Capital Drilling Limited
- Corporate Presentation
- November 2015
Capital Drilling Limited Corporate Presentation November 2015 - - PowerPoint PPT Presentation
Capital Drilling Limited Corporate Presentation November 2015 Disclaimer IMPORTANT NOTICE This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or
IMPORTANT NOTICE
“Company”), nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.
completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its members, directors, officers or employees nor any
Prospectus Directive (Directive 2003/71/EC) (“Qualified Investors”). In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and Qualified Investors falling within Article 49(2)(a) to (d) of the Order, and (ii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this document relates is available only to (i) in the United Kingdom, relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, Qualified Investors, and will be engaged in only with such persons.
America, its territories or possessions. Neither this document nor any copy of it may be taken or transmitted into Australia, Canada, Japan or the Republic of South Africa or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian, Japanese or South African securities law. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and
Japan or the Republic of South Africa, and may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act) unless they are registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and, subject to certain exceptions, may not be offered or sold within Canada, Australia, Japan or the Republic of South Africa or to any national, resident or citizen of Canada, Australia, Japan or the Republic of South Africa. No public offer of securities in the Company is being made in the United States, Canada, Australia, Japan or the Republic of South Africa.
about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described
place undue reliance on forward-looking statements, which speak only as of the date of this document.
(as defined above); (ii) you have read and agree to comply with the contents of this notice; and (iii) you will use the information in this document solely for evaluating your possible interest in the Company and for no other purpose.
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200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2,000 4,000 6,000 8,000 10,000 12,000 Gold - US$/oz Copper - US$/tonne Copper Spot Gold Spot
GOLD AND COPPER SPOT RATES1 REVENUE vs UTILISATION MACRO PRESSURES REMAIN
improvement on prior years
constrained CAPEX
»
Drilling rates continue to be under pressure
SIGNS OF STABILISATION, DESPITE THE HEADWINDS
drilling the weakest segments
solid base to Group revenue, representing c70% of total revenue
contract wins
1. Source: Bloomberg (as at 11 November 2015) 40.92 38.91 38.34 34.35 21.73 21.85 26.12 27.68 23.63 21.41 19.12 19.83 20.85 80% 76% 66% 62% 46% 46% 44% 45% 44% 38% 33% 34% 34% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 5 10 15 20 25 30 35 40 45 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Utilisation Revenue - US$ million
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US$m
GROSS PROFIT AND MARGINS
41.1% 32.6% 32.6% 38.6% 36.3% 33.3% 35.2% 31.4% 28.1% 23.3% 34.5% 32.0% 34.5% 0% 10% 20% 30% 40% 50% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 H1 09 H2 09 H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 H1 15 GP (USDm) GP (%) Avg Margin
OPERATING CASH FLOW / FREE CASH FLOW
(20) (15) (10) (5) 5 10 15 20 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Cash Generated from Operations Free Cash Flow
0% 2% 4% 6%
$0 $2 $4 $6 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Millions Net Cash (Net Debt) Net Cash (Net Debt) %
NET CASH (NET DEBT)
revenue
chain and travel
and monitoring at the project level
90 rigs and $23 million in inventory
reflected in positive Group cash flow
environment
balance sheet
»
Repaid $8 million of the Company’s debt facility in the September quarter
»
Paid a maiden dividend in May 2015 of US1.9cps (US$2.5 million)
»
Paid a H1 2015 dividend in October 2015 of US1.1cps (US$1.5 million)
IMPROVE THE BUSINESS
Managing Costs
margins maintained Improve Operating Performance
STRENGTHEN THE BALANCE SHEET
Capex Discipline
H1 Release Working Capital
management
DELIVER GROWTH
New Management Team
CFO Continuous Improvement
cash reserves
fleet, ready for deployment
work
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Streamlined site personnel to operations only, with support functions engineered out
»
