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Foraco International Reports Q4 2013

Quarter and Full Year profitable despite low market level

TORONTO AND MARSEILLE, FR, March 4, 2014 /CNW/ - Foraco International SA (TSX:FAR) (the "Company" or "Foraco"), a leading global provider of mineral drilling services, today reported unaudited financial results for its fourth quarter 2013. All figures are reported in US Dollars (US$), unless otherwise indicated.

Three months Q4 2013 Highlights

Revenue

  • Q4 2013 revenue amounted to US$ 47.1 million compared to US$ 69.5 million in Q4 2012, a decrease of 32%.  Our drill utilization rate was 26% in Q4 2013 compared to 43% in Q4 2012.

Profitability

  • Q4 2013 gross profit including depreciation within cost of sales was US$ 1.7 million (4% of revenue) compared to US$ 0.2 million in Q4 2012. Excluding under absorption of fixed operational costs (US$ 7.4 million in Q4 2013 and US$ 6.6 million in Q4 2012) gross profit amounted to US$ 9.3 million in Q4 2013 (20% of revenue) compared to US$ 6.6 million in Q4 2012 (9% of revenue).
  • Quarterly SG&A costs decreased by 33% between Q4 2012 and Q4 2013.
  • Net profit is US$ 4.9 million compared to US$5.2 million in Q4 2012.

Financing

  • Capital expenditures were US$ 2.7 million in Q4 2013 compared to US$ 7.2 million in Q4 2012.
  • Net Debt decreased from US$ 137.5 million as at December 31, 2012 to US$ 121.9 million as at December 31, 2013.
  • A new net debt/EBITDA ratio at December 31, 2013 was agreed at 5.0. Actual ratio was 3.2.

FY 2013 Highlights

Revenue

  • FY 2013 revenue amounted to US$ 247.8 million compared to US$ 367.5 million in FY 2012, a decrease of 33% due to the low level of exploration activities of mining companies in all regions which significantly impacted the activity since Q4 2012.

Profitability

  • FY 2013 gross profit including depreciation within cost of sales was US$ 2.0 million compared to US$ 67.9 million in FY 2012.
  • In accordance with IFRS an operating profit of US$ 27.0 million was recorded in 2013 to reflect the reassessed value of the second tranche payable to Servitec minority shareholders.
  • FY 2013 resulted in a net profit of US$ 0.5 million compared to US$ 32.6 million in 2012.

"Q4 is traditionally negatively impacted by seasonality and the utilization rate was low as expected, at 26%. In spite of this, we achieved a reasonable level of profitability with a positive gross profit after depreciation of US$ 1.7 million compared to US$ 0.2 million last year. This confirms the positive profitability trend seen in the second half of 2013, despite the continuing challenging market conditions. The streamlining of our organization and the cost-cutting action plans have started to bear fruit," said Daniel Simoncini, Chairman and co-CEO of Foraco. "Our order book at year-end stands at US$ 261 million, of which US$ 149 million is expected to be executed during fiscal year 2014. This is in line with our expectations, as the bidding season has dragged well beyond year end, as most of our customers are still in tight costs control mode, despite the surprising resilience of some major commodities prices over the quarter"

"Cash flow from operating activities rose to US$10.1 million in the fourth quarter of 2013, compared to US$ 3.2 million for the first nine months of the year. This can be attributed to a solid operational performance, the near absence of one-off costs and the continued strict control over working capital," commented Jean-Pierre Charmensat, co- CEO and Chief Financial Officer. "As anticipated and prior to year-end, we finalized our discussions with French banks and renegotiated our Net Debt/ EBITDA covenant ratio related to the financing of our 2012 acquisitions. The new ratios stand at 5.0 at December 31, 2013 and 3.5 at June 30, 2014. The actual ratio achieved as at December 31, 2013 was 3.2. Applicable interest rate margin has increased by 40 bp to 235 bp until the Company returns to its previous covenant ratio. Overall, the average effective interest rate for the full year 2013 remained below a reasonable 3%. At year-end, the Debt/Equity ratio is 0.69, the cash available amounts to US$ 37.5 million and undrawn credit lines represent an amount of US$ 59 million. "

