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1MEDSERV Operations Ltd Medserv p.l.c. 15 April 2010
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2MEDSERV Operations Ltd
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MEDSERV p.l.c. Introduction Financial Highlights 2009 Operations 2010 Financial Forecasts 2010 Conclusion Medserv p.l.c AGENDA 2
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MEDSERV p.l.c. 2009 A challenging year for all business including the oil & gas industry Record profits before tax Cash profits Diversification of revenue stream Misurata base contributed 31% to the owners of the Company Efforts to enter new markets including Egypt and Italy Medserv p.l.c OPENING STATEMENT 3
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MEDSERV p.l.c. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Consolidated Statement of Comprehensive Income 20092008 €€ Revenue17,528,22715,565,257 Gross profit4,780,847311,8348 Results from operating activities3,255,8431,064,821 Net finance expense(72,739)(89,400) Profit before income tax3,183,104975,421 Earnings per share23c311c3 4
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MEDSERV p.l.c. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Segmental Reporting Significant profit margin improvements in both reporting segments. 5
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MEDSERV p.l.c. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Revenue Streams........... Malta 6
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MEDSERV p.l.c. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Revenue Streams........... Libya 7
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MEDSERV p.l.c. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Consolidated Operating Cash Flows Operating funds used in Acquisition of property, plant and equipment amounted to €1,030,105 (2008: €803,411) Repayment of bank loans €509,298 (2008: €556,787) Dividends payment €390,000 (2008: nil) Cash generated from operations in 2009 was more than double that generated in previous year 8
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MEDSERV p.l.c. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Consolidated Statement of Position 9
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MEDSERV p.l.c. Medserv p.l.c FINANCIAL HIGHLIGHTS 2009 Working Capital Position The Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations. During the year the Company increased its bank overdraft facility from €745,500 to €1,500,000 in order to fuel working capital requirements 10
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MEDSERV p.l.c. 2010 Re-organize for resilience Malta Business changing from one associated with supporting drilling operations to servicing rig owners and projects linked to platforms, or platform regeneration or installation. Work schedule includes mobilisation of African Installer barge, Ensco rig, MG Hulme and Songa Saturn. Supporting drilling operations for a multinational oil & gas company, which is expected to commence in the last quarter of 2010. Medserv p.l.c OPERATIONS 11
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MEDSERV p.l.c. 2010 Misurata, Libya Handling all BP tubular operations within the port of Misurata Contracted by Exxon to carry out all mud cleaning and disposal operations Gazprom drilling programme of 5 offshore wells is expected to commence in mid- 2010. Minimum of 10 month operation. Medserv p.l.c OPERATIONS 12
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MEDSERV p.l.c. 2010 NEW Markets All expansion plans are client oriented Egypt –Partner identified –Oil and gas is currently a bear market Tunisia Sicily, Italy Medserv p.l.c OPERATIONS 13
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MEDSERV p.l.c. Stocktaking 2010 The global economy is expected to start showing signs of recovery in 2010. Demand for oil and gas will increase and push up the price. Already at over $ 85 a barrel. This will once again set in motion exploration activity. Medserv will continue to invest in people to make sure we may meet the expected rise in business. We will continue to work on attracting rigs and barges to our specialised facilities. We will continue to work on new development of new markets. We will continue with our aggressive but cautious approach. We are cautiously optimistic on the outlook for 2010. Medserv p.l.c Conclusion 14
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MEDSERV p.l.c. Karl Bartolo Telephone number: 2220 2314 Email address: kbartolo@medservmalta.com Godwin Borg Telephone number: 2220 2306 Email address: gaborg@medservmalta.com Medserv p.l.c Contact Information 15
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