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As Of Filer Filing For·On·As Docs:Size Issuer Agent 12/18/17 Seadrill Ltd 6-K 12/18/17 2:2.0M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 6-K Report by a Foreign Private Issuer HTML 9K 2: EX-99.1 Miscellaneous Exhibit HTML 212K
| EX-99.1 |
Exhibit 99.1
SDRL – Seadrill Announces Updated Business Plan
Hamilton, Bermuda, December 16, 2017 - On September 12, 2017, Seadrill Limited (“Seadrill” or the “Company”) filed a Form 6K, attached to which as Exhibit 99-1 was a presentation which included the Company’s business plan. In the ordinary course of business, Seadrill has prepared an updated business plan, which is attached hereto.
Also, on December 15, 2017, the Company filed a revised disclosure statement with the court overseeing its chapter 11 cases in the Southern District of Texas. The revised disclosure statement includes valuation and liquidation analyses prepared by the Company and its advisors and can be viewed at https://www.primeclerk.com/SeadrillAmendedDS.
This press release is not intended to be, and should not in any way be construed as, a solicitation of votes of bondholders or other investors regarding the chapter 11 plan.
CONTACT:
Prime Clerk
US Toll Free: 844-858-8891
Brazil Toll Free: 0-800-591-8054
Mexico Toll Free: 01-800-681-5354
Nigeria Toll Free: 070-80601847
Norway Toll Free: 800-25-030
Saudi Arabia Toll Free: 800-850-0029
Singapore Toll Free: 800-492-2272
Thailand Toll Free: 1-800-011-156
UAE Toll Free: 8000-3570-4559
UK Toll Free: 0-800-069-8580
Email: seadrillinfo@primeclerk.com
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company’s plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
2
 Seadrill
Limited Strictly
Private & Confidential
December 2017 Business Plan Update
December 2017 Subject to the disclosures, assumptions and qualifications set out in this presentation
including, without limitation, the disclaimer set forth on page 2
|
 Disclaimer 2 We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis
for any decision, contract, commitment or action whatsoever, with respect
to any proposed transaction or otherwise. The information contained herein includes certain statements, estimates and projections with respect to our anticipated future performance and
anticipated industry trends. Such statements, estimates and projections
reflect various assumptions concerning anticipated results and industry
trends, which assumptions may or may not prove to be correct. Actual results and trends
may vary materially and adversely from the projections contained herein.
Neither we nor any of our affiliates, or our or their respective officers, employees, advisors or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral
information provided in connection herewith, or any data it generates and
accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. We and our affiliates and our and their respective officers, employees, advisors and
agents expressly disclaim any and all liability which may be based on this
document and any errors therein or omissions therefrom. Neither we nor any of our affiliates, or our or their respective officers, employees, advisors or agents, make any representation or warranty, express or implied, that
any transaction has been or may be effected on the terms or in the manner
stated in this document, or as to the achievement or reasonableness of
future projections, management targets, estimates, prospects or returns, if any. Any
views or terms contained herein are preliminary only, and are based on
financial, economic, market and other conditions prevailing as of the date of this document or as at the date stated in respect of that information and are therefore subject to change. We undertake no obligation or responsibility to update any of the information contained in this