Acquisition of businesses

Servitec

On April 20, 2012, the Company completed the acquisition of a 51% shareholding in WFS Sondagem S.A. ("Servitec"), a Brazilian drilling service provider, for an amount of US$ 44.2 million. As part of this agreement, the Company has an option to acquire, and the current minority shareholders of Servitec have an option to sell, the remaining 49% after three years. The corresponding purchase consideration recorded as a financial debt will depend upon a formula based on the average 2012, 2013 and 2014 EBITDA of Servitec and on the net cash as at December 31, 2014. In FY 2013, a reduction of the estimated purchase consideration amounting to US$ 27.0 million was recorded, of which US $8.2 million during the last quarter. In accordance with IFRS 3, the adjustments were accounted for within other operating income. The best estimate of the present value of the amount payable is US$ 16.7 million as at December 31, 2013.

Servitec has been consolidated into the Foraco International financial statements since April 20, 2012.

John Nitschke Drilling

On November 19, 2012, the Company acquired a 100% shareholding in John Nitschke Drilling, ("JND"), an Australian drilling service provider, through a combination of AU$ 30 million (US$ 31.2 million) in cash, an earn out amount and the issuance of 7,000,000 shares in August 2013.

JND has been consolidated into the Foraco International financial statements since November 19, 2012.

Selected financial data

(In thousands of US$)
(unaudited)
  Three-month  period ended 
December 31,
  Year ended 
December 31, 
    2013   2012   2013   2012
                     
Revenue     47,122   69,511     247,757   367,519
                     
Gross profit (1)     1,729   178     2,005   67,933
As a percentage of sales     3.7%   0.3%     0.8%   18.5%
                     
EBITDA     12,200   14,043     37,791   83,095
As a percentage of sales     25.9%   20.2%     15.3%   22.6%
                     
Operating profit / (loss)     3,333   3,576     (2,215)   44,989
As a percentage of sales     7.1%   5.1%     -0.9%   12.2%
                     
Profit / (loss) for the period     4,910   5,159     488   32,617
                     
Attributable to:                    
Equity holders of the Company     5,573   5,382     (1,508)   27,130
Non-controlling interests     (663)   (223)     1,996   5,487
                     
EPS (in US cents)                    
Basic     6.31   6.31     (1.71)   33.15
Diluted     6.32   6.23     (1.71)   32.69
                     
EPS (in US cents) including the impact of the considered acquisition of the non-controlling interest of Servitec 
Basic     5.78   6.31     (2.82)   35.67
Diluted     5.79   6.23     (2.82)   35.18

 

        (1)     includes amortization and depreciation expenses related to operations

Financial results

Revenue

(In thousands of US$)
(unaudited)
Q4 2013 % change Q4 2012   FY 2013 % change FY 2012
Reporting segment......................              
Mining.......................................... 43,883 -36% 66,232   237,720 -33% 357,375
Water........................................... 3,239 153% 1,279   10,037 -1% 10,144
Total revenue ............................ 47,122 -32% 69,511   247,757 -33% 367,519
               
Geographic region              
South America ............................ 13,067 -65% 37,462   80,397 -55% 180,034
Europe, Middle East and Africa...  10,401 -19% 12,890   66,417 -28% 92,228
North America ............................. 8,884 -4% 9,241   41,754 -32% 61,568
Asia Pacific.................................. 14,770 49% 9,918   59,189 76% 33,688
Total revenue ............................ 47,122 -32% 69,511   247,757 -33% 367,519
               

Q4 2013

Q4 2013 revenue amounted to US$ 47.1 million compared to US$ 69.5 million in Q4 2012, a decrease of 32%.

Revenue in South America amounted to US$ 13.1 million in Q4 2013 (US$ 37.5 million in Q4 2012), a decrease of 65%. In Chile and Argentina, the decrease was 87%, and 33% in Brazil. During the quarter the Company mobilized several new contracts in both Chile and Brazil.

