Brooge Energy Limited (“Brooge Energy” or the “Company”) (NASDAQ:
BROG), a midstream oil storage and service provider strategically
located outside the Strait of Hormuz, adjacent to the Port of
Fujairah in the United Arab Emirates (“UAE”), today announced its
financial results for the six months ending June 30, 2020.
2020 Half-Year Financial
Highlights:
- Revenue of $23 million as compared
to $22 million in H1 2019
- Gross profit of $16.7 million as
compared to $17.1 million in H1 2019
- EBITDA of $17 million as compared
to $18.8 million in H1 2019
- Net Profit of $16.2 million or
$0.184 per basic and diluted earnings per share as compared to $12
million or $0.20 per basic and diluted earnings per share in H1
2019
- Subsequent to the period end, the
Company completed the issuance of a USD$200 million 5-year senior
secured bond (with potential follow-on issuances of up to USD$50
million for a maximum aggregate borrowing limit of USD$250
million). The proceeds of the bond issue will, among other
purposes, be used to repay existing bank debt for Phase I and to
fund remaining capital expenditures ahead of the launch of the
Company’s Phase II oil storage facility.
Nicolaas L. Paardenkooper, Chief Executive
Officer of Brooge Energy and BPGIC, said, “We continued to generate
strong and consistent revenue throughout the first half of 2020
from our Phase I facility, which is operating at full capacity.
Ancillary services contributed 47% of total revenue in H1 2020 (46%
in H1 2019), with the balance coming from fixed, storage revenue.
We continue to see a global shortage of available oil storage
facilities worldwide, with facilities in The Middle East especially
in high demand due to the key role it plays in oil production and
its location across multiple trade routes. These market dynamics,
along with our high-tech, high-speed facilities, and international
award winning operational track record led us to leasing
approximately one third of the Phase I capacity to a Super Major in
May 2020, and additional contracts with more favorable terms, and
gradual increase in fixed revenues of up to 50% starting November
2020.”
Financial Results for the Half-Year Ended June 30,
2020:
For the period ended 30 June 2020
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Six-month |
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Six-month |
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periodended |
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periodended |
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30 June |
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30 June |
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Notes |
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2020 |
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2019 |
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USD |
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USD |
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Revenue |
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3 |
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22,893,875 |
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22,042,687 |
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Direct costs |
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(6,146,872 |
) |
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(4,955,436 |
) |
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GROSS PROFIT |
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16,747,003 |
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17,087,251 |
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General and administrative expenses |
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(2,696,346 |
) |
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(1,236,507 |
) |
Finance costs |
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(3,370,988 |
) |
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(3,412,843 |
) |
Changes in fair value of derivative financial instruments |
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179,758 |
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(484,603 |
) |
Changes in fair value of derivative warrant liability |
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7 |
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5,307,225 |
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- |
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NET PROFIT |
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16,166,652 |
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11,953,298 |
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Other comprehensive income |
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- |
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- |
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PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD |
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16,166,652 |
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11,953,298 |
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Earnings per share attributable to the ordinary
shareholders of the Group: |
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Basic and diluted earnings per share (cents) |
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0.184 |
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0.20 |
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Revenue for the six-month period ended June 30,
2020 was $23 million, compared to $22 million in the six-month
period ended June 30, 2019. To date, all of the Company’s revenues
are comprised of fixed leasing and variable ancillary services for
its Phase I storage facility which was operating at 100% capacity
for both the six-month period ended June 30, 2020 and the six-month
period ended June 30, 2019.
Gross profit for the six-month period ended June
30, 2020 was $17 million, resulting in gross margin of 73%,
compared to $17 million, or a gross margin of 78%, for the
six-month period ended June 30, 2019. The decrease in gross margin
is mainly due to increases in operations staff salary costs and
costs associated with the new disaster management charges
implemented by the Fujairah Oil Industry Zone (FOIZ).
EBITDA for the six-month period ended June 30,
2020 was $17 million as compared to $18.8 million for the same
period the year prior.
Net profit for the six-month period ended June
30, 2020 was $16 million compared to a profit of $12 million in the
six-month period ended June 30, 2019. For the period ended June, 30
2020, a derivative warrant liability of $10.4 million (31 December
2019: $15.7 million) was recorded, which resulted in a gain on
revaluation of derivative warrant liability for the six-month
period ended June 30, 2020 of $5.3 million as compared nil for the
same period the year prior.Basic and diluted earnings per share was
$0.184 in the six-month period ended June 30, 2020, compared with
earnings per share of $0.20 in the six-month period ended June 30,
2019.
Balance Sheet and Liquidity: The Company had
cash and cash equivalents of $1 million as of June 30, 2020,
compared with $20 million as of December 31, 2019.
Subsequent to the period end, Brooge completed
the issuance of a USD $200 million 5-year senior secured bond with
a borrowing limit of USD$ 250 million in the Nordic bond market.
The bond, which will mature in September 2025, provides a flexible
financial platform to support our future growth agenda and marks a
key milestone for the Company in entering the international bond
market.