High standard “fit for purpose” equipment
»
Mobilise sufficient capability to sustain campaign
»
Enhanced capability at site – Financial, Safety and Inventory
»
Key stakeholders engaged in the tendering process
»
Detailed planning prior to mobilisation
»
Project managed approach across mobilisation, start up &
»
Specialists deployed at start up where required & extracted when operating at “steady state”
»
Client agreed KPI’s & Senior Management Performance reviews
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“Lessons Learnt” at completion of campaign
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High performance rigs, support equipment and full contingency
»
Capital Drilling trained Zambian crews accompanied rig
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New country start up & registration
»
Detailed start up planning
»
Project Managed execution of mobilisation and drilling
»
Support Specialist in country for first 4 weeks of start up
»
5 weeks duration from contract sign up to commencement of drilling
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Exceeded incumbent drillers performance in first month
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Replaced Zambians crews with local crews when steady state achieved
»
Ongoing Management Performance reviews held quarterly represented by Senior Management
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Ongoing continued improvement of drilling performance
»
Displaced 3 incumbent drilling contractors
»
Initial 3 month contract turned into 2 years SUBSEQUENT CONTRACT WINS: »
IMX Resources
»
Magnis Resources
»
BHP Billiton Peru
»
Liontown Resources
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Drilling, along with Capital’s senior management team
»
Rig availabilities
»
Mechanical availabilities
»
Drilling performance
»
HSE performance
»
Down time
improvement process for HSE & Operational performance
Quarterly Performance Reviews on major projects Mechanical Availability
Toolbox/Safety meeting 21% Weather 2% Waiting for equipment/consumables 5% Waiting for fuel/refueling 1% Waiting for water/refilling 13% Decision/Drill Pads/Areas/Mark Up/Access 5% Travel / Waiting for people 38% Down Hole Issues 15%
Utilisation Standby Hours
100% 99% 99% 98% 96% 97% 100% 99% 99% 99% 98% 98% 60% 80% 100% Rig 96 Rig 97 Total Rig 96 Rig 97 Total Rig 96 Rig 97 Total Rig 96 Rig 97 Total Apr-15 May-15 Jun-15 Q2 KPI 83% 87% 85% 96% 95% 95% 90% 92% 91% 91% 92% 91% 60% 80% 100% Rig 96 Rig 97 Total Rig 96 Rig 97 Total Rig 96 Rig 97 Total Rig 96 Rig 97 Total Apr-15 May-15 Jun-15 Q2 KPI
TANZANIA
» Commenced operations in 2006 » Blast hole, grade control, exploration, delineation and underground drilling » Contract renewed in 2015 and runs to 2020
MAURITANIA
» Commenced operations in 2010 » Exploration & delineation drilling » Contract renewed in 2015 and runs to December 2016
BOTSWANA
» Commenced operations in 2015 » Exploration & delineation drilling » Contract renewed in 2015 and runs to December 2016
EGYPT
» Commenced operations in 2005 » Blast hole, grade control & delineation drilling » Contract renewed in 2015 and runs to 2020
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» Africa » Strategic clients in other emerging economies
» Focus on multi-year blast hole and grade contracts and projects with expansion opportunities
delineation opportunities, through the lean model approach
development
cash generation
dividends
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Revenue KPIs H1 2015 Reported H1 2015 Underlying H1 2014 Change % FY 2014 Average Fleet Size 97 97 95 2.1 96 Fleet Utilisation (%) 34 34 45 (24.4) 43 ARPOR ($) 189,000 189,000 193,000 (2.1) 188,000 Reported Earning H1 2015 Reported H1 2015 Underlying H1 2014 Change % FY 2014 Revenue ($m) 39.0 39.0 53.8 (27.5) 98.8 EBITDA ($m) 7.9 8.8 12.5 (36.8) 20.4 EBIT ($m) 0.6 1.5 4.0 (85.0) 3.9 NPAT ($m) (3.2) (0.6) 1.8 (277.8) (0.6) Basic EPS (cents) (2.4) (0.4) 1.3 284.6 (0.4) Diluted EPS (cents) (2.4) (0.4) 1.3 284.6 (0.4) Gross Profit (%) 34.5 34.5 34.5 0.0 33.4 EBITDA (%) 20.3 22.5 23.3 (12.9) 20.7 EBIT (%) 1.5 3.8 7.5 (80.0) 4.0 NPAT (%) (8.2) (1.5) 3.3 (384.5) (0.6)
» Soft utilisation driven by continued weak sector demand » Robust ARPOR reflecting continued operational improvements
» Underlying EBITDA down 29.6% to $8.8m
» Underlying EBIT down 62.5% to $1.5m
» Underlying diluted EPS down to (0.4 cps)
($1.3m) and Zambia ($1.2m): totalling $2.5m
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Drilling’s history
conclusion in Zambia; have since remained flat over 2015