In EMEA, revenue decreased by 19%, from US$ 12.9 million in Q4 2012 to US$ 10.4 million in Q4 2013. This is mainly due to reduced activity levels across West Africa (-56%) partially compensated by Europe and Russia.

Revenue in North America slightly decreased by 4%, from US$ 9.2 million in Q4 2012 to US$ 8.9 million in Q4 2013. During the last quarter, the Company renewed a significant long term contract.

In Asia Pacific, Q4 2013 revenue amounted to US$ 14.8 million, an increase of 49% compared to Q4 2012 as a result of the integration of JND since November 19, 2012.

FY 2013

FY 2013 revenue amounted to US$ 247.8 million compared to US$ 367.5 million in FY 2012, a decrease of 33%.  Excluding the impact of acquisitions made during fiscal year 2012, revenue decreased by 50% due to the continued low level of exploration activity of mining companies recorded in all regions.

Revenue in South America amounted to US$ 80.4 million in FY 2013 (US$ 180.0 million in FY 2012), a decrease of 55%. Excluding the acquisition of Servitec in Brazil during Q2 2012, revenue decreased by 75% due to reduced activities in ongoing contracts and the end of some contracts in Chile and Argentina.

In EMEA, revenue decreased by 28%, from US$ 92.2 million in FY 2012 to US$ 66.4 million in FY 2013. This is mainly due to reduced activity levels across West Africa (-52%) partially compensated by a 35% increase activity in Europe in both France and Russia.

Revenue in North America decreased by 32%, from US$ 61.6 million in FY 2012 to US$ 41.8 million in FY 2013. This decrease was mainly due to reduced activity levels in Eastern Canada to Q3 2013. During the last quarter, the Company renewed a significant long term contract.

In Asia Pacific, FY 2013 revenue amounted to US$ 59.2 million, an increase of 76% compared to FY 2012 as a result of the integration of JND since November 19, 2012. Excluding this acquisition, revenue decreased by 45% compared to FY 2012.

Gross profit

(In thousands of US$)
(unaudited)
Q4 2013 % change Q4 2012   FY 2013 % change FY 2012
Reporting segment              
Mining ....................... 2,147 NS (136)   1,697 -96% 65,145
Water......................... (428) NS 314   308 -89% 2,788
Total gross  profit .... 1,729 NS 178   2,005 -97% 67,933

Q4 2013

Q4 2013 gross profit including depreciation within cost of sales was US$ 1.7 million (or 4% of revenue) compared to US$ 0.2 million in Q4 2012 (or 0% of revenue).

FY 2013

FY 2013 gross profit including depreciation within cost of sales was US$ 2.0 million compared to US$ 67.9 million in FY 2012.

This reduction in Gross profit amounted to US$ 65.9 million can be analyzed as follows:

        (i) reduced activity :     US$ 25.1 million
  (ii) under absorption of depreciation and other fixed operational costs :   US$ 13.0 million
  (iii) contract losses in troubled contracts (South America) :    US$   9.9 million
  (iv) redundancy costs :     US$  9.7 million
  (v) net impact of pricing, savings and productivity variations  :    US$   8.3 million

The contract losses and redundancy costs presented above are non-recurring elements. Significant actions have been taken to reduce the cost base and adapt the organization to the lower activity levels and the pressure on pricing.

Selling, General and Administrative Expenses

(In thousands of US$)
(unaudited)
Q4 2013 % change Q4 2012   FY 2013 % change FY 2012
               
Selling, general and administrative expenses 6,591 -33% 9,905   31,240 -14% 36,247

Q4 2013

SG&A decreased by 33% compared to Q4 2012. These savings are the result of the continued implementation of the company-wide cost cutting action plans. The SG&A expenses recorded during the quarter are not affected by non-recurring one-off costs and can therefore be considered as being in line with the current market conditions.

