Ezra Holdings

[Some-one]

How about CPFIS investor? Do they get the free shares as well?

[AlphaQuant]

Ezra raises S$150 million from perpetual securities
BYLOUIS LAW PRINT |EMAIL THIS ARTICLE

Ezra's managing director Lionel Lee said: "The strong appetite for our notes and securities in support of our efforts to strengthen our balance sheet reflects investor confidence in Ezra and our future." - PHOTO: TRIYARDS HOLDINGS
Singapore Exchange (SGX) listed Ezra Holdings launched and priced its first Singapore dollar denominated subordinated perpetual securities to raise S$150 million.
This issuance is the second offering under Ezra's US$500 million Multicurrency Debt Issuance Programme established on 28 August 2012.
The securities will bear an initial fixed distribution rate of 8.75 per cent per annum for the first three years. The distribution rate will be subject to reset every three years and includes a one-time step-up from and including the first reset date, 18 September 2015. Additionally, Ezra may choose to redeem in whole the securities on or after the third anniversary of the issuance.
DBS Bank Ltd and The Hongkong and Shanghai Banking Corporation Limited are the appointed dealers for the securities.


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i was taking a look at the balance sheets of this bloke. it looks like a walking timebomb.

[Louhan]

Yes, all Ezra shareholders will get 1 Triyard share for every 10 Ezra shares. As Ezra shares are ex-entitlement today, its price has dropped to $1.15.

How about CPFIS investor? Do they get the free shares as well?

[Musicwhiz]

i was taking a look at the balance sheets of this bloke. it looks like a walking timebomb.

Has been that way since 2008-2009 period.

Perhaps the Company looks to grow its way out of the debt......

[Musicwhiz]

The Straits Times
www.straitstimes.com
Published on Jan 15, 2013
Ezra's Q1 profit nearly halves on higher expenses

OFFSHORE services group Ezra Holdings reported a 49 per cent drop in first-quarter net profit to US$6.8 million (S$8.3 million) yesterday.

The weaker earnings, which were reported before the stock market opened, sent its shares tumbling 4.2 per cent to $1.25.

Profits were hurt by higher expenses and lower contributions from associated companies.

This was despite revenue for the three months to Nov 30 rising 54 per cent to US$278.7 million.

Revenue was boosted by higher sales from the offshore support services division, due mainly to the inclusion of new vessels for operations.

This was partially offset by vessels that were sent for repair and maintenance, and in transit to the next area of operations.

Financial expenses were up 28 per cent at US$10.5 million while share of profit from associates slumped by 64 per cent to US$1.8 million.

A 34 per cent increase in administrative expenses to US$35.8 million was attributed mainly to higher personnel cost as a result of increased hirings at the subsea division to prepare for new projects.

Bad debts written off also contributed to the higher expenses.

Earnings per share slipped to 0.69 US cent from 1.54 US cents previously while net asset value per share increased to 118.47 US cents compared to 103.87 US cents as of Aug 31.

Managing director Lionel Lee said the group is expected to reap the benefits from a gradual recovery in the offshore support services sector. Improving operational efficiency and delivering a growing order book will also hold the group in good stead.

Separately, Ezra yesterday said its units had been awarded multiple contracts for projects in the North Sea and Asia-Pacific.

One unit, Emas AMC, has won several new contracts and options worth up to US$85 million in total for several projects in the North Sea and Asia. This includes a project with an oil major in the Asia-Pacific region worth up to US$45 million.

Other awards include a new subsea and moorings installation contract relating to a development project for an independent oil company in Malaysia as well as additional work in the North Sea from Statoil of Norway.

[Musicwhiz]

The Straits Times
www.straitstimes.com
Published on Apr 13, 2013
Choppy waters fail to sink Ezra sales

By Chia Yan Min

OFFSHORE services group Ezra Holdings has reported a boost in sales despite the recent uneven performance of the oil and gas industry.

The company reported a 34 per cent jump in revenue to US$525.8 million (S$652 million) for the half-year ended Feb 28.

Emas AMC, Ezra's subsea services arm, led the contribution to the top line, accounting for US$107.1 million of the US$133.5 million jump in the group's sales.

Ezra also posted a 2.8 per cent rise in half-year net profit to US$36.4 million from the same period last year.

Managing director Lionel Lee said that while the outlook for the subsea segment was tempered this year as companies faced unexpected postponement of projects and supply-chain bottlenecks, "Ezra managed to hold its own".

"We believe that prospects for the subsea sector remain strong over the medium to long term," he said.

The group has an order backlog of more than US$2.1 billion of contracts, with its subsea division accounting for more than half of these projects.

