Aqualis ASA FIRST QUARTER RESULTS 2015 Oslo, 28 April 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 holders and may not be 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 indirect ly 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. 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, sometime s identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expression s. 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. 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. 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 for forming your own view of the potential future performa nce 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. 2
Q1 2015 - highlights Total revenues of USD 11.4m (USD 4.6m Q1 2014) EBIT of USD 0.6m (USD -0.5m Q1 2014) Profit after tax of USD 1.4m (USD -0.5m Q1 2014) Order back-log of USD 17.1m end Q1 2015 (USD 8.6m end Q1 2014) Net cash and cash equivalents of USD 20.5m at 31 March 2015 The Company had 222 employees* as of end March 2015 Continued investment in growth and regional expansion (3 new offices under development) Multiple contract awards during the quarter across business lines – growing portfolio of blue-chip clients * Includes contractors on 100% utilization equivalent basis 3
Revenues – quarterly development USDm 12,0 10,0 8,0 6,0 4,0 2,0 0,0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Notes: (1) Tristein AS included from May 2014; OWC Ltd from July 2014 (2) Effective March 2015, reimbursable expenses on projects are recognized in the P&L within revenue and direct costs respectively. For the Q1 amount totaling to USD 382k is recorded in revenue and direct costs in the month of March 2015
Recruitment – quarterly development Number of employees 250 2.1x 200 150 100 50 0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Notes: (1) Numbers include contractors on 100% utilization equivalent basis (2) Tristein AS included from May 2014; OWC Ltd from July 2014 5
Q1 2015 – main new contract wins • A 2-year call out contract from a major offshore contractor for the provision of marine supervisory personnel during operations offshore Kingdom of Saudi Arabia • MWS and consultancy services for project work offshore Tunisia • Project management services to mining company in Indonesia for the replacement of a subsea pipeline • MWS services to logistics operator for the dry transportation of oil barges from China to Nigeria • Provision of offshore geotechnical representation to a major European power utility company offshore UK • Additional consultancy support to a significant German power utility company • Engineering design work from our Norway office to an offshore contractor for a new cable laying barge fitted with a turntable • A basic engineering design contract for a new liftboat for an Asian Pacific based client 6
Q1 2015 – m ain new contract wins (cont’d) • Engineering design services from our Dubai office for a new jack up barge • Project management supervision services contract to an international jack up rig owner associated with the upgrade works on a jack up accommodation unit • Marine Consultancy and MWS to a major operator for the transportation and rig down / rig up of a modular platform rig from USA to offshore Mexico • Site specific structural engineering assessments for deployment of jack up liftboats offshore Arabian Gulf • In Q1 call out contracts relating to: • Jack up rig moving operations to a large Client portfolio of rig owners have been strong offshore Middle East and India and showing business line growth in Asia Pacific, Mexico and west Africa • DP audits and inspections have been strong in Middle east and Asia Pacific with new demand building in Caspian region 7
Global presence – covering all major oil regions OSLO/SANDEFJORD ABERDEEN LONDON SHANGHAI HOUSTON DAMMAM QATAR DUBAI MANAMA MEXICO CITY ABU DHABI KUALA LUMPUR SINGAPORE RIO DE JANEIRO Current locations Under development 8
FINANCIAL HIGHLIGHTS
Q1 2015 – key figures 2015 2014 2014 (USD '000) Q1 Q1 FY* Total revenues and other income 11,4 4,6 33,3 Operating profit (EBIT) 0,6 -0,5 -2,1 Operating profit (EBIT) adjusted** 0,6 -0,5 -0,7 Profit after taxes 1,4 -0,5 -0,3 Profit after taxes adjusted** 1,4 -0,5 1,1 Cash & cash equivalents 20,5 9,9 21,8 Number of outstanding shares (thousands) 43 191 n/a 43 191 * due to change in accounting principles, travel costs are included both in revenues and other operating cost. There is no change in EBIT compared to actual reported in 2014. ** adjusted by one-off costs in Aqualis ASA of 1.4m in third quarter 2014, relating to corporate restructuring and listing 10
Solid financial position (31.03.15) Non-current No interest-bearing debt liabilities – 100 % USD 0.0m Current 90 % liabilities – 84% equity ratio USD 8.1m Non-current 80 % assets – Strong liquidity position: USD 19.8m USD 20.5m in cash and cash 70 % equivalents 60 % Other current 50 % assets – Equity – USD 11.1m USD 43.3m 40 % 30 % Cash & cash 20 % equiv. – USD 20.5m 10 % 0 % 1 2
Recommend
More recommend
