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Oct 22, 2023 271 likes •733 views

Vlkommen till Rederi AB TransAtlantic rsstmma 2014 1. Val av ordfrande vid stmman 2. Upprttande och godknnande av rstlngd 3. Val av en eller tv justeringsmn 4. Prvning av om stmman blivit behrigen sammankallad

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SLIDE 1

Välkommen till Rederi AB TransAtlantic Årsstämma 2014

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SLIDE 2
  • 1. Val av ordförande vid

stämman

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SLIDE 3
  • 2. Upprättande och

godkännande av röstlängd

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SLIDE 4
  • 3. Val av en eller två

justeringsmän

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SLIDE 5
  • 4. Prövning av om stämman

blivit behörigen sammankallad

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SLIDE 6
  • 5. Godkännande av

föredragningslista

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SLIDE 7
  • 6. Framläggande av:

(a) årsredovisningen och revisionsberättelsen för moderbolaget, samt koncernredovisningen och koncernrevisionsberättelsen. (b) Revisors yttrande huruvida riktlinjerna för ersättning till ledande befattningshavare följts. I anslutning därtill anförande av styrelsens ordförande, verkställande direktören och affärsområdescheferna för Viking Supply Ships och Industrial Shipping.

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SLIDE 8

Tom Ruud

Verkställande direktör och koncernchef

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SLIDE 9

TransAtlantic in Brief

  • Two business areas:
  • Industrial Shipping (IS), HQ Gothenburg
  • Viking Supply Ships (VSS), HQ Copenhagen
  • About 850 employees
  • 48 vessels, 34 within IS and 14 within VSS
  • Listed on the NASDAQ OMX Stockholm,

segment Small Cap

  • 5,255 shareholders (March 31, 2014)
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SLIDE 10

2013 - Highlights

Rederi AB TransAtlantic:

  • Equity issue of SEK 148
  • Further restructuring to establish two

independent businesses

Viking Supply Ships:

  • New agreement with a major oil company
  • Establishment of office in Canada
  • Centralization completed in Copenhagen
  • Raised NOK 185 in additional bond financing

Industrial Shipping:

  • Restructuring, rightsizing of organization, sale of

non core assets, reduction of legal entities

  • Centralization in Gothenburg
  • Outsourced Short Sea Bulk to AtoB@C
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SLIDE 11

Tomas Bergendahl

Finansdirektör

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SLIDE 12

5 Year Summary

Operational profit/loss Group

  • 213
  • 121
  • 272
  • 327
  • 137
  • 400
  • 300
  • 200
  • 100

100 200 300 2009 2010 2011 2012 2013

MSEK

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SLIDE 13

5 Year Summary

Operational profit/loss Viking Supply Ships

  • 25

45

  • 110
  • 119

50

  • 200
  • 150
  • 100
  • 50

50 100 150 2009 2010 2011 2012 2013

MSEK

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SLIDE 14

5 Year Summary

Operational profit/loss Industrial Shipping

  • 140
  • 105
  • 162
  • 208
  • 187
  • 250
  • 200
  • 150
  • 100
  • 50

50 100 150 2009 2010 2011 2012 2013

MSEK

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SLIDE 15

5 Year Summary

Financial position

0% 15% 30% 45% 60% 75% 90% 105% 120% 135% 150% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

2009 2010 2011 2012 2013

Equity ratio (left scale) Net debt ratio (right scale)

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SLIDE 16

5 Year Summary

Change in cash balance

327 637 548 361 381

  • 200
  • 100

100 200 300 400 500 600 700 800 900 2009 2010 2011 2012 2013

MSEK

Cash balance Operating cash flow

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SLIDE 17

Key figures 2013

TransAtlantic Group IS VSS

(MSEK) 2013

2012 2013 2012 2013 2012 Net sales 2 925 3 274 1 787 2 212 1 138 1 062 Operational result

  • 137
  • 327
  • 187
  • 208 50
  • 119

Result before tax

  • 321
  • 356
  • 283
  • 229
  • 38
  • 127

Operating cash flow 144 -94 Cash balance 381 361 Total assets 4 884 5 745 Shareholders equity 1 749 2 105 Equity/asset ratio % 35.8 36.6 Debt equity ratio % 129.7 124.7

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SLIDE 18

Viking Supply Ships

Head of Viking Supply Ships Christian W. Berg

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SLIDE 19

Focus & highlights 2013

  • Completed the cost saving program initiated in 2012.
  • In line with management strategy, VSS secured several

significant term contracts in harsh environment offshore regions at premium rates.

  • Awarded a major consultancy contract with a oil

company for general advise, logistical support and equipment supply for

  • ffshore

work in harsh

  • environments. As a result of this, VSS established

“Services” as a new business segment.

  • After the year end, the loan facilities for Magne Viking &

Brage Viking was refinanced, generating free liquidity of NOK 57 million.

