Presentasjon av Farstad Shipping ASA

Transcription

1 Rederiforbundet Presentasjon av Farstad Shipping ASA Karl-Johan Bakken - CEO Torstein L. Stavseng - CFO

2 100% 100% 100% 100% 100% 100% 100% 100% Farstad Shipping SA (Macae/Rio) 3 vessels Farstad Shipping (Indian Pacific) Pty. Ltd. (Melbourne/Perth) Farstad Shipping Pte.Ltd (Singapore) 8 vessels Farstad Shipping Ltd (Aberdeen) Farstad Shipping Aalesund AS Farstad Offshore AS Farstad Marine AS 8 vessel Farstad Construction AS 4 vessels 1 newbuild Farstad Supply AS 36 vessels Farstad Shipping Offshore Simulator Centre Pty Ltd Farstad Shipping Crewing Services Pte. Ltd. 50% 100% Farstad International AS 50% P/R International Offshore Services ANS 3 vessels Company structure August 2015 Slide 2

3 Listed since 1988 Largest shareholders (14 August 2015) No of shares % Tyrholm & Farstad AS ,5 FLPS - PRINC ALL SEC ,6 Pareto Aksje Norge ,6 Folketrygdfondet ,1 Farstad Jan Henry ,7 Farstad Sverre Andreas ,6 The Northern Trust C Non-treaty account ,6 Odin Offshore ,0 Pareto AS Pareto Forvaltning ,9 Forsvarets Personellservice ,9 MP Pensjon PK ,8 Swedbank Norge Market-Making Deriva ,8 Wenaas Kapital AS AK ,7 Fidelity GR TST for Brown Brothers Harri ,6 Citibank, N.A. S/A DFA-INTL SML CAP ,5 BKK Pensjonskasse ,5 Ulsmo Finans AS ,4 J.P. Morgan Bank LUX JP Morgan Bank Luxem ,4 Nortura Konsernpensj v/kjell Bettmo ,4 Nordnet Bank AB ,4 20 largest shareholders ,0 The remaining shareholders (2725) ,0 Total number of shares ,0 Foreign shareholders (117) ,4 Slide 3

4 Brief summary No of vessels in operation: 62 (31 AHTS, 25 PSV, 6 Subsea) No of newbuilds: 1 (1 Subsea) No of employees offshore: No of employees onshore: 240 Market value fleet*) (excl. newbuilds): Bln. NOK 18.5 Newbuilds: Bln. NOK 0.5 Share price: NOK 23.- Market capitalization: Bln. NOK 0.9 Book equity ratio ( ): 31.9 % Value adjusted equity ratio *) ( ): 37.1 % *)average values, based upon estimates from 3 shipbrokers per Slide 4

5 Market values vessels*) Free of charter, available in the market, willing buyer/seller Mill. NOK Mill. NOK : Average decrease in values of Farstad fleet: 1,0%. 2013: Average decrease in values of Farstad fleet: 3,9%. 2014: Average decrease in values of Farstad fleet: 5,4% st half year: Average decrease in values of Farstad fleet: 9,7%. Far Scandia(PSV,1991) Far Service(PSV,1995) Far Star (PSV,1999) Far Senior (AHTS,1998) Far Sovereign (AHTS,1999) Far Sword (AHTS, 2006) Far Scorpion (AHTS,2009) *) Average values, based upon estimates from 3 shipbrokers. Vessel s first value is building cost. Slide 5

6 Result 2 nd Quarter 2015 (NOK mill.) Res 2Q-14 Res 2Q-15 Operating income 1 050, ,8 Profit on sale of assets 0,0 0,0 Total operating income 1 050, ,8 Crewing expenses vessels 425,2 435,8 Other operating expenses vessels 180,6 167,8 Administration 77,1 70,3 Total operating expenses 682,9 673,9 Operating result EBITDA 367,7 364,8 Deferred maintenance 60,8 66,7 Depreciation 128,3 159,1 Write down 0,0 170,0 Operating result EBIT 178,6 (31,0) Financial income 11,0 10,5 Financial expenses (151,2) (162,5) Currency gain/loss 5,2 (32,7) Currency gain/loss unrealized 7,8 104,8 Net financial items (127,2) (79,9) Pre-tax profit 51,4 (110,9) Taxes 4,7 8,7 Profit 46,7 (119,5) All markets experience increasing pressure on rates Changes in the Farstad-fleet OPEX Dry dockings Brazil exposure Depreciations/Write-down Currency effects Currency Average 2Q 30/06/2015 BU-201 GBP 11, , , , ,60 USD 7,4332 8,0895 7,7047 7,8568 6,60 EUR 9,0365 8,7035 8,5705 8,7910 8,40 AUD 6,0881 6,1491 5,9720 6,0419 5,70 BRL 2,7984 2,5217 2,4925 2,5323 2,65 CF pre tax and sale of assets 232,7 180,2 Margins EBITDA 35,0 % 35,1 % Margins EBIT 17,0 % -3,0 % Slide 6