document. Past performance does not guarantee or predict future
performance. This document and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any security,
commodity or instrument or related derivative, nor do they constitute an
offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading
strategies, and do not constitute legal, regulatory, accounting or tax
advice to the recipient. We recommend that the recipient seek independent third party legal, regulatory, accounting and tax advice regarding the contents of this document. This document does not constitute and should not be
considered as any form of financial opinion or recommendation by us or
any of our affiliates. This document is not a research report and was not
prepared by the research department of Seadrill Limited or any of its affiliates. |
 Table of
Contents •
Executive Summary • Updated Business Plan • Updated Components 1. Q3 Actuals 2. Movement in the USD LIBOR Swap Curve 3. Fearnley December 2017 Update 4. 2018 Budget, Rollover Cost and Other Assumptions • Appendix Cleansing Presentation Case vs December Delayed
Dayrate Case 3 |
 Executive
Summary 5
The Business Plan, which forms the basis for the Recapitalisation Plan being negotiated
with our creditors, has been updated to reflect:
Q3 Actuals Movement in the USD LIBOR swap curve Revised Fearnley dayrate and utilisation assumptions (taken from the Fearnley December 2017 Addendum Report) The 2018 budget, revised rollover cost and other assumptions The updated Business Plan (the “Updated Business Plan”) over the period 2017-2022
see revenues lower by $1,407 million, EBITDA lower by $499 million and cash flow
(UFCF) lower by $604 million compared to the presentation published on 12
September 2017
(the “Cleansing Presentation”) (1) The Updated Business Plan does not draw on either IHCo cash or on the $500 million Amortisation Conversion Election 1. Cleansing Presentation released in the form of a 6-K on September 12, 2017 |
 Updated
Business Plan – December Financing Case
Key Financials 7 1. Amortisation in 2020 is less than the term sheets’ 2020 amortisation of $434mm, which reflects the true-up for amortisation paid after
1 August 2017 ($ in millions)
2017 2018 2019 2020 2021 2022 Total Delta to Cleansing Deck Cash Flow Items Revenue $1,892 $1,159 $2,152 $2,662 $2,939 $3,192 $13,997 ($1,406)
Opex ($866) ($637) ($1,025) ($1,107) ($1,220) ($1,280) ($6,134) $724 G&A ($273) ($164) ($171) ($177) ($192) ($199) ($1,176) $183 EBITDA
$754 $359 $956 $1,378 $1,527 $1,713 $6,687 ($499) LTM & Capex (138) (296) (492) (284) (233) (138) ($1,580) ($52) Working Capital
($127) $85 ($163) ($110) ($43) ($40) ($397) ($172) Tax ($64) ($56) ($115) ($144) ($167) ($181) ($727) $121 Unlevered FCF 425
91 186 841 1,085 1,354 3,982 ($603) Debt service (1,248) (471) (462) (815) (955) (1,125) (5,076) $523 New Capital / Other 344 895
40 40 40 40 1,399 $27 Net Cash Flow (479) 515 (236) 66 170 269 305 ($54) Balance Sheet Items Bank Debt $5,662 $5,662
$5,662 $5,304 $4,782 $4,064 $621 New Secured Capital - 895 968 1,048 1,135 1,228 ($25) Bonds 2,295 - - - - -
Sale Leaseback 787 689 592 494 397 299 Total Debt $8,744 $7,246 $7,222 $6,846 $6,313 $5,592 $597 Cash 890 1,405 1,170
1,236 1,406 1,674 ($54) Net Debt $7,854 $5,840 $6,052 $5,610 $4,908 $3,918 $650 Credit Statistics Net Debt / EBITDA 10.4x 16.3x 6.3x 4.1x 3.2x
2.3x 0.4x |
 Key
Metrics – New Business Plan vs Cleansing Deck
8 Revenue EBITDA UFCF Change from the Cleansing Deck Case to the December Financing Case 1,892 754 1,713 91 1,354 Dec Total Dec Total Cumulative Reduction 425 48 186 841
1,085 1,326 43 228 98 177 28 604 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2017 2018 2019