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SLIDE 20

Significant term contracts

  • Tor Viking is fixed to a major oil company for the 2015 season, with options for the 2016

and 2017 seasons. Tor Viking was originally also fixed for the 2014 season, but this has been cancelled due to altered operational schedule from the charterer.

  • Brage Viking, Magne Viking, Loke Viking and Balder Viking are fixed to a major oil

company for operations in a harsh environment offshore region for the 2014 and 2015 seasons, with options for the 2016 and 2017 seasons.

  • VSS also entered into a significant consultancy contract with a major oil company

including general advise, logistical support and equipment supply for offshore work in harsh environments during 2014 and 2015. The contract has an estimated value of USD 50 million. Total value of these new contracts contracts exceed NOK 2,1 billion.

“

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SLIDE 21

NE Greenland

Ice-breaking/seismic support 2012 & 2013, ice-mgt in 2008

Baltic Sea

Seasonal Icebreaking since 2000.

Sea of Okhotsk

Ice-management and supply operations in ice 2012 & 2013

Kara Sea

Ice management 2014-2017

Barents Sea

Eni Norway, all duties 2011-ongoing

Northern Searoute

Passage of the Northern Searoute twice

Canada

Ice berg management Grand Banks Canada for Chevron and Husky Energy (2012 and 2013)

21

Areas of operation

The North Pole

Ice management and core drilling 2004

Alaska

Ice-management and anchorhandling 2010, 2012, 2014-2017

West Greenland

Moved more than 200 ice- bergs during 2010 & 2011

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SLIDE 22

New business segment; Services

VSS has a clear strategy to industrialize our knowledge on ice and ice-management.

“

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SLIDE 23

Contract backlog

  • Strong Management focus on increasing contract

backlog and contract coverage has stabilized cash flow at higher levels.

  • Three significant contracts signed during 2013,

contributing to a significant increase in the contract backlog.

  • Since 1st January 2013 the backlog has increased with

NOK 1.655 million.

  • Current backlog consists of NOK 2.825 million.
  • Of this NOK 1.399 million is firm contracts, while

NOK 1.426 million is for optional periods.

All figures as per 31.3.2014

VSS will continue our focus to increase the contract backlog, both for vessels and services.

“

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SLIDE 24

Contract coverage VSS

Updated per 31.3.2014. *Tor Viking is fixed to a major oil company for the season of 2015, with options for 2016 and 2017.

Fir m cont r act Opt ion

AH TS

Oil major, firm season 2014-2015, opt 2016-2017 SMA stand by Sakhalin Energy, Firm till 1st December 2014 + 4x3 months options Spot Spot Oil major, firm season 2014-2015, opt 2016-2017 Eni Norge, Firm till 29th July 2015 + 2 x 1 yearly options Spot Oil major, firm season 2014-2015, opt 2016-2017 Spot Oil major, firm season 2014-2015, opt 2016-2017 2 0 1 5 2 0 1 4 M ag n e Vikin g Br ag e Vikin g To r Vikin g Bal d er Vikin g Vid ar Vikin g Apr il M a y J une Od in Vikin g Lo ke Vikin g N j o r d Vikin g J a nua r y Febr ua r y D es ember N ovember Okt ober S ept ember Augus t J ul y M a r ch

PSV

Peterson, Firm till 13th April + 2x7d + 10x1 d options Spot BP UK, Firm till 30th April 2014 + 4x1 month options MOG, Firm till 6th April + 2x1 weekly options Enquest, Firm till 1st June + 1 well option est. 40 days Spot J ul y J une M a y Apr il 2 0 1 5 2 0 1 4 M a r ch S BS Cir r u s Fr ig g Vikin g I d u n Vikin g S BS Tempest Fr eya Vikin g S BS Typh o o n D es ember J a nua r y Febr ua r y N ovember Okt ober S ept ember Augus t
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SLIDE 25

Focus 2014

  • Streamlining the company towards harsh environment offshore areas.
  • Evaluate a possible sale of the PSV fleet, aiming to maximize values.
  • Continued strong management focus on term contracts.
  • Further development of the new segment “Services”.
  • Complete the refinancing of the loan facilities maturing in 2015.

“

Expand the company’s business model, and at the same time strengthening the solidity

  • f the company.
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SLIDE 26

Market expectations 2014

  • Stable activity in the North Sea, but E&P spending

currently under pressure due to increased cost level with operators.

  • Several vessels bound for temporary exit from the

North Sea market during the summer season, for projects in the Kara Sea, Pechora Sea and also in the North Sea.

  • Prospects for a good period in the North Sea has

caused the fleet to grow by 10% since end of Q3 2013.

  • Petrobras is negotiating with several North Sea
  • wners and the outcome of this tender will have a

major influence on the North Sea market in 2014.

