Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q2 2013 Earnings Presentation
15 slides from Eidesvik Offshore Asa's earnings presentation, Aug 13, 2013
Slide 1: Presentation 2nd Quarter 2013
Presentation 2nd Quarter 2013 Oslo 13.08.2013 CFO Svein Ove Enerstvedt
Slide 2: News in 2nd Quarter
News in 2nd Quarter • Shares in the associated company ResQ sold. A gain of MNOK 30 is recorded. • The company placed a MNOK 300 unsecured bond with maturity in May 2018 at a margin of 450.
Slide 3: News after 2nd Quarter
News after 2nd Quarter • Statoil declared their option for a one year extension of the charter of Viking Queen.
Slide 4: News after 2nd Quarter
News after 2nd Quarter • Entered into agreement for sale of Viking Forcados. Delivery to new owners and recording of gain of approximately MNOK 40 expected to take place in 3rd Quarter 2013.
Slide 5: 2nd Quarter 2013 results
2nd Quarter 2013 results Revenues MNOK 242,9 (315,3) (2nd Quarter 2012 in brackets) EBITDA: MNOK 124,6 (198,9) Operating profit MNOK 67,4 (139,2) Pre-tax profit: MNOK 34,1 (49,8) A gain of MNOK 78,2 from sale of the vessels Viking Surf and Viking Thaumas was recorded in 2nd Quarter 2012
Slide 6: Results 2nd Quarter 2013
Results 2nd Quarter 2013 (in million NOK, Gain on sale excluded) Operating revenues The results in 2nd quarter compared to last 300 year are influenced of: 250 -Viking Princess delivered in Q3-12 and operated 200 on contract 150 -Viking Nereus purchased in Q2-12 and operated in 100 the spot market 5
Slide 7: Cash flow (in million NOK)
Cash flow (in million NOK) 2nd Quarter 2nd Quarter 2013 2012 2012 Net cashflow from operating activities 175,3 89,4 491,4 Net cashflow from investment activities 51,7 180,4 (738,3) Net cashflow from finance activities 141,9 (144,0) 290,3 Net changes in cash holdings 368,9 125,8 43,4 Cash at beginnin
Slide 8: Balance
Balance (in million NOK) 7 000 6 000 Current assets Short-term liabilities 5 000 Current assets Short-term liabilities 4 000 Long-term liabilities Long-term liabilities 3 000 Fixed assets Fixed assets 2 000 1 000 Equity Equity 0 Assets 30.06.13 Equity and Assets 30.06.12 Equity and Liabilities Liabi
Slide 9: Segments
Segments Incl. Share of Joint Ventures Excluded gain on sale (MNOK) 2nd Quarter 2013 Seismic Subsea Supply Other Revenues 61,5 108,4 107,6 5,7 Revenues Q2 2013 EBITDA 60,0 62,6 49,1 -13,7 EBIT 32,6 36,1 17,2 -14,0 EBITDA margin 98% 58% 46% N/A EBIT margin 53% 33% -16% N/A 2nd Quarter 2012 Seismic Su
Slide 10: Contract backlog (per 12.08.2013)
Contract backlog (per 12.08.2013) 10
Slide 11: Contract status seismic
Contract status seismic Viking Vanquish Viking Vision Veritas Viking Viking 2 Veritas Vantage Geo Searcher Oceanic Vega Oceanic Sirius 2013 2014 2015 2016 2017
Slide 12: Contract status subsea
Contract status subsea Subsea Viking Acergy Viking Viking Poseidon Viking Forcados European Supporter Seven Viking Kleven no 365 2013 2014 2015 2016 2017
Slide 13: Contract status supply
Contract status supply Viking Queen Viking Lady Viking Athene Viking Energy Viking Avant Viking Nereus Viking Prince Viking Princess 2013 2014 2015 2016 2017
Slide 14: Market
Market • The market for platform supply vessels improved trough second quarter, and we expect the market to be strong in long term for large and vessels with high specification. • The Subsea market remains strong with high tender activity and our clients are building record backlogs as new projects
Slide 15: Thanks for Your attention!
<> Eidesvik Thanks for Your attention! Your Partner in Shipping