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Q4 2014 EARNINGS CALL – Spectrum Asa

Spectrum Asa · Feb 13, 2015 · 22 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. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 1
    4th Quarter and full year 2014 Results Unaudited February 13th 2015
  2. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 2
    Q4 2014 Highlights Q4-14 Q4-13 Change Net Revenue MUSD 48 MUSD 39 24% EBITDA MUSD 42 MUSD 27 56% EBIT MUSD 17 MUSD 8 100% Brazil MC3D acquisition completed in Q4 Two 2D surveys completed acquisition in Q4 Brazil and Uruguay…
  3. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 3
    Full Year 2014 Highlights FY-14 FY-13 Change Net Revenue MUSD 183 MUSD 143 28% EBITDA MUSD 150 MUSD 105 44% EBIT MUSD 53 MUSD 42 27% The Spectrum Board will propose a dividend of NOK 1 /share for 2014 MUSD MUSD 200 160 180 Net…
  4. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 4
    Q4 and Full Year 2014 Highlights Q4-14 Q4-13 FY-14 FY-13 Operational Cash Flow MUSD 30.5 MUSD 13.8 MUSD 128.2 MUSD 78.6 MC Investment MUSD 30.4 MUSD 13.5 MUSD 113.3 MUSD 85.2 CAGR MC investment 28% 2011-2014 2.0 1.8 1.6 1.4 1.2…
  5. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 5
    Q4 and Full Year 2014 MC Revenue by Region Q4 Net revenue MUSD 48 2014 Net revenue MUSD 181 5 1 46 114 42 21
  6. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 6
    Q4 - changes in large shareholders Per December 31st, 2014, the Largest Shareholders were: The Private Equity funds, Altor Invest 1 and 2 30,3% Spencer Trading Inc. 10,7% Gross Management AS, Ferncliff Listed DAI AS 9,7% The…
  7. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 7
    Financials
  8. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 8
    Q4 and FY 2014 Income Statement Spectrum Group Quarter Quarter 12 months 12 months ended ended Change ended ended Change (USD 1000) 31.12.14 31.12.13 in % 31.12.14 31.12.13 in % Total operating revenue 65,520 47,040 39% 251,972…
  9. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 9
    Multi-Client NBV & Investments Q4 2014 MC investments MUSD 30 (Prefunding of 99%) 2014 MC investments MUSD 113 (Prefunding of 98%) Amortization Q4 2014 52.3% (Q4 2013: 47.2%) Amortization FY 2014 52.2% (FY 2013: 42.6%) 150 108…
  10. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 10
    Rolling Earnings & Net Sales / Book Value of MC library 2.0 1.8 1.6 1.4 EBITDA 4 quarter rolling / 1.2 book value of MC library rolling 1.0 EBIT 4 quarter rolling / book 0.8 value of MC library rolling 0.6 MC Net revenue 4 quarter…
  11. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 11
    Investment per Vintage Net Book Value (NBV) as % of original investment per financial year vs. allowed Maximum NBV MUSD 120 101.8 100 100% 85.9 80 60 57.5 58% 51.3 56% 44.4 40 47% 82% 20 33% 42% 9% 12% 17% 0 2011…
  12. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 12
    Balance Sheet Key Figures SPECTRUM GROUP Assets 31.12.14 30.09.14 31.12.13 (USD 1000) (Unaudited) (Unaudited) (Audited) MC Library 131,266 125,735 112,400 Other Intangible Assets 15,434 19,431 19,996 Tangible Assets 5,868 5,181 4,713…
  13. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 13
    Q4 2014 Cash Flow Statement SPECTRUM GROUP Quarter Quarter 12 months 12 months Cashflow ended ended ended ended (USD 1000) 31.12.14 31.12.13 31.12.14 31.12.13 Cash flows from operating activities: Profit / (Loss) before tax 16,603…
  14. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 14
    Operations
  15. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 15
    Areas of High Interest Relevant Licensing activities Croatia - block awards ongoing Lebanon - 1st round on hold Peru - round expected in 2015 Brazil - 13th round expected H2 2015 Gabon - blocks awarded Namibia - open door Madagascar-…
  16. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 16
    Surveys in Q4 3D survey outline Brazil, Amazonas MC3D Project in partnership with CGG 11,330 sqkm BroadSeisTM acquired 6,000 sqkm over open acreage High quality fast track products allow prefunders to meet exploration timeline…
  17. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 17
    Surveys in Q4 Uruguay, Deepwater recon MC2D 3,600 km MC2D data Infill of Phase 1 data (blue lines) Covering the Oriental del Plata and Pelotas basins Anticipating the 3rd licensing round in 2015 Supported by industry funding
  18. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 18
    Ongoing MC2D projects in Q1 Australia, Rocket MC2D phase 1 4,200 km MC2D (red lines) Data over the South Carnarvon and North Perth Basins Final products available Q3 2015 Supported by industry funding Brazil, Pelotas phase 2…
  19. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 19
    Outlook
  20. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 20
    Outlook Spectrum is asset light and the company has no long term vessel charter The business model is adaptable to changing oil price regime Spectrum has no debt and no financial gearing Overdraft and revolving facility of MNOK 180…
  21. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 21
    Outlook, License round activity 2015 Timing Country Comment H1-2015 Norway Ongoing Ongoing Gabon Negotiations ongoing H1-2015 Croatia Second Offshore round H1-2015 Madagascar New province H2-2015 Brazil License round 13 Ongoing…
  22. Q4 2014 EARNINGS CALL – Spectrum Asa – slide 22
    Outlook Spectrum is well positioned for license rounds in 2015-2016 Spectrum aims to maintain MC investment at a similar level to 2014 Spectrum will carefully consider all MC investments in 2015 The investment portfolio criteria…

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