Fourth quarter 2005 February 28 2006
Disclaimer forward-looking statements This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for ODIM ASA and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the ODIM’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although ODIM ASA believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. ODIM ASA nor any other company within the ODIM Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither ODIM ASA, any other company within the ODIM Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. ODIM ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.
Agenda Part I: Business development and outlook • • • Group highlights Financial highlights Market development Pipeline Outlook and objectives Part II: Business opportunities • In depth: Mooring and deepwater installation
Group highlights in Q 4 Quoted on Oslo Stock Exchange on 18 November 2005 • Strong and profitable growth • 145 per cent growth in revenues to NOK 127. 4 million i Q 4 • 135 per cent growth in EBITDA to NOK 10. 5 million in Q 4 • Strong order inflow • Shareholder value creation • Issue price: NOK 30. 00 • Share price 31 December: NOK 39. 50
Financial highlights in Q 4 • • Substantial growth in both sales and earnings Offshore service vessels constitutes 90 per cent of revenues Relatively strong margins in Marine Mooring and deepwater installation was still an R&D activity in 2005 Revenues per segment Q 4 EBITDA per segment Q 4 *) 140 120 + 145 prosent 114, 5 + 239 prosent 100 80 60 35, 2 40 20 16, 6 12, 9 Q 4 -04 Q 4 -05 0 Marine Offshore service vessels *) Mooring & Deepwater Installation had a negative EBITDA of NOK 3. 3 million
Key figures in 2005 Revenues and EBITDA • Revenues up 115 per cent from 2004 • EBITDA up 237 per cent from 2004 • Strong growth within offshore service vessels due to strong offshore markets • Strong order intake and backlog
Overall market development AUTOMATED HANDLING SYSTEMS 1. Offshore service vessels 2. Marine • High oil price increase oil exploration activity and need for seismic capacity • Focus on evironment and safety in supply • Need for increased number of operational days in subsea 3. Mooring & deepwater installation Fibre ropes as substitutes for steel wire • Focus on homeland security. More and smaller systems • Successful testing in 2005. • Ready for commercial launch in 2006 Strong outlook for all markets
1. Offshore service vessels - Seismic vessel equipment • Very strong market development due to high oil price and seismic activity • Contract with Rieber Shipping for delivery of complete seismic equipment worth NOK 60 million • Contract with the Chinese exploration company BGP for the supply of a complete back-deck handling system for a 3 D seismic vessel worth approximately NOK 40 million. World leading supplier of complete back deck solutions with advanced control systems
1. Offshore service vessels - Supply vessel equipment • Focus on safety and work environment gives opportunities for ODIM’s specialised products • Delivery of the first Safe Anchor Handling System (SAHS) in Q 4 Bulk Hose (ABCS) Odim ABCS • Awarded the first contract for Automated Bulk-hose Connection System (February 2006) • The Hydrakraft acquisition makes it possible to broaden the product portfolio further Safe Anchor Handling System (SAHS)
1. Offshore service vessels - Subsea vessel equipment Technology developed in close cooperation with customers based on a long term relationship First orders for delivery of automated handling systems for remotely-operated vehicles (ROVs) from Geoconsult in Q 3 Contract worth NOK 30 million for three systems awarded in Q 4 Launch and recovery system Additional order from Geoconsult for two additional systems in February 2006 Umbilical and reel system
2. Marine CH-60 flight trials • Several new defense subcontracts awarded with a total contract value of approximately NOK 80 million • Considering additional business opportunities Towed sensor LBVDS handling system A segment with different characteristics than offshore service vessels yet important synergies
3. Mooring & deepwater installation • Successful pilot testing on Ormen Lange earlier in 2005 • Still a R&D activity in Q 4 • A number of discussions going on with industry in quarter • Drilling companies • Deepwater installation companies • Commercial breakthrough after end of reporting period
Pipeline (as of 28 February) • Backlog of 608 million in 2006 • Backlog of 72 million in 2007 • Options for further NOK 300 million in 2007 High activity levels in 2006 and 2007
Outlook Strong newbuilding and upgrading activity in seismic segment Offshore service vessels Integration of Hydrakraft and focus on SAHS and ABCS High activity in subsea installation Mooring & deepwater installation Marine Commercial and technological breakthrough for the CTCU technology. Ready for roll out in 2006 Focus on homeland security
Strategic objectives for 2006 • ODIM will further strengthen the strategic position within current market segment – Integration of Hydrakraft – Organic growth and selective acqusitions in defence • Objective for mooring & deepwater installation: – CTCU to become an industry standard for handling of cable and rope
