Anton Oilfield Services Group · HKEX:3337
Anton Oilfield Services — H1 2011 Earnings Presentation
27 slides from Anton Oilfield Services's earnings presentation, Aug 29, 2011
Slide 1: 2011 Interim Results
2011 Interim Results 29 August 2011 0
Slide 2: Disclaimer
Disclaimer These materials have been prepared by Anton Oilfield Services Group (the “Company”, together with its subsidiaries, the “Group”) and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairnes
Slide 3: Agenda
Agenda 1H 2011 Overview Operating and Financial Review Outlook Q&A 2
Slide 4: 1H 2011 Overview
A SOR ie A MtONOil 1H 2011 Overview
Slide 5: 1H 2011 Highlights
1H 2011 Highlights Total revenue increased by 56.0% to RMB526.4 million Operating profit increased by 36.9% to RMB82.7 million Profit attributable to equity holders of the Company increased by 25.6% to RMB50.7 million Earnings per share was RMB0.0239 Total revenue Operating profit Profit att
Slide 6: 1H 2011 Highlights
1H 2011 Highlights Significant increase in revenue due to successful expansion into the overseas Strong Growth market coupled with steady growth of the domestic natural gas business. Momentum Maintained Stable growth in profit. Major growth in the Middle East; won long-term service contracts w
Slide 7: Operating & Financial Review
Operating & Financial Review 6
Slide 8: Down-hole Operation
Down-hole Operation Down-hole Operation’s Revenue Business Review increased by 131.9% in 1H 2011 Down-hole Operation (Production Enhancement RMB (million) 225.2 Service) Revenue: RMB120.5 million (+49.7%) Driven by growing businesses of multistage 97.1 fracture and oil production technical servi
Slide 9: Well Completion
Well Completion Business Review Well Completion’s Revenue increased by 2.5% in 1H 2011 RMB (million) Integrated Well Completion Technology 136.4 Services Stable growth 133.1 Revenue: RMB47.1 million (+18.0%) Sand Screen Well Completion Technology Some projects postponed to 2H 1H 2010 1H 20
Slide 10: Drilling Technology
Drilling Technology Business Review Drilling Technology’s Revenue increased by 326.0% in 1H 2011 由于油公司推迟部分项目的实施，钻井技术部门收 RMB (million) 入下降。随着油公司相关项目的恢复，部门收入将 Directional Well Technology 83.5 Rapid growth achieved, with the technology 在下半年逐渐增加。 进一步完善高温高压定向井钻井技术，此技术服务 successfully introduced in
Slide 11: Tubular Services
Tubular Services Business Review Tubular Services’ Revenue decreased by 7.9% in 1H 2011 RMB (million) Tubular Services Cluster 87.7 Upon independent development, the 81.3 cluster maintained a service-based development strategy and focused on the provision of value-added technical services, while
Slide 12: Domestic Business Development
Domestic Business Development Analysis of Domestic Market Contribution of Domestic Business increased by 39.3% in 1H 2011 Full launch of capacity construction of natural gas 由于油公司推迟部分项目的实施，钻井技术部门收 RMB (million) 入下降。随着油公司相关项目的恢复，部门收入将 397.4 Satisfactory results reported in directional well 在下半年逐
Slide 13: Overseas Business Development
Overseas Business Development Analysis of Overseas Market Contribution of Overseas Business increased by 173.0% in 1H 2011 The “follow-up” strategy proved effective; revenue 由于油公司推迟部分项目的实施，钻井技术部门收 RMB (million) 129.0 contributed by the overseas market continued to 入下降。随着油公司相关项目的恢复，部门收入将 rise. 在下
Slide 14: Structure of Business Cluster
Structure of Business Cluster Revenue Breakdown in 1H 2011 Revenue Breakdown in 1H 2010 Tubular Tubular Well Services Well Services Completion 26.0% Completion 15.4% 25.9% 39.4% Drilling Drilling Technology Technology 15.8% 5.8% Down-hole Down-hole Operation Operation 28.8% 42.8% EBITDA in 1H 2011 E
Slide 15: EBITDA Margin by Clusters
EBITDA Margin by Clusters 60% 51.8% 50% 48.7% 47.3% 1H 2010 1H 2011 40% 37.4% 38.1% 35.2% 32.8% 30% 19.3% 20% 10% 0% Down-hole Operation Well Completion Drilling Technology Tubular Services 14
Slide 16: Income Statement
Income Statement (RMB Thousand) (Unaudited) 1H 2011 1H 2010 Revenue 526,407 337,477 Other income / (loss), net 2,194 (70) Operating costs (445,859) (276,964) Materials and services (227,166) (139,203) Staff costs (71,334) (58,816) Depreciation and amortisation (31,223) (25,363) Sales tax and surchar
Slide 17: Cost Analysis
Cost Analysis Proportion of major costs to sales revenue Materials and Services: Sales revenue Higher materials and services costs due to increased business volume and inflation. 1H 2011: RMB526.4 million 1H 2010: RMB337.5 million Staff Costs: 90% Higher proportion but growth declined compared with
Slide 18: Balance Sheet
Balance Sheet RMB (Thousand) 30 June 2011 31 December 2010 (Unaudited) (Audited) Property, plant and equipment 452,049 419,471 Land use rights 23,545 25,486 Intangible assets 354,039 345,858 Investment in a jointly controlled entity 44,350 50,244 Deferred income tax assets 7,363 3,008 Inventories 28
Slide 19: Working Capital Management
Working Capital Management Trade Receivables Turnover Days Inventory Turnover Days 241 236 234 165 1H 2010 1H 2011 1H 2010 1H 2011 Trade Payables Turnover Days 118 106 1H 2010 1H 2011 18
Slide 20: Capital Expenditure
Capital Expenditure Approved investment plans: RMB165.8 million CAPEX in 1H2011 Major use of CAPEX: Amount Details (RMB million) Investment in directional drilling apparatus Investments in fixed assets 90.5 Investment in coiled tubing and ancillary Investments in intangible equipments 12.6 Equ
Slide 21: Outlook
A SRG ie A MtONoil
Slide 22: Outlook for 2H 2011: Market Outlook
Outlook for 2H 2011 Market Outlook Domestic Steady growth of the capability of natural gas production and gas storage facilities by oil companies. Unconventional gas will become an investment trend. International Chinese investors are speeding up their construction of production capacity in th
Slide 23: Outlook for 2H 2011: Business Structure
Outlook for 2H 2011 Business Structure One-stop oil & gas development services Tubular Services Exploration and Cluster management of oil & gas fields Tubular Services Drilling Well Down-hole Oil Production Technology Completion Operation Technology Continue to establish the strategic positioning
Slide 24: Outlook for 2H 2011: Building Up Service Capacities
Outlook for 2H 2011 Building Up of Combine organic development with M&A, enhance integrated structure for full services Service Capacities Invest in fracture equipments, build up fracture pumping service capacity Organic Continue to invest in coiled tubing and ancillary equipments as Development
Slide 25: Outlook for 2H 2011: Financing
Outlook for 2H 2011 Financing Use debt financing as major means for short-term and mid-to-long-term financing. 24
Slide 26: Conclusion
Conclusion Looking ahead to the full year, opportunities and challenges will co-exist. We will endeavor to deliver robust growth. 25
Slide 27: Q&A
ASS mtonoil
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