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First Half FY15 Results Presentation – Miclyn Express Offshore

Miclyn Express Offshore · Mar 1, 2015 · 15 slides

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Slides

  1. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 1
    Miclyn Express Offshore First Half FY15 Results Presentation www.meogroup.com
  2. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 2
    Half Year 2015 Results 1HFY15 Normalised1 Normalised1 USm 2HFY14 Variance 1HFY14 Variance USm USm Revenue 147.3 140.7 5% 124.5 18% Operating EBITDA 48.3 51.9 7% 47.6 1% EBITDA 49.1 53.1 8% 47.9 3% EBIT 31.7 37.0 14% 33.4 5% PATMI…
  3. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 3
    Segment Performance Offshore Support Vessels (OSVs) Segment Highlights 89% utilisation in 1H FY15 1HFY15 2HFY14 Variance 1HFY14 Variance Sovereign 1 deployed in Australia (high cost, high DCR region) marginally reducing the % gross…
  4. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 4
    Segment Performance Crew/Utility Vessels Segment Highlights 1HFY15 2HFY14 Variance 1HFY14 Variance 89% utilisation in 1H FY15 due to new units coming online and older assets earmarked for divestment as part of fleet renewal…
  5. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 5
    Segment Performance Tugs and Barges Segment Highlights 1HFY15 2HFY14 Variance 1HFY14 Variance 60% utilisation in 1 HFY2015 on a reduced segment after divestments in 2HFY2014 Revenue 11.7 17.8 34% 20.9 44% Last towing tug sold in…
  6. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 6
    Segment Performance Express Offshore Solutions Segment Highlights 1HFY15 2HFY14 Variance 1HFY14 Variance Business continues to expand client base and grow earnings Revenue 39.3 21.3 85% 21.2 85% Work on Australian projects to…
  7. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 7
    Segment Performance Non Core Segments Segment Highlights 1HFY15 2HFY14 Variance 1HFY14 Variance Third Party Vessels and Coastal Survey Vessels contribution lower after completion of Australian Revenue projects 4.4 14.7 70% 9.2 52%…
  8. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 8
    Regional Update and Outlook Regional Update 14% 1H FY15 Revenue South East Asia 37% Asia Australia New long term contracts have been secured in Thailand and Brunei, however we have been faced 20% 29% Middle East Inter-regional with…
  9. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 9
    Finance Update Strong cash position, ability to service new debt package and fund growth 1HFY15 FY14 Additional facility taken out with Baiduri bank Net Debt (USm) 429.7 373.8 in Brunei through our JV Net Debt / EBITDA 5.01 3.92 Further…
  10. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 10
    Summary Clear strategy for future growth Solid execution capability Robust contract backlog Ability to weather cyclical downturns Strong balance sheet Financial capacity to fund growth Proven Operational Excellence 9…
  11. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 11
    Appendix 1 Statement of Financial Performance 1HFY15 Adjustments for 1HFY15 1HFY14 USm Variance % (Equity) Equity Accounting (Proportionate) (Proportionate) Revenue 142.9 4.4 147.3 124.5 18% Operating Costs (83.1) 3.5 (79.6) (59.9)…
  12. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 12
    Appendix 2 Segments 1H FY15 1H FY15 Revenue Gross Profit OSVs 62.6 32.6 Crew/Utility Vessels 35.9 19.3 Tugs and Barges 11.7 7.1 Coastal Survey Vessels 0.8 0.2 Third Party Vessels 2.7 0.7 Others 0.9 (0.8) EOS 39.3 8.6 EOS…
  13. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 13
    Appendix 3 Statement of Financial Position As at 31 Dec 2014 Adjustments for As at 31 Dec 2014 As at 30 Jun 2014 (US000) (Equity) Equity Accounting (Proportionate) (Proportionate) Current assets Cash and cash equivalents 21.5 5.7 27.2…
  14. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 14
    Appendix 4 Cash Flow Statement 1HFY15 1HFY14 USm (Equity) (Equity) EBIT 27.1 29.2 Depreciation and amortisation 15.2 13.4 EBITDA 42.3 42.6 Vessel disposal gains (0.8) (0.3) Non-cash and other items 2.5 0.2 Working capital…
  15. First Half FY15 Results Presentation – Miclyn Express Offshore – slide 15
    Appendix 5 Fleet Composition as at 31 December 20141 145 vessels 90 + 11 under 80 construction / 6 to be delivered 70 in 2HFY2015/ 1HFY2016 Number of vessels 60 Barges 50 Tugs 40 3 73 30 2 20 25 38 10 5 4 0 OSV…

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