Private & confidential GTB Invest ASA Creating a ship financing company on the OSE Presentation of Q 4 2010 Results – 17 February 2011
Private & confidential DISCLAIMER This Presentation has been produced by GTB Invest ASA (the “Company” or “GTB”) solely for use in connection with the Q 4 2010 figures and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its board of directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible forming your own view of the potential future performance of the Company’s business. This Presentation speaks as of 17 February 2010. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. 17 February 2011 2
Private & confidential CONTENTS 1. HIGHLIGHTS 2. Q 4 FIGURES 3. TRANSACTIONS 4. COMPANY OVERVIEW 5. MARKET UPDATE 6. Q&A 17 February 2011 3
Private & confidential HIGHLIGHTS } On 17 November 2010 GTB took delivery of YM Portland, a 4, 414 TEU container vessel built in 2003 } In February 2011 GTB entered into MOAs to purchase two 13, 100 TEU container vessels from E. R. Schiffahrt in Hamburg for a total purchase price of USD 310 mill } GTB has sold all the shares in in its wholly owned subsidiary Global Geo Services AS, which holds the PC 2000 library } GTB has terminated a secondary guarantee of approximately USD 7 million entered into in connection with seismic transaction in 2008 } The Board has resolved to call for an extraordinary general meeting to approve change of name to Sin. Oceanic Shipping ASA and business objective } The container market has improved, while the tanker and dry bulk markets have weakened } Q 4 2010 EBITDA for consolidated continued operation in GTB was USD 0. 27 million (USD -6. 0 million same period last year) } Cash position per 31 December 2010 of USD 12. 6 million and interest bearing debt of USD 30. 2 million Change of direction and positioning for growth and expansion in new business areas 17 February 2011 4
Private & confidential CONTENTS 1. HIGHLIGHTS 2. Q 4 FIGURES 3. TRANSACTIONS 4. COMPANY OVERVIEW 5. MARKET UPDATE 6. Q&A 17 February 2011 5
Private & confidential PROFIT & LOSS STATEMENT 17 February 2011 6
Private & confidential BALANCE SHEET 17 February 2011 7
Private & confidential CONTENTS 1. HIGHLIGHTS 2. Q 4 FIGURES 3. TRANSACTIONS 4. COMPANY OVERVIEW 5. MARKET UPDATE 6. Q&A 17 February 2011 8
Private & confidential ACQUISTION OF YM PORTLAND (former MS Amaranta) Key specifications } Built: 2003 } Shipyard: Stocznia Gdynia, Poland } Delivery: 17 November 2010 } Length: 286 m } Beam: 32 m } TEU: 4, 414 } Purchase price: USD 50. 5 million } Employment: Time charter until 2019 } TC party: Yang Ming Lines } Net TC rate: USD 25, 740 per day } Technical management: Peter Doehle Shiffart Vessel acquired at favorable terms yielding solid returns 17 February 2011 9
Private & confidential ACQUISITION OF TWO 13, 100 TEU CONTAINER VESSELS Key specifications } Built: Under construction } Shipyard: Hyundai Heavy Industries, Korea } Delivery: January and February 2012 } Length: 366 m } Beam: 48 m } TEU: 13, 100 } Combined purchase price: USD 310 million } Employment: 15 year time charter } TC party: One of the top five container lines in the world } Net TC rate: USD 59, 672 per day } Technical management: E. R. Schiffahrt Gmb. H & Cie. KG Acquired vessels fit well into GTB’s business model and illustrates GTB’s ability to access high profile transactions 17 February 2011 10
Private & confidential VESSELS SECURED ON LONG TERM CHARTER PARTIES } Acquired assets have secured long term employment - GTB with secured freight income of USD 745 million* } YM Portland on a time charter until 2019 at USD 25, 740 per day (net) - Annual freight income of ~USD 9. 5 million } The Hyundai vessels are secured on 15 year TC contract at USD 59, 672 per day (net) - Annual freight income of ~USD 21. 5 million per vessel (*) Assuming that the purchase options for the Hyundai vessels are not exercised after 12 years 17 February 2011 11
