Disclaimer This presentation should be read in conjunction with STX OSV Holdings Limited’s results for the period ended 30 June 2012 in the SGXNet announcement. Financial figures are presented according to SFRS. This presentation may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward- looking statements and financial information are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. As these statements and financial information reflect our current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. You are cautioned not to place undue reliance on these forward looking statements, which are based on the Company’s current view of future events. 14.08.2012 | Page 2
2Q 2012 Results Presentation STX OSV Holdings Limited 14 August 2012
Key messages � Revenue of NOK 3 337 million for 2Q 2012, up 22% from NOK 2 744 million in 2Q 2011 � EBITDA of NOK 460 million for 2Q 2012, up 2% from NOK 451 million in 2Q 2011 � EBITDA margin , representing EBITDA to total operating revenues, of 13.8% for 2Q 2012, down from 16.4% in 2Q 2011 � Order intake of NOK 4 986 million in 2Q 2012. Order intake may vary significantly on a quarter-by-quarter basis � 55 vessels in the order book as at 30 June 2012, of which 31 of own design � Strong new order intake boosts average order book length and secures good utilization of yard capacity � Brazil operations experiencing delays, but financial impact mitigated by existing risk management procedures � Continued demand for high-end OSVs supported by strong sub-sea market � Special interim dividend of SGD 13 cents per share declared based on strong financial position 14.08.2012 | Page 4
2Q 2012 Business update 14.08.2012 | Page 5
Vessel deliveries and new contracts in 2Q 2012 Vessel deliveries New contracts 4 PSVs Eight new vessel contracts secured in � Skandi Kvitsøy from Aukra (Norway) to DOF 2Q 2012 � � Olympic Energy from Aukra (Norway) to Olympic 1 AHTS for Iceman Shipping � 2 OSCVs for Siem Offshore � � Troms Sirius from Søviknes (Norway) to Troms 1 OSCV for Ocean Installer and Solstad Offshore Offshore � � 2 PSVs for Farstad Shipping Island Crusader from Brevik (Norway) to Island � Offshore 2 PSVs for Island Offshore One additional contract secured since the 1 OSCV end of the quarter � Ocean Shield from Søviknes (Norway) to DOF / � 1 PSV for Troms Offshore The Commonwealth of Australia 1 Other specialized vessel As of 30 June 2012, the Group had 55 vessels in the order book, 31 of which will be of STX OSV’s own design. 14.08.2012 | Page 6
Order book development New order intake during the period (NOK million) 1) 28 Vessels 15 461 27 Vessels 28 Vessels 12 555 11 117 12 Vessels 4 Vessels 7 328 8 Vessels 5 692 4 458 2Q 2012: NOK 4 986 million 1Q 2012: NOK 2 342 million 2007 2008 2009 2010 2011 1H 2012 Order book at the end of the period (NOK million) 1) 27 363 22 389 18 267 16 675 17 031 16 411 2007 2008 2009 2010 2011 1H 2012 1) Includes firm orders only. Includes variation orders and trading packages 14.08.2012 | Page 7
Order book status Delivery Norway / Brazil Vietnam Total Order book as of 30 June 2012 (# of vessels) year Romania 8 LPG carriers to be delivered from 2014-16 8 2014-16 8 new yard in Brazil 8 Other 2 AHTS 1 AHTS 1 PSV 2 OSCV 2014 10 2014 10 2 PSV 2 Other 3 AHTS 2 ATHS 1 vessel moved Delivery year from end 2012 8 PSV 1 PSV 2 PSV 2013 23 2013 23 to early 2013 3 OSCV 4 Other 1 AHTS 1 AHTS 11 delivered 17 PSV 2 PSV 1 PSV 2012 11 14 2012 25 14 remaining 1 OSCV 2 Other 2011 delivered 23 0 10 20 30 14.08.2012 | Page 8
Order book by region and vessel type – 2Q 2012 Order book Deliveries Order intake Order book By Region 31 Mar. 2012 2Q 2012 2Q 2012 30 Jun. 2012 Norway / Romania 35 6 7 36 Brazil 15 - - 15 Vietnam 3 - 1 4 Total 53 6 8 55 Order book Deliveries Order intake Order book By Vessel Type 31 Mar. 2012 2Q 2012 2Q 2012 30 Jun. 2012 AHTS 8 - 1 9 PSV (incl. MRV) 26 4 4 26 OSCV 3 1 3 5 Other 16 1 - 15 Total 53 6 8 55 14.08.2012 | Page 9
