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FY 2014 Presentation – Sbm Offshore

Sbm Offshore · Feb 4, 2015 · 42 slides

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  1. FY 2014 Presentation – Sbm Offshore – slide 1
    FY 2014 Presentation February 4, 2015 SBM Offshore 2014. All rights reserved. www.sbmoffshore.com
  2. FY 2014 Presentation – Sbm Offshore – slide 2
    FY 2014 in Review 99% IFRS 0.05 Directional(1) Fleet Revenue Revenue Reorganisation LTIFR US3.5 bn Uptime Up 20% US1.0 bn NGoma US1.9 bn Floating Cidade de Revolving FPSO project Ihabela delivered financing Solutions…
  3. FY 2014 Presentation – Sbm Offshore – slide 3
    No.1 FPSO Player Worldwide The Company Lease Fleet 5 Regional Centres 11 FPSOs; 3 FPSOs under construction 13 Shores Bases / Operations Offices 2 FSOs 4 Site Offices 1 Semi-sub 10,215 Employees 1 MOPU Financials in US billion…
  4. FY 2014 Presentation – Sbm Offshore – slide 4
    Delivering the Full Product Lifecycle Engineering Procurement 50 years of industry firsts Integrated supply chain Leading edge technology Global efficiencies Local sourcing Product Life Extension Construction Leader in FPSO…
  5. FY 2014 Presentation – Sbm Offshore – slide 5
    Agenda FY 2014 Review Macro View FY 2014 Financials Outlook 6
  6. FY 2014 Presentation – Sbm Offshore – slide 6
    Total Overview (US millions) Lease & Operate Turnkey Other Revenue Directional(1) IFRS 5,482 4,584 20% 3,373 3,545 5% 4,471 3,648 2,367 2,487 1,006 1,059 935 1,011 FY 2013(2) FY 2014 FY 2013(2) FY 2014 EBIT…
  7. FY 2014 Presentation – Sbm Offshore – slide 7
    Compliance SBM Offshore has reached a US240 million out-of-court settlement agreement with the Dutch Public Prosecutors Office (Openbaar Ministerie) on November 12, 2014 US Department of Justice declined prosecution and has closed…
  8. FY 2014 Presentation – Sbm Offshore – slide 8
    HSSE Results Regrettably, two fatalities occurred in HSSE Results 1H14 Recordable injury and lost time injury 0.6 frequency improved by 45% and 66%, respectively, compared to 2013 0.5 Number of incidents with high potential…
  9. FY 2014 Presentation – Sbm Offshore – slide 9
    Agenda FY 2014 Review Macro View FY 2014 Financials Outlook 10
  10. FY 2014 Presentation – Sbm Offshore – slide 10
    What Were Seeing CapEx Cutbacks in 2015 Enduring Appeal of Deepwater Brent crude price fallen 47% to Three key supply growth buckets US59 from June 30, 2014 to U.S. Shale Oil February 3, 2015 Iraq Capital discipline continues,…
  11. FY 2014 Presentation – Sbm Offshore – slide 11
    What the Market Is Telling Us Historical and Estimated Awards 2015-2016 Commentary 14 2014 final awards down by 2 from 12 previous estimate 12 10 10 10 Downward adjustment of 2015 Estimated 10 Awards by 7 across all segments 8…
  12. FY 2014 Presentation – Sbm Offshore – slide 12
    What Clients Are Saying Investments arent based upon todays Need to price The situation conserve cash is developing Underwriting CapEx will be more cut in 2015 conservatively Were listening and here to collaborate…
  13. FY 2014 Presentation – Sbm Offshore – slide 13
    Sources of Resilience Contractually secured, near record US21.8 billion Backlog Not price or production volume(1) sensitive Released 1,200 positions to optimise cost base Capacity Adaptations As the market further develops,…
  14. FY 2014 Presentation – Sbm Offshore – slide 14
    Directional(1) Backlog (US billions) US 21.8 bn (as of December 31, 2014) Remaining Backlog Lease & Operate Backlog 2.0 1.5 1.0 0.5 0.0 20.6 bn 2016 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025…
  15. FY 2014 Presentation – Sbm Offshore – slide 15
    Agenda FY 2014 Review Macro View FY 2014 Financials Outlook 16
  16. FY 2014 Presentation – Sbm Offshore – slide 16
    Underlying Directional(1) Performance (US millions) Directional(1) Revenue Directional(1) EBITDA Directional(1) EBIT 3,545 157 643 486 236 437 FY 2014 201 Reported Exceptional items Underlying Reported Exceptional items…
  17. FY 2014 Presentation – Sbm Offshore – slide 17
    Turnkey P&L (US millions) Directional(1) FY 2014 FY 2013* Variance Revenue 2,487 2,367 120 Gross Margin 390 435 (45) EBIT 195 288 (93) Depreciation, amortisation and impairment 15 15 EBITDA 210 303 (93) * Restated for…
  18. FY 2014 Presentation – Sbm Offshore – slide 18
    Lease & Operate P&L (US millions) Directional(1) FY 2014 FY 2013* Variance Revenue 1,059 1,006 53 Gross Margin 304 (181) 485 EBIT 274 (204) 478 Depreciation, amortisation and impairment 261 440 (179) EBITDA 535 236 299 *…
  19. FY 2014 Presentation – Sbm Offshore – slide 19
    Group P&L (US millions) Directional(1) FY 2014 FY 2013* Variance Revenue 3,545 3,373 172 Gross Margin 694 254 440 Overheads (307) (218) (89) Other operating income (186) 28 (214) EBIT 201 63 138 Depreciation, amortisation and…
  20. FY 2014 Presentation – Sbm Offshore – slide 20
    Overheads Breakdown (US millions) Directional(1) Expense Bridge 350 39 307 300 50 250 218 200 150 100 50 0 FY 2013 One-off Items Incl. Underlying Variation FY 2014 Improvement Programmes(2) Increase mostly…
  21. FY 2014 Presentation – Sbm Offshore – slide 21
    Group Balance Sheet (US millions) 31-Dec-14 31-Dec-13(1) Variance Comment Additional capex offset by depreciation and Property, plant and equipment 1,923 2,058 (135) reversal of impairment Investments in associates and…
  22. FY 2014 Presentation – Sbm Offshore – slide 22
    Development of Group Cash Position (US millions) IFRS Cash Flow Bridge 4,000 296 (2,336) 101 17 3,500 91 2,178 3,000 2,500 2,000 (878) 1,500 922 1,000 (147) 452 500 208 0 Cash Cash from New Loans Equity…
  23. FY 2014 Presentation – Sbm Offshore – slide 23
    Group Net Debt (US millions) FY14 vs. FY13 Net Debt Summary Comparison 6,000 4,775 5,000 4,000 3,298 3,400 3,000 2,432 2,000 1,000 0 -1,000 FY14 FY14 FY13 FY13 IFRS Proportional IFRS Proportional Bridge Loans…
  24. FY 2014 Presentation – Sbm Offshore – slide 24
    Funding Undrawn Credit Facilities + Cash = US1,987 mn Deep Panuke: US450 mn US Private Placement Cidade de Maric project finance: US1.45 bn Revolving Credit Facility Renewal: US1.0 bn Average cost of debt: FY14 4.2% vs. FY13…
  25. FY 2014 Presentation – Sbm Offshore – slide 25
    New Revolving Credit Facility Overview Key and Historical Characteristics Estimated Awards Covenant Calculations Amount US1.0 billion Tangible Net Worth divided by Total Solvency Tangible Assets 25% Tenor 5 years + two one-year…
  26. FY 2014 Presentation – Sbm Offshore – slide 26
    Agenda FY 2014 Review Macro View FY 2014 Financials Outlook 27
  27. FY 2014 Presentation – Sbm Offshore – slide 27
    Project Overview Project 2011 2012 2013 2014 2015 2016 POC Type(1) 31/12/14 Percentage of Completion FPSO NGoma FPSO…
  28. FY 2014 Presentation – Sbm Offshore – slide 28
    Transformation Programme Project Scope Goals & Investor Returns Focus on step changes in design, execution, project and supply chain management Aim to reduce project costs by at least 5% through improved project, supply chain…
  29. FY 2014 Presentation – Sbm Offshore – slide 29
    Strategic Initiatives Restructuring Reorganisation In light of market conditions and in order From January 2015, Regional Centres will to optimise the cost base, the Company now be dedicated to a specific product announced a…
  30. FY 2014 Presentation – Sbm Offshore – slide 30
    Dividend Policy The Company will not pay a dividend over 2014 The Management Board intends to propose a change to the dividend policy at the Annual General Meeting in April 2015: Based on sufficient positive free cash flow in the…
  31. FY 2014 Presentation – Sbm Offshore – slide 31
    2015 Guidance Directional(1) Revenue guidance: At least US2.2 billion Turnkey: US1.0 billion Lease & Operate: US1.2 billion Proportional Net Debt guidance: Less than US3.5 billion IR - 04/02/2015 (1) Directional view is a…
  32. FY 2014 Presentation – Sbm Offshore – slide 32
    Floating Solutions Current: Focus on top-end segment FPSOs Turret Moorings Turnkey Sale or Lease & Operate Future: Leverage core competencies Floating LNG (FLNG) Semisubmersible & TLP production units IR - 04/02/2015 33
  33. FY 2014 Presentation – Sbm Offshore – slide 33
    Appendix SBM Offshore 2014. All rights reserved. www.sbmoffshore.com
  34. FY 2014 Presentation – Sbm Offshore – slide 34
    Investor Relations Survey Results The Company received feedback from analysts and investors 32 total responses, 20 from analysts Constructive responses, allowing for a quantitative analysis of areas for improvement The results…
  35. FY 2014 Presentation – Sbm Offshore – slide 35
    Competitive Landscape Small Conversions Large Conversions
  36. FY 2014 Presentation – Sbm Offshore – slide 36
    IFRS 10 & 11 JV Accounting IFRS 10 & 11 consolidation standards for joint ventures (JVs) introduced January 1, 2014 Ends proportional accounting of JVs Full consolidation of fully controlled JVs (mostly Brazilian FPSOs) Equity…
  37. FY 2014 Presentation – Sbm Offshore – slide 37
    IFRS 10 & 11 Directional(1) Impact New IFRS 10 & 11 eliminates the revenue SBM generates in the project phase from its JV partners in investees fully consolidated (Brazil) Consequently, Directional(1) reporting from 2014 onwards…
  38. FY 2014 Presentation – Sbm Offshore – slide 38
    IFRS 10 & 11 Lease New Old Joint Ventures Contract SBM Share % New IFRS Old IFRS Directional(1) Directional(1) Type NGoma FPSO FL 50% Proportional Proportional Equity Proportional FPSO Saxi Batuque FL 50% Proportional…
  39. FY 2014 Presentation – Sbm Offshore – slide 39
    Group Loans & Borrowings (US millions) Net Book Value as of December 31, 2014 Proportional Full Amount IFRS (Business Ownership) PROJECT FINANCE FACILITIES DRAWN FPSO Capixaba relocation 90 90 72 FPSO Espirito Santo 105 105…
  40. FY 2014 Presentation – Sbm Offshore – slide 40
    New RCF Covenant Definitions Key Financial Covenant Definition Solvency Ratio Tangible Net Worth(1) divided by Total Tangible Assets(2) 25% Leverage Ratio Consolidated Net Borrowings(3) divided by Adjusted EBITDA(4) < 3.75 At…
  41. FY 2014 Presentation – Sbm Offshore – slide 41
    SBM Lease Fleet Portfolio L&O Portfolio Average Duration: 14.7 years(1) Vessel Name Field Name Client Country 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023…
  42. FY 2014 Presentation – Sbm Offshore – slide 42
    SBM Offshore 2014. All rights reserved. www.sbmoffshore.com SBM Offshore 2014. All rights reserved. www.sbmoffshore.com

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