TGS proposes dividend of NOK 8.5 per share and introduces a share buy-back program
ASKER, NORWAY (6 February 2014) - At the meeting held on 5 February 2014, the TGS Board of Directors decided to propose a dividend of NOK 8.5 per share to the shareholders at the June 2014 Annual General Meeting. The Board has also authorized a share buy-back program of USD 30 million.
Following its update on 9 January, TGS now confirms net revenues of USD 271 million in Q4 2013, compared to USD 281 million in Q4 2012. Net late sales totaled USD 218 million in Q4 2013, up 7% from USD 204 million in Q4 2012 and representing a record high for the Company.
4th QUARTER HIGHLIGHTS
• Consolidated net revenues were USD 271 million, compared to USD 281 million in Q4 2012.
• Net late sales totaled USD 218 million, up 7% from USD 204 million in Q4 2012.
• Net pre-funding revenues were USD 44 million, down 33% from Q4 2012, funding 47% of the Company's operational multi-client investments during Q4 (investments of USD 92 million, down 3% from Q4 2012).
• Proprietary revenues were USD 10 million, compared to USD 13 million in Q4 2012.
• Operating profit (EBIT) was USD 120 million (44% of net revenues), compared to USD 118 million (42% of net revenues) in Q4 2012.
• Cash flow from operations was USD 214 million, compared to USD 243 million in Q4 2012.
• Earnings per share (fully diluted) were USD 0.81, which is the same as Q4 2012.
FULL YEAR 2013 FINANCIAL HIGHLIGHTS
• Consolidated net revenues were USD 883 million, compared to USD 932 million in 2012.
• Net late sales from the multi-client library totaled USD 638 million, up 13% from USD 564 million in 2012.
• Net pre-funding revenues were USD 186 million, down 45% from 2012, funding 42% of the Company's operational multi-client investments during 2013 (investments of USD 439 million, down 12% from 2012).
• Proprietary revenues were USD 59 million, compared to USD 30 million in 2012.
• Operating profit (EBIT) was USD 387 million (44% of net revenues), compared to USD 402 million (43% of net revenues) in 2012.
• Cash flow from operations was USD 543 million after an extraordinary tax payment of net USD 42 million in 2013, a decrease of 18% from USD 663 million in 2012.
• Earnings per share (fully diluted) were USD 2.59, compared to USD 2.76 in 2012.
"We are very pleased to announce a strong fourth quarter and end of year 2013, which caused us to beat our revenue guidance as announced in early October. Q4 was marked by continued strong late sales from our high-quality data library and we set a new record for late sales in the quarter. Energy companies continue to demand higher resolution subsurface images in mature basins and new regional data in frontier basins to guide their exploration efforts. Customer interest in new projects is confirmed by our record backlog at the end of Q4. TGS is clearly positioned to deliver the data needed by the industry to identify new reserves. TGS has a strong commitment to deliver shareholder returns through a combination of growth, dividends and share buy-backs" TGS' CEO Robert Hobbs stated.
Robert Hobbs (CEO) and Kristian Johansen (CFO) will present the results at 08:30 CET at Vika Konferansesenter located at Dronning Maudsgate in Oslo, Norway. Directions to Vika Konferansesenter can be found by visiting http://goo.gl/maps/P2rXm. The presentation is open to the public. The presentation can be followed live on the internet at www.tgs.com.
The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.
Q4 2013 Conference Call
CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 6 February 2014 at 15:00 CET (9:00 AM New York time). Attendees may want to call 5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.
• Norwegian attendees are invited to call 800 56053 or +47 2316 2787
• International attendees are invited to call 0800 279 4992 or +44(0)20 3427 1907
• US attendees are invited to call +1 877 280 1254
Participants will need to quote the following confirmation code when dialing into the conference: 9625621.
A Q&A session will follow a short introduction, based upon the presentation issued in the morning. To pose a question, please press *1.
A replay of the conference call will be available shortly after. To access a replay of the TGS conference call,
• dial +47 2100 0498 (Norway) or +44 (0)20 3427 0598 (International) or +1 866 932 5017 (US)
• replay access code 9625621 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgs.com.