Interim Financial Statements

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1 [Type text] Interim Financial Statements KCA Deutag Alpha Limited For the twelve months ended 31 December 2015 Page 1 of 11

2 Table of Contents Consolidated income statement... 3 Consolidated statement of changes in shareholder's equity... 3 Consolidated balance sheet... 4 Consolidated cash flow statement... 5 Notes to the quarterly financial statements Significant accounting policies Compliance with IAS Basis of preparation Segment reporting Net finance costs Exceptional items Reconciliation of net debt Tangible fixed assets Intangible assets Trade and other receivables Trade and other payables Cash generated from operating activities Page 2 of 11

3 Consolidated income statement Q YTD Q YTD Q Q Note Sales 2 1, , Operating costs (1,379.0) (1,796.2) (316.9) (464.8) EBITDA Depreciation/Amortisation (196.3) (200.4) (52.2) (49.1) Operating profit (loss) (pre-exceptional) Exceptional items (including impairment) 4, 6 (69.4) (102.7) (65.4) (62.3) Operating profit (loss) (post-exceptional) (38.5) (40.0) Net finance costs 3 (132.8) (148.5) (39.3) (28.6) (Loss) before tax (108.7) (136.9) (77.8) (68.6) Taxation (35.7) (36.7) (3.3) (5.8) (Loss) after tax (144.4) (173.6) (81.1) (74.4) Consolidated statement of changes in shareholder s equity Share capital Share premium Retained earnings Other reserves Total $m At 1 January (1,856.0) 1, Comprehensive expense Loss for the period - - (144.4) - (144.4) Other comprehensive income (expense) Exchange differences on foreign operations (17.7) (17.7) Non-controlling interest (25.0) (25.0) Actuarial gains on defined benefit plans Total other comprehensive income (expense) (42.7) (34.9) Total comprehensive expense - - (136.6) (42.7) (179.3) Transactions with owners Capital contribution At 31 December (1,992.6) 2, At 31 December (1,856.0) 1, Page 3 of 11

4 Consolidated balance sheet Q Q Note $m $m Assets Non-current assets Property, plant and equipment ,049.7 Goodwill Intangible assets Investments Deferred tax assets , ,775.6 Current assets Inventories and work-in-progress Trade and other receivables Amounts owed by parent company Financial assets - derivative financial instruments Cash, cash equivalents and other deposits Total assets 2, ,428.6 Liabilities Current liabilities Bank overdraft (54.4) (34.2) Trade and other payables 9 (279.4) (370.8) Tax liabilities (37.9) (46.9) Financial liabilities - derivative financial instruments (0.5) (0.1) Financial liabilities - borrowings (5.3) (21.9) Provisions and other payables (1.8) (1.1) (379.3) (475.0) Non-current liabilities Deferred income (36.9) (46.8) Financial liabilities - borrowings (1,208.3) (1,202.2) Amounts owed to parent company (150.7) (342.1) Deferred tax liabilities (49.3) (61.4) Retirement benefit obligations (128.2) (150.9) Provisions and other non-current liabilities (3.4) (4.1) (1,576.8) (1,807.5) Total liabilities (1,956.1) (2,282.5) Net assets Capital and reserves Share capital - - Share premium reserve Other reserves 2, ,987.9 Retained earnings (deficit) (1,992.6) (1,856.0) Total shareholder s funds Page 4 of 11

