Sbm Offshore Nv · EURONEXT:SBMO
Sbm Offshore Nv — Investor Day (September 2014)
10 slides from Sbm Offshore Nv's investor day presentation, Sep 19, 2014
Slide 1: Finance
Finance Peter Van Rossum Chief Financial Officer September 19, 2014 © SBM Offshore 2014. All rights reserved. www.sbmoffshore.com
Slide 2: Disclaimer
Disclaimer Some of the statements contained in this presentation that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual
Slide 3: Solid Financial Footing
Solid Financial Footing Debt Summary Liquidity and Risks $6,000 • SBM has $1,093 mn of undrawn credit facilities and cash as of 30/06/14 $5,000 $4,456 – Excludes the Cidade de Maricá funding arranged in July 2014 $4,000 $3,608 $3,180 • Comfortably within debt covenants $3,000 $2,632 – Solvency ratio
Slide 4: The Balance Sheet
The Balance Sheet The “Assets” The “Liabilities” Portfolio of high-quality, productive Balance sheet only IFRS assets IFRS 10 & 11 adoption Divestment of non-core assets Covenant perceptions under new No concerns regarding ability to IFRS fund the business Backlog equity has not been monetized Next
Slide 5: Cidade de Maricá Financing
Cidade de Maricá Financing Largest ever project financing for SBM – US $1,450 million facility secured – 15 banks participated – Almost $1.9 billion in subscriptions Longest tenure for bank financing achieved – Tranche A: US $1,000 million for 12 years post-completion – Tranche B: US $450 million fo
Slide 6: Short-term Initiatives
Short-term Initiatives Revolving Cidade de Credit Saquarema Facility Deep Panuke Turritella US Private Financing Placement IR - 19/09/2014 6
Slide 7: Theoretical Funding Example
Theoretical Funding Example SBM Contractor Joint Venture SPV (US$ Millions) (US$ Millions) Asset Sales Price $1,000 Asset Acquisition Price $1,000 Cost to Construct (850) Bank Loans (600) Construction Profit $150 JV Partner Shareholding (200) SBM Shareholding (200) SBM Cash In SBM Cash Out $150 mill
Slide 8: Odyssey
Odyssey 24 Project Scope Goals & Investor Returns • Optimize and consolidate ways of working for the new SBM Offshore • Improve project management and controls of projects – US$2 billion today vs. US$500 million a few years ago – 10,000 employees today vs. 5,000 five years ago • Aim to reduce projec
Slide 9: Reporting Transparency
Reporting Transparency We Want to Do Better • We appreciate that the SBM story isn’t always easy to understand – Debuted Directional accounting to give a better picture of financials • Help us, help you! We want to do a better job of communicating the SBM story and want to know what you think • Inve
Slide 10: Q&A
Q&A © SBM Offshore 2014. All rights reserved. www.sbmoffshore.com © SBM Offshore 2014. All rights reserved. www.sbmoffshore.com