Viking Supply Ships AB (publ.) Q th February Ulrik Hegelund CFO Morten G. Aggvin IR & Treasury Director

Transcription

1 Viking Supply Ships AB (publ.) Q th February 2016 Ulrik Hegelund CFO Morten G. Aggvin IR & Treasury Director

2 Securing a long term, stable financing platform The downturn combined with reduced contract coverage has reduced the forecasted cash flow. Need to balance debt structure with earnings potential going forward. Constructive, positive dialogue with lenders. Standstill agreement in place giving time to find a long term solution. VSS AB s majority shareholder, Kistefos AS, has informed the banks of its intention to support an equity issue of MUSD 15 of which Kistefos AS intends to guarantee for its pro-rata share. Short term Long term 20 th February End March Covenants and short term liquidity Stable, long term financing platform for

3 VSS AB Group result Q4 and YTD 2015 Fourth quarter Net revenues amounted to MSEK 457 (794). Result before capital costs (EBITDA) amounted to MSEK 86 (260). Result before tax amounted to MSEK -82 (113). Result after tax amounted to MSEK -123 (108). Earnings per share after tax amounted to MSEK -0,7 (0,6). Year to date Net revenues amounted to MSEK 1,977 (3,190). Result before capital costs (EBITDA) amounted to MSEK 268 (695). Result before tax amounted to MSEK -397 (217). Result after tax amounted to MSEK -440 (200). Earnings per share after tax amounted to MSEK -2,5 (1,2). 3

4 Positive result in Q4 adjusted for non-recurring items Positive result before tax of MSEK 17 when adjusting for non-recurring items. Non-recurring items of MSEK -99 in Q4. AHTS segment with positive result before tax of MSEK 19 in Q4 (FY 15: MSEK 133). PSV impacted by FY impairments of MSEK 262. TransAtlantic stabilized, limited impact going forward. 4

5 Viking Supply Ships A/S Q Anchor Handling Tug Supply vessels (AHTS) Achieved average fixture rate October December was NOK ( ). Average utilization October December was 68% (73). Four vessels were on term charter contracts during fourth quarter. In December, VSS A/S received an early termination of the contract for the AHTS Brage Viking. According to the contract, the vessel will remain on-hire to mid-august The termination represents a loss of income during the remaining firm period of the contract of in total MUSD 33 in 2016 and Towards the end of the quarter, Tor Viking completed its contract with Shell US. On its way back to the North Sea, the vessel transited the Northern Sea Route unassisted, which has never before been performed this late in the season. Platform Supply Vessels (PSV) Achieved average fixture rate October December was GBP (7 620). Average utilization October December was 70% (49). During Q4, two vessels were trading in the North Sea spot market, while three vessels remained laidup in Sweden. 5

6 TransAtlantic AB Q The sale of TransAtlantic Container AB and the ship management operations was concluded during Q4 and brought a positive book gain of MSEK 35. Due to declining volumes TransFighter s freight contract which expired at the end of Q4 was not renewed. The vessel is open in the market and new contract opportunities are under evaluation. 6

7 Q4 result impacted by impairment Consolidated income statement Q4 Q4 Q1-Q4 Q1-Q4 (MSEK) Note Net sales ,977 3,190 Other operating revenue Direct voyage cost Personnel costs Other costs ,118 Depreciation/impairment Operating result Net financial items Result before tax Tax Result for the period Attributable to: Parent Company's shareholders Non-controlling interests RESULT FOR THE PERIOD Earnings attributable to Parent Company's shareholders, per share in SEK (before and after dilution)

8 Positive cash flow in Q4 Consolidated cash-flow statement Q4 Q4 Q1-Q4 Q1-Q4 (MSEK) Cash flow from operations before changes in working capital Changes in working capital Cash flow from current operations Cash flow from investing activities Cash flow from financing activities Changes in cash and cash equivalents Cash and cash equivalents at beginning of period Exchange-rate difference in cash and cash equivalents CASH AND CASH EQUIVALENTS AT END OF PERIOD

9 Solid balance sheet despite impairments Key financials Q4 Q Net sales, MSEK EBITDA, MSEK Result after tax, MSEK Earnings per share after tax, SEK Shareholders equity per share, SEK Return on equity, % Equity ratio, % Market adjusted equity ratio, %

10 Contract coverage overview Firm contract Option Spot Layup AHTS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Tor Viking Nov Dec Balder Viking Vidar Viking Odin Viking Loke Viking Njord Viking Magne Viking Brage Viking Oil major, firm till 1st August x 6 months option 2. Oil major, firm till 31st December x 6 months options 3. Oil major, firm until mid August Firm contract Option Spot Layup PSV Jan Feb Mar Apr May Jun Jul Aug Sep Oct Frigg Viking Nov Dec Idun Viking Nanna Viking Freyja Viking Sol Viking 10

11 Summary and outlook Viking Supply Ships A/S Four of eight AHTS vessels operated during the period on long term charter contracts. Towards the end of the quarter, Tor Viking returned to the North Sea spot market. Results significantly impacted by non-recurring impairment of the PSV fleet. VSS has initiated a constructive dialogue with its lenders to secure a long term stable financing solution within the end of Q TransAtlantic AB The sales of TransAtlantic Container AB and the ship management operations were concluded during Q4 and resulted in a positive book gain of MSEK 35. The financial impact from TransAtlantic AB will be significantly reduced going forward. 11

12 Contact information Viking Supply Ships AB Box Lilla Bommen 4a SE Gothenburg, Sweden IR Contacts: Ulrik Hegelund, CFO, ph , ulrik.hegelund@vikingsupply.com Morten G. Aggvin, IR & Treasury Director, ph , ir@vikingsupply.com Web: