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AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa

Farstad Shipping Asa · Aug 19, 2014 · 45 slides

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Slides

  1. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 1
    Agenda Company Structure Shareholder matters Financial Matters and Values Business Focus Competitors, Market, Prospects The Fleet and Employment Presentation - August 19th 2014 CEO Karl-Johan Bakken CFO Torstein L. Stavseng
  2. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 2
    Farstad Shipping Brief summary No of vessels in operation: 62 (32 AHTS, 27 PSV, 3 Subsea) No of newbuilds: 2 (2 Subsea) No of employees offshore: 1.990 No of employees onshore: 260 Market value fleet (excl. newbuilds): Bln.…
  3. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 3
    Farstad Shipping ASA Listed since 1988 Largest shareholders (12 August 2014) No of shares % Tyrholm & Farstad AS 15 796 199 40,5 Brown Brothers Harriman Fidelity FLPS 3 106 600 8,0 Pareto Aksje Norge 2 043 926 5,2…
  4. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 4
    Farstad Shipping Company structure (February 2014) Farstad Shipping ASA 100% 100% 100% 100% 100% 100% 100% 100% Farstad Shipping Farstad Farstad Farstad Shipping SA Farstad Shipping Pte.Ltd Farstad Shipping Ltd Farstad (Indian…
  5. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 5
    Result 2nd Quarter 2014 (NOK mill.) Res 2Q-13 Res 2Q-14 A disappointing quarter in the North Sea Operating income 993,0 1 050,6 Brazil not as expected Profit on sale of assets 3,6 0,0 Australia still under pressure Total operating…
  6. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 6
    Result 30.06.2014 (NOK mill.) Res. 30.06.13 Res. 30.6.14 Operating income 1 904,3 2 045,3 Profit on sale of fixed assets 7,0 15,0 Total operating income 1 911,4 2 060,3 Crewing expenses vessels 762,3 826,8 Other operating expenses…
  7. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 7
    Quarterly development (NOK mill.) 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 Operating income excl. sale of vessels 993,0 1 073,5 1 029,4 994,7 1 050,6 Crewing expenses vessels 387,8 397,7 409,8 401,6 425,2 Other operating expenses vessels 172,4…
  8. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 8
    Development result Quarterly Operating income excl. sale of assets Mill NOK 1 200,0 1 000,0 800,0 600,0 400,0 200,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2010 724,0 846,2 860,6 897,0…
  9. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 9
    Development result Quarterly EBITDA excl. profit from sale of vessels Mill NOK 500,0 450,0 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2010 291,4 385,8…
  10. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 10
    Development result Quarterly EBIT excl. profit from sale of vessels Mill NOK 300,0 250,0 200,0 150,0 100,0 50,0 0,0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2010 166,4 254,6 252,4 195,5 2011 134,6…
  11. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 11
    Result by segment Operating income- sorted by segment OPERATING INCOME *) 2. quarter 2. quarter 1.1-30.06 1.1-30.06 1.1-31.12 Northwest Eurpoe Brasil Indian Pacific Other Markets 2014 2013 2014 2013 2013 100% 3,5 1,2 1,5 0,1 2,6 1,9…
  12. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 12
    EBIT margin development by segment EBIT in % of income sorted by vessel type EBIT in % of income sorted by regoin 50% 50% AHTS PSV SUBSEA Northwest Europe Brazil Indian Pacific 40% 40% 30% 30% 20% 20% 10% 10% 0% 0%…
  13. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 13
    Cash Flow STATEMENT OF CASH FLOW 2. quarter 2. quarter 1.1-30.06 1.1-30.06 1.1-31.12 2014 2013 2014 2013 2013 Cash flow from operating activity 228 307 284 661 485 591 578 004 1 529 059 Sale of fixed assets - 14 095 18 809 32 857 32…
  14. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 14
    Comprehensive Income/Equity STATEMENT OF 2. quarter 2. quarter 1.1-30.06 1.1-30.06 1.1-31.12 COMPREHENSIVE INCOME 2 014 2013 2014 2013 2013 Result 46 691 4 081 126 239 86 223 260 124 Items not to be reclassified to profit/loss…
  15. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 15
    Balance Sheet ASSETS 30.06.2014 30.06.2013 31.12.2013 Far Sigma delivered 1Q Fixed assets: Far Grimshader sold 1Q Goodwill 101 815 99 947 96 778 Far Sirius delivered 2Q Vessels etc. 15 448 720 14 278 592 14 179 071 Payment of…
  16. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 16
    Market values vessels -free of charter and available in the market Mill. NOK Mill. NOK 575 575 550 550 Average decrease in values of 525 525 500 500 Farstad fleet in 2010: 0,8%. 475 475 450 450 Average decrease in values of…
  17. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 17
    Farstad Shipping - Values NOK dividend/ share Values NOK/ share 6,00 300 5,00 250 4,00 200 3,00 150 2,00 100 1,00 50 0,00 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 30.6.14 Dividend 3,00 3,00…
  18. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 18
    Long term debt repayment profile 1 400 000 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 18
  19. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 19
    Agenda Company Structure Shareholder matters Financial Matters and Values Business Focus Competitors, Market, Prospects The Fleet and Employment Presentation - August 19th 2014 CEO Karl-Johan Bakken CFO Torstein L. Stavseng
  20. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 20
    Farstad Shipping - International competitive position backed by the Norwegian maritime cluster Values Business Focus To be a leading provider of Safety minded quality Support Vessel Services to the international Value creative…
  21. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 21
