aqualis.no
Aqualis ASA
FIRST QUARTER RESULTS 2015
Oslo, 28 April 2015
Aqualis ASA FIRST QUARTER RESULTS 2015 Oslo, 28 April 2015 - - PowerPoint PPT Presentation
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
aqualis.no
FIRST QUARTER RESULTS 2015
Oslo, 28 April 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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under development)
growing portfolio of blue-chip clients
* Includes contractors on 100% utilization equivalent basis
0,0 2,0 4,0 6,0 8,0 10,0 12,0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
USDm
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
50 100 150 200 250 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
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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 2.1x
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marine supervisory personnel during operations offshore Kingdom of Saudi Arabia
China to Nigeria
utility company offshore UK
new cable laying barge fitted with a turntable
client
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down / rig up of a modular platform rig from USA to offshore Mexico
been strong offshore Middle East and India and showing business line growth in Asia Pacific, Mexico and west Africa
with new demand building in Caspian region
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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 ABERDEEN
10 2015 2014 2014 (USD '000) Q1 Q1 FY* Total revenues and other income 11,4 4,6 33,3 Operating profit (EBIT) 0,6
Operating profit (EBIT) adjusted** 0,6
Profit after taxes 1,4
Profit after taxes adjusted** 1,4
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
0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % 1 2
equivalents
Cash & cash
USD 20.5m Other current assets – USD 11.1m Non-current assets – USD 19.8m Equity – USD 43.3m Current liabilities – USD 8.1m Non-current liabilities – USD 0.0m
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USDm Q1 2015 Q4 2014
Operating cash flow
0.6 Investing cash flow
Financing cash flow
21.8 21.4 Net FX difference
0.0 Change in cash & cash equiv.
0.4 Cash end of period 20.5 21.8
quarter was negative USD 0.9m
USD 0.1m in the quarter - limited capex (as expected)
2015
negative USD 1.0m
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Market:
developments
support
Micro:
UK to further expand offerings into those markets
business line deliverables from existing offices
aqualis.no
APPENDIX
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Aqualis Offshore Ltd* Offshore Wind Consultants Ltd
Aqualis ASA
(listed entity – OSE: AQUA)
* Tristein AS merged with Aqualis Offshore AS, effective date 1 Jan 2015
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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 / Asker / Kristiansund, Norway)
49%** 100% 100% 100%
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)
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
NOCs / IOCs: Offshore cont. / shipyards: Underwriters / financial inst.:
20 Rig / vessel owners:
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Ferncliff and associated companies: approx. 25% Management and employees: approx. 23%
NAME COUNTRY HOLDING OF SHARES % HELD STRATA MARINE & OFFSHORE AS NORWAY 5 450 973 12,6 % GROSS MANAGEMENT AS NORWAY 2 844 391 6,6 % AQUALIS HOLDCO LIMITED UNITED KINGDOM 2 187 500 5,1 % ARCTIC FUNDS PLC BELGIUM 1 761 972 4,1 % JP MORGAN CLEARING CORP. UNITED STATES 1 678 768 3,9 % FERNCLIFF LISTED DAI AS NORWAY 1 340 963 3,1 % QVT FUND V LP I BELGIUM 1 190 105 2,8 % BINKLEY CAPITAL AS NORWAY 1 133 664 2,6 % AS FERNCLIFF NORWAY 1 093 750 2,5 % DIAB UNITED STATES 814 648 1,9 % T10 INVEST AS NORWAY 791 507 1,8 % AGITO HOLDING AS NORWAY 775 000 1,8 % VERDIPAPIRFONDET DNB SMB NORWAY 745 870 1,7 % SAXO BANK A/S DENMARK 683 196 1,6 % SIX SIS AG SWITZERLAND 669 544 1,6 % LENOX SINGAPORE 653 929 1,5 % AMAN MARINE LIMITED UNITED ARAB EMIRATES 644 599 1,5 % ALSTO CONSULTANCY LTD SEYCHELLES 598 122 1,4 % BONNON UNITED KINGDOM 555 074 1,3 % THEOFANATOS BRAZIL 512 188 1,2 % VALHALL INVEST AS NORWAY 501 408 1,2 % OFFSHORE & MARINE CONSULTING AS NORWAY 500 094 1,2 % 27 127 265 62,8 %
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