Income Statement Subsea 7 S.A.

Equities

SUBC

LU0075646355

Oil Related Services and Equipment

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-09-19 am EDT			5-day change	1st Jan Change
188.60 ^NOK	+1.34%		+7.10%	+27.26%

Sep. 09	BNP Paribas Downgrades Subsea 7 to Neutral, Cuts PT	MT
Aug. 28	Bernstein Downgrades Subsea7 to Market Perform, Lowers PT	MT

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Published financial data: SUBSEA 7 S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	3.66B	3.47B	5.01B	5.14B	5.97B
Total Revenues	3.66B	3.47B	5.01B	5.14B	5.97B
Cost of Goods Sold, Total	3.24B	3.35B	4.71B	4.79B	5.54B
Gross Profit	416M	119M	305M	344M	432M
Selling General & Admin Expenses, Total	231M	185M	197M	214M	229M
Depreciation & Amortization - (IS)	36.9M	38.9M	34.3M	34.4M	36.7M
Other Operating Expenses	-	-	-	100K	-
Other Operating Expenses, Total	268M	224M	232M	249M	266M
Operating Income	147M	-105M	73.2M	94.8M	166M
Interest Expense, Total	-25.3M	-24.6M	-20.1M	-24.3M	-71.2M
Interest And Investment Income	13.2M	4.8M	4.7M	9M	25.2M
Net Interest Expenses	-12.1M	-19.8M	-15.4M	-15.3M	-46M
Income (Loss) On Equity Invest.	-900K	-500K	3.9M	-3M	8.2M
Currency Exchange Gains (Loss)	-22.5M	-34.8M	37.1M	-7.4M	20.4M
Other Non Operating Income (Expenses)	-9.3M	1.2M	100K	6.1M	400K
EBT, Excl. Unusual Items	103M	-159M	98.9M	75.2M	149M
Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-99.9M	-605M	-	-	-
Gain (Loss) On Sale Of Investments	4.1M	-3M	-1.1M	-	-
Gain (Loss) On Sale Of Assets	4.4M	0	3M	300K	-
Asset Writedown	-69.5M	-323M	-5.4M	57M	-70.9M
Insurance Settlements	-	-	-	-	-
Other Unusual Items	5.4M	18.3M	5.3M	3.8M	1.7M
EBT, Incl. Unusual Items	-52.9M	-1.07B	101M	136M	80M
Income Tax Expense	29.5M	33.3M	64.3M	99.9M	70M
Earnings From Continuing Operations	-82.4M	-1.11B	36.4M	36.4M	10M
Net Income to Company	-82.4M	-1.11B	36.4M	36.4M	10M
Minority Interest	-1.2M	12.4M	-4.6M	20.7M	5.4M
Net Income - (IS)	-83.6M	-1.09B	31.8M	57.1M	15.4M
Net Income to Common Incl Extra Items	-83.6M	-1.09B	31.8M	57.1M	15.4M
Net Income to Common Excl. Extra Items	-83.6M	-1.09B	31.8M	57.1M	15.4M
Per Share Items
Net EPS - Basic	-0.27	-3.67	0.11	0.2	0.05
Basic EPS - Continuing Operations	-0.27	-3.67	0.11	0.2	0.05
Basic Weighted Average Shares Outstanding	305M	298M	298M	292M	298M
Net EPS - Diluted	-0.27	-3.67	0.11	0.19	0.05
Diluted EPS - Continuing Operations	-0.27	-3.67	0.11	0.19	0.05
Diluted Weighted Average Shares Outstanding	305M	298M	299M	293M	299M
Normalized Basic EPS	0.21	-0.29	0.19	0.23	0.33
Normalized Diluted EPS	0.21	-0.29	0.19	0.23	0.33
Dividend Per Share	-	-	0.11	0.1	0.59
Payout Ratio	-	-	-	-	727.92
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	520M	241M	425M	449M	526M
EBITA	155M	-93.5M	84.3M	104M	176M
EBIT	147M	-105M	73.2M	94.8M	166M
EBITDAR	746M	467M	948M	1.05B	1.11B
Effective Tax Rate - (Ratio)	-55.77	-3.11	63.85	73.29	87.5
Total Current Taxes	43.2M	48.3M	64.5M	71.6M	95.2M
Total Deferred Taxes	-13.7M	-15M	-200K	28.3M	-25.2M
Normalized Net Income	62.92M	-86.79M	57.21M	67.7M	98.65M
Interest Capitalized	5.9M	4.6M	600K	7.2M	17.9M
Interest on Long-Term Debt	23.1M	24.3M	7.3M	18.5M	48M
Non-Cash Pension Expense	-17.1M	-3.2M	-500K	100K	-2.2M
Supplemental Operating Expense Items
General and Administrative Expenses	92.5M	61.9M	69M	72M	73.1M
Research And Development Expense From Footnotes	22M	15M	11.7M	12.3M	13.1M