5 Consolidated cash flow statement Q Q Q Q YTD YTD Note Cash flows from operating activities Cash generated from operations Tax paid (49.6) (55.4) (13.7) (15.8) Net cash inflow from operating activities Cash flows from investing activities Capital expenditure (119.9) (201.8) (22.2) (53.9) Proceeds from sale of property, plant and equipment Purchase of intangible assets (8.1) (5.7) (2.7) (1.9) Acquisition of non-controlling interest in subsidiary (25.0) Other investments - - (1.9) 0.9 Interest received Net cash outflow from investing activities (119.6) (174.0) (11.3) (34.4) Cash flows from financing activities Bank loan drawdowns (repayments) (18.8) (712.0) (1.0) 15.0 New Senior Secured notes (net of original issue discount) Arrangement fees paid - (20.8) - - Interest paid, including capitalised interest (125.7) (108.6) (50.7) (47.3) Finance lease payments (3.4) (4.1) (0.9) 0.2 Net cash (used in) financing activities (147.9) (84.3) (52.6) (32.1) Effect of foreign exchange rate changes on cash and bank overdrafts (6.6) 0.1 (3.3) (0.3) Net cash in (out) flow (30.1) 20.5 (12.3) 32.8 Cash and bank overdrafts at start of period (4.8) Cash and bank overdrafts at end of period (2.1) 28.0 (2.1) 28.0 The presentation of exchange in current and prior quarters has been updated to reflect the treatment as shown in the Group s audited financial statements. Page 5 of 11

6 Notes to the Quarterly Financial Statements 1. Significant Accounting Policies 1.1 COMPLIANCE WITH IAS 34 These condensed quarterly consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. They do not contain all the disclosures required for annual financial statements and should therefore be read in conjunction with the Group s annual financial statements for the year ended 31 December 2015, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. 1.2 BASIS OF PREPARATION General principle The preparation of these condensed quarterly financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group s accounting policies. The areas involving a higher degree of judgement, complexity or areas where assumptions and estimates are significant to the condensed quarterly consolidated financial statements are disclosed in Note Accounting estimates and judgements Accounting estimates and underlying assumptions are based on past experience and other factors considered reasonable under the circumstances. They serve as the basis for any judgement required for determining the carrying amounts of assets and liabilities when such amounts cannot be obtained directly from other sources. Actual amounts may differ from these estimates. The main sources of uncertainty relating to estimates used to prepare the interim consolidated financial statements were the same as those described in the full year 2015 consolidated financial statements. Page 6 of 11

7 2. Segment reporting Q YTD Q YTD Q Q Revenues Platform services RDS Land Drilling MODUs Bentec Corporate costs/other Elimination on consolidation (108.1) (121.5) (14.2) (37.0) GROUP TOTAL 1, , Q YTD Q YTD Q Q EBITDA (pre-exceptional) Platform services RDS (0.5) 6.0 Land Drilling MODUs (0.3) 8.8 Bentec Corporate costs/other (21.1) (37.8) (2.0) (17.7) Elimination on consolidation 1 (1.6) (3.7) (0.1) (1.0) GROUP TOTAL Eliminations on consolidation principally relate to profits generated by Bentec on sales to Land Drilling and to support the Group s capital expenditure programme. 3. Net finance costs Q YTD Q YTD Q Q Interest payable to immediate parent company (18.5) (16.1) (4.8) (4.2) Interest payable on bank borrowings (24.2) (32.5) (5.9) (7.2) Interest payable on Senior Secured Notes (75.3) (65.3) (18.8) (18.9) Finance costs on finance leases (1.5) (3.0) (0.3) (1.8) Less amounts included in the cost of property, plant and equipment Amortisation of arrangement fees (8.2) (10.8) (2.1) (2.1) Amortisation of discount assets (4.4) (3.8) (1.1) (1.0) Write off of arrangement fees - (29.6) - - Other finance costs (6.6) (7.0) (2.9) (0.5) Finance costs (133.7) (161.9) (34.7) (34.8) Finance income Exchange gains (losses) (4.8) 5.9 Finance costs net (132.8) (148.5) (39.3) (28.6) Page 7 of 11

