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Slvtrans ASA Q4 2013 Oslo, 14. February 2014 Roger Halsebakk, CEO - PowerPoint PPT Presentation

Apr 06, 2024 •265 likes •563 views

Slvtrans ASA Q4 2013 Oslo, 14. February 2014 Roger Halsebakk, CEO Jon R. Kval, CFO | | I. Highlights in the quarter II. Financial review III. Operational and market review IV. Summary and outlook V. Appendix | 2 Highlights 4 th

  1. Sølvtrans ASA Q4 2013 Oslo, 14. February 2014 Roger Halsebakk, CEO Jon R. Kvalø, CFO | |

  2. I. Highlights in the quarter II. Financial review III. Operational and market review IV. Summary and outlook V. Appendix | 2

  3. Highlights – 4 th quarter 2013  99 % fleet utilisation in the quarter (95 %)  Operating income of NOK 79.6 mill  Reversal of deferred tax of NOK 28.9 mill  Full year total profit of NOK 112.5 mill  New wellboat Ronja Polaris delivered and started operation for Marine Harvest  DnB and Nordea chosen for long-term bank financing of the Group  Dividend proposal of NOK 0.60 per share | 3

  4. I. Highlights in the quarter II. Financial review III. Operational and market review IV. Summary and outlook V. Appendix | 4

  5. Financial highlights Operating income (NOKm) EBIT (NOKm) 79,6 29,8 72,7 72,0 70,9 70,1 67,9 67,6 26,7 26,3 25,6 25,3 24,7 59,5 24,2 14,1 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Equity ratio (%) Net-interest bearing debt (NOKm) 34,4 % 34,2 % 35,5 % 36,5 % 34,0 % 781 30,7 % 30,9 % 31,4 % 577 577 564 565 556 547 523 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 | 5

  6. Operating results 4 th quarter 2013  Operating revenues of NOK 79.6 mill Q4 2013 Q4 2012 NOK mill. - 99 % utilisation (95%) Operating income 79,6 72,0 - One vessel hired temporarily (NOK 3.4 mill) OPEX excl. depr. 41,7 34,6  Operating expenses increased 20 % vs Q3 EBIT 24,2 26,3 last year, mainly due to EBIT margin 30,4 % 36,5 % - Lease cost of one vessel NOK 3.1 mill Net financial items -13,7 -10,9 - Increased repair and maintenance NOK 2.1 mill Pretax profit 10,5 15,4 - Bonus accruals NOK 1.7 mill  EBIT NOK 24.2 mill; slight reduction vs Q4-12  Net finance cost increased with NOK 2.8 mill - Mainly due to increase in bank loans  Pre-tax profit of NOK 10.5 mill | 6

  7. Operating results full year 2013  Operating income in 2013 increased 5.5% FY 2013 FY 2012 NOK mill. - 98 % utilisation (92%) Operating income 289,0 274,3 - Sold one vessel in May, and took delivery of a OPEX excl. depr. 140,5 140,5 new vessel in October EBIT 104,9 91,7  Total operating expenses equal to last year EBIT margin 36,3 % 33,4 % - Reduced vessel opex (repair costs) with 8 % Net financial items -14,3 -44,2 - Increased salaries with 6 % Pretax profit 90,6 47,5  EBIT increased with 14% to 104.9 mill Tax 24,1 5,4 OCI 1,1 3,6 - EBIT margin increased 2.9 pts to 36.3% Profit 112,5 58,7  Net finance positively impacted by unrealised agio and derivate effects - Unrealised gain 2013 of NOK 14.6 mill, vs an unrealised loss in 2012 of 20.8 mill  Positive tax cost of NOK 24.1 mill in 2013 - NOK 28.9 mill in reversed defered tax  Total profit for the year of NOK 112.5 mill - Equals NOK 6,60 per share  Dividend proposal of NOK 0,60 per share | 7

  8. Balance sheet per 31 December 2013  Cash of NOK 66.9 mill 31.12.2013 31.12.2012 NOK mill. - Reduced NOK 11.1 mill since Q3 2013 Fixed assets 1 250 955  13 vessels with book value of NOK 1 054 mill Other current assets 70 39 - Ronja Polaris recognized in the BS in Q4 Cash 67 86 - Market value of the fleet of NOK 1 300 – 1 420 Total 1 387 1 080 mill according to independent shipbrokers - Vessel under construction with book value of NOK 194 mill 31.12.2013 31.12.2012 NOK mill.  NIBD of NOK 781 mill Equity 472 372 - Increased NOK 204 mill in the quarter du to Non-current liabilities 799 601 payments for new vessel and vessel under Current liabilities 116 107 construction Total 1 387 1 080 - Bank debt increased with NOK 193 mill in Q4, and with NOK 239 mill during the whole 2013. - NIBD / 12 month rolling EBITDA = 5,4  Equity ratio 34,0 % | 8

