Informe anual y aviso de AGM
PARA PUBLICACION INMEDIATA |
18 de abril de 2024 |
PLC de Gulf Marine Services
('Gulf Marine Services', 'GMS', 'la Compañía' o 'el Grupo')
INFORME ANUAL 2023 Y AVISO DE LA JUNTA GENERAL ANUAL 2024
La Compañía informa que el Informe Anual de 2023, el Aviso de la Asamblea General Anual de 2024 y el Formulario de Poder se pondrán a disposición de los accionistas electrónicamente hoy, 18 de abril de 2024. El Informe Anual de 2023 (en formato pdf y compatible con ESEF), el aviso de la Asamblea General Anual de 2024 y el formulario de poder están disponibles en el sitio web de la Compañía en www.gmsplc.com.
De acuerdo con LR 9.6.1, también se han enviado copias de los documentos anteriores al Mecanismo Nacional de Almacenamiento de la FCA y pronto estarán disponibles para su inspección en el sitio web del Mecanismo Nacional de Almacenamiento. https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Hard copies of the 2023 Annual Report, Notice of the 2024 Annual General Meeting and Form of Proxy are today being posted to those shareholders having elected to receive paper copies.
De acuerdo con la Guía de divulgación y la Regla de transparencia 6.3.5, se incluye información adicional en los apéndices de este anuncio. Esta información se extrae del Informe anual 2023. Los apéndices deben leerse junto con los Anuncio de resultados del año completo 2023, emitido a las 07:00 horas del 4 de abril de 2024, número RNS 2402J. This material is not a substitute for reading the full 2023 Annual Report.
The Company will hold its Annual General Meeting (the 'AGM') at 2:30 p.m. (UAE time) on Wednesday, 5 June 2024 at Gulf Marine Services WLL, Office 403, International Tower, 24th (Karama) Street, Abu Dhabi, United Arab Emirates.
La Junta reconoce que la Asamblea General Anual es un evento importante para los accionistas en el calendario corporativo y se compromete a garantizar que los accionistas puedan ejercer su derecho a votar y hacer preguntas en relación con esta reunión. En consecuencia, para aquellos accionistas que no deseen asistir, o aquellos que deseen asistir y no puedan hacerlo, las preguntas relacionadas con los negocios de la Asamblea General Anual pueden enviarse mediante notificación razonable por correo electrónico a GME@dhr-rgv.com antes de la Asamblea General Anual y, en la medida en que sean relevantes para los asuntos de la reunión, las preguntas se responderán por correo electrónico y se tendrán en cuenta según corresponda en la propia reunión. No estamos planeando tener una presentación de los Directores en la Asamblea General Anual y se llevará a cabo estrictamente para llevar a cabo los negocios de la Asamblea General Anual.
La votación en la Junta General se realizará mediante sondeo, de manera que se tengan en cuenta todos los votos emitidos previamente por los accionistas que designan al Presidente de la Junta como su representante para votar en su nombre. Los accionistas tienen un voto por cada acción ordinaria que poseen al votar en una encuesta y este procedimiento garantiza que se puedan emitir todos los votos.
Los resultados de la AGM se anunciarán tan pronto como sea posible después de que haya tenido lugar.
Se anima a los accionistas que deseen votar sobre cualquiera de los asuntos de la Junta General Anual a enviar sus votos (lo antes posible) antes de la reunión y, en cualquier caso, antes de las 11.30 a. m. (hora del Reino Unido) del 3 de junio de 2024 a través del poder. y sistemas de voto electrónico y designar al Presidente de la junta como su representante a estos efectos. Se incluyen más detalles en el Aviso de la Asamblea General Anual.
Apéndice A
Declaración de responsabilidades de los directores
The following responsibility statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to, and is extracted from, page 76 of the 2023 Annual Report.
Estas responsabilidades son para el Informe Anual 2023 completo y no la información extraída presentada en este anuncio o de otra manera.
