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Q4 2014 EARNINGS CALL – Farstad Shipping Asa

Farstad Shipping Asa · Feb 25, 2015 · 44 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 – Farstad Shipping Asa – slide 1
    Rederiforbundet 25.02.15 Karl-Johan Bakken - CEO Torstein L. Stavseng - CFO Presentasjon av Farstad Shipping ASA
  2. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 2
    Farstad Shipping ASA 100% 100% 100% 100% 100% 100% 100% 100% Farstad Shipping Farstad Farstad Shipping SA Farstad Shipping Farstad Farstad Farstad Farstad (Indian Pacific) Farstad Construction AS (Macae/Rio) Pte.Ltd (Singapore)…
  3. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 3
    Farstad Shipping ASA Listed since 1988 Largest shareholders (17 February 2015) Slide 3 www.farstad.com
  4. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 4
    Farstad Shipping ASA Contracts with Technip Far Sleipner tbn to be delivered end of March 2015. Far 838 tbn to be delivered end of November 2016. VARD 3 07, loa 142,6 m, breadth 25,0 m, VARD 3 17, loa 98,0 m, breadth 21,5 m, deck size…
  5. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 5
    Farstad Shipping ASA Brief summary No of vessels in operation: 62 (32 AHTS, 26 PSV, 4 Subsea) No of newbuilds: 3 (3 Subsea) No of employees offshore: 1.960 No of employees onshore: 240 Market value fleet*) (excl. newbuilds):…
  6. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 6
    Farstad Shipping ASA Result 4th Quarter 2014 - preliminary (NOK mill.) Res 4Q-13 Res 4Q-14 All markets experience increasing pressure on rates Operating income 1 029,4 1 111,7 Changes in the Farstad-fleet Profit on sale of fixed assets…
  7. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 7
    Market values vessels*) Free of charter and available in the market Mill. NOK Mill. NOK 575 575 550 550 2011: 525 525 Average decrease in values 500 500 of Farstad fleet: 0,8%. 475 475 450 450 425 425 2012: 400 400 Average…
  8. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 8
    Farstad Shipping ASA Preliminary Result 2014 - Currency 01/01/2014 Average 1Q Average 2Q Average 3Q Average 4Q 31/12/2014 GBP 10,0530 10,1149 10,1833 10,4300 11,1110 11,5710 USD 6,0837 6,0916 6,0365 6,3389 7,0599 7,4332 EUR 8,3825…
  9. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 9
    Farstad Shipping ASA Result - quarterly development - prliminary (NOK mill.) 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14 Operating income excl. sale of vessels 1 029,4 994,7 1 050,6 1 211,9 1 111,7 Crewing expenses vessels 409,8 401,6 425,2 469,2…
  10. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 10
    Farstad Shipping ASA Operating income excl. sale of assets - quarterly development - preliminary Mill NOK 1 400,0 1 200,0 1 000,0 800,0 600,0 400,0 200,0 0,0 1st Quarter 2nd Quarter 3rd Quarter…
  11. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 11
    Farstad Shipping ASA EBITDA excl. sale of assets - quarterly development - preliminary Mill NOK 600,0 500,0 400,0 300,0 200,0 100,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2010 291,4 385,8…
  12. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 12
    Farstad Shipping ASA EBIT excl. sale of assets - quarterly development - preliminary Mill NOK 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2010…
  13. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 13
    Farstad Shipping ASA Result 31.12.2014 - preliminary 5 000 60% (NOK mill.) Res. 31.12.13 Res. 31.12.14 Operating income 4 007,2 4 368,9 4 500 Profit on sale of fixed assets 7,0 15,0 Total operating income 4 014,2 4 384,0 50% 4 000…
  14. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 14
    Farstad Shipping ASA Comprehensive Income/Equity - preliminary STATEMENT OF 4. quarter 4. quarter 1.1-31.12 1.1-31.12 1.1-31.12 COMPREHENSIVE INCOME 2 014 2013 2014 2013 2012 Profit (225 751) 46 710 (8 341) 260 124 311 831 Items not…
