TTS GROUP ASA. Q4 Results Oslo, 12 February 2015 Björn Andersson, CEO Henrik Solberg-Johansen, CFO

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1 TTS GROUP ASA Q4 Results 2014 Oslo, 12 February 2015 Björn Andersson, CEO Henrik Solberg-Johansen, CFO

2 Agenda 4th quarter headlines 4th quarter consolidated accounts Roll out strategy Financial goals Summary Appendix 2

3 TTS Group ASA 4 th quarter 2014 key figures Turnover 4Q MNOK 734 up from MNOK 638 last year EBITDA 4Q of MNOK 142 includes one time effects from change in pension plan in the Norwegian companies amounting to MNOK 106 Order intake 4Q MNOK 498 excl. JVs. JV order intake 4Q MNOK 656 (100%)* Order backlog 4Q 2014 MNOK 4 813, incl. 100% of JVs (*)TTS holds 50% of the JVs 3

4 TTS Group ASA Turnover 600 Turnover and EBITDA development Q Q EBITDA 60,0 10 % 40,0 20,0 5 % 0,0-20,0-40,0 Act Q Act Q Act Q Act Q Act Q Act Q Act Q Act Q Act Q Act Q Act Q % -5 % -60,0-10 % -80,0-100,0-15 % -120,0-20 % EBITDA EBITDA margin Note: - Restated 2012 due to changes in IAS 19, recognition of actuarial gain/loss on pension liabilities - EBITDA Q of MNOK 36 is excluding pension effect of MNOK 101 4

5 MNOK Book to bill TTS Group ASA Order intake and order backlog , ,60 1,40 1,20 Order intake per quarter including 100 % of JVs ,00 0,80 Book to bill = Order intake / Revenues 400 0,60 0, ,20 0 Q Q Q Q Q Q Q Q Order intake (ex JV) Order intake JV (100 %) Book to bill (incl 100 % JV) - Order backlog per is MNOK including 100 % of JVs Divided per year of delivery; Group ex JVs JV 100 % 5

6 Agenda 4th quarter headlines 4 th quarter consolidated accounts 6

7 TTS Group ASA Profit and loss statement 4th quarter Year MNOK Turnover EBITDA *) Operating profit *) Net financial items *) Profit/loss before tax *) Net result continued business *) Net result incl discontinued business *) *) figures include one time effects related to the change in pension plan in Norwegian companies. Effect amounts to MNOK 106 in Q4 and MNOK 101 for the year. 7

8 TTS Group ASA Balance Sheet MNOK Non-current assets Current assets TOTAL ASSETS Equity Gross interest bearing liabilities Other liabilities and provisions TOTAL EQUITY AND LIABILITIES Net interest bearing debt / Covenants At 31 December 2014 TTS has renegotiated covenants with the banks (ref note 14) o o Equity > 20% (nominal bond debt included in EQ) EBITDA covenants (MNOK) Q4-14 Q1-15 Q2-15 Q3-15 EBITDA covenant accumulated Net interest bearing debt decreased to MNOK 262. Total cash reserve is MNOK 308 as per Equity ratio inclusive subordinated convertible bond is 30.6 % at year end

9 TTS Group ASA Cash flow / Working capital / Interest bearing debt Cash flow Q4 Q4 YTD YTD MNOK Net cash flow from operations Net cash flow from investments Net cash flow from financial activities Net change in cash Cash and bank deposits at the start of the period Effect of exchange rate changes in bank/cash Cash and bank deposits at the end of the period Cash flow from operations MNOK -150, mainly from increased working capital offshore projects MNOK Q4 14 Q3 14 Q2 14 Q1 14 Q4 13 Short term interest b. debt Long term int. bearing debt Convertible Bond(*) Total Cash NIBD (**) (*) Convertible loan included at nominal value (**) Negative indicates net asset position Net working capital Minor changes in working capital during Q4. 9