Net Rental Expense, Total	225M	226M	522M	602M	583M
Imputed Operating Lease Interest Expense	134M	101M	155M	239M	434M
Imputed Operating Lease Depreciation	91.42M	124M	367M	362M	149M
Stock-Based Comp., Other (Total)	5.9M	4.2M	3.9M	3.5M	4.9M
Total Stock-Based Compensation	5.9M	4.2M	3.9M	3.5M	4.9M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	398M	512M	598M	646M	751M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	398M	512M	598M	646M	751M
Accounts Receivable, Total	971M	1.05B	1.39B	1.33B	1.48B
Other Receivables	132M	79.4M	101M	192M	246M
Total Receivables	1.1B	1.13B	1.49B	1.52B	1.73B
Inventory	31.2M	26.4M	40.3M	49.5M	60.1M
Prepaid Expenses	52.2M	120M	117M	112M	152M
Restricted Cash	4.3M	7.1M	5.7M	4.4M	7.4M
Other Current Assets, Total	20.3M	37.7M	74.8M	90.7M	163M
Total Current Assets	1.61B	1.84B	2.33B	2.42B	2.86B
Gross Property Plant And Equipment	7.9B	7.96B	8.03B	7.96B	8.58B
Accumulated Depreciation	-3.15B	-3.76B	-3.74B	-3.8B	-4.09B
Net Property Plant And Equipment	4.75B	4.2B	4.29B	4.16B	4.49B
Long-term Investments	34.3M	32.4M	29.9M	26.6M	343M
Goodwill	705M	84.5M	160M	191M	192M
Other Intangibles, Total	42.8M	46M	37.3M	31.1M	58.5M
Accounts Receivable Long-Term	14.9M	6.7M	4.4M	-	-
Loans Receivable Long-Term	7.3M	5.7M	37M	35.8M	34.9M
Deferred Tax Assets Long-Term	36.1M	49.5M	58.7M	38.7M	50.9M
Deferred Charges Long-Term	600K	1.4M	5.3M	1.8M	1.9M
Other Long-Term Assets, Total	24.9M	39.6M	39.8M	33.6M	59.7M
Total Assets	7.22B	6.3B	6.99B	6.94B	8.1B
Liabilities
Accounts Payable, Total	177M	301M	280M	325M	355M
Accrued Expenses, Total	645M	648M	1.04B	908M	1.11B
Current Portion of Long-Term Debt	24.6M	24.6M	61.6M	53.8M	124M
Current Portion of Leases	94M	85.4M	88M	95.8M	168M
Current Income Taxes Payable	44.4M	32.6M	41.5M	49.3M	76.4M
Unearned Revenue Current, Total	164M	282M	207M	321M	429M
Other Current Liabilities	116M	178M	145M	132M	358M
Total Current Liabilities	1.26B	1.55B	1.86B	1.88B	2.62B
Long-Term Debt	211M	184M	360M	302M	721M
Long-Term Leases	251M	169M	143M	161M	290M
Pension & Other Post Retirement Benefits	14.9M	14.3M	12.3M	9.2M	8.4M
Deferred Tax Liability Non Current	34.9M	32.2M	46M	54.4M	43.2M
Other Non Current Liabilities	84.5M	91.3M	76.1M	82.1M	58.8M
Total Liabilities	1.86B	2.04B	2.5B	2.49B	3.74B
Common Stock, Total	598M	595M	591M	580M	601M
Additional Paid In Capital	2.51B	2.51B	2.5B	2.5B	2.58B
Retained Earnings	2.85B	1.75B	1.71B	1.74B	1.78B
Treasury Stock	-14M	-17.8M	-32.9M	-75M	-31.1M
Comprehensive Income and Other	-608M	-602M	-588M	-627M	-607M
Total Common Equity	5.33B	4.23B	4.18B	4.12B	4.32B
Minority Interest	34.3M	27.3M	305M	329M	34.1M
Total Equity	5.36B	4.26B	4.49B	4.45B	4.36B
Total Liabilities And Equity	7.22B	6.3B	6.99B	6.94B	8.1B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	299M	298M	295M	290M	300M
ECS Total Common Shares Outstanding	299M	298M	295M	290M	300M
Book Value / Share	17.83	14.2	14.16	14.2	14.39
Tangible Book Value	4.58B	4.1B	3.99B	3.9B	4.07B
Tangible Book Value Per Share	15.33	13.76	13.49	13.44	13.55
Total Debt	581M	463M	653M	613M	1.3B
Net Debt	183M	-48.6M	55.2M	-32.6M	552M
Debt Equivalent of Unfunded Proj. Benefit Obligation	14.9M	13.5M	12.3M	9.2M	8.4M
Debt Equivalent Oper. Leases	1.8B	1.8B	4.18B	4.81B	4.66B
Minority Interest, Total (Incl. Fin. Div)	34.3M	27.3M	305M	329M	34.1M
Equity Method Investments, Total	26.2M	29.5M	28.6M	25.5M	342M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	31.2M	26.4M	40.3M	49.5M	60.1M
