Presentasjon av Farstad Shipping ASA Karl-Johan Bakken - CEO Torstein L. Stavseng - CFO

Transcription

1 Presentasjon av Farstad Shipping ASA Karl-Johan Bakken - CEO Torstein L. Stavseng - CFO

2 Brief summary No of vessels in operation: 61 (30 AHTS, 25 PSV, 6 Subsea) No of newbuilds: 1 (1 Subsea) No of employees offshore: No of employees onshore: 240 Market value fleet*) (excl. newbuilds): Bln. NOK 18.4 Newbuilds: Bln. NOK 0.5 Share price: NOK 15.- Market capitalization: Bln. NOK 0.6 Book equity ratio ( ): 28.6 % Value adjusted equity ratio *) ( ): 35.1 % *)average values, based upon estimates from 3 shipbrokers per Slide 2

3 100% 100% 100% 100% 100% 100% 100% 100% Farstad Shipping SA (Macae/Rio) 3 vessels Farstad Shipping (Indian Pacific) Pty. Ltd. (Melbourne/Perth) Farstad Shipping Pte.Ltd (Singapore) 7 vessels Farstad Shipping Ltd (Aberdeen) Farstad Shipping Aalesund AS Farstad Offshore AS Farstad Marine AS 8 vessel Farstad Construction AS 4 vessels 1 newbuild Farstad Supply AS 36 vessels Farstad Shipping Offshore Simulator Centre Pty Ltd Farstad Shipping Crewing Services Pte. Ltd. 50% 100% Farstad International AS 50% P/R International Offshore Services ANS 3 vessels Company structure November 2015 Slide 3

4 Listed since 1988 Largest shareholders (4 November 2015) No of shares % Tyrholm & Farstad AS ,5 FLPS - PRINC ALL SEC ,5 Pareto Aksje Norge ,4 Folketrygdfondet ,1 Farstad Jan Henry ,7 Farstad Sverre Andreas ,6 Forsvarets Personellservice ,0 Pareto AS Pareto Forvaltning ,9 MP Pensjon PK ,8 Swedbank Norge Market-Making Deriva ,8 Nordnet Bank AB ,7 Wenaas Kapital AS AK ,7 Fidelity GR TST for Brown Brothers Harri ,7 Citibank, N.A. S/A DFA-INTL SML CAP ,5 BKK Pensjonskasse ,5 Ulsmo Finans AS ,4 J.P. Morgan Bank LUX JP Morgan Bank Luxem ,4 Nortura Konsernpensj v/kjell Bettmo ,4 Sparebanken Møre Finansavdelingen ,4 Gjensidige Forsikring Nordmøre og Romsdal ,3 20 largest shareholders ,2 The remaining shareholders (2931) ,8 Total number of shares ,0 Foreign shareholders (116) ,2 Slide 4

5 Result 3 rd Quarter 2015 (NOK mill.) Res 3Q-14 Res 3Q-15 Operating income 1 211,9 969,3 Profit on sale of fixed assets 0,0 0,0 Total operating income 1 211,9 969,3 Crewing expenses vessels 469,2 436,1 Other operating expenses vessels 174,6 162,9 Administration 71,9 68,5 Total operating expenses 715,7 667,6 Operating result EBITDA 496,2 301,7 Deferred maintenance 56,8 63,6 Depreciation 128,2 164,5 Impairment 0,0 0,0 Operating result EBIT 311,2 73,6 Financial income 6,5 4,3 Financial expenses (154,3) (168,8) Currency gain/loss 10,9 19,9 Currency gain/loss unrealized (77,3) (355,6) Net financial items (214,3) (500,3) Pre-tax profit 97,0 (426,7) Taxes 5,8 8,7 Profit 91,2 (435,3) All markets experience increasing pressure on rates Changes in the Farstad-fleet OPEX Dry dockings Lay up of vessels Brazil exposure Currency effects Pensions Values 01/01/2015 Average 1Q Average 2Q Average 3Q 30/09/2015 GBP 11, , , , ,8970 USD 7,4332 7,8438 7,7047 8,3514 8,5017 EUR 9,0365 8,7037 8,5705 9,2948 9,5245 AUD 6,0881 6,0660 5,9720 5,9540 5,9756 BRL 2,7984 2,7023 2,4925 2,2822 2,1399 CF pre tax and sale of assets 359,3 157,0 Margins EBITDA 40,9 % 31,1 % Margins EBIT 25,7 % 7,6 % Slide 5

