Electromagnetic Geoservices Asa · OSL:EMGS
Electromagnetic Geoservices Asa — Q4 2012 Earnings Presentation
13 slides from Electromagnetic Geoservices Asa's earnings presentation, Feb 7, 2013
Slide 1: EMGS ASA – Fourth Quarter Presentation 2012
EMGS ASA – FOURTH QUARTER PRESENTATION 2012 CEO, Roar Bekker CFO, Svein Knudsen Hotel Continental, 7 February 2013 DISCLAIMER This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actu
Slide 2: Highlights
HIGHLIGHTS Q4 financial results Revenues per year (USD million) 250 16% • Revenues of USD 45.0 million 200 • EBITDA of USD 10.1 million 150 Full-year 2012 financial results 100 • Revenues of USD 200.8 million 50 • EBITDA of USD 55.9 million 0 2008 2009 2010 2011 2012 Key investments made in 2012 EBI
Slide 3: Financial Highlights Q4 and Full-Year 2012; Financial Position
FINANCIAL HIGHLIGHTS Q4 AND FULL-YEAR 2012 USD million Q4 2012 Q4 2011 2012 2011 Contract sales 34.6 55.2 176.1 162.9 Multi-client sales 10.4 2.6 24.7 9.5 Total revenues 45.0 57.8 200.8 172.4 EBITDA 10.1 16.7 55.9 41.8 Multi-client investments 8.3 2.3 21.3 2.3 Adjusted EBITDA 1.8 14.4 34.6 39.5 Net
Slide 4: Cash Flow
CASH FLOW (USD million) 120 100 80 60 63 58 40 39 20 0 *Cash excluding restricted cash OPERATIONAL OVERVIEW
Slide 5: Flexible Vessel Charter Agreements; Vessel Fleet Performance and Utilisation
FLEXIBLE VESSEL CHARTER AGREEMENTS EM Express Atlantic Guardian Pay per use charter Firm charter: 6 months agreement from 1. March 2013 Options: 2 x 3 months BOA Galatea BOA Thalassa EM Leader Firm charter: July 2014 Firm charter: 15. June Firm charter: Dec. 2014 Options: 3 x 1 year Pay per use Opti
Slide 6: New Technology Expands Application Window; 3D EM in Sub-Basalt Exploration
NEW TECHNOLOGY EXPANDS APPLICATION WINDOW • Results from Shelf Conventional source Xpress technology test survey in Q3 • Small and low- contrast target in mature basin • Improved imaging with new technology New shallow water source: Shelf Xpress Prospect Discovery 3D EM IN SUB-BASALT EXPLORATION • P
Slide 7: Expanding Footprint in the Barents Sea; Strong Foothold in Brazil
EXPANDING FOOTPRINT IN THE BARENTS SEA Strong position in an emerging basin • Existing library of 24.000 km2 • High industry interest on the back of exploration successes • EM value proposition confirmed: EM responses match well results Industry launch of 2013 campaign • Launched in Stavanger and Os
Slide 8: Market and Outlook
MARKET AND OUTLOOK MARKET ACTIVITY BY REGION Asia Pacific • 2013 will be a breakthrough year • High activity in Malaysia and Brunei • Two new customers: Nippon, CNPC. New country: Myanmar • Many shallow-water opportunities across the region Europe, Africa and Middle East • Barents Sea remains the ke
Slide 9: Vessel Activity and Backlog
VESSEL ACTIVITY AND BACKLOG Expected vessel schedule as of 7 February 2013. Q4 2012 Q1 2013 Q2 2013 Q3 2013 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Proof of concept BOA Thalassa Asia US Gulf of Mexico BOA Galatea Petrobras Brazil Brazil Brazil Basalt Atlantic Guardian Barents Sea multi-cl
Slide 10: 2013 Guidance; Summary
2013 GUIDANCE • Revenues of USD 210-230 million • EBITDA margin of 25-30% • Backlog at a minimum of USD 100 million by end 1H13 Assumptions: • ~ 3.7 vessel years (44 vessel months) with a utilisation rate of ~ 80% • vessels allocated 20-25% to multi-client programs • multi-client revenues of USD 40-
Slide 11: Consolidated Income Statement
APPENDIX CONSOLIDATED INCOME STATEMENT USD million QUARTER ENDING YEAR ENDING 31.12.2012 31.12.2011 31.12.2012 31.12.2011 Contract sales 34.6 55.2 176.1 162.9 Multi-client sales 10.4 2.6 24.7 9.5 Total revenues 45.0 57.8 200.8 172.4 Charter hire, fuel and crew expenses 12.7 21.2 68.8 67.1 Employee e
Slide 12: Consolidated Statement of Financial Position and Cash Flow
CONSOLIDATED STATEMENT OF FINANCIAL POSITION USD million PERIOD ENDING 31.12.2012 31.12.2011 ASSETS Goodwill 14.4 14,4 Intangible assets 19.0 10.7 Property, plant and equipment 32.2 20.6 Assets under construction 10.9 14.3 Restricted cash - 0.6 Total non-current assets 76.6 60.6 Trade receivables 47
Slide 13: Largest Shareholders
LARGEST SHAREHOLDERS (AS OF 5 FEBRUARY) SHAREHOLDER SHARES HOLDING 1 SKAGEN GLOBAL 10 124 112 5.09 % 2 THE NORTHERN TRUST CO. 8 304 902 4.18 % 3 ODIN NORGE 7 838 224 3.94 % 4 ODIN OFFSHORE 7 698 823 3.87 % 5 CLEARSTREAM BANKING S.A. 5 661 582 2.85 % 6 SKAGEN VEKST 5 029 207 2.53 % 7 JPMORGAN CHASE B
Electromagnetic Geoservices ASA (EMGS) — Q4 2012 Earnings Presentation on 6ix