BERGEN GROUP Presentation of Q2 and 1st half 2011 CEO Terje Arnesen August 18th 2011
AGENDA Highlights in Q2 11 Operational review Financial review Strategy and Outlook 3
HIGHLIGHTS IN Q2 2011 Revenue growth NOK 1 028 mill 30 % growth compared to Q2 2010 EBITDA of NOK 64 million - EBITDA margin of 6.2 % Third consecutive quarter with improved EBITDA Sound debt situation Strong performance in…
QUARTERLY ORDER BACKLOG DEVELOPMENT SHIPBUILDING OFFSHORE 7000 NOK mill. TECHNOLOGY MARITIME SERVICE 5.8 5.9 6000 5.2 4.7 5000 4.2 4000 3.4 3000 2000 1000 0 Per 31.03.2010 Per 30.06.2010 Per 30.09.10 Per…
AGENDA Highlights in Q2 11 Operational review Financial review Strategy and Outlook 6
BERGEN GROUP SHIPBUILDING Fugro Symphony (BN 166), delivered from Bergen Group BMV in May 2011 7
SHIPBUILDING WITH IMPROVEMENTS Revenue improvement Good engineering and procurement activity Financing of NOK 1.1 billion in new shipbuilding contracts resolved in Q2 Volstad and Sartor both in progress at the respective hull…
BERGEN GROUP OFFSHORE The YME-installation left BG Rosenberg in June 2011 10
OFFSHORE DELIVERING SOLID PERFORMANCE Continued revenue growth in Q2 Turnover of NOK 475 mill EBITA-margin of 11,7 % Strong delivery across project portfolio Major activity related to YME Excellence in project management…
LIFETIME EXTENSTONS AND M&M MARKET Lifetime for selected fields With present facilities and competence, Bergen Group is well positioned for an expected strong Maintenance & Modification activity related to lifetime extensions of…
INCREASED ACTIVITY ALSO ON LONG TERM New discoveries Bergen Group well positioned for the expected growth An improved rig-market BG Rosenberg and BG Hanytangen with attractive facilities 13
BERGEN GROUP MARITIME SERVICE 14
MARITIME SERVICE - MARKET IMPROVEMENT Increased activity in day-to-day business Improved market penetration new customers Important frigate contract The divisions ability to carry out complex maritime operations has been…
BERGEN GROUP TECHNOLOGY Bergen Group Dreggen, March 2011 16
TECHNOLOGY WITH GROWTH OPPORTUNITIES Reduced revenues Both BG Skarveland and BG Vest Elektro influenced by low outfitting activity in shipbuilding, but increased external activity within offshore Improved order backlog Net…
AGENDA Highlights in Q2 11 Operational review Financial review Strategy and Outlook 18
INCOME STATEMENT Q2 2011 CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Figures in NOK mill. Q2 2011 Q2 2010 30.06.2011 30.06.2010 FY 2010 FY 2009 Operating revenues 1 028 790 1 982 1 761 3 339 5 108 Other operating…
EBITDA MARGIN - QUARTERLY DEVELOPMENT Margin improvement in both Offshore and Shipbuilding Third consecutive quarter with improved EBITDA-margin on group level 20
SHIPBUILDING FINANCIALS SHIPBUILDING Q4 09 to Q2 11 BERGEN GROUP FOSEN BERGEN GROUP SHIPDESIGN Order backlog 30.06.11: NOK 4 070 mill* (31.03.11: NOK 4 713) BERGEN GROUP BMV *One Sartor Offshore-vessel, subject to board…
OFFSHORE FINANCIALS OFFSHORE Q4 09 to Q2 11 NOK mill. BERGEN GROUP ROSENBERG BERGEN GROUP KIMEK OFFSHORE Order backlog 30.06.11: NOK 863 mill. (31.03.11: NOK 865 mill) BERGEN GROUP HANYTANGEN *Order backlog does not include…
TECHNOLOGY FINANCIALS TECHNOLOGY Q4 09 to Q2 11 BERGEN GROUP DREGGEN BERGEN GROUP VEST ELEKTRO BERGEN GROUP SKARVELAND Order backlog 30.06.11: NOK 291 mill (31.03.11: NOK 228 mill) BERGEN GROUP AMIA 23
MARITIME SERVICE FINANCIALS MARITIME SERVICE Q4 09 to Q2 11 BERGEN GROUP KIMEK BERGEN GROUP SERVICES Order backlog* 30.06.11: NOK 26 mill (31.03.11: NOK 67 mill) BERGEN GROUP HALSNY *Order backlog does not include frame…
NET WORKING CAPITAL Q4 09 Q2 2011 Net working capital is defined as current assets (without cash) short term debt. Fluctuation of net working capital mainly due to progress in the shipbuilding orders Increase in net working…
NET INTEREST BEARING DEBT Q4 09 Q2 11 Net interest bearing debt at approx. MNOK 500 as of 30.06.11 Sound debt situation 26
INSTALLMENT PROFILE TNOK Limited installments next 24 months. Maturity of bond loan in July 2013 27
EQUITY SHARE Q4 09 Q2 2011 28
AGENDA Highlights in Q2 11 Operational review Financial review Strategy and Outlook 29
STRATEGY AND ORGANIZATION New strategy-process initiated by the main owners and Board of Directors Bergen Group to be strengthened as a leading maritime group within offshore and shipbuilding Strategy process to be carried out in…
OUTLOOK BERGEN GROUP Fundamentally positive outlook for all major market areas focused by Bergen Group. Activity level expected to increase in coming years 2nd half 2011 to some extent expected to be influenced by low capacity…
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 33
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