Lo confirmamos a nuestro leal saber y entender:
· los estados financieros, preparados de acuerdo con el marco de información financiera relevante, brindan una imagen fiel y fiel de los activos, pasivos, situación financiera y resultados de la Compañía y las empresas incluidas en la consolidación en su conjunto;
· el informe estratégico incluye una revisión justa del desarrollo y desempeño del negocio y la posición de la Compañía y los compromisos incluidos en la consolidación tomados en su conjunto, junto con una descripción de los principales riesgos e incertidumbres a los que se enfrentan; y
· el Informe Anual y los estados financieros, tomados en su conjunto, son justos, equilibrados y comprensibles y brindan la información necesaria para que los accionistas evalúen la posición y el desempeño de la Compañía, el modelo de negocios y la estrategia.
Los Consejeros de la Sociedad y sus responsabilidades a 3 de abril de 2024 se detallan a continuación:
Mansur Al Alami, Presidente Ejecutivo
Hassan Heikal, Deputy Chairman, Non-Executive Director
Lord Anthony St John of Blestso, Director no ejecutivo independiente senior
Charbel El Khoury, Director No Ejecutivo
Jyrki Koskelo, Director no ejecutivo independiente
Haifa Al Mubarak, Consejero no ejecutivo independiente
Apéndice B
Principales riesgos e incertidumbres
Lo siguiente ha sido extraído de las páginas 14 a 18 del Informe Anual 2023:
A continuación se detalla la calificación de los principales riesgos a los que se enfrenta el Grupo en los próximos cinco años, así como las medidas de mitigación. Estos riesgos no pretenden ser un análisis exhaustivo de todos los riesgos.
Riesgo | Factores atenuantes y acciones |
1 Utilización | |
Los niveles de utilización pueden verse reducidos por el siguientes causas subyacentes:
• Customer concentration ºdIng. a potencial cperchas in nuestros contract pagrofile andpipeline. Riesgos del potencial de of algo clientets a cOmpEtitores
• ADNOC continues a expand su huir dettcasa contlaminación the UAE market.
• Fleet capabilities may no longer match with changing client requirements. Clients may increase the standard specification required for a Self-Elevating Support Vessel (SESV), which might require the Group to upgrade some of its fleet to be compliant.
| Strengthening Client Engagement and Foster Loyalty The Group maintains strong client relationships through consistent communication and a demonstrated history of delivering secure and reliable services. GMS has formulated strategies for fleet upgrades aligned with anticipated client needs in the future. These initiatives aim to craft commercial proposals that foster loyalty, encouraging customers to commit to longer-term contracts involving a greater utilisation of vessels through incentivisation.
Diversification Strategies Across Business Segments and Geographies The Group actively seeks opportunities to optimise vessel utilisation and consistently evaluates avenues for diversifying its market presence by expanding its client portfolio.
Customisation Capabilities for Client Needs The Group is capable of modifying assets in order to satisfy client requirements. Further, GMS' vessels are adaptable to compete for a wider market share, enabling the Group to maximise the utilisation level and charter day rates.
To comply with LIMS (Lifting Integrity Management System) the Group has involved engineering companies to perform technical studies on existing equipment to extend the life of equipment (time limited).
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2 Incapacidad para asegurar una estructura de capital adecuada | |
Poor financial performance, such as declining revenues or profitability, can make it more difficult for the Group to attract financing or negotiate favourable terms.
A low share price may prevent GMS from raising sufficient levels of equity to recapitalise the business.
As warrants were issued in January 2023, this may impact the Group's ability to attract new investors as there would be a potential dilution if these warrants are exercised. | Focus on Deleveraging Conscious focus on deleveraging has resulted in reduction in leverage levels to 3.05 times compared to 4.4 times in 2022. Group anticipates net leverage ratio to be below 2.5 times before the end of 2024.
Investors Relationship Management Maintain strong investor relations and ensure timely dissemination of Regulatory News Service (RNS) updates.
Increased share price The share price has increased from 4.65 pence as of 31 December 2022 to 14.5 pence as of 31 December 2023, reflecting investors' confidence in the Group's business strategy.
