INTERIM REPORT Q3 2012 November 15th 2012 CEO Terje Arnesen CFO Stle Rene 1
AGENDA Highlights in Q3 12 Operational review Financial review Strategy and Outlook 3
HIGHLIGHTS IN Q3 2012 Reduced operating revenue - negative EBITDA NOK 736 million in revenue (NOK 821 in Q3 2011) Negative EBITDA of NOK 165 million (NOK 221 mill in Shipbuilding) Three new-building projects at BG Fosen causing…
HIGHLIGHTS IN Q3, ONGOING PROJETS Extensive re-organization in the Shipbuilding division to regain profitability New CEO and new management team at BG Fosen Strengthened management in the division Ongoing internal analysis and DD…
QUARTERLY DEVELOPMENT REVENUE AND EBITDA-% Offshore with positive EBITDA of NOK 45 mill in Q3 2012, Deficit in Shipbuilding: negative EBITA of NOK 221 million 6
AGENDA Highlights in Q3 12 Operational review Financial review Strategy and Outlook 7
BERGEN GROUP OFFSHORE 8
BERGEN GROUP OFFSHORE - HIGHLIGHTS Continued strong profit margin NOK 380 million in revenue and EBITDA margin of 11.8 %. All projects progressing on schedule. Strong order intake in 2012 Order backlog as of 30.09.12: NOK 1.218…
BERGEN GROUP ROSENBERG 2012-2014 As of 14. november 2012 Contract Duration 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SBM, Yme Platform Offshore Completion & Hook-up Statoil, M5 Codification ConocoPhillips, ELDF B Cellar…
BERGEN GROUP HANYTANGEN 2012-2014 As of 14. november 2012 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Safe Scandinavia Minor yard stay (April) Storage/ mooring Safe Scandinavia Minor yard stay (July) Transocean…
BERGEN GROUP SHIPBUILDING Newbuilding 89 delivered from BG Fosen medio October: An advanced OCV to Volstad Maritime AS 12
BERGEN GROUP SHIPBUILDING - HIGHLIGHTS Unsatisfactory project execution; Negative EBITDA of NOK 221 mill in the division. Yard no Status Root Cause NB89 Delivered late and incomplete hull NB168 At BG yard. Delivery in Q1 2013. late…
BERGEN GROUP SHIPBUILDING GOING FORWARD Strategic ownership with industrial group MoU signed with an European-based global shipbuilder with objective of establishing a joint ownership in Bergen Group Shipbuilding. Enables a…
SCHEDULED OUTFITTING ACTIVITY 2012-2014 15
BERGEN GROUP SERVICES 16
BERGEN GROUP SERVICES - HIGHLIGHTS Stable revenue - increased profit NOK 174 million in revenue and NOK 12 mill in EBITDA (Dreggen included) Good profitability for the divisions maritime and industrial service in the Bergen area and…
AGENDA Highlights in Q3 12 Operational review Financial review presented by CFO Stle Rene Strategy and Outlook 18
INCOME STATEMENT Q3 2012 CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Condensed consolidated interim statement of income Q3 Q3 30.09 30.09 FY FY Figures in MNOK 2012 2011 2012 2011 2011 2010 Operating revenues 736 822 2…
FINANCING Bergen Group ASA is in breach with the financial covenants in the bond loan. Financial advisers are engaged to assist in the process to summon for immediate bond holder meeting. Bergen Group has secured a fully…
NET INTEREST BEARING DEBT Reduced NIBD due to advanced payment from customers Restricted cash included in the Q3 2012 figures 21
OFFSHORE FINANCIALS OFFSHORE Q1 2011 to Q3 2012 NOK mill. BERGEN GROUP ROSENBERG BERGEN GROUP KIMEK OFFSHORE Order backlog 30.09.12: NOK 1 218 mill. (30.09.11: NOK 805 mill) BERGEN GROUP HANYTANGEN *Order backlog does not…
SHIPBUILDING FINANCIALS SHIPBUILDING Q1 2011 to Q3 2012 BERGEN GROUP FOSEN Order backlog 30.09.12: NOK 3 349 million (30.09.11: NOK 1 877 million) BERGEN GROUP BMV 23
SERVICES FINANCIALS SERVICES Q1 2011 to Q3 2012 BERGEN GROUP DREGGEN* BERGEN GROUP VEST ELEKTRO BERGEN GROUP SKARVELAND BERGEN GROUP KIMEK BERGEN GROUP SERVICES BERGEN GROUP HALSNY BERGEN GROUP RISNES Order backlog…
AGENDA Highlights in Q3 12 Operational review Financial review Strategy and Outlook 25
STRATEGY AND ACTION POINTS Regain profitability in the Shipbuilding division by reengineering structure and de-risking hull production Organizational development will continue to improve project execution and further synergies…
IR AND MEDIA CONTACTS CEO Terje Arnesen tel. (+47) 906 89 130 terje.arnesenbergengroup.no CFO Stle Rene (finance) tel. (+47) 982 06 188 stale.renebergengroup.no VP Communication yvind Risnes (media), tel. (+47) 480 48…
BERGEN GROUP QUALITY THROUGH SERVICE AND INNOVATION THANK YOU FOR YOUR ATTENTION www.bergengroup.no 29
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