Scana Industrier asa Presentation 1st Quarter 2005

Transcription

1 Scana Industrier asa Presentation 1st Quarter 2005

2 Agenda «Q highlights «Information about the operation, sales and order intake «Financial figures «Prospects ahead «Shareholders and organisation

3 Q in brief «Improved earnings: EBITDA of MNOK 41 (Q4-04, MNOK 33) Operating margin of 7% (Q4-04, 6%) Profit before taxes of MNOK 20 (Q4-04, MNOK 10) «Steel Area maintained an operating margin of 10%, adjusted for temporary currency losses (IFRS); at Q level in terms of reported operating margin «A slight increase in earnings for the Marine Area (operating margin 6% compared with minus 6% in Q4-04) «Strong order intake and order reserve : Order intake at a record of MNOK 542 in Q1 2005, up 50% compared with Q1 2004, and 25% on last quarter Order reserve at MNOK 717, up MNOK 134 (23%) from 31/12/04 «Stock issue accomplished; 58,000,000 shares and app. MNOK 188 in net proceeds (incl. the Subsequent Offering of 14,500,000 shares completed in April). «Scana has agreed to purchase the banks 35,444,583 subscription rights for a sum of MNOK 9

4 Earnings and Cash Flow (10) Q1-01 Q2-01 Q3-01 Q4-01 Q1-02 Q2-02 Q3-02 Q4-02 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Q4-04 Q1-05 (20) (30) (40) (50) Operating profit/(loss) EBITDA

5 Order Intake 600 Order intake per quarter Q1 Q2 Q3 Q Tot act 3 per. Mov. Avg. (Tot act) Trend on monthly order intake MAR 2003.APR 2003.MAY 2003.JUN 2003.JUL 2003.AUG 2003.SEP 2003.OCT 2003.NOV 2003.DEC 2004.JAN 2004.FEB 2004.MAR 2004.APR 2004.MAY 2004.JUN 2004.JUL 2004.AUG 2004.SEP 2004.OCT 2004.NOV 2004.DEC 2005.JAN 2005.FEB 2005.MAR

6 Order Reserve as per 31/03/ Marine Area Steel Area Order reserve by business area Dec- 02 Mar- 02 Jun-02 Sep- 02 Dec- 02 Mar- 03 Jun-03 Sep- 03 Dec- 03 Mar- 04 Jun-04 Sep- 04 Dec- 04 Mar- 05 Machine Industry 18 % Other 6 % Steel 17 % Energy 9 % Offshore 10 % Order reserve by market segment Marin 48 %

7 Profit and Loss Account NOK mill Q Q Turnover Operating costs EBITDA Depreciation and amortisation Operating profit - EBIT Net finance expenses Profit / (loss) before tax Tax Net profit/ (loss) Key figures: EBITDA margin (%) 10,3 % 4,7 % 8,5 % EBIT margin (%) 7,3 % 0,7 % 5,1 % Net profit margin (%) 4,1 % -2,3 % 2,1 % Earnings per share - EPS 0,15-0,07 0,26 Order intake Order reserve (Tax = change in deferred tax)

8 Balance Sheet NOK mill 31/03/05 31/12/03 31/12/04 Intangible fixed assets Tangible fixed assets Financial fixed assets Total fixed assets Stocks Debtors Cash at bank and in hand Total current assets Total assets Share capital Losses carried forward / other equity Total shareholders' equity Long-term interest bearing debt Other non-current liabilities Total long-term liabilities Short-term liabilities Other current liabilities Total current liabilities Total liabilities & Shareholders' equity Equity ratio 26 % 11 % 14 % Net interest bearing debt

9 Cash Flow Statement NOK mill 31/03/05 31/12/03 31/12/04 Profit before taxes Gain(-) / loss on sale of fixed assets Currency exchange differences Depreciation and amortisation Change in net working capital Net cash from operating activities Proceeds from sale of fixed assets Investments in fixed assets Net cash from investing activities Change in LT interest-bearing debt Change in ST interest-bearing debt Changes in equity (incl. new share capital) Net cash from financing activities Net cash flow

10 Business Areas STEEL Q Q Turnover EBITDA *) EBIT *) EBITDA margin (%) 11,3 % 5,0 % 9,4 % EBIT margin (%) 8,4 % 0,8 % 5,9 % Order intake Order reserve *) Q includes a IFRS temporary currency loss of MNOK 3 MARINE Q Q Turnover EBITDA EBIT EBITDA margin (%) 9,1 % 3,8 % 12,4 % EBIT margin (%) 5,6 % 0,0 % 8,7 % Order intake Order reserve

11 Order Intake by Market Segments Other Machine Energy Offshore Marine Steel Q1-04 Q2-04 Q3-04 Q4-04 Q1-05

12 «Steel: Prospects ahead Order intake and activity is expected to stay at a satisfactory level Order reserve of MNOK 532 at end of Q1-05; solid foundation for high activity through 2005 Prices on scrap steel and alloys are expected to stay high Sales prices adjustments will have further positive impact on earnings «Marine: Market activity and order intake will remain at an acceptable level Increasing earnings in 2005 is expected Periodic fluctuations in activity level and earnings will occur «Continued focus on earnings and cash flow; incl. reduction of net working capital

13 Shareholders Registered as per 19/04/05 Shares % Nationality 1 Stålinvest ,7 % NOR 2 Smedvig Capital *) ,6 % NOR 3 Det Stavangerske Dampskipsselskap ,1 % NOR 4 MP Pensjon ,6 % NOR 5 Credit Suisse First ,0 % GBR 6 Odin **) ,6 % NOR 7 Ribbegren, Carl Johan ,7 % SWE 8 Morgan Stanley and Clients ,4 % GBR 9 Storebrand Liv P ,4 % NOR 10 Tveteraasen Eiendomselskap ,3 % NOR 11 Svithun Finans ,3 % NOR 12 Barclays Capital ,3 % GBR 13 Sparebanken Rogaland ,2 % NOR 14 Goldman Sachs Intern Equity ,9 % GBR 15 Slethei, Leif Inge ,8 % NOR 16 State Street Bank & Clients ,8 % USA 17 Fraternitas c/o Westbye Høegh ,7 % NOR Total ,3 % *) Includes Smedvigs Rederi A/S ( ) and A/S Veni ( ) **) Includes Odin Norge ( and Odin Europa ( )

14 Organisation Steel Area MNOK 1,006; 1,438 empl. Marine Area MNOK 241; 168 empl. Scana Steel Björneborg AB Steel ingots/blooms & forgings G.M. Per-Olof Grahn MNOK 390; 268 empl. Scana Steel Söderfors AB Small rolling mill & forgings G.M. Per Hasselström MNOK 145; 156 empl. Scana Steel Booforge AB Forgings/heat treatment G.M. Hans E. Larsson MNOK 90; 81 empl. Scana VBT AB Heat treatment G.M. Roger Jävergård MNOK 10; 9 empl. Scana Volda as Gears and propellers G.M. Kristian Sætre MNOK 170; 104 empl. Scana Mar-El as Electronic remote control systems for vessels G.M. Hans Olav Kilen MNOK 25; 21 empl. Scana Skarpenord as Rjukan Hydraulic actuators and remote control valves G.M. Ragnar Øhrn MNOK 50; 40 empl. Scana Steel Stavanger as Castings and forgings G.M. Kjell Øyvind Pedersen MNOK 290; 213 empl. Leshan Scana Machinery Co., Ltd. Castings and steel rolls G.M. Jiang Qi MNOK 110; 698 empl.