FINANCIAL REPORT - 3rd Quarter DOF Installer ASA

Transcription

1 FINANCIAL REPORT - 3rd Quarter 2012 DOF Installer ASA

2 DOF Installer ASA Alfabygget N-5392 Storebø NORWAY

3 Financial Report - 3rd Quarter 2012 INDEX: REPORT 3RD QUARTER MAJOR EVENTS... 4 P&L AND BALANCE SHEET SHAREHOLDERS... 4 MARKET OUTLOOK... 4 ACCOUNTING PRINCIPLES... 4 ACCOUNTS 3RD QUARTER PROFIT AND LOSS ACCOUNT... 6 BALANCE SHEET... 7 STATEMENT OF CASH FLOW... 8 CONDENSED STATEMENT OF EQUITY... 9 KEY FIGURES... 9 NOTES TO THE FINANCIAL REPORT NOTE 1 GENERAL NOTE 2 OPERATING INCOME AND EBITDA NOTE 3 EVENTS AFTER BALANCE DATE NOTE 4 NET INTEREST-BEARING DEBT NOTE 5 TRANSACTIONS WITH RELATED PARTIES NOTE 6 TAXES NOTE 7 SHAREHOLDERS NOTE 8 FINANCIAL ITEMS SUPPLEMENTAL INFORMATION PROFIT AND LOSS ACCOUNTS 5 LAST QUARTERS BALANCE SHEET 5 LAST QUARTERS... 14

4 Report 3rd Quarter 2012 MAJOR EVENTS During the 3rd quarter the Skandi Skolten and the Skandi Skansen have been working in the Atlantic region whilst the Skandi Hercules has been working in the Asia Pacific region. Skandi Skolten has been operating in the North Sea and have been doing Subsea construction work for Conoco Phillips since. The Skandi Skansen has been doing construction work for SS7. Skandi Hercules has been doing constru ction work for Woodside in Australia until the 10th of July when the vessel went to yard in Singapore in order to do some modifications and installing of an A-frame. The vessel stayed at the yard until the 17th of August and thereafter she has been working on construction projects in the region and is currently working on the Bien Dong project in Vietnam. P&L AND BALANCE SHEET The total income for the 3rd quarter of 2012 was NOK 63.1 million (NOK 92.0 million in 3rd quarter 2011), with an EBITDA of NOK 57.6 million (NOK 54.9 million) and an EBIT of NOK 46.8 million (NOK 35.5 million) after depreciation and write-downs of NOK 10.7 million (NOK 19.3 million). The net finance cost amounted to NOK 32.7 million (NOK 33.9 million) including unrealized loss on financial instruments of NOK 6.6 million, giving a pretax profit of NOK 14.0 million (NOK 1.6 million) and a profit after tax of NOK 14.0 million (NOK 1.8 million). The total income for the 9 first months of 2012 was NOK million (NOK million in 2011), with an EBITDA of NOK million (NOK million) and an EBIT of NOK million (NOK 61.7 million) after depreciation and write-downs of NOK 49.2 million (NOK 45.1 million). The net finance cost amounted to NOK 93.1 million (NOK 78.2 million) including unrealized loss on financial instruments of NOK 8.8 million (NOK 1.7 million), giving a pretax profit of NOK 53.1 million (NOK million) and a profit after tax of NOK 53.1 million (NOK million). The total assets were NOK million (NOK million), where fixed assets amounted to NOK million (NOK million). The total current assets amounted to NOK million (NOK million) of which NOK 56.3 million (NOK million) was cash and cash equivalents. The book equity was NOK million (NOK million) and the long-term liabilities was NOK million (NOK million) of which NOK million was debt to credit institutions. The short-term liabilities amounted to NOK million (NOK million) of which NOK million was short-term portion of long-term debt to credit institutions. By 30th of September the book equity ratio was 39.2 % whilst the value adjusted equity ratio was 40.2 %. SHAREHOLDERS The number of outstanding shares is , with a book value of NOK per share. The value adjusted equity per share as per 30th of September was NOK DOF Subsea AS owns 83.7 % of the shares, with the remaining 16.3 % of the shares held by 56 shareholders, of that State Street Bank and Trust Co. owns 4.4 %, Goldman Sachs Int. owns 1.47 %, MP Pensjon PK 1.44 %, Clipper AS 1.08 % and Straen AS 1.08 %. The other shareholders own less than 1 %. MARKET OUTLOOK The current spot market for large AHTS is weak and the Board of Directors expects a volatile market for large AHTS vessels for the next twelve months. The company vessels are on Bareboat contracts and currently working in the Subsea market. Since the vessels are working in the Subsea market the charter contracts have been changed from TC contracts to BB contracts from the shipowning company. Skandi Skolten has since early July been working for ConocoPhillips, Skandi Skansen will continue on the contract with SS7 and they are both working in the North Sea. Skandi Hercules will be working for Bien Dong off the coast of Vietnam and thereafter the vessel will do a job in India. The Board of Directors will continue working towards obtaining medium and 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 statement is unaudited. DOF INSTALLER ASA, 16TH OF NOVEMBER 2012 CONTACT: MONS AASE DOF INSTALLER ASA ALFABYGGET 5392 STOREBØ NORWAY 4 DOF Installer ASA 3rd Quarter 2012 Financial Report