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3 Arabian Peninsula Local Content Requirements | |
Arabian Peninsula region National Oil Companies (NOCs) have local content requirements as part of their tender processes, which varies for each country, designed to give preference to suppliers that commit to improving their local content and levels of spend and investment in-country. This may prevent GMS from winning new contracts or lead to financial loss and/or a reduction in profit margins on existing contracts, which will ultimately impact operating cash flows and net profitability.
| Requisitos de contenido local GMS fully embraces local content regulations, reflecting its extensive experience in serving NOCs in the Arabian Peninsula region. The Group maintains offices in Arabian Peninsula region countries where it operates, actively overseeing its supply chain to prioritise the enhancement of local content. When required, GMS collaborates with local partners in targeted markets to strategically position itself for project acquisition. Notably, during the tendering phase, companies with superior audited local content scores are typically offered first refusal to match any lower bids.
Conocimiento del mercado y experiencia operativa The Group has well-established long-term relationships in the Arabian Peninsula region which provides an understanding of clients' requirements and operating standards.
Contenido local The Group continues to explore ways to improve its local content scores in all the regions in which it operates. We are tracking the scores in two jurisdictions.
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4 Inability to deliver safe and reliable operations | |
Geo-political events or pandemic may impact ability to safely operate assets due to restricted crew travel in certain countries.
The Group may suffer commercial and reputational damage from an environmental or safety incident involving employees, visitors or contractors.
Inadequate preparation for situations, such as sudden equipment failure, inability to fulfil client requirements and unpredictable weather could have a negative impact on the business.
Incomprehensive insurance coverage may lead to financial loss. | Safety Commitment and Operational Reliability Our highest priority is providing safe and reliable operations. This is achieved through a resilient Health, Safety, Environment and Quality (HSEQ) management system and a strong safety-focused culture. Management has appropriate safety practices and procedures including disaster recovery plans and comprehensive insurance cover across our fleet.
Formación y Cumplimiento Nuestros empleados reciben capacitación continua y rigurosa sobre las mejores prácticas operativas.
Mantenimiento programado The Group adheres to regular maintenance schedules on its vessels to ensure compliance with the highest safety standards.
Plan de negocios continuo The Group has implemented a business continuity management plan, which it regularly updates to ensure the reliability of its operations, including the capability to transfer crew and source spares from different regions to maintain safe operations.
Management continues to review and improve the current management systems and monitors the performance of HSEQ. |
5 Liquidez y cumplimiento de covenant | |
El negocio está expuesto a liquidez a corto plazo. management risks due to high interest rates and inflation, which could impact the debt service obligations and the Group's bank facilities covenants.
Reduced liquidity could impact future operations and lead to an event of default. This would give lenders the right to accelerate repayment of the outstanding loans, and then exercise security over the Group's assets.
Breach of covenant - All covenants are closely monitored due to the Group's performance being very sensitive to many internal and external factors such as utilisation, operational downtime, interest rates and other variables.
| Gestión de la liquidez The Group continues to manage liquidity carefully through focusing on cash collection from its customers.
Optimising Capital Expenditure The Group continues to restrict capital expenditure to essential spending as well as specific client requirements, but without jeopardising the safe and reliable operations of its vessels.
Cumplimiento del Pacto The management team and Board regularly examine future covenant compliance based on the latest forecasts and take necessary measures to avoid any potential where a future breach of covenant is at risk. The Group monitors its various covenants throughout the remaining period of the loan.
Focus on Deleveraging Management continues to focus on making early repayments of the bank loans to reduce the interest costs, improve our leverage position and meet our covenant requirements. |
6 personas | |
Attracting, retaining, recruiting and developing a skilled workforce.
Losing skills or failing to attract new talent to the business has the potential to undermine performance.
| Effective Communication, Training and Engagement Initiatives Communication has remained a key practice of management. GMS held a full two-day strategy meeting at the Group's headquarters in Abu Dhabi. This brought together the Board and Senior Management in a productive forum discussing longer-term plans for the business. It included presentations and discussion on each key aspect of the Group's operations, recent and future industry developments and ongoing and future strategic plans.
