Arrow Prospectus - PGS

ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING
9.3 CAPITALISATION AND INDEBTEDNESS
The Group’s total equity at 31 December 2006 was USD 90.4 million (USD 46.6 million), while the total equity
of Arrow Seismic ASA was USD 98.6 million (USD 46.6 million) including USD 1.7 million (USD 0.0 million)
in other (distributable) equity.
The Group’s liquidity in the form of bank deposits and interest-bearing securities was USD 20.0 million while
long term debt was USD 65.7 million. All debt is in USD whilst most of the liquidity for the time being is kept
in NOK. As part of the Group’s cash management, liquidity is invested with financial institutions with a high
credit rating and in highly liquid interest-bearing securities with low credit risk
The Group’s net debt at 31 December 2006, defined as interest-bearing debt less liquid assets, was USD 45.7
million.
Below is the statement of capitalisation based on the audited balance sheet as of 31 December 2006 and the
Company’s actual capitalisation as of 31 March 2007, and as adjusted to reflect the refinancing activities taking
place since 31 March 2007 and up to the date of this Prospectus. The numbers have not been audited. For further
information see Section 8.2 “Significant changes in the Company’s financial or trading position since 31 March
2006”, the Company’s interim report attached as Appendix 4, and elsewhere in this Prospectus.
Table 9-1: Statement of combined capitalisation and indebtedness
Capital and indebtedness (USD 1,000’)
31 December
2006
Change Jan-
March 2007
31 March
2007
Total Current Debt 14,121 7,291 21,412
Guaranteed - - -
Secured 7,844 - 7,844
Unguaranteed/Unsecured 6,277 7,291 13,568
Total Non Current Debt (excl. current portion of long term debt) 57,889 10,504 68,393
Guaranteed - - -
Secured 57,889 10,504 68,393
Unguaranteed/Unsecured - - -
Shareholders’ Equity (majority) 90,427 -165 90,262
Share capital 29,511 884 30,395
Legal reserve 67,419 2,021 69,440
Other Reserves -6,503 -3,070 -9,573
Total 162,437 17,630 180,067
Net indebtedness (USD 1,000s)
31 December
2006
Change Jan-
March 2007
31 March
2007
A. Cash 20,037 -8,364 11,673
B. Cash Equivalent (detail) - - -
C. Trading securities - - -
D. Liquidity (A) + (B) + (C) 20,037 -8,364 11,673
E. Current Financial Receivable 7,565 3,916 11,481
F. Current Bank Debt -
G. Current portion of non Current debt 7,844 - 7,844
H. Other current financial debt 6,277 7,291 13,568
I. Current Financial Debt (F) + (G) + (H) 14,121 7,291 21,412
J. Net Current Financial Indebtedness (I) – (E) – (D) -13,481 11,739 -1,742
K. Non current Bank loans 57,889 10,504 68,393
L. Bonds Issued - - -
M. Other non current loans - - -
N. Non current Financial Indebtedness (K) + (L)+ (M) 57,889 10,504 68,393
O. Net Financial Indebtedness (J) + (N) 44,408 22,243 66,651
66