Investor Presentation • Sep 7, 2016
Investor Presentation
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Roald Valen - CEO 8th September 2016
BXPL does not intend and does not assume the obligation to update any of the presented forward-looking statements in light of new information except to the extent required by applicable law and/or regulation.
Highlights from Q2 2016
BXPL have identified four main processes critical for an operational Badger tool :
The Development Program Scope of Work describes plans and methods for researching, developing, and qualifying, the required process solutions. The program calls for work on several parallel tracks for each main challenge in order to reduce development risk.
| Deliverable: | Schedule: | Payment: |
|---|---|---|
| Cuttings transport system Stage 2 and 3 complete | Complete | 2,5 MNOK |
| Cuttings transport system Stage 1 complete | Complete | 2,5 MNOK |
| Ultrasonic transducers qualified | Complete | 1,25 MNOK |
| Feasibility study locomotion system complete | Complete | 1,25 MNOK |
A main challenge in the Badger Explorer tool is the cuttings transport system.
Based on the work performed at Honeybee Robotics in 2015 Badger Explorer have designed and built a new prototype.
The system operated successfully for several hundreds of hours and this concluded Milestone 1 in the Development Program
Actively seek cooperation with oil service companies
Highlights from Q4 2015
Negotiations about technical deliverables and funding is ongoing. BXPL is experiencing longer lead times on negotiations in current business climate.
On the 8th April Statoil signed a Letter of Intent where they confirm their intent to support BXPL's Development Program in 2016.
Development Program Milestone 2 outline
Negotiations are still on-going, but progress is unpredictable.
In addition to challenging business climate in O&G industry, the political situation between Norway and China is delaying progress.
BXPL have been invited to present our cooperation with CNPC DR for the Norwegian-Chinese Chamber of Commerce (NCCC) Tuesday 13th September.
BXPL has entered partnership dialogues with several international oilfield service companies
Main focus will remain the Development Program, but BXPL will make an effort to unlock the potential in technologies currently developed and pipelined for development
Highlights from Q4 2015
| Quarters | Year to date | Year End | |||||
|---|---|---|---|---|---|---|---|
| Unaudited figures in NOK 1000 | Q2 2016 | Q1 2016 | Q2 2015 Note | 30.06.2016 | 30.06.2015 | 31.12.2015 | |
| Revenues | |||||||
| Other Income | 42 | $\bf{0}$ | $\mathbf{0}$ | 42 | $\mathbf 0$ | $\mathbf{0}$ | |
| Total Revenues | 42 | $\bf{0}$ | $\mathbf{0}$ | 42 | $\mathbf{0}$ | $\bf{0}$ | |
| Operating Expenses | |||||||
| External services for development project | 1 1 8 5 | 111 | 1666 | 1 2 9 6 | 3734 | 8726 | |
| Payroll and related costs | 750 | 1 0 8 1 | 1775 | 1830 | 5 0 5 5 | 9 9 21 | |
| Other operating expenses | 1 2 4 9 | 1 1 0 8 | 2 781 | 2 3 5 7 | 5 3 9 1 | 8 0 8 3 | |
| Capitalized development costs | $-1872$ | $-601$ | $-2706$ | $-2473$ | $-6630$ | $-14124$ | |
| Total Operating Expenses | 1312 | 1698 | 3515 | 3 0 1 0 | 7550 | 12 606 | |
| EBITDA | $-1270$ | $-1698$ | $-3515$ | $-2969$ | $-7550$ | $-12606$ | |
| Depreciation | 37 | 43 | 49 | 80 | 109 | 200 | |
| Operating profit (loss) | $-1307$ | $-1741$ | $-3565$ | $-3049$ | $-7659$ | $-12807$ | |
| Net financial income (loss) | $-129$ | $-113$ | $-126$ 3,10 | $-242$ | $-227$ | $-450$ | |
| Profit (loss) before taxes | $-1436$ | $-1855$ | $-3691$ | $-3291$ | $-7886$ | $-13257$ | |
| Tax on ordinary result | 0 | $\bf{0}$ | $\bf{0}$ | 0 | $\bf{0}$ | 0 | |
| Net profit (loss) | $-1436$ | $-1855$ | $-3691$ | $-3291$ | $-7886$ | $-13257$ | |
