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Q1 2011 EARNINGS CALL – Bergen Group

Bergen Group · May 13, 2011 · 34 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. Q1 2011 EARNINGS CALL – Bergen Group – slide 1
    BERGEN GROUP Q1 2011 CEO Pl Engebretsen CFO Terje Iversen May 13th 2011
  2. Q1 2011 EARNINGS CALL – Bergen Group – slide 2
    AGENDA Highlights in Q1 11 Operational review Financial review Strategy and Outlook 2
  3. Q1 2011 EARNINGS CALL – Bergen Group – slide 3
    HIGHLIGHTS IN Q1 2011 Revenue growth NOK 954 mill - strongest turnover since Q1 2010 EBITDA of NOK 40 million EBITDA margin of 4.2 % Strong improvement in Offshore Turnover of NOK 400 mill Profitable margins Market growth…
  4. Q1 2011 EARNINGS CALL – Bergen Group – slide 4
    QUARTERLY ORDER BACKLOG DEVELOPMENT 7000 SHIPBUILDING OFFSHORE TECHNOLOGY MARITIME SERVICE 5.8 5.9 6000 NOK mill. 5000 4.7 4.2 4000 3.4 3000 2000 1000 0 Per 31.03.2010 Per 30.06.2010 Per 30.09.10 Per 31.12.2010 Per…
  5. Q1 2011 EARNINGS CALL – Bergen Group – slide 5
    AGENDA Highlights in Q1 11 Operational review Financial review Strategy and Outlook 5
  6. Q1 2011 EARNINGS CALL – Bergen Group – slide 6
    BERGEN GROUP SHIPBUILDING Fugro Symphony (BN 166), delivered from Bergen Group BMV in May 2011 6
  7. Q1 2011 EARNINGS CALL – Bergen Group – slide 7
    SHUIPBUILDING WITH HIGH ENGINEERING ACTIVITY High engineering activity at both yards Reduced outfitting activity in the coming quarters Financing of NOK 1,1 billion in new shipbuilding contracts resolved in April Volstad and…
  8. Q1 2011 EARNINGS CALL – Bergen Group – slide 8
    ORDER BACKLOG SHIPBUILDING PER 31.03.11 2010 2011 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 BN 166: ROV / Offshore Construction Vessel / Fugro BN 167: DSV / ROV / Offshore Construction Vessel / Solstad BN 168: MPSV /…
  9. Q1 2011 EARNINGS CALL – Bergen Group – slide 9
    BERGEN GROUP OFFSHORE YME at Bergen Group Rosenberg, April 2011 9
  10. Q1 2011 EARNINGS CALL – Bergen Group – slide 10
    OFFSHORE DELIVERING SOLID PERFORMANCE Healthy revenue growth in Q1 Turnover of NOK 400 mill EBITA-margin of 8,6 % Excellence in project management Strong delivery across project portefolio Kvitebjrn-project on track Prosafe-rig…
  11. Q1 2011 EARNINGS CALL – Bergen Group – slide 11
    BERGEN GROUP WITH STRATEGIC LOCATIONS Bergen Groups facilities well positioned for both current and future oil & gas activity in Norway Barents Sea with increased long term potential Ratification of the Maritime Delimitation…
  12. Q1 2011 EARNINGS CALL – Bergen Group – slide 12
    ORDER BACKLOG OFFSHORE PER 31.03.2011 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Modifications to control systems Statfjord B and C / Statoil Kvitebjrn Pre-compression EPCI / Statoil Eldfisk…
  13. Q1 2011 EARNINGS CALL – Bergen Group – slide 13
    BERGEN GROUP MARITIME SERVICE Fritjov Nansen and Nordlys at Bergen Group Services. Laksevg, April 2011 13
  14. Q1 2011 EARNINGS CALL – Bergen Group – slide 14
    MARITIME SERVICE STRENGHTENED POSITION All time high activity Bergen Group with increased marked share in the spot market Important frigate contract Frigate overhaul for the Norwegian Navy to generate high activity in the next…
  15. Q1 2011 EARNINGS CALL – Bergen Group – slide 15
    BERGEN GROUP TECHNOLOGY Bergen Group Dreggen, March 2011 15
  16. Q1 2011 EARNINGS CALL – Bergen Group – slide 16
    TECHNOLOGY WITH GROWTH OPPORTUNITIES Positive market outlook Increased activity in the oil & gas related area are generating stronger opportunities Order backlog about to improve Contracts for NOK 40 million signed after end of…
  17. Q1 2011 EARNINGS CALL – Bergen Group – slide 17
    BG DREGGEN - RECORD DELIVEY IN Q1 The biggest crane ever delivered from Bergen Group capacity of 42T on 36m A result of in-house product development design engineering fabrication Two new contracts on similar crane awarded…
  18. Q1 2011 EARNINGS CALL – Bergen Group – slide 18
    AGENDA Highlights in Q1 11 Operational review Financial review Strategy and Outlook 18
