Paris, le 23 February 2017 N°05-17
Estimated financial data for FY 2016
The Pertamina Group, through its subsidiary PIEP, acquired a 24.53% stake in the Maurel & Prom Group's in August 2016. Since it exercised a significant influence over M&P at the end of fiscal year 2016, PIEP must include its share of M&P's earnings and equity in its consolidated accounts at 31 December 2016 on an equity basis. Following the result of the public takeover bid on 9 February 2017, PIEP owns 72.65% of M&P.
The two groups have different reporting schedules for their 2016 accounts: PIEP's 2016 accounts will be published on 28 February 2017, that is to say before the 2016 accounts are approved and published for M&P and SEPLAT, which is 21.37%-owned by M&P.
During its meeting on 22 February 2017, after reviewing the estimated financial data for the year ended 31 December 2016 and consulting with the audit committee on the same day, M&P's Board of Directors decided to communicate on these estimated data with the market.
These data:
- have been estimated based on the information known to date;
- have been prepared in accordance with the M&P Group's accounting methods and rules and the French financial markets authority (AMF) recommendation no.2004-04 regarding the reporting of estimated financial data;
- are presented in the summary reporting format required by PIEP, within which the main aggregates are not significantly different from those usually reported by M&P;
- comprise (i) a balance sheet at 31 December 2016 with comparative data at 31 December 2015, (ii) a profit and loss statement covering the period from 1 January to 31 December 2016 and a comparative profit and loss for FY 2015.
These data are subject to change due to the final net result of SEPLAT or the ongoing audit work. The definitive accounts of Maurel & Prom will be approved by its Board of Directors on 31 March 2017.
It is important to note that SEPLAT's contribution has been estimated based on data published and available on the company website, extrapolating its earnings at 30 September 2016 over 12 months.
ESTIMATIVE STATEMENTS OF FINANCIAL POSITION
| in million € | DEC 2016 (*) | DEC |
| 2015 (*) | ||
| Cash and cash equivalents | 193 | 282 |
| Account receivables | 31 | 25 |
| Inventories | 9 | 12 |
| Due from the Government - current | 29 | 77 |
| Other receivables - current | 113 | 72 |
| Total Current Assets | 374 | 468 |
| Other receivables - non current | 78 | 5 |
| Deferred tax assets | 30 | 31 |
| Due from the Government - non current | 39 | 0 |
| Equity Associates | 92 | 126 |
| Tangible and Intangible assets | 1 783 | 1 823 |
| Total Non Current Assets | 2 022 | 1 985 |
| TOTAL ASSETS | 2 396 | 2 453 |
| Account payables | 50 | 65 |
| Other payables | 63 | 60 |
| Due to the Government | 29 | 30 |
| Other provision - current | 20 | 2 |
| Other bank Borrowing - current | 93 | 11 |
| Bond payables - current | 7 | 18 |
| Total Current Liabilities | 262 | 186 |
| Bond payables - non current | 346 | 332 |
| Other bank Borrowing - non current | 290 | 394 |
| Deferred tax liabilities | 378 | 382 |
| Employee benefit liabilities | 1 | 1 |
| Other provision - non current | 7 | 16 |
| Provision for site restoration | 39 | 41 |
| Total Non Current Liabilities | 1 061 | 1 166 |
| TOTAL LIABILITIES | 1 323 | 1 352 |
| Share capital | 150 | 150 |
| Additional paid-in capital | 80 | 291 |
| Other equity components | 844 | 661 |
| Non-controlling interest | -1 | -1 |
| TOTAL EQUITIES | 1 073 | 1 101 |
(*) The 2016 accounts are estimated and under audit. The comparative figures for 2015 are extracted from the published and audited accounts, presented in the form of the synthetic reporting required by PIEP.
ESTIMATIVE STATEMENTS OF COMPREHENSIVE INCOME
| in million € | 2016(*) | 2015(*) |
| Sales and other operating revenues | 318 | 288 |
| Cost of goods sold & General and administrative expenses | -303 | -280 |
| Exploration costs | -6 | -125 |
| Other non-recurrent income/(expenses) - net | 6 | 92 |
| OPERATING PROFIT/(LOSS) | 15 | -25 |
| Finance (costs) - net | -34 | -34 |
| Foreign exchange gain/(loss) - net | 4 | 27 |
| Income tax expense/(benefit) | -9 | 32 |
| Share in income/(loss) of associates | -25 | -95 |
| PROFIT/(LOSS) | -49 | -95 |
| Exchange differences on translating foreign operations | 19 | 111 |
| Cash flow hedges | 0 | -3 |
| Total other comprehensive income for the year - net after tax | 19 | 108 |
| TOTAL COMPREHENSIVE INCOME/(LOSS) | -30 | 13 |
(*) The 2016 accounts are estimated and under audit. The comparative figures for 2015 are extracted from the published and audited accounts, presented in the form of the synthetic reporting required by PIEP.
For more information, go to www.maureletprom.fr MAUREL & PROM Tel: +33 (0)1 53 83 16 00
Press, shareholders, and investor relations Tel: +33 (0)1 53 83 16 45 ir@maureletprom.fr
This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
Maurel & Prom is listed for trading on Euronext Paris CAC® mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share - CAC PME - EnterNext © PEA-PME 150 ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
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