SIDETITTEL. Felix Konferansesenter 12 August 2009 Oslo. Arild Hatløy, acting CEO, CFO. Idar Hatløy, SVP sales and marketing

Transcription

1 Q2 SIDETITTEL Felix Konferansesenter 12 August 29 Oslo Arild Hatløy, acting CEO, CFO Idar Hatløy, SVP sales and marketing

2 PAGE 5 // Third quarter 28 AGENDA Business development Highlights Revenues and earnings Order intake and back log Market Offshore Service Vessels Subsea & Deepwater Installation Naval & Power After Sales & Service Business opportunities Operational and financial flexibility Summary and outlook

3 A leading provider in selected niches PAGE 6 // Second quarter 29

4 Group highlights PAGE 7 // Second quarter 29 NOK million % 347,1 14.1% 878,6 16.9% 1416,8 18.6% 2136,5 % margin 2 235,1 15.9% Breakthrough contract for ODIM Smart AHTS Pole positioned in expected growth areas Challenging project execution Not satisfactory margins in Q2 EBITDA 8.7% (Q2-8:18.2%) EBITDA YTD 12.2% New cost cutting programme will be launched in Q3 Ramp up in Asia according to plan 35,7 123,6 24,1 397, months rolling 2 Revenues EBITDA EBITDA margin

5 Revenues and earnings per business area PAGE 8 // Second quarter 29 NOK million 6. Revenues NOK million 11 EBITDA Profitability weakened by: Q2: Lower share of high margin contracts compared to earlier quarters: NOK million Intensified / large share of R&D in large projects - NOK 12 million Cost overruns in certain Airborne & Shipboard projects: NOK 4 million 1.. Q2 28 Q2 29 Offshore Service Vessels Q2 8 Q2 9 Increased sales effort without corresponding sales: NOK 7 million Introduction of new enterprise resource and planning system (ERP) Subsea & Deepwater Installation Naval & Power Offshore Service Vessels Subsea & Deepwater Installation Naval & Power Acquisition / integration of Marine Services Engineering

6 Order back log and order intake PAGE 9 // Second quarter 29 Order backlog NOK million NOK million Order intake Orders for NOK 64 million cancelled Some funding issues for new larger contracts NOK 21 million letter of intent NOK 32 million ODIM Smart AHTS contract Back log -9: NOK 8 million 5 1-1: NOK 1 million Q2 8 Q3 8 Q4 8 Q1 9 Q2 9-1 Q2 8 Q3 8 Q4 8 Q1 9 Q2 9 Offshore Service Vessels Subsea & Deepwater Installation Naval & Power Offshore Service Vessels Subsea & Deepwater Installation Naval & Power

7 Offshore Service Vessels PAGE 1 // Second quarter 29 ODIM Smart AHTS succesfully introduced to the market First contract signed in June Positive feedback from extensive marketing campaign Seismic still challenging Opportunity: National oil companies NOK million 4 21,3 18,1 3 14, ,3 339,1 361,7 1 Q2 7 Q2 8 Q2 9 % margin Oceanographic Opportunity: Government programs Start up in Vietnam according to plan Gradually ramp up of organisation Full effect from establishment in 21 Revenues EBITDA margin

8 Naval & Power PAGE 11 // Second quarter 29 NOK million % margin Q2 7 Q2 8 Q2 9 Revenues EBITDA margin Intensive sales effort on potential projects Cost overruns in certain Airborne & Shipboard projects Some potential projects delayed in Airborne & Shipboard Positive view on market outlook maintained based on announced investment programmes High tender activity in Nuclear Power Will pursue strategic opportunities

9 Subsea & Deepwater Installation PAGE 12 // Second quarter 29 Weak margin in two projects with relatively high R&D Project execution model on complex R&D projects to be improved NOK million % margin Larger and more complex projects going forward Deepwater market development slower than expected Q2 7 Q2 8 Q2 9-1 Revenue EBITDA margin

10 After Sales & Service PAGE 13 // Second quarter 29 Installed base increasing High level of inquiries Successful integration of ODIM Marine Services in Singapore Maintains ambitions