7 Result - quarterly development (NOK mill.) 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15 Operating income excl. sale of vessels 1 050, , , , ,8 Crewing expenses vessels 425,2 469,2 452,4 449,8 435,8 Other operating expenses vessels 180,6 174,6 210,7 169,1 167,8 Administration 77,1 71,9 41,7 78,0 70,3 Total operating expenses 682,9 715,7 704,9 697,0 673,9 EBITDA (excl. Sale of vessels) 367,7 496,2 406,9 370,7 364,8 Depreciation 189,1 185,0 202,3 225,5 225,9 Write down 0,0 0,0 101,8 15,0 170,0 Operating result EBIT 178,6 311,2 102,8 130,2 (31,0) Financial items excl. currency items (140,3) (147,8) (156,2) (155,0) (152,0) Profit/loss on currency items 5,2 10,9 43,9 (0,3) (32,7) Currency gain/loss unrealized 7,8 (77,3) (223,0) (266,5) 104,8 Net financial items (127,2) (214,3) (335,3) (421,8) (79,9) Profit before tax (incl. sale of vessels) 51,4 97,0 (232,6) (296,1) (110,9) Tax 4,7 5,8 (6,8) 8,1 8,7 Profit after tax 46,7 91,2 (225,8) (304,2) (119,5) Cash Flow incl. sale of assets/others 232,7 359,3 294,6 210,8 180,2 Sale of assets/other items 0,0 0,0 0,0 (4,6) 0,0 Cash Flow excl. sale of assets/others 232,7 359,3 294,6 215,4 180,2 EBITDA- margin 35,0 % 40,9 % 36,6 % 34,7 % 35,1 % EBIT- margin 17,0 % 25,7 % 9,2 % 12,2 % -3,0 % CF- margin 22,1 % 29,6 % 26,5 % 20,2 % 17,3 % Slide 7

8 Operating income excl. sale of assets - quarterly development Slide 8

9 EBITDA excl. sale of assets - quarterly development Slide 9

10 EBIT excl. sale of assets - quarterly development Slide 10

11 Result (NOK mill.) Res Res Operating income 2 045, ,5 Profit on sale of fixed assets 15,0 (4,6) Total operating income 2 060, ,9 Crewing expenses vessels 826,8 885,7 Other operating expenses vessels 343,6 336,9 Administration 151,6 148,3 Total operating expenses 1 321, ,9 Operating result EBITDA 738,4 731,0 Deferred maintenance 122,3 134,1 Depreciation 244,7 317,3 Write down 0,0 185,0 Operating result EBIT 371,3 94,6 Financial income 18,4 19,7 Financial expenses (296,7) (326,7) Currency gain/loss 16,4 (33,0) Currency gain/loss unrealized 19,2 (161,7) Net financial items (242,7) (501,7) Pre-tax profit 128,6 (407,0) Taxes 2,4 16,7 Profit 126,2 (423,8) CF pre tax and sale of assets 461,5 395,6 Margins EBITDA 35,4 % 34,9 % Margins EBIT 17,4 % 4,7 % Slide 11

12 Comprehensive Income/Equity STATEMENT OF 2nd quarter 2nd quarter COMPREHENSIVE INCOME Profit ( ) ( ) (8 341) Items not to be reclassified to profit/loss in subsequent periods Actuarial gains and losses pensions (29 025) Change in deferred tax pensions Items to be reclassified to profit/loss in subsequent periods Change in foreign exchange contracts and interest swaps (41 449) (23 518) ( ) Change in deferred tax (933) 672 (528) Translation effects foreign operations (4 756) (19 651) Total other comprehensive income ( ) Comprehensive income for the period (1 583) ( ) ( ) CHANGE IN EQUITY 2nd quarter 2nd quarter Equity at the beginning of the period Comprehensive income (1 583) ( ) ( ) Dividend payment ( ) ( ) ( ) ( ) ( ) Equity at the end of the period Slide 12

13 CASH FLOW STATEMENT OF CASH FLOW 2nd quarter 2nd quarter Cash flow from operating activity Sale of fixed assets Investment in fixed assets and contracts newbuilds (94 171) ( ) ( ) ( ) ( ) Other investmentsactivity Cash flow from investment activity (61 254) ( ) ( ) ( ) ( ) New long-term debt Repayment of debt ( ) ( ) ( ) ( ) ( ) Dividend paid ( ) ( ) ( ) ( ) ( ) Interest costs ( ) ( ) ( ) ( ) ( ) Cash flow from finance activity ( ) (33) ( ) Net changes in liquidity in the period ( ) ( ) ( ) ( ) Net currency exchange differences subsidiaries (25 070) Cash and cash equivalents at the beginning of the period *) Cash and cash equivalents at the end of the period *) *) Ex. shares, equity certificates and bonds Shares, equity certificates and bonds Liquid assets Slide 13

