Savannah is focused on delivering material long‐term returns for all stakeholders. Our Board and management team have a strong track record of sustainably growing and monetising energy projects.
FY 2022 Results Highlights
26.8 Kboepd
Average gross daily production
US$290.4m
Total Revenues1
US$240.9m2
Group cash balance
A compelling investment opportunity
US$3.8bn
Contracted revenues stream3
15 years
Weighted average remaining gas contract life
23.7 years
2P/2C reserve and resource life
77%
Adjusted EBITDA5 margin
1.8x
Consolidated leverage
Strong
Anticipated organic growth
2022 Annual Report and Accounts
“We remain unequivocally an “AND” company. We are seeking
to deliver strong performance, both for the short AND
long-term, across multiple fronts. We are pursuing growth
opportunities in both the hydrocarbon AND renewable
energy areas. This approach permeates our entire business
and how we have built, and will continue to build, our
corporate infrastructure.”
– Andrew Knott, CEO.
1. Total Revenues refers to the total amount invoiced in the financial year. This number is seen by management as appropriately reflecting the underlying cash generation capacity of the business compared to Revenue recognised in the income statement. A detailed explanation of the impact of IFRS 15 revenue recognition rules on our income statement is provided in the Financial Review section of our 2020 Annual Report.
2. Within cash balance of US$240.9m, US$136.7m is set aside for debt service, of which US$98.4m is for interest and US$38.3m is for scheduled principal repayments.
3. Remaining life of contact revenues estimated on a maintenance adjusted Take-or-Pay basis including contributions from three of our customers: Calabar Generation Company Limited (owner of the Calabar power station), Ibom Power Company Limited (owner of the Ibom power station) and the Lafarge Africa PLC (owner of the LafargeMfamosingcement plant).
4. Adjusted EBITDA is calculated as profit or loss before finance costs, investment revenue, foreign exchange gains or loss, expected credit loss and other related adjustments, fair value adjustments, gain on acquisition, taxes, transaction costs, depreciation, depletion and amortisation and adjusted to include deferred revenue and other invoiced amounts. Management believes that the alternative performance measure of Adjusted EBITDA more accurately reflects the cash-generating capacity of the business. In order to provide a meaningful comparison with 2021, the 2022 figures exclude the impact of Chad operations.