Savannah Energy FY 2020 Preliminary Annual Results

Savannah Energy PLC, the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, is pleased to announce its unaudited preliminary results for the year ended 31 December 2020. A copy of the Annual Report and Accounts will be finalised and posted to Shareholders shortly and a separate notification made in this regard.

Key FY 2020 Financial Highlights
• FY 2020 Total Revenues of US$235.9m (+23% on FY 2019 pro-forma3 Total Revenues of US$192.1m);

•Average realised gas price of US$3.96/Mscf (+11% on the 2019 average realised pro-forma gas price of US$3.56/Mscf) and an average realised liquids price of US$46.2/bbl (-30% compared to the 2019 average realised pro-forma liquids price of US$66.3/bbl);

• Total cash collections from the Company’s Nigerian assets of US$187.4m (+11% on FY 2019 pro-forma cash collections of US$168.8m);

• FY 2020 Adjusted EBITDA of US$183.6m (+19% on 2019 pro-forma Adjusted EBITDA of US$153.8m);

• FY 2020 Adjusted EBITDA margin remained broadly unchanged at 78%;

• FY 2020 Group Operating expenses plus administrative expenses4 of US$46.4m (FY2020 initial guidance of US$68.0-72.0m);

• FY 2020 Group Depreciation, Depletion and Amortisation of US$36.3m (FY 2020 initial guidance of US$43.0-45.0m and 2019 pro-forma of US$53.7m);

• Group cash balances of US$106.0m5 as at 31 December 2020 (+121% versus FY 2019 yearend Group cash balances of US$48.1m);

• Group net debt of US$408.7m as at 31 December 2020 (-16% versus FY 2019 year-end Group net debt of US$484.0m);

• Leverage6 was 2.2x, a 31% improvement from 2019 pro-forma leverage of 3.2x, and an interest cover ratio7 of 2.8x, a 33% increase from 2019 pro-forma ratio of 2.1x; and

• Total Group assets amounted to US$1,207.2m at year-end (2019: US$1,145.0m).

Information Source: Read Full Release ..–>