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Q2 2015 Earnings Call – Akastor ASA

Akastor ASA · Jul 16, 2015 · 30 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. Q2 2015 Earnings Call – Akastor ASA – slide 1
    SECOND QUARTER AND HALF YEAR RESULTS 2015 Frank O. Reite and Leif Borge Oslo 16 July 2015 2015 Akastor
  2. Q2 2015 Earnings Call – Akastor ASA – slide 2
    Agenda SECOND QUARTER HIGHLIGHTS Frank O. Reite CEO FINANCIALS Leif Borge CFO Q&A Frank O. Reite and Leif Borge 2015 Akastor Second Quarter Results 2015 July 16, 2015 Slide 2
  3. Q2 2015 Earnings Call – Akastor ASA – slide 3
    Akastor - Status per second quarter 2015 Challenging market environment MHWirth significantly impacted by the rig market Update pic Remaining portfolio companies with satisfactory performance Taking actions to adapt to the…
  4. Q2 2015 Earnings Call – Akastor ASA – slide 4
    Update 2Q 2015: Akastor as an investment company Significant improvement measures initiated in all portfolio companies Focus on operational improvements Cost saving programs ongoing Substantial reduction in workforce implemented…
  5. Q2 2015 Earnings Call – Akastor ASA – slide 5
    Update 2Q 2015: Akastors portfolio EBITDA adjusted for one-offs: NOK 173 million, in line with previous quarter Revenues EBITDA Net capital employed NCOA NOK 3 693 million NOK 141 million NOK 14 931 million NOK 3 146 million…
  6. Q2 2015 Earnings Call – Akastor ASA – slide 6
    The Akastor portfolio Second quarter highlights Real estate and other holdings 2015 Akastor Second Quarter Results 2015 July 16, 2015 Slide 6
  7. Q2 2015 Earnings Call – Akastor ASA – slide 7
    MHWirth: Market still oversupplied ACTIVE SUPPLY AND REGIONAL DEMAND OBSERVATIONS Floaters Floater utilization of 85%1, the lowest level in more than 10 years Supply/demand gap of 39 floaters with additional 84 in the order books…
  8. Q2 2015 Earnings Call – Akastor ASA – slide 8
    MHWirth: 2Q status Rescheduling of some ongoing projects, affecting revenue and working capital level Steady life cycle services with revenue of NOK 1.4 billion in 1H 2015, in line with previous year Cost improvements: Reduced…
  9. Q2 2015 Earnings Call – Akastor ASA – slide 9
    MHWirth going forward SHORT TO MEDIUM TERM Executing the backlog Secure life cycle services at a high level Cost and operational improvements Bring down capex and working capital LONG TERM Balance need for capacity adjustments…
  10. Q2 2015 Earnings Call – Akastor ASA – slide 10
    The Akastor portfolio Second quarter highlights Real estate and other holdings 2015 Akastor Second Quarter Results 2015 July 16, 2015 Slide 10
  11. Q2 2015 Earnings Call – Akastor ASA – slide 11
    AKOFS Offshore Skandi Santos operated at close to full utilization from mid April following yard stay Aker Wayfarer with full utilization for the quarter Firm contract extended throughout October 2015 Commencing 5-year contract in…
  12. Q2 2015 Earnings Call – Akastor ASA – slide 12
    The Akastor portfolio Second quarter highlights Steady operations in the quarter Workforce reductions Two strategically important, niche contracts with external customers Secured important contracts for the Johan Sverdrup field…
  13. Q2 2015 Earnings Call – Akastor ASA – slide 13
    Meeting the market challenges THE CHALLENGES ACTIONS Weak oil services market development Immediate cost cutting in portfolio Low oil price impacts E&P investments companies and spending Maintain financial flexibility Cost base…
  14. Q2 2015 Earnings Call – Akastor ASA – slide 14
    Agenda SECOND QUARTER HIGHLIGHTS Frank O. Reite CEO FINANCIALS Leif Borge CFO Q&A Frank O. Reite and Leif Borge 2015 Akastor Second Quarter Results 2015 July 16, 2015 Slide 14
  15. Q2 2015 Earnings Call – Akastor ASA – slide 15
    Consolidated income statement Second quarter First half NOK million 2015 2014 2015 2014 Operating revenues and other income 3 693 6 013 8 239 11 010 Operating expenses (3 552) (6 140) (7 921) (10 746) Operating profit before…
  16. Q2 2015 Earnings Call – Akastor ASA – slide 16