14 Result sorted by segment OPERATING INCOME *) 2nd quarter 2nd quarter AHTS PSV SUBSEA Other income Total North-West Europe Brazil Indian Pacific Other segments Others Total OPERATING PROFIT (EBIT) *) 2nd quarter 2nd quarter AHTS PSV (86 349) (73 485) SUBSEA (13 130) Other income (2 957) (4 811) (2 440) (18 662) Total (31 018) North-West Europe ( ) ( ) Brazil Indian Pacific (18 157) Other segments (11 503) (8 029) (13 521) Others (2 957) (4 811) (2 440) (18 662) Total (31 018) *) excl. sale of vessel Operating income - sorted by segment Northwest Europe Brazil Indian Pacific Other Markets 100% 1,2 1,5 0,1 2,6 3,8 2,4 90% 80% 70% 48,3 48,7 52,4 47,5 43,5 48,7 60% 50% 40% 25,3 27,9 26,1 29,6 32,2 30% 35,9 20% 10% 25,2 21,9 21,4 20,3 20,5 13,0 0% AHTS PSV Subsea 100% 90% 5,4 4,6 6,6 5,6 6,3 10,5 80% 30,7 30,6 70% 31,7 35,4 35,5 32,9 60% 50% 40% 30% 63,8 64,7 61,6 59,0 57,8 56,3 20% 10% 0% Slide 14

15 EBITDA margin sorted by segment EBITDA in % of income sorted by vessel type AHTS PSV SUBSEA 60% EBITDA in % of income sorted by region Northwest Europe Brazil Indian Pacific 70% 50% 60% 40% 50% 40% 30% 30% 20% 20% 10% 10% 0% 0% -10% -10% Slide 15

16 EBIT margin sorted by segment EBIT in % of income sorted by vessel type AHTS PSV SUBSEA 50% 40% EBIT in % of income sorted by regoin Northwest Europe Brazil Indian Pacific 40% 30% 20% 20% 10% 0% 0% -10% -20% -20% -30% -40% -40% -50% -60% -60% -70% -80% -80% -90% -100% -100% Slide 16

17 Balance Sheet ASSETS Fixed assets: Goodwill Vessels etc Contracts newbuilds Deferred tax benefit Other long-term receivables Currency and interest swap derivatives Shares Total fixed assets Current assets: Account receivables, freight income Other short-term receivables Currency and interest swap derivatives Liquid assets Total current assets Total assets EQUITY AND LIABILITIES Equity: Paid-in capital Retained earnings Total equity Liabilities: Non-current liabilities: Provision for liabilities Deferred tax Currency and interest swap derivatives Interest-bearing debt and leasing obligations Total non-current liabilities Current liabilities: Accounts payable Currency and interest swap derivatives Taxes payable Other current liabilities Current portion of interest-bearing debt Total current liabilities Total liabilities Total equity and liabilities Vessels sold: 1Q-Far Sky 2Q-Far Superior Newbuilds delivered: 1Q-Far Sleipner Repayment of long term debt: 2Q NOK 320 mill. New debt in 2Q was NOK 120 mill. Dividend paid to be shareholders in May with NOK mill. Remaining payments of newbuilds approx. NOK mill. in total. Booked EQ per share: NOK 156,23 Booked EQ%: 31.9 % (2Q-14: 38,4%) Value adjusted EQ% *): 37.1 % (2Q-14: 47,6%) *) Based upon values as per EUR 0,5 % GBP 2,1 % AUD 5,8 % USD 20,0 % NOK 71,7 % Currency-Interest bearing debt Slide 17

18 Long term debt repayment profile Installments Balloons Bonds Guarantee renewals Slide 18

19 Health, Safety, Environment and Quality LTIF - (No of injuries per mill. work hours ) 2,00 1,80 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0, Slide 19

20 Fleet distribution 62 vessels - August PSV 5 AHTS 1 +1 Subsea ÅLESUND 1 AHTS 2 AHTS MACCAÈ RIO DE JANEIRO 4 PSV 9 AHTS 4 Subsea 1 Subsea SINGAPORE PERTH 11 PSV 14 AHTS MELBOURNE Slide 20

21 Contract summary(*) Fleet July 2015 Contract coverage excl. options 2015: 57% 2016: 36% Back log: Total: 6,8 mrd Slide 21

22 Contract summary AHTS July 2015 Slide 22

23 Contract summary PSV July 2015 Slide 23

24 PSV>2.000 dwt AHTS> bhp 1050 vessels newbuilds (27,1%) 511 vessels + 86 newbuilds (16,8%) DWT BHP Approx. 45% Approx vessels worldwide Source: IHS/Clarkson Platou/ Farstad July-15 Fleet Structure Supply Vessels Worldwide Slide 24