Conference Call and Webcast Information
Date: |
November 30, 2020 |
Time: |
8:00 a.m. ET / 5:00 pm UAE |
Dial-in numbers: |
+1
877-425-9470 (U.S.), 800 035 703 290 (UAE), +1-201-389-0878
(International) |
Instructions: |
Request
the “Brooge Energy Call” or Conference ID: 13713748 |
Live webcast: |
http://public.viavid.com/player/index.php?id=142593 |
A dial-in replay of the call will also be available, to those
interested, until December 7, 2020. To access the replay, dial +1
844-512-2921 (United States) or +1 412-317-6671 (International) and
enter replay pin number: 13713748.
About Brooge Energy Limited
Brooge Energy conducts all of its business and
operations through its wholly-owned subsidiaries, Brooge Petroleum
and Gas Investment Company FZE (“BPGIC”) and Brooge Petroleum and
Gas Investment Company Phase III FZE (“BPGIC III”), Fujairah Free
Zone Entities. Brooge Energy is a midstream oil storage and service
provider strategically located outside the Strait of Hormuz
adjacent to the Port of Fujairah in the United Arab Emirates. Its
oil storage business differentiates itself from competitors by
providing customers with fast order processing times, excellent
customer service and high accuracy blending services with low oil
losses. For more information please visit at
www.broogeenergy.com
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, that involve
risks and uncertainties concerning BPGIC’s, BPGIC III’s and Brooge
Energy’s expected financial performance, as well as their strategic
and operational plans. The actual results may differ materially
from expectations, estimates and projections due to a number of
risks and uncertainties and, consequently, you should not rely on
these forward looking statements as predictions of future events.
Words such as “expect,” “estimate,” “project,” “budget,”
“forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “would,”
“could,” “should,” “believes,” “predicts,” “potential,” “continue,”
and similar expressions are intended to identify such
forward-looking statements. These risks and uncertainties include,
but are not limited to: (1) the ultimate geographic spread,
duration and severity of the coronavirus outbreak and the
effectiveness of actions taken, or actions that may be taken, by
governmental authorities to contain the outbreak or ameliorate its
effects; (2) Brooge Energy’s and its subsidiaries’ ability to
obtain financing for Phase III on commercially reasonable terms;
(3) Brooge Energy’s and its subsidiaries’ ability to negotiate and
enter into development and offtake agreements on commercially
reasonable terms; (4) the results of technical and design
feasibility studies, including the Soil Investigation and the
Environmental Impact Assessment report for Phase III; (5) the loss
of any end-users; (6) changes in customer demand with respect to
ancillary services provided by Brooge Energy and its subsidiaries
including throughput, blending, heating, and intertank transfers;
(7) Brooge Energy’s and its subsidiaries’ ability to effectively
manage the risks and expenses associated with the construction of
Phase II, Phase III and other growth and expansion projects; and
(8) other risks and uncertainties indicated from time to time in
filings with or submissions to the SEC by Brooge Energy. Readers
are referred to the most recent reports filed with or furnished to
the SEC by Brooge Energy. Readers are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Contact: KCSA Strategic Communications
Valter Pinto / Elizabeth Barker +1 212-896-1254 or +1 212-896-1203
BROG@kcsa.com or Investor.relations@bpgic.com
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
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(Restated) |
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At 30 June |
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At 31 December |
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Notes |
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2020 |
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2019 |
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USD |
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USD |
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ASSETS |
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Non-current
assets |
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Property, plant and equipment |
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4 |
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296,697,923 |
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263,228,588 |
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Advances to contractors |
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10,033,223 |
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21,664,764 |
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306,731,146 |
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284,893,352 |
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Current
assets |
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Inventories |
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289,928 |
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179,644 |
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Trade and other
receivables |
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11,051,701 |
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2,348,693 |
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Bank balances and cash |
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5 |
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1,093,883 |
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19,830,771 |
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12,435,512 |
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22,359,108 |
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TOTAL
ASSETS |
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319,166,658 |
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307,252,460 |
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EQUITY AND
LIABILITIES |
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Equity |
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Share capital |
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6 |
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8,801 |
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8,804 |
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Share premium |
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6 |
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101,777,058 |
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101,775,834 |
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Shareholders’ accounts |
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11 |
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71,017,815 |
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71,017,815 |
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General reserve |
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8 |
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680,643 |
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680,643 |
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Accumulated losses |
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(47,900,029 |
) |
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(64,066,681 |
) |
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Total
equity |
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125,584,288 |
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109,416,415 |
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Liabilities |
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Non-current
liabilities |
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Term loans |
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9 |
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69,649,588 |
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74,160,950 |
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Lease liability |
|
10 |
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28,884,925 |
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28,624,259 |
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Provisions |
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29,692 |
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13,941 |
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98,564,205 |
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102,799,150 |
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Current
liabilities |
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Derivative warrant
liability |
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7 |
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10,402,161 |
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15,709,460 |
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Term loans |
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9 |
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16,800,989 |
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14,539,187 |
|
Accounts payable, accruals and
other payables |
|
|
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|
63,120,303 |
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|
61,115,121 |
|
Derivative financial
instruments |
|
|
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|
1,338,491 |
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|
1,518,249 |
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Lease liability |
|
10 |
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3,356,221 |
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|
2,154,878 |
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|
95,018,165 |
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|
95,036,895 |
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Total
liabilities |
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|
193,582,370 |
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|
197,836,045 |
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TOTAL EQUITY AND
LIABILITIES |
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|
319,166,658 |
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|
307,252,460 |
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Brooge Energy (NASDAQ:BROG)
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Brooge Energy (NASDAQ:BROG)
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