Utilisation (%)
seasonal impact
improvements continuing to drive the solid performance
ARPOR (US$’000 per month)
‘000
(AngloGold Ashanti, Tanzania)
Fleet Growth Revenue (US$m)
delineation drilling
11 19 25 49 60 74 85 93 95 96 10 20 30 40 50 60 70 80 90 100 Jan'06 Jan'07 Jan'08 Jan'09 Jan'10 Jan'11 Jan'12 Jan'13 Jan'14 Jan'15 29.7 29.4 28.7 46.3 59.5 71.0 79.1 79.8 72.7 43.6 53.8 45.0 39.0 10 20 30 40 50 60 70 80 1H 09 2H 09 1H 10 2H 10 1H 11 2H 11 1H 12 2H 12 1H 13 2H 13 1H 14 2H 14 1H 15
186 209 188 184 198 186 165 163 187 198 179 189 191 189 192
150 160 170 180 190 200 210 220 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15
74% 80% 76% 66% 62% 46% 45% 38% 33% 34%
20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15
US$m US$m
GROSS PROFIT AND MARGINS EBITDA AND MARGINS
lower revenue
»
Reflects continued focus on cost management
»
H1 2015 underlying EBITDA margin of 22.5%
demand
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41.1% 32.6% 32.6% 38.6% 36.3% 33.3% 35.2% 31.4% 28.1% 23.3% 34.5% 32.0% 34.5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 H1 09 H2 09 H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 H1 15 GP (USDm) GP (%) Avg Margin 28.2% 18.8% 25.0% 27.3% 27.5% 24.9% 26.5% 20.2% 18.5% 8.1% 23.3% 17.2% 20.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.0 5.0 10.0 15.0 20.0 25.0 H1 09 H2 09 H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 H1 15 EBITDA (USDm) EBITDA (%) Avg Margin
($6.5m H2 2014)
in H2 2015
around key stock items
COST MANAGEMENT
Cash Flow 1H 2015 $m 1H 2014 $m
EBITDA 7.9 12.5 Non-cash expenses 0.2 0.2 Operating profit before working capital changes 8.1 12.6 Working capital changes 2.2 (0.6) Cash generated from operations 10.3 12.0 Finance charges and tax payments (0.7) (1.2) Net cash generated from operating activities 9.6 10.8 Investing Activities Net cash used in investing activities (4.3) (10.7) Financing Activities Decrease in Loans (2.0) (1.1) Dividend paid (2.6)
(4.6) (1.1) Net increase (decrease) in cash 0.7 (0.9) Closing cash balance 15.2 11.4
comparable period, an improvement of 18%
inventory reduction
reduction & interim dividend
cash generation & working capital release
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OPERATING CASH FLOW / FREE CASH FLOW
(20) (15) (10) (5) 5 10 15 20 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Cash Generated from Operations Free Cash Flow
H1 2015 NET DEBT MOVEMENTS
(0.36) 2.18 (2.0)
4.0 6.0 8.0 10.0 12.0 Opening net debt EBITDA Working capital Capex Dividends paid Others Closing net cash
CAPITAL EXPENDITURE
US$m
rig for the Geita Mine in Tanznaia (AngloGold Ashanti)
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1.0 6.2 12.4 15.9 2.6 10.7 3.4 7.4 12.7 14.3 14.1 1.7 2.9
10.0 15.0 20.0 25.0 30.0 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 H1 2015 H1 Capex H2 Capex
Rig 70
RIG REBUILDS
Rig 67
Before After Before After
Balance Sheet 1H 2015 1H 2014 Change $m $m % Cash and cash equivalents 15.2 11.4 33.3 Investment 0.9
14.5 27.4 (47.1) Inventory 21.8 23.2 (6.0) Property, plant and equipment 52.7 62.1 (15.1) Taxation 1.4 2.0 (30.0) Total Assets 106.5 126.1 (15.5) Payables 6.3 12.2 (48.4) Borrowings 13.1 20.3 (35.5) Taxation 2.0 0.3 566.7 Total Liabilities 21.4 32.8 (34.8) Shareholder Equity 85.1 93.3 (8.8) Net Asset Value per share (cents) 63.2 69.3 (8.8) Net Cash (Debt) ($m) 2.2 (8.9) (124.7) Gearing (Net Debt to Equity in %) 0.0 9.5 (100.0) Return on Total Assets (%) 0.4 (0.7) (157.1) Return on Invested Capital (%) (1.1) (0.9) 22.2
GROSS DEBT vs NET DEBT/CASH TO EQUITY (%)
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Net Debt to Equity decreased from 9.5% in June 2014 to net cash to equity of 2.6%
»
Net cash at June 30 2015 of $2.1mn
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H1 2015 rig utilisation 34% (H1 2014: 45%)
($47m to $30m) & extending the tenure to January 2018
gearing with continued debt repayments in H2
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0% 10% 20% 30% 40% 50%
10 20 30 40 50 H1 09 H2 09 H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 H1 15 Total Debt Net debt/cash to Equity (%)
Strong balance sheet Investment Return excess to Shareholders through dividends
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» When determining the amount to be paid the Board will take into consideration the underlying profitability of the Company … and aim to approve an annual dividend within the range of 25-50% of the Company’s free cash flow (being operating cash flow less capital expenditure)”
dividend.
