We’ve been helping our clients unlock the value of their resources for 36 years. Today our projects span 29 countries and we have a team of around 13,500 employees.
In what is a challenging period for the industry, we are well-positioned. We remain focused on our core proposition:
We continue to drive cost optimisation and operational excellence to improve upon our already very cost-effective structure. We have one of the most cost-competitive delivery capabilities in our industry, enabling us to maintain our bidding discipline while delivering value for our clients.
We have made good progress towards reducing the capital intensity of the business and we remain committed to delivering value from the IES portfolio. We continue to manage the balance sheet to support the dividend and deliver shareholder value.
Our backlog stands at high levels, giving us excellent revenue visibility for 2H 2016 and 2017 and our overall portfolio is in good shape. We are actively bidding on a large number of projects in our core markets.
|1H 2016||1H 2015||2015||2014||2013||2012|
|Revenue (US$ million)||3,888||3,180||6,844||6,241||6,329||6,240|
|Backlog (US$ billion)||17.4||20.9||20.7||18.9||15.0||11.8|
|EBITDA (US$ million)1||332||9||312||935||1,031||883|
|Earnings per share (diluted) (cents)1||39.36||(39.33)||2.65||168.99||189.10||183.88|
|Net profit (US$ million)1
|Return on capital employed1||12%||10%||3%||18%||28%||46%|
1 Before exceptional items and certain re-measurements unless otherwise stated
2 Backlog consists of the estimated revenue attributable to the uncompleted portion of lump-sum engineering, procurement and construction contracts and variation orders plus, with regard to engineering, operations, maintenance and Integrated Energy Services contracts, the estimated revenue attributable to the lesser of the remaining term of the contract and five years. Backlog will not be booked on Integrated Energy Services contracts where the Group has entitlement to reserves. Integrated Energy Services’ backlog of US$2.8 billion relates to four Production Enhancement Contracts in Mexico. We will stop recognising backlog in respect of these contracts upon completion of their migration to Production Sharing Contracts. The Group uses this key performance indicator as a measure of the visibility of future revenue. Backlog is not an audited measure.
3 EBITDA means earnings before interest, tax, depreciation and amortisation and is calculated as profit before tax and net finance costs, but after our share of results of associates (as per the consolidated income statement) adjusted to add back charges for depreciation and amortisation (as per note 3 to the interim condensed consolidated financial statements).
4 Profit/(loss) for the period attributable to Petrofac Limited shareholders.
5 Return on capital employed is calculated as EBITA (earnings before interest, tax and amortisation) for the year ended 30 June 2016 divided by average capital employed (being total assets less total current liabilities per the interim condensed consolidated statement of financial position adjusted for gross up of finance lease creditors).
We have delivered a positive set of results for the first half of the year, reflecting good project execution. We are on track to meet expectations for the full year 2016 and our high level of backlog gives us excellent revenue visibility for 2017.