25 Newbuildings sorted by regions AHTS> BHP, PSV> DWT and Subsea No of vessels 250 AHTS = 86 vessels PSV = 284 vessels Subsea= Source: IHS/Clarkson Platou/ Farstad July-15 Slide 25

26 No of vessels Newbuildings sorted by deliverytime AHTS> BHP, PSV> DWT and Subsea 160 Subsea (80 vessels) 12500BHP<AHTS<20000BHP (34 vessels) PSV<4000 DWT (124 vessels) AHTS<12500 BHP (39 vessels) AHTS>20000 BHP(13 vessels) PSV>4000 DWT (160 vessels) Source: IHS/Clarkson Platou/ Farstad July-15 Slide 26

27 Worldwide Fleet Growth AHTS> BHP No of vessels Increase in fleet Total fleet incl. Newbuilds No of vessels Increase in fleet Total fleet incl. Newbuilds Expected January-15 Expected July-15 Source: IHS/Clarkson Platou/ Farstad July-15 Slide 27

28 Worldwide Fleet Growth PSV> DWT No of vessels Increase in fleet Total fleet No of vessels Increase in fleet Total fleet Expected January-15 Expected July-15 Source: IHS/Clarkson Platou/ Farstad July-15 Slide 28

29 Worldwide sorted by owners/ managers AHTS> BHP and PSV> DWT No of vessels AHTS = 511 vessels PSV = 1050 vessels Newbuilds = 370 vessels Total fleet incl. newbuild count 1931 vessels 223owners. The 53 largest owners having 10 or more vessels control 74 % of the fleet incl. newbuilds. 146 owners have 5 vessels/newbuilds or less 17 % of the fleet 333 vessels. The 53 largest owners have 240 newbuilds in order 65 %. 0 Source: IHS/Clarkson Platou/ Farstad July-15 Slide 29

30 Worldwide growth*) AHTS> BHP and PSV> DWT 1800 No of vessels Other markets Northwest Europe Number of players 2004: Number of players 2015: 223 Number of vessels 2004: Number of vessels 2015: *) Excl newbuilds Source: IHS/Clarkson Platou/ Farstad July-15 Slide 30

31 Worldwide sorted by regions AHTS> BHP No of vessels Jan.- 12 Jan.-13 Jan.-14 Jan.-15 July Source: IHS/Farstad, July 2015 Slide 31

32 Worldwide sorted by regions PSV> DWT No of vessels Jan.-12 Jan.-13 Jan.-14 Jan.-15 July Source: IHS/Farstad, July 2015 Slide 32

33 Northwest Europe sorted by owners/ managers AHTS> BHP and PSV> DWT No of vessels No of PSV=244 No of AHTS=77 Number of players: 56 Number of vessels: 321 (20,7%) Number of newbuilds: 38 (10,3%) Source: IHS/Clarkson Platou/ Farstad July-15 Slide 33

34 Brazil sorted by owners/ managers AHTS> BHP and PSV> DWT No of vessels No of PSV=181 No of AHTS=89 Number of players: 42 Number of vessels: 270 (17,3%) Number of newbuilds: 34 (9,2%) Source: IHS/Clarkson Platou/ Farstad July-15 Slide 34

35 Indian Pacific/China sorted by owners/ managers AHTS> BHP and PSV> DWT 30 No of vessels No of PSV=156 No of AHTS= Number of players: 73 Number of vessels: 341 (21,8%) Number of newbuilds 258 (69,7%) Source: IHS/Clarkson Platou/ Farstad July-15 Slide 35

36 Australia/New Zealand sorted by owners/ managers AHTS> BHP and PSV> DWT No of vessels No of PSV=28 No of AHTS=26 Number of players: 13 Number of vessels: 54 (3,5%) Number of newbuilds Source: IHS/Clarkson Platou/ Farstad July-15 Slide 36

37 North West Europe Supply- Demand- Utilisation Boat-years ,0% 85,0% Boat- years 91% 90% 91% % % % 90% 80% 70% ,0% % 50% ,0% % ,0% % 20% 10% 0 45,0% 0 0% Term demand Spot demand Fleet size Total utilisation % Term utilization Average supply Average demand Average utilisation Source: IHS/Farstad, July 2015 Slide 37

38 North West Europe Fleet Utilization 100% 95% 2015-april 2015-jan 2015-august 90% 85% 80% 75% 70% Source: IHS/Farstad, July 2015 Slide 38

39 North West Europe Supply- Demand- Utilisation Source: Clarksons Platou August 2015 (week 34) Slide 39

40 Worldwide Subsea vessel supply/demand March 2015! Source: IHS March 2015 Slide 40

41 Takk for oppmerksomheten! Slide 41