| Summary | ||||||
| SPECTRUM GROUP | ||||||
| Quarter | Quarter | 12 months | 12 months | |||
| ended | ended | ended | ended | |||
| 31.12.14 | 31.12.13 | 31.12.14 | 31.12.13 | |||
| (USD 1000) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| Gross operating revenue | 65 520 | 47 040 | 251 972 | 162 001 | ||
| Net operating revenue | 47 864 | 38 519 | 183 298 | 143 023 | ||
| EBIT | 16 641 | 8 315 | 52 795 | 41 642 | ||
| Net Profit / (Loss) | 11 973 | 11 238 | 38 229 | 29 156 | ||
| Cash flow from operating activities | 30 543 | 13 838 | 128 170 | 78 571 | ||
| Investment in Multi-Client library | 30 404 | 13 487 | 113 280 | 85 200 | ||
| Multi-Client library Net book value | 131 266 | 112 400 | 131 266 | 112 400 | ||
| Cash and cash equivalents | 8 364 | 2 719 | 8 364 | 2 719 | ||
Q4 Highlights
- Gross Multi-Client sales in the quarter totaled MUSD 65.2 (2013: MUSD 46.4)
- Revenue share on Multi-Client sales was 27.1%, compared to 18.4% in Q4 2013, giving Net Multi-Client revenue of MUSD 47.5 (2013: MUSD 37.8)
- Gross Multi-Client revenues were comprised of late sales of MUSD 24.6 (2013: MUSD 32.8) and prefunding on Multi-Client investments of MUSD 40.6 (2013: MUSD 13.5)
- Net Multi-Client revenue were comprised of late sales of MUSD 17.5 (2013: MUSD 24.3) and prefunding on Multi-Client investments of MUSD 30.0 (2013: MUSD 13.5)
- EBIT for the quarter was MUSD 16.6 (2013: MUSD 8.3)
- Multi-Client investments were MUSD 30.4 with 98.8% prefunding rate based on costs incurred vs. net prefunding (2013: MUSD 13.5 with 100.1% prefunding)
- Operational cash flow before Multi-Client investments in Q4 was MUSD 30.5 (2013: MUSD 13.8)
12 month Highlights
- Gross Multi-Client sales totaled MUSD 249.5 (2013: MUSD 159.7)
- Revenue share on Multi-Client sales was 27.5% compared to 11.9% in 2013, giving Multi-Client net revenue of MUSD 180.8 (2013: MUSD 140.7)
- Multi-Client investments were MUSD 113.3 with 97.8% net prefunding (2013: MUSD 85.2 with 54.5% net prefunding)
- EBIT was MUSD 52.8 (2013: MUSD 41.6)
- Operational cash flow before Multi-Client investments was MUSD 128.2 (2013: MUSD 78.6)
- The Board will propose a dividend of NOK 1.00 per share for the year 2014 (2013: NOK 0.75)
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."