10 RoRo / Cruise / Navy Cargo handling solutions for car carriers, cruise ships and specialized vessels as well as port handling equipment. Q4 periodic Full Year MNOK Turnover EBITDA Order backlog Improved turnover and profit for the business unit Market for RoRo, particularly PCTC, is positive Competition is fierce and prices are low in the port segment Cruise business is developing, with new contracts signed in 4Q The Naval segment is promising, with new resources and higher sales activities 10

11 Container / Bulk / Tank Cargo handling solutions for container ships, tankers and bulk carriers; including winches, cranes and hatch covers. Q4 periodic Full Year MNOK Turnover EBITDA Order backlog *) *) Includes 50 % of JVs Profit from JV companies MNOK 3.6 in Q4 and MNOK 14.3 YTD Order backlog driven by strong market positions for the JVs in China The outlook is neutral Business unit head-quarter moving closer to the market. Transfer from Germany to South Korea ongoing, reducing future operating cost 11

12 Multipurpose / General Cargo Heavy lift cranes, mooring winches, hatch covers and side loading systems for multipurpose vessels and cargo ships. Q4 periodic Full Year MNOK Turnover EBITDA Order backlog New contracts give basis for increased productivity in Q4. Volumes from new contracts balance activity with operational cost base Several new contracts in 2014 give basis for increased turnover in 2015 Increased activity in Chinese shipyards - several projects are tendering heavy lift cranes Improved order backlog combined with cost cutting measures, basis for improved EBITDA margins Established new JV in China with South China Marine Machinery Ltd (subsidiary of CSSC) 12

13 Shipyard Solutions Production lines and systems for cargo handling to shipyards, focusing on transfer systems for docking and launching. Q4 periodic Full Year MNOK Turnover EBITDA Order backlog EBITDA for the quarter includes one-off pension effect of MNOK 20. EBITDA excl. pension is MNOK 7.5 for the quarter and MNOK 14.9 for the year Stable activity in the quarter. Several interesting projects may develop in 2015 TTS with a strong position in the ship lift market. Signs of improvement in market for translifter systems 13

14 Offshore Cranes for offshore vessels and offshore installations. Q4 periodic Full Year MNOK Turnover EBITDA Order backlog EBITDA for the quarter includes STX settlement of MNOK 23 and one-off pension adjustment of MNOK 37. EBITDA excl. one-off effects is MNOK - 27 for the quarter, and MNOK -110 for the year Cost reduction efforts implemented. Due to long lead time for projects effect expected gradually during 2015 Decrease in order backlog, STX cancellation and order intake significantly lower than 2013 Positive user feedback on product performance and reliability 14

15 Services Complete services within maintenance, including spare parts, interval agreements and life time service. Q4 periodic Full Year MNOK Turnover EBITDA High activity in the quarter, 43 % up from last year, and stabile margin EBITDA for the quarter includes one-off pension effect of MNOK 40. EBITDA excl. pension is MNOK 24 for the quarter and MNOK 59 for the year Structural capacity in the segment provides basis for increased turnover, and improvement to the overall profit margin. However, the service market remains influenced by low ship charter rates in some segments 15

16 TTS Group ASA 10 largest shareholders at February 11 th 2015: Rasmussengruppen AS 13.29% Skeie Technology AS 10.31% Lesk AS 6.13% Stisk AS 6.13% Skeie Capital Investment AS 4.85% Barrus Capital AS 4.00% Skandinaviska Enskilda 3.70% Skagen Vekst 3.53% Holberg Norge Verdipapirfondet 2.50% Tamafe Holding AS 2.49% Total 56.93% Skeie Technology AS, Skeie Capital Investment AS and members of the Skeie family own in total 32,0 %. 16

17 Agenda 4 th quarter headlines 4 th quarter consolidated accounts Roll out strategy

18 Our long-term goal Building a global BNOK 6 System and Service provider company in the maritime and offshore industry within 2020 Grow by internal efficiency and capture market share Add peripheral products to complement Product costs on par with the market Key accounts to support customer relationships Major focus to penetrate our installed base and third party equipment 18