  • Despite an unstable political situation in Crimea,

we have no signals that this will influence our contracts in the region at the time of writing.

Figure: North Sea AHTS fixtures, 3 weeks moving average

Increased rate levels in late 2013 and beginning of 2014 tempted more owners of bringing vessels to the North Sea.

“

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SLIDE 27

Future market outlook

Figure: Expected number of rigs under contract, based on current orderbooks, and all rigs currently under contract being prolonged. Source: IHS Rigbase.
  • The

increased cost levels experienced among

  • perators are posing a threat against the future E&P

spending growth.

  • Should this continue it will push utilization for older rigs

down, as new units enter the market.

  • Long term prospects still looks promising due to the

need for more wells in order to reduce the production decline.

  • Russian Arctic is expected to be a key driver for harsh

environment offshore operations in the next few years.

  • Increased project activity in regions such as the Kara

Sea, Pechora Sea and Greenland will lead to larger seasonal variations in the North Sea as replacement vessels will possibly remain in the region. An essential challenge going forward will be securing alternative contracts during the winter season.

“

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SLIDE 28

Industrial Shipping

Head of Industrial Shipping Heléne Mellquist

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SLIDE 29
  • Continued tough market conditions due to low export from Finland,

Sweden and EURO-land

  • Continued structural and efficiency measures
  • Recruiting key commercial persons
  • Centralization in Gothenburg of Customer Services

and Operation

  • Closure several regional offices
  • Optimizing line structure
  • Sales of several vessels and return of several TC vessels
  • Sales of a number of non core operations
  • Reduced internal complexity e.g. no of legal entities
  • The commercial operation for Short Sea Bulk vessels was outsourced

to AtoB@C

  • Two tax-lease structures in the UK has been discontinued

Highlights 2013

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SLIDE 30

Restructuring measures Q1 2014

  • The operational loss halved in Q4 compared to last year
  • -33 MSEK (-60 MSEK)
  • But not enough
  • Accelerate the restructuring to stand on its own
  • Closure of door to door and TransPal Line
  • Ring fencing TransAtlantic AB
  • Simplified niche RoRo and Container Feeder company
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SLIDE 31

Focus RoRo & Container Feeder

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SLIDE 32

Commercial focus 2014

  • RoRo 2015
  • Container Feeder
  • Niche out ports
  • Ship Management
  • Preparing for SECA
  • TransAtlantic AB
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SLIDE 33
  • 7. Beslut om:

(a) fastställande av resultaträkningen och balansräkningen för moderbolaget, samt koncernresultaträkningen och koncernbalansräkningen. b) dispositioner beträffande årets resultat enligt den fastställda balansräkningen. c) ansvarsfrihet för styrelseledamöterna och verkställande direktören.

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SLIDE 34
  • 8. Fastställande av antalet

styrelseledamöter och revisorer

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SLIDE 35
  • 9. Fastställande av arvoden

till styrelsen och revisorerna

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SLIDE 36
  • 10. Val av

styrelseledamöter och styrelseordförande

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SLIDE 37
  • 11. Val av revisorer
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SLIDE 38
  • 12. Beslut om

valberedning inför nästa årsstämma.

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SLIDE 39
  • 13. Beslut om riktlinjer för

ersättning till ledande befattningshavare

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SLIDE 40

14.

  • A. Godkännande av

överlåtelse av aktier i koncernbolaget Daugava Shipping Services SIA

  • B. Godkännande av

överlåtelse av aktier i koncernbolaget TransAtlantic Spolka z.o.o.

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SLIDE 41
  • 15. Godkännande av

styrelsens beslut om nyemission av aktier

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SLIDE 42

Företrädesemission om ca 147,9 MSEK

  • Syfte

– Ytterligare omstrukturering av Industrial Shipping i syfte att skapa två oberoende verksamheter inom koncernen

  • Villkor

– En (1) A/B-aktie ger en (1) teckningsrätt av serie A/B – Fem (5) teckningsrätter av serie A/B ger en (1) ny A/B- aktie – Teckningskurs: 5,00 kronor per ny aktie

  • 100% garanterad emission

– Teckningsåtagande (pro-rata): 65,2 % (Viking Invest AS

  • ch Kistefos AS)

– Emissionsgaranti: 34,8 % (Viking Invest AS och Kistefos AS) – Garantikommission cirka 800 kSEK

  • Beslut om nyemission

– Enkel majoritet (> 50 %)

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SLIDE 43
  • Sista dag för handel med aktien för

deltagande: 2 maj

  • Prospekt beräknas offentliggöras: 5 maj
  • Avstämningsdag för deltagande i

nyemission: 7 maj

  • Handel med teckningsrätter: 9-22 maj
  • Teckningsperiod: 9-27 maj

Tidplan nyemission

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SLIDE 44
  • 16. Stämmans avslutande
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SLIDE 45

Tack så mycket!