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6 Accounts 3rd Quarter 2012 PROFIT AND LOSS ACCOUNT (NOK 1 000) 3Q Q 2011 YTD 2012 YTD Operating revenue Total operating income Wages and salaries Operating expenses Total operating expenses Operating profit before depreciation (EBITDA) Depreciation Operating profit (EBIT) 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 3rd Quarter 2012 Financial Report

7 BALANCE SHEET (NOK 1 000) Deferred tax benefit Intangible assets Vessels Machinery and other equipment Newbuilds Tangible assets Total fixed assets Short-term receivables from group companies Short-term receivables Total receivables Cash and cash equivalents Total current assets Total assets (NOK 1 000) Share capital Share premium fund Subscribed equity Retained earnings Total equity Derivative financial liabilities Total provisions for committments Debt to credit institutions Total long-term liabilities month installments of long-term debt Trade payables Short-term liabilities to group companies Derivative financial liabilities Other short-term liabilities Total short-term liabilities Total liabilities Total equity and liabilities DOF Installer ASA 3rd Quarter 2012 Financial Report

8 Accounts 3rd Quarter 2012 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 (1) 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 (2) Proceeds from non-current liabilities Instalments on non-current liabilities Paid-in capital Cash flow from financing activities (3) 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 3rd Quarter 2012 Financial Report

9 CONDENSED STATEMENT OF EQUITY (NOK 1 000) Equity at 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 % 52.0 % 59,1 % EBIT margin % 30.1 % 37,0 % Return on net capital % -1.4 % 0,2 % Equity ratio % 35.7 % 36,0 % Value adjusted equity ratio % 38.8 % 38.0 % Book value of equity per share Value adjusted equity per share No. of shares Face value per share ) Operating profit before depreciation / operating income 2) Operating profit / operating income 3) Profit after tax / booked equity 4) Equity / total capital 5) Value adjusted equity / total capital 6) Book value of equity / No of shares 7) Value adjusted equity / No of shares 9 DOF Installer ASA 3rd Quarter 2012 Financial Report

10 Notes to the Financial Report 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 3rd quarter 2012 was NOK 63.1 million, with an EBITDA of NOK 57.6 million. NOTE 3 EVENTS AFTER BALANCE DATE There have been no material events after balance date. NOTE 4 NET INTEREST-BEARING DEBT BANK DEPOSIT (NOK 1 000) Cash and cash equivalents Total cash and cash equivalents Debt to credit institutions 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 have been no other material transactions between the related parties during 3rd quarter NOTE 6 TAXES Taxes are estimated. The assumption is that the company will be taxed under the tonnage tax regime in DOF Installer ASA 3rd Quarter 2012 Financial Report

11 NOTE 7 SHAREHOLDERS SHAREHOLDERS AT NUMBER OF SHARES SHAREHOLDING % DOF SUBSEA AS % STATE STREET BANK AND TRUST CO % GOLDMAN SACHS INT. - EQUITY % MP PENSJON PK % CLIPPER A/S % STRAEN A/S % AUDLEY A/S % EUROMAR INVEST AS % METEVA AS % FRAMO DEVELOPMENTS AS % FRANK MOHN A/S % SKANDINAVISKA ENSKILDA BANKEN % SUNDT AS % VERDIPAPIRFONDET ALFRED BERG NORGE % LANDE INVESTERING AS % SLETHEI AS % HOLMEDAL % BARQUE AS % HELLAND A/S % BYGGEVIRKSOMHET AS % Total % Other shareholders % Total % 11 DOF Installer ASA 3rd Quarter 2012 Financial Report

