- Material one-off non-cash write-downs led to the attention-grabbing loss of S$1.9b for 2023; however, we highlight that the Seatrium’s underlying EBITDA rose fivefold to S$628m with a positive trend since 1H22.
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- The company has proposed a 20-for-1 share consolidation to be approved at its upcoming AGM.
2023 underlying results were better than expected.
- Seatrium (SGX:S51) reported a net loss of S$1.9b which included one-off non-cash write-downs of S$2b. Excluding these exceptional items, the results were better than expected with underlying 2023 EBITDA, which excludes exceptional items, rising fivefold to S$628m while underlying net loss was S$28m vs S$141m in 2022.
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Composition of the write-downs.
- These write-downs include S$1.4b for surplus and non-core assets and excess/obsolete inventories identified during its strategic review as well as S$0.6b of provisions for onerous contracts, legal and corporate claims, and merger expenses.
- Included in the one-off items was a provision for S$182m regarding an in-principle settlement with the Brazilian authorities for Operation Car Wash.
Share consolidation unveiled.
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