Consolidated financial statements for fiscal year 2009
I - Group Balance Sheet
Assets
In thousands of euros Note 31/12/2009 31/12/2008
Intangible fixed assets 4 457,731 681,766
Tangible fixed assets 5 547,432 728,294
Non-current financial assets 6 21,030 21,000
Investments accounted for under the 7 32,508 37,701
equity method
Non-current derivatives instruments 10 37,912 0
Deferred tax assets 21 10,647 18,979
Non-current assets 1,107,260 1,487,740
Inventories 8 4,095 10,123
Trade receivables and related accounts 9 33,434 39,003
Other current financial assets 9 31,671 23,220
Other current assets 9 39,432 72,482
Income tax receivable 21 1,518 417
Current derivatives instruments 10 162 70,734
Cash and cash equivalents 12 427,576 191,544
Current assets 537,888 407,523
Total Assets 1,645,148 1,895,263
Liabilities and Shareholders' Equity
In thousands of euros Notes 31/12/2009 31/12/2008
Share capital 13 93,364 92,839
Issue, merger and acquisition premiums 13 221,607 199,113
Consolidated reserves 13 753,972 768,005
Treasury shares 13 (78,664) (86,016)
Net income, Group share 13 (50,650) 62,505
Shareholders' equity, Group share 939,629 1,036,446
Minority interests 1 1
Total shareholders' equity 939,630 1,036,447
Non-current provisions 14 15,346 42,830
Non-current bonds 15 260,770 0
Other non-current borrowings and loans 15 0 3,656
Non-current derivative instruments 10 14,976 4,500
Deferred tax liabilities 21 27,339 157,005
Non-current liabilities 318,431 207,991
Current bonds 15 195,682 375,024
Other current borrowings and loans 15 53 16,008
Trade payables and related accounts 16 89,165 104,395
Income tax payable 21 3,849 29,644
Other creditors and sundry liabilities 16 45,277 60,708
Financial instruments 10 40,395 14,861
Current provisions 14 12,666 50,185
Current liabilities 387,087 650,825
Total Liabilities and Shareholders' Equity 1,645,148 1,895,263
II - Group Income Statement
In thousands of euros Note 31/12/2009 31/12/2008* 31/12/2008
published
Sales 183,249 92,968 385,213
Other income 848 8,630 15,773
Purchases and change in (26,439) (22,028) (33,511)
inventory
Other purchases and (56,801) (39,092) (79,770)
operating expenses
Taxes & fees (6,620) (3,387) (16,078)
Payroll 17 (20,297) (14,165) (30,133)
Amortisation (35,258) (16,222) (76,516)
Depreciation of exploration (56,472) (24,859) (67,076)
and production assets
Provisions and impairment (7,738) (27,547) (27,961)
of current assets
Reversals of operating 3,913 11,662 12,457
provisions
Income from sale of assets 3,068 19,024 19,041
Other expenses (9,708) 5,332 (5,928)
Operating income 19 (28,255) (9,684) 95,511
Gross cost of debt (35,669) (27,093) (28,665)
Income from cash 1,922 12,378 14,350
Net gains and losses on 36,200 63,596 75,073
derivative instruments
Net cost of debt 2,453 48,881 60,758
Other financial income and (27,419) (66,985) (65,648)
financial expenses
Financial income (loss) 20 (24,966) (18,104) (4,890)
Income before tax (53,221) (27,788) 90,621
Income tax 21 (2,906) (3,916) (37,810)
Net income of consolidated (56,127) (31,704) 52,811
companies
Total share in net income 7 10,121 9,694 9,694
(loss) of companies
accounted for under the
equity method
Net income from continuing (46,006) (22,010) 62,505
operations
Net income from 18 (4,644) 84,515 -
discontinued activities
Net income of consolidated (50,650) 62,505 62,505
Group
Net income - Group share (50,650) 62,504 62,504
Minority interests 0 1 1
Earnings per share 22
Basic -0.44 0.55 0.55
Diluted -0.44 0.55 0.47
Earnings per share from
discontinued activities
Basic -0.04 0.74 -
Diluted -0.04 0.74 -
Earnings per share from
continuing activities
Basic -0.40 -0.19 -0.55
Diluted 0.40 -0.19 -0.47
* Adjusted for business activities sold.