Deepwater growth opportunities
The CTCU system • • Enables use of fiber rope instead of steel wire Developed in close cooperation with industry Tested successfully on the Ormen Lange field ODIM has the sole right to manufacture and sell the concept CTCU – A joint industry development project
CTCU system advantages • Fiber rope weight is substantial lower than steel wire • • • Enables higher payload Less costly operations Requires gently handling Suitable for large and heavy operations on deep water
CTCU system market potential Mooring Potential applications for CTCU system Installation Reduce the weight onboard the drilling unit Higher payloads and less costly operations Pre-set mooring AHTS Mooring winch MODU A&R system pipelaying An estimated NOK 1 billion market Module inst. construction
Market drivers Deepwater oil and gas production Deepwater output to triple by 2010 Mbpd Deepwater representing main areas of new offshore exploration efforts and production growth § Deepwater oil & gas production is expected to triple by 2010 E § Harsh environment and deepwater areas are a critical component to secure long term energy supply § % of total offshore: 9% 21% Significant growth opportunities within subsea vessels equipment and mooring & deepwater installations Deepwater: >3, 000 ft of water (>1, 500 ft if harsh environment) Source: CERA (July 2005), IFP
The breakthrough – The Subsea 7 deal • • • Subsea 7 will lease an advanced winch system for six months with a subsequent purchase option. Contract worth NOK 18 million ODIM CTCU will be used to handle a number of different units such as subsea manifolds, umbilicals and jumpers. Maximum lifting capacity is about 45 tonnes, and it will operate in water depths down to roughly 2 750 metres. A first stage in the commercialisation of a completely new technology for mooring and deepwater installation
Q&A
Appendix
Profit and loss statement (Figures in NOK million) Q 4 2005 2004 Revenues 127. 4 52. 0 347. 1 162. 1 Operating expenses -116. 8 -47. 6 -311. 4 -151. 5 10. 6 4. 5 35. 7 10. 6 Amortizations and depreciations -0. 8 -0. 6 -2. 4 -2. 7 EBIT 9. 8 3. 9 33. 3 7. 9 Net finance -2. 5 -0. 5 -3. 9 -1. 5 Pretax profit 7. 3 3. 4 29. 4 6. 4 Taxes -1. 3 -0. 9 2. 0 -2. 9 Net result 6. 1 2. 4 31. 4 3. 5 EBITDA
Cash flow statement (Figures in NOK million) 2005 2004 11. 8 -27, 3 Net cash flow from investing activities -23, 0 -0, 6 Net cash flow from financing activities 52, 4 0, 1 Net change in cash 41, 2 -27, 8 9, 6 37, 5 50, 8 9, 6 Net cash flow from operational activities Cash at start of period Cash at end of period
Balance sheet (Figures in NOK million) 31. 12. 05 31. 12. 04 Intangible assets 13. 4 4. 6 Fixed assets 15. 3 10. 1 Financial assets 44. 0 1. 5 164. 5 76. 7 50. 8 9. 6 288. 0 102. 5 133. 6 21. 8 42. 5 39. 7 111. 9 41. 0 288. 0 102. 5 Current assets other than cash / cash equivalents Cash and cash equivalents Total assets Total equity Interest bearing debt Non interest bearing short term debt Total liabilities and equity
Key figures – quarterly development Revenues (NOK million) EBITDA (NOK million) EBIT (NOK million)
Board and management Board of directors § Bjarte Bruheim (Chairman) § Jan Borø § Karl Johan Bakken § Njål Sævik § Ellen Olsen § Janne-Rita Korsfur (employee) § Arve S. Myklebust (employee) Management Jogeir Romerstrand CEO Arild Hatløy CFO Andrew Roy MD ODIM Spectrum Ltd. Allen Queen MD ODIM Houston Inc. Håvard Haanes MD ODIM AS Per Ingeberg MD ODIM Alitec AS
Global market presence Head Office in Hareid, Norway Offices Agents ~ 128 employees China Peterborough, Canada ~ 50 employees India Houston, US ~ 2 employees Brazil
Largest shareholders (as of 24 February 2005) Beholdning Andel AKER INVEST II KS 2 198 550 19, 89 % FOUR SEASONS PRIVATE 1 856 544 16, 79 % HAVILA AS 700 000 6, 33 % BRUHEIM, BJARTE 614 763 5, 56 % NORSK VEKST ASA 553 480 5, 01 % SKANDINAVISKA ENSKILDA (PUBL) OSLOFILIALEN 500 000 4, 52 % SKAGEN VEKST 378 300 3, 42 % ROME AS C/O JOGEIR ROMESTRAND 350 028 3, 17 % SEB ENSKILDA ASA EGENHANDELSKONTO 292 390 2, 64 % STOREBRAND LIVSFORSIKRING P 980, AKSJEFONDET 257 700 2, 33 % RBC DEXIA INVESTOR S S/A LUX-NON-RESIDENT 251 600 2, 28 % MP PENSJON 246 400 2, 23 % GOLDMAN SACHS INTERN EQUITY NONTREATY CUS 210 100 1, 90 % HOLBERG NORGE VERDIPAPIRFONDET V/HOLBERG FONDSFORVA 162 000 1, 47 % TIM A/S 132 000 1, 19 % HAADEM INVEST AS 127 000 1, 15 % ALLIS AS 107 461 0, 97 % HÅNES BIL OG MASKIN 95 000 0, 86 % BØTUN INVEST AS C/O ARILD HATLØY 89 132 0, 81 % RAIFFEISEN ZENTRALBA AKTIENGESELLSCHAFT 88 000 0, 80 % 9 210 448 83, 31 % SUM 20 STØRSTE
Control of OHI AS • ODIM acquired a further 33. 3 per cent of OHI AS, giving full control with an 83. 2 per cent interest • OHI owns a facility at Hjørungavåg which it leases back to ODIM • ODIM will now concentrate on: – long-term development of the Hjørungavåg plant tailored to the needs of a strongly expansive ODIM – liberating capital for future growth through the sale of the property to a third party – improved rental agreement – secure access to cash position in OHI More effective way to create shareholder value than the plan described in prospectus
Скачать презентацию Fourth quarter 2005 February 28 2006 Disclaimer
140b6ab84dcb65019e7db1d8e1f2bc83.ppt