Total Revenues1(US$m)
Savannah daily production (kboepd)
+26%
+20%
Adjusted EBITDA2 margin (%)
Leverage (Net debt/Adj. EBITDA2)
Interest coverage ratio3
Stable
Stable
Nigerian asset base performance enhancement
Since announcing the acquisition of our Nigerian assets in 2017, Savannah has worked with the former management team to restructure the business and deliver substantial operational improvements.
Total Revenues1(US$m)
Production (Kboepd)
1. Total Revenues are 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 on page 67 of the Savannah Annual Report and Accounts 2019.
2. 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.
3. Interest cover ratio is Adjusted EBITDA divided by Finance costs excluding (i) unwinding of a discount on a long-term payable, (ii) unwind of discount on contract liabilities and (iii) unwinding of decommissioning discount, less Finance Income