Thalassa Holdings Ltd · LSE:THAL
Thalassa — Investor Presentation (September 2016)
15 slides from Thalassa's investor presentation, September 2016
Slide 1: Investor Presentation September 2016
INVESTOR PRESENTATION September 2016 Exploration and Beyond… working to increase the value and output of active reservoirs
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
Slide 3: 1H16 Overview
1H16 Overview • Strong operating performance from WGP on the Statoil project – Completion of 2 surveys (Snorre and Grane) as part of the ongoing contract to provide seismic source services to Statoils PRM activities in the North Sea • Progress on the ARL flying node development programme – Redesign
Slide 4: 1H16 Financial Highlights
1H16 Financial Highlights Group Results $35.0 Group Revenue $10.0 Gross Profit 56.70% 60.00% $9.0 $30.0 49.90% 50.00% $8.0 $25.0 $7.0 42.60% $5.2 40.00% $20.0 $19.0 $6.0 35.30% $6.7 $5.0 30.40% $2.6 30.00% $15.0 $9.0 $4.0 $6.2 $3.0 20.00% $10.0 $3.0 $10.0 $11.6 $2.0 $4.0 $4.2 $5.0 $9.3 $9.9 $2.9 10.
Slide 5: 2015 Financial Highlights Balance Sheet
2015 Financial Highlights Balance Sheet Net Assets $m's Net Cash $m's $60.0 $2.50 $35.0 $1.29 $1.40 $50.0 $2.04 $30.0 $1.20 $2.00 $1.57 $25.0 $0.86 $1.00 $40.0 $1.50 $20.0 $0.71 $0.80 $30.0 $1.12 $1.17 $0.59 $15.0 $32.2 $0.60 $51.2 $1.00 $20.0 $0.77 $39.4 $10.0 $20.3 $0.40 $17.7 $25.9 $26.4 $0.50 $0
Slide 6: 1H16 WGP Operational Highlights
1H16 WGP Operational Highlights Statoil • Now in third full year of operation • Completion of 2 successful surveys to client’s satisfaction over Grane and Snorre • 4,500km of data acquired over the 2 fields • Operational performance improvements reducing technical downtime and increasing operational
Slide 7: WGP Outlook
WGP Outlook WGP • Continuation of the Statoil contract with deployment expected late September 2016 • First LoFS survey for COP requiring biannual marine acquisition and shore side data QC to commence September 2016 following assembly, shake down and testing of the equipment • Follow up on new PRM e
Slide 8: 1H16 ARL Operational Highlights
1H16 ARL Operational Highlights Flying Node Development Programme • Following successful presentation at SEG in 2015, further presentation at EAGE generating considerable interest • Design and manufacture of the first prototype node commenced • Computational Fluid Dynamics (CFD) performed with targe
Slide 9: ARL Outlook
ARL Outlook ARL • Complete design and manufacture of the first prototype node • Progress software solutions for the prototype node • Develop first stage testing programme • Start testing the node in ROV (tethered) mode • Review potential for further patent applications 9
Slide 10: Thalassa Investments/Acquisitions
Thalassa Investments/Acquisitions Thalassa • Papua Mining plc (“Papua”) • Entered into an agreement to purchase 40,000,000 new shares in Papua for £400k. • Upon closing of the transaction, the Company will appoint a Director to the Board of Papua to work with the current Board to formulate a profita
Slide 11: Appendix
& THALASSA Appendix
Slide 12: WGP Group Ltd
WGP Group Ltd Base Data 2016E 2015A Imputed Equity Value $5.0m $5.0m Intercompany Debt $12.0m $16.7m Cash $1.2m $11.6m Imputed Enterprise Value $15.8m $9.8m 12
Slide 13: WGP Group Ltd
WGP Group Ltd WGP Group Abbreviated P&L 2016E 2015A Sales $10.5m $18.8m Operating Profit / (Loss) before depreciation (EBITDA) $2.4m $6.2m Operating Profit / (Loss) (EBIT) $1.5m $4.1m Profit before Tax (EBT) $1.1m $3.2m Profit after Tax ( E ) $0.8m $2.6m 13
Slide 14: WGP Group Ltd
WGP Group Ltd Imputed Market Value Ratios 2016E 2015A P/Sls 0.48x 0.27x P/EBITDA 2.08x 0.80x P/EBIT 3.29x 1.22x P/EBT 4.51x 1.54x P/E 6.23x 1.96x 14
Slide 15: WGP Group Ltd
WGP Group Ltd Imputed EV Ratios 2016E 2015A EV/Sls 1.50x 0.52x EV/EBITDA 6.58x 1.57x EV/EBIT 10.39x 2.40x EV/EBT 14.25x 3.02x EV/E 19.68x 3.84x 15
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