19 Overall vision for TTS Group Vision The global supplier of handling systems to the maritime and offshore industry with the strongest focus on end user satisfaction Values that drive us System & Technology competence Reliability & Customer satisfaction Health Safety & The Environment A preferred global supplier means: Strategy Be on the makers list and get market share > 30 % in each market segment where we are positioned Product technology among the top 3 in each segment where we compete Customer oriented solution that support the life cycle of the vessel from new design to recycling. Wider product offerings to support package sales and reduce sales costs Profitability on par with industry average 19

20 TTS launched its new Global strategy in 2014 Roll out version for Continue to build on the solid position in China The leading position in China provides shipping market access. China with ~40% of total shipping order book, Korea at ~30% TTS aims to continue to leverage its strong market and cost position in China and Far-East, and grow into Korea Increase the scope of manufacturing co-operation in China 2 Focus on ship type more integrated package sales Currently delivering single products to a high number of vessels TTS aims to move from product focus to ship type focus, and provide more value per sale, through bundling of products and systems. Move closer to the end user -> Key Account ownership across TTS 3 Enhanced service offering through strategic hubs Focus on major clusters of customer bases and create relationship for services on a ship s lifetime Increase ability to serve the customer on the spot and in a timely manner Develop service entities with technical and design knowledge for all TTS products 4 Focus on profitability TTS aims to reach operating income margins on par with industry average over a business cycle Marine business units delivering decent margins. Further improvement expected in 2015 to reach average industry margins in 2017 Offshore business unit currently underperforming. Work started in 2014 to turn this around and capture a fair share of the market 20

21 Leveraging TTS current strong market position Unique position in China > 50% market share for hatch covers and hose handling cranes, growing market share for winches and cargo cranes Close to BNOK 1 JV revenues in 2014 Strong manufacturing platform All time high order intake in 2014 Strong product portfolio and position in core market segments Solid global brand image to be built upon Growing markets in many segments Untapped sales potential on package sales per ship Growth platform established BNOK 4.8 in Order backlog in 2014 including JVs Order books across all divisions are growing Organization restructured from product structure to ship type structure Service footprint expanded by strategic hubs Dedicated employees and a good working culture 21

22 Exploring new strategic opportunities to further strengthen the business TTS has built a strong product portfolio and market position in core shipping markets TTS believe package sale will be a key growth driver going forward Our organization reformed from product type to ship type structure Increased integration and automation of control systems on a ship in order to reduce on/off loading time is a focus area for ship owners TTS Group has a strategy to fill the gaps in its product portfolio and to grow its client offering, in order to deliver more package sale This will position TTS for higher order value per ship, and enable TTS to increase its market position in our core markets, i.e. China and Korea. In order to position the TTS Group for such growth the Board of Directors of TTS Group has decided to run a strategic process to look for one or more partners to achieve and deliver on its new strategy and continue the impressive record of accomplishment within ship equipment going forward The Board of Directors of TTS Group has retained Pareto Securities AS as the financial advisor to assist in the strategic process Please see press release dated 12 February 2015 for more information 22

23 Our journey to continued revenue growth, increased profitability and improved cash flow Revenue improving actions Continue to build on the solid position in China Launch ship-type organisation with global service Use high market share segments to launch package sales and complement with peripheral products Cost reducing actions Product benchmarking to reach top of the range performance Technical standardization and group sourcing across business units Incorporate a flat organization structure and new business processes in Offshore and Container, Bulk & Tank Risk reduction actions Focus on core products in well defined segments Implement group bid reviews and authorization matrix Best in class work processes across business units Working capital & capex reduction actions Cash flow actions > adjustment of working capital days Simplification of work process 2015 capex budget significantly reduced No dividend plans 23

24 TTS has a strong position in the biggest global shipbuilding market China and Korea account for ~70% of global shipbuilding TTS China market share Strategy % of global shipbuilding backlog (CGT) Hatch covers 90% 80% 65% 70% Uniquely positioned to capitalize on China partnerships and through BU presence in Korea 60% 50% 40% 30% 20% 10% Hose handling cranes 55% Cargo cranes A new Chinese JV is established for Multipurpose & General Cargo Increased operational focus on Chinese JVs 0% 22% China Korea Japan Source: Clarkson Research Services 24