  15. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 15
    Farstad Shipping ASA CASH FLOW 31.12.14 - preliminary STATEMENT OF CASH FLOW 4. quarter 4. quarter 1.1-31.12 1.1-31.12 2014 2013 2014 2013 Cash flow from operating activity 849 941 575 207 1 752 821 1 529 059 Sale of fixed assets…
  16. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 16
    Farstad Shipping ASA Result 31.12.14 sorted by segment - preliminary OPERATING INCOME *) 4. quarter 4. quarter 1.1-31.12 1.1-31.12 1.1-31.12 Operating income - sorted by segment 2014 2013 2014 2013 2012 Northwest Europe Brasil…
  17. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 17
    Farstad Shipping ASA EBITDA margin sorted by segment - preliminary EBITDA in % of income sorted by vessel type EBITDA in % of income sorted by region 60% 70% Northwest Europe Brazil Indian Pacific AHTS PSV SUBSEA 50% 60% 50%…
  18. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 18
    Farstad Shipping ASA EBIT margin sorted by segment - preliminary EBIT in % of income sorted by regoin EBIT in % of income sorted by vessel type 50% 50% AHTS PSV SUBSEA Northwest Europe Brazil Indian Pacific 40% 40% 30% 30%…
  19. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 19
    Farstad Shipping ASA 31.12.14 Balance Sheet - preliminary ASSETS 31.12.2014 31.12.2013 31.12.2012 EQUITY AND LIABILITIES 31.12.2014 31.12.2013 31.12.2012 Fixed assets: Equity: Goodwill 101 938 96 778 100 032 Paid-in capital 237 396 237…
  20. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 20
    Farstad Shipping ASA Return on Equity and Capital Employed (preliminary) 15,0 % ROE ROCE 10,0 % 8,5 % 7,8 % 7,9 % 6,7 % 6,3 % 5,8 % 5,2 % 5,0 % 4,6 % 3,8 % -0,1 % 0,0 % 2010 2011 2012 2013 2014 -5,0 %…
  21. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 21
    Farstad Shipping ASA Long Term Debt 31.12.14 repayment profile 2 000 000 1 800 000 1 600 000 1 400 000 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 Guarantee renewals Bonds Balloons Installments Slide…
  22. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 22
    Farstad Shipping ASA Health, Safety, Environment and Quality LTIF - (No of incidents per mill. work hours ) 2,00 1,80 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00 2009 2010 2011 2012 2013 2014 Slide 22…
  23. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 23
    Farstad Shipping ASA Fleet distribution 62 vessels - February 2015 11 PSV 5 AHTS LESUND 11 PSV 17 AHTS 3 PSV 10 AHTS 1 PSV SINGAPORE 4 SUBSEA MACCA RIO DE JANEIRO PERTH MELBOURNE Slide 23 www.farstad.com
  24. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 24
    Farstad Shipping ASA Newbuild program Slide 24 www.farstad.com
  25. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 25
    Farstad Shipping ASA Contract summary(*) Fleet February 2015 Options Term contracts 100% 70,1%**) 52,4%**) 42,1%**) 31,1%**) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% **) AHTS = 61,9% 55,4% 41,6% 26,8% **) PSV =…
  26. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 26
    Farstad Shipping ASA Contract summary AHTS February 2015 Slide 26 www.farstad.com
  27. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 27
    Farstad Shipping ASA Contract summary PSV and SUBSEA February 2015 Slide 27 www.farstad.com
  28. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 28
    North West Europe Supply- Demand- Utilisation Source: Platou February 2015 Slide 28 www.farstad.com
  29. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 29
    North West Europe Supply- Demand- Utilisation 100% 375 100,0% 90% 91% 346 90% 349 350 88% 350 326 331 90% 95,0% 314 325 306 300 300 294 80% 300 90,0% 275 70% 250 85,0% 250 225 60% 80,0% Boat- years 200 200 50%…
  30. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 30
