Trading Update
23 9월 2009 - 5:19PM
UK Regulatory
TIDMBNLN
RNS Number : 5179Z
Bateman Litwin N.V.
23 September 2009
Bateman Litwin N.V. ("Bateman Litwin" or the "Group")
Trading update and Possible Disposal of Assets
23 September 2009
Trading Update
For the year ended 30 June 2009, Group revenue is expected to be circa US$760
million. The backlog as of 30 June 2009 was approximately US$735 million. This
has since reduced mainly due to ongoing project execution, but also as a result
of a suspended contract. Thus as of 31 August 2009 the Group's backlog was
approximately US$570 million.
The Board previously stated, with the publication of the Group's half year
results on 31 March 2009 that it was targeting a reported EBITDA
(including exceptional items) at the breakeven level for the year ended 30 June
2009. The Board can confirm that it expects a reported EBITDA margin (including
exceptional items) of between zero and minus one per cent for the full year.
This reflects an improvement in the second half performance of the financial
year (1H 2008/09: reported EBITDA loss of US$10.2 million). The progress is a
result of cost cutting and better project execution. Furthermore, Delta-T has
effectively completed all legacy projects. The Group has now delivered six
consecutive months of positive EBITDA (including exceptional items), although
the Board is not satisfied with the Group's overall level of financial
performance.
Exceptional charges for the year ending 30 June 2009 are likely to be in the
region of US$50 million before tax (1H 2008/09: US$34.5 million; FY 2007/08:
US$88.2 million). Of these charges approximately US$25 million relates to
operating exceptional charges (1H 2008/09: US$13.6 million; FY 2007/08: US$68.8
million) while the remaining US$25 million relates to non cash hedging and
goodwill impairment charges (1H 2008/09: US$20.9 million; FY 2007/08: US$19.4
million).
While progress has been made on the major oil and gas legacy project in the
Former Soviet Union, there is as yet no definitive agreement with the client
over legacy and forecast cost overruns. Negotiations are continuing,
although until successfully concluded, this matter presents an ongoing and
significant risk to the Group's cash and overall financial position.
As of 30 June 2009 the Group had free cash (after restricted cash) of circa
US$32 million (FY 2007/08: US$69.8 million), however, the Group's gross debt
position increased to approximately US$89 million (FY 2007/08: US$46.7
million). Our banks remain generally supportive as evidenced by the Group
successfully gaining waivers for loan covenants that were in breach. The Group's
cash position is a critical focus for Management and the Board.
In this regard, a loan has been provided by Bateman Engineering N.V. a
subsidiary of BSG Resources Ltd, the Group's major shareholder. The loan is for
US$5 million over a three-month period and relates to one of the potential sales
as described under Possible Disposal of Assets below. Bateman Litwin's
directors, with the exception of Peter Blauw and David Granot, who are involved
in the transaction as a related party, consider, having consulted with its
nominated adviser, that the terms of the transaction are fair and reasonable
insofar as its shareholders are concerned. Any sale transaction, if concluded,
would be a related party transaction under AIM rules and would also be subject
to a fairness opinion. In addition, the Group is in final negotiations to secure
further short-term financing.
While Management and the Board remain focused on managing near term liquidity,
the new business pipeline is showing an increase in enquiries and interest. The
Group has seen a notable increase in the award of smaller feasibility and
engineering studies, which Management and the Board believe is a sign of
firming activity.
Possible Disposal of Assets
The Group is reviewing potential disposals of one or more parts of the business.
To this extent, the Board has received several indicative proposals for various
units of the business. Discussions are ongoing with a number of parties but
there can be no guarantee that any divestment will result.
Enquiries:
+---------------------------------------------+---------------------------+
| Bateman Litwin | Tel: + 44 (0)20 7799 8307 |
| David Lamont, Chief Executive Officer | |
| Davis Larssen, Chief Financial Officer | |
| Ingrid Boon, Investor Relations Manager | |
| | |
+---------------------------------------------+---------------------------+
| Credit Suisse Securities (Europe) Limited | Tel: +44 (0)20 7888 8888 |
| Nominated adviser and joint broker | |
| Jon Grussing | |
| Will MacLaren | |
| | |
+---------------------------------------------+---------------------------+
| Oriel Securities Limited | Tel: +44 (0)20 7710 7600 |
| Joint broker | |
| Richard Crawley | |
| | |
+---------------------------------------------+---------------------------+
About Bateman Litwin N.V.
Bateman Litwin is a supplier of technology, engineering, procurement and project
management services to the world's energy and resource industries. To find out
more, visit Bateman Litwin at: www.bateman-litwin.com
This information is provided by RNS
The company news service from the London Stock Exchange
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