Bouygues Offshore Reports 1996 Results.MONTIGNY-LE-BRETONNEUX, France--(BUSINESS WIRE)--March 19, 1997-- -- Net Income of FF 241 Million (US$ 46 Million(1)) -- Following a Board of Directors meeting, Bouygues Offshore S.A. (NYSE NYSE See: New York Stock Exchange :BWG BWG Bankwesengesetz (Federal Law on Banking, Austria) BWG Beam Waveguide (antenna) BWG Bundesamt für Wasser und Geologie (Federal Office for Water and Geology, Switzerland) ), announced its financial results for the year ended December 31, 1996. Net income for 1996 totaled FF 241 million, including a foreign exchange gain of FF 44.0 million. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was FF 115 million, compared to FF 124.4 million a year ago. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight , as previously reported, were FF 3,780 million. Earnings per share, calculated on a basis of 17 million shares outstanding (34 million American Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Shares (ADSs)), rose to FF 14.18 (US$ 1.35 per ADS) from FF 10.04 (US$ 0.96 per ADS) in 1995. One ADS represents one half of one share. In FF million 1996 1995 Sales 3,779.7 3,303.2 Operating income 115.0 124.4 Financial income 119.6 50.0 Net income 241.0 170.7 Earnings per share (in francs) 14.18 10.04 (1) Based on an exchange rate of US$1 = FF 5.24 (noon buying rate of December 31, 1996). The decrease in operating income is mainly due to: the fact that major contract work in progress in the Oil & Gas Contracting segment during the year was primarily in the engineering and procurement phases, where operating income is typically lower than that recognized in the construction and installation phases; and reduced activity at the Company's Scotland yard Scotland Yard, headquarters of the London Metropolitan Police. The term is often used, popularly, to refer to one branch, the Criminal Investigation Department (CID). Named after a short street in London, the site of a palace used in the 12th cent. . The increase in financial income resulted primarily from a net foreign exchange gain of FF 66 million in 1996 compared to a net foreign exchange loss of FF 50.7 million in 1995. Net interest income totalled FF 76.4 million in 1996. Business segment analysis In FF million 1996 1995 Net Sales Oil and Gas Contracting 2,718.9 2,131.7 Maintenance Services 642.0 532.6 Maritime and River Works 136.9 527.5 Liquefied Gases 281.9 111.4 Operating Income (Loss): Oil and Gas Contracting 68.8 99.2 Maintenance Services (10.1) (14.1) Maritime & River Works 6.2 38.5 Liquefied Gases 50.1 0.8 Oil & Gas Contracting activity and Liquefied Gases activity generated strong sales increases and were the primary contributors to operating income. The increase in Maintenance Services sales was due to a significant increase in the long term maintenance contracts. Operating results were impacted by an allowance for litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. of FF 20.2 million made in the first half 1996. The decline in net sales in the Maritime and River Works segment from 1995 levels reflected an absence of new technologically complex contracts. The Beirut contract, which is valued at approximately FF 575 million over three years, was finalized See finalization. in late 1996 and began the start-up phase in 1997. Geographical segment analysis 1996 1995 France 16% 16% Rest of Europe 12% 18% Africa 55% 55% Asia/Pacific 11% 8% Americas 6% 3% In 1996, Bouygues Offshore continued to successfully diversify its operations internationally. Balance Sheet Highlights Bouygues Offshore completed 1996 with a strong balance sheet. Cash and cash equivalents amounted to FF 1,591 million, financial debt FF 244 million, shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. FF 545 million. The return on equity was 35.5% based on the average level of shareholders' equity. 1997 Outlook Backlog (Million FF) End of 1996 Oil and gas contracting 2,099 Maintenance Services 104 Maritime and river works 652 Liquefied gases 425 TOTAL 3,280 Bouygues Offshore anticipates generating approximately FF 3,900 in net sales for 1997. Operating income for 1997 will benefit from the large number of oil and gas contracts that will be in the construction and installation phases(2). (2) The Company's statements in the 1997 Outlook concerning its net sales and operating income for 1997 contain forward looking statements that involve a number of risks and uncertainties. Although the Company believes that backlog is a reasonably reliable indicator of future net sales, postponements or cancellations of previously awarded contracts or delays in the completion of ongoing projects could negatively impact net sales and operating income. In addition to the impact of backlog among the other factors that could cause the Company's net sales and operating income to differ materially are the following: fluctuations in the level of oil and gas industry spending: the Company's ability to obtain additional contacts in 1997; risks involved in doing business abroad (such as civil disturbances Group acts of violence and disorder prejudicial to public law and order. See also domestic emergencies. , adverse, government actions and economic governmental instability); risk of loss of its two largest barges; and fluctuations in exchange rates (primarily the U.S. dollar versus the French franc) and risks involved in the execution of contracts. Dividend The Board of Directors agreed to propose for approval to the general shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. the payment of net dividend of FF 2 per share (FF 1 per ADS), plus the possible reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. of the avoir fiscal of FF 1 per share (FF 0.5 per ADS). The record date and payment date will be June 26, 1997. Board Nomination The Board agreed to nominate Mr. James C. Kempner as a director. Mr. Kempner, 58 years old, is President and Chief Executive Officer of Imperial Holly Corporation Inc., based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . His election at the general shareholders' meeting would increase the number of seats on the Board to eight. Bouygues Offshore is a leading international contractor serving the oil and gas industry for offshore-onshore turnkey projects. The company also provides maintenance services, principally to oil refineries This is a list of oil refineries. The Oil and Gas Journal also publishes a worldwide list of refineries annually in a country-by-country tabulation that includes for each refinery: location, crude oil daily processing capacity, and the size of each process unit in the refinery. , petrochemical facilities and offshore platforms, engages in high-end maritime and river-related civil works projects and designs and constructs liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. import terminals as well as storage tanks. Appendix: Summarized consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . Appendix Summarized French GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Consolidated Financial Statements (million French Francs) Consolidated income statement consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. 1996 1995 Net Sales 3,779.7 3,303.2 Cost of sales (3,170.6) (2,664.0) R&D (20.0) (19.3) Selling, general and administrative expenses (474.1) (495.5) Income from Operations 115.0 124.4 Financial Income 119.6 50.0 Non-recurring income 5.4 7.2 Income tax (1.4) (11.9) Share in net income of equity affiliates 2.7 1.3 Minority interests (0.3) (0.3) Net income 241.0 170.7 Net income per share (Franc) 14.18 10.04 Consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. Assets 1996 1995 Fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → 486.4 400.9 Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. 1,327.9 1,358.6 Cash and cash equivalents 1,591.2 1,915.8 Total Assets 3,405.5 3,675.3 Liabilities 1996 1995 Shareholders' equity 544.9 811.5 Minority Interests (1.3) (1.6) Accrued contract costs and other provisions 429.8 431.9 Financial debt 244.5 237.0 Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. 2,187.6 2,196.5 Total Liabilities 3,405.5 3,675.3 Consolidated cash flow statement 1996 1995 Net cash provided by operating activities 357.6 841.8 Net cash provided by (used in) investing activities (170.2) (223.7) Net cash provided by (used in) financing activities (524.8) 126.9 Net effect of exchange rate changes 12.7 (5.8) Net increase (decrease) in cash equivalent (324.7) c739.2 CONTACT: Bouygues Offshore S.A. Philippe Marien Senior Vice President, Finance and Administration 33.1.30.60.89.09 or Lynn Morgen/Jeff Majtyka Press: Terry Rooney/Brian Maddox Morgen-Walke Associates, Inc. 1-212-850-5600 |
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