INTERIM REPORT Q2 2012 August 22nd 2012 CEO Terje Arnesen CFO Stle Rene 1
AGENDA Highlights in Q2 12 Operational review Financial review Strategy and Outlook 3
HIGHLIGHTS IN Q2 2012 Stable operating revenue - negative EBITDA NOK 991 million in revenue (NOK 1 028 in Q2 2011) More than 50 % of the revenue generated from the Offshore division Negative EBITDA in Shipbuilding solid results in…
AGENDA Highlights in Q2 12 Operational review Financial review Strategy and Outlook 6
BERGEN GROUP OFFSHORE Bergen Group Rosenberg has in Q2 been awarded two contracts with a total value of NOK 525 million related to the Ekofisk field, including hook up contract for the new accommodation and field center platform…
BERGEN GROUP OFFSHORE - HIGHLIGHTS Continued strong profit margin NOK 505 million in revenue and EBITDA margin of 12.2 %. All projects progressing on schedule. Strong order intake in Q2 2012 NOK 175 million: Hook up contract for the…
OFFSHORE FINANCIALS OFFSHORE Q4 2010 to Q2 2012 NOK mill. BERGEN GROUP ROSENBERG BERGEN GROUP KIMEK OFFSHORE Order backlog 30.06.12: NOK 1 125 mill. (30.06.11: NOK 863 mill) BERGEN GROUP HANYTANGEN *Order backlog does not…
BERGEN GROUP ROSENBERG 2012-2014 As of 21. August 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 deck…
BERGEN GROUP HANYTANGEN 2012-2014 As of August 21st 2012 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Safe Scandinavia Minor yard stay (April) Safe Scandinavia Minor yard stay (July) Transocean Leader Yard stay: ca…
BERGEN GROUP SHIPBUILDING Contract awarded in Q2 2012: An OCV/ROV vessel valued NOK 1 billion to be build at Bergen Group BMV 12
BERGEN GROUP SHIPBUILDING - HIGHLIGHTS Shipbuilding with NOK 1.2 billion in new orders, but negative EBITDA OCV- contract valued NOK 1 billion awarded to Bergen Group BMV. Extensive frame contract valued NOK 150-200 mill for…
SHIPBUILDING FINANCIALS SHIPBUILDING Q4 2010 to Q2 2012 BERGEN GROUP FOSEN Order backlog 30.06.12: NOK 3 568 million (30.06.11: NOK 2 170 million) BERGEN GROUP BMV 14
DEVIATION REPORT SHIPBUILDING Root cause analysis: NB 87 & 88 for Fjordline: Hull yard in Poland significant delayed in hull production due to lack of control and capability to deliver according to plan NB 89 for Volstad: BG Fosen…
CORRECTIVE ACTIONS TO RESTORE PROFITABILITY Corrective actions - structural process: Contracting of ship hulls at third parties is considered critical for successful project execution. This activity will be integrated between BG BMV…
CORRECTIVE ACTIONS TO RESTORE PROFITABILITY Corrective actions organizational process Strengthening of project management and planning within Shipbuilding New EVP shipbuilding nominated from August 1st 2012. Mr. Terje Sjumarken…
SAFEGUARD DELIVERY OF PRESENT PROJECTS Safeguard delivery of present order backlog at BG Fosen NB89 for Volstad is soon completed at the yard. Electrical installation pending and specialist support from BG Vest Elektro provided…
SCHEDULED OUTFITTING ACTIVITY 2012-2014 2012 2013 2014 As of August 21st 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 BN 168: MPSV / Sartor Offshore Engineering/hull production CONTRACT VALUE: NOK 325 MILL BN 87: CRUISE FERRY /…
STRONG ORDER INTAKE IN Q2 2012 Advanced OCV valued NOK 1 billion Engineering and procurement activity at BG BMV already in process The 1-billion contract has now secured financing both from the customer side and the yards…
STRONG ORDER INTAKE IN Q2 2012 Frigate contract with the Norwegian Navy Base contract for two years from July 2012 with an estimated value of NOK 150-200 million. Optional agreement for 3 more years (1 + 1 + 1) can generate a…
STRONG MARKET SHARE IN THE OCV/ROV-SEGMENT OCV CONTRACTS IN NORWAY IN 1H 2012 3 Bergen Group Other Norwegian 11 yards As of June 30th 2012
BERGEN GROUP SERVICES 23
BERGEN GROUP SERVICES - HIGHLIGHTS Temporarily reduction in revenue - increased profit NOK 174 million in revenue and NOK 2 mill in EBITDA The quarter influenced by delays in contract execution on both internal and external projects…
SERVICES FINANCIALS SERVICES Q4 2010 to Q2 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 Q2 12 Operational review Financial review presented by CFO Stle Rene Strategy and Outlook 26
INCOME STATEMENT Q2 2012 CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Figures in MNOK Q2 2012 Q2 2011 30.06.2012 30.06.2011 FY2011 FY2010 Operating revenues 991 1 028 1 861 1 982 3 735 3 339 Other operating costs (1…
QUARTERLY DEVELOPMENT REVENUE AND EBITDA-% Offshore with positive EBITDA of NOK 62 mill in Q2 2012, Deficit in Shipbuilding: negative EBITA of NOK 75 million 28
NET INTEREST BEARING DEBT AND FINANCE Good cash flow from the Offshore division Losses in Shipbuilding reduces equity in the projects, and gives limited liquidity effect in Q2 Different refinancing alternatives in process:…
AGENDA Highlights in Q1 12 Operational review Financial review Strategy and Outlook 30
STRATEGY AND OUTLOOK Strategy: Regain profitability in the Shipbuilding division by reengineering structure and de-risking hull production Increase market share in the offshore market via partnerships to address capacity…
STRATEGY AND OUTLOOK Outlook: Strong and robust development of the offshore activity on the Norwegian Continental Shelf; the target market for the group's offshore-related operations and established knowledge Strong order backlog…
IR AND MEDIA CONTACTS Next Interim Report: Thursday, November 15th: Q3 2012 CEO Terje Arnesen tel. (+47) 906 89 130 terje.arnesenbergengroup.no CFO VP Communication Stle Rene (finance) yvind Risnes (media), tel. (+47) 982…
BERGEN GROUP QUALITY THROUGH SERVICE AND INNOVATION THANK YOU FOR YOUR ATTENTION www.bergengroup.no 34
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