Specialised Offshore Services

Transcription

1 Specialised Offshore Services Service and vessel provider in strategic niche segments which command higher margin such as seismic and subsea vessels I. Seismic operator Reflect Geophysical (74%owned) II. ROV vessel provider JV with GC Rieber (49% owned) Investor Relations Contact : Kamal Samuel Tel: kamal@financialpr.com.sg 128 Offshore Service that provides better margin and enhance our performance 29 First Seismic Vessel - Reflect Resolution Reflect Resolution 4 streamer 3D vessel Built in 1983, rebuilt in 199 and 6 Operating for over 4 years in current configuration by Norfield 3 Months Operation by Reflect Offshore Service that provides better margin and enhance our performance 431

2 Historical Performance Segmental performance 9 vs Net Profit S$ million 9 8 Change % Shipbuilding Ship Chartering Ship Repair & Conversion Leasing NM Total Gross Profit Gross Profit Margin (%) ppt Profit Before Tax Net Profit (att. Share Hlds.) Net Profit Margin (%) ppt EPS (SGD cents) Consolidated balance sheet Consolidated Cashflow Statement S$ million 9 8 Current Assets Non-current Assets Total Assets 1, Current Liabilities Non-current Liabilities Total Liabilities Net Asset Value Per Share (SGD cents) Net Gearing Ratio # S$ million 9 8 Net cash used in operating activities (1.) (81.6) Net cash used in investing activities (8.9) (98.9) Net cash from financing activities Net increase (decrease) in cash and cash equivalent Cash and cash equivalent at beginning of period Effects of exchange rate changes on the balance of cash held in foreign currencies (14.) (6.9) (.7) Cash and cash equivalent at end of period Note: # Total indebtedness less cash and bank balance over equity 34 3

3 , Gross Profit & Gross Profit Margin Net Profit & Profit Margin vs. 8 decreased by 12.1% from S$483.6 mil to S$42.2 mil due to: (To be explained in segmental breakdown) % vs. 8 Gross Profit & Gross Profit Margin Gross Profit reduced 38.% to S$7.7 million 4 1 Gross Profit Margin down from 2.% to 17.8% 2 Net Profit (att.to shh.) and Net Profit Margin vs. 8 Net Profit & Net Profit Margin Net Profit down 8.% to S$2.3 mil & Net Profit Margin increased by.6ppt to 12.3% due to: Increase in other income from S$4.7 mil to S$7.4 mil due to foreign exchange gain and writeback of reversal of unrealized profit for sale of vessels to associates Decrease in other expense from S$36.1 mil to S$2.2 mil due to reduced foreign exchange loss and reduced reversal of unrealized profit for sale of vessels to associates Admin. Expenses increasing from S$19.8 to S$22.1 mil due to increasing number of staff employed Decrease in share of profits of our associates by S$3.4 mil Decrease in finance costs from S$17.3 mil to S$8.2 mil Shipbuilding Ship Chartering vs. 8 down 11.6% to S$.4 million: Due to the progress of work achieved for a decreased number of vessels with sales contract vs. 8 down 3.% to S$1.6 million due to: Reduced charter rates & utilization of some vessels vs. 8 Gross Profit down 42.6% to S$62.1 million and Gross Profit Margin down from 23.9% to 1.% due to: Reversal of the cumulative profits recognized previously in relation to those vessels for which the contracts with customers have been terminated vs. 8 Gross Profit down 46.% to S$.1 million and Gross Profit Margin down from 8.7% to 32.9% due to: Reduced charter & utilization rates amidst fixed costs 38 39

4 Ship Repair & Conversion vs. 8 down 8.4% to S$2.8 million due to: Redeployment of yard resources to execute shipbuilding orders vs. 8 Gross Profit down 6.% to S$2.4 million Gross Profit Margin up to 38.% from 8.3% 1441 Industry Outlook Growth Strategies MACRO Worst has passed but slow pace of growth ahead Lower interest rates, improving liquidity INDUSTRY Oil price stable at viable levels O&G CAPEX increasing Increasing enquiries for Sales / Charters Oversupply in certain segments, depressing charter rates Industry consolidation speculative building removed Focus on the demand for offshore vessels for deep water operations which remains strong Ride on our strength as a premium builder to attract the top OSV operators Accelerate growth of chartering business to compliment cyclical nature of shipbuilding business Moving into specialised offshore services by leveraging on our network of global players in the deep water and subsea activities Easier to get equipments and cheaper too; also skilled personnel more available 42 43

5 Investor Relations Contact : Kamal Samuel Tel: kamal@financialpr.com.sg 1744