Presentation of By CEO Christian Krefting christian. krefting@stromme. com www. stromme. com Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 1
Agenda 1. 2. 3. 4. 5. Overview, Objectives and Strategy Supply & Logistics Maritime Equipment Financial Information Share Information Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 2
1. Overview, Objectives and Strategy Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 3
Company development Gradual international expansion -Acquisitions UK, Singapore, Holland - Gradual build up marine equipment portfolio Strømme established in Norway Further international expansion -Intro own label marine products -Purchase of NME Listing OSE 2001 1971 1980 2005 Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 4
Corporate Objectives • To be a competitive, leading supplier of marine products within profitable global niches • Increase revenue stability – Q-by-Q/ Over business cycles • Increase profitability • Improve market penetration • To be the preferred partner for our customers Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 5
Strategy • Increase revenues through organic growth and acquisitions • Increase sales of own label products • Restructure the supply chain • Key account focus on core customer base • Utilize synergies between business areas • Take active part in expected industry restructuring Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 6
Business Areas Maritime Equipment • Niche products • Smaller volumes • Higher margins Supply and Logistics • Bulk products • Large volumes • Low margins Synergies: • Customer portfolio • Offices and locations • Maritime know how • Logistics Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 7
Global presence Office/agent Future locations Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 8
2. Supply & Logistics Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 9
Characteristics • • • Global customers - professional shipping companies Tough competition Logistics critical factor Local presence in major harbours Low volatility – necessity products Bulk products – large volumes – – – Deck and engine stores Provisions Bonded stores Warehousing Logistics • Forwarding/ Logistics services Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 10
Competition Supply & Logistics Company Spareparts Marine/ Offshore Supplies Logitics/ Fix-it x x x x Strømme Global x Unitor Global x Scaar Niemayer Germany x O. Wrist Global Fuji Global Klevenberg Rotterdam x x Sinwa Far East x x Maas Rotterdam/ Dubai x x x Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 11
3. Maritime Equipment Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 12
Characteristics • Customers: Shipping companies, ship yards, cruise, offshore • Volatility varies by customer segment – New building: Cyclical – Shipping companies’ renewals: Medium cyclicality – Offshore: Low to medium cyclicality • Distribution and market penetration critical Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 13
The Products • Improved margins through increasing share of own label products – – – Fire, Rescue, Safety products (FRS) Life-/rescue boats, cranes and fenders Maintenance equipment Marine compressors Cargohold and cleaning equipment Private Labels: • Extensive in-house technical know • All production outsourced to professional partners – A. o. in China, Germany, and Holland Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 14
Competition Company Fire, Rescue, Safety (incl. lifeboats) Strømme x Unitor x Drew x Norsafe x Chemicals x TTS x Refrig. / Gases x Scat Harding Deck Equipm. / Repair/ Cranes Mainten. x (x) x x x Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 15
Estimated turnover TMNOK – main competitors Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 16
4. Financial Information Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 17
Key Figures (NOK 1000) 2004 2003 2002 331 283 321 029 286 907 569 6 925 5 105 EBIT -4951 4 152 -3 025 Profit before taxes -6869 1 447 -5 345 Total operating income EBITDA * Approx. 70/30 split between Supply & Logistics and Marine Equipment Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 18
Turnover by region Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 19
Sales Q-on-Q NOKm Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 20
Operating profit (EBITDA) Q-on-Q Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 21
Capital Employment Strømme Unitor 2004 2003 333 321 2 230 2 159 Inventories 2, 6 % 21, 1 % 19, 5 % Accounts receivables 19, 3 % 19, 0 % 18, 3 % Revenues (mnok) In % of Revenues: Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 22
5. Share Information Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 23
Owner structure per May 05 Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 24
STR share price 10/5 -01 – td. Volume Price Marine Products & Services Norway | Netherlands | UK | Poland | Singapore | Spain | France | Germany | Denmark | USA | Hong Kong 25
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