25 Restructuring from product to ship-type focus Current TTS product portfolio Product expansion opportunities RoRo/Cruise/Navy Turnover: MNOK 599 EBITDA: MNOK 77 Container/Bulk/ Tank Turnover: MNOK 422 EBITDA: MNOK -5 *) Multipurpose/ General Cargo Turnover: MNOK 138 EBITDA: MNOK -32 Shipyard Solutions Turnover: MNOK 192 EBITDA: MNOK 32 Services Turnover: MNOK 530 EBITDA: MNOK 96 Offshore Turnover: MNOK 572 EBITDA: MNOK -50 Cargo handling solutions for - Car carriers - Cruise ships - Specialized vessels Port handling equipment RORO product dev. Cruise (davits, tenders, gangways, winches, new innovations) Navy (hangar doors, turntables, cranes, hatch covers) Cargo handling solutions incl. winches, cranes and hatch covers for - Container ships - Bulk carriers - Tankers Cargo control systems Lashing bridges Lashing gears Heavy lift cranes, mooring winches, hatch covers and side loading systems for - Multipurpose vessels - Cargo ships E-cranes Increased leg encircling crane portfolio Cargo control systems Production lines and systems for - Shipyards cargo handling - Transfer systems for docking and launching. Green scrapping Complete services within - maintenance, - spare parts - interval agreements - life time services Increased # spare parts hubs Increased # servicing hubs Offshore cranes for - offshore vessels - offshore installations Increased AHC crane size range ROV handling systems Skidding systems Change from product focus to ship type focus Key account 20% of ship owners owns 80% of the global fleet One face to the market More value per sale, packaged deliveries Broader service offering per ship type -> Leading to TTS as total service provider Product platform to support life time services -> TTS a total Service provider *) Includes 50 % of net profit after tax in the JVs 25

26 Container ship example - Increased value per vessel From single product supplier to package solutions Hatch covers Lashing bridges Not current TTS product Lashing gear Not current TTS product Training and instructions Winches Services TTS goal: Complete package solution 26

27 Increase service revenues through increased presence at strategic hot spot hubs Competitive advantage through on-the-spot presence where TTS equipment is sailing Increase ability to serve the customer on the spot and in a timely manner Service entities with technical and design knowledge for all TTS products Hub advantages: Customer accounts (sales) Service capability on all TTS products Stock of critical parts Workshop Technical knowledge (design) Hub development areas: Bremerhaven Houston Brazil Singapore Dubai (to be developed) Antwerp (to be developed) 27

28 Product example TTS is already on the vessel ambition to increase value per contract TTS global market share TTS has a potential to double sales per vessel Illustration MNOK sales per containership RoRo Equipment 40% 10 1,5 0,5 31 Heavy Load Cranes 30% 4 15 Hatch Covers 30% Cargo & Service Cranes 25% TTS current sales per ship Potential package sales Potential new TTS products Recurring equipment deliveries Lifecycle services Total ship equipment delivery Deck Winches 20% Hatchcovers Winches Lashing bridges Lashing gears Service 28

29 TTS revenue growth potential Potential for growth towards 2020, goal of BNOK 6 turnover BNOK revenue Growth in current product sales Package sales gain New products Growth in lifecycle services 2020 revenue potential 29

30 Our journey to continued revenue growth, increased profitability and improved cash flow Revenue improving actions Continue to build on the solid position in China Launch ship-type organisation with global service Use high market share segments to launch package sales and complement with peripheral products Cost reducing actions Product benchmarking to reach top of the range performance Technical standardization and group sourcing across business units Incorporate a flat organization structure and new business processes in Offshore and Container, Bulk & Tank Risk reduction actions Focus on core products in well defined segments Implement group bid reviews and authorization matrix Best in class work processes across business units Working capital & capex reduction actions Cash flow actions > adjustment of working capital days Simplification of work process 2015 capex budget significantly reduced No dividend plans 30

