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Q3 2014 FINANCIAL RESULT – Dof Asa

Dof Asa · Nov 14, 2014 · 30 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. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 1
    Q3 Financial Presentation 2014 DOF ASA
  2. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 2
    Highlights
  3. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 3
    Highlights Q3 2014 All time high Q3 EBITDA - MNOK 914 (MNOK 909) MNOK PSV AHTS CSV Total Operating income 309 400 2 063 2 772 EBITDA 126 216 572 914 EBIT 81 161 358 600 Subsea Asia Pacific - Variable utilisation, but good…
  4. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 4
    Highlights Q3 2014 all time high operational Ebitda Skandi Hav, 4 yrs with Petrobras firm until November 2018 Skandi Santos 5 yrs extension with AKOFS Offshore/Petrobras firm until 1st quarter 2020 Contract awards DOF Subsea…
  5. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 5
    Overview Group
  6. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 6
    DOF ASA in brief Fleet Global organization 70 vessels in operation Head office in Norway PSV: 24, AHTS: 18 and Subsea: 28 Regional offices in Australia, Singapore, 7 newbuildings UK, USA, Canada, Angola, Argentina and Brazil AHTS:…
  7. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 7
    The fleet market segment PSV AHTS Subsea Total fleet No. of vessels DOF ASA/DOF REDERI AS 19 3 3 25 NORSKAN OFFSHORE 5 12 2 19 DOF SUBSEA AS 0 0 25 25 DOF INSTALLER ASA 0 0 3 3 DOF DEEPWATER AS 0 5 0 5 Total fleet 24 20…
  8. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 8
    A global player 29 Austevoll Aberdeen Moscow St. Johns Cairo Houston 5 Manila Malaysia Singapore Brunei Luanda Jakarta Maca Rio de Janeiro 28 Perth 7 Buenos Aires 7 FOCUS AREAS Norway Brazil US/Canada UK Asia…
  9. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 9
    Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Angra Vard Brazil Q1 2015 AHTS 8 yrs Petrobras Funding secured Skandi Paraty Vard Brazil Q3 2015 AHTS 4 yrs Petrobras Funding secured Skandi Africa…
  10. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 10
    Investing in the most profitable segments Returns compared to book value of vessels was 7,1% for PSVs, 6,5% for AHTS, and 12.8% for Subsea vessels DOFs current fleet is 55% Subsea, 27% AHTS and 18% PSV Our remaining newbuilding…
  11. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 11
    Financials- Management Reporting
  12. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 12
    Result Q3 2014 ALL All FIGURES figures inINNOK NOK MILLION million Q3 2014 Q3 2013 YTD Q3 2014 YTD Q3 2013 Comments Operational result Operating income 2 772 2 634 7 803 7 121 PSV: Operating expenses -1 857 -1 722 -5 268 -4 845 92%…
  13. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 13
    Segment reporting Q3 2014 ALL FIGURES IN NOK MILLION PSV AHTS Subsea Total Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013 Operating income 309 288 400 316 2 063 2 030 2 772 2 634 Operating result befor depreciation…
  14. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 14
    Historical Performance Group (excl gain from sale of assets) 3 000 40% Operating revenue EBITDA EBITDA margin 35% 2 500 30% 2 000 EBITDA Margin % 25% MNOK 1 500 20% 15% 1 000 10% 500 5% - 0% Q3 2011 Q4…
  15. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 15
    Balance Q3 2014 Amounts in NOK ALL FIGURES million IN NOK MILLION 30.09.2014 30.09.2013 31.12.2013 Comments ASSETS Intangible assets 828 757 781 Vessel and other tangible assets 26 535 26 551 26 244 Newbuildings 892 534 646 Prepaid…
  16. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 16
    Cash Flow Q3 2014 ALL FIGURES IN NOK MILLION Amounts in NOK million Q3 2014 Q3 2013 YTD Q3 2014 YTD Q3 2013 Cash from operating activities 707 1 017 1 912 1 938 Net interest paid -352 -370 -1 036 -1 043 Taxes paid -12 -7 -37 -36 Net…
  17. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 17
    Key figures Q3 2014 Q3 2014 Q3 2013 Acc Q3 2014 Acc Q3 2013 2013 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 33 % 35 % 33 % 32 % 32 % EBITDA margin 33 % 35 % 35 % 32 % 32 % EBIT margin 22 % 23 % 25 % 20 % 20 % Cashflow…
  18. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 18
    Net interest bearing debt Q3 2014 ALL FIGURES IN NOK MILLION Amounts in NOK million 30.09.2014 30.09.2013 31.12.2013 Bond loan 4 822 4 408 4 722 Debt to credit institutions 14 142 16 657 16 265 Total non-current interest bearing…
  19. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 19
    Debt maturity profile 4 000 3 500 DOF GROUP COUNTERPARTY 3 000 EXPOSURE Q3 2014 Bank Debt 2 500 Bond DOF 2 000 Balloons 1 500 23% 1 000 42% 500 - 2014 2015 2016 2017 2018 After 35% 2 500 Bond Eca Bank 2 000 DOF…
  20. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 20
    DOF ASA Asset coverage Combined market value DOF Group fleet including newbuild is NOK 39.5 bn (total value 100% NOK 46.971 bn) New-building program to be completed in 2017 (including 50% in 4 PLSVs) Asset-level gearing on the…
  21. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 21
    DOF Subsea
  22. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 22
    DOF Subsea Group In brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 23 vessels, plus 5 newbuilds on order In addition 5 vessels on long-term charter The market value of owned vessels in…
  23. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 23
    DOF Subsea Group In brief Quarterly figures 2 000 1 800 40% 35% 1 600 30% 18.2 % 1 400 CAGR NOK million 25% 1 200 1 000 20% 800 15% 600 Key figures 400 10% 14.3 % CAGR 5% Back-log incl. options NOK 33 billion…
  24. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 24
    Key credit metrics Interest Coverage (EBIT / Interest cost) NIBD/EBITDA 2,50 12,00 2,00 10,00 1,50 8,00 6,00 1,00 4,00 0,50 2,00 - - 2009 2010 2011 2012 2013 Last 4 Qs 2009 2010 2011 2012 2013 Last 4 Qs NIBD/Total assets…
  25. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 25
    DOF Subsea Projects Operating income by segment 7 000 DOF Subsea has built a global project organization over the last 9 years 6 000 DOF Subsea has developed the project business 5 000 gradually Increased project activity…
  26. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 26
    DOF Subsea North America Status 2009 Survey specialized region without dedicated vessels Status today 2 main Business Activities Subsea / S&P (85 / 15% revenue allocation) Current staff 202 (149 US / 53 CA) Offshore staff 121 (68…
  27. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 27
    Market and outlook Subsea: APAC market Construction in Australia slowing down But being replaced by IRM Operators spend slowing Competition scene changing DOF SUB: High tendering activity, several long term opportunities Expect…
  28. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 28
    Market and outlook continued Subsea: North America market We expect steady/increased demand. DOF SUB: Fairly new player in the US subsea market. We expect gradually increased market share and higher vessel utilisation. High…
  29. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 29
    Market and outlook continued Supply: Brazil: We expect increased demand for our vessels and services. We expect increase in rates compared to old contracts. North Sea: We expect the AHTS market to continue to be volatile and on…
  30. Q3 2014 FINANCIAL RESULT – Dof Asa – slide 30
    Thank you Presented by Mons Aase - CEO Hilde Drnen - CFO

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