remain committed to a strong balance sheet
DIVIDEND TIMETABLE
August 25, 2015 H1 2015 Results release & dividend declaration September 3, 2015 Ex-dividend date September 4, 2015 Record date October 9, 2015 Payment date
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Company Overview
»
Market
»
Corporate
»
Glossary
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» Improved Environment reporting » Improved Hazard ID reporting
» Introduced Safety Risk Leadership Walks supporting employees to identify job hazards that can lead to significant injury or illness » Revised Golden Rules ,TAKE 5, HAZARD ID and Vehicle Pre-start programs rolled out » Introduction of safety Icon to improve engagement on safety and make it fun – Mr and Mrs Competent Drill.
Committed to ZERO Harm
» Tanzania (Geita Project) achieved 8 years LTI free » Mauritania (Tasiast Project) achieved 4 years LTI free
» Property damage: Down from 50 to 28 » MTI reduced from 3 to 1
KPI Milestone Improvements
QUALITY CLIENTS DEVELOPMENT & PRODUCTION FOCUS QUALITY ASSETS
» Exposure to major and mid tier mining houses with strong balance sheets, quality
assets and positive cash flows
» Majors contributed 50% of H1 2015 revenue » Targeting low cost producers , long life assets and expansion opportunities » Working on top tier gold and copper assets including Tasiast (Kinross), Sukari
(Centamin), Geita (AngloGold Ashanti), North Mara (Acacia)
» History of increasing service offering as mines develop (development, grade
control, blast hole, underground)
» Continued high exposure to development (brownfield) and production drilling,
contributing 95% of H1 2015 revenue
» Provides higher relative stability and visibility to revenues as drilling activities
supported by producing asset cash flows
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2008 2009 2010 2011 2012 2013 2014 H1 2015 52% 53% 33% 63% 73% 58% 57% 50% 35% 41% 53% 30% 23% 39% 41% 40% 13% 6% 14% 7% 4% 3% 2% 10% Majors Mid-Tiers Juniors 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2008 2009 2010 2011 2012 2013 2014 H1 2015 6% 33% 33% 22% 23% 39% 57% 76% 70% 54% 51% 66% 64% 56% 38% 19% 24% 13% 14% 7% 7% 3% 5% 5% 2% 5% 6% 2% Production Brownfields Greenfields Energy
SERBIA » Dundee MOZAMBIQUE » Boabab » Riversdale » Rio ERITREA » Andiamo » Chalice Gold » Sunridge DRC » Anvil » Tiger ETHIOPIA » BHP » Ethiopia Potash PAKISTAN » Antofagasta » Barrick Gold ARMENIA » Lydian
MAURITANIA
» Redblack » Knight Piesold
EGYPT
» Gippsland » Thani Dubai (AngloGold Ashanti)
Current Operations H1 2015 Regional Offices Previous Registered Offices & Operations
BOTSWANA PERU
GHANA » Kinross PNG & SOLOMONS » Allied Gold » Barrick Gold » Oil Search » St Barbara ZAMBIA » Albidon » Barrick Gold » Equinox » First Quantum » MMG » Omega CHILE » Antofasgasta » BHP » CMP » Glencore » MMG » Polar Star
TANZANIA
» Barrick Gold » Cradle » Glencore » Mantra » MMG » Rift Valley
*Source – Dealogic 1. Source: Bloomberg (as at 11 November 2015)
GOLD1 COPPER1
US$bn
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1.3 4.2 8.2 9.5 13.9 15.3 28.7 47.9 44.0 52.8 47.2 42.1 20.4 16.9 17.9 15.1 0.0 10.0 20.0 30.0 40.0 50.0 60.0 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 H1 15
400 800 1,200 1,600 2,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 US$/oz Gold Spot 12-Month Trailing 2,000 4,000 6,000 8,000 10,000 12,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 US$/tonne Copper Spot 12-Month Trailing
GLOBAL MINING EQUITY CAPITAL MARKETS
»
25 years experience in the mining industry in Africa and Australia
»
Co-founder of Capital Drilling
»
Previous experience includes 6 years as
manager for Stanley Mining Services Tanzania (Layne Christensen)
Brian Rudd Business Development
»
Over 40 years experience in the natural resources sector
»
Ex President/CEO of Adastra
»
Ex Merrill Lynch Global Co- head of Mining Investment Banking
»
NED for several AIM/ASX/TSX mineral companies
Tim Read Senior NED
Audit Chair » 30 years experience in mining » 16 years at Barrick Gold; Executive VP of Exploration and Corporate Development » Ex NED for Highland Gold, now Namakwa Diamonds & NED of Yamana Gold
Alex Davidson NED
HSE Chair » 15 years experience co- founding numerous development companies, with a focus on the resources, oil and gas, mining services and agribusiness sectors » Previously Executive Chairman and co-founder of Mirabela Nickel Ltd (ASX 200)
Craig Burton NED
REMCO Chair
EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTORS CHIEF EXECUTIVE OFFICER
»
Over 35 years experience in Mining and the oil & gas industry
»
Previous executive positions in BHPB, Imdex Limited and Halliburton Energy Services.