31 Operational Excellence & Synergies Phase 1 (2013) Phase 2 (2014) Organizational adjustments and merging units Integration of Container/Bulk/Tank business unit initiated. Focus on efficient operation/process Downsizing in Offshore and Multipurpose General Cargo finalized and new work process implemented Enhance market focus Key account structure implemented Corporate driven controller structure implemented. Momentum cost reduction projects Product development started in all divisions. Cost savings operational cost ~ MNOK 70 + sourcing cost ~MNOK 60 Phase 3 (2015) Customer driven growth market shares to increase Ship-type focus Increase product leverage per ship Profitability through cost efficiencies substantial lower sourcing costs Closing gaps /product development reinforced competitive position Lean and mean business substantial better focus on segments where higher productivity are achieved In 2014 MNOK 130 were released in operation & sourcing costs In 2015 we will eliminate another MNOK 100

32 Breakdown of operating cost reductions The divisional layer is removed -> a flat Business Unit structure reporting directly to CEO Business processes across legal entities One company structure avoiding duplicate functions and administration Sourcing and standardisation across the business units In total ~MNOK 70 annual cost reduction achieved in 2014 Further ~MNOK 35 annual cost reduction initiated in 2015 Headcount reductions Annual cost savings initiated Employees Offshore Container, Bulk & Tank NOKm RoRo, Cruise and Navy 32

33 Our journey to continued revenue growth, increased profitability and improved cash flow Revenue improving actions Continue to build on the solid position in China Launch ship-type organisation with global service Use high market share segments to launch package sales and complement with peripheral products Cost reducing actions Product benchmarking to reach top of the range performance Technical standardization and group sourcing across business units Incorporate a flat organization structure and new business processes in Offshore and Container, Bulk & Tank Risk reduction actions Focus on core products in well defined segments Implement group bid reviews and authorization matrix Best in class work processes across business units Working capital & capex reduction actions Cash flow actions > adjustment of working capital days Simplification of work process 2015 capex budget significantly reduced No dividend plans 33

34 Risk reduction actions and events Finalization of loss projects Avoiding new high product risk contracts and poor commercial contracts New bid reviews processes are implemented, both CEO and the Board involved on lower bid size than previously TTS best in class work processes introduced in Offshore New BU leader for Offshore with experience from project management and the offshore industry 34

35 Our journey to continued revenue growth, increased profitability and improved cash flow Revenue improving actions Continue to build on the solid position in China Launch ship-type organisation with global service Use high market share segments to launch package sales and complement with peripheral products Cost reducing actions Product benchmarking to reach top of the range performance Technical standardization and group sourcing across business units Incorporate a flat organization structure and new business processes in Offshore and Container, Bulk & Tank Risk reduction actions Focus on core products in well defined segments Implement group bid reviews and authorization matrix Best in class work processes across business units Working capital & capex reduction actions Cash flow actions > adjustment of working capital days Simplification of work process 2015 capex budget significantly reduced No dividend plans 35

36 Cash flow optimization Group wide project to reduce working capital started in 2Q 2014 Focus on improving outstanding days for receivables and payables, as well as inventory optimization Average AR shorter and AP longer, saving a total of MNOK 113 from 2Q to 4Q Project continues in 2015, lead by dedicated senior finance manager Bid process focused on moving new contracts towards more cash neutral cost/revenue streams Dedicated follow up of large milestone payments from group cash manager with focused accountability by project managers 2015 capex budget significantly reduced No dividend plans 36

37 Agenda 4 th quarter headlines 4 th quarter consolidated accounts Roll out strategy Financial goals

38 TTS is on track to improve profitability Revenues for TTS Group excluding Offshore expected to grow to BNOK in 2015 EBITDA margins for TTS Group excluded Offshore expected to improve to approximately 6% TTS also expect a modest growth in revenues for the Group excluding Offshore into 2016 with margins approaching industry average levels Offshore excluded as it is currently exposed to a weaker market sentiment, and has a different risk profile compared to the other parts of the Group 38