  19. Q1 2011 EARNINGS CALL – Bergen Group – slide 19
    INCOME STATEMENT Q1 2011 CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) ( ) Figures in NOK mill. Q1 2011 Q1 2010 FY 2010 FY 2009 Operating revenues 954 971 3 339 5 108 Other operating costs (913) (890) (3 143) (4 692)…
  20. Q1 2011 EARNINGS CALL – Bergen Group – slide 20
    EBITDA MARGIN - QUARTERLY DEVELOPMENT 15,0 % 10,0 % 5,0 % 0,0 % Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 -5,0 % -10,0 % SHIPBUILDING OFFSHORE MARITIME SERVICE TECHNOLOGY BG CONSOLIDATED Continued margin…
  21. Q1 2011 EARNINGS CALL – Bergen Group – slide 21
    EBITDA MARGIN ACCUMULATED AVERAGE 20,0 % 15,0 % 10,0 % 5,0 % 0,0 % Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 -5,0 % SHIPBUILDING OFFSHORE MARITIME SERVICE TECHNOLOGY BG CONSOLIDATED Average EBITDA-margin…
  22. Q1 2011 EARNINGS CALL – Bergen Group – slide 22
    QUARTERLY EBITDA SPLIT ON DIVISIONS 180 MNOK 160 140 Technology 120 Offshore 100 Maritime Service 80 Shipbuilding 60 40 20 0 -20 -40 *Not including Business Development
  23. Q1 2011 EARNINGS CALL – Bergen Group – slide 23
    QUARTERLY REVENUE SPLIT ON DIVISIONS 1400 MNOK 1200 Technology Offshore Maritime Service Shipbuilding 1000 800 600 400 200 0 *Not including Business Development
  24. Q1 2011 EARNINGS CALL – Bergen Group – slide 24
    SHIPBUILDING FINANCIALS SHIPBUILDING Q4 09 to Q1 11 NOK mill. SHIPBUILDING Gross operating revenues EBITDA - % 800 752 16,0 % 700 14,0 % 581 12,0 % 600 10,0 % 500 438 440 8,0 % 400 315 6,0 % 300 248 4,0 % 200 2,0 %…
  25. Q1 2011 EARNINGS CALL – Bergen Group – slide 25
    OFFSHORE FINANCIALS OFFSHORE Q4 09 to Q1 11 NOK mill. NOK mill. OFFSHORE Gross operating revenues EBITDA - % 450 15,0 % 400 400 337 350 10,0 % 319 300 5,0 % 250 190 178 189 200 0,0 % 150 100 -5,0 % 50 0 -10,0 %…
  26. Q1 2011 EARNINGS CALL – Bergen Group – slide 26
    TECHNOLOGY FINANCIALS TECHNOLOGY Q4 09 to Q1 11 BERGEN GROUP DREGGEN BERGEN GROUP VEST ELEKTRO BERGEN GROUP SKARVELAND Order backlog 31.03.11: NOK 228 mill (31.12.10: NOK 235 mill) BERGEN GROUP AMIA 26
  27. Q1 2011 EARNINGS CALL – Bergen Group – slide 27
    MARITIME SERVICE FINANCIALS MARITIME SERVICE Q4 09 to Q1 11 NOK mill. MARITIME SERVICE Gross operating revenues EBITDA - % 250 12,0 % 223 10,0 % 200 8,0 % 150 6,0 % 115 86 92 4,0 % 100 82 63 2,0 % 50 0,0 % 0 -2,0 %…
  28. Q1 2011 EARNINGS CALL – Bergen Group – slide 28
    CASH FLOW QUARTERLY DEVELOPEMENT Figures in TNOK Q1 2011 Q1 2010 FY 2010 YTD 2009 From operational activities (118 703) 26 358 116 282 253 900 From investment activities (2 099) 14 331 (19 650) (111 731) From financing activities 26…
  29. Q1 2011 EARNINGS CALL – Bergen Group – slide 29
    BALANCE SHEET ASSETS EQUITY & LIABILITIES TNOK TNOK 4 500 000 4 500 000 4 000 000 4 000 000 3 500 000 3 500 000 3 000 000 3 000 000 Cash & liquid assets 2 500 000 2 500 000 Construction loans Receivables Current liabilities…
  30. Q1 2011 EARNINGS CALL – Bergen Group – slide 30
    AGENDA Highlights in Q1 11 Operational review Financial review Strategy and Outlook 30
  31. Q1 2011 EARNINGS CALL – Bergen Group – slide 31
    GENERAL MARKET OUTLOOK Globally The worlds ever increasing demand for energy give reason to believe in a healthy market outlook for the offshore industry both short and long term Norwegian Continental Shelf Significant investments in…
  32. Q1 2011 EARNINGS CALL – Bergen Group – slide 32
    MARKET OUTLOOK BERGEN GROUP Positive market outlook for all four segments Stable and strengthened drivers for growth Bergen Group well positioned for growth in the oil & gas sector Order backlog expected to increase Diversified…
  33. Q1 2011 EARNINGS CALL – Bergen Group – slide 33
    IR AND MEDIA CONTACTS CEO Bergen Group Pl Engebretsen tel. (+47) 911 17 369 Mail: pal.engebretsenbergengroup.no CFO Bergen Group, Terje Iversen (finance) tel. (+47) 932 40 359 Mail: terje.iversenbergengroup.no VP…
  34. Q1 2011 EARNINGS CALL – Bergen Group – slide 34
    BERGEN GROUP QUALITY THROUGH SERVICE AND INNOVATION THANK YOU FOR YOUR ATTENTION www.bergengroup.no 35

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