2QFY2012 RESULTS BRIEFING 15 AUG 2012

Transcription

1 2QFY2012 RESULTS BRIEFING 15 AUG 2012

2 2QFY2012 RESULTS BRIEFING 15 AUG 2012 Financial Highlights 2Q2012 and HY2012

3 Corporate Highlights 2Q2012 Highlights Net Profit surges 66.0% to US$20.9 million Revenue rises 27.1% to US$229.6 million HY2012 Highlights Net Profit rose 36.9% to US$33.5 million Revenue increases 28.0% to US$424.0 million Record order book of approximately US$1.6 billion, expected to contribute togroup sresultsoverthenexttwoyears Strengthened capabilities places Swiber in the big league, well placed for large contract wins 49.7

4 Financial Highlights at a Glance US$ (million) 2Q2012 2Q2011 Change (%) HY2012 HFY2011 Change (%) Revenue Gross Profit Gross Profit Margin (%) Profit before tax (0.5) % pt % pt Net Profit Net Profit Margin (%) % pt 7.9% 7.4% 0.5% pt Gross Profit Margin held steady at 14.2% in 2Q

5 Revenue Trend Revenue in HY2012 is approx 2/3 of revenue achieved in FY2011 US$ m % FY2007 FY2008 FY2009 FY2010 HY2011 & FY2011 HY

6 Revenue 2Q2012 and HY US$ m 28.0% Revenue increased 27.1% from US$180.6 million in 2Q2011 to US$229.6 million in 2Q % Revenue increased 28.0% from US$331.2 million in HY2011 to US$424.0 million in HY Good topline performance driven by progressive revenue recognition from offshore construction contracts awarded to the Group, particularly in the South Asia and Southeast Asia region Q2011 2Q2012 HY2011 HY

7 Net Profit Trend Net Profit in HY2012 is approx 80% of the net profit in F US$ m % 0 FY2007 FY2008 FY2009 FY2010 HY2011 & FY2011 HY

8 Net Profit US$ m Net Profit increased 66.0% to US$20.9 million in 2Q2012 largely due to: 36.9% 54.0% increase in other 33.5 operating income to US$11.5 million Share of profit of US$4.1 million from associates and joint venture 66.0% 24.5 Absence of foreign exchange 20.9 loss Q2011 2Q2012 HY2011 HY2012 2Q2012 HY2012 Net Profit for HY2012 rose 36.9% to US$33.5 million in HY2012 largely due to: 158.7% surge in share of profit from associates to US$6.6 million 58.0% lower other operating expenses of US$2.8 million arising from lower foreign exchange losses 49.7

9 Statement of Financial Position US$ m HY2012 FY2011 Change (%) Cash & Bank Balances Trade receivables and CWIP Current assets Non-current assets (2.3) Current liabilities Non-current liabilities Total equity Trade receivables and CWIP: Increased 33.3% due to the strong growth of revenue in HY2012 Subsequent to 30 June 2012, the Group received settlement and billings of approximately US$86.7 million from customers 49.7

10 Key Financial Ratios Key ratios 6M2012 FY2011 Change(%) NAV per share (US cents) Net Debt / Equity (times) Key ratios 6M2012 6M2011 Change(%) Return on Equity (%) (annualised) % pt Return on Asset (%) (annualised) (0.2)% pt EPS per share (US cents) (Basic) % pt 49.7

11 Cashflow Statement US$ 000 2Q2012 2Q2011 Operating cashflow before movement in working capital 25,717 18,823 Net cash (used in)/ provided by operating activities (66,135) 22,202 Net cash used in investing activities (37,705) (45,154) Net cash provided by financing activities 107,029 2,951 Cash & Cash equivalents at end of period 117,240 94,174 Cash flow used in operating activities in 2Q2012 : The outflow was mainly a result of: I. An increase in trade receivables, other assets and receivables and construction work in progress of US$61.3 million; II. Net decrease in trade and other payables of US$5.6 million; and III. Decrease in inventories of US$16.3 million. Cash flow used in investing activities in 2QFY2012 : The outflow was due mainly to: I. Purchase of property, plant and equipment and capital expenditure of US$34.8million; II. Partially offset by proceeds from disposal of associate of US$5.2 million and dividend received from associates of US$2.3 million. Cash flow generated from financing activities in 2QFY2012: The inflow was due to: I. New bank borrowings amounting to US$131.2 million; II. Proceeds on issuance of bond of US$64.5 million; III. Partially offset by repayment of bank loans amounting to US$112.6 million. 49.7

12 Strong and Growing Order Book Order Book Trend US$ m Dec 2010 Aug 2011 Dec 2011 Aug 2012 As at August 2012, the Group s order book stands at approximately US$1.6 billion Order book expected to contribute to the Group s results over the next two years, barring unforeseen circumstances The Group is well positioned to bid for major contracts and will continue to focus on winning new contracts 49.7

13 2QFY2012 RESULTS BRIEFING 15 AUG 2012 Corporate Highlights 2QFY2012 and 1HFY2012

14 Corporate Highlights Contract Wins Date Contract Win Amount Jun 4 Offshore engineering, procurement, construction and installation works in Indonesia, through PT Rajawali Swiber Cakrawala, with PT SOME Indonesia US$175 million Jun 5 Offshore construction projects and vessel chartering services in the Asia Pacific Region, and vessel chartering through JV company in the Middle East Over US$830 million [include LOA through JV company in Middle East] Note Issues Increase Balance Sheet Flexibility Date Issue Size Issue Price Interest Expected Maturity Date Fixed Rate Notes May 31, Jun 4 $85,000, % of principal amount of the notes Jun 27, Jul 6 $75,000, % of principal amount of the notes Jul 25, Aug 6 $150,000, % of principal amount of the notes Tap Notes July 13, 2012 $10,000, % of principal amount of the notes 6.25% per annum June 8, % per annum July 6, % per annum August 6, % per annum June 8, 2015

