Välkommen till. Rederi AB TransAtlantic. Årsstämma 2015

Transcription

1 Välkommen till Rederi AB TransAtlantic Årsstämma 2015

2 1. Val av ordförande vid stämman

3 2. Upprättande och godkännande av röstlängd

4 3. Val av en eller två justeringsmän

5 4. Prövning av om stämman blivit behörigen sammankallad

6 5. Godkännande av föredragningslista

7 6. Framläggande av: (a) årsredovisningen och revisionsberättelsen för moderbolaget, samt koncernredovisningen och koncernrevisionsberättelsen. (b) Revisors yttrande huruvida riktlinjerna för ersättning till ledande befattningshavare följts. I anslutning därtill anförande av styrelsens ordförande, verkställande direktören och affärsområdescheferna för Viking Supply Ships och TransAtlantic.

8 Tom Ruud Verkställande direktör och koncernchef

9 TransAtlantic in Brief Two business areas: - TransAtlantic (TA), HQ Gothenburg - Viking Supply Ships (VSS), HQ Copenhagen About 800 employees 34 vessels, 21 within TA and 13 within VSS Listed on the NASDAQ OMX Stockholm, segment Small Cap 3,501 shareholders (YE 2014)

10 Highlights Rederi AB TransAtlantic: Equity issue of SEK 148 Further restructuring to establish two independent businesses Viking Supply Ships: Completion of the Kara Sea project drilling season 2014 Refinanced three loan facilities and significantly improving the debt maturity. Significant contract awards despite market downturn. TransAtlantic: Turnaround Profitable business model for growth RoRo/Container Feeder strategy

11 Tomas Bergendahl Finansdirektör

12 5 Year Summary Operational profit/loss Group MSEK

13 5 Year Summary Operational profit/loss Viking Supply Ships MSEK

14 5 Year Summary Operational profit/loss TransAtlantic MSEK

15 5 Year Summary Financial position 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Equity ratio (left scale) Net debt ratio (right scale) 150% 135% 120% 105% 90% 75% 60% 45% 30% 15% 0%

16 5 Year Summary Change in cash balance MSEK Cash balance Operating cash flow

17 Key figures 2014 TransAtlantic Group TA VSS (MSEK) Net sales Operational result Result before tax Operational cash flow Cash balance Total assets Shareholders equity Equity/asset ratio % Debt equity ratio %

18 Viking Supply Ships Head of Viking Supply Ships: Christian W. Berg

19 Highlights 2014 Strong financial results Net result of MNOK 292, compared to MNOK -52 in Strong balance sheet, market value adjusted equity ratio of 47%. Positive development on the back of term contracts Key events during 2014 Successful completion of the Kara Sea project. Refinanced three loan facilities and significantly improving the debt maturity. Significant contract awards despite market downturn. Sold SBS Cirrus as part of streamlining the fleet. Completed first phase of strategy process. Net result development 19

20 A unique business model Limited competition, market barriers present High revenue / low capital intensity Unique competence and service mix Ice-classed OSVs 23 Global OSVs 3463 VSS 7 Ice classed vessels below 25 years, Ice class 1A or above. VSS revenue divided on vessel book value vs industry average (VSS in yellow). Attributed services increasing link towards clients. High Arctic competence among crew. Shared competence with SMA. 20

21 Significant contract awards Contract awards in Arctic regions Improved market position Brage Viking fixed to Oil major for up to 4 years and 2 months including options. Vidar Viking extended with Oil major to 1 st August 2016, plus 6 months options. Balder Viking to the Pechora Sea for short contract with Gazprom Neft. Strong contract awards in a generally challenging OSV market supports the company s strategic position within its segment. Ice classed vessels obtain premium rates despite market downturn. The company still sees opportunities in Arctic and Sub-Arctic regions. 21

22 An unexpected downturn? Mainly supply-side problem, but also influenced by: Reduced investments Weaker global demand Increased supply Offshore order boom Operators signaled reduced spending already in Global demand has not rebounded as assumed after the financial crisis. Increased efficiency from shale production in the US. PSV owners had ordered vessels on the back of high rig activity. Companies were cash negative after dividends and capex even at prices well above USD 100. Industry needed to increase efficiency. China especially has lagged behind. High energy prices can be one of the explanatory factors. Excess supply from shale should not be a surprise in it self, but combined with other factors this caused the market to react as it did. As a result of reduced spending, utilization has dropped, Activity will still be high in medium to long term, but rig and OSV market will be challenging. 22

23 A future for Arctic E&P? Long term prices are the leading indicator Cost reduction brings budget prices down Also for Arctic oil Economies of scale Large investments but also large potential rewards Growing energy demand combined with depleting production 23

24 The geopolitical situation in Russia Sanctions are OSVs are not Difficult to the major obstacle for operations in Arctic Russia. directly impacted by the current sanctions. predict near term outlook, no obvious solutions. 24

25 VSS approach to a weaker market Reduced activity Downturn to hit rig-market and oil-service harder than OSV. PSV segment influenced the most. Bigger downside risk at NCS in 2016/17. UK sector coming from already low levels. Of Arctic projects VSS expected, mainly Russian projects being delayed. Risk mitigation already initiated Cost saving measures on general G&A being implemented. Re-organizing the PSV segment, closing Aberdeen office and moving functions to Copenhagen. Ship operating cost being scrutinized. Focus on term coverage. Refinancing of 3 facilities completed in 2014, improved maturity Wells drilled on NCS Updated debt maturity per 31st December 1200 MNOK * *NPD forecast After Bond