FY 2013

FY 2012 SG&A expenses do not include the full impact of the 2012 acquisitions (JND was purchased in November 2012 and Servitec in April 2012).

The continued implementation of the company-wide cost cutting action plan resulted in a 28% SG&A cost reduction and 35% headcount reduction since December 31, 2012. As commented above, SG&A expenses recorded during the last quarter of the year are not affected by non-recurring one-off costs and can therefore be considered as being in line with the current market conditions.

Operating profit

(In thousands of US$)
(unaudited)
Q4 2013 % change Q4 2012   FY 2013 % change FY 2012
Reporting segment              
Mining .............................  4,214 51% 3,444   (1,172) NS 43,161
Water .............................. (881) NS 132   (1,043) NS 1,828
Total operating profit .... 3,333 -7% 3,576   (2,215) NS 44,989

The YoY difference is the result of the changes in gross profit and SG&A described above.

In addition, during 2013, the Company re-estimated at US$ 16.7 million the present value of the amount payable related to the second phase of the Servitec acquisition, compared to US$ 43.7 million as at December 31, 2012. The adjustment amounting to US$ 27.0 million (US$ 13.3 million during FY 2012) was recorded in other operating income and expense within operating profit in accordance with IFRS 3.

Financial position

The following table provides a summary of the Company's cash flows for FY 2013 and FY 2012:

(In thousands of US$) FY 2013 FY 2012
     
Cash generated from operations before working capital requirements 10,898 70,119
Working capital requirements, interest and tax 2,383 (28,146)
Net cash flow from operating activities 13,281 41,973
     
Purchase of equipment in cash (11,063) (39,512)
Consideration payable related to acquisitions
- (49,435)
Net cash used in investing activities (11,063) (88,947)
     
Net financing 11,118 68,835
Acquisition of treasury shares (1,556) (3,667)
Dividends paid (5,983) (7,068)
Net cash from financing activities 3,579 58,100
     
Net cash variation for the year                                          5,797 11,126
     
Exchange differences (4,168) 458
     
Variation in cash and cash equivalents 1,629 11,584

For the year ended December 31, 2013, cash generated from operations before changes in operating assets and liabilities amounted to US$ 10.9 million compared to US$ 70.1 million of cash generated during the same period a year ago.

After working capital requirements, interest and income tax paid, the net cash generated from operations was US$ 13.3 million in FY 2013 compared to US$ 42.0 million of cash generated during the same period a year ago. During the period, the Company acquired operating equipment for US$ 11.1 million in cash. This compares to a total of US$ 39.5 million in cash purchases during FY 2012.

As at December 31, 2013, cash and cash equivalents totaled US$ 37.7 million compared to US$ 35.9 million as at December 31, 2012. Cash and cash equivalents are held at or invested within top tier financial institutions.

As at December 31, 2013, the net debt amounted to US$ 121.9 million (US$ 137.5 million as at December 31, 2012). The ratio of debt (net of cash) to shareholders' equity increased to 0.69 from 0.62 as at December 31, 2012.

On December 31, 2013, financial debts and equivalents amounted to US$ 159.4 million (US$ 175 million as at December 31, 2012). The financial debt also includes the present value of the consideration payable in 2015 for the acquisition of the remaining shares of Servitec totaling US$ 16.7 million.

In December 2013, the Company signed an addendum to the loan agreements linked to the 2012 acquisitions in Brazil and Australia. Under the terms of these agreements, the covenant ratio Net Debt / EBITDA was revised from 2.0 to 5.0 as at December 31, 2013, and to 3.5 as at June 30, 2014 to reflect the changes in the economic conditions. The margin on the financing subject to renegotiation was temporarily increased to 235 Bp (from 195 Bp) until the Company returns to its previous covenant ratio. The actual December 31, 2013 ratio was 3.2. The Company is not in breach of any covenant.