Further, events like our recent Abu Dhabi headquarters celebration, recognising employee milestones from 10-25 years of tenure, reinforce our united culture. As the Group matures and longtime experts pass their torches, we are committed to developing the next generation of leaders equipped to guide our mission.
Política de remuneración The Short-Term Incentive Plan (STIP) is based on a single Business Corporate Scorecard to ensure all staff are aligned and incentivised around delivering a single set of common goals.
Oportunidades iguales GMS is engaged in fair and transparent recruitment practices. It has a zero-tolerance policy towards discrimination and provides equal opportunities for all employees.
Further, GMS adds value through development programs, promotion from within the organisation and focus on growing talent.
Planeación de recursos The Group has identified all critical roles held by individuals and have adopted processes to ensure the smooth transition in the event of changes in those personnel. Also, in the short term, the Group utilised recruitment specialists and head-hunters to fulfil key positions as the need had arisen. |
7 Condiciones legales, económicas y políticas | |
Inestabilidad política en las regiones en las que GMS operates (and recruit from) may adversely affect its operations.
As the majority of crew for certain key positions come from Eastern Europe and Southeast Asia, political instability may hamper the recruitment, retention and deployment of personnel.
| Planificación de respuesta a emergencias y seguro For all our major assets and areas of operation, the Group maintains emergency preparedness plans. Insurance cover over the Group's assets is reviewed regularly to ensure sufficient cover is in place.
Planificación y seguimiento de la fuerza laboral Workforce planning and demographic analysis is undertaken in order to increase diversity within the Group. Multiple new recruitment agencies registered to source and diversify crew composition across different geographies.
Monitoring Inflation and Interest Rates Management is continually monitoring the liquidity position from changes in inflation and a focus on cost reduction. During the year, GMS has recruited a Cost Controller to monitor and manage financial expenditures to ensure adherence to budgetary constraints and optimise cost efficiency. The key aim of the Group is to deleverage through early repayments, which will reduce the impact of interest.
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8 Cumplimiento y regulación | |
Non-compliance with anti-bribery and corruption regulations could be detrimental to stakeholder relations and lead to reputational and financial loss.
GMS' operations are subject to international conventions on - and a variety of complex federal and local laws, regulations and guidelines relating to - health, safety and the protection of the environment. Compliance with these has become increasingly costly, complex and stringent. Failure to appropriately identify and comply with laws and regulations, could lead to regulatory investigations.
Compliance with recently introduced UAE Corporate Tax Regulations, including adherence to transfer pricing requirements, poses potential administrative and financial obligations for the Group.
| Código de Conducta The Group has a Code of Conduct which includes anti-bribery and corruption policies, and all employees are required to comply with this Code when conducting business on behalf of the Group. It is mandatory for employees to undergo in-house training on anti-corruption. All suppliers are pre-notified of anti-bribery and corruption policies and required to confirm their compliance with these policies.
Regulación A central database is maintained which documents all of GMS' policies and procedures which comply with laws and regulations within the countries in which GMS operates. A dedicated Company Secretary is in place to help monitor compliance, in particular for UK legal and corporate governance obligations.
Revisión externa The internal auditors help ensure compliance with GMS policies, procedures, internal controls and business processes.
Engagement of Tax Consultant A reputed tax consultant has been engaged to assist with a Group tax health check, a review of Group's transfer pricing policy and implementation of corporate tax in the UAE. |
9 COVID-19 pandemic - Removed during 2023 | |
10 Ciberdelincuencia: seguridad e integridad | |
Los intentos de phishing resultan en información inapropiada. transactions, data leakage and financial loss. The Group is at risk of loss and reputational damage through financial cyber-crime.
| Monitoreo y Defensa de la Ciberseguridad GMS opera defensas de seguridad cibernética de múltiples capas que se monitorean para verificar su efectividad para garantizar que permanezcan actualizadas.
