aqualis.no
Aqualis ASA
FOURTH QUARTER RESULTS 2014
Oslo, 25 February 2015
Aqualis ASA FOURTH QUARTER RESULTS 2014 Oslo, 25 February 2015 - - PowerPoint PPT Presentation
Aqualis ASA FOURTH QUARTER RESULTS 2014 Oslo, 25 February 2015 aqualis.no Disclaimer This Presentation has been produced by Aqualis ASA (the Company or Aqualis ) solely for use at the presentation to investors and other stake
aqualis.no
FOURTH QUARTER RESULTS 2014
Oslo, 25 February 2015
reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has not been reviewed or registered with any public authority or stock exchange, 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, 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 importance. However, 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, neither the Company nor any of its subsidiary companies or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. 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.
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 its 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.
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.
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.
and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.
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3
market share
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exchange gain of USD 2.1m
bearing debt
* Includes contractors on 100% utilization equivalent basis
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restructuring and listing of USD 1.4m. Adjusted EBIT for FY 2014 is negative USD 0.7m
foreign exchange gain of USD 2.1m. Profit after tax adjusted for costs related to restructuring and listing is USD 1.1m
USDm
Notes: (1) Tristein AS included from May 2014; OWC Ltd from July 2014
50 100 150 200 250 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
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Notes: (1) Numbers include contractors on 100% utilization equivalent basis (2) Tristein AS included from May 2014; OWC Ltd from July 2014
Number of employees 2.5x
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Subsequent events:
compensation of approx. USD 405k was received in January 2015. The fair value of this compensation was recognized in the financial statements in relation to purchase price allocation at the time of acquisition and will consequently have no effect on the consolidated profit and loss in 2015
Norwegian operations. Effective date of the merger is 1 Jan 2015
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covering structural engineering and naval architecture scopes
transportation of modular rigs
European based oil company
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company
based power utility supplier
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2006 - 2013 Nov 2013 – Jul 2014 Aug 2014 ASA ASA ASA
Nov 2013 Apr 2014 Jun 2014 Aug 2014 Aqualis Offshore Holding ASA Listed on Oslo Stock Exchange Listed on Oslo Stock Exchange
Acquisitions: Spin-off:
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Aqualis Offshore Ltd Tristein AS* Offshore Wind Consultants Ltd
Aqualis ASA
(listed entity – OSE: AQUA)
* Tristein AS will be merged with Aqualis Offshore AS with effective date 1 January 2015
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Current locations RIO DE JANEIRO MEXICO CITY HOUSTON OSLO/SANDEFJORD SINGAPORE SHANGHAI DAMMAM DUBAI ABU DHABI MANAMA LONDON Under development QATAR KUALA LUMPUR
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2014 2013 2014 2013
(USD million)
Q4 Q4* FY FY*
Total revenues 10.1 2.2 31.9 2.2 EBIT
EBIT adjusted**
Net profit 1.2 -0.9 -0.3 -0.9 Net profit adjusted** 1.2
1.1
Cash and cash equivalents 21.8 0.8 21.8 0.8 Interest bearing debt
Number of outstanding shares (thousands) 43 191 43 191
* figures for FY 2013 represent historical figures from Weifa ASA’s (former Aqualis ASA) group accounts related to the spin-off of the Aqualis Offshore business. Aqualis Offshore which is now part of Aqualis ASA group was acquired by Weifa ASA in November 2013. Thus, no financial data is shown for the period prior to the acquisition in November 2013. ** adjusted by one-off costs in Aqualis ASA of USD 1.4m in third quarter 2014, relating to corporate restructuring and listing
0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % 1 2
equivalents
Cash & cash
USD 21.8m Other current assets – USD 8.4m Non-current assets – USD 21.3m Equity – USD 44.5m Current liabilities – USD 6.7m Non-current liabilities – USD 0.3m
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USDm Q4 2014 FY 2014
Operating cash flow 0.6 0.4 One-off items*
0.6 1.8 Investing cash flow
1.2 Financing cash flow
Cash beg. of period 21.4 0.8 Change in cash & cash equiv. 0.4 21.0 Cash end of period 21.8 21.8
USD 0.6m. FY 2014 was USD 0.4m; adj. FY 2014* was USD 1.8m
in the quarter - limited capex (as expected). FY 2014 of USD 1.2m affected by acquisition of subsidiaries (net of cash)
2014 was USD 19.4m
10.5m)
0.4m. FY 2014 was USD 21.0m
* USD 1.4m one-off cash outflow during Q3 2014 related to restructuring and listing ** Financial assets representing a part interest in the prepayment in relation to Weifa ASA’s (former Aqualis ASA) acquisition of Weifa AS
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Market:
Micro:
European and west African markets
efficiencies
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market share
aqualis.no
APPENDIX
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**The company is 100% controlled by Aqualis Offshore
Aqualis ASA
* In KSA / Bahrain, Aqualis operates through agency agreement with AET
Aqualis Offshore Inc (Houston, USA) Aqualis Offshore Marine Services LLC (Dubai,UAE) Aqualis Offshore Pte Ltd (Singapore) Aqualis Offshore UK Ltd (London, UK) Aqualis Offshore Serviçõs Ltda (Rio de Janeiro, Brazil) Aqualis Offshore AS (Sandefjord, Norway)
49%** 100% 100% 100% 100%
Tristein AS (Oslo, Norway) Aqualis Offshore Ltd (London, UK)
100% 100%
Aqualis Dammam, KSA*
100% 100% 100%
Offshore Wind Consultants Ltd (London, UK)
100%
Aqualis Offshore S. de R.L. de C.V. (Mexico City, Mexico) Aqualis Offshore Marine Consulting LLC (Abu Dhabi, UAE)
100%
Aqualis Manama, Bahrain*
100% 49%**
Aqualis Offshore Marine Consulting Co., Ltd. (Shanghai, China)
Executive Management Board of Directors
David Wells, CEO Has more than 30 years experience in the offshore sector with particular focus on offshore operations, MWS and marine consultancy. Specialist on jack up operations, location approvals and all aspects of rig moving. More recently involved in senior management duties. Based in London.
Martin Nes (Deputy member) He is CEO and Partner of investment firm Ferncliff TIH AS. Has previously worked several years for the Norwegian law firm Wikborg Rein, both in their Oslo and London offices, and for the shipping law firm Evensen & Co. Mr Nes’ experience is especially within the shipping and offshore industry. Mr Nes joined Ferncliff in March 2008.
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Christian Opsahl, CFO Extensive international finance, investment banking and private equity experience within the global financial markets, together with industrial experience from companies servicing the offshore oil and gas markets. Based in Norway.
Yvonne L. Sandvold She is the Chief Operating Officer of Frognerbygg AS, and has extensive experience from the Norwegian real estate industry. Ms Sandvold currently serves on the Board of several private companies.
Øystein Stray Spetalen He is Chairman and owner of investment firm Ferncliff TIH AS, and an independent
advisor in different investment banks and as a portfolio manager in Gjensidige Forsikring. Synne Syrrist She is an independent business consultant, and has extensive experience as a non- executive director. She has previously worked as a financial analyst at Elcon Securities and First Securities, and currently serves on the Board of several public companies, including Awilco Drilling Ltd and Eidesvik Offshore ASA. Glen Rødland, Chairman Director and co-investor Direct Active Investments in Ferncliff TIH AS. Mr. Rødland has PhD studies in Finance from NHH and UCLA. He has worked within management consulting, portfolio management and investment banking. Mr. Redland's experience is mainly in Energy, Basic Materials and Shipping. Reuben Segal
experience in the offshore and shipping sectors covering both engineering design and ship surveying. He is a naval architect, and has extensive recent global business development experience with focus on design and construction of offshore oil and gas.
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Strengthened position in a growing market space Enhanced services through sharing of knowledge, resources and expertise Stronger foothold in the offshore wind industry Utilisation of the group’s global network
Ticker: AQUA
Project initiation Engineering / design phase Project procurement Construction Hook-up and commissioning Asset management De- commissioning
Marine project / asset life cycle Aqualis Offshore services
Engineering (niche-focus):
Basic / conceptual design / FEED Modifications and upgrades of drilling rigs / FPSOs / FSOs / lift- boats Transportation & installation analysis
Inspection & approvals:
Marine warranty services Mooring analysis Condition and suitability surveys / audits DP inspections and audits Jack-up site assessments
Construction yard supervision:
Site attendance on behalf of owners, shipyards, financial institutions, 3rd parties New-builds + conversions & upgrades Due diligence / compliancy; financial community focus
Marine operations:
Transport and installation services; “moving of offshore assets” Rig moving Float-overs Site attendance & procedure management
Aqualis’ key competencies are conjointly exposed to both offshore opex and capex cycles
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Projects
installation
Services (MWS)
and installation
Offshore operations «Doing» «Observing»
(basic design, upgrade and conversion)
consultancy
surveys
approvals
verifications
Rig / vessel owners: NOCs / IOCs: Offshore cont. / shipyards: Underwriters / financial inst.:
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Ferncliff and associated companies: approx. 24% Management and employees: approx. 23%
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* Figures for 2013 represent historical figures from Weifa ASA’s (former Aqualis ASA) group accounts related to the spin-off of the Aqualis Offshore business. Aqualis Offshore which is now part of Aqualis ASA group was acquired by Weifa ASA in November 2013. Thus, no financial data is shown for the period prior to the acquisition in November 2013
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* Figures for 2013 represent historical figures from Weifa ASA’s (former Aqualis ASA) group accounts related to the spin-off of the Aqualis Offshore business. Aqualis Offshore which is now part of Aqualis ASA group was acquired by Weifa ASA in November 2013. Thus, no financial data is shown for the period prior to the acquisition in November 2013
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* Figures for 2013 represent historical figures from Weifa ASA’s (former Aqualis ASA) group accounts related to the spin-off of the Aqualis Offshore business. Aqualis Offshore which is now part of Aqualis ASA group was acquired by Weifa ASA in November 2013. Thus, no financial data is shown for the period prior to the acquisition in November 2013
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