2QFY2014 Results Presentation 8 April 2014

Transcription

1 2QFY2014 Results Presentation 8 April 2014

2 DISCLAIMER This material includes forward-looking statements prepared by EOC Limited ( Company ). The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, estimates of proved reserves of oil and gas, reserves potential and plans and objectives of management of the Company for financing, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. All forward looking-statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forwardlooking statements. Each forward looking statement speaks only as of the date of this presentation. Neither the Company nor any of its subsidiaries and associates undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation. FIRM FOUNDATIONS 2

3 2QFY2014 FINANCIAL PERFORMANCE

4 Operational Review Revenue increased 45% to USD 11.5 million during 2QFY2014, supported by contributions from project management, engineering and procurement services The Group s accommodation vessels securing long term charters: Lewek Conqueror was successfully placed out on a time charter of USD 100 million (as announced on 5 March 2014) Lewek Chancellor was actively marketed during the 2QFY2014 period. Increased contributions from the Production Division: Driven by improved operational activity at both FPSOs, Lewek Emas and Perisai Kamelia (formerly Lewek Arunothai) Lewek Emas is operating in offshore Vietnam, while Perisai Kamelia has been operating in the North Malay Basin, Malaysia Both FPSOs are performing well in the quarter at above 98 percent uptime, with excellent safety performance over the period USD 200 million sale and leaseback of the DP2 pipelay and heavy lift construction vessel, Lewek Champion in February 2014 Reducing debt and strengthening balance sheet As of 28 February 2014, the net gearing for the Group stood at 0.03x Improved financial position for opportunities in the offshore and accommodation sector 4

5 2QFY2014 FINANCIALS Consolidated Statement of Comprehensive Income for the Group USD 000s 2QFY14 2QFY13 Change 1HFY14 1HFY13 Change Revenue 11,513 7,953 45% 22,593 18,484 22% Gross Profit 5,360 3,571 50% 11,855 9,348 27% Profit before tax 43,935 1,418 n.m. 47,169 2,184 n.m. PATMI 44,046 1,355 n.m. 47,038 2,102 n.m. EPS (US ) n.m n.m. FIRM FOUNDATIONS 5

6 Financial Highlights US$ 000 2QFY2013 2QFY2014 Change 1HFY2013 1HFY2014 Change Revenues 7,953 11,513 45% 18,484 22,593 22% Gross profit 3,571 5,360 50% 9,348 11,855 27% Other operating income 1,117 36,659 n.m. (14) 36,238 n.m. Financial income % % Financial expenses (1,712) (1,987) 16% (4,135) (4,060) (2%) Revenues Increased contributions from project management, engineering and procurement services. Other operating income Increased mainly due to gain from recognition of the sale and leaseback of Lewek Champion Share of profit from associated company 156 5,541 n.m. 1,192 6, % Net profit 1,386 44,046 n.m. 2,152 47,071 n.m. Share of profit from associated company Increased due to improved operational activity from underlying FPSO assets 6

7 CASH FLOW SNAPSHOT USD 000s 2QFY14 2QFY13 1HFY14 1HFY13 Cash flow (used in) from operations Cash flow from (used in) investments Cash flow from (used in) financing Cash at beginning of period (6,729) 8,349 (4,670) 10, ,136 (15,124) 175,206 (33,684) (83,456) 7,587 (86,931) 19,349 6,108 3,880 6,454 8,364 Cash at end of period 90,059 4,692 90,059 4,692 FIRM FOUNDATIONS 7

8 BALANCE SHEET SNAPSHOT Consolidated Statement of Financial Position for the Group USD 000s As at 28 Feb 2014 As at 31 Aug 2013 Change Current Assets 296, ,987 35% Non-Current Assets 261, ,677 (21%) Current Liabilities 218, ,000 10% Non-Current Liabilities 99, ,879 (44%) Total Equity 239, ,785 36% FIRM FOUNDATIONS 8

9 KEY FIGURES & RATIOS USD 000s Notes As at 28 Feb 2014 As at 28 Feb 2013 EBITDA 55,483 10,798 EBIT 50,353 5,444 Earnings per share Basic and Diluted (US ) A Weighted average number of shares ( 000) 110, ,955 Interest cover ratio (times) B Return on equity C 22.65% 1.36% Notes: A) Net profit / Weighted average number of shares B) EBITDA / Net interest expenses C) Net profit / Average book equity FIRM FOUNDATIONS 9

