Aqualis ASA SECOND QUARTER RESULTS 2015 Oslo, 26 August 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
Agenda 1. Operational highlights David Wells CEO 2. Financial highlights Christian Opsahl CFO 3. Outlook David Wells CEO 3
Q2 2015 - highlights Total revenues of USD 11.4m (Q2 2014: USD 6.9m). EBIT of USD 0.0m (USD 0.3m) Order backlog of USD 15.1m as of end June 2015 (USD 21m) Net cash of USD 20.4m at end of second quarter; no interest-bearing debt Continued investment in business growth: Two new offices opened in Q2. Further three offices to be opened in Q3 230 employees* as of end June 2015 (increase from 222* at end of Q1) Most of costs associated with new offices and growth of workforce are expensed and not capitalized All critical company infrastructure / shared functions now in place Multiple contract awards across all business lines Solid growth for O&G operations (mainly rig moving, marine, DP) and a challenging market for new oil and gas investments. Aqualis to focus on operations and niche engineering in the near to medium term Healthy offshore wind market for Aqualis Challenging Brazilian market as asset market is dominated by Petrobras. International oil companies expected to gain market share longer term and this will reduce dependence on Petrobras * Includes contractors on 100% utilization equivalent basis 4
Revenues – quarterly development USDm +65% 12,0 10,0 8,0 6,0 4,0 2,0 0,0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Notes: (1) Tristein AS included from May 2014; OWC Ltd from July 2014
Recruitment – quarterly development Number of employees +63% 250 200 150 100 50 0 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Notes: (1) Numbers include contractors on 100% utilization equivalent basis (2) Tristein AS included from May 2014; OWC Ltd from July 2014 6
Q2 2015 – main new contract wins – oil & gas Pre-engineering work for European floatover project Project management services to Indonesian mining company for upcoming second phase of pipetrailing and replacement Large FMEA audits on 3 x accommodation units in a Chinese shipyard Re-award of annual DP trials of 4 x shuttle tankers in South America Call-out contract from major global rig owner for site specific location approvals for fleet of semi-submersible and jack up drilling units MWS services to major jack up rig owning company for dry transportation of several units MWS services to logistics operator for dry transportation of oil barges from China to Nigeria Supervision of floatover installation offshore Malaysia for major EPIC contractor Attendance for offload of jack up drilling rig in Vietnam on behalf of transportation contractor Construction supervision contract with Mekkers Offshore (Q3) 7
Q2 2015 – main new contract wins – renewables Provision of offshore marine representation to a major European power utility company for the second phase of its offshore project Further additional consultancy support to both a significant German power utility company and a UK-based utility player 8
Global presence – and still expanding OSLO/SANDEFJORD KRITIANSUND ABERDEEN HAMBURG LONDON SHANGHAI HOUSTON BUSAN DAMMAM DOHA DUBAI MANAMA MEXICO CITY ABU DHABI KUALA LUMPUR SINGAPORE RIO DE JANEIRO Current locations Under development 9
Agenda 1. Operational highlights David Wells CEO 2. Financial highlights Christian Opsahl CFO 3. Outlook David Wells CEO 10
Q2 2015 – key figures 2015 2014 2015 2014 2014 (USD '000) Q2 Q2 H1 H1 FY* Total revenues and other income 11,4 6,9 22,7 11,5 33,3 Operating profit (EBIT) 0,0 0,3 0,5 -0,1 -1,9 Operating profit (EBIT) adjusted** 0,0 0,3 0,5 -0,1 -0,7 Profit after taxes -0,4 0,2 1,0 0,0 -0,3 Profit after taxes adjusted** -0,4 0,2 1,0 0,0 1,1 Cash & cash equivalents 20,4 3,4 20,4 3,4 21,8 Number of outstanding shares (thousands) 43 191 n/a 43 191 n/a 43 191 * due to change in accounting principles, travel costs are included both in revenues and other operating cost. There is no change in EBIT compared to actual reported in 2014. ** adjusted by one-off costs in Aqualis ASA of 1.4m in third quarter 2014, relating to corporate restructuring and listing 11
Solid financial position (30.06.15) Non-current No interest-bearing debt liabilities – 100% USD 0.0m Current 85% equity ratio liabilities – 90% USD 7.8m Non-current assets – 80% Strong liquidity position: USD 20.0m USD 20.4m in cash and cash 70% equivalents 60% Other current Equity – 50% assets – USD 43.9m USD 11.2m 40% 30% Cash & cash equiv. – 20% USD 20.4m 10% 0%
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