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H1 2013 RESULTS – Capital Drilling Ltd

Capital Drilling Ltd · Aug 19, 2013 · 24 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. H1 2013 RESULTS – Capital Drilling Ltd – slide 1
    Capital Drilling Limited First Half 2013 Results Presentation August 2013
  2. H1 2013 RESULTS – Capital Drilling Ltd – slide 2
    First Half 2013 Financial Performance
  3. H1 2013 RESULTS – Capital Drilling Ltd – slide 3
    Financial Overview Change Revenue KPIs H1 2013 H1 2012 FY 2012 % Continued strength in cash generation from operations Average Fleet Size 92 87 6 88 of 11.3m Fleet Utilisation (%) 64 75 (15) 76 ARPOR () 192,000 197,000 (3)…
  4. H1 2013 RESULTS – Capital Drilling Ltd – slide 4
    Revenue KPIs Fleet Growth Utilization No of rigs 83% 84% 90% 84% 100 93 85 80% 79% 75% 76% 79% 83% 80% 74 70% 66% 64% 74% 80 65% 62% 60% 66% 60 60% 59% 50% 57% 60 49 40% 30% 40 25 20% 19 20 11 10% 0% 0 Q1 Q2 Q3 Q4 Q1…
  5. H1 2013 RESULTS – Capital Drilling Ltd – slide 5
    Earnings and Margins Gross Profit and Margins EBITDA and Margins USm USm 30.0 45% 25.0 30% 41.1% 28.2% 27.3% 27.5% 38.6% 26.5% 40% 25.0 36.3% 35.2% 25.0% 25% 32.6% 35% 20.0 24.9% 31.4% 33.3% 20.2% 20.0 32.6% 30% 18.5% 20% 28.1%…
  6. H1 2013 RESULTS – Capital Drilling Ltd – slide 6
    Balance Sheet H1 2013 FY 2012 Change Lower returns with weaker operating performance Balance Sheet m m % Return on total assets 9% (2012 : 16%) Cash and cash equivalents 6.7 9.1 (26) Return on invested capital 8% (2012 : 15%)…
  7. H1 2013 RESULTS – Capital Drilling Ltd – slide 7
    Net Debt Movement H1 2013 Net Debt Movements 25 20.0 13.44 20 Finance & Tax payments 3.7m 15.0 15 Working capital outflow 2.7m 2.60 10 2.80 0.53 0.94 3.27 0.89 5 0.15 4.85 - Opening Net Debt H1 2013 EBITDA Non-cash…
  8. H1 2013 RESULTS – Capital Drilling Ltd – slide 8
    Strategic Initiatives
  9. H1 2013 RESULTS – Capital Drilling Ltd – slide 9
    Operational & Strategic Highlights Youngest scale fleet in the industry: 91 rigs with an average age of less than 4 years Substantial reduction in capital investment allowing free cash flow to be directed to debt repayment…
  10. H1 2013 RESULTS – Capital Drilling Ltd – slide 10
    Key Priorities and Progress PRIORITY PROGRESS Significant reduction in group headcount Focus on cost reduction Closure of non-core operations & offices Range of other costs initiatives Deliver operational Changes in senior…
  11. H1 2013 RESULTS – Capital Drilling Ltd – slide 11
    Operating Cost Savings Reduced group headcount by 328 from December 2012 (down 25% over H1) Labour & Management June 30 headcount 1,005 (30-35% of expenses) Reduction of wage bill of c40% on 2012 Strengthen focus on improving skill…
  12. H1 2013 RESULTS – Capital Drilling Ltd – slide 12
    Capital Expenditure CAPITAL EXPENDITURE H1 2013 CAPEX of 2.6 million, a substantial USm reduction on prior years (H1 2012: 15.8m) 35.0 30.0 Well capitalized fleet with 55 million spent over 2011 & 2012 25.0 20.0 Disciplined capital…
  13. H1 2013 RESULTS – Capital Drilling Ltd – slide 13
    Outlook Challenging outlook: Cautious spending from mining companies Juniors remain absent from the market Concerns on slower growth in emerging markets Continued pressure on commodity prices Subdued tendering activity in Africa…
  14. H1 2013 RESULTS – Capital Drilling Ltd – slide 14
    Appendices Company Overview Safety Market Corporate
  15. H1 2013 RESULTS – Capital Drilling Ltd – slide 15
    Quality Service: Excellence in Drilling People Our key asset, strong focus on KPI goals and career path progression Training and career development programs provided by Capital Support Services (training division) Hire from local…
  16. H1 2013 RESULTS – Capital Drilling Ltd – slide 16
    Quality Partners & Projects 100% 6% 4% 1% Quality Clients 7% 13% 14% 90% 23% 34% Exposure to major and mid tier mining houses with strong balance sheets, 80% 30% quality assets & positive cash flows 35% 41% 70% Majors contributed…
  17. H1 2013 RESULTS – Capital Drilling Ltd – slide 17
    Quality, Long Term Clients Well Capitalised Clients Client Market Caps1 Location Commodity Active Since Type of Drilling US1.0bn Tanzania Gold December 2008 E, D, P, U US5.3bn Tanzania Gold April 2007 E, D, P US18.8bn…
  18. H1 2013 RESULTS – Capital Drilling Ltd – slide 18
    Rig Locations Mauritania Egypt Since 2010 Since 2005 6 rigs 24 Rigs Ghana Solomons Since 2011 Since 2008 6 rigs 3 Rigs Chile Since 2010 10 rigs Zambia Tanzania Since 2005 Since 2005 25 Rigs 17 Rigs Current…
  19. H1 2013 RESULTS – Capital Drilling Ltd – slide 19
    Safety Performance Capital Drilling Progressive AIFR The Groups primary KPI pertaining to incident frequency rates is the All Injury Frequency Rate (AIFR) 7.00 6.00 5.92 Strong safety culture & commitment driven from Senior…
  20. H1 2013 RESULTS – Capital Drilling Ltd – slide 20
    Demand Environment 60 Gold1 Fundraising by mining companies 52.8 2,000 50 1,600 47.9 47.2 More than 1,200 US/oz 44.0 US250 billion in 42.1 800 equity raisings 40 400 by mining companies since 0 2000 2001…
  21. H1 2013 RESULTS – Capital Drilling Ltd – slide 21
    Management & Board Executive Over 15 years experience in finance industry 25 years experience in the mining industry in Co-founder of Capital Drilling Africa and Australia Previously Executive Director and Head of Asian Co-founder…
  22. H1 2013 RESULTS – Capital Drilling Ltd – slide 22
    Corporate Snapshot Capital Structure Shareholding Blocks Fully paid ordinary shares 134,592,800 Share price (as at 14 August 2013) USD 0.31 Free float Market capitalisation (undiluted) USD 41.14m 30% Cash (as at 30 June 2013)…
  23. H1 2013 RESULTS – Capital Drilling Ltd – slide 23
    Glossary The following words used in the presentation have the following meaning: ARPOR Average Revenue Per Operating Rig LTM Last Twelve Months Earnings Before Interest and Taxes/Profit from NAV Net Asset Value EBIT…
  24. H1 2013 RESULTS – Capital Drilling Ltd – slide 24
    Company Contact Details Capital Drilling Limited UK Broker Details Jamie Boyton Liberum Capital Limited Executive Chairman and Interim CEO Ropemaker Place, Level 12, 25 Ropemaker Street, London, EC2Y 9LY jamie.boytoncapdrill.com…

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