GMS engages with third-party specialists to provide security services. |
11 Cambio climático | |
Climate change poses both transition and physical risks to the Group.
The transition risks come from the decarbonisation of the global economy. This could result in changing investor sentiment making new investors harder to find. It may bring changing client preferences leading to reduced demand for our services.
New legislation could require us to increase reporting and possibly substitute our products and vessels for greener alternatives. Physical risks include rising temperatures, which could further impact working hours, and rising sea levels, which could affect where our vessels can operate.
The physical risks also interact with principal risk 4 - Our inability to deliver safe and reliable operations.
| Legal and Policy Monitoring The Group carefully monitors legislative developments to ensure compliance with all relevant laws both in the UK and the Arabian Peninsula region. The TCFD disclosure in this report explains our assessment and response to climate-related risks to be transparent with our stakeholders.
Infraestructura física The Group monitors weather patterns to ensure conditions are suitable for our offshore employees and vessels. Onshore buildings and offshore vessels are designed to withstand the heat in the Arabian Peninsula region.
Impacto medioambiental GMS aims to minimise its environmental impact by installing energy and water efficiency measures. We also ensure our machinery and engines are regularly maintained so they operate efficiently.
Planificación a largo plazo GMS cuenta con una trayectoria contrastada en el sector de las energías renovables que aporta versatilidad a nuestro modelo de negocio. Nuestras embarcaciones están construidas para ser lo más flexibles posible para maximizar la utilización.
We are aware that we may need to consider changing sea levels and environmental legislation when replacing vessels that are being retired in the long term. |
- Termina -
Consultas: GMS Mansour Al Alami, presidente ejecutivo
| +44 0 207 603 1515 |
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Comunicaciones de Celicourt Marcos Antelme felipe dennis | 44 0 20 8434 2643 |
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Notas para los redactores:
Gulf Marine Services PLC, una empresa que cotiza en la Bolsa de Valores de Londres, fue fundada en Abu Dhabi en 1977 y se ha convertido en un proveedor líder mundial de embarcaciones de apoyo autopropulsadas y autoelevadoras avanzadas (SESV). La flota sirve a las industrias del petróleo, el gas y las energías renovables desde sus oficinas en los Emiratos Árabes Unidos, Arabia Saudita y Qatar. Los activos del Grupo son capaces de satisfacer las necesidades de los clientes en todo el mundo, incluidos los de Oriente Medio, Sudeste de Asia, África Occidental, América del Norte, el Golfo de México y Europa.
La flota de GMS de 13 SESV se encuentra entre las más jóvenes de la industria, con una edad promedio de ocho años. Los buques apoyan a los clientes de GMS en una amplia gama de actividades de renovación y mantenimiento de plataformas de petróleo y gas en alta mar, trabajos de intervención en pozos y trabajos de mantenimiento de turbinas eólicas en alta mar (que son actividades dirigidas por opex), así como en la instalación y desmantelamiento de plataformas de petróleo y gas en alta mar y instalación de turbinas eólicas marinas (que son actividades dirigidas por inversiones de capital).
Los SESV se clasifican por tamaño: clase K (pequeña), clase S (media) y clase E (grande), y pueden operar en profundidades de agua de 45 a 80 m, según la longitud de la pierna. Las embarcaciones son de cuatro patas y son autopropulsadas, lo que significa que no requieren remolcadores o embarcaciones de apoyo similares para moverse entre ubicaciones en el campo; esto los hace significativamente más rentables y eficientes en el tiempo que los buques de apoyo costa afuera convencionales sin autopropulsión. Cuentan con un gran espacio en cubierta, capacidad de grúas e instalaciones de alojamiento (hasta para 300 personas) que se pueden adaptar a los requerimientos de los clientes del Grupo.
El identificador de entidad legal de Gulf Marine Services PLC es 213800IGS2QE89SAJF77
www.gmsplc.com
Observación
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