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FULL YEAR 2013 PRESENTATION – Sbm Offshore

Sbm Offshore · Feb 6, 2014 · 43 slides

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Slides

  1. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 1
    FY2013 Presentation, February 2014 SBM Offshore 2013. All rights reserved. www.sbmoffshore.com IR 06/02/2014
  2. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 2
    2013 in Context Rights 99% Issue Deep US1.2 bn 0.4 Fleet US274 Panuke financing TRIFR Uptime mln on hire 1st oil Cidade OSX-2 delivered Directional introduced FPSO 3 FPSOs de Paraty IFRS 9,936 US23 bn Directional…
  3. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 3
    Agenda Macro view 2013 Review 2013 Financials Outlook 4
  4. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 4
    Total Overview (in millions of US) Turnover EBIT Directional1 IFRS Directional1 IFRS 4,803 293 38 3,639 98 3,445 478 3,059 296 414 311 3,784 2,367 2,706 2,082 -177 -164 -341 -327 -21 -21 -49 977 1,078 932 1,018 -49…
  5. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 5
    HSSE Results Total Recordable Incidents Frequency in line with 2012 Frequency of potentially severe incidents halved compared to 2012 However, Lost Time Incidents frequency deteriorated due to a number of challenges in safe…
  6. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 6
    Market Dynamics Cash Flows Production vs. E&P Spending constrained CAGR 600 Development costs 14.1% rising 500 400 NOCs of growing Index importance 300 6.8% 200 1.8% 100 0 2000 2002 2004 2006 2008 2010 2012…
  7. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 7
    The Award Cycle Last six years 50% of elephant Project sanction delays increasing discoveries have been in deep/ultra along with water depth/complexity deepwater Source: Goldman Sachs; ExxonMobil; Douglas Westwood FPS report…
  8. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 8
    Ticking all the Boxes We provide great TECHNICAL solutions We provide LOCAL solutions We provide FINANCIAL solutions IR- 06/02/2014 9
  9. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 9
    E&P Spending Deepwater trends remain intact Source: Morgan Stanley January 2014 IR- 06/02/2014 10
  10. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 10
    FPSO Awards IR- 06/02/2014 11
  11. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 11
    Directional1 Backlog (in billions of US) US 23.0 bn (as of December 31, 2013) Lease & Operate Backlog: Directional vs IFRS 2.0 Directional IFRS 1.5 1.0 0.5 20.1 bn 0.0 2014 2015 2016 2017 2018 2019 2020 2021…
  12. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 12
    Agenda Macro view 2013 Review 2013 Financials Outlook 13
  13. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 13
    Deep Panuke Production Acceptance Notice received Platform formally on hire In production H2 2013 Source: Encana Corporation IR- 06/02/2014 IR 06/02/2014 December 2013 14
  14. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 14
    Compliance Only remaining legacy issue Results of internal investigation handed over to relevant authorities: Openbaar Ministerie - Dutch public prosecutor U.S. Department of Justice Remain in active dialogue; the timing is…
  15. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 15
    Higher Standards Team Energy Seamless handover of Paraty between project and operations. Process 30% faster than before Success Cdde Paraty (20 year L&O contract) OSX-2 & Paraty delivered on time, on budget Ambition More…
  16. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 16
    Prestigious Awards Two Generation 3 (3G) FPSOs awarded in one bid Accelerated award process Delivery end 2015 and early 2016 Cdde Maric & Cdde Saquarema Worlds deepest disconnectable FPSO; 2,900 meters in GoM Cutting edge…
  17. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 17
    Core Projects on Track (ol) operating lease (fl) finance lease (t) turnkey Completed/On Hire In Progress/On Schedule IR- 06/02/2014 18
  18. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 18
    Agenda Macro view 2013 Review 2013 Financials Outlook 19
  19. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 19
    The Case for Directional1 Reporting (in millions of US) 2013 IFRS Directional Difference IFRS Comments US1.4bn reported as revenue, Revenue 4,803 3,445 1,358 but not invoiced EBIT 293 98 195 Inflated by factor of three…
  20. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 20
    Turnkey P&L (in millions of US) Directional IFRS FY2013 FY2012* FY2013 FY2012* Revenue 2,367 2,082 3,784 2,706 Gross Margin 443 307 624 410 Other operating income 28 130 28 130 EBIT 296 311 478 414 Depreciation,…
  21. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 21
    Lease & Operate P&L (in millions of US) Directional IFRS FY2013 FY2012* FY2013 FY2012* Revenue 1,078 977 1018 932 Gross Margin (154) (313) (141) (299) EBIT (177) (341) (164) (327) One-off effects (464) (627) (465) (499)…
  22. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 22
    Group P&L (in millions of US) Directional IFRS FY2013 FY2012* FY2013 FY2012* Revenue 3,445 3,059 4,803 3,639 Gross Margin 289 (6) 484 111 EBIT 98 (79) 293 38 Depreciation, amortisation and impairment (479) (702) (406)…
  23. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 23
    Underlying Directional1 Performance (in millions of US) Directional1 Revenue Directional1 Gross Margin Directional1 EBIT 2013 Reported Exceptional items Underlying Reported Exceptional items Underlying Directional1…
  24. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 24
    Divestment Update Partial sale and lease back of Monaco office COOL hose technology sold SBM Installer , FPSO Falcon and VLCC Alba held for sale IR- 06/02/2014 IR- 06/02/2014 July 2013 25
  25. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 25
    Funding Undrawn Credit Facilities + cash = US1,434 mln Rights Issue: US273 mln NGoma project finance + CdM/CdS bridge loans Average cost of debt: 5.3% IR- 06/02/2014 August 2013 26 IR- 06/02/2014
  26. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 26
    Group Balance Sheet (in millions of US) 31-Dec-13 31-Dec-12* Variance Comment Impairments + Assets transferred to Property, Plant and Equipment 2,023 2,414 (391) held for sale Finance lease receivables and other 1,522 948…
  27. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 27
    Development of Group Cash Position (in millions of US) 1400 941 -1,384 1200 1000 945 -612 800 715 -470 600 400 273 -86 200 200 -122 0 -200 -400 Cash Yme Cash from Investments New loans Loan Interest paid…
  28. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 28
    Financial Ratios (in millions of US) 31-Dec-13 31-Dec-12* Change Comment Debt 2,890 2,531 14% Higher project activities Net Liquidities 200 715 -72% Tight cash management Net Debt 2,691 1,816 48% Rights Issue, IFRS…
  29. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 29
    IFRS 10 & 11 - JV Accounting IFRS 10 & 11 Joint Venture Accounting standards to be introduced in 2014 Ends proportional accounting of JVs full consolidation of controlled JVs (mostly Brazilian FPSOs) equity accounting of jointly…
  30. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 30
    Dividend Policy As announced in December 2012, no dividend paid over 2013 2013 Directional1 loss Further strengthening of balance sheet required Targeting investment grade credit rating in the medium term Negative FCF in…
  31. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 31
    Agenda Macro view 2013 Review 2013 Financials Outlook 32
  32. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 32
    2014 Message The Company has focused its product line on core FPSO products and associated FPSO services: FPSO full life cycle Mooring technology: FPSO Turret Mooring Systems Offshore installation New products: FLNG…
  33. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 33
    Investing in our Future Lease fleet maintenance programme Transformation Programme - Odyssey 24 Investments in Technology IR- 06/02/2014 IR- 06/02/2014 January 2014 34
  34. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 34
    Technology - Focus Areas Large Turret Semi, TLP and Simpler FPSOs FLNG Moorings Risers Process High capacity Twin Hull Enabling wider intensification small diameter development use of SCR & internal turret Composite Risers…
  35. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 35
    2014 Guidance Guidance based on Directional1 Reporting Conservative 2014 award assumptions Revenue at least at 2013 level: US3.4 billion Turnkey and Lease & Operate revenues in line with 2013 IR- 06/02/2014 Directional…
  36. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 36
    Appendix SBM Offshore 2013. All rights reserved. www.sbmoffshore.com
  37. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 37
    Project Direction - Context SBM Offshore seeking to provide analysts and investors with clarity on business performance above and beyond statutory IFRS disclosure SBM Offshores business model combines turnkey sales, construction…
  38. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 38
    Operating Lease vs Finance Lease IR- 06/02/2014 39
  39. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 39
    Operating Lease vs Finance Lease IR- 06/02/2014 40
  40. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 40
    Directional1 - The Way Forward Turnkey segment becomes a pure construction business. Revenue and Gross Margin consist of: Direct sales contracts (FPSO OSX 2, Turrets for Prelude, Quad 204 and Ichthys) Sales to JV partners (FPSO…
  41. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 41
    IFRS 10 & 11 - Directional1 Impact New IFRS 10 & 11 eliminates the revenue SBM generates in the project phase from its JV partners in investees fully consolidated (Brazil) This grossly understates the operating cash flow during…
  42. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 42
    IFRS 10 & 11 Lease SBM share Old New Asset Contract Old IFRS New IFRS % Directional Directional Type FPSO NGoma FL 50% Proportional Proportional Proportional Equity FPSO Stones FL 100% Full consolidation Full consolidation Full…
  43. FULL YEAR 2013 PRESENTATION – Sbm Offshore – slide 43
    SBM Lease Fleet Portfolio L&O Portfolio Average Duration: 14.5 years Initial Lease Period Confirmed extension Contractual extension option IR- 06/02/2014 44

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