Thalassa Holdings Ltd · LSE:THAL

Thalassa — Investor Presentation (April 2017)

18 slides from Thalassa's investor presentation, April 2017

  1. Slide 1: Investor Presentation April 2017

    INVESTOR PRESENTATION April 2017

  2. Slide 2: Disclaimer

    Disclaimer • The content of this presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance on this presentation for the purposes of engaging in investment activity may expose an individual to a significant risk of

  3. Slide 3: 2016 Overview

    2016 Overview • Strong operating performance from WGP – Completion of PRM surveys over Snorre and Grane in the North Sea – Completion of 1st PRM survey over Ekofisk in the North Sea • Late data sales secured for the 2014 multi-client data • Progress on the ARL flying node development programme – Red

  4. Slide 4: 2016 Financial Highlights: Group Results

    2016 Financial Highlights Group Results $35.0 Revenue $m’s $30.0 $25.0 $20.0 $20.3 $15.0 • Revenue $14.0m (2015: $18.9m) $9.3 $10.0 $7.6 $2.3 • Recurring revenue $11.6m, a 22% $14.0 $5.0 $7.9 $7.3 $9.6 $11.6 increase (2015 $9.6m)* $0.0 $0.0 $2.4 2012 2013 2014 2015 2016 Recurring Non-recurring Manuf

  5. Slide 5: 2016 Financial Highlights: Group Results

    2016 Financial Highlights Group Results Operating Profit (EBITDA) Net Profit $5.0 14.4% 14.1% 16.0% $4.5 25.00% 14.0% $4.0 19.50% $4.0 12.0% $3.5 20.00% 16.10% 15.60% 8.6% 10.0% $3.0 13.70% $3.0 15.00% $3.4 8.0% $2.5 6.0% $2.0 $2.0 3.7% $2.9 $2.2 10.00% 4.0% $1.5 $1.2 $1.7 2.0% $1.0 $1.1 $1.0 5.00%

  6. Slide 6: 2016 Financial Highlights: Balance Sheet

    2016 Financial Highlights Balance Sheet Book Value $m's Cash & Investment Assets $m's $60.0 $2.50 $35.0 $30.0 $50.0 $2.04 $2.00 $25.0 $40.0 $1.57 $1.50 $20.0 $1.12 $1.24 $30.0 $51.2 $15.0 $1.00 $32.2 $20.0 $0.77 $9.6 $39.4 $10.0 $20.3 $27.3 $17.7 $25.9 $0.50 $10.0 $5.0 $10.3 $7.7 $0.0 $0.00 $0.0 $2.

  7. Slide 7: WGP

    WGP • Continued strong performance of DPMSSTM operating over Snorre and Grane fields in the North Sea • Further improvements in operational efficiency • All surveys delivered on time with zero HS incidents 7 7

  8. Slide 8: WGP continued

    WGP continued • Successful design, build and deployment of new 3rd generation PMSSTM over Ekofisk in the North Sea • First time installation and operation of a Lofs Operating Centre (LOC) encompassing – QC monitoring of the PRM system – Data merge of vessel attributes and – Real time QC with remote

  9. Slide 9: WGP Outlook

    WGP Outlook • Award of further contract to acquire seismic data sets over Eldfisk field in the North Sea in 2017 • Anticipated healthy growth in the LoFS market over the next 2-3 years • Involvement in R&D and trials related to new displacement technologies with the E&P market providing opportunitie

  10. Slide 10: ARL

    ARL • Continued ‘Flying Node’ system design • Priority to design and manufacture a prototype AUV • Some delay during the computational fluid dynamics (CFD) analysis of node stability • Resulting in modifications to improve stability and efficiency • Majority of sub-assemblies completed at end of yea

  11. Slide 11: ARL Technology Development

    ARL Technology Development • Computational Fluid Dynamics analysis completed • Resulting in change in shape to the outline of the original concept work • First stage test of prototype to evaluate flight and stability performance successfully completed in 1Q17 • Autonomous flight tests due to begin 2

  12. Slide 12: ARL Outlook for 2017

    ARL Outlook for 2017 • Complete the final assembly and factory test of the prototype node • Perform first stage in water performance trials of prototype node • Design and test the fully autonomous control functions • Design and test the navigation and acoustic communications systems • Perform second

  13. Slide 13: Thalassa Investments/Acquisitions

    Thalassa Investments/Acquisitions Thalassa • Papua Mining plc (“Papua”) • 26% equity interest in Papua • Strategic investment, intentions to made clear in due course • The Local Shopping REIT plc (“LSR”) • 23.3% equity interest in LSR • Cash management position 13

  14. Slide 14: Thalassa FOREX and Asset Risk Management

    Thalassa FOREX and Asset Risk Management • FX exposure in GBP, EUR and NOK • $1.3m net gains in FOREX and asset risk management in 2016 • More than offset the decline in LSR position due to 17% decline in £ vs $ • Group will continue to mitigate against foreign currency exposure • $4.4m of net gains

  15. Slide 15: Appendix

    & THALASSA Appendix

  16. Slide 16: 2016 Results: Profit and Loss

    2016 Results Profit and Loss in USD m's 2016 2015 Revenue 14.0 18.9 Cost of Sales (5.9) (9.4) Gross Profit 8.1 58% 9.4 50% Administrative expenses (5.9) (5.8) EBITDA 2.2 16% 3.7 19% Depreciation (1.1) (2.2) EBIT excluding non-recurring costs 1.1 8% 1.4 8% Non-recurring costs - (12.9) EBIT 1.1 8% (11

  17. Slide 17: 2016 Results: Balance Sheet at 31 December

    2016 Results Balance Sheet at 31 December Balance Sheet Cash flow in USD m's 2016 2015 in USD m's 2016 2015 Goodwill 0.4 0.4 Property, plant & equipment 11.0 8.0 PBT 2.5 (11.8) Available for sale investments 0.8 - Net working capital requirements 0.84 0.49 Loans 1.5 1.5 Impairment of assets - 13.37

  18. Slide 18: 2016 Results: Ratios

    2016 Results Ratios 2016 2015 No. of shares in issue (m’s) 21.6 23.6 Weighted average no. of shares 22.8 24.7 EPS - Basic ($) 0.09 (0.50) EPS - Basic (£) 0.07 (0.35) 2016 2015* P/Sls 1.21x 0.76x P/EBITDA 7.61x 3.86x P/E 8.60x 20.85x P/BV 0.62x 0.54x EV/sales (0.08x) (0.34x) EV/EBITDA (0.51x) (1.74x)

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