| SPECTRUM GROUP | |||||||
| Quarter | Quarter | 9 months | 9 months | 12 months | |||
| ended | ended | ended | ended | ended | |||
| 30.09.14 | 30.09.13 | 30.09.14 | 30.09.13 | 31.12.13 | |||
| (USD 1000) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| Gross operating revenue | 70 024 | 18 508 | 186 452 | 114 961 | 162 001 | ||
| Net operating revenue | 52 843 | 15 079 | 135 435 | 104 503 | 143 023 | ||
| EBITDA | 44 946 | 7 402 | 108 103 | 77 667 | 104 658 | ||
| EBIT | 17 647 | (826) | 36 154 | 33 327 | 41 641 | ||
| Net Profit / (Loss) | 13 691 | 1 663 | 26 255 | 16 252 | 29 155 | ||
| Cash flow from operating activities | 36 774 | (4 657) | 97 627 | 64 671 | 78 571 | ||
| Investment in Multi-Client library | 26 901 | 16 235 | 82 876 | 71 713 | 85 200 | ||
| Multi-Client library Net book value | 125 735 | 115 723 | 125 735 | 115 723 | 112 400 | ||
| Cash and cash equivalents | 9 260 | 3 002 | 9 260 | 3 002 | 2 719 | ||
Q3 Highlights
- Gross Multi-Client sales in the quarter totalled MUSD 69.3 (2013: MUSD 17.9)
- Revenue share on Multi-Client sales was 24.8%, compared to 19.2% in Q3 2013, giving Net Multi-Client revenue of MUSD 52.2 (2013: MUSD 14.4)
- Gross Multi-Client revenues were comprised of late sales of MUSD 26.3 (2013: MUSD 11.7) and prefunding on Multi-Client investments of MUSD 43.0 (2013: MUSD 6.2)
- Net Multi-Client revenue were comprised of late sales of MUSD 23.2 (2013: MUSD 8.3) and prefunding on Multi-Client investments of MUSD 29.0 (2013: MUSD 6.2)
- EBIT for the quarter was MUSD 17.6 (2013: MUSD (0.8))
- Multi-Client investments were MUSD 26.9 with 107.7% prefunding rate based on costs incurred vs. net prefunding (2013: MUSD 16.2 with 37.9% prefunding)
- Operational cash flow before Multi-Client investments in Q3 was MUSD 36.8 (2013: MUSD (4.7))
9 months Highlights
- Gross Multi-Client sales totalled MUSD 184.3 (2013: MUSD 113.3)
- Revenue share on Multi-Client sales was 27.7% compared to 9.3% in 2013, giving Multi-Client net revenue of MUSD 133.3 (2013: MUSD 102.8)
- Multi-Client investments were MUSD 82.9 with 97.4% net prefunding (2013: MUSD 71.7 with 45.9% net prefunding)
- EBIT was MUSD 36.2 (2013: MUSD 33.3)
- Operational cash flow before Multi-Client investments was MUSD 97.6 (2013: MUSD 64.7)
seismic imaging services to the global oil and gas industry from offices in
Norway, the UK, US, Brazil, Egypt, Australia, Indonesia and Singapore.
Spectrum's Multi-Client strategy focuses on both the major, established
hydrocarbon-producing regions of the world as well as key frontier areas
identified by our experienced team of geoscientists. The Spectrum library of
Multi-Client data has projects from many of the foremost oil producing regions
of the world. These include new acquisition, reprocessing and interpretation
reports."
