Viking Supply Ships AB Class B · OMXSTO:VSSAB_B
Viking Supply Ships AB Class B — Q2 2016 Earnings Presentation
11 slides from Viking Supply Ships AB Class B's earnings presentation, Aug 30, 2016
Slide 1: Viking Supply Ships AB Q2 2016
Viking Supply Ships AB (publ.) Q2 2016 30 August 2016 Christian W. Berg CEO Ulrik Hegelund CFO
Slide 2: Status update Restructuring process
Status update Restructuring process As previously announced, VSS has agreed the main principles for a restructuring agreement with the bank lenders. The company has now reached an agreement with the committee representing a majority of the outstanding bonds, subject approval at a bondholders meeti
Slide 3: VSS AB Group result Q2
VSS AB Group result Q2 Second quarter Net revenues amounted to MSEK 298 (553). Result before capital costs (EBITDA) amounted to MSEK 57 (86). Result before tax amounted to MSEK -126 (36). Result after tax amounted to MSEK -128 (36). Earnings per share after tax amounted to MSEK -0.7 (0.2).
Slide 4: Viking Supply Ships A/S Q2 2016
Viking Supply Ships A/S Q2 2016 Anchor Handling Tug Supply vessels (AHTS) Achieved average fixture rate April – June was USD 51,400 (58,500). Average utilization April – June was 68% (75). Three vessels were on term charter contracts during second quarter. After the end of the quarter VSS A/
Slide 5: TransAtlantic AB Q2 2016
TransAtlantic AB Q2 2016 The subsidiary TransAtlantic AB recorded revenues of MSEK 81 (239) in Q2. EBITDA was MSEK -5 (-13). TransAndromeda and TransCapricorn were sold during the first quarter and were delivered to their new owners during May. The transaction, after repayment of loans, generate
Slide 6: Q2 result impacted by impairment
Q2 result impacted by impairment Consolidated income statement Q2 Q2 Q1-Q2 Q1-Q2 FY (MSEK) Note 2016 2015 2016 2015 2015 Net sales 298 553 617 1,062 1,977 Other operating revenue - - - - 41 Direct voyage cost -9 -117 -23 -224 -400 Personnel costs -89 -169 -200 -348 -669 Other costs -143 -181 -270 -3
Slide 7: Positive operational cash flow before working capital in Q2
Positive operational cash flow before working capital in Q2 Consolidated cash-flow statement Q2 Q2 Q1-Q2 Q1-Q2 FY (MSEK) 2016 2015 2016 2015 2015 Cash flow from operations before changes in working capital 33 57 64 102 205 Changes in working capital -104 0 -102 62 147 Cash flow from current operatio
Slide 8: Reduced revenue, but positive EBITDA effect from cost reduction
Reduced revenue, but positive EBITDA effect from cost reduction Key financials Q2 Q2 2016 2015 Net sales, MSEK 298 553 EBITDA, MSEK 57 86 Result after tax, MSEK -128 36 Earnings per share after tax, SEK -0.7 0.2 Shareholders´equity per share, SEK 7.0 11.0 Return on equity, % -39.9 8.1 Equity ratio,
Slide 9: Contract coverage overview
Contract coverage overview Firm contract Option Spot Layup AHTS Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Tor Viking Balder Viking SPOT Vidar Viking 1 1 Odin Viking SPOT Loke Viking SPOT Njord Viking 2 2 Magne Viking SPOT Brage Viking 3 1. Oil major, firm till 1 August 2016 + 1 x 6 months opt
Slide 10: Summary and outlook
Summary and outlook Viking Supply Ships A/S Positive result of MSEK 17 in Q2 when adjusting for the impairment of the PSV fleet. As previously announced, VSS has agreed the main principles for a restructuring agreement with the bank lenders. The company has now reached an agreement with the co
Slide 11: Contact information
Contact information Viking Supply Ships AB Box 11397 - Lilla Bommen 4a SE- 40428 Gothenburg, Sweden IR Contacts: Ulrik Hegelund, CFO, ph. +45 41 77 83 97, e-mail ulrik.hegelund@vikingsupply.com Morten G. Aggvin, IR & Treasury Director, ph. +47 41 04 71 25, e-mail ir@vikingsupply.com Web: www.vikings