Analysts Presentation, 16 August 2012 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
H1 2012 Review SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Key Figures Half year 2012 (In millions of US) H1 2011* H1 2012 FY 2011 EBIT 223 -201 Order portfolio 16,910 16,109 * H1 2011 results are restated for comparison purposes SBM Offshore 2012. All rights reserved.…
The case for change 7000 25000 6000 Cd de 20000 Ilhabela 5000 Topsides Weight (ton) Total Workforce 4000 15000 Cd de Paraty P 57 3000 10000 Kikeh NGoma Xikomba Marlim 2000 Sul Saxi Falcon Espadarte Mondo 5000…
Group transformation in progress FPSO strategy focus New organisation profit and cash flow accountable Strengthened management team Selective growth in buoyant market Lead the industry transition towards improving…
Transforming the organisation New senior management structure: ensures responsibility and financial accountability Strengthened senior team (CEO, CFO, CGCO, COO, Sales director, HSSE Director, General counsel): providing leadership…
Size of the prize Source: Pareto research The sector is primed for solid growth in coming years with a CAGR of demand in the 6-10% range SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 8
No time for non-core Assets held for sale end June 2012: Gusto-MSC and Dynamic Installer Next step: Sale and lease back of real estate (offices) and potentially other divestments Total: around US 400 mln Targeted schedule: within…
FPSO FPSO FPSO About our Strategy: The Company has refocused its product line on core FPSO products and associated services. By focusing on core products with historically good margins whilst improving execution standards and project…
Raising the bar 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 MOPU Yme (l)* MOPU Deep Panuke (l) FPSO Cidade de Anchieta (l) FPSO Cidade de Paraty (l) FPSO OSX2 (t) FPSO NGoma (Xikomba) (l) Turret FLNG (t) Turret Quad 204 (t) FPSO…
Cidade de Anchieta - Brazil August 2012 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 12
Cidade de Paraty - Brazil July 2012 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 13
Kikeh - Malaysia July 2012 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 14
FPSO Cidade de Ilhabela - Brazil Q2 2012 Record US 1.05 billion financing secured SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 15
Fram - United Kingdom July 2012 SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 16
H1 2012 Financials SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Financial Overview Half Year 2012 P&L Total Group (in millions of US) H1 12 H1 11* Variance Comment Turnover 1,669 1,461 +14% Strong increase driven by Systems Gross Margin 321 (115) N/A H1 2011 US 450mln impairment effect H1 2012…
Financial Overview Half Year 2012 P&L Lease and Operate (in millions of US) H1 12 H1 11* Variance Comment Turnover 437 456 - 4% Start-up Aseng offset by decrease due to vessels in conversion Gross Margin 159 (304) N/A Last year…
Financial Overview Half Year 2012 P&L Turnkey Systems (in millions of US) H1 12 H1 11* Variance Comment Turnover 1,096 896 + 22% Increase of turnover driven by LYs orders. Gross Margin 122 165 - 26% Increase of turnover…
Gate review: impact & benefit According IAS 11, percentage--of--completion method applied for turnkey systems segment P&L Gate reviews before margins can be recognised at a level of at least 25% No impact on margin or profitability…
Gate review: impact & benefit According IAS 11, percentage--of--completion method applied for turnkey systems segment P&L Gate reviews before margins can be recognised at a level of at least 25% No impact on margin or profitability…
Gate review: impact & benefit According IAS 11, percentage--of--completion method applied for turnkey systems segment P&L Gate reviews before margins can be recognised at a level of at least 25% No impact on margin or profitability…
Gate review: impact & benefit According IAS 11, percentage--of--completion method applied for turnkey systems segment P&L Gate reviews before margins can be recognised at a level of at least 25% No impact on margin or profitability…
Pro forma group results comparisons H1 2012 H1 2011 IFRS POC Adj. Pro forma adjusted IMP. Adj. IFRS Revenues 1,669 1,669 +14% 1,461 1,461 Gross Margin 69 390 +16% 335 321 450 -115 EBITDA 69 335 404 + 8% 373 373 EBIT 69…
Pro forma group results comparisons H1 2012 H1 2011 IFRS POC Adj. Pro forma adjusted IMP. Adj. IFRS Revenues 1,669 1,669 +14% 1,461 1,461 Gross Margin 69 390 +16% 335 321 450 -115 EBITDA 69 404 + 8% 373 373 335 EBIT 69…
Pro forma group results comparisons H1 2012 H1 2011 Pro forma adjusted Revenues 1,669 +14% 1,461 EBIT 292 + 17% 249 EBIT margin 17.5% 17% SBM Offshore 2012. All rights reserved. www.sbmoffshore.com 27
Financial Overview Half Year 2012 P&L Turnkey Services (in millions of US) H1 12 H1 11* Variance Comment Turnover 136 108 + 26% Improvement coming from Offshore contracting division through bigger contracts. Gross Margin 40 24 + 67%…
Financial Overview Full Year 2011 Balance Sheet Total Group (in millions of US) H1 12 Year-end 11 Variance Comment Capital Expenditure 326.9 840.6 N/A Yme, Deep Panuke and Cidade de Anchieta Debt 2,178 2,123 + 3% Stable level of…
Financing capacity Record project financing 1 billion on Ilhabela (July 2012) Refinancing Normand Installer US80 mln Solvency 31.5% (year-end 2011: 30.0%) Net debt / Adjusted EBITDA 2.2 times (year-end 2011: 2.23 times) Average cost…
Outlook SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
FPSO market outlook Field developments with FPSOs over the next 3 years 2 2 2 1 1 7 13 4 3 4 9 6 Lease 8 Sale Lease or Sale August 2012 (source: internal analysis) More than 60 FPSO projects to be awarded SBM targets…
Financial Outlook 2012 Turnover in the region of US 4 billion Turnkey Systems EBIT margin close to 10% range, reflecting new gross margin recognition principles Turnkey Services EBIT margin in the 15%-20% range Lease and Operate…
Q&A Session SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Notes SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Loading...