26 Contract coverage status Brage Viking firmed up with Oil major to mid- December 2017 for operations in sub-arctic region. Options to extend to mid Vidar Viking now firm to 1 st August 2016, with options to extend to 1 st February Ongoing process to firm up remaining optional periods for Njord Viking as well as secure contracts for remaining AHTS fleet. Strong focus to secure term coverage for PSV fleet. Contract coverage AHTS % 47% Firm contract Option AHTS Tor Viking Balder Viking Vidar Viking Odin Viking Loke Viking Njord Viking Magne Viking Brage Viking Oil major, 11 months firm + 2 x 6 months options Oil major, firm for options 2016/2017 Spot Oil major, firm till 1st August x 1 months options Spot Spot Eni Norge, firm till 29th July x1 yearly options Spot April May June July August September Oil major, 2 years 8 months firm months options October November December January February March 26

27 Focus areas 2015 Increase term coverage Reduce cost base Pursuit term opportunities in Arctic and Sub-Arctic regions for the AHTS fleet. Extension of optional periods of existing contracts in progress. Focus on world-wide opportunities for the PSV fleet. Complete re-organization of PSV segment. Enhance capital discipline across the company. Lean organization arranged for future growth. Further develop services segment Develop and commercialize on services under the Viking Ice Consultancy brand. Develop & confirm technology to increase customer loyalty. 27

28 Summary Strong financial standing Increased contract coverage at premium rates Prepared for future growth Net result of MNOK 292 in 2014, compared to MNOK -52 in Strong balance sheet, with value adjusted equity ratio of 47%. VSS AHTS contract coverage. Still opportunities in core areas. Term vessels obtain premium rates. Lean organization prepared for future growth. 28

29 29

30 Annual General Meeting Heléne Mellquist CEO TransAtlantic Gothenburg April 9, 2015

31 Content 2014 Turnaround TransAtlantic 2015 Focused Actions 31

32 2014: Turnaround Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Revenue (MSEK) PBT (MSEK) Main restructuring areas from 2013 to 2014 Streamline and simplification of organization Short Sea Bulk collaboration with Close down of door-to-door concept TransPal SSB Turnaround to a more stabilized company 32

33 2014: Positive customer reactions to New TA A strong liner network with focus on RoRo and feeder services connects the Bay of Bothnia and South Sweden with the large transshipment ports on the continent TransAtlantic is innovative and has developed its customer service to a flexible and responsive organization with the customer in focus Peter Lidström, General Manager, Hamburg Süd Göteborg TransAtlantic has helped us create a more cost efficient logistics concepts for new markets where we have not been able to compete before Sture Öberg, Logistics Manager Smurfit Kappa It is inspiring that TransAtlantic's logistics system has given us new market choices Lars Norberg, Logistics Manager SCA Timber Delivery accuracy is very important to us. TransAtlantic is a reliable partner in our containerized material flow Tuula Untinen, Logistics Manager, Outokumpu Steinless Tornio 33

34 TransAtlantic AB today We offer reliable and flexible logistics and feeder solutions connecting the Bay of Bothnia / South Sweden with the continent. Our key focus is to supply outports in Baltic with a high quality liner service even in rough winter conditions We offer ship management products and services in a demanding environment 23 RoRo, Container and Bulk vessels in our fleet Head quarters in Gothenburg, sales office in Helsinki and crewing in Tallinn

35 A niche player in outports Tornio Piteå Kemi Oulu Kokkola Södertälje Oxelösund FMCG Åhus Hamburg Bremerhaven Antwerp

36 New exploration in North East Sweden Piteå introduced in June 2014 First Härnösand call in April 2015 New calls in Piteå and Härnösand opened in close cooperation with the local industry The direct call to North Sweden has opened new market opportunities for the industry Härnösand New Port Oxelösund Södertälje Åhus Piteå New Port Tornio Kemi Oulu Kokkola Hamburg Bremerhaven Antwerp 36 Antwerp

37 Sulphur Emission Control Areas (SECA) implemented New stricter sulphur regulation entered into force in January 2015 (SECA) 4.5% 3.5% Mitigation activities such as network optimisation and vessel size adjustments has shown results Pilot Scrubber installed on-board TransTimber 1.5% 1.0% Zone based SECA surcharge introduced to our customers has been well received 0.5% 0.1%

38 Environment regulations Challenges & Opportunities Several regulations affects the operations: New stricter sulphur regulation entered into force in January 2015 (SECA) Further regulations for NOX, SOX and particles are expected CO2 regulations will continue to drive development towards more energy efficient ships Ballast water convention close to be adopted. Will thereafter enter into force within 12 months. Requiring cleaning equipment to be installed on all ships. Regulations will impact fleet development in the whole market

39 Ship Management Technical Management Vessel Inspections Technical Consulting Energy Saving Management Systems Crew Management Docking Service

40 2015 Focused Actions Profitable business model for growth - RoRo strategy - Container feeder outport strategy - Fleet management Adapt to new business scope - Secure competent and lean management team as well as organization - Secure positive cash flow 40

41 7. Beslut om: (a) fastställande av resultaträkningen och balansräkningen för moderbolaget, samt koncernresultaträkningen och koncernbalansräkningen. b) dispositioner beträffande årets resultat enligt den fastställda balansräkningen. c) ansvarsfrihet för styrelseledamöterna och verkställande direktören.

42 8. Fastställande av antalet styrelseledamöter och revisorer

43 9. Fastställande av arvoden till styrelsen och revisorerna

44 10. Val av styrelseledamöter och styrelseordförande

45 11. Val av revisorer

46 12. Beslut om valberedning inför nästa årsstämma

47 13. Beslut om riktlinjer för ersättning till ledande befattningshavare

48 14. Beslut om ändring i bolagets bolagsordning (firmaändring)

49 15. Stämmans avslutande

50 Tack och välkommen åter 2016!