MedservRegis p l c : Approval of Annual Financial statements
April 28, 2023 at 10:17 am EDT
Share
COMPANY ANNOUNCEMENT
MEDSERVREGIS P.L.C.
(THE "COMPANY")
Approval of Annual Financial statements
Date of Announcement
28 April 2023
Reference
289/2023
Capital Market Rule
CMR 5.16.21 & 5.16.24
Quote
The Board of Directors of the Company has today approved the audited consolidated financial statements for the financial year ended 31 December 2022.
The Group's total revenue for the year amounted to €66.9 million (2021: €29.9 million), representing an increase of 22% over the forecast. This increase is mainly attributable to the additional drilling campaign offshore Cyprus during the fourth quarter which was not forecasted, as well as well as improved performance within the OCTG segment in the Middle East (particularly the machine shop in UAE). This change also drives the variances in other related line items such as cost of sales and administrative expenses.
The net impairments losses recognised in the 'cost of sales' on the Group's property, plant and equipment, goodwill and intangible assets totalling to €2.6 million have reduced the results from operating activities to negative €0.9 million compared to the forecast of €3.2 million. The variance in the net finance income is largely due to the Group's foreign exchange exposure to the different currencies.
The Group registered a profit for the year ended 31 December 2022 of €0.5 million (2021: loss for the year of €7.2 million), surpassing the Group's published forecast by 85%. Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) amounted to €11.4 million (2021: €5.3 million) which is in line with the Group's forecast.
2022
2022
2022
Actual
Forecast
Variances
€000
€000
€000
Continuing operations
Revenue
66,939
54,694
22%
Gross profit
10,830
11,898
(9%)
Results from operating activities
(941)
3,193
(129%)
Net finance income/(cost)
964
(4,045)
(124%)
Profit/(loss) before income tax
23
(852)
(103%)
Profit for the year
545
294
85%
Adjusted earnings before interest, tax,
11,405
11,630
(2%)
depreciation and amortisation (adjusted EBITDA)
As at 31 December 2022, the Group reported a net asset position amounting to €60.4 million (2021: €62.8 million) and a positive working capital of €25.9 million (2021: €20.4 million).
The Audited Financial Statements are available for viewing on the Company's
website athttps://www.medservenergy.com/medservregis-plc-financial-statements. Attached to this Company Announcement is a Directors' Declaration on the ESEF Annual Financial Reports.
Unquote
Laragh Cassar
Company Secretary
Attachments
Original Link
Original Document
Permalink
Disclaimer
Medservregis plc published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 14:16:21 UTC.
Medservregis p.l.c. is engaged in providing shore base logistics and engineering services to the offshore oil and gas industry and supply chain management for Oil Country Tubular Goods (OCTG) to support the onshore oil and gas industry. Its segments include Integrated logistics support services, Oil country tubular goods, Trading activity and Photovoltaic farm. The Integrated logistics support services segment includes the provision of comprehensive logistical support services to the offshore oil and gas industry from the Companyâs bases in Malta, Cyprus, Egypt, South America and Africa. The Oil country tubular goods segment includes the provision of an integrated approach to OCTG handling, inspection, repairs and other ancillary services based in three Middle East locations, namely the United Arab Emirates, Southern Iraq and Sultanate of Oman. The Trading activity segment is involved in trading and exportation of locally produced goods and operates principally in South Africa.
MEDSERVREGIS P.L.C. 