8 4. Exceptional items Q Q Q Q YTD YTD Reorganisation costs 1 (12.8) (5.0) (8.3) (3.4) Impairment of Tender Barges inventory write-down 2 - (3.7) - - Impairment of Tender Barges - disposal costs 3 (1.4) (4.7) (1.4) (0.6) Impairment of Ben Rinnes inventory 4 (3.3) - (3.3) - Ben Loyal disposal 5 (12.9) - (11.2) - Claim in respect of pre-acquisition GTB items Libya asset write downs (12.5) (0.1) 0.2 GROUP TOTAL (28.3) (22.4) (24.3) (1.5) 1 Reorganisation costs primarily relate to the Group s redundancy expenditure and various other non-recurring project items 2 During 2014, a charge of $3.7 million was recorded to write down the carrying value of the Tender Barges inventory to its actual realisable value. 3 During 2014, further disposal costs of $4.7 million were recognised in respect of the Tender Barges Disposal, with a further $1.4 million recognised in An impairment charge of $3.3 million was booked in 2015 in respect of the carrying value of Ben Rinnes Jack-Up rig inventory. 5 The MODU business unit completed the sale of the Ben Loyal Jack-Up rig in December 2015 resulting in a loss on disposal of $12.9m. 6 During 2014, contractual claims relating to the Tender Barges business were re-evaluated and resulted in a release of $3.5 million which was no longer required, which included the release of the remaining $2.3 million contingent purchase consideration in relation to the original acquisition of the Tender Barges business. 7 Write down of asset values in Libya as a result of ongoing political unrest and a decision to cease our operations in Libya. The write-down in 2014 included inventories of $8.0 million and trade receivables and other assets of $4.5 million, with a credit to the Income Statement of $2.1 million in 2015 for monies received from Libyan debtors provided against in earlier periods. 5. Reconciliation of net debt Q YTD Q YTD Q Q Opening net debt (1,196.1) (1,157.5) (1,200.9) (1,216.9) Net cash in (out) flow (30.1) 20.5 (12.3) 32.8 (Drawdown) / Repayment of debt 22.2 (24.3) 1.9 (15.2) Other non-cash movements (11.7) (34.8) (4.4) 3.2 Closing net debt per balance sheet (1,215.7) (1,196.1) (1,215.7) (1,196.1) Capitalised arrangement fees (40.6) (53.0) (40.6) (53.0) Closing net debt (1,256.3) (1,249.1) (1,256.3) (1,249.1) KCA Deutag Alpha Limited, their affiliates or other related parties may or may not opportunistically purchase debt in one or more series of open-market transactions from time to time. Page 8 of 11

9 6. Tangible fixed assets Land and buildings long leasehold and freehold Drilling rigs and equipment Plant, machinery and vehicles Total Cost At 1 January , ,063.6 Additions at cost Disposals (1.4) (156.1) (1.9) (159.4) Exchange adjustments (0.3) (20.9) (0.9) (22.1) At 31 December , ,007.0 Accumulated depreciation At 1 January ,013.9 Charge for the period Impairment charge for the period Disposals (1.3) (133.4) (1.8) (136.5) Exchange adjustments (0.2) (15.3) (0.7) (16.2) At 31 December , ,079.1 Net carrying amount At 31 December Net carrying amount At 31 December , Includes capitalised interest of $5.0 million. Page 9 of 11

10 7. Intangible assets Customer relationships and contracts Trade name Technology Total Cost At 1 January Additions at cost At 31 December Accumulated amortisation At 1 January Charge for the period At 31 December Net carrying amount At 31 December Net carrying amount At 31 December Trade and other receivables Q Q $m $m Trade receivables Other receivables Prepayments and accrued income Total Trade and other payables Q Q $m $m Trade payables Other tax and social security Other payables Accruals Payments received on account Deferred income Total Page 10 of 11

11 10. Cash generated from operating activities Q Q Q Q YTD YTD Loss for the period (144.4) (173.6) (81.1) (74.4) Adjustments for: Tax charge Depreciation Impairment of tangible fixed assets Amortisation of intangible assets Amortisation of deferred costs (Gain) loss on sale of property, plant and equipment 11.4 (0.4) Gain on sale of investment - (1.0) - (1.0) Net movement in provisions, other liabilities and retirement benefit obligations (3.5) (6.0) (0.9) (3.7) Net finance cost Share of results of associates (1.0) (3.2) 2.2 (3.2) Dividend received from associate (Increase) decrease in inventories and work in progress 24.4 (3.9) Decrease in trade and other receivables Increase (decrease) in trade and other payables (99.5) 25.2 (19.1) (1.9) Exchange differences from operating activities (18.7) (8.2) (12.0) (7.8) Cash generated from operating activities Page 11 of 11

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