  9. Cash flow 2013 4 th QUARTER 2013 327,1 -7,6 -29,7  Operating cash-flow NOK 25.2m -391,2  Investment cash-flow NOK -231.3m  Financing cash-flow NOK 195.1m  Net cash-flow NOK -11.1m 53,5 145,5 FULL YEAR 2013 -87,7  Operating cash-flow NOK 121.6m -12,5 85,5  Investment cash-flow -5,3 NOK -336.9m -10,7 66,9  Financing cash-flow NOK 196.4m  Net cash-flow NOK -18,6m Cash at EBITDA Sale of New loans Change in Net finance Investm. Loan re- Dividend / Paid tax Other Cash at 01.01.2013 vessel WC outflow payment share buy- changes 31.12.2013 back | 9

  10. Reversal of deferred tax  A deferred tax liability of NOK 28.9 mill arose in 2008 in connection with a restructuring of the Sølvtrans Group  A revised evaluation done in 2013 concluded that this contingent liability should not have been recognized in the balance sheet.  This contingent liability will come to payment if the shares of the fully owned Sølvtrans Rederi AS is sold / realized.  The Board of Directors considers that this will not happen in the foreseeable future.  The deferred tax provision of NOK 28.9 mill has thus been reversed in 2013 | 10

  11. Re-financing of the Sølvtrans Group  Agreement with DnB and Nordea regarding  Impact for Sølvtrans: syndicate bankloan covering the whole fleet: - Ensures stability and predictability for the future financing of the Group - Refinancing existing fleet, including Chile vessels - Platform for further investments and growth - Guarantee’s, construction financing and long term financing of vessel under construction - Gives a comfortable cash situation - Long term financing commitment for further two - Competitive terms new vessels, including construction financing  GIEK and Exportcredit involvement in long- term financing of Ronja Polaris and Ronjafisk  Normal commercial terms - 12,5 year repayment on loans to existing fleet, and 15 years for new vessels - 5 year agreement (12 years for Exportcredit) - Comfortable covenants related to NIBD / EBITDA, equity ratio and minimum free cash  Total long-term financing frame of NOK 1.3 billion | 11

  12. I. Highlights in the quarter II. Financial review III. Operational and market review IV. Summary and outlook V. Appendix | 12

  13. Fleet performance Utilization rate (%) Number of offhire days 100 % 98 % 100% 350 99 % 97 % 96 % 96 % 292 95 % 95 % 94 % 300 92 % 250 238 90% 200 150 80% 80 % 97 100 71 57 56 75 % 51 48 50 36 19 15 70% 0 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 0 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Incidents Maintenance Market related A major share of the customer contracts include paid maintenance days. Sølvtrans had a total of 15 maintenance days in 4 th quarter, hereof 5 days without the customer paying any charter. | 13

  14. Operational summary 2013  Again strong operational improvement from 2012 till 2013! - 98% utilisation, vs 92% in 2012! - A total of 104 offhire days, compared to 401 days in 2012. - 56 of the 104 offhire days in 2013 is due to market related issues - 10 days of offhire related to incidents / break- downs in 2013, vs 31 days last year  Expenses to repair and maintenance reduced with 14 %  Sold one old vessel, and took delivery of one new vessel. - Full operation and income on the new vessel from day 1.  Sølvtrans with efficient administration and competent and dedicated crews | 14

  15. Contract coverage  Contracts for Ronja Pioneer extended till 30.09.2014  Contract for Ronja Carrier extended till 31.12.2014  Ongoing negotiations with customers regarding free capacity and new vessel (Ronjafisk) to be delivered during Q3 2014 - We believe in a relatively tight wellboat market 76 % based on new regulation and increase in Norwegian salmon production 42 % 37 % 0 % 2014 2015 2016 2017 Contract coverage excluding vessel under construction | 15

  16. Sølvtrans – Market overview Norway: Canada East: Scotland:  Five vessels in operation, all with closed valve  One vessel on contract until  Five vessels in operation, all system Dec 2014 with closed valve system Norway Scotland Canada East Chile:  Two vessels in full operation Chile | 16

  17. Proposed regulatory changes in Norway regarding wellboats  The Norwegian Food Safety Authority are working with new regulations for wellboats with the aim of reducing the risk of spreading infections  Following requirements have been proposed : a) All wellboats to either operate closed, or install approved disinfection and disinfection equipment to treat suction-, transport- and discharge water b) All wellboats to install and use geographical tracking system together with automatic logging of information about the bottom valve position  Sølvtrans welcome these new regulations, as they will improve the quality and environmental security of the Norwegian wellboat fleet and the fish farm industry  As all Sølvtrans vessels in Norway and Scotland are closed valve vessels, and mostly equipped with automatic logging systems on the bottom valves, these new regulations will not impact Sølvtrans negatively. | 17

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