BERGEN GROUP Presentation of Q3 2011 CEO Terje Arnesen November 9th 2011
AGENDA Highlights in Q3 11 Operational review Financial review Strategy and Outlook 3
HIGHLIGHTS IN Q3 2011 Stable revenue continued profit margin improvement NOK 822 mill. in revenue, compared with NOK 767 mill. in Q3 2010 EBITDA of NOK 53 million (NOK 8 mill in Q3 2010) EBITDA margin of 6.5 % (1.1 % in Q3 2010)…
HIGHLIGHTS IN Q3 2011, continuation Operational control NOK 15 mill in management cost-reductions, short decision lines and simpler structure Full focus on project management and cost control Increased market approach and market…
REVENUE - BY BUSINESS AREAS Offshore Services Shipbuilding 100 % Further growth expected within all 90 % business areas *YTD = as of 30.09.2011 80 % 70 % Offshore the largest division in Bergen 60 % Group 50 % 40 %…
QUARTERLY ORDER BACKLOG DEVELOPMENT 7000 SHIPBUILDING OFFSHORE SERVICES 5.8 5.9 NOK mill. 6000 5.2 5000 4.7 4.9 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 31.03.11…
AGENDA Highlights in Q3 11 Operational review Financial review Strategy and Outlook 8
BERGEN GROUP OFFSHORE Bergen Group Hanytangen September 2011 9
OFFSHORE DELIVERING SOLID PERFORMANCE Strong profit margin and growth Revenue of NOK 385 mill in the quarter YTD revenues of NOK 1 259 million (NOK 702 million increase compared with same period 2010) EBITA-margin of 15,0 % Strong…
BERGEN GROUP HANYTANGEN 2011-2013 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Safe Scandinavia Yard stay: 14 days + 7 days Transocean Winner Yard stay: 60 days Deepsea Atlantic Yard stay: 9 days Octobuoy*…
OFFSHORE FINANCIALS OFFSHORE 01 10 to Q3 11 NOK mill. BERGEN GROUP ROSENBERG BERGEN GROUP KIMEK OFFSHORE Order backlog 30.09.11: NOK 806 mill. (30.09.10: NOK 142 mill) BERGEN GROUP HANYTANGEN *Order backlog does not include…
BERGEN GROUP SHIPBUILDING Two new cruise ferries to be delivered to FjordLine in 2012 14
SHIPBUILDING FOCUSING PEAK ACTIVITY IN 2012 Low capacity utilization in Q3 No outfitting activity at Bergen Group yards this quarter High ongoing engineering and purchasing activity Fjord Line hull production Hull-production for the…
SHIPBUILDING FINANCIALS SHIPBUILDING Q1 10 to Q3 11 BERGEN GROUP FOSEN Order backlog 30.09.11: NOK 3 777 million (30.09.10: NOK 3 787 million) BERGEN GROUP BMV 17
BERGEN GROUP SERVICES 18
SERVICES READY FOR TURN KEY SOLUTIONS Merger of Technology and Maritime Service: Improved market and customer coordination Sharing resources and competence Developing Turn-Key deliveries Several routes to the market Competence and…
SERVICES - REVENUES YEAR-TO-DATE Market areas Ship service Support rig/ship service Piping systems Electrical systems Steel & welding Prefabrication Subsea Cranes Onshore Industry 20
SERVICES FINANCIALS SERVICES Q1 10 to Q3 11 BERGEN GROUP DREGGEN BERGEN GROUP VEST ELEKTRO BERGEN GROUP SKARVELAND BERGEN GROUP KIMEK BERGEN GROUP SERVICES Order backlog* 30.09.11: NOK 347 million (30.09.10: NOK 259…
AGENDA Highlights in Q3 11 Operational review Financial review presented by CFO Stle Rene Strategy and Outlook 22
INCOME STATEMENT Q3 2011 CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Figures in NOK mill. Q3 2011 Q3 2010 30.09.2011 30.09.2010 FY 2010 FY 2009 Operating revenues 822 767 2 803 2 528 3 339 5 108 Other operating costs…
EBITDA MARGIN - QUARTERLY DEVELOPMENT Continued strong profit improvement in Offshore Fourth consecutive quarter with improved EBITDA-margin on group level 24
NET WORKING CAPITAL Q1 10 Q3 2011 Strong cash flow from operations reduces working capital Continuous focus on working capital 25
NET INTEREST BEARING DEBT Q1 10 Q3 11 Net interest bearing debt at approx. MNOK 300 as of 30.09.11 Sound debt situation 26
INSTALLMENT PROFILE Limited installments next 21 months. Maturity of bond loan in July 2013 27
EQUITY SHARE Q1 10 Q3 2011 28
AGENDA Highlights in Q3 11 Operational review Financial review Strategy and Outlook 29
MARKET OUTLOOK BERGEN GROUP Robust oil price and high activity on Norwegian Continental Shelf new oil field discoveries generating new activity and investments close to Bergen and Stavanger increasing demand for maintenance and…
IR AND MEDIA CONTACTS CEO Bergen Group Terje Arnesen tel. (+47) 906 89 130 Mail: terje.arnesenbergengroup.no CFO Bergen Group, Stle Rene (finance) tel. (+47) 982 06 188 Mail: stale.renebergengroup.no VP Communication…
BERGEN GROUP QUALITY THROUGH SERVICE AND INNOVATION THANK YOU FOR YOUR ATTENTION www.bergengroup.no 32
Appendix: Results from the strategy process, Communicated to the marked October 20th 2011.
STRATEGY PROCESS COMPLETED Major elements of the new strategy Focus on Offshore Oil & Gas marked growth - both organic and non-organic Restructuring and merging of activities in order to improve operational efficiency…
CUSTOMER FOCUSED STRUCTURE OIL COMPANIES RIG OPERATORS RIG OWNERS SHIP OPERATORS SHIP OWNERS NAVY (Nor) OFFSHORE SERVICES SHIPBUILDING Major EPCI projects Ship service Offshore Maint & Mods Support rig/ship service Seismic…
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