Savannah is focussed 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.
A compelling investment opportunity
contracted revenues stream4
of weighted average remaining gas contract life
2P/2C Reserve and Resource Life index
Adjusted EBITDA5 Margin
anticipated organic growth
2019 Annual Report and Accounts
”I hope that this report gives shareholders a clear understanding of the quality of our business, the opportunities we face and a “feel” for what makes Savannah so uniquely positioned for the future”.
– Andrew Knott, CEO.
1. Total Revenues is defined as the total amount of invoiced sales during the period. This number is seen by management as more accurately reflecting the underlying cash generation capacity of the business as opposed 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 the Savannah Annual Report and Accounts 2019.
2. EBITDA is defined as profit or loss before finance costs, investment revenue, foreign exchange gains or losses, fair value adjustments, gain on acquisition, taxes, depreciation, depletion, and amortisation.
3. Within cash balance of US$53.3m, US$34.9m is set aside for debt service and US$1.6m relates to monies held in escrow accountsfor stamp duty relating to loan security packages.
4. Remaining life of contact revenues estimated on a maintenance adjusted Take-or-Pay basis including contributions from our 3 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). Note this is not an audited number.
5. Adjusted EBITDA is defined as Total Revenues less mid-point of the guidance range of the Group Administrative and Operating Costs (excluding transaction costs) and royalties of US$6m for FY 2020 (US$5m for FY 2019).