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H1 2014 RESULT – Matrix Composites & Engineering Limited

Matrix Composites & Engineering Limited · Feb 13, 2014 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 1
    HALF YEAR RESULT 2014 Matrix Composites & Engineering 13 February 2014
  2. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 2
    OVERVIEW Highlights Financial Results Operational Review Strategies & Outlook Installation Buoyancy: Subsea 7 Gorgon Project, WA 2
  3. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 3
    HIGHLIGHTS 1H FY14 Aaron Begley - CEO
  4. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 4
    HIGHLIGHTS Financial Revenue 65.1m 20.2% EBITDA 7.7m 20.0% NPAT 0.7m 29.4% Capital expenditure 2.4m 22.6% Operating OHS: Henderson facility 2 years LTI free Largest order intake ever for SURF product line Using existing riser…
  5. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 5
    HIGHLIGHTS - OPERATIONAL Order Book/ Pipeline Order Book and Pending Orders (USm) as at 31 Jan 2014 Additional US30m orders received 350 in Jan 2014 300 Adjusted order backlog of US118m 250 Order backlog notionally supports…
  6. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 6
    HIGHLIGHTS - OPERATIONAL Production Actual v Target Production Q1FY13 Q2 FY14 140.0% Output stable, above nameplate 120.0% 100.0% capacity, below target rates 80.0% Operating at accelerated output levels 60.0% 40.0% for…
  7. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 7
    1H FY14 FINANCIAL RESULTS CFO Peter Tazewell
  8. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 8
    FINANCIAL PERFORMANCE SUMMARY 1H 2014 FY 2013 1H 2013 PCP Var % Revenue m 65.1 145.5 81.6 20.2% EBITDA m 7.7 7.5 6.4 20.0% Depreciation m (5.3) (10.3) (5.1) 3.6% EBIT m 2.4 (2.8) 1.3 84.3% Interest/Finance costs m (1.2) (1.4) (0.7)…
  9. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 9
    FINANCIAL OVERVIEW 120 m m Revenue EBITDA + Margin 100 100 30 32% 80 25 80 60 22% 20 60 40 15 20 12% 40 10 0 20 5 2% 0 0 Other Engineering Composites 2H 09 1H 10 2H 10 1H 11 2H 11 1H 12 2H 12 1H 13 2H 13 1H 14 1H 09 2H 09…
  10. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 10
    BALANCE SHEET m Dec 2013 June 2013 Dec 2012 Cash 16.1 16.0 13.9 Receivables 29.4 26.8 26.6 Inventory 20.4 23.6 21.9 Restricted cash 5.8 9.3 0.0 Other 0.9 1.3 2.1 Fixed assets 101.6 104.6 107.9 Intangibles 21.8 21.9 19.5 Total Assets…
  11. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 11
    BANKING METRICS Dec 13 June 13 Dec 12 Operating in line with bank Total Assets 196.0 203.5 191.8 covenants Total Equity 133.2 132.3 137.6 Gross debt continues to amortise Net Debt/(Cash) 14.9 10.7 24.1 Low gearing levels…
  12. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 12
    WORKING CAPITAL m 80 25% 60 20% 15% 40 10% 20 5% 0 0% -20 -5% -40 -10% -60 -15% 2H 09 1H 10 2H 10 1H 11 2H 11 1H 12 2H 12 1H 13 2H 13 1H 14 Debtors Inventory Restricted Cash Creditors Progress Billing TWC/Sales…
  13. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 13
    CASH FLOW FROM OPERATIONS m 12.0 10.0 3.2 8.0 7.7 5.4 1.2 0.9 7.4 - 6.0 1.9 0.3 5.3 0.2 0.4 4.0 2.5 7.7 11.4 5.4 2.0 1.2 7.7 2.8 0.5 0.1 0.7 - (2.0) 0.1 (4.0) (6.0) 0.7 13
  14. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 14
    OPERATIONAL REVIEW
  15. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 15
    DRILLING PRODUCTS US70m+ contracts awarded over 1H FY14 Order conversion for new-build and repair and replacement riser buoyancy began to strengthen over 1H FY14 Compression of drillship delivery times and strong market conditions…
  16. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 16
    SURF ANCILLARY EQUIPMENT Largest order intake ever for SURF products in 1H FY14 Opens new markets for traditional steel materials and composites Secured a strategically significant contract to supply permanent production buoyancy…
  17. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 17
    WELL CONSTRUCTION PRODUCTS Centralizer sales below expectations although still growing Sales expected to continue growing over the remainder of FY14 and FY15 Supplied key wells in Russia, Thailand, Australia and North America…
  18. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 18
    OFFSHORE SERVICES & ENGINEERING MOSE continues to target the domestic offshore oil and gas market Agreement with Oil States Industries for the exclusive distribution of its subsea pipeline and deepwater product range in Australia,…
  19. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 19
    STRATEGIES & OUTLOOK
  20. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 20
    MATRIX GROUP DRILLING PRODUCTS Strategies Short Term Medium Term Offer integrated client solutions utilising all aspects of the business Continued R&D, product and materials development across all Drive productivity efficiencies…
  21. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 21
    SURF WELL CONSTRUCTION PRODUCTS Short Term Medium Term Continue to actively penetrate the local and international Continue to gain vendor and market SURF technical qualifications from Continue development of new key SURF clients…
  22. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 22
    MOSE Short Term Medium Term Continue to develop service and Expand engineering and project delivery capabilities project management capacity MOSE targeting the domestic oil and gas Improve participation in major industry…
  23. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 23
    OUTLOOK DRILLING PRODUCTS Newbuild market Subsea wells and tree installations expected to increase by 34% from 2014 to 2016 (Graph 1) World number of confirmed newbuilds expected to increase significantly over the next five years…
  24. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 24
    OUTLOOK OTHER PRODUCTS SURF Ancillary Products Forecast increase in deployment of subsea flowlines and umbilicals over the next four years (Graph 5) Well Construction Products Total footage drilled, especially in the US, continues to…
  25. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 25
    SUMMARY EBITDA 7.7 million ( 20.0%) Balance Sheet metrics stable with ongoing debt reduction. Liquidity position stable at 33.1million Production output stable Current order book supports increased production until Q2 FY15 12…
  26. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 26
    MACRO INDICATORS Graph 1: Subsea Wells & Trees - Global Capex Graph 2: World Number of Confirmed Newbuilds Units/km by Component 30 Options Ordered 25 Under Construction Built 20 15 10 5 0 2008 2009 2010 2011 2012E 2013E…
  27. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 27
    MACRO INDICATORS Graph 5: Global Capex Units/ km by Component Graph 6: US Drilling & Production Outlook Horizontal Footage Drilled 2,500 (mil) 350 Flowlines 2,000 Risers 300 Footage drilled Footage Drilled (Mil) Umbilicals…
  28. H1 2014 RESULT – Matrix Composites & Engineering Limited – slide 28
    CONTACT DETAILS AARON BEGLEY PETER TAZEWELL CEO CFO T: +61 8 9412 1200 T: +61 8 9412 1200 aaron.begleymatrixengineered.com peter.tazewellmatrixengineered.com To view the webcast, CLICK HERE

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