| Profit (loss) attributable to equity holders of the parent |
$-1436$ | $-1855$ | $-3691$ | $-3291$ | $-7886$ | $-13257$ | |
| Earnings per share | $-0,08$ | $-0, 10$ | $-0,20$ | $-0,18$ | $-0,43$ | $-0,72$ | |
| Earnings per share diluted | $-0,08$ | $-0.10$ | $-0,20$ | $-0,18$ | $-0,42$ | $-0,71$ |
| ASSETS | 30.06.2016 | 31.03.2016 | 30.06.2015 | Note | 31.12.2015 |
|---|---|---|---|---|---|
| NON-CURRENT ASSETS | |||||
| Capitalized development costs | 149 132 | 147 966 | 143 446 | 2,6 | 147 768 |
| Patent rights | 387 | 387 | 387 | 387 | |
| Total intangible assets | 149 519 | 148 352 | 143 832 | 148 154 | |
| Property, plant & equipment | 21 | 58 | 192 | 101 | |
| Total tangible assets | 21 | 58 | 192 | 101 | |
| Investments in shares | $\bf{0}$ | $\bf{0}$ | $\bf{0}$ | 3,10 | $\bf{0}$ |
| Total investments in shares | 0 | 0 | 0 | $\mathbf 0$ | |
| TOTAL NON-CURRENT ASSETS | 149 539 | 148 410 | 144 025 | 148 255 | |
| CURRENT ASSETS | 0 | ||||
| Accounts receivables | 6 | $\bf{0}$ | 0 | 6 | $\bf{0}$ |
| Other receivables | 2 5 1 8 | 5 9 8 2 | 7 3 2 0 | 3630 | |
| Total receivables | 2524 | 5982 | 7320 | 3 6 3 0 | |
| Cash and cash equivalents | 287 | 329 | 857 | 586 | |
| TOTAL CURRENT ASSETS | 2811 | 6 3 1 0 | 8 177 | 4 2 1 6 | |
| TOTAL ASSETS | 152 350 | 154 721 | 152 202 | 152 471 |
| EQUITY AND LIABILITIES | 30.06.2016 | 31.03.2016 | 30.06.2015 | Note | 31.12.2015 |
|---|---|---|---|---|---|
| EQUITY | |||||
| Share capital | 2 3 1 7 | 2 3 1 7 | 2 3 1 7 | 3 | 2 3 1 7 |
| Share premium | 218 070 | 218 070 | 218 070 | 4 | 218 070 |
| Other paid in capital | 3 9 0 3 | 3 8 4 8 | 3895 | 3 | 4 1 6 7 |
| Total paid in equity | 224 290 | 224 235 | 224 282 | 224 555 | |
| Retained earnings | $-161638$ | $-160202$ | $-152977$ | $-158347$ | |
| Total retained earnings | $-161638$ | $-160202$ | $-152977$ | $-158347$ | |
| TOTAL EQUITY | 62 652 | 64 032 | 71 305 | 66 207 | |
| LIABILITIES | |||||
| Capitalized grants | 79 500 | 79 000 | 75 000 | 6 | 75 000 |
| Total non-current liabilities | 79 500 | 79 000 | 75 000 | 75 000 | |
| Accounts payables | 2847 | 2 7 9 3 | 2 768 | 3,8 | 3078 |
| Public duties payables | 180 | 962 | 32 | 474 | |
| Debt financial institutions | 6820 | 6928 | 1967 | 11 | 6711 |
| Other short term liabilities | 351 | 1 0 0 5 | 1 1 2 9 | 1 001 | |
| Total current liabilities | 10 198 | 11 688 | 5896 | 11 264 | |
| TOTAL LIABILITIES | 89 698 | 90 688 | 80 896 | 86 264 | |
| TOTAL EQUITY AND LIABILITIES | 152 350 | 154721 | 152 202 | 152 471 |
| Quarters | Year to date | Year end | |||||
|---|---|---|---|---|---|---|---|
| Unaudited figures in NOK 1000 | Q2 2016 | Q1 2016 | Q2 2015 Note | 30.06.2016 | 30.06.2015 | 31.12.2015 | |
| Contribution from operations* | $-1215$ | $-2018$ | $-3444$ | $-3233$ | $-7314$ | $-12098$ | |
| Change in accounts receivables and accounts payables | 47 | $-284$ | 969 | 3,8 | $-237$ | 1874 | 683 |
| Change in other receivables and payables | $-822$ | $-19$ | $-1567$ | $-841$ | 477 | $-936$ | |
| Net cash flow from operating activities | $-1990$ | $-2321$ | $-4042$ | $-4311$ | $-4963$ | $-12351$ | |
| Capitalization of development cost | $-1872$ | $-601$ | $-2706$ | 2 | $-2473$ | $-6630$ | $-14124$ |
| Net cash flow from investment activities | $-1872$ | $-601$ | $-2706$ | $-2.473$ | $-6630$ | $-14124$ | |
| Public grants | 2 0 5 7 | 562 | 1733 | 2619 | 3 4 0 5 | 8 0 6 0 | |
| Contribution from industry partners | 2 0 0 0 | 2 0 0 0 | 2 9 5 0 | 6 | 4 0 0 0 | 6890 | 8 3 9 0 |
| Interest received | 18 | $\bf{0}$ | 8 | 19 | 36 | 54 | |
| Interest paid | -147 | $-114$ | $-134$ | $-261$ | $-263$ | $-505$ | |
| Proceeds from borrowings financial institution | $-108$ | 216 | 1967 | 11 | 109 | $-1967$ | 6711 |
| Net cash flow from financing activities | 3 8 20 | 2 6 6 5 | 6 5 2 4 | 6 