During FY 2013, the Company raised new long term loans amounting to US$ 26.7 million:

  • € 10.6 million (US$14.0 million) in France through three new long term credits without covenant,
  • CAD 8 million (US$ 7.5 million) in Canada through a lease back arrangement guaranteed by a general security on Canadian assets and subject to covenants related to the activity of the Canadian subsidiary,
  • US$ 4 million in Chile through a new long term credit without covenant,
  • BRL 2.8 million in Brazil (US$1.2 million) through a new long term credit without covenant.

As at Decembrer31, 2013, the financial debt is as follows (in thousands of US$):

Maturity Roll-over January 1,
2014 to
December
31, 2014
January 1,
2015 to
December
31, 2015
January 1,
2016 to
December
31, 2016
January 1,
2017 to
December
31, 2017
January 1,
2018 to
December
31, 2018
Total
Drawn credit lines rolled over on a yearly basis 48,865 - - - - - 48,865
Long term financing related to:            
- Drawn credit lines rolled over confirmed for at least 12 months 4,000 - - - - - 4,000
- Brazil acquisition - 4,672 4,672 4,672 4,672 - 18,687
- Australia acquisition - 6,883 6,883 6,883 6,883   27,532
- Acquisition of fixed assets - 10,119 9,859 8,443 6,583 3,524 38,530
- Acquisition of fixed assets through capital leases - 3,655 1,207 268 6 - 5,137
               
Total 52,865 25,330 22,622 20,266 18,144 3,524 142,751

The Company has used and unused short-term credit facilities amounting to US$ 112.1 million out of which US$ 52.9 million was drawn as of December 31, 2013. These facilities are granted individually by several banks, mainly in France, Canada and Chile. They are generally granted on a yearly basis and are subject to review at various dates. They are not subject to any covenant obligations. A relatively small portion of the credit facilities, in Canada, is secured by short term receivables and inventories.

Bank guarantees as at December 31, 2013 totaled US$ 28.5 million compared to US$ 22.8 million as at December 31, 2012.

Going concern and impairment testing

Based on internal forecasts and projections which are regularly updated in order to take into account foreseeable changes in the Company's  operating performance, the Company believes that it has adequate financial resources to continue in operation and meet its financial commitments (mainly related to debt service obligations) for a period of at least twelve months. In addition, impairment tests based on expected discounted cash flows were performed at the level of each business segment and geographic area as at December 31, 2013 and indicated that no impairment was required on the carrying values of the long lived assets for each business segment and geographic area.

Currency exchange rates

The exchange rates for the periods under review are provided in the Management's Discussion and Analysis of Q4 2013.

Outlook

As at December 31, 2013 the Company's order backlog for continuing operations was US$ 261.2 million, of which US$ 149.1 million is expected to be executed during the 2014 fiscal year.

The Company's order backlog consists of sales orders. Sales orders are subject to modification by mutual consent and in certain instances orders may be revised by customers. As a result the order backlog of any particular date may not be indicative of actual operating results for any subsequent period.

Conference call and webcast

On March 4, 2014, Company Management will conduct a conference call at 9:00 am ET to review the financial results. The call will be hosted by Daniel Simoncini, Chairman and CEO, and Jean-Pierre Charmensat, Vice-CEO and CFO.

You can join the call by dialing 1- 888-231-8191 or 647-427-7450. You will be put on hold until the conference call begins. A live audio webcast of the conference call will also be available through http://www.newswire.ca/en/webcast/detail/1307945/1443817 or on our website.

An archived replay of the webcast will be available for 90 days.

About Foraco International SA 

Foraco International SA (TSX: FAR) is a leading global mineral drilling services company that provides a comprehensive and reliable service offering in mining and water projects. Supported by its founding values of integrity, innovation and involvement, Foraco has grown into the third largest global drilling enterprise with a presence in 22 countries across five continents. For more information about Foraco, visit www.foraco.com.

"Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release."

Caution concerning forward-looking statements 

This document may contain "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information include estimates, forecasts, information and statements as to Management's expectations with respect to, among other things, the future financial or operating performance of the Company and capital and operating expenditures. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated April 2, 2013, which is filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to Foraco or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.

 

SOURCE Foraco International SA

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