    Farstad Shipping HSEQ LTIF - (No of incidents per mill. work hours ) 14 Farstad Fleet - Lost Time Incidents 12 10 8 6 4 2 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005…
  22. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 22
    Farstad Shipping fleet distribution August 2014 - 62 vessels 10 PSV lesund 4 AHTS Aberdeen 2 AHTS 1 AHTS Singapore 2 AHTS 1 PSV 1 PSV Macae Rio4 PSV 11 AHTS Perth 3 SUBSEA 1 PSV 10 PSV Melbourne 12 AHTS
  23. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 23
    Contract Summary AHTS August 2014 23
  24. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 24
    Contract Summary PSV August 2014 24
  25. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 25
    Farstad Shipping Contract Summary Fleet total August 2014 *) Options Term contracts 100% 78,8%**) 58,7%**) 41,5%**) 34,1%**) 26,1%**) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% **) AHTS = 74,2% 47,4% 35,3% 28,8% 20,4%…
  26. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 26
    Fleet Structure Supply Vessels Worldwide PSV2.000 dwt AHTS10.000 bhp 959 vessels + 367 newbuilds (38,3%) 511 vessels + 69 newbuilds (13,5%) DWT BHP Approx. 45% Approx. 3.300 vessels worldwide 26 23.01.06 Torstein…
  27. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 27
    AHTS 10.000 BHP and PSV 2.000 DWT Worldwide sorted by owners/ managers No of vessels AHTS = 511 vessels PSV = 959 vessels Newbuilds = 436 vessels Total fleet incl. newbuild count 1906 160 vessels 223 owners. 140 The 47 largest…
  28. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 28
    AHTS 10.000 BHP and PSV 2.000 DWT Worldwide and the Northwest Europe *) PSV 2000 DWT AHTS 10.000 BHP No of vessels No of vessels 1000 600 Other markets Northwest Europe Other markets Northwest Europe 900 500 800 700 400…
  29. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 29
    AHTS 10.000 BHP Worldwide sorted by regions No of vessels Jan.-11 Jan.- 12 Jan.-13 Jan.-14 July-14 200 189 185 180 165 158 160 150 140 120 116 104 101 100 94 95 80 73 71 69 70 67 64 64 56 58 60 53 46 41 43…
  30. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 30
    PSV 2.000 DWT Worldwide sorted by regions No of vessels Jan.-11 Jan.-12 Jan.-13 Jan.-14 July-14 300 250 245 250 226 207 202 200 187 190 183 169 149 152 152 150 128 131 131 123 120 114 115 97 97 100 90 88 81…
  31. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 31
    Northwest Europe sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 30 No of PSV=250 No of AHTS=73 Number of players: 60 25 Number of vessels: 323 (22,0%) Number of newbuilds: 34 (7,8%) 20 15 27 6…
  32. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 32
    Brazil sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 50 No of PSV=176 No of AHTS=90 45 Number of players: 41 Number of vessels: 266 (18,1%) 40 Number of newbuilds: 41 (9,4%) 35 30 25 37…
  33. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 33
    AHTS 10.000 BHP and PSV 2.000 DWT West/East-Africa sorted by owners/managers*) No of vessels No of PSV=131 No of AHTS=58 40 Number of players: 47 35 Number of vessels: 185(13,2%) Number of newbuilds 0 30 25 20 28 23 15…
  34. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 34
    Indian Pacific/China sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 30 Number of players: 81 No of PSV=131 No of AHTS=189 Number of vessels: 320 (21,8%) 25 Number of newbuilds 285 (65,4%) 20 10 7…
  35. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 35
    Australia/New Zealand sorted by owners/managers*) AHTS 10.000 BHP and PSV 2.000 DWT No of vessels 25 Number of players: 14 No of PSV=22 No of AHTS=31 Number of vessels: 53 (3,6%) 20 Number of newbuilds 0 10 15 10 11…
  36. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 36
    Newbuildings sorted by regions AHTS 10.000 BHP, PSV 2.000 DWT and Subsea AHTS = 69 vessels PSV = 367 vessels Subsea=63 No of vessels 250 200 10 150 170 100 11 50 3 61 19 2 37 19 23 19 9 3 1 14 5 6 4 5 10 7…
  37. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 37
    Newbuildings sorted by deliverytime AHTS 10.000 BHP, PSV 2.000 DWT and Subsea Subsea (63 vessels)…
  38. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 38
    AHTS 10.000 BHP Worldwide Fleet Growth No of vessels No of vessels Increase in fleet Total fleet incl. Newbuilds Increase in fleet Total fleet incl. Newbuilds 600 573 580 600 543 542 541 524 503 481 500 469 481 500 469 443…
  39. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 39
    PSV 2.000 DWT Worldwide Fleet Growth No of vessels Increase in fleet Total fleet No of vessels Increase in fleet Total fleet 1400 1326 1400 1324 1291 1200 1087 1123 1124 1200 1126 932 1000 1000 895 755 755 800 692 800 692…
  40. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 40
    North Sea AHTS - Spot Market (week 33) Source: RS Platou 40
  41. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 41
    North Sea PSV - Spot Market (week 33) Source: RS Platou 41
  42. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 42
    North Sea Fleet - Supply- Demand- Utilisation 360 100% 355 90% 91% 91% 90% 91% 90% 90% 350 331 326 323 90% 320 305 300 293 294 300 80% 278 277 268 251 70% 250 60% Boat- years 200 50% 150 40% 30% 100 20%…
  43. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 43
    North Sea Fleet Supply- Demand- Utilisation 375 100,0% 350 95,0% 325 300 90,0% 275 250 85,0% 225 80,0% 200 175 75,0% 150 125 70,0% 100 65,0% 75 50 60,0% 25 0 55,0% Term demand Spot demand Fleet size Total…
  44. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 44
    Subsea vessel demand Source: IHS april 2014 44
  45. AUGUST 2014 CORPORATE PRESENTATION – Farstad Shipping Asa – slide 45
    Takk for oppmerksomheten Better by Far 45

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