Aqualis ASA FOURTH QUARTER RESULTS 2014 Oslo, 25 February 2015 aqualis.no
Disclaimer This Presentation has been produced by Aqualis ASA (the “Company” or “Aqualis ”) solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has not been reviewed or registered with any public authority or stock exchange, and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary companies or any such person’s officers or employees accepts any liability whatsoever arising directly or indirect ly from the use of this Presentation. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometime s identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expression s. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward -looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performa nce of the Company’s business. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. 2
2014 – summary Significant progress made during 2014 towards establishing: • credibility in the market • a good global office network • a comprehensive portfolio of blue chip Clients Full year revenues (2014 vs 2013) increased approximately 5 fold Full time equivalent employees increased 2.5 x over the last 12 months Positive operational cash flow during the year Strategy going forward will be to maintain organic growth and grow market share 3
Q4 2014 - highlights Total revenues of USD 10.1m in the 4th quarter of 2014 EBIT of negative USD 0.9m in Q4 2014 Profit after tax of USD 1.2m. Profit after tax includes unrealized foreign exchange gain of USD 2.1m Order back-log of USD 19.7m as of end December 2014 Cash and cash equivalents of USD 21.8m at 31 December 2014; no interest- bearing debt The Company had 196 employees* as of end December 2014 Continued high investment in growth and regional expansion Multiple contract awards during the quarter across business lines * Includes contractors on 100% utilization equivalent basis 4
FY 2014 - highlights Total revenues of USD 31.9m in 2014 EBIT of negative USD 2.1m in 2014. EBIT YTD includes one-off costs related to restructuring and listing of USD 1.4m. Adjusted EBIT for FY 2014 is negative USD 0.7m Profit after tax of negative USD 0.3m. Profit after tax includes unrealized foreign exchange gain of USD 2.1m. Profit after tax adjusted for costs related to restructuring and listing is USD 1.1m 5
Revenues – quarterly development USDm Notes: (1) Tristein AS included from May 2014; OWC Ltd from July 2014
Recruitment – quarterly development Number of employees 250 2.5x 200 150 100 50 0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Notes: (1) Numbers include contractors on 100% utilization equivalent basis (2) Tristein AS included from May 2014; OWC Ltd from July 2014 7
Q4 2014 – highlights (cont’d) Subsequent events: Aqualis concluded a delayed renewables project in January 2015. Cash compensation of approx. USD 405k was received in January 2015. The fair value of this compensation was recognized in the financial statements in relation to purchase price allocation at the time of acquisition and will consequently have no effect on the consolidated profit and loss in 2015 Tristein AS merged into Aqualis Offshore AS – in order to streamline the Norwegian operations. Effective date of the merger is 1 Jan 2015 8
Q4 2014 – main new O&G contract wins • A MWS contract with Technip for work associated with an FPSO • The basic design of a 4 legged liftboat (OM-100 Class) for an Asian Client covering structural engineering and naval architecture scopes • Supporting the marine operations associated with the pilotage and berthing of one of the world’s largest floating dry docks into a Middle Eastern port • A floatover topside integration feasibility study for a major Asian shipyard • Engineering consultancy associated with 2 x FPSO projects in Brazil • As marine consultant / MWS for a Mexican company covering the transportation of modular rigs • Jack up rig structural site specific assessments and suitability on behalf of a European based oil company • An MSA was signed with Parker Drilling of Houston 9
Q4 2014 – main new renewables contract wins • Provision of offshore marine representation to a major European power utility company • Additional consultancy support to a significant German power utility company • Additional support to a fast growing UK based power utility supplier • Site investigation reviews and lift-boat site specific assessments for another UK based power utility supplier 10
Company development Aug 2014 2006 - 2013 Nov 2013 – Jul 2014 Acquisitions: Nov 2013 Jun 2014 Aug 2014 Apr 2014 Listed on Oslo Stock Exchange ASA ASA Spin-off: Listed on Oslo Stock Exchange Aqualis Offshore Holding ASA ASA 11
Marine & engineering consultancy services Aqualis ASA (listed entity – OSE: AQUA) Aqualis Offshore Ltd Tristein AS* Offshore Wind Consultants Ltd * Tristein AS will be merged with Aqualis Offshore AS with effective date 1 January 2015 12
Global presence – covering all major oil regions OSLO/SANDEFJORD LONDON SHANGHAI HOUSTON DAMMAM QATAR DUBAI MANAMA MEXICO CITY ABU DHABI KUALA LUMPUR SINGAPORE RIO DE JANEIRO Current locations Under development 13
FINANCIAL HIGHLIGHTS
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