10 KEY FIGURES & RATIOS USD 000s Notes As at 28 Feb 2014 As at 31 Aug 2013 Net interest bearing debt D 8, ,680 Net tangible assets 239, ,588 Debt equity ratio (times) E Current ratio (times) F Notes: D) Interest bearing bank debts less cash and bank balances E) Net interest bearing bank debts / Equity F) Current assets/ Current liabilities FIRM FOUNDATIONS 10

11 NEED CLARIFICATION? For further information, please contact: FIRM FOUNDATIONS 11

12 THANK YOU

13 EOCL FLEET (APPENDIX)

14 LEWEK CHAMPION Vessel Specifications Accommodation 358 Overall length 142m Breadth 40m Deck strength 17t / sq.m Thrusters 6 x 2400 kw Crane Heavy Lift 900t Helipad Suitable for Sikorsky S92 Mooring System 8-point Flag Singapore Class Lloyd s Register of Shipping (LRS) Dynamic Positioning DP2 Other Information Accommodation and Lifting Capability for offshore construction, maintenance of oil and gas platforms, and pipe laying Delivered August 2007 FIRM FOUNDATIONS 14

15 LEWEK CHANCELLOR Vessel Specifications Accommodation 290 men Overall length 91.44m Beam 27.43m Depth 6.71m Draft 4.5m Crane ft radius Helipad Mooring system Flag m x m (suitable for Sikorsky 61) 8 point Commonwealth of Dominica Class Lloyd's Register of Shipping Other Information Accommodation and Lifting Capability for offshore construction and maintenance of oil and gas platforms Delivered March 2007 FIRM FOUNDATIONS 15

16 LEWEK CONQUEROR Accommodation Overall length Vessel Specifications 308 men 100m Beam 30.48m Depth 7.29m Draft 4.6m Crane Helipad 30m radius 22.2m x 27.5m (suitable for Sikorsky 61) Mooring system 8 point Flag Class Panama ABS Other Information Accommodation and Lifting Capability for offshore construction and maintenance of oil and gas platforms Deployed in Brunei Delivered 2004 FIRM FOUNDATIONS 16

17 Enterprise 3 Vessel Specifications Overall length 120m Breadth 31.7m Depth Crane 9m 27m radius Helipad Sikorsky 61 Mooring system Class 8 point ABS Other Information Accommodation and Lifting Capability for offshore construction and maintenance of oil and gas platforms. Delivered

18 LEWEK EMAS Vessel Specifications Overall length, m Breadth, m 50.6 Depth moulded, m 23.8 Gross Tonnage, tons 91,315 Dwt (tropical), tons 168,000 Lightweight, tons 28,992 Storage, bbl 650,000 Other Information Productions, bbl/d 50,000 Provision of an FPSO for Premier Oil as operator for joint-operating-agreement partners of Block 12W Chim Sao Development in Vietnam FPSO capacity of 50,000 bpd, gas processing 89 MMSCFD and Water Injection capacity of 60,000 bpd Gas export through Nam Con Son trunkline First Production in 1QFY2012 FPSO contracted for up to 12 years, including extension options Total revenue from project potentially up to US$1billion inclusive of all options exercised FIRM FOUNDATIONS 18

19 PERISAI KAMELIA (PREVIOUSLY KNOWN AS LEWEK ARUNOTHAI) Vessel Specifications Overall length, m 285 Breadth, m 40.8 Depth moulded, m 22.2 Gross Tonnage, tons 63,101 Dwt (tropical) 127,540 Lightweight, tons 18,661 Storage, mbbl 725 Export Gas Condensate 180 MMSCFD 6500 bbl / day Other Information Floating, Production, Storage & Offloading unit One of world s largest gas FPSOs Converted at Keppel Shipyard FPSO designed for >97% uptime Commenced first production in North Arthit field, Gulf of Thailand in 2008 FPSO was demobilsed following completion of charter in Thailand in 1HFY12 Perisai Kamelia has commenced its charter contract with Hess Exploration and Production Malaysia B.V., to support a gas production project in Malaysia s North Malay Basin. FIRM FOUNDATIONS 19