2020 2021 2022 172 744 359 956 1,378 1,527 1,680 10 193 39 165 144 33 499 $0 $200 $400
$600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 1,865 1,159 2,152 2,662 2,939 3,192 27 655 247 318 210 4 1,407
$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Legend |
 Updated
Business Plan – Cashflow Bridge
9 $54 million decrease Impact of Budget & Rollover Assumptions $1,728 $1,674 ($45) ($86) ($790) $346 $521 $0 $300 $600 $900 $1,200 $1,500
$1,800 $2,100 Cleansing Deck 2022 Ending Cash Impact of Q3 Actuals Impact of LIBOR Impact of Fearnley Update Cash Flow Sweep / Debt Service Change Updated Business Plan 2022 Ending Cash |
 ($mm) 10 Liquidity After Restructuring 1. Consolidated cash includes cash in RigCo, IHCo, NSNCo and SDRL Ltd Updated Business Plan – Liquidity $210mm in Reactivation Costs incurred in 1Q 2019 - $200 $400 $600 $800 $1,000 $1,200 $1,400
$1,600 $1,800 $2,000 RigCo Liquidity Consolidated Liquidity Min. Liquidity Requirement (at RigCo) - $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 RigCo
Liquidity Consolidated Liquidity Min. Liquidity Requirement (at RigCo) Cleansing Deck Forecast Updated Business Plan |
 Q3
Actuals 12
Key Financials Q3 2017 ($ in millions) Q3 Forecast Q3 Actual Delta Cash Flow Items Revenue $440 $468 $28 Opex (205) (209) ($4) G&A ($55) ($69) ($14)
EBITDA $180 $190 $10 LTM & Capex (31) (47) (16) Working Capital (39) (172) ($133) Tax (24) (7) $17 Unlevered FCF $85
($36) ($121) Debt service (265) (265) (0) New Capital / Other 42 118 76 Net Cash Flow ($138) ($184) ($45) Balance Sheet Items Bank Debt $5,662 $5,662 -
New Secured Capital - - - Bonds 2,295 2,295 - Sale Leaseback 811 811 - Total Debt $8,768 $8,768 $0 Cash 1,106 1,060
(45) Net Debt $7,662 $7,708 $45 Credit Statistics Net Debt / EBITDA 8.6x 8.6x 0.1x Higher EBITDA due to higher uptime, partially offset by higher operating and G&A costs for the quarter relative to forecast Forecast assumes flat quarterly G&A of $55
million, main difference to actual relates to timing of costs incurred (2017 full year actual forecast: $192 million vs full year forecast of $220 million) Lower working capital due to higher prepaid expenses related to pre- petition liability settlements Net cashflow reduction of $45 million |
 14 Change in LIBOR Curve • The cleansed business plan at the point of filing used the prevailing LIBOR swap curve at
the time • US interest rates have risen since then as shown above, leading to higher interest
expense over the 5-year projection period
• This movement results in an $86 million decrease in Unlevered Free Cash Flow during the
period 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% September LIBOR Curve December LIBOR Curve |
 Overview 16 Fearnley released a third addendum report in December 2017 to the original report on the offshore drilling
market released in February 2016 Their updated report indicates weaker market conditions in the short to medium term and
a slower recovery: Dayrate and utilisation forecasts are lower across the forecasted period Full recovery of the drilling market
postponed to 2021 This was largely driven by developments on the demand side as the prolonged downturn is keeping
dayrates at the lower end of the range previously predicted Following the drop in oil price in late May this
year, additional drilling programs were postponed over the summer, leading to a somewhat less bullish demand picture in the
near term At the same time Fearnley noted that the probability of a future recovery has strengthened, even if
timing remains difficult to predict: Oil market rebalancing is ongoing with price now stable within the range predicted by
Fearnley Depletion of current fields is still a growing trend and will not be reversed without significant investment by