39 2015 EBITDA expectations in line with historical margins Revenues excluding Drilling Equipment, Offshore and JVs (MNOK) EBITDA margin 10,0% 9,0% ,0% Avg. margin ~6% 7,0% 6,0% ,0% ,0% 3,0% 500 2,0% 1,0% Note: Illustrative graph based on historical reported segment figures 39

40 Agenda 4 th quarter headlines 4 th quarter consolidated accounts Roll out strategy Financial goals Summary 40

41 Summary Positive quarter and full year EBITDA Positive 4Q EBITDA for the second quarter after four negative previous quarters Positive 2014 full year EBITDA Improvement processes on track We have a road map for the improvement processes going forward in 2015 that has not changed. Up to now we have: Finalized the cost cutting programs in MPGC, CBT and Offshore (Offshore to continue pending market development in 2015) Value chain development in several product segments (sourcing, product development, sales) Positive view on significant market segments The marine market remains good Contracting of new vessels, especially bulkers continues to be on acceptable level Car carriers continue with several repeats Container ships grow, especially feeder-size and TEU Multipurpose/General cargo have improved from Q2 Offshore market under pressure TTS exploring new strategic opportunities to further strengthen the business Please see press release dated 12 February 2015 for more information 41

42 Agenda 4 th quarter headlines 4 th quarter consolidated accounts Roll out strategy Financial goals Summary Appendix 42

43 Market Outlook Growth in world seaborne trade vs GDP 10,0% 8,0% 6,0% 4,0% 2,0% ,0% - 4,0% - 6,0% Growth in world seaborne trade vs fleet size 10,0% 8,0% 6,0% 4,0% 2,0% ,0% - 4,0% - 6,0% World seaborne trade growth Global GDP growth World seaborne trade growth Fleet growth * Except for periods with financial turbulence, GDP and Fleet growth are exceeding 2 % p.a. and reached an average of 4 % p.a. Source: Clarkson Research Services * Including Tankers (10k DWT+), bulk carriers and container ships 43

44 Market Outlook Growth scenario impacted by: Bunker price Financial credits availability Historic low newbuilding price Low inflation Low interests on credit lines GDP growth worldwide Limited risks on financial crisis We expect 2-3 years of good growth in the Marine industry, while Offshore will need 2-3 years of adjustments Source: Clarkson Research Services, September

45 Market Outlook Global fleet size development (# of vessels) Tankers Bulk carriers Container General cargo/reefer/mpp Car carriers/roro/pcc Passanger & Cruise Other Source: Clarkson Research Services 45

46 Oil tankers Chemical tankers Other tankers Bulkers Combos LPG LNG Containerships Multi-purpose General Cargo Ro-Ro Car Carriers Reefers Offshore (AHTS/PSV Other cargo Market Outlook Orderbook by ship type Orderbook per YE'14 (m. DWT) % of fleet 50% 45% 40% ,7 35% 30% 25% % 15% ,4 0,9 0 7,3 12,7 1,7 0,5 0,6 1,3 0 1,8 0,1 10% 5% 0% Source: Clarkson Research Services 46

47 Market Outlook Newbuild contracting by region (# of vessels) ,0% 90,0% ,0% 70,0% 60,0% 50,0% 40,0% ,0% ,0% 10,0% Asia Europe RoW Asia share (%) -- Source: Clarkson Research Services 47

48 Market Outlook RoRo and PCC orderbook development (# of vessels) RoRo Pure Car Carrier Source: Clarkson Research Services 48

49 Market Outlook Newbuild prices (USDm) VLCC Aframax Capesize Panamax Source: Clarkson Research Services 49

50 Market Outlook OSV fleet development; deliveries (#) PSV AHTS Subsea vessel fleet development; deliveries (#) Order book Pipelay ROV Support Diving Support Well Intervention Other Source: IHS 50

51 For further information, please visit us at TTS GROUP ASA 51

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