Installer. FINANCIAL REPORT - Q DOF Installer ASA

Transcription

1 Installer FINANCIAL REPORT - Q DOF Installer ASA

2 Financial Report - Q DOF Installer ASA INDEX: Report 1st Quarter 2012 Major Events 1st Quarter P&L And Balance Sheet Shareholders Market Outlook Accounting Principles Accounts 1st Quarter 2012 Group Profit and Loss Account Group Balance Sheet Statement of Cash Flow Group Condensed Statement of Equity Key Figures Notes to the Financial Report Note 1 General Note 2 Operating Income and EBITDA Note 3 Events After Balance Sheet Date Note 4 Net Interest Bearing Debt Note 5 Transactions with Related Parties Note 6 Taxes Note 7 Shareholders Note 8 Financial Items CONTACT DOF Installer ASA Q Financial Report

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4 Report 1st Quarter 2012 DOF Installer ASA MAJOR Events 1ST Quarter Skandi Skolten has mobilized in Aberdeen in February to perform a project in Brazil for DOF Subsea USA Inc. The duration of the project is expected to be 120 days. Skandi Hercules has been operating in Asia since May In Q1, the vessel has been doing construction work for Roc Oil in Australia. Skandi Skansen has been working for DOF Subsea Norway AS in the beginning of the year. In the middle of February 2012, the vessel started mobilizing on a four year Frame agreement with Subsea 7 (SS7). SS7 has declared the first option period, which secured the vessel contract through Q P&L and Balance Sheet The operating income for Q totaled NOK 70.2 million, with an EBITDA of NOK 65.6 million. The operating expenses and the depreciations were NOK 4.6 million and NOK 19.3 million, respectively, giving an operating profit (EBIT) of NOK 46.3 million. The net effect of financial items was NOK million, resulting in a pre-tax income of NOK 15.8 million. Market Outlook The Board of Directors is expecting a volatile market for large AHTS vessels in All company vessels are on Bareboat contracts. The contracts have been changed from Time Charter to Bareboat in order to comply with tax regulations. Skandi Skolten will be working in the Brazilian market until end of May. The vessel has recently commenced on a job for Shell for approximately 30 days before returning to the North Sea. Skandi Skansen will continue on the contract with SS7 and Skandi Hercules will be on Bareboat contract to Asia Pacific for the rest of the year. The Board of Directors will continue working towards obtaining long term contracts on all of the company vessels. Accouting Principles The quarterly report has been prepared in accordance with NRS 11 for interim reporting. The quarterly financial statements are unaudited. As per 31st of March, the total assets were NOK million, where tangible fixed assets represented NOK million. The current assets were NOK 185 million of which NOK 85 million were in cash and cash equivalents. The total equity was NOK million, while the total long term debt was NOK million and the current liabilities amounted to NOK 206 million. Shareholders DOF Subsea AS owns 83.7 % of the shares, with the remaining 16.3 % of the shares held by 57 shareholders, of which State Street Bank and Trust Co. owns 4.4 %, Goldman Sachs Int. owns 1.42 %, MP Pensjon PK 1.44 % and Clipper AS 1.08 %. DOF Installer ASA 30th of May 2012 Contact: Mons Aase DOF Installer ASA Alfabygget, 5392 STOREBØ Austevoll, Norway 4 DOF Installer ASA Q Financial Report

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6 Accounts 1st Quarter 2012 DOF Installer ASA Group Profit and loss account (NOK 1.000) Operating revenue Total operating income Wages and salaries Operating expenses Total operating expenses Operating profit before depreciation Depreciation Operating profit Financial income Financial expenses Realized gain/loss on financial instruments Unrealized gain/loss on financial instruments Net financial result Pre-tax profit Income Tax Result for the period DOF Installer ASA Q Financial Report

7 Sub Header Here Group balance sheet (NOK 1.000) Deffered tax benefit Vessels Machinery and other equipment Tangible Assets Total fixed assets Bunkers and provision Short-term receivables from group companies Short-term receivables Financial current assets Total receivables Cash and cash equivalents Total Current Assets Total Assets (NOK 1.000) Share capital Share premium fund Subcribted equity Other equity Total equity Derivatives financial liabilities Total provisions for commitments Debt to credit instistutions Total long term liabilities month installments of long-term debt Trade payables Short term liabilities to group companies Other short-term liabilities Total short term liabilities Total liabilities Total Equity and liabilities DOF Installer ASA Q Financial Report

8 statement of cash flow (NOK 1.000) Profit before tax Depreciation Change in bunkers and provision Change in accounts receivables Change in accounts payables Changes in other accruals Unrealised gain/loss financial assets Unrealised foreign exchange gain/loss Cash flow from operating activities Sale of tangible assets Purchase of tangible assets Proceeds from sale of shares Change in net loan to/ from group companies Cash flow from investing activities Proceeds from non-current liabilities Instalments on non-current liabilities Change in net loan to/ from group companies Paid-in capital Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period DOF Installer ASA Q Financial Report

9 Group Condensed statement of equity (NOK 1.000) Equity period start Result for the period Capital increase Hedge accounting derivative financial liabilities Total changes of equity in the period Equity at period end key figures EBITDA margin 93.5 % 59.1 % EBIT margin 66.0% 37.0 % Return on net capital 1.4% 0.2 % Equity ratio 38.0% 36.0 % No. of Shares Face value per share Result/average number of shares 2 (Changes in cash and cash equivalents)/average number of shares 3 (Operating profit before depreciation in percent of operating income) 4 (Operating profit in percent of operating income) 5 (Profit after tax in percent of booked equity) 6 (Equity/Total capital) 9 DOF Installer ASA Q Financial Report

