15 slides from S.d. Standard Etc's earnings presentation, May 12, 2022
Slide 1: 1Q 2022 Presentation
@T\ STANDARD ETC CJ iJ 1Q 2022 Presentation May 12*, 2022
Slide 2: Forward-looking Statements
Forward-looking Statements
Slide 3: 1Q22 Highlights
1Q22 Highlights 1q22 financials • Profit after tax of USD 8.2m (loss of USD 2.1m in 1q21) ➢USD 7.9m gain from the ETC portfolio ➢USD 0.8m changes in fair value on the PSVs • Adj. EBITDA (1) from PSVs of USD 0.4m (-USD 0.1m in 1q21) ➢Utilization in 1q of 92% for the large-sized PSVs and 87% for the m
Slide 4: Investment Update
Investment Update Commercial/ Investment highlights Portfolio developement • Continue to focus on liquid- and attractive risk/ return investments 120 ETC Portfolio within Energy, Transportation and Commodities (ETC) 100 • ETC portfolio of USD 76m per end of March, up USD 8m from YE’21 (1) 0 25 46 80
Slide 5: ETC portfolio by sector
ETC portfolio by sector (1) 45 % 40 % 39 % 35 % 31 % 30 % 25 % 21 % 20 % 15 % 10 % 6% 5% 3% 0% OFS Land Drilling E&P Shipping Cash (1) ETC portfolio represents marketable securities at end of March plus available liquidity excl. cash and working capital in the PSV subsidiaries.
Slide 6: PSVs – Fleet update
PSVs – Fleet update Standard ETC to fix 2-4 vessels in 2q/ 3q depending on options • Spot rates presently between GBP 15-25,000 2022 Vessel Built Country Q1 Q2 Q3 Q4 Large-size Vessels Standard Viking 2007 UK Standard Supplier 2007 Germany 2021 Vessel Built Country Q1 Q2 Q3 Q4 Mid-size Vessels FS Ba
Slide 7: Subsequent event – USD 10m investment in Dolphin Drilling
Subsequent event – USD 10m investment in Dolphin Drilling On May 6th Standard ETC acquired 25% of Dolphin Drilling (1) • Dolphin Drilling has deep industrial roots dating back to 1965 as one of the first drilling companies in the North Sea ➢ Dolphin Drilling has approx. 350 employees at operational
Slide 8: Investment Universe
Investment Universe Liquid investments in energy and transportation Energy and transportation Liquid investments in cyclical commodities 300+ companies / USD 3,000bn+ cap Commodities USD 20,000bn+ Source: Bloomberg
Slide 9: Appendix
STANDARD ETC
Slide 10: PSVs – Fleet utilization
PSVs – Fleet utilization Combined fleet utilization 1Q17 to Apr-22 100% 90% 80% 70% 60% Utilization (%) 50% 40% 30% 20% 10% 0% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q21 1Q21 2Q21 3Q21 4Q21 1Q22 apr.22 Large-size Mid-size Large-size: 100% owned. Mid-size: 28.1% o
Slide 11: Large-size PSVs – Commercial update
Large-size PSVs – Commercial update Large-size PSV term rates (900m2) Large-size PSV spot rates (900m2) 55 55 Term rates ~103% above Mar-17 levels 50 50 45 45 40 40 35 35 USD ('000) USD ('000) 30 30 Last 10yr avg. USD 15.5k/d 25 25 Last 5yr avg. USD 11.2k/d Last 5yr avg. USD 11.5k/d Current market r
Slide 12: PSVs – Adj. EBITDA excl. DD and non-recurring costs
PSVs – Adj. EBITDA excl. DD and non-recurring costs (1) 1Q22 vs. 1Q21 2021 vs. 2020 0,7 4,0 0,6 0,6 3,0 2,8 2,3 0,5 2,0 0,4 0,4 1,0 0,5 0,3 0,0 USDm USDm 0,2 -1,0 -0,6 0,1 -2,0 0,0 0,0 -3,0 -0,1 -0,1 -0,1 -3,5 -0,2 -4,0 -0,2 -4,0 -0,3 -5,0 Standard vessels Northern Supply pro- Total pro-rata Standar
Slide 13: Income statement
Income statement Three Months Ended 2022 2021 (Amounts in USD 000) Note Q1 Q1 Unaudited Unaudited Income Changes in fair value on financial assets at fair value through profit or loss 4.1 761 (2 077) Changes in fair value on financial assets at fair value through profit or loss – held for trading 4.
Slide 14: Balance sheet
Balance sheet (Amounts in USD 000) Note 31.03.2022 31.12.2021 ASSETS Unaudited Audited Equipment and machinery 1 1 Financial assets at fair value through profit or loss 4.1 43 152 42 391 Total non-current assets 43 153 42 392 Current tax asset - 1 Receivables and prepayments 115 380 Financial assets
Slide 15: Cash flow statement
Cash flow statement Three Months Ended 2022 2021 Q1 Q1 (Amounts in USD 000) Note Unaudited Unaudited CASH FLOWS FROM OPERATING ACTIVITIES Profit/(Loss) for the period before income tax 8 220 (2 050) Unrealised exchange loss 27 3 Dividend Income 5 (97) - Interest income (12) (14) Fair value (gain) /