15 Young fleet of 56 Vessels 1 15 Construction vessels *Under S&L **Owned by JV Company and Associates 1. Swiber Conquest (Pipelay barge)* 2. 1MAS-300 (Pipelay barge)** 3. Swiber Concorde (Pipelay crane barge)* 4. Aziz (Derrick pipelay Barge)** 5. Swiber Resolute (Derrick pipelay barge)* 6. Swiber PJW3000 (Derrick lay barge)** 7. Magnificent (Crane vessel) 8. Kreuz Supporter (Dive support work barge) 9. Swiber Victorious (Dive support accommodation barge)** 10. Kreuz Glorious(Accommodation Barge) 11. Swiber Atlantis (Dive support work barge)** 12. Kreuz Installer (Dive Support work barge) 13. Holmen Arctic (Submersible barge) 14. Holmen Atlantic (Submersible barge) 15. Holmen Pacific (Submersible barge) Expanded fleet puts Swiber in a strong position to service outstanding order book and pursue offshore projects Swiber PJW3000 (1) As of August 14,

16 Young fleet of 56 Vessels 1 41 offshore support vessels Utility/ Towing Tugs AHT/ AHTS AHT/AHTS (Con d) Cargo/Flat Top barge 1. Swiber Swiber Raven** 3. Swiber Charlton** 4. Swiber Carina** 5. Swiber Pearl 6. Swiber Peacock 1. Swiwar Venturer** 2. Swiwar Challenger** 3. Swiwar Victor** 4. Swiwar Surya** 5. Swiber Trader 6. Swiber Singapore 7. Swiber Navigator* 8. Swiber Explorer* 9. Swiber Gallant* 10. Swiber Valiant* 11. Swiber Ada* 12. Swiber Torunn* 13. Swiber Sandefjord* 14. Swiber Oslo* 15. Swiber Else-Marie* 16. Swiber Anne Christine* 17. Vallianz Hope** 18. Swiber Mary-Ann* Swiber Bhanwar** 20. Swiber Anna 21. Swiber Lina 22. Rawabi 1 ** 23. Rawabi 2** 1. Swiber 123** 2. Swiber Swiber Kreuz Kreuz Kreuz Kreuz Kreuz Kreuz Kreuz Newcruz Newcruz 332 Vessel Delivery Plan Vessel Name Vessel Type Year of Delivery Swiber Kaizen 4000 Derrick Crane Barge 2013 (1) As of August 14,

17 2QFY2012 RESULTS BRIEFING 15 AUG 2012 Industry Outlook

18 Offshore Sector Spending Global upstream capital and operating expenditures (CAPEX and OPEX) are set to reach a combined record of $1.23 trillion for 2012 and expected to rise to $1.64 trillion in 2016 CAPEX on new projects and OPEX on existing plays are expected to reach new records of $728 billion and $500 billion in 2012, respectively. Source: IHS Upstream Spending Report (April 30, 2012)

19 Offshore Sector Spending Asia Pacific and Middle East are key regions that will experience growth in offshore expenditure Source: IHS Upstream Spending Report (April 30, 2012)

20 Offshore Sector Spending Asia Pacific is expected to experience 7.93% CAGR growth in upstream CAPEX (including LNG/Pipelines) and OPEX spending Middle East is expected to experience 8.42% CAGR growth in upstream CAPEX (including LNG/Pipelines) and OPEX spending Source: IHS Upstream Spending Report (April 30, 2012)

21 Offshore Production and Subsea Services Production Services Over $355 billion is expected to be spent over the next five years ( ) on offshore operations & maintenance, with production services dominating this sector Growth will be driven by a combination of factors the need to operate and maintain a vast and aging infrastructure, high oil prices, buoyant new offshore field development activities and rampant price inflation for equipment and services Subsea Potential for subsea capital expenditure has increased dramatically throughout Expenditure of almost $135 billion is forecast over on subsea hardware The Golden Triangle of subsea will continue to dominate upstream hardware expenditure, West Africa, Gulf of Mexico, and Brazil, with Africa remaining the largest market. Sources: Douglas Westwood, The World Subsea Hardware Market Forecast ( ); Douglas Westwood, The World Subsea Hardware Market Forecast )

22 2QFY2012 RESULTS BRIEFING 15 AUG 2012 Strategy & Outlook

23 Locations, Partnerships, Alliances Markets we are targeting Markets where Swiber has offices/presence China Mexico West Africa Latin America Vietnam Brunei Indonesia Myanmar Australia Middle East India Singapore Malaysia

24 Strategy & Outlook Strengthen our position as an experienced and reputable offshore service provider in the market Well positioned to bid for major contracts Prudent in managing business operations and cost efficiencies Continue to focus on penetrating into new markets Exploring new opportunities to leverage on strong track record Order book of approximately US1.6 billion as at August 2012, expected to contribute to the Group s results over the next two years, barring unforeseen circumstances

25 2QFY2012 RESULTS BRIEFING 15 AUG 2012 Q&A

26 2QFY2012 RESULTS BRIEFING 15 AUG 2012