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Q4 2014 EARNINGS CALL – Aqualis ASA

Aqualis ASA · Feb 25, 2015 · 31 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. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 1
    Aqualis ASA FOURTH QUARTER RESULTS 2014 Oslo, 25 February 2015 aqualis.no
  2. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 2
    2014 summary Significant progress made during 2014 towards establishing: credibility in the market a good global office network a comprehensive portfolio of blue chip Clients Full year revenues (2014 vs 2013) increased approximately…
  3. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 3
    Q4 2014 - highlights Total revenues of USD 10.1m in the 4th quarter of 2014 EBIT of negative USD 0.9m in Q4 2014 Profit after tax of USD 1.2m. Profit after tax includes unrealized foreign exchange gain of USD 2.1m Order back-log of…
  4. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 4
    FY 2014 - highlights Total revenues of USD 31.9m in 2014 EBIT of negative USD 2.1m in 2014. EBIT YTD includes one-off costs related to restructuring and listing of USD 1.4m. Adjusted EBIT for FY 2014 is negative USD 0.7m Profit after…
  5. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 5
    Revenues quarterly development USDm Notes: (1) Tristein AS included from May 2014; OWC Ltd from July 2014
  6. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 6
    Recruitment quarterly development Number of employees 250 2.5x 200 150 100 50 0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Notes: (1) Numbers include contractors on 100% utilization equivalent…
  7. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 7
    Q4 2014 highlights (contd) Subsequent events: Aqualis concluded a delayed renewables project in January 2015. Cash compensation of approx. USD 405k was received in January 2015. The fair value of this compensation was recognized in the…
  8. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 8
    Q4 2014 main new O&G contract wins A MWS contract with Technip for work associated with an FPSO The basic design of a 4 legged liftboat (OM-100 Class) for an Asian Client covering structural engineering and naval architecture scopes…
  9. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 9
    Q4 2014 main new renewables contract wins Provision of offshore marine representation to a major European power utility company Additional consultancy support to a significant German power utility company Additional support to a fast…
  10. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 10
    Company development 2006 - 2013 Nov 2013 Jul 2014 Aug 2014 Acquisitions: Nov 2013 Jun 2014 Apr 2014 Aug 2014 Listed on Oslo Stock Exchange ASA ASA Spin-off: Listed on Oslo Stock Exchange Aqualis Offshore Holding ASA…
  11. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 11
    Marine & engineering consultancy services Aqualis ASA (listed entity OSE: AQUA) Aqualis Offshore Ltd Tristein AS* Offshore Wind Consultants Ltd * Tristein AS will be merged with Aqualis Offshore AS with effective date 1 January…
  12. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 12
    Global presence covering all major oil regions OSLO/SANDEFJORD LONDON HOUSTON SHANGHAI DAMMAM QATAR MANAMA DUBAI MEXICO CITY ABU DHABI KUALA LUMPUR SINGAPORE RIO DE JANEIRO Current locations Under development…
  13. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 13
    FINANCIAL HIGHLIGHTS
  14. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 14
    Q4 2014 key figures 2014 2013 2014 2013 (USD million) Q4 Q4* FY FY* Total revenues 10.1 2.2 31.9 2.2 EBIT -0.9 -0.9 -2.1 -0.9 EBIT adjusted** -0.9 -0.9 -0.7 -0.9 Net profit 1.2 -0.9 -0.3 -0.9 Net profit adjusted** 1.2 -0.9 1.1 -0.9…
  15. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 15
    Solid financial position (31.12.14) Non-current 100 % liabilities USD 0.3m No interest-bearing debt Current 90 % liabilities USD 6.7m 86% equity ratio Non-current 80 % assets USD 21.3m Strong liquidity position: 70 % USD…
  16. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 16
    Q4 2014 cash flow Operating cash flow in the quarter was USDm Q4 2014 FY 2014 USD 0.6m. FY 2014 was USD 0.4m; adj. FY 2014* was USD 1.8m Operating cash flow 0.6 0.4 One-off items* - 1.4 Investing cash flow of negative USD 0.2m in…
  17. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 17
    OUTLOOK
  18. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 18
    Outlook top-line growth & increased profitability Market: Recent oil price fall creating some investment uncertainty in high cost projects and deep-water developments Middle East, including India, and Asian Pacific markets still appear…
  19. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 19
    2014 summary Significant progress made during 2014 towards establishing: credibility in the market a good global office network a comprehensive portfolio of blue chip Clients Full year revenues (2014 vs 2013) increased approximately…
  20. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 20
    Aqualis ASA APPENDIX aqualis.no
  21. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 21
    Corporate structure Aqualis ASA 100% 100% Aqualis Offshore Offshore Wind Ltd Consultants Ltd (London, UK) (London, UK) 100% 100% 100% 100% 100% Aqualis Offshore UK Aqualis Offshore Aqualis Offshore AS Tristein AS Aqualis…
  22. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 22
    Executive Management & Board of Directors Executive Management Board of Directors David Wells, CEO Glen Rdland, Chairman Director and co-investor Direct Active Investments in Ferncliff TIH AS. Mr. Rdland has Has more than 30 years…
  23. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 23
    The combined group Strengthened position in a growing market space Enhanced services through sharing of knowledge, resources and expertise Ticker: AQUA Stronger foothold in the offshore wind industry Utilisation of the…
  24. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 24
    Complete life cycle involvement with offshore assets Marine project / asset life cycle Engineering / Project Hook-up and Asset De- Project initiation Construction design phase procurement commissioning management commissioning…
  25. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 25
    Offshore operations are key for all business lines Doing Offshore operations Observing Jack up engineering Moving of rigs Technical Due diligence (basic design, upgrade Offshore Construction DP FMEAs and audits and conversion)…
  26. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 26
    Selected clients NOCs / IOCs: Offshore cont. / shipyards: Rig / vessel owners: Underwriters / financial inst.: 27
  27. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 27
    Top 20 shareholders Ferncliff and associated companies: approx. 24% Management and employees: approx. 23% 28
  28. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 28
    Consolidated statement of comprehensive income * Figures for 2013 represent historical figures from Weifa ASAs (former Aqualis ASA) group accounts related to the spin-off of the Aqualis Offshore business. Aqualis Offshore which is…
  29. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 29
    Consolidated statement of financial position * Figures for 2013 represent historical figures from Weifa ASAs (former Aqualis ASA) group accounts related to the spin-off of the Aqualis Offshore business. Aqualis Offshore which is now…
  30. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 30
    Consolidated cash flow statement * Figures for 2013 represent historical figures from Weifa ASAs (former Aqualis ASA) group accounts related to the spin-off of the Aqualis Offshore business. Aqualis Offshore which is now part of…
  31. Q4 2014 EARNINGS CALL – Aqualis ASA – slide 31
    Segment information 32

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