Land - (BS)	523M	519M	523M	517M	496M
Machinery, Total	6.89B	7B	7.02B	6.87B	7.26B
Full Time Employees	11.87K	-	12.5K	13.44K	8.35K
Accumulated Allowance for Doubtful Accounts (Supple)	20.8M	27.9M	8M	8.5M	26.4M
Order Backlog	5.19B	6.21B	7.21B	9.01B	10.59B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-83.6M	-1.09B	31.8M	57.1M	15.4M
Depreciation & Amortization - CF	464M	417M	420M	444M	512M
Amortization of Goodwill and Intangible Assets - (CF)	7.2M	11.3M	11.1M	8.7M	9.4M
Depreciation & Amortization, Total	471M	428M	431M	453M	522M
Amortization of Deferred Charges, Total - (CF)	12.8M	14.1M	13.1M	14.5M	16.3M
(Gain) Loss From Sale Of Asset	-5.6M	200K	-3M	-300K	2M
(Gain) Loss on Sale of Investments - (CF)	-4.1M	-	-	-	-
Asset Writedown & Restructuring Costs	169M	928M	5.4M	-57M	70.9M
(Income) Loss On Equity Investments - (CF)	900K	500K	-3.9M	3M	-8.2M
Stock-Based Compensation (CF)	5.9M	4.2M	3.9M	3.5M	4.9M
Provision and Write-off of Bad Debts	-	-	-	-	19M
Other Operating Activities, Total	-65.3M	-28.3M	16.6M	-15.6M	13.6M
Change In Accounts Receivable	78.1M	-88.5M	-416M	-35.2M	-215M
Change In Inventories	800K	4.3M	-9.3M	-9.7M	-10M
Change In Accounts Payable	-	-	-	-26.3M	221M
Change in Unearned Revenues	-	-	-	145M	69.2M
Change in Other Net Operating Assets	-224M	276M	224M	-45.9M	-60.7M
Cash from Operations	357M	447M	293M	486M	660M
Capital Expenditure	-240M	-157M	-158M	-231M	-581M
Sale of Property, Plant, and Equipment	4.5M	1.7M	6.6M	800K	-
Cash Acquisitions	-55.3M	15.3M	4.5M	-	-
Divestitures	4.6M	-	-	-	-
Sale (Purchase) of Intangible assets	-18.4M	-25.3M	-8.8M	-	-
Investment in Marketable and Equity Securities, Total	17.4M	-3.8M	1.2M	-	-155M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	12.9M	4.8M	-29.5M	10.1M	25.6M
Cash from Investing	-274M	-165M	-184M	-220M	-710M
Long-Term Debt Issued, Total	-	-	200M	-	1.06B
Total Debt Issued	-	-	200M	-	1.06B
Long-Term Debt Repaid, Total	-132M	-128M	-118M	-161M	-703M
Total Debt Repaid	-132M	-128M	-118M	-161M	-703M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-250M	-9.8M	-21M	-46M	-
Common Dividends Paid	-	-	-	-	-112M
Common & Preferred Stock Dividends Paid	-	-	-	-	-112M
Special Dividend Paid	-53.8M	-	-72M	-31.7M	-
Other Financing Activities, Total	-12M	-19.6M	-12.1M	27.5M	-94.8M
Cash from Financing	-447M	-158M	-22.8M	-211M	151M
Foreign Exchange Rate Adjustments	-2.3M	-7.9M	-1.9M	-7.8M	7.4M
Miscellaneous Cash Flow Adjustments	-200K	-2.8M	1.4M	1.3M	-3M
Net Change in Cash	-367M	114M	86M	48M	105M
Supplemental Items
Cash Interest Paid	11M	9.4M	12.1M	27.1M	82.2M
Cash Income Tax Paid (Refund)	108M	51.7M	67.5M	103M	83.5M
Levered Free Cash Flow	183M	365M	178M	253M	273M
Unlevered Free Cash Flow	199M	380M	191M	268M	317M
Change In Net Working Capital	125M	-182M	136M	31.5M	-252M
Net Debt Issued / Repaid	-132M	-128M	82.3M	-161M	358M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.25	-0.97	0.69	0.85	1.38
Return on Total Capital	1.54	-1.23	0.93	1.16	1.94
Return On Equity %	-1.49	-22.98	0.83	0.81	0.23
Return on Common Equity	-1.52	-22.87	0.76	1.38	0.36
Margin Analysis
Gross Profit Margin %	11.37	3.43	6.08	6.69	7.24
SG&A Margin	6.33	5.33	3.94	4.17	3.84
EBITDA Margin %	14.23	6.96	8.49	8.74	8.81
EBITA Margin %	4.23	-2.7	1.68	2.02	2.94
EBIT Margin %	4.03	-3.02	1.46	1.85	2.78
Income From Continuing Operations Margin %	-2.25	-31.88	0.73	0.71