Market & operations update Market � Strong order intake in 2Q boosts average order book length � Highest 1H new order intake since 2007, driven mainly by strong subsea market � AHTS orders behind expectations due to lower-than-anticipated day rate levels � Long-term demand for large and sophisticated vessels remains robust � Macro uncertainty and financing environment affect order conversion in the short term Operations – Norway, Romania & Vietnam � Successful delivery of 11 vessels during 1H 2012 – and another 3 since � Recent new orders secure good utilization of yards in Romania and Norway � Workload for Vietnam yard secured in the short to medium term � Investment program underway in Romania to improve efficiency and throughput 14.08.2012 | Page 10
Operations – Brazil (Niterói) � Several vessels behind schedule � Two vessels with more than six months delay currently undergoing sea trials, and coming to delivery within 3Q 2012; both have contracts with end user � One vessel scheduled for delivery in 4Q 2012; one with lesser delay moved from 4Q 2012 to 1Q 2013 � Remaining vessels in Brazil order book facing lesser delays � Delays mostly due to general yard overload, temporary supplier constraints, and bottlenecks in access to subcontracting capacity � Labor dispute in 2Q contributed to delay, but considered «Force Majeure» under the contracts � Also some contractually agreed extensions of delivery dates due to variation orders � Financial impact has been accounted on an ongoing basis � Prudent risk management procedures in place to mitigate impact of delays � But Brazil margins weighing down on group average � Improvement measures initiated � Strengthening of Niterói yard organization with new yard manager and production specialists � Agreement for sub-delivery of steel hulls from Rio Nave shipyard 14.08.2012 | Page 11
Brazil new yard project (STX OSV Promar) � Work on yard construction approx. 40% complete � Start of shipbuilding activities scheduled for 2Q 2013 in line with previous estimates � Total projected investment increased to approx. 148 MUSD mainly due to increased cost for civil works, and adjustments to capacity and equipment specifications � Transpetro project progressing � Steel hulls for the first two LPG carriers will be built at Rio Nave to reduce pressure, and open for earlier construction start of core OSV vessels at the new yard Production halls – status as of end-July 14.08.2012 | Page 12
2Q 2012 Financial highlights 14.08.2012 | Page 13
Revenues and margins Revenues (NOK million) EBITDA (NOK million) and EBITDA Margin (%) 1 000 6 148 5 936 15.0% 13.9% 6 000 800 5 000 4 000 600 2 744 451 3 337 460 3 000 3 192 400 2 811 439 393 2 000 200 1 000 0 0 1H 2011 1H 2012 1H 2011 1H 2012 14.08.2012 | Page 14
Statement of income – major items 2Q ended 30 June 1H ended 30 June D( %) D( %) (NOK million) 2012 2011 2012 2011 Revenue 3 337 2 744 22% 6 148 5 936 4% Materials, subcontract cost and (2 272) (1 730) 31% (4 102) (3 931) 4% others Salaries and related costs (484) (436) 11% (958) (877) 9% EBITDA 460 451 853 890 2% (4%) EBITDA % 13.8% 16.4% 13.9% 15.0% n/m n/m Operating profit 431 420 3% 793 829 (4%) Net financial income / (cost) 12 (11) 22 3 n/m 574% Profit before tax 444 419 6% 817 844 (3%) Profit for the period 278 274 1% 548 587 (7%) 14.08.2012 | Page 15
Cash and cash equivalents, and construction loans Net Cash (NOK million) 1 Construction Loans (NOK million) 3 500 3 500 2 950 2 922 2 805 3 000 3 000 2 379 2 500 2 500 2 000 2 000 1 500 1 500 1 000 1 000 500 500 0 0 31 Dec 2011 30 Jun 2012 31 Dec 2011 30 Jun 2012 (1) Cash and cash equivalents less sum of short-term and long-term Cash and Cash Equivalents (NOK million) interest bearing liabilities, excluding construction financing 3 329 3 500 3 064 24 29 3 000 2 451 2 163 2 500 377 2 000 1 532 3 305 1 500 3 035 1 000 2 074 500 0 30 Jun 2011 31 Dec 2011 30 Jun 2012 Restricted Cash Non-restricted Cash 14.08.2012 | Page 16
Major balance sheet items As at (NOK million) 30 June 2012 31 December 2011 Non-current assets 2 074 1 788 Current assets 11 677 11 019 Total assets 13 751 12 807 Total equity 3 621 3 553 Loans and borrowings and construction loans 2 988 2 407 Trade and other payables and construction work in progress 5 336 4 871 Other current liabilities 1 232 1 536 Long-term loans and borrowings 369 231 Other non-current liabilities 205 209 Total liabilities 10 130 9 254 Total equity and liabilities 13 751 12 807 14.08.2012 | Page 17
Recommend
More recommend