6 Result - quarterly development (NOK mill.) 3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 Operating income excl. sale of vessels 1 211, , , ,4 969,3 Crewing expenses vessels 469,2 452,4 449,8 435,8 436,1 Other operating expenses vessels 174,6 210,7 169,1 167,8 162,9 Administration 71,9 41,7 78,0 70,3 68,5 Total operating expenses 715,7 704,9 697,0 673,9 667,6 EBITDA (excl. Sale of vessels) 496,2 406,9 370,7 364,5 301,7 Depreciation 185,0 202,3 225,5 225,9 228,1 Impairment 0,0 101,8 15,0 170,0 0,0 Operating result EBIT 311,2 102,8 130,2 (31,4) 73,6 Financial items excl. currency items (147,8) (156,2) (155,0) (152,0) (164,5) Profit/loss on currency items 10,9 43,9 (0,3) (32,7) 19,9 Currency gain/loss unrealized (77,3) (223,0) (266,5) 104,8 (355,6) Net financial items (214,3) (335,3) (421,8) (79,9) (500,3) Profit before tax (incl. sale of vessels) 97,0 (232,6) (296,1) (111,2) (426,7) Tax 5,8 (6,8) 8,1 8,7 8,7 Profit after tax 91,2 (225,8) (304,2) (119,9) (435,3) Cash Flow incl. sale of assets/others 359,3 294,6 210,8 179,8 157,0 Sale of assets/other items 0,0 0,0 (4,6) 0,0 0,0 Cash Flow excl. sale of assets/others 359,3 294,6 215,4 179,8 157,0 EBITDA- margin 40,9 % 36,6 % 34,7 % 35,1 % 31,1 % EBIT- margin 25,7 % 9,2 % 12,2 % -3,0 % 7,6 % Slide 6

7 Operating income excl. sale of assets - quarterly development Mill NOK 1 400, , ,0 800,0 600,0 400,0 200,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ,0 828,7 863,9 797, ,0 846,2 860,6 897, ,8 871,2 959,9 961, ,3 933,1 958,8 905, ,3 993, , , , , , , , ,8 969,3 Slide 7

8 EBITDA excl. sale of assets - quarterly development Mill NOK 600,0 500,0 400,0 300,0 200,0 100,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ,2 445,5 465,5 409, ,4 385,8 379,6 328, ,8 347,0 412,3 375, ,5 348,0 357,3 290, ,2 360,4 455,4 379, ,6 367,7 496,2 406, ,7 364,8 301,7 Slide 8

9 EBIT excl. sale of assets - quarterly development Mill NOK 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0-50,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ,5 335,3 344,6 287, ,4 254,6 252,4 195, ,6 216,4 275,5 230, ,8 200,2 213,6 151, ,8 201,8 283,2 207, ,7 178,6 311,2 102, ,2-31,0 73,6 Slide 9

10 Result (NOK mill.) Res Res Operating income 3 257, ,8 Profit on sale of fixed assets 15,0 (4,6) Total operating income 3 272, ,2 Crewing expenses vessels 1 296, ,8 Other operating expenses vessels 518,2 499,8 Administration 223,4 216,9 Total operating expenses 2 037, ,5 Operating result EBITDA 1 234, ,7 Deferred maintenance 179,2 197,7 Depreciation 372,9 481,8 Impairment 0,0 185,0 Operating result EBIT 682,5 168,2 Financial income 24,9 24,0 Financial expenses (451,0) (495,5) Currency gain/loss 27,3 (13,1) Currency gain/loss unrealized (58,1) (517,3) Net financial items (457,0) (1 001,9) Pre-tax profit 225,6 (833,7) Taxes 8,2 25,4 Profit 217,4 (859,1) CF pre tax and sale of assets 820,8 552,6 Margins EBITDA 37,4 % 33,7 % Margins EBIT 20,5 % 5,6 % Slide 10