Private & confidential PAYMENT & FINANCING } The two 13, 100 TEU container vessels shall be paid in 4 tranches - 10% shall be paid within 10 working days after closing 2. 5% shall be paid within 31 March 2011 2. 5% shall be paid within 30 October 2011. The remaining 85% of the purchase price is payable upon delivery of the vessels in January and February 2012 The pre-delivery payments are secured by bank guarantees } Pre-delivery payments to be financed from GTB’s largest shareholder - The loans are unsecured, without recourse to GTB - Interest rate at LIBOR + 3 % p. a. , will be aggregated up until maturity of the loans } GTB needs to raise new debt and equity to finance the post-delivery portion of the purchase price for the vessels and to refinance the shareholder loans - Timing of capital raising will depend on the prevailing market conditions, but is contemplated to take place before the delivery of the vessels } HNA has issued a letter of undertaking pursuant to which HNA has committed to assist GTB in financing the post-delivery portion of the purchase price for the vessels 17 February 2011 12
Private & confidential DIVESTMENT OF DATA LIBRARY } GTB divested its data library covering a part of the Iranian continental shelf (the PC 2000 library) - Trade or commercial relationship with Iran or assets/services relating to Iran is under international boycott, and is forecasted to remain so in the foreseeable future - International investors skeptical to Iranian assets - Seismic no longer core strategy of GTB } The sale price is insignificant reflecting the fact that the PC 2000 library has been recorded at no value in the consolidated balance sheet of GTB, and that the library in effect had no value 17 February 2011 13
Private & confidential CONTENTS 1. HIGHLIGHTS 2. Q 4 FIGURES 3. TRANSACTIONS 4. COMPANY OVERVIEW 5. MARKET UPDATE 6. Q&A 17 February 2011 14
Private & confidential GTB INVEST IN BRIEF } GTB is a Norwegian Public Limited Liability Company incorporated under the laws of Norway Organization structure: - GTB Invest is listed on Oslo Stock Exchange with “GTB” as ticker - The Bo. D of GTB has resolved to call for an extraordinary shareholders meeting to approve change of company name to Sin. Oceanic Shipping ASA GTB Invest ASA } GTB aims to create the only ship financing company on the OSE - The Company shall invest in existing tonnage and resale of new building contracts with existing cash flow - Creating above average returns through a combination of attractive deals and leverage - Exploiting opportunities within a variety of segments - Main shareholder with substantial resources and long term strategy to build a sizeable shipping company within the Norwegian maritime cluster Oceanus Shipping AS Sin. Oceanic II AS } Management with significant experience within the shipping industry and capital markets - “Lean and mean” organization primarily consisting of transaction and commercial expertise and some high level support staff, while cost driving operations will be outsourced - Objective to engage in cost efficient ownership, chartering and managing of vessels in the GTB fleet - Technical management is proposed outsourced to highly regarded and well reputable management companies 17 February 2011 15
