Q SIDETITTEL. Felix Konferansesenter 5 May 2009 Oslo

Transcription

1 Q1 29 SIDETITTEL Felix Konferansesenter 5 May 29 Oslo

2 PAGE 3 // Third quarter 28 AGENDA Business development Highlights Revenues and earnings Order intake and back log Market Outlook Offshore Service Vessels Subsea & Deepwater Installation Naval & Power After Sales & Service Business opportunities After Sales & Services, by Senior Vice President Bjørn Roger Andersen

3 PAGE 4 // A leading provider in selected niches Automated handling solutions

4 Group highlights PAGE 5 // First quarter 29 NOK million ,1 16,9 18,6 2136,5 % margin 18, , Revenues of NOK million in Q1 29 vs NOK 45.2 million in Q1 28 EBITDA of NOK 88.4 million in Q1 29 vs NOK 78.5 million in Q ,3 1416, EBITDA margin of 15.8% in Q1 29 (17.4%) 1 878,6 8 6 Negative contribution from project in Offshore Supply 5 347,1 35,7 123,6 24,1 397,9 47, months rolling Revenues EBITDA EBITDA margin 4 2 Costs related to ramp up in Asia Financial turmoil creates strategic opportunities

5 Revenues and earnings per business area PAGE 6 // First quarter 29 5, 4, 3, 2, 1, - 21,1 84,8 344,4 Naval & Power Revenues 46, 95,8 416,4 Q1 8 Q1 9 Subsea & Deepwater Installation Of f shore Service Vessels EBITDA NOK million NOK million Strong increase from Q1 6, 1 28 to Q1 29: Q1 8 Q1 9 Of f shore Service Vessels Subsea & Deepwater Installation Naval & Power Strong development in N&P No significant price pressure so far Solutions proven to be cost effective Focus on After Sales & Service Reduce cyclicality Strong cash position Total liquidity buffer of NOK 427 million High financial flexibility

6 Order back log and order intake PAGE 7 // First quarter 29 NOK million ,162 2 Order backlog 2,629 2,658 2,37 2,18 NOK million Order intake 969 Order intake of NOK 359 million in Q1 Order backlog at NOK 2.1 billion Same level as Q Q1 8 Q2 8 Q3 8 Q4 8 Q Q1 8 Q2 8 Q3 8 Q4 8 Q1 9 Unchanged contract risk in Q1 9 NOK 2 million at risk Order backlog offers relatively high visibility for 29 Offshore Service Vessels Offshore Service Vessels Subsea & Deepwater Installation Naval & Power Subsea & Deepwater Installation Naval & Power

7 Offshore Service Vessels PAGE 8 // First quarter 29 Challenging Seismic segment Reduced E&P spending NOK million % margin ,7 17,1 17, ,1 344,4 416,4 1 Q1 7 Q1 8 Q1 9 Revenues EBITDA margin % New orders expected from national oil companies EBITDA margin affected by ODIM ABCS project Positive ODIM Smart ATHS feedback Extensive road show in Q1 Operation began at Vung Tau in April

8 Naval & Power PAGE 9 // First quarter 29 NOK million % margin Q1 7 Q1 8 Q1 9 Revenues EBITDA margin % Solid operational performance Turnover + 118% to NOK 46. million EBITDA margin improved to 2.3% Strong outlook for Nuclear Power High tender activity Focus on maintenance requirements Will pursue identified new projects High tendering activity in Airborne & Shipboard High level of activity expected in H2 29 Organisation will continue to be strengthened Organic growth Strategic acquisitions

9 Subsea & Deepwater Installation PAGE 1 // First quarter 29 Positive development in order backlog NOK 784 million end Q1 29 Letter of intent expected to be confirmed soon New market trend NOK million , ,5 8,2 8,3 84,8 95,8 1Q 7 1Q 8 1Q 9 Revenues EBITDA margin % % margin Larger but fewer projects Could lead to larger quarterly fluctuations in order intake Conservative project evaluation maintained

10 After Sales & Service PAGE 11 // First quarter 29 Strong focus on After Sales & Service Reduce cyclicality Building international network Acquisition in Singapore Start up in Brazil Going according to plan Major long term service agreements expected Strong growth expected Will continue to expand network where customers are located Maintain target to have 15-2% of revenue from After Sales & Service

11 Outlook PAGE 12 // First quarter revenue expected will be at least on par with 28 Offshore Service Vessels Promising outlook for ODIM Smart AHTS TM Focus on national oil companies Subsea & Deepwater Installation Positive development in order backlog Several market opportunities Naval & Power Focus on growth both organically and through acquisitions After Sales & Service Focus on building international capacity and competence

