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Q1 2014 RESULTS – Kvaerner Asa

Kvaerner Asa · May 13, 2014 · 24 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. Q1 2014 RESULTS – Kvaerner Asa – slide 1
    First quarter results 2014 Kvaerner 2014 13.05.2014
  2. Q1 2014 RESULTS – Kvaerner Asa – slide 2
    Highlights First quarter 2014 Predictable performance Continued high activity and capacity utilisation Industrialising delivery model Order backlog of NOK 19.7* billion Subsequent events The Edvard Grieg jacket installed at the…
  3. Q1 2014 RESULTS – Kvaerner Asa – slide 3
    Key financials Revenues EBITDA Net current operating assets NOK million NOK million NOK million 5 000 200 4 500 -200 -570 -616 4 000 150 3 500 -400 -1 162 -1 164 3 000 -1 266 -600 2 500 100 180 180 170…
  4. Q1 2014 RESULTS – Kvaerner Asa – slide 4
    Order intake and -backlog Order intake Order backlog NOK million NOK million 30 000 14 000 12 000 25 000 10 000 20 000 19 696 50% 8 000 15 000 6 000 10 000 4 000 50% 5 000 2 000 1 283 0 0 Q1'13 Q2'13 Q3'13 Q4'13…
  5. Q1 2014 RESULTS – Kvaerner Asa – slide 5
    Health, safety, security and environment One serious incident with disablement Three serious incidents Total of 8 recordable incidents Lost time incident frequency (LTIF) and Total recorded incident frequency (TRIF) Per million work…
  6. Q1 2014 RESULTS – Kvaerner Asa – slide 6
    Operational highlights Eldfisk topside completed on time, ELDFISK TOPSIDE NYHAMNA ONSHORE preparation for hook-up on-going Fabrication start for the Nyhamna project with first steel cutting Mechanical outfitting installation work…
  7. Q1 2014 RESULTS – Kvaerner Asa – slide 7
    First quarter financials Eiliv Gjesdal, Chief Financial Officer
  8. Q1 2014 RESULTS – Kvaerner Asa – slide 8
    Income statement Q1 2013 Amounts in NOK million Q1 2014 Q4 2013 Restated FY 2013 Total revenue and other income 3 489 3 939 2 663 12 960 EBITDA 170 180 110 636 Depreciation and amortisation (15) (18) (15) (63) EBIT 155 162 96 573 Net…
  9. Q1 2014 RESULTS – Kvaerner Asa – slide 9
    Upstream review Financials Orders Change in revenue mix Two completion contracts for Aasta Hansteen Jackets expected to break even in 2014 Growth in existing contracts Revenues, EBITDA and EBITDA margin Order backlog and order…
  10. Q1 2014 RESULTS – Kvaerner Asa – slide 10
    Cash flow and working capital development Q1 2013 Amounts in NOK million Q1 2014 Q4 2013 Restated FY 2013 Cash flow from operating activities 26 694 (355) 606 Cash flow from investing activities (131) 341 (23) 208 Cash flow from…
  11. Q1 2014 RESULTS – Kvaerner Asa – slide 11
    Balance sheet Amounts in NOK million 31.03.2014 31.12.2013 31.03.2013 Assets Total non-current assets 2 137 2 150 2 293 Prepaid company tax 99 93 93 Current operating assets 3 533 3 121 2 965 Total cash and bank 1 430 1 545 705 Retained…
  12. Q1 2014 RESULTS – Kvaerner Asa – slide 12
    2014 financial expectations Item 2014 full year view Upstream revenues* NOK 15-16 billion EBITDA margin Gradual improvements Corporate costs NOK 70-80 million Average tax rate Targeting 30 percent Discontinued operations Net…
  13. Q1 2014 RESULTS – Kvaerner Asa – slide 13
    Way forward and closing remarks ENGINEERING PROCUREMENT CONSTRUCTION 13 Kvaerner 2014 13.05.2014
  14. Q1 2014 RESULTS – Kvaerner Asa – slide 14
    Industrialising our delivery model Project management Engineering Critical Bid Final info line Prelim Close-out Purchase Inquiry info order documentation Procurement (vendors) Delivery of bulk Delivery of equipment…
  15. Q1 2014 RESULTS – Kvaerner Asa – slide 15
    Targeting 15% cost reductions: Industrialising our delivery model Project management Engineering Procurement (vendors) Construction Hook-up and completion Competitiveness = Step changes + continuous improvements FACILITIES…
  16. Q1 2014 RESULTS – Kvaerner Asa – slide 16
    Targeting 15% cost reductions: Status improvements and industrialisation Project management Engineering Procurement (vendors) Construction Hook-up and completion Internal improvements - Jackets - Contractors Norway -…
  17. Q1 2014 RESULTS – Kvaerner Asa – slide 17
    Targeting 15% cost reductions: Status improvements and industrialisation Project management Engineering Procurement (vendors) Construction Hook-up and completion Internal improvements Improvements together with partners and…
  18. Q1 2014 RESULTS – Kvaerner Asa – slide 18
    Cost reductions on track Status: Targeting 15 % cost reductions Jackets Ready 15 % Concrete Solutions and Contractors Norway On track with implementation International and a global delivery model On track with…
  19. Q1 2014 RESULTS – Kvaerner Asa – slide 19
    Opportunities in all target markets Johan Sverdrup first phase (Illustration: Det Norske) West White Rose extension Arctic driller Several prospects well fit for our capabilities Subsea on a stick Target markets 19…
  20. Q1 2014 RESULTS – Kvaerner Asa – slide 20
    Summary Predictable performance, financial improvements HSSE core value and licence to operate Execute and deliver backlog according to specifications Maintain and develop home markets Win new projects based on improvements…
  21. Q1 2014 RESULTS – Kvaerner Asa – slide 21
  22. Q1 2014 RESULTS – Kvaerner Asa – slide 22
    APPENDIX 22 Kvaerner 2014 13.05.2014
  23. Q1 2014 RESULTS – Kvaerner Asa – slide 23
    Project portfolio 2011 2012 2013 2014 2015 2016 2017 Value at award Mongstad TCM NOK 525M Eldfisk topside NOK 5.5B Nyhamna onshore NOK 11B Edvard Grieg topside NOK 8B Aasta Hansteen Undisclosed completion contracts Nordsee…
  24. Q1 2014 RESULTS – Kvaerner Asa – slide 24
    Revenue distribution continuing operations Share of revenues 2012 Share of revenues 2013 Share of revenues last 12 months Percent Percent Percent NOK NOK NOK 8.9 13.0 13.8 billion billion billion Contractors International…

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