11 PAGE 14 // Third quarter 28 AGENDA Business development Highlights Revenues and earnings Order intake and back log Market Offshore Service Vessels Subsea & Deepwater Installation Naval & Power After Sales & Service Business opportunities Operational and financial flexibility Summary and outlook

12 Market observations PAGE 15 // Second quarter 29 More challenging market behavior Increased decision time More challenging funding situation for customers Customers will secure charter before placing new orders Postponed and delayed tenders from majors Increasing share of new development projects More expensive and time consuming sales effort More crucial to maintain expertise and core competence

13 Pole position PAGE 16 // Second quarter 29 Ready for rapid market improvement Positioned for shorter future lead times Will continue to introduce and improve unique cost efficient technology Financial flexibility ensures participation in larger and more complex projects

14 Capital flexibility PAGE 17 // Second quarter 29 Market impact on working capital Low order intake reduces prepayment Some postponed deliveries wanted Reduced prepayment in new contracts Significant material requirements in larger and more complex projects Currently in negotiations with banks on increased credit facility Already offered NOK 1 million to finance Vietnam facility Expected to be concluded during Q3

15 Summary and outlook PAGE 18 // Second quarter 29 Unsatisfactory project execution of larger and more complex projects in Q2 Short term market uncertainty Some projects may slide into 21 Adjustment of cost base to be concluded in Q3 Important commercial breakthrough for ODIM Smart AHTS First contract signed in June Operational and financial flexibility leaves ODIM in an excellent market position

16 Welcome back on Q3 presentation October 3, 29 PAGE 19 // Third Fourth quarter 28 26

17 Appendix PAGE 2 // Third Second Fourth quarter

18 Financial highlights PAGE 21 // Second quarter 29 Revenues NOK million 8 EBITDA NOK million 14 EBIT NOK million Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Growth +24% +12% - - Growth +13% -47% - - Growth +1% -65% - - Margin 8.7% -9.5% points Margin 4.6% -1% points

19 PAGE 22 // Second quarter 29 Appendix Income statements (Figures in NOK million) Q2 29 Q2 28 YTD 29 YTD 28 Revenues Operating expenses EBITDA Amortizations and depreciations EBIT Net finance Pretax profit Taxes Net result

20 PAGE 23 // Second quarter 29 Appendix Cash flow statements (Figures in NOK million) Q2 29 Q2 28 YTD 29 YTD 28 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

21 PAGE 24 // Second 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 Total equity Interest bearing debt Non interest bearing debt Total liabilities and equity

22 PAGE 25 // Second quarter 29 Appendix Largest shareholders (as of August 1) Rank Investor Shares % of total 1 ROLLS-ROYCE MARINE AS 15,545,634 33,% 2 KAS DEPOSITARY TRUST COMPANY 4,685,31 9,95% 3 JPMORGAN CHASE BANK 2,673,5 5,68% 4 VERDIPAPIRFONDET HANDELSBANKEN 1,3, 2,76% 5 MP PENSJON 1,65,6 2,26% 6 THE NORTHERN TRUST CO. 1,59,83 2,25% 7 STATE STREET BANK AND TRUST CO. 856,8 1,82% 8 DNB NOR BANK ASA EGENHANDELSKONTO 853,5 1,81% 9 ROME AS 72,112 1,53% 1 STATE STREET BANK AND TRUST CO. 685,8 1,46% 11 JM CONSULT AS 64,821 1,36% 12 SKAGEN VEKST 6, 1,27% 13 SEB ENSKILDA ASA EGENHANDELSKONTO 525, 1,11% 14 DNB NOR SMB VPF 55,573 1,7% 15 TERRA SPAR VPF 487,9 1,4% 16 STATE STREET BANK AND TRUST CO. 469,53 1,% 17 AKER ASA 445,966,95% 18 ALDEN AS 377,2,8% 19 PENSJONSKASSEN STATOILHYDRO 371,716,79% 2 HAVILA AS 345,2,73%