the oil companies US shale has become less of a threat as the long term production volumes achievable even
under optimistic assumptions are nowhere near what would be required to replace offshore production Offshore drilling costs have been
reduced substantially |
 Variance
Analysis – Cleansing Presentation Case vs December Financing
Case Operating Assumptions Variance: Floaters
Operating Assumptions Variance: BE JU
Comments 2018 2019 2020 2021 2022 Uncontracted Dayrate Jun 2017 $224 $315 $420 $435 $435 Dec 2017 $224 $322 $394 $406 $428
Delta - 7 ($26) ($29) ($7) % - 2% (6%) (7%) (2%) Total Floater Utilisation Jun 2017 77% 87% 89% 91% 91%
Dec 2017 58% 76% 83% 89% 92% Delta (19%) (11%) (6%) (2%) 1% Operating Assumptions Variance: HE JU • Floater and BE JU dayrates and utilisation revised downward • Floater
and BE JU market fully rebalanced by 2021 vs 2020 previously • HE JU market dayrate assumptions improved throughout the forecast period although 2019+ utilisation assumptions reduced 2018 2019 2020 2021 2022 Uncontracted Dayrate Jun 2017 $90 $97 $112 $118
$125 Dec 2017 $67 $84 $94 $103 $111 Delta ($23) ($13) ($18) ($15) ($14) % (26%) (14%) (16%) (13%) (11%) Total
BE JU Utilisation Jun 2017 85% 89% 90% 89% 88% Dec 2017 68% 74% 87% 90% 90% Delta (17%) (15%) (3%) 1% 3% 2018
2019 2020 2021 2022 Uncontracted Dayrate Jun 2017 $137 $158 $215 $243 $243 Dec 2017 $169 $197 $236 $253 $263 Delta $32 $39
$2 $10 $20 % 23% 25% 1% 4% 8% Total HE JU Utilisation Jun 2017 67% 90% 90% 90% 90% Dec 2017 78% 79%
88% 86% 83% Delta 11% (11%) (2%) (4%) (7%) 17 |
 2018
Budget Update Impact 19
Key Financials 2018 ($ in millions) 2018 Fearnley 2018 Budget Delta Cash Flow Items Revenue $1,426 $1,159 (267) Opex (846) ($637) 209 G&A (220) ($164)
56 EBITDA $360 $359 (1) LTM & Capex (220) (296) (76) Working Capital 39 $85 46 Tax (76) ($56) 20 Unlevered FCF $102
91 (11) Debt service (482) (471) 11 New Capital / Other 943 895 (48) Net Cash Flow 564 515 (49) Balance Sheet Items (as of Q4 18) Bank Debt $5,662 $5,662 -
New Secured Capital 913 895 (18) Bonds - - - Sale Leaseback 689 689 - Total Debt $7,264 $7,246 (18) Cash 1,454 1,405 (49)
Net Debt $5,810 $5,841 31 Credit Statistics Net Debt / EBITDA 16.2x 16.3 0.1x Lower EBITDA due to fewer assumed operating units relative to Fearnley 2018 forecast, partially offset by reduced operating costs and G&A Higher LTM and capex primarily due to SPS classings and rig upgrades either for
marketability or customer specific requirements Lower cash tax and higher working capital release due to lower projected revenue for the year Reduced debt service and New Secured Capital outstanding due to timing adjustment for the effective date (NSN issuance) |
 Rollover
Cost Assumptions – Opex
20 The Cleansing Presentation assumed rollover opex per rig of $130k/d in 2018, followed by a ramp-up of costs in line with the shape of Fearnley’s market
utilisation assumptions. Normalisation was assumed to occur in 2020
The 2018 budget update shows an average opex per rig of $125k/d. The
ramp- up from that point has been amended to reflect a normalised
market in 2021 per Fearnley’s December update
2018 2019 2020 2021 2022 Opex 130k/d 135k/d 146k/d 152k/d 158k/d Ramp up % 4% 4% 8% 4% 4% 2018 2019 2020
2021 2022 Opex 125k/d 130k/d 135k/d 146k/d 152k/d Ramp up % - 4% 4% 8% 4% |
 Rollover
Cost Assumptions – G&A
21 The Cleansing Presentation had a flat G&A assumption throughout the forecast of $220 million per annum The Updated Business Plan 2018 budget update shows G&A of $164 million, down from $192 million forecasted for 2017, given cost reductions achieved. Roll-over G&A costs are assumed to move in line with opex assumptions 2018 2019 2020 2021 2022 G&A $220m $220m
$220m $220m $220m Ramp up % - - - - - 2018 2019 2020 2021 2022 G&A $164m $171m $177m $192m $199m