    The Akastor portfolio NET CAPITAL EMPLOYED OF NOK 14.9 BILLION Fjords Processing 524 NOK million Frontica 301 KOP Surface 700 14 931 14 931 Other 70 Real Estate and 3 146 other 1 675 NCOA 6 121 NIBD MHWirth Intangible 3 355 6…
  17. Q2 2015 Earnings Call – Akastor ASA – slide 17
    Capital structure NIBD OF NOK 6.1 BILLION PER 2Q 2015 FUNDING NOK billion SIZE MATURITY MARGIN 7.2 TERM LOAN NOK 2.5 billion September 1.4%-2.3% 0.9 2017 6.1 0.2 REVOLVING NOK 2.0 billion September 1.3%-2.2% Revolving 2.0…
  18. Q2 2015 Earnings Call – Akastor ASA – slide 18
    MHWirth Revenues down 32 percent YTD 2015 compared BUSINESS SPLIT YTD BASED ON REVENUE with 2014, revenues from life cycle services stable Single Service 37% equipment/ EBITDA of NOK 23 million (before restructuring cost) Projects…
  19. Q2 2015 Earnings Call – Akastor ASA – slide 19
    AKOFS Offshore Aker Wayfarer with full utilization in the quarter VESSEL PROGRAM Skandi Santos with close to full utilization from mid April following yard stay Vessel unit Contract Status 2013 2014 2015 2016 2017 2018 2019 AKOFS…
  20. Q2 2015 Earnings Call – Akastor ASA – slide 20
    Frontica Business Solutions Fjords Processing Revenue of NOK 1.3 billion in the quarter, down 12 Revenues of NOK 475 million in 2Q, down from NOK percent compared with 2014 due to lower activity 567 million in 2014, impacted by phasing…
  21. Q2 2015 Earnings Call – Akastor ASA – slide 21
    KOP Surface Products Real Estate and other holdings In NOK revenue increased 17 percent YTD 2015 Real Estate and Other Holdings EBITDA of NOK -25 million compared with last year in the quarter In USD revenues were down by 7 percent YTD…
  22. Q2 2015 Earnings Call – Akastor ASA – slide 22
    Akastor is set up to create value through active ownership Oilfield services investment Our mandate company with a flexible mandate for long-term value creation Portfolio companies with Our portfolio multiple levers for growth…
  23. Q2 2015 Earnings Call – Akastor ASA – slide 23
    Agenda SECOND QUARTER HIGHLIGHTS Frank O. Reite CEO FINANCIALS Leif Borge CFO Q&A Frank O. Reite and Leif Borge 2015 Akastor Second Quarter Results 2015 July 16, 2015 Slide 23
  24. Q2 2015 Earnings Call – Akastor ASA – slide 24
    Additional information 2015 Akastor Second Quarter Results 2015 July 16, 2015 Slide 24
  25. Q2 2015 Earnings Call – Akastor ASA – slide 25
    Consolidated balanced sheet Amounts in NOK million 30.06.2015 31.12.2014 Deferred tax assets 196 214 Intangible assets 3 159 3 122 Property, plant and equipment 7 664 6 469 Investment property 696 707 Other non-current operating assets…
  26. Q2 2015 Earnings Call – Akastor ASA – slide 26
    Consolidated income statement Second quarter First half NOK million 2015 2014 2015 2014 Operating revenues and other income 3 693 6 013 8 239 11 010 Operating expenses (3 552) (6 140) (7 921) (10 746) Operating profit before…
  27. Q2 2015 Earnings Call – Akastor ASA – slide 27
    Key figures AKASTOR GROUP Amounts in NOK million 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Operating revenue and other income 6 014 5 107 5 335 4 546 3 693 EBITDA (127) 853 262 177 141 EBIT (1 354) 579 (103) (98) (143) CAPEX and R&D capitalization…
  28. Q2 2015 Earnings Call – Akastor ASA – slide 28
    Split per company MHWIRTH Amounts in NOK million 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Operating revenue and other income 3 115 2 432 2 711 2 174 1 619 EBITDA 269 207 241 3 3 EBIT 196 79 102 (107) (103) CAPEX and R&D capitalization 191 206 253…
  29. Q2 2015 Earnings Call – Akastor ASA – slide 29
    Split per company AKOFS OFFSHORE Amounts in NOK million 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Operating revenue and other income 613 280 256 168 186 EBITDA (480) 564 51 (24) 31 EBIT (1 557) 500 (21) (109) (56) CAPEX and R&D capitalization 7 (8) 3…
  30. Q2 2015 Earnings Call – Akastor ASA – slide 30
    Split per company KOP SURFACE PRODUCTS Amounts in NOK million 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Operating revenue and other income 248 291 335 324 255 EBITDA 40 37 46 65 59 EBIT 31 28 24 51 45 CAPEX 8 12 5 4 3 NCOA 372 356 375 420 410 Net…

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