11 Comprehensive Income/Equity STATEMENT OF 3rd quarter 3rd quarter COMPREHENSIVE INCOME Profit ( ) ( ) (8 341) Items not to be reclassified to profit/loss in subsequent periods Actuarial gains and losses pensions (29 025) Change in deferred tax pensions Items to be reclassified to profit/loss in subsequent periods Change in foreign exchange contracts and interest swaps ( ) (11 241) (73 157) (34 759) ( ) Change in deferred tax (352) Translation effects foreign operations (35 897) (40 329) (55 548) Total other comprehensive income ( ) (51 922) ( ) ( ) Comprehensive income for the period ( ) ( ) ( ) CHANGE IN EQUITY 3rd quarter 3rd quarter Equity at the beginning of the period Comprehensive income ( ) ( ) ( ) Dividend payment 0 0 ( ) ( ) ( ) Equity at the end of the period Slide 11

12 Result sorted by segment Operating income - sorted by segment OPERATING INCOME *) 3rd quarter 3rd quarter AHTS PSV SUBSEA Other income Total North-West Europe Brazil Asian Pacific Other segments Others Total Northwest Europe Brazil Indian Pacific Other Markets 100% 1,2 1,5 0,1 2,6 3,8 7,1 90% 80% 70% 48,3 48,7 52,4 47,5 43,5 44,6 60% 50% 40% 25,3 27,9 26,1 29,6 32,2 30% 35 20% 10% 25,2 21,9 21,4 20,3 20,5 13,3 0% OPERATING PROFIT (EBIT) *) 3rd quarter 3rd quarter AHTS PSV Subsea AHTS PSV (3 772) (77 257) SUBSEA Other income 347 (3 456) (4 464) (5 896) (18 662) Total North-West Europe (73 499) ( ) Brazil Asian Pacific Other segments (13 521) Others 347 (3 456) (4 464) (5 896) (18 662) Total *) excl. sale of vessel 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 5,4 4,6 6,6 5,6 6,3 30,7 30,6 31,7 35,4 35,5 63,8 64,7 61,6 59,0 57,8 16,7 32,3 51,0 Slide 12

13 EBITDA margin sorted by segment EBITDA in % of income sorted by vessel type AHTS PSV SUBSEA 60% EBITDA in % of income sorted by region Northwest Europe Brazil Indian Pacific 70% 50% 60% 40% 50% 40% 30% 30% 20% 20% 10% 10% 0% 0% -10% -10% Slide 13

14 EBIT margin sorted by segment EBIT in % of income sorted by vessel type AHTS PSV SUBSEA 50% 40% EBIT in % of income sorted by regoin Northwest Europe Brazil Indian Pacific 50% 30% 30% 20% 10% 10% 0% -10% -10% -20% -30% -30% -40% -50% -50% -60% -70% -70% -80% -90% -90% Slide 14

15 CASH FLOW STATEMENT OF CASH FLOW 3rd quarter 3rd quarter Cash flow from operating activity Sale of fixed assets Investment in fixed assets and contracts newbuilds ( ) ( ) ( ) ( ) ( ) Other investmentsactivity Cash flow from investment activity ( ) ( ) ( ) ( ) ( ) New long-term debt Repayment of debt ( ) ( ) ( ) ( ) ( ) Dividend paid 0 - ( ) ( ) ( ) Interest costs ( ) ( ) ( ) ( ) ( ) Cash flow from finance activity Net changes in liquidity in the period ( ) (78 531) ( ) ( ) Net currency exchange differences subsidiaries (16 226) (1 111) (204) (25 070) Cash and cash equivalents at the beginning of the period *) Cash and cash equivalents at the end of the period *) *) Ex. shares, equity certificates and bonds Shares, equity certificates and bonds Liquid assets Slide 15