Ramp up % - 4% 4% 8% 4% |
 Management Fees Related to SDLP and
SeaMex 22 Seadrill provides management services to SDLP and SeaMex The fees charged by SDRL represent their respective allocations in G&A and certain onshore-related opex costs and are split as follows: These fees are included in the December update, but were not included in the previous cleansing deck 2018 Budget/Reported SDLP/SeaMex Related 2018 SDRL Net Opex $636.7 million $14.7 million
$622.0 million G&A $164.0 million $34.8 million $129.1 million Total Operating Costs $800.7 million $49.5 million $751.1 million |
 Rollover
Cost Assumptions – LTM & Capex
23 The Cleansing Presentation’s LTM & Capex per unit (excluding 5-year SPSs)
assumptions were: The December revision reflects the Company’s actual experience over the past
3 years, which we believe is a better benchmark
Asset Class LTM Capex Floaters US$4.0m US$2.0m Jack-ups US$1.5m US$0.5m Asset Class LTM Capex Floaters US$4.0m US$1.0m Jack-ups US$0.8m US$0.5m |
 Key
Metrics – New Business Plan vs Cleansing Deck
24 Revenue EBITDA UFCF Change from the Cleansing Deck Case to the December Financing Case 1,892 754 1,713 91 1,354 Dec Total Dec Total Legend Cumulative Reduction 425 48 186
841 1,085 1,326 43 228 98 177 28 604 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2017 2018
2019 2020 2021 2022 172 744 359 956 1,378 1,527 1,680 10 193 39 165 144 33 499 $0 $200
$400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 1,865 1,159 2,152 2,662 2,939 3,192 27 655 247 318 210 4
1,407 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 |
 ($mm) 25 Liquidity After Restructuring 1. Consolidated cash includes cash in RigCo, IHCo, NSNCo and SDRL Ltd Updated Business Plan – Liquidity Cleansing Deck Forecast Updated Business Plan $210mm in Reactivation Costs incurred in 1Q 2019 - $200 $400 $600 $800
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 RigCo Liquidity Consolidated Liquidity Min. Liquidity Requirement (at RigCo) - $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600
$1,800 $2,000 RigCo Liquidity Consolidated Liquidity Min. Liquidity Requirement (at RigCo) |
 Cash
Hazards and Opportunities Hazards
Opportunities Entity Affected / Beneficiary Newbuilds guarantee settlement TBD - RigCo Working capital buffer - +$50 million RigCo Support for JV’s -$40 million - RigCo
Seadrill Partners distributions (1) -$40 million p.a. - IHCo Sapura deferred consideration (2,3) - +$95 million RigCo / NSNCo Seabras Sapura J.V. dividends - +$40 million p.a. NSNCo 26
1. Includes distributions from subsidiaries of Seadrill Partners to Seadrill Partners that are then up-streamed and distributions from Seadrill
Ltd’s direct stake in the subsidiaries of Seadrill
Partners 2.
As of September 30, 2017
3. NSNCo benefits post-closing, subject to a minimum outstanding balance of $55m |
 Summary
of the Business Plan Update In conducting its annual budgeting process,
the Company has updated its Business Plan to reflect its 2018 budget and
updated dayrate and utilisation projections
While dayrates and utilisation are generally lower than the Cleansing
Presentation throughout the projection period, the forecast anticipates a return
to a normalised market by 2021
The impact of lower dayrates and utilisation is partially offset by improved
operating expense and SG&A
Although there is a $603 million reduction in UFCF over the forecast period,
RigCo does not need to receive cash from IHCo or exercise the
Amortisation Conversion Election
27 |
 Variance
Analysis – December Delayed Dayrate Case
Operating Assumptions Variance: Floaters
Operating Assumptions: HE Jack-ups
Operating Assumptions: BE Jack-ups
2017 2018 2019 2020 2021 2022 Total Utilisation Rate Jun 2017 Financing 51% 77% 87% 89% 91% 91% Jun 2017 Delayed Dayrate 51% 77% 87%