III - Cash flow statement
In thousands of euros Note 31/12/2009 31/12/2008* 31/12/2008
published
Consolidated income from (43,100) (18,094) 100,315
continuing activities before
taxes
- Net amortisations and 10,450 73,712 132,480
provisions (writebacks)
- Unrealised gains and losses (471) (14,665) (7,183)
due to changes in fair value
- Exploration posted as expense 53,823 14,072 56,622
- Calculated expenses and income 2,060 1,677 1,677
related to stock options and
similar
- Other calculated income and (547) 25,477 25,477
expenses
- Gains and losses from sales of 167 (24,488) (24,505)
assets
- Share in income (loss) of 7 (10,121) (9,694) (9,694)
companies accounted for under
the equity method
- Treasury income (14,811)
- Other financial items 778 301 3,412
Cash flow before tax 13,040 48,298 263,789
Tax paid (4,662) (4,266) (17,564)
Change in WCR related to 44,965 5,497 (53,410)
operations
- Trade receivables (19,318) (707) 11,001
- Trade payables 39,553 10,935 (11,725)
- Inventories (988) (1,130) (2,094)
- Other 25,718 (3,601) (50,592)
NET CASH FLOW FROM OPERATING 53,343 49,529 192,815
ACTIVITIES
Outflows for acquisitions of tangible (384,556) (381,297) (540 627)
and intangible assets
Receipts from sales of tangible 77,739 7 4,106
and intangible assets
Outflows for acquisitions of (15,135) (919) (919)
financial assets (unconsolidated
securities)
Inflows from sales of financial (399) 0 0
assets (unconsolidated
securities)
Acquisition of subsidiaries (13,933) (18) (18)
Increased stake in companies 6,861 8,932 8,932
accounted for under the
equity-method
Change in loans and advances 840 (5,583) (6,000)
granted
Other cash flows from investing 573 300 105
activities
Net inflows from business 18 457,240 (35,306) -
activities sold
NET CASH FLOW FROM 129,230 (413,884) (534,421)
INVESTINVESTING ACTIVITIES
Amounts received from 6,222 439 62
shareholders during capital
increases
Dividends paid (40,045) (56,812) (137,080)
Inflows related to new loans 285,829 1,086 11,847
Interest paid (778) (301) (3,413)
Interest received 14,811
Loan repayments (211,176) (51,071) (22,230)
Treasury share acquisitions 7,352 (33,884) (33,884)
NET CASH FLOW FROM FINANCING 47,404 (140,543) (169,887)
ACTIVITIES
Impact of foreign currency 8,872 (713) 5,882
fluctuations
NET INCREASE (DECREASE) IN CASH 238,849 (505,611) (505,611)
FLOW
Opening net cash and cash 188,695 694,306 694,306
equivalents
CLOSING NET CASH AND CASH 12 427,544 188,695 188,695
EQUIVALENTS
* Adjusted for business activities sold.
The Group consolidated financial statements are available on the Company's website: http://www.maureletprom.fr
This press release may contain forward-looking statements with respect to the financial condition, results of operations, business, strategy and plans of Maurel & Prom. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. These forward-looking statements are based on assumptions which we believe are reasonable but that could ultimately prove inaccurate and are subject to a number of risk factors, including but not limited to price fluctuations in crude oil; exchange rate fluctuations; uncertainties inherent in estimating quantities of oil reserves; actual future production rates and associated costs; operational problems; political stability; changes in laws and governmental regulations; wars and acts of terrorism or sabotage.
Maurel & Prom is listed for trading on Euronext Paris -
Compartment A - CAC mid 100 Index
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
Upcoming meetings:
08/04/2010 Presentation to analysts at 10 a.m.
06/05/2010 2010 Q1 Sales, after market
20/05/2010 Shareholders' Meeting
For more information: http://www.maureletprom.fr
Communication:
INFLUENCES
+33(0)1-42-72-46-76, [email protected]
SOURCE Maurel & Prom
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