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Q4 2014 RESULTS – Akastor ASA

Akastor ASA · Feb 10, 2015 · 31 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 RESULTS – Akastor ASA – slide 1
    Fourth-Quarter and Preliminary Results 2014 Frank O. Reite and Leif Borge Oslo 10 February 2015 2015 Akastor
  2. Q4 2014 RESULTS – Akastor ASA – slide 2
    Agenda Introduction Frank O. Reite CEO Financials Leif Borge CFO Q&A Session Q&A Frank O. Reite Leif Borge 2015 Akastor Fourth-Quarter and Preliminary Results 2014 February 10, 2015 Slide 2
  3. Q4 2014 RESULTS – Akastor ASA – slide 3
    This is Akastor Oilfield services investment Our mandate company with a flexible mandate for long-term value creation Portfolio companies with Our portfolio multiple levers for growth and improvements Value creation…
  4. Q4 2014 RESULTS – Akastor ASA – slide 4
    4Q 2014 Key takeaways Setting strategic direction for our portfolio companies Governance structure implemented Realized shares in properties in Stavanger and Oslo, with a total gain of NOK 109 million Skandi Aker transaction…
  5. Q4 2014 RESULTS – Akastor ASA – slide 5
    4Q 2014 Financial highlights Top line revenue growth of 5% Recurring EBITDA of NOK 439 million, with a margin of 8% Order backlog of NOK 21.6 billion Net profit impacted by special items of NOK 552 million Strong financial…
  6. Q4 2014 RESULTS – Akastor ASA – slide 6
    The Akastor portfolio Fourth quarter highlights Real estate and other holdings 2015 Akastor Fourth-Quarter and Preliminary Results 2014 February 10, 2015 Slide 6
  7. Q4 2014 RESULTS – Akastor ASA – slide 7
    The Akastor portfolio Fourth quarter highlights Real estate and other holdings 2015 Akastor Fourth-Quarter and Preliminary Results 2014 February 10, 2015 Slide 7
  8. Q4 2014 RESULTS – Akastor ASA – slide 8
    MHWirth - Challenging market Brent, USD Floater fleet overview and utilization 140 120 100 80 60 40 20 0 01.04.2014 01.05.2014 01.06.2014 01.07.2014 01.08.2014 01.09.2014 01.10.2014 01.11.2014 01.12.2014 01.01.2015…
  9. Q4 2014 RESULTS – Akastor ASA – slide 9
    MHWirth - focus on operations Near term Cost base and capital discipline o Initiated capacity reduction process aiming to reduce 500-750 personnel, including hired-ins o Estimated NOK 500-600 million annual cost reduction…
  10. Q4 2014 RESULTS – Akastor ASA – slide 10
    The Akastor portfolio Fourth quarter highlights Real estate and other holdings 2015 Akastor Fourth-Quarter and Preliminary Results 2014 February 10, 2015 Slide 10
  11. Q4 2014 RESULTS – Akastor ASA – slide 11
    AKOFS Offshore: A mixed year, but on the right track Subsea installation showed strong performance o Skandi Santos secured 5yr contract (98% utilization in 2014) o Aker Wayfarer secured 5+5yr contract (89% utilization in 2014) o…
  12. Q4 2014 RESULTS – Akastor ASA – slide 12
    The Akastor portfolio Fourth quarter highlights Steady revenues and solid operations in the quarter Focus on maintaining flexible cost base in order to secure margins going forward Strong revenue generation in 4Q Q4 margins…
  13. Q4 2014 RESULTS – Akastor ASA – slide 13
    Agenda Introduction Frank O. Reite CEO Financials Leif Borge CFO Q&A Session Q&A Frank O. Reite Leif Borge 2015 Akastor Fourth-Quarter and Preliminary Results 2014 February 10, 2015 Slide 13
  14. Q4 2014 RESULTS – Akastor ASA – slide 14
    Consolidated income statement Restated Restated NOK million 4Q 14 4Q 13 2014 2013 Operating revenues and other income 5 326 5 078 21 432 18 448 Operating expenses (5 063) (4 667) (20 052) (17 093) EBITDA 262 411 1 380 1 355 Depreciation,…
  15. Q4 2014 RESULTS – Akastor ASA – slide 15
    Financials - special items NOK million Tax effect 4Q normal Demerger Onerous MMO Real estate functional 4Q including Impairments FX effects Sum one-offs business expenses leases outplacement gains currency all one-offs AKOFS EBITDA…
  16. Q4 2014 RESULTS – Akastor ASA – slide 16
    The Akastor portfolio Net capital employed of NOK 13 billion per 31 Dec 2014 NOK million Fjords Processing 436 12 995 12 995 Frontica 374 Other 61 KOP Surface 674 NCOA 2 422 NIBD 3 617 Real Estate 543 Intangible 3 336 assets…
