Presentation 2nd Quarter 2015 Oslo 20.08.2015 CEO Jan Fredrik Meling
News in 2nd Quarter 2015 Entered into an agreement for installation of Energy Storage System (Battery solution) for «Viking Queen» Extended the fixed period of the contract with Lundin Norway AS from 900 to 1.200 days.
News in 2nd Quarter 2015 Awarded a 19 month contract for Chevron UK for the PSV «Viking Princess» with further options for 4x6 months.
2nd Quarter 2015 results (2nd Quarter 2014 in brackets) Revenues MNOK 308,5 (245,7) EBITDA MNOK 177,7 (124,0) Operating profit MNOK 113,6 (63,4) Pre-tax profit MNOK 145,0 (-0,2) Q2 Profits influenced by agio (MNOK 60,3).
Results 2nd Quarter 2015 (in million NOK, Gain on sale excluded) The results in 2nd Quarter compared to last year are Operating revenue Q2 influenced of: 400 - The subsea vessel “Viking Neptun ” was delivered and commenced contract shortly after delivery in Q1 2015. 309 200 - The supply vessel “Viking Queen” has been operated on a contract 243 246 with higher revenues in Q2 2015 0 - Viking Princess and Viking Nereus have been operated in the spot market in Q2 2015 2013 2014 2015 EBITDA Q2 EBIT Q2 200 200 178 100 100 125 124 114 67 63 0 0 2013 2014 2015 2013 2014 2015
Results pr 30.06.2015 (in million NOK, Gain on sale and termination fee excluded) Operating revenue YTD The results YTD compared to last year are influenced 1 000 of: - “Viking Neptun delivered and commenced contract in 1 st 500 565 Quarter 2015 466 456 0 -3 vessels with yard stay in 1 st Quarter 2014 2013 2014 2015 -Geo Searcher Was sold in 2 nd Quarter 2014 EBITDA YTD EBIT YTD 400 400 323 200 200 226 213 197 102 90 0 0 2013 2014 2015 2013 2014 2015
Cash Flow (in million NOK) 2nd Quarter 2nd Quarter 2015 2014 YTD 2015 YTD 2014 2014 Net cashflow from operating activities 161,4 94,5 230,2 179,6 537,5 Net cashflow from investment activities 21,3 7,1 (922,2) (20,9) (113,3) Net cashflow from finance activities (75,9) (115,0) 558,4 (276,0) (457,4) Net changes in cash holdings 106,8 (13,4) (133,6) (117,3) (33,2) Cash at beginning of period 309,2 478,9 549,6 582,8 582,8 Cash at end of period 416,0 465,5 416,0 465,5 549,6 Interest paid is categorized under financing activities, interest received is categorized under operating activities.
Balance (in million NOK) 7 000 6 000 Short-term liab. Current assets Short-term liab. Current assets 5 000 4 000 Long-term liabilities Long-term liabilities 3 000 Fixed assets Fixed assets 2 000 Equity 1 000 Equity 0 Assets Equity and Assets Equity and 30.06.15 Liabilities 30.06.14 Liabilities 30.06.15 30.06.14 Equity ratio 30.06.15: 35 % (43 %)
1 000 Debt maturity profile 30.06.15 Millions 900 800 700 600 587 500 300 400 133 300 200 359 284 280 280 100 164 0 rest 2015 2016 2017 2018 2019 Instalments Balloons Bonds
Segments Incl. Share of Joint Ventures Excluded gain on sale (MNOK) 2nd Quarter 2015 Seismic Subsea Supply Other Revenue 76,6 183,6 91,6 5,3 Revenue Q2 2015 EBITDA 74,3 122,5 31,5 -10,2 EBIT 50,4 80,8 -0,3 -10,7 EBITDA margin 97% 67% 34% N/A EBIT margin 66% 44% 0% N/A 2nd Quarter 2014 Seismic Subsea Supply Other Revenue 67,7 102,2 112,1 5,7 EBITDA 66,4 57,4 43,8 -10,0 EBIT 39,9 29,9 12,5 -10,5 EBITDA margin 98% 56% 39% N/A Seismic Subsea Supply EBIT margin 59% 29% 11% N/A
Contract coverage (per 30.06.2015) 11
800 Contract Backlog 30.06.15 Millions 700 159 600 500 400 159 40 300 356 529 40 200 159 159 305 282 100 188 120 110 93 0 Q3 2015 Q4 2015 2016 2017 2018 2019 From 2020 Consolidated Share of JV's
Contract status seismic Viking Vanquish Viking Vision Veritas Viking Viking 2 Vantage Oceanic Vega Oceanic Sirius 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019
Contract status subsea Subsea Viking Acergy Viking Viking Poseidon European Supporter Seven Viking Viking Neptun 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019
Contract status supply Viking Queen Viking Lady Viking Athene Viking Energy Viking Avant SPOT Viking Nereus Viking Prince Viking Princess 2016 2016 2018 2018 2015 2015 2017 2017 2019 2019
Cost reduction initiatives Cost reduction initiatives launched in H1 2015 reducing the annual costs from 2014 levels. Total estimated annual cost reductions: MNOK 55 1. Vessel operations: MNOK 39 • Flag change “Viking Nereus ” and “Viking Princess” • Reduced number of cadets and trainees • New travel policy • New insurance agreements • Other 2. Administration: MNOK 16
Market We still experience very challenging market conditions in all three segments. The activity is falling while the industry is still facing a significant new building program. We do not see sufficient initiative to remove capacity from the market in a scale that will balance the demand and supply of vessels in the market. Some of our vessls will end their contract in 2015, and we are continuously working with existing and new clients to secure employment for these vessels. For 2015 Eidesvik still has a good contractcoverage. In order to remain robust in times such as the current market situation, Eidesvik has initiated actions for cost redustion, fleet optimization and refinancing of long-term debt.
Thanks for Your attention!
Recommend
More recommend