10 Notes to the Financial Report DOF Installer ASA note 1 general This interim report has been prepared in accordance with the standard for interim reporting (NRS 11). Amendments to the standards and their interpretation may result in amended figures. The accounting principles and calculation methods applied for the last annual accounts published have been applied to this document. The interim report is unaudited. Note 2 Operating Income and EBITDA DOF Installer s operating assets are Skandi Skolten (STX707), Skandi Hercules (STX722) and Skandi Skansen (STX 723). The total operating income for Q was NOK 70,2 million, with an EBITDA of NOK 65,6 million. Note 3 Events After Balance Sheet Date There has been no material events after balance sheet date. Note 4 Net Interest Bearing Debt Bank deposit Cash and cash equivalent Restricted funds Total cash and cash equivalent Debt to credit instistutions month installments of long-term debt Total interest-bearing debt Net interest-bearing debt *) DOF Installer ASA has no interest-bearing receivables. Note 5 Transactions with Related parties Skandi Skansen, Skandi Hercules and Skandi Skolten have been operating on contracts with DOF Subsea Norway, DOF Subsea Pte Ltd, DOF Subsea UK Ltd. and DOF Subsea USA Inc., all subsidiaries of DOF Subsea AS. There has been no other material transactions between the related parties during Q1, DOF Installer ASA Q Financial Report

11 note 6 Taxes Taxes are estimated. The assumption is that the company will be taxed under the tonnage tax regime in Note 7 Shareholders Shareholders at Number of shares Shareholding DOF SUBSEA AS % STATE STREET BANK AND TRUST CO % MP PENSJON PK % GOLDMAN SACHS INT. - EQUITY % CLIPPER A/S % STRAEN A/S % AUDLEY A/S % EUROMAR INVEST AS % FRAMO DEVELOPMENTS AS % FRANK MOHN A/S % METEVA AS % SKANDINAVISKA ENSKILDA BANKEN % SUNDT AS % VERDIPAPIRFONDET ALFRED BERG NORGE % LANDE INVESTERING AS % SLETHEI AS % HOLMEDAL % BARQUE AS % BYGGEVIRKSOMHET AS % HELLAND A/S % Total % Other shareholders % Total ,00 % 11 DOF Installer ASA Q Financial Report

12 note 8 Financial Items (NOK 1.000) Interest income Other financial income Financial Income Interest expenses Other financial expenses Financial Expenses Realized gain/loss on derviative financial instruments Realized gain/loss on currencies Realized gain/loss on financial instruments Unrealized gain/loss on derviative financial instruments Unrealized gain/loss on currencies Unrealized gain/loss on financial instruments Sum DOF Installer ASA Q Financial Report

13 NORWAY: DOF Subsea AS Phone: Fax: Address: Thormøhlensgate 53 C 5006 Bergen, NORWAY DOF Subsea Norway AS Phone: Fax: info@dofsubsea.com Address: Thormøhlensgate 53 C 5006 Bergen, NORWAY DOF Management AS Phone: Fax: Management@Dof.No Austevoll Address: Alfabygget 5392 Storebø, Norway Bergen Address: Thormøhlensgate 53 C 5006 Bergen, NORWAY SINGAPORE: DOF Management Pte Ltd Phone: Fax: Address: 460 Alexandra Road# PSA Building,119963, Singapore DOF Subsea Asia Pacific Pte Ltd Phone: Fax: asia-pacific@dofsubsea.com Address: 460 Alexandra Road# PSA Building, , Singapore UNITED KINGDOM: DOF (UK) Ltd Phone: Fax: info@dofman.co.uk Address: Voyager House, 75 Waterloo Quay Aberdeen AB11 5 DE, UNITED KINGDOM DOF Subsea UK Ltd Phone: Fax: uk@dofsubsea.com Address: Exchange No.1, 62 Market St. Aberdeen, AB11 5PJ, UNITED KINGDOM AUSTRALIA: DOF Subsea Australia Pty Ltd Phone: Fax: asia-pacific@dofsubsea.com Address: 5th Floor, 181 St. Georges Tce Perth WA 6000, Australia DOF Management Austra lia Phone: Mobile: Address: Level 1, 441 South Road, Bentleigh, Vic. 3204, Australia USA: DOF Subsea USA Inc Phone: Fax: info@dofsubsea.us Address: 5335 W. Sam Houston Parkway N Suite 390, Houston Texas, USA BRAzIL: NorSkan Offshore Ltda Phone: Fax: office@norskan.com.br Address: Rua Lauro Müller, 116 Salas 2802 a 2805 Torre do Rio Sul Botafogo Rio de Janeiro, R.J. BRAZIL DOF Subsea Brasil Serviços Ltda Phone: brasil@dofsubsea.com Address: Rua A1, número 35 Vale Encantado Macae - Rio de Janeiro, BRAZIL DOF Subsea Brasil Serviços Ltda Phone: Fax: brasil@dofsubsea.com Address: Rua Lauro Müller 116 Salas 2802 a 2805 Torre do Rio Sul - Botafogo Rio de Janeiro, R.J., BRAZIL ANGOLA: DOF Subsea Angola Phone/Fax: Mobile: / angola@dofsubsea.com Address: Rua Ndumduma 56/58 Caixa postal 2469, Miramar Luanda, Republic of Angola 13 DOF Installer ASA Q Financial Report

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