    PSV2.000 dwt AHTS10.000 bhp 1013 vessels + 328 newbuilds (32,4%) 507 vessels + 85 newbuilds (16,8%) DWT BHP Approx. 45% Approx. 3.300 vessels worldwide Source: IHS/Platou/ Farstad January-15 Fleet Structure Supply…
  31. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 31
    Newbuildings sorted by regions AHTS 10.000 BHP, PSV 2.000 DWT AHTS = 85 vessels PSV = 328 vessels No of vessels 250 200 150 175 100 50 37 16 33 31 13 13 10 10 8 7 7 2 5 1 3 0 5 3 2 2 2 4 1 5 2 3 1 4 3 2 1 1…
  32. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 32
    Newbuildings sorted by deliverytime AHTS 10.000 BHP and PSV 2.000 DWT…
  33. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 33
    Worldwide Fleet Growth AHTS 10.000 BHP No of vessels No of vessels Increase in fleet Total fleet incl. Newbuilds Increase in fleet Total fleet incl. Newbuilds 587 592 600 600 570 550 551 538 503 503 507 500 469 481 500 469…
  34. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 34
    Worldwide Fleet Growth PSV 2.000 DWT No of vessels Increase in fleet Total fleet No of vessels Increase in fleet Total fleet 1400 1400 1331 1341 1259 1210 1226 1200 1128 1200 1013 1000 895 1000 895 755 755 800 692 800 692 664…
  35. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 35
    Worldwide sorted by owners/ managers AHTS 10.000 BHP and PSV 2.000 DWT No of vessels AHTS = 507 vessels PSV = 1013 vessels Newbuilds = 413 vessels 160 Total fleet incl. newbuild count 1933 140 vessels 220owners. 120 The 54 largest…
  36. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 36
    Worldwide and Northwest Europe *) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 1600 Number of players 2004: 59 Other markets Northwest Europe Number of players 2014: 220 1400 Number of vessels 2004: 473+ 83 1200 Number of…
  37. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 37
    Worldwide sorted by regions AHTS 10.000 BHP No of vessels Jan.-04 Jan.-15 200 Number of players 2004: 40 176 180 Number of players 2014: 116 160 Number of vessels 2004: 214+32 140 Number of vessels 2014: 507+85 120 104…
  38. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 38
    Worldwide sorted by regions PSV 2.000 DWT No of vessels Jan.-04 Jan.-15 300 249 Number of players 2004: 45 250 225 Number of players 2014: 161 194 200 Number of vessels 2004: 259+51 Number of vessels 2014: 1013+328 143 150…
  39. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 39
    Northwest Europe sorted by owners/ managers AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 35 No of PSV=249 No of AHTS=67 Number of players: 51 30 Number of vessels: 316 (20,8%) Number of newbuilds: 32 (6,7%) 25 20 15 28 10 10…
  40. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 40
    Brazil sorted by owners/ managers AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 50 No of PSV=186 No of AHTS=97 Number of players: 46 45 Number of vessels: 283 (18,6%) 40 Number of newbuilds: 34 (8,2%) 35 30 25 36 20 2 15 23…
  41. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 41
    Indian Pacific/China sorted by owners/ managers AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 30 No of PSV=128 No of AHTS=176 25 Number of players: 72 Number of vessels: 304 (20,0%) 11 Number of newbuilds 287 (69,5%) 20 15 11 7…
  42. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 42
    Australia/New Zealand sorted by owners/ managers AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 No of PSV=22 No of AHTS=30 Number of players: 13 Number of vessels: 52 (3,4%) 20 Number of newbuilds 0 10 15 10 12 5 2…
  43. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 43
    Worldwide Subsea vessel supply/demand October 2014 Source: IHS October 2014 Slide 43 www.farstad.com
  44. Q4 2014 EARNINGS CALL – Farstad Shipping Asa – slide 44
    Takk for oppmerksomheten Slide 44 www.farstad.com

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