  17. Q4 2014 RESULTS – Akastor ASA – slide 17
    Interest Bearing Items NOK million 1 083 Other 1 075 336 3 617 Group debt Term loan 2 500 63 Brazil Asset- specific Aker Wayfarer debt financial lease 611 158 Other 1 378 222 Ezra shares DOF 231 Deepwater…
  18. Q4 2014 RESULTS – Akastor ASA – slide 18
    MHWirth challenging drilling market Revenues rose 7.2 percent in 4Q 2014 compared BUSINESS SPLIT 2014 BASED ON REVENUE with 4Q 2013 Single Service 28% equipment/ EBITDA margin decreased to 8.9 percent in the Projects 55% 18%…
  19. Q4 2014 RESULTS – Akastor ASA – slide 19
    AKOFS Offshore Two vessels with stable, high performance, and one vessel with limited activity in the quarter. VESSEL PROGRAM Revenues of NOK 256 million Vessel unit Contract Status 2013 2014 2015 2016 2017 2018 2019 The EBITDA…
  20. Q4 2014 RESULTS – Akastor ASA – slide 20
    Frontica Business Solutions Fjords Processing Revenue of NOK 1.5 billion in the quarter, on the Revenues rose 16 percent year on year same level as a year earlier EBITDA of NOK 9 million impacted by further cost EBITDA margin of 5.0…
  21. Q4 2014 RESULTS – Akastor ASA – slide 21
    KOP Surface Products Real Estate and other holdings Revenue rose 19 percent from year on year in USD Real Estate and Other Holdings delivered an EBITDA in the terms, driven by demand for surface wellheads and quarter of NOK -159…
  22. Q4 2014 RESULTS – Akastor ASA – slide 22
    Agenda Introduction Frank O. Reite CEO Financials Leif Borge CFO Q&A Session Q&A Frank O. Reite Leif Borge 2015 Akastor Fourth-Quarter and Preliminary Results 2014 February 10, 2015 Slide 22
  23. Q4 2014 RESULTS – Akastor ASA – slide 23
    This is Akastor Oilfield services investment Our mandate company with a flexible mandate for long-term value creation Portfolio companies with Our portfolio multiple levers for growth and improvements Value creation…
  24. Q4 2014 RESULTS – Akastor ASA – slide 24
    Additional information 2014 2015 Akastor Fourth-Quarter and Preliminary Results 2014 February 10, 2015 Slide 24
  25. Q4 2014 RESULTS – Akastor ASA – slide 25
    Financials - special items NOK million Loss from Tax effect MMO Real Impairment 4Q 4Q normal Demerger Onerous Impairment equity Impairment FX functional Sum one- outplace- estate intangible including business expenses leases PPE…
  26. Q4 2014 RESULTS – Akastor ASA – slide 26
    Consolidated balanced sheet Restated Restated NOK million 31.12 2014 31.12 2013 31.12 2012 Deferred tax asset 214 600 570 Intangible assets 3 122 8 242 6 884 Property, plant and equipment 6 469 9 457 10 041 Investment property 707 358 -…
  27. Q4 2014 RESULTS – Akastor ASA – slide 27
    Consolidated income statement Restated Restated NOK million 4Q 14 4Q 13 2014 2013 Operating revenues and other income 5 326 5 078 21 432 18 448 Operating expenses (5 063) (4 667) (20 052) (17 093) EBITDA 262 411 1 380 1 355 Depreciation,…
  28. Q4 2014 RESULTS – Akastor ASA – slide 28
    Split per company MHWirth 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 2013 2014 Operating revenue and other income 2 528 2 424 3 115 2 432 2 711 9 493 10 681 EBITDA 262 224 269 207 241 959 941 EBIT 201 149 196 79 102 742 526 CAPEX 262 112 191 206 253…
  29. Q4 2014 RESULTS – Akastor ASA – slide 29
    Split per company AKOFS Offshore 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 2013 2014 Operating revenue and other income 428 394 613 280 256 906 1 542 EBITDA 83 41 (480) 564 51 7 175 EBIT 2 (39) (1 557) 500 (21) (640) (1 117) CAPEX 86 2 7 (58) 3 611…
  30. Q4 2014 RESULTS – Akastor ASA – slide 30
    Split per company KOP Surface Products 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 2013 2014 Operating revenue and other income 248 245 248 291 335 873 1 119 EBITDA 14 33 40 37 46 88 156 EBIT 7 26 31 28 24 62 109 CAPEX 31 7 8 12 5 59 32 NCOA 288 346…
  31. Q4 2014 RESULTS – Akastor ASA – slide 31
    Installed base of drilling packages drives 80% of MHWirths aftermarket revenues Current installed base by region per end 2014 78 in total 29 14 Europe US 10 Asia/ MENA 7 18 Africa Brazil Installed base development Installed…

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