12 Notes to the Financial Report NOTE 8 FINANCIAL ITEMS (NOK 1.000) 3Q Q 2011 YTD 2012 YTD 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 3rd Quarter 2012 Financial Report

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14 Supplemental Information PROFIT AND LOSS ACCOUNTS 5 LAST QUARTERS (NOK 1 000) 3Q Q Q Q Q 2011 Operating revenue Total operating income Wages and salaries Operating expenses Total operating expenses Operating profit before depreciation (EBITDA) Depreciation Operating profit (EBIT) 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 BALANCE SHEET 5 LAST QUARTERS (NOK 1 000) 3Q Q Q Q Q 2011 Tangible fixed assets Total fixed assets Receivables Cash and cash equivalents Total current assets Total assets DOF Installer ASA 3rd Quarter 2012 Financial Report

15 BALANCE SHEET 5 LAST QUARTERS (CONTINUED) (NOK 1 000) 3Q Q Q Q Q 2011 Subscribed equity Retained earnings Total equity Provisions for committment Other long-term liabilities Total long-term liabilities Debt to credit institutions Other short-term liabilities Total short term liabilities Total liabilities Total equity and liabilities DOF Installer ASA 3rd Quarter 2012 Financial Report

16 Contacts 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 SEMAR AS Phone: Fax: info@semar.no Address: Oksenøystien 12 N-1366 Lysaker NORWAY DOF MANAGEMENT AS Phone: Fax: Management@dof.no Austevoll Address: Alfabygget 5392 Storebø NORWAY Bergen Address: Thormøhlensgate 53 C 5006 Bergen NORWAY ANGOLA: DOF SUBSEA ANGOLA Phone/Fax: Mobile: / angola@dofsubsea.com Address: Rua Ndumduma 56/58 Caixa postal 2469, Miramar Luanda, Republic of Angola 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 AUSTRALIA Phone: Mobile: Address: Level 1, 441 South Road Bentleigh, Vic. 3204, Australia BRAZIL: DOF SUBSEA BRASIL SERVIÇOS LTDA Phone: brasil@dofsubsea.com Macae Address: Rua A1, número 35 Vale Encantado - Macae Rio de Janeiro, BRAZIL Rio Address: Rua Lauro Müller 116 Salas 2802 a 2805 Torre do Rio Sul - Botafogo , Rio de Janeiro, R.J., BRAZIL NORSKAN OFFSHORE LTDA Phone: Fax: office@norskan.com.br Rio Address: Rua Lauro Müller, 116 Salas 2802 a 2805, Torre do Rio Sul - Botafogo Rio de Janeiro, R.J., BRAZIL Macae Address: Rua A1, número 35 Vale Encantado - Macae R.J., BRAZIL CANADA: DOF SUBSEA CANADA Phone: Fax: can@dofsubsea.com Address: 472 Logy Bay Road St John s, Newfoundland Canada A1A 5C6 SINGAPORE: DOF SUBSEA ASIA PACIFIC PTE LTD Phone: Fax: asia-pacific@dofsubsea.com Address: 460 Alexandra Road# PSA Building, , Singapore DOF MANAGEMENT PTE LTD Phone: Fax: Address: 460 Alexandra Road# PSA Building, , Singapore UNITED KINGDOM: DOF SUBSEA UK LTD Phone: Fax: uk@dofsubsea.com Address: Exchange No.1 62 Market St. Aberdeen, AB11 5PJ UNITED KINGDOM DOF (UK) LTD Phone: Fax: info@dofman.co.uk Address: Voyager House 75 Waterloo Quay Aberdeen AB11 5 DE UNITED KINGDOM USA: DOF SUBSEA USA INC Phone: Fax: info@dofsubsea.us Address: 5335 W. Sam Houston Parkway N Suite 390 Houston, Texas, USA

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