12 PAGE 13 // Third quarter 28 AGENDA Business development Highlights Revenues and earnings Order intake and back log Capital structure Market Offshore Service Vessels Subsea & Deepwater Installation Naval & Power After Sales & Service Outlook Business opportunities After Sales & Services, by Senior Vice President Bjørn Roger Andersen

13 PAGE 14 // Strategic direction After Sales & Services Strategic Direction Life Cycle - Service Offering Responsive Repair & Overhauls Proactive Upgrades Long Term LCS Agreements Interactive Operational Support Condition Based Maintenance/ Remote diagnostics From one-off product sales to life cycle focus Spare Parts Field Service Protect ODIM brand Create new growth

14 Strong growth in After Sales & Service PAGE 15 // Goals: After Sales & Service Move up the value chain towards customer interaction 22 Upgrades/ modification on units in operation 17 Partnering agreement Turn-key Operational Support NOK million 12 7 Proactive market approach to enhance a win-win situation with customers 2 Deliver on customer expectations Spare parts/ Services/ Rental/ Courses/ Other

15 PAGE 16 // Rapidly growing installed base of ODIM equipment # vessels with larger ODIM deliveries Supply 1) Seismic Subsea & DWI 2)

16 PAGE 17 // Required global structure for After Sales & Service Requirements to succeed: Proactive sales team and coordination with new sales Increasing international needs (assumed fleet location 21) Spare parts: 35- Capacity 1-2 Supply chain Access to components Upgrades: Engineering and application capability

17 PAGE 18 // Third quarter 28 ODIM strengthens After Sales & Service in Asia Acquisition of Marine Services & Engineering Pte Ltd (MSE), Singapore for NOK 1 million Equivalent to sligthly less than 2 x 28 EBITDA Strengthens ODIMs total customer relations in the rapidly growing Asian market Immediate increase of capacity within After Sales & Service in the region Incorporate formally in ODIM 1 May 29, as ODIM Marine Services

18 Welcome back on Q2 presentation August 12, 29 PAGE 19 // Third Fourth quarter 28 26

19 Appendix PAGE 2 // Third Second Fourth quarter

20 PAGE 21 // Appendix Income statements First quarter 29 (Figures in NOK million) Q1 29 Q1 28 Full year 28 Full year 27 Revenues , Operating expenses , EBITDA Amortizations and depreciations EBIT Net finance Pretax profit Taxes Net result

21 PAGE 22 // First quarter 29 Appendix Cash flow statements (Figures in NOK million) Q1 29 Q1 28 Full year 28 Full year 27 Net cash flow from operational activities Net cash flow from investing activities Net cash flow from financing activities Net change in cash Cash at start of period Cash at end of period

22 PAGE 23 // First quarter 29 Revenues NOK million Appendix Financial highlights EBITDA NOK million EBIT NOK million Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q ,9 49,9 5,6 46, ,9 73,4 8,5 16, ,6 Growth +24% +56% +59% +41% Growth +13% +71% +83% +51% Growth +1% +47% +59% +129% Margin 15.8% -1.6% points Margin 11.6% -1.5 % points

23 PAGE 24 // First quarter 29 Appendix Balance sheets (Figures in NOK million) Intangible assets Tangible assets Financial assets Current assets other than cash / cash equivalents Cash and cash equivalents Total assets 1,71.8 1, ,773. Total equity Interest bearing debt Non interest bearing debt Total liabilities and equity 1,71.8 1, ,773.

24 PAGE 25 // First quarter 29 Appendix Largest shareholders (as of May 4) 1 AKER KVÆRNER % 2 KAS DEPOSITARY TRUST COMPANY % 3 JPMORGAN CHASE BANK % 4 VERDIPAPIRFONDET HANDELSBANKEN % 5 MP PENSJON % 6 THE NORTHERN TRUST CO % 7 DNBNOR BANK EGENHANDELSKONTO % 8 STATE STREET BANK AND TRUST CO % 9 AKER ASA % 1 ROME AS % 11 JM CONSULT AS % 12 STATE STREET BANK AND TRUST CO % 13 SKAGEN VEKST % 14 TERRA SPAR % 15 STATE STREET BANK AND TRUST CO % 16 PENSJONSKASSEN STATOIL HYDRO % 17 HAVILA AS % 18 STATE STREET BANK AND TRUST CO % 19 ALDEN AS % 2 ALFRED BERG NORGE VPF %