89% 91% 91% Dec 2017 Financing 51% 58% 76% 83% 89% 92% Dec 2017 Delayed Dayrate 51% 58% 76% 83% 89% 92% Annual
Uncontracted Dayrate Jun 2017 Financing $180 $268 $363 $420 $435 $435 Jun 2017 Delayed Dayrate $180 $224 $316 $420 $435 $435 Dec 2017 Financing Case $180
$224 $322 $394 $406 $428 Dec 2017 Delayed Dayrate $180 $202 $273 $394 $406 $428 Legend Recovery Delay Midpoint calculation for 6 month delay 2017 2018
2019 2020 2021 2022 Total Utilisation Rate Jun 2017 Financing 67% 67% 90% 90% 90% 90% Jun 2017 Delayed Dayrate 67% 67% 90% 90% 90%
90% Dec 2017 Financing 67% 78% 79% 88% 86% 83% Dec 2017 Delayed Dayrate 67% 78% 79% 88% 86% 83% Annual Uncontracted Dayrate Jun 2017
Financing $133 $141 $175 $215 $243 $243 Jun 2017 Delayed Dayrate $133 $137 $158 $215 $243 $243 Dec 2017 Financing $133 $169
$197 $236 $253 $263 Dec 2017 Delayed Dayrate $133 $151 $183 $236 $253 $263 2017 2018 2019 2020 2021 2022 Total Utilisation Rate
Jun 2017 Financing 65% 85% 89% 90% 89% 88% Jun 2017 Delayed Dayrate 65% 85% 89% 90% 89% 88% Dec 2017 Financing 65% 68%
74% 87% 90% 90% Dec 2017 Delayed Dayrate 65% 68% 74% 87% 90% 90% Annual Uncontracted Dayrate Jun 2017 Financing $84 $95 $99 $112 $118
$125 Jun 2017 Delayed Dayrate $84 $90 $97 $112 $118 $125 Dec 2017 Financing $84 $67 $84 $94 $103 $111 Dec 2017 Delayed Dayrate
$84 $76 $75 $94 $103 $111 29 |
 Cleansing
Deck Case vs December Delayed Dayrate Case Revenue
EBITDA UFCF Change from the Cleansing Deck Case to the December Delayed Dayrate Case 91 1,354 172 1,892 754 1,713 30 Dec Total Dec Total Legend Cumulative Reduction 1,865 1,159 1,916
2,662 2,939 3,192 27 655 483 318 210 4 1,643 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 744
359 721 1,378 1,527 1,680 10 193 274 165 144 33 734 $0 $200 $400 $600 $800 $1,000 $1,200
$1,400 $1,600 $1,800 425 48 7 799 1,085 1,326 43 407 140 177 28 825 $0 $200 $400 $600 $800
$1,000 $1,200 $1,400 $1,600 2017 2018 2019 2020 2021 2022 |
 ($mm) 31 Liquidity After Restructuring 1. Consolidated cash includes cash in RigCo, IHCo, NSNCo and SDRL Ltd Cleansing Deck vs December Delayed Dayrate – Liquidity (1) (1) Cleansing Deck
Forecast – Delayed Dayrate Updated Business Plan – Delayed Dayrate |
 December
Delayed Dayrate Case – Key Metrics
32 Key Financials ($ in millions) 2017 2018 2019 2020 2021 2022 Total Delta to Cleansing Deck Cash Flow Items Revenue $1,892 $1,159 $1,916 $2,662
$2,939 $3,192 $13,762 ($1,641) Opex ($866) ($637) ($1,025) ($1,107) ($1,220) ($1,280) ($6,134) $724 G&A ($273) ($164) ($171) ($177) ($192)
($199) ($1,176) $183 EBITDA $754 $359 $721 $1,378 $1,527 $1,713 $6,451 ($734) LTM & Capex (138) (296) (492) (284) (233) (138)
($1,580) ($52) Working Capital ($127) $85 ($121) ($151) ($43) ($40) ($397) ($172) Tax ($64) ($56) ($101) ($144) ($167) ($181)
($713) $135 Unlevered FCF 425 91 7 799 1,085 1,354 3,761 ($824) Debt service (1,248) (471) (462) (815) (955) (959) (4,910)
$689 New Capital / Other 344 895 40 40 40 40 1,399 $27 Net Cash Flow (479) 515 (415) 25 170 435 250 ($109)
Balance Sheet Items Bank Debt $5,662 $5,662 $5,662 $5,304 $4,782 $4,230 $787 New Secured Capital - 895 968 1,048 1,135 1,228 ($25) Bonds 2,295
- - - - - Sale Leaseback 787 689 592 494 397 299 Total Debt $8,744 $7,246 $7,222 $6,846 $6,313 $5,758
$763 Cash 890 1,405 990 1,015 1,184 1,619 ($109) Net Debt $7,854 $5,840 $6,232 $5,832 $5,129 $4,139 $871 Credit Statistics Net
Debt / EBITDA 10.4x 16.3x 8.6x 4.2x 3.4x 2.4x 0.5x 1. Amortisation in 2020 is less than the term sheets’ 2020 amortisation of $434mm, which reflects the true-up for amortisation paid after
1 August 2017 |
| This ‘6-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / For Period End: | 12/18/17 | None on these Dates | ||
| 12/16/17 | ||||
| 12/15/17 | ||||
| 9/30/17 | ||||
| 9/12/17 | ||||
| List all Filings | ||||
