Eidesvik Offshore ASA

Transcription

1 20 05 Quarter 2005 Eidesvik Offshore ASA

2 Eidesvik Offshore ASA The 2005 quarterly accounts are prepared in accordance with IFRS/IAS accounting principles. Operating income in Q was NOK 189,8 mill compared to NOK 140,0 mill for Q The operating result (EBIT) is NOK 67,0 mill compared to NOK 33,9 mill for Q The Pretax profit for Q is NOK 70,5 mill compared with last year s Q3 pre-tax result of NOK 24,7 mill. The major Q3 events are the delivery of the Platform Supply Vessel M/V Viking Thaumas from the yard in July 2005 at a book value of NOK 170,5 mill, the sale of 33,3% of Team Atlantic AS and purchase of 40% of the shares in MES Invest AS. Jan Fredrik Meling took up his position as CEO as of 1 st September. Results 3 rd Quarter 2005 Consolidated gross operating income for the third quarter of 2005 is NOK 189,8 mill, representing an increase of 35 % compared to last year. The increase in income is mainly a result of: - the newbuilt PSV Viking Thaumas being traded in the North Sea spot market since July the PSV Viking Avant, has been operated on a long term contract since delivered in December PSV Viking Swan has been operated since May the seismic survey vessel M/V Geo Searcher has been operated on a Time Charter Contract in Q3-2005, compared to a Bareboat Contract in Q The increase in crew expenses and other operating expenses are as expected and closely connected to the increased activity. The cost for hire of 3 vessels on bareboat contracts for Q is NOK 15,4 mill. The writedown on assets booked in 2004 is based on a fair value assessment of the cable laying vessel M/V Oceanic Viking. A cancellation fee of NOK 56,8 mill for the same vessel is included as freight income in accumulated figures per Variation in value of interest hedging instruments has increased the financial income by NOK 8,4 mill for Q Exchange-gain or -losses on long term loans are entered in the P&L account when realised. Unrealised gains and losses to the principal loan amounts are accounted for in the Balance Sheet only (hedge accounting principle). Profit and loss account Q3 Q Q (NOK 1000) Operating Income: Freight income (Note 1) Other income Total operating income Operating Expenses Crew expenses Other operating expenses Vessels on bareboat charter Total operating expenses Operating result before depreciations Ordinary depreciation Writedown on assets Operating result Result associated companies Financial Items Financial income Financial expenses Realized agio (disagio) Net financial items Pre-tax profit Taxes Profit Hereof minority share Hereof majority share Profit per share (NOK) 2,09 0,86 4,30 2,60 Cash flow per share (NOK) (Note 2) 3,30 1,72 7,74 7,49 Average number of shares (Note3) Profit per share for the first 9 months of 2005 is NOK 4,30 compared to NOK 2,60 per September 30 th The number of shares are set as a weighted average. Unauditted figures. NOTE figures includes a termination fee of NOK 56,8 mill for M/V Oceanic Viking NOTE 2 Cash flow is calculated as Pre-tax profit + depreciation + write downs NOTE 3 Average number of shares for 2005 is applied to the 2004 figures to present comparative figures per share.

3 Cash flow statement 3. Quarter Quarter Cash flow from operating activity Cash flow from investment activity ( ) (43.674) ( ) ( ) Cash flow from finance activity (20.575) (16.290) Changes in liquidity over the period ( ) (35.058) Liquid assets at the beginning of the period Liquid assets at the end to the period Balance Sheet ASSETS Fixed assets: Deferred tax assets Other assets Vessels Contracts newbuildings Other long-term receivables Shares Total fixed assets Current assets: Account receivables, freight income Other short-term receivables Other securities Bank deposits Total current assets Total assets EQUITY AND LIABILITIES Equity capital Paid-in capital Retained earnings Minority interests Total equity capital Liabilities: Bank overdrafts Other long-term liabilities Interest-bearing mortgage debt Total long-term liabilities Short-term liabilities: Debt to suppliers Other short-term liabilities Total short-term liabilities Total liabilities Total equity and liabilities Unauditted figures Financing and Capital Structure Book equity at September 30 th 2005 is NOK 1.349,9 mill, i.e an equity ratio of 54,2%. The book equity per share by the end of Q was NOK 44,77. The corresponding market price at Oslo Stock Exchange closed at NOK 49,90, i.e a market value of NOK 1.504,5 mill. The book value of vessels at September 30 th 2005 is NOK 2.002,9 mill. The Tax Assessment Board at the Central Tax Office has passed a resolution regarding gain on forward sale of USD in Eidesvik Shipping AS, The resolution concludes with a claim for payable tax of NOK 15,4 mill for the years 2002, 2003 and The resolution is still under review by Eidesvik, and may be appealed. NOK 10,0 mill relates to the USD/NOK hedging of the purchase price for vessels, which has been added to the book value of Vessels. The remaining NOK 5,4 mill tax is related to forward sale of USDincome, and accounted for as Taxes in the P&L Account. The full amount of NOK 15,4 mill Tax Payable, is included in the Balance Sheet as Other Short-term Liabilities. Effective from January 1 st 2005, a new legislation for taxation of currency gain within the Norwegian Shipping Tax Regime has been passed. According to the new legislation, only a part of currency gain will be included in taxable income. A proposed regulation prescribing the details for taxation of currency gains earned before January 1 st 2005 has been released for review. the accumulated gains as of January 1 st 2005 may be taxed and become payable over a period of time. Since no final decision has been made, Eidesvik has decided not to recognise any deferred tax in the accounts as of September 30 th 2005.

4 Segment reporting Operating income Seismic/Cable Subsea PSV/AHST Other Total 3. Quarter Quarter Total Operating profit 3. Quarter Quarter Total M/ V Viking Swan Market The underlying market drivers are all positive for the segments Eidesvik Offshore ASA operates in. Increased demand for oil, lack of production capacities and increased E&P spendings are significant factors driving the market. We see a solid upturn both in seismic and subsea segments with increased demand world wide. We are positive to these segments in a long term perspective. The North Sea market for PSV and AHTS has been tight also during the 3rd quarter of this year. We do not expect the next quarter to be as tight as we have seen in the past quarters due to seasonal changes in the market in connection with lower construction activity in the winter season. The many newbuildings may also effect the market. We are positive to the North Sea market in The West Africa region looks promising for the coming years. Eidesvik is well established in Nigeria and expect to grow in the West Africa market. VS 493 GASS AVANT Eidesvik Offshore ASA N-5443 Bømlo, Norway Telephone: Telefax: office@eidesvik.no Web-page:

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