The subsea division secured approximately US$430 million worth of contracts in the first half of this financial year.

It was also awarded contracts in the North Sea from Det norske and Statoil last month, adding up to more than US$165 million.

Separately, the division also announced yesterday that it has been awarded projects in West Africa and the Gulf of Mexico worth about US$75 million in total.

Earnings per share for the six months ended Feb 28 slipped to 3.74 US cents from 4.10 US cents in the previous year.

The group's net asset value per share increased to 121.51 US cents compared with 103.87 US cents as of Aug 31.

Ezra shares rose one cent to close at $1.075 yesterday.

chiaym@sph.com.sg

[greengiraffe]

Fallen angel, don't know when it will ever get back on its feet.

Perhaps, it is really a tough industry for the support guys and perhaps the way to go is to ride on the star stocks of the moment like Ezion, make hay while share price shine and get out in the nick of time.

Jaya and Swiber can aid in explaining why businesses are viable but they are capital intensive and competitively operated.

Odd Lot Holdings

The Straits Times
www.straitstimes.com
Published on Jan 15, 2013
Ezra's Q1 profit nearly halves on higher expenses

OFFSHORE services group Ezra Holdings reported a 49 per cent drop in first-quarter net profit to US$6.8 million (S$8.3 million) yesterday.

The weaker earnings, which were reported before the stock market opened, sent its shares tumbling 4.2 per cent to $1.25.

Profits were hurt by higher expenses and lower contributions from associated companies.

This was despite revenue for the three months to Nov 30 rising 54 per cent to US$278.7 million.

Revenue was boosted by higher sales from the offshore support services division, due mainly to the inclusion of new vessels for operations.

This was partially offset by vessels that were sent for repair and maintenance, and in transit to the next area of operations.

Financial expenses were up 28 per cent at US$10.5 million while share of profit from associates slumped by 64 per cent to US$1.8 million.

A 34 per cent increase in administrative expenses to US$35.8 million was attributed mainly to higher personnel cost as a result of increased hirings at the subsea division to prepare for new projects.

Bad debts written off also contributed to the higher expenses.

Earnings per share slipped to 0.69 US cent from 1.54 US cents previously while net asset value per share increased to 118.47 US cents compared to 103.87 US cents as of Aug 31.

Managing director Lionel Lee said the group is expected to reap the benefits from a gradual recovery in the offshore support services sector. Improving operational efficiency and delivering a growing order book will also hold the group in good stead.

Separately, Ezra yesterday said its units had been awarded multiple contracts for projects in the North Sea and Asia-Pacific.

One unit, Emas AMC, has won several new contracts and options worth up to US$85 million in total for several projects in the North Sea and Asia. This includes a project with an oil major in the Asia-Pacific region worth up to US$45 million.

Other awards include a new subsea and moorings installation contract relating to a development project for an independent oil company in Malaysia as well as additional work in the North Sea from Statoil of Norway.

[Musicwhiz]

Yes super capex intensive business, with nary any free cash flows. I made the classic beginner's mistake of owning this and now look back on it as a valuable lesson. I also hope I've become wiser as a result.

It doesn't help that Ezra bought out their current subsea division at 5x book and that subsea GPM is moving down. There's a reason (I believe) why theyve stopped disclosing divisional GPM!

[greengiraffe]

Looks to be very familiar... remember Boustead never reveal divisional breakdown of individual engineering outfits until performances are well and settled?

GG

Yes super capex intensive business, with nary any free cash flows. I made the classic beginner's mistake of owning this and now look back on it as a valuable lesson. I also hope I've become wiser as a result.

It doesn't help that Ezra bought out their current subsea division at 5x book and that subsea GPM is moving down. There's a reason (I believe) why theyve stopped disclosing divisional GPM!

[Musicwhiz]

Looks to be very familiar... remember Boustead never reveal divisional breakdown of individual engineering outfits until performances are well and settled?

GG

Hmm, from what I recall, Boustead had actually increased their disclosure due to shareholders requesting for more information; and now they disclose not just their revenue breakdown but also their PBT for each division (hence, PBT margin can be computed).

Ezra, on the other hand, seem to have gone the other way - disclosing less than what they used to. When I was vested from 2005-2009, I do recall them disclosing the gross margins of their divisions (Fabrication, Offshore Support and Subsea) but now they have omitted it.

So what I can conclude is that Boustead are increasing their disclosure while Ezra has decreased theirs. If your comparison is between GPM, then Boustead has mentioned this is sensitive due to competitive reasons, and therefore does not disclose it.