Private & confidential COMPANY STRATEGY } Investment Strategy - Acquire modern and standard vessels with appreciation potential and charters attached - Flexible investment approach towards segments, however initial focus on container segment as it is still considered the most attractive in terms of asset prices - Identify the segments which at any given time provide the best risk reward ratio and watch out for and to exploit turning points in all markets } Dividend policy - Full dividend payout model within the limits of the Norwegian Public Limited Companies Act - Seek accretive deals at rates that provide a target minimum dividend yield - Future need for funding through issuance of new shares } Financial Strategy - Financial leverage from Chinese and Western banks - Publicly traded stock ensures liquidity and flexibility for investors – more than 3, 400 shareholders 17 February 2011 16
Private & confidential CORPORATE STRUCTURE AND GOVERNANCE } GTB can establish a tax exempt structure by entering the Norwegian Tonnage Tax regime } At present GTB is an ordinary taxed company, but is anticipated to be the holding company for a number of ship owning companies registered inside the tonnage tax regime Corporate Structure: General Shareholder Meeting } Alternative tonnage tax regimes will be evaluated either in combination with the Norwegian regime or as separate alternative structures } GTB has approx. NOK 965 million in tax losses carried forward which has limited value for the tax free shipping business, but may be used in the ordinary tax regime, provided such investments results in superior returns. Board of Directors GTB Invest ASA Vessel SPV } GTB will be managed and operated in accordance with Norwegian corporations law and best practice corporate governance 17 February 2011 17
Private & confidential EXPERIENCED TEAM } Management - Jan Håkon Pettersen – CEO - Garup C. Meidell – Deputy CEO - Morten Steen Martinsen – Technical Director } Board of Directors - Stewart Smith – Chairman Svein Eggen Anne Øian Mari Thjømøe Rebekka Glasser Herlofsen Wen Jiang Liu Liang 17 February 2011 18
Private & confidential CONTENTS 1. HIGHLIGHTS 2. Q 4 FIGURES 3. TRANSACTIONS 4. COMPANY OVERVIEW 5. MARKET UPDATE 6. Q&A 17 February 2011 19
Private & confidential THE CONTAINER MARKET Chinese export trends Recent fleet developments 17 February 2011 Asia & Europe intra-regional demand Market balance (Q 4 2010) Source: Viamar 20
Private & confidential THE CONTAINER MARKET Timecharter forecasts 17 February 2011 Timecharter forecasts Source: Viamar 21
Private & confidential THE TANKER MARKET Opec oil production Net fleet growth (Q 4 2010) 17 February 2011 Large tanker market balance Average earnings modern Source: Viamar 22
Private & confidential THE BULK MARKET World steel production Iron ore imports China Total seaborne trade – met coal 17 February 2011 Source: Viamar 23
Private & confidential THE BULK MARKET CONT. Net fleet growth Dry bulk market balance 17 February 2011 Dry bulk new orders Capesize dayrate forecasts Source: Viamar 24
Private & confidential CONTENTS 1. HIGHLIGHTS 2. Q 4 FIGURES 3. TRANSACTIONS 4. COMPANY OVERVIEW 5. MARKET UPDATE 6. Q&A 17 February 2011 25
Private & confidential Q&A 17 February 2011 26
Private & confidential SHAREHOLDERS PER 14. 02. 2011 Shareholders Shares % Country 1 44 736 000 33. 33 NOR 2 GOLDMAN SACHS INT. – EQUITY 15 951 342 11. 89 GBR 3 INAK 2 AS 6 550 000 4. 88 NOR 4 SVELA EIENDOM AS 3 551 459 2. 65 NOR 5 SKAGEN VEKST 1 790 820 1. 33 NOR 6 VPF NORDEA SMB 1 511 167 1. 13 NOR 7 HAUGNÆSS THOR KRISTIAN 1 200 0. 89 NOR 8 TFR INVEST AS 1 135 000 0. 85 NOR 9 MATSPECIALEN AS 1 100 0. 82 NOR 10 JOHANSEN STIG JARLE 1 035 000 0. 77 NOR 11 HAVTRÅL AS 1 000 0. 75 NOR 12 PETTERSEN JAN HÅKON 1 000 0. 75 NOR 13 RYKKEN ARNE 805 000 0. 60 NOR 14 ANDERSEN LARS OLAV 800 0. 60 NOR 15 MEIDELL CHRISTIAN GARUP 800 0. 60 NOR 16 MIDDELBOE AS 796 919 0. 59 NOR 17 PETTERSEN KÅRE 775 000 0. 58 NOR 18 KROSBY ANETTE 750 000 0. 56 NOR 19 SIX SIS AG 717 496 0. 53 CHE 20 17 February 2011 OCEANUS INTERNATIONAL INVESTMENT MP PENSJON PK 641 075 0. 48 NOR 27
Скачать презентацию Private confidential GTB Invest ASA Creating a
d5e70a689289b987f1e60c05c3ebe2b9.ppt