16 Balance Sheet ASSETS Fixed assets: Goodwill Vessels etc Contracts newbuilds Deferred tax benefit Other long-term receivables Currency and interest swap derivatives Shares Total fixed assets Current assets: Account receivables, freight income Other short-term receivables Currency and interest swap derivatives Liquid assets Total current assets Total assets EQUITY AND LIABILITIES Equity: Paid-in capital Retained earnings Total equity Liabilities: Non-current liabilities: Provision for liabilities Deferred tax Currency and interest swap derivatives Interest-bearing debt and leasing obligations Total non-current liabilities Current liabilities: Accounts payable Currency and interest swap derivatives Taxes payable Other current liabilities Current portion of interest-bearing debt Total current liabilities Total liabilities Total equity and liabilities Vessels sold: 1Q-Far Sky 2Q-Far Superior Newbuilds delivered: 1Q-Far Sleipner 3Q-Far Sentinel Repayment of long term debt: 3Q NOK 290 mill. New debt in 3Q was NOK 610 mill. Dividend paid to be shareholders in May with NOK mill. Remaining payments of newbuilds approx. NOK 495 mill. in total. Booked EQ per share: NOK 141,61 Booked EQ%: 28.6 % (3Q-14: 37,6%) Value adjusted EQ% *): 35.1 % (3Q-14: 46,7%) *) Based upon values as per EUR 0,5 % GBP 2,0 % AUD 5,4 % USD 25,1 % Currency-Interest bearing debt NOK 67,1 % Slide 16

17 Long term debt repayment profile half-year half-year half-year half-year half-year half-year half-year half-year half-year half-year 2020 Installments Balloons Bonds Guarantee renewals Slide 17

18 Health, Safety, Environment and Quality LTIF - (No of injuries per mill. work hours ) 2,00 1,80 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0, Slide 18

19 Global energy demand IHS forecast October 2015 Source: IHS October 2015 Slide 19

20 Newbuilds sorted by regions Newbuild orders per region built Source: IHS October 2015 Slide 20

21 Newbuildings sorted by deliverytime AHTS> BHP, PSV> DWT and Subsea 160 Subsea (80 vessels) 12500BHP<AHTS<20000BHP (34 vessels) PSV<4000 DWT (124 vessels) AHTS<12500 BHP (39 vessels) AHTS>20000 BHP(13 vessels) PSV>4000 DWT (160 vessels) 140 No of vessels Source: IHS/Clarkson Platou/ Farstad July-15 Slide 21

22 Worldwide sorted by owners/ managers AHTS> BHP and PSV> DWT No of vessels AHTS = 511 vessels PSV = 1050 vessels Newbuilds = 370 vessels Total fleet incl. newbuild count 1931 vessels 223owners. The 53 largest owners having 10 or more vessels control 74 % of the fleet incl. newbuilds. 146 owners have 5 vessels/newbuilds or less 17 % of the fleet 333 vessels. The 53 largest owners have 240 newbuilds in order 65 %. 0 Source: IHS/Clarkson Platou/ Farstad July-15 Slide 22

23 Worldwide growth*) AHTS> BHP and PSV> DWT 1800 No of vessels Other markets Northwest Europe Number of players 2004: Number of players 2015: 223 Number of vessels 2004: Number of vessels 2015: *) Excl newbuilds Source: IHS/Clarkson Platou/ Farstad July-15 Slide 23

24 Attriton of supply vessels Sorted by year and type Source: IHS October 2015 Slide 24

25 North West Europe Supply- Demand- Utilisation ,0% 85,0% % % % % % % 90% 80% 70% ,0% Boat- years % 50% ,0% % ,0% % 20% ,0% 50 10% 0 0% Term demand Spot demand Fleet size Total utilisation % Term utilization Average supply Average demand Average utilisation Source: IHS/Farstad, October 2015 Slide 25

26 North West Europe Fleet Utilization 100% 95% 90% 85% 80% 75% 70% 65% 2015-april 2015-jan 2015-august 2015-October Source: IHS/Farstad, October 2015 Slide 26

27 North West Europe Supply- Demand- Utilisation Source: Clarksons Platou November 2015 (week 45) Slide 27

28 Worldwide Subsea vessel supply/demand October 2015! Source: IHS October 2015 Slide 28

29 Fleet distribution 61 vessels - November PSV 6 AHTS 1 +1 Subsea ÅLESUND 1 AHTS 1 PSV MACCAÈ RIO DE JANEIRO 3 PSV 8 AHTS 4 Subsea 1 Subsea SINGAPORE PERTH 11 PSV 15 AHTS MELBOURNE Slide 29

30 Contract summary(*) Fleet November 2015 Contract coverage excl. options 4q-15: 59% 2016: 37% Back log: Total: NOK 6,3 mrd Slide 30

31 Contract summary AHTS November 2015 Slide 31

32 Contract summary PSV November 2015 Slide 32

33 Takk for oppmerksomheten! Slide 33