PRESENTATION OF Q4 2013 February 27th 2014 CEO Asle Solheim CFO Henning Nordgulen 1
AGENDA Highlights in Q4 13 CEO Asle Solheim Financial and operational review Bergen Group going forward 3
HIGHLIGHTS IN Q4 2013 - GROUP LEVEL RESTRUCTURING ON TRACK Offshore and Services being coordinated into one company based on Hanytangen Joint operational management already established NON-CORE BUSINESS DIVESTED Bergen Group…
HIGHLIGHTS IN Q4 2013 - FIGURES KEY FIGURES Q4 2013 NOK 716 million in operating revenues (NOK 486 million in Q4-12*) EBITDA of negative NOK 76 million, including an accounting loss of NOK 33.4 million from the Kimek-transaction.…
HIGHLIGHTS - OFFSHORE OFFSHORE Temporary reduction in activity; modest revenues generated in the quarter Negative EBITDA of NOK 37 million in the quarter; restructuring costs, sale loss (KIMEK Offshore) and provisions on…
HIGHLIGHTS - SERVICES SERVICES: NOK 178 million in revenues and negative EBITDA of NOK 27 million in the quarter; loss from the sale of Bergen Group Kimek AS of NOK 28.6 million is included. Operational assets in Bergen Group…
HIGHLIGHTS - SHIPBUILDING SHIPBUILDING: NOK 594 million in revenues and positive EBITDA of NOK 4 million in the quarter. Successful delivery of NB 88 in early February 2014 according to revised plan. The hull for NB 169 arrived at…
NB 87 and NB 88 9
AGENDA Highlights in Q4 13 Financial and Operational review CFO Henning Nordgulen Bergen Group going forward 10
REVENUES - QUARTERLY DEVELOPMENT Comparative figures have been restated and do not include discontinued operations (Rosenberg). 11
INCOME STATEMENT Q4 2013 Condensed consolidated interim statement of income Figures in TNOK Q4 2013 Q4 2012 31.12.2013 31.12.2012 Operating revenues 715 503 485 564 3 070 306 1 978 092 Cost of goods sold 527 906 574 227 2 349 360 1 735…
QUARTERLY DEVELOPMENT - EBITDA The Bergen Group Kimek-transaction implied a loss of NOK 33.4 million in Q4 Vest Elektro (assets sold in Q4) generated a negative EBITDA of NOK 16 million in 2013. Positive EBITDA in the…
CASH FLOW Condensed consolidated interim statement of cash flow Figures in TNOK Q4 2013 Q4 2012 31.12.2013 31.12.2012 31.12.2011 Profit before tax (continued and discontinued operations) (93 263) (657 175) (102 740) (954 588) (108 849)…
BALANCE AND LIQUIDITY Balance sheet: As at 31 December 2012: NOK 3 435 million As at 31 December 2013: NOK 2 335 million Equity 31 December 2013: NOK 609 million (26.2%) Net interest bearing debt / net positive cash position: By end of…
AGENDA Highlights in Q4 13 Financial and Operational review Bergen Group going forward CEO Asle Solheim 16
COORDINATION and CO-LOCATION IN PROCESS BERGEN GROUP HANYTANGEN AS MANAGING DIRECTOR ACCOUNTING/ HR / OTHER QHSE SALE/MARKET CONTROLLER Subsea & De- Technical / Fabrication Yard and Rig Maritime engineering Offshore…
THE RIG MARKET EXCITING OPPORTUNITIES Preparation New rigs built abroad requires to be prepared for the Norwegian sector Conversion of rigs Focus on life extension Demanding maintenance and upgrade project. Need for…
MARITIME SERVICE AT HANYTANGEN Extensive competence in special engines for speed vessels The Norwegian Armed Forces Redningsselskapet (life-saving service) Passenger boats Subsea support vessels Large area/berth available…
SUBSEA & OFFSHORE SERVICE Centrally located in international subsea environment gotnes (FMC and more) Horsy (OneSubsea) Prefabrications and partial deliveries Already established supplier Capacity and competence to be further…
DECOMMISIONING LARGE GROWTH POTENTIAL Environmentally friendly facilities Dry docking of installations due for disassembly Large dock and storage facilities Knowledge and competence in place Collaboration with NorScrap, SAR and…
FACILITIES AT HANYTANGEN (I) BERGEN GROUP HANYTANGEN AS AND MAIN ON-SITE SUBCONTRACTORS Camp facility (356 beds) 22
FACILITIES AT HANYTANGEN (II) 20 m WD quay 90 m WD 17 m WD quay Slip way 5.000 T Dry dock under 17 m WD construction Skidding Scrap area with metal off- high weight loading capacity quay 23
FACILITIES AT HANYTANGEN (III) Skidding area (solid rock) Slipway with 5.000 T capacity Unique dry dock facility: 123 x 123 meter (17 meters depth) 24
BERGEN GROUP AND THE ROAD AHEAD Focus on increased collaboration with established regional participants and subcontractors Project-oriented partnership with national and international players Apply/Semco and more New…
IR AND MEDIA CONTACTS CEO Asle Solheim tel. (+47) 993 28 465 asle.solheimbergengroup.no CFO Henning Nordgulen(finance) tel. (+47) 952 65 990 henning.nordgulenbergengroup.no SVP Communication yvind Risnes (media), tel.…
BERGEN GROUP QUALITY THROUGH SERVICE AND INNOVATION THANK YOU FOR YOUR ATTENTION www.bergengroup.no 27
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