»
Extensive international experience
Mark Parsons CEO
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»
Over 15 years experience in finance industry
»
Co-founder of Capital Drilling
»
Previously Executive Director and Head of Asian Equity Syndication and Corporate Broking at Macquarie Bank (HK) and prior to which he was a director at ABN AMRO (HK)
Jamie Boyton Chairman
CHAIRMAN
CAPITAL STRUCTURE
Fully paid ordinary shares 134,603,681 Share price (as at 30 June 2015) USD0.45 Market capitalisation (undiluted) ^ USD 60.31m Cash (as at 30 June 2015) USD 15.20m Debt (as at 30 June 2015) *includes bank borrowings & O/D USD 13.07m Enterprise Value USD 58.18m
Founding Shareholders 70% Free float 30%
^ Share options and unvested share grants issued 5.47m
SHAREHOLDING BLOCKS DIRECTORS AND SENIOR MANAGEMENT
Jamie Boyton Chairman Mark Parsons Chief Executive Officer Brian Rudd Executive Director Alex Davidson Non-Executive Director Craig Burton Non-Executive Director Tim Read Non-Executive Director David Payne Chief Operating Officer Jaco Brümmer Chief Financial Officer Tony Woolfe Group Asset Manager Graham Almond Group Manager, HR & Risk Jodie North Group Manager, Production Drilling
NET ASSET VALUE PER SHARE vs SHARE PRICE
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0.55 0.52 0.52 0.59 0.66 0.69 0.71 0.68 0.69 0.67 0.63
0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 H1 15 NAV per share Share Price in USD
ARPOR Average Revenue Per Operating Rig Capital Expenditure Cash used on acquisition of property plant and equipment less proceeds on disposals of property plant and equipment EBIT Earnings Before Interest and Taxes/Profit from operations EBITDA Earnings Before Interest, Taxes, Depreciation/Profit from
EPS Earnings Per Share Enterprise value Market capitalisation + Debt - Cash Free Cash Flow Operating cash flow (as defined above) less capital expenditure Group, Company Capital drilling and its subsidiaries KPI Key Performance Indicator HSE Health, Safety & Environmental LTI Loss Time Injury LTM Last Twelve Months Operating Cash flow Profit or loss after tax adjusted for non-cash items +/- the net change in working capital Operating Cash flow Margin Cash generated from operations / Sales MTI Medical Treatment Injury Net Debt Short Term and Long Term Debt including Bank Overdraft less Cash and Cash Equivalents NPAT Net Profit After Tax/Profit for the period (Headline) Revenue Average fleet size x Utilisation x ARPOR Return on capital employed (ROCE) LTM EBIT / (Average total assets – Average current liabilities) Return on Invested Capital (ROIC) LTM NOPAT / Average invested capital Return on Total Assets (ROTA) LTM EBIT / Average total assets Total assets Current assets plus non-current assets
The following words used in the presentation have the following meaning:
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CAPITAL DRILLING LIMITED
Jamie Boyton
Chairman jamie.boyton@capdrill.com
Mark Parsons
Chief Executive Officer mark.parsons@capdrill.com
Mauritius
9th Floor, The CORE Ébène CyberCity Mauritius Telephone: +230-464 3250 www.capdrill.com
UK BROKER DETAILS
GMP Securities Europe LLP
Stratton House 5 Stratton Street, London W1J 8LA Telephone: +44 (0) 207 647 2800 Richard Greenfield richard.greenfield@gmpeurope.com
UK PUBLIC RELATIONS
Buchanan
107 Cheapside, London EC2V 6DN Telephone: + 44 (0) 20 7466 5000 Bobby Morse bobbym@buchanan.uk.com
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