This presentation should be read in conjunction with STX ... · 4Q and FY 2012 Results Presentation...
Transcript of This presentation should be read in conjunction with STX ... · 4Q and FY 2012 Results Presentation...
This presentation should be read in conjunction with STX OSV Holdings Limited’s results for the period ended 31 December 2012 in the SGXNet announcement. Financial figures are presented according to SFRS.
This presentation may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. As these statements and financial information reflect our current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. You are cautioned not to place undue reliance on these forward looking statements, which are based on the Company’s current view of future events.
Disclaimer
26.02.2013 | Page 2
4Q and FY 2012 Results PresentationSTX OSV Holdings Limited
26 February 2013
Revenue of NOK 11 129 million for FY 2012, down 10% from NOK 12 401 million in FY 2011
EBITDA of NOK 1 473 million for FY 2012, down 37% from exceptional NOK 2 355 million in FY 2011
EBITDA margin, representing EBITDA to total operating revenues, of 13.2% forFY 2012, down from exceptional 19.0% in FY 2011
Order intake of NOK 1 272 million in 4Q 2012. Order intake may vary significantly on a quarter-by-quarter basis
48 vessels in the order book as at 31 December 2012, of which 27 of own design
Lower-than-expected new order intake resulting in temporarily lower utilization at some yards
Brazil operations still affecting group performance. Various measures taken to secure delivery of the orderbook in Niterói
Robust subsea support and construction vessel market. Early signs of improvement in the segment for large and ultra-large anchor handlers (AHTS)
Key messages
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Business update4Q 2012
1 PSVFar Solitaire from Langsten (Norway) to Farstad Shipping
2 MRVs (Multi Role Vessels)Skandi Nova from Aukra (Norway) to DOFSkandi Marøy from Brattvaag (Norway) to DOF
Two new vessel contracts secured in 4Q 2012
2 OSCVs for Siem Offshore
Three new contracts secured since theend of the quarter
1 OSCV for Solstad Offshore1 OSCV for Farstad Shipping1 OSCV for DOF Subsea
Vessel deliveries and new contracts – 4Q 2012
Vessel deliveries New contracts
As of 31 December 2012, the Group had 48 vessels in the order book, 27 of which will be of STX OSV’s own design.
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Order book development
2007 2008 2009 2010 2011 2012
2007 2008 2009 2010 2011 2012
Order book at the end of the period (NOK million)1)
New order intake during the period (NOK million)1)
22 389
16 411
4 Vessels5 692 8 Vessels
4 458
17 031
27 Vessels12 555
16 675
28 Vessels11 117
1) Includes firm orders only. Includes variation orders and trading packages
28 Vessels15 461
27 363
15 096
16 Vessels9 501
9M 2012: NOK 8 229million4Q 2012: NOK 1 272 million
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Order book statusOrder book as of 31 Dec. 2012 (# of vessels)
24
14
8
23
22
2
0 10 20 30
2011
2012
2013
2014
2014-168 LPG carriers to be
delivered fromnew yard in Brazil
Del
iver
y ye
ar
Delivery year
Norway / Romania
Brazil Vietnam Total
2014-16
8 Other
8
2014
2 AHTS4 OSCV3 PSV3 Other
1 AHTS 1 PSV
14
2013
3 AHTS10 PSV3 OSCV4 Other
2 ATHS2 PSV 2 PSV 26
2012 15 PSV1 OSCV2 Other
1 AHTS1 PSV
1 AHTS1 PSV 22
delivered
2 carry-over from 2012 deliveredin weeks 1&2
delivered
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Order book by region and vessel typeBy Region
Order book30 Sep. 2012
Deliveries4Q 2012
Order intake4Q 2012
Order book31 Dec. 2012
Norway / Romania 33 3 2 32
Brazil 13 - - 13
Vietnam 3 - - 3
Total 49 3 2 48
By Vessel TypeOrder book
30 Sep. 2012Deliveries
4Q 2012Order intake
4Q 2012Order book
31 Dec. 2012
AHTS 8 - - 8
PSV (incl. MRV) 21 3 - 18
OSCV 5 - 2 7
Other 15 - - 15
Total 49 3 2 48
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NorwayThree vessels successfully delivered during the quarterTemporarily lower utilization levels at some yards
RomaniaInvestments in automation and process and efficiency improvements arebeing implemented with good results
VietnamExcellent project execution but too low activity levels in the fourth quarter
BrazilStill affecting group performance negativelyHigh attention to mitigating the effects of high workload and too high staff turnover, which still pose a risk to productivity and the delivery scheduleVarious measures taken to secure delivery of the order book in Niterói
Operations update
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Most major construction works in placeStart of shipbuilding activities scheduled for summer 2013, in line withprevious estimatesFocus of the project now shifting from shipyard construction towardsestablishing a shipbuilding organization
Status – Brazil new yard (STX OSV Promar)
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Financial highlights4Q 2012
Revenues and margins
9 2918 605
3 1102 524
0
2 000
4 000
6 000
8 000
10 000
12 000
FY 2011 FY 2012
12 40111 129
Revenues (NOK million) EBITDA (NOK million) and EBITDA Margin (%)
1 478
1 186
876
287
0200400600800
1 0001 2001 4001 6001 8002 0002 2002 400
FY 2011 FY 2012
19.0%
13.2%
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(NOK million)4Q ended 31 December
D(%) FY ended 31 December
D(%) 2012 2011 2012 2011
Revenue 2 524 3 110 (19%) 11 129 12 401 (10%)
Materials, subcontract cost and others (1 457) (1 457) 0% (7 154) (7 597) (6%)
Salaries and related costs (567) (608) (7%) (1 953) (1 899) 3%
EBITDA 287 876 (67%) 1 473 2 355 (37%)
EBITDA % 11.4% 28.2% n/m 13.2% 19.0% n/m
Operating profit 210 821 (74%) 1 305 2 207 (41%)
Net financial income / (cost) (18) 11 n/m 18 (4) n/m
Profit before tax 190 828 (77%) 1 323 2 213 (40%)
Profit for the period 111 640 (83%) 889 1 602 (45%)
Statement of income – major items
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3 0352 418
29
19
0
500
1 000
1 500
2 000
2 500
3 000
31 Dec 2011 31 Dec 2012
Restricted Cash Non-restricted Cash
Cash and cash equivalents, and construction loans
(1) Cash and cash equivalents less sum of short-term and long-term interest bearing liabilities, excluding construction financing
Construction Loans (NOK million)
2 379
3 351
0
500
1 000
1 500
2 000
2 500
3 000
3 500
31 Dec 2011 31 Dec 2012
Net Cash (NOK million)1
2 805
1 858
0
500
1 000
1 500
2 000
2 500
3 000
31 Dec 2011 31 Dec 2012
Cash and Cash Equivalents (NOK million)
2 437
3 064
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Major balance sheet items
(NOK million)As at
31 December 2012 31 December 2011
Non-current assets 2 410 1 788
Current assets 10 458 11 019
Total assets 12 868 12 807
Total equity 3 227 3 553
Loans and borrowings and construction loans 3 385 2 407
Trade and other payables and construction work in progress 4 319 4 871
Other current liabilities 1 150 1 536
Long-term loans and borrowings 545 231
Other non-current liabilities 242 209
Total liabilities 9 641 9 254
Total equity and liabilities 12 868 12 807
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Cash flow highlights
(NOK million)4Q ended 31 December FY ended 31 December
2012 2011 2012 2011
Cash flows from operating activities 153 1 203 993 1 210
Cash flows from investing activities (164) (101) (631) (220)
Cash flows from financing activities 108 (10) (956) (506)
Net change in cash and cash equivalents 97 1 092 (594) 484
Cash and cash equivalents excluding restricted cashat the beginning of the financial period 2 332 1 939 3 035 2 551
Effects of currency translation differences (11) 4 (23) 0
Cash and cash equivalents excluding restricted cash at the end of the financial period 2 418 3 035 2 418 3 035
Restricted cash at the end of financial period 19 29 19 29
Cash and cash equivalents at the end of the financial period 2 437 3 064 2 437 3 064
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Earnings per share
Note: Earnings per ordinary share for the financial period attributable to equity holders of the parent. SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.
4Q ended 31 December FY ended 31 December
2012 2011 2012 2011
Earnings for the period (NOK millions) 124 638 902 1 594
Earnings for the period (SGD millions) 27 138 198 346
Weighted average number of shares (millions) 1 180 1 180 1 180 1 180
Earnings per share (NOK) 0.11 0.54 0.76 1.35
Earnings per share (SGD cents) 2.31 11.72 16.78 29.30
Adj. weighted average number of shares (millions) 1 182 1 180 1 182 1 180
Diluted earnings per share (NOK) 0.10 0.54 0.76 1.35
Diluted earnings per share (SGD cents) 2.30 11.72 16.75 29.30
Exchange rates (SGD/NOK) 4.557 4.610 4.557 4.610
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Net asset value per share
Note: Net asset value at the end of the financial period, and at the end of the last financial year, attributable to equity holders of the parent.SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.
As at
31 December 2012 31 December 2011
Net asset value at the end of the period (NOK millions) 3 162 3 510
Net asset value at the end of the period (SGD millions) 694 761
Number of shares (millions) 1 180 1 180
Net asset value per ordinary share (NOK) 2.68 2.97
Net asset value per ordinary share (SGD) 0.59 0.65
Exchange rate (SGD/NOK) 4.557 4.610
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The Company has in September 2012 paid an interim dividend of SGD 13 cents per share attributable to FY 2012, representing a dividend payout ratio of approximately 77.5% of distributable profits for the financial year, calculated based on the unaudited results for the fourth quarter and full year ended31 December 2012
Dividend
26.02.2013 | Page 20
Outlook4Q 2012
Outlook
Market for subsea support and construction vessels continues to be robustAs demonstrated by three OSCV orders secured after the end of the quarter
High-end PSV market still slowEarly signs of improvement in the segment of large and ultra-largeanchor handlers (AHTS)Selected opportunities within the specialized vessels segment
Offshore shipbuilding market in general highly competitive due to lowactivity in other parts of the shipbuilding industryNew competitors attempting to enter the OSV segment
STX OSV well positioned to cater to the increasing demand for advancedand customized projectsOpportunities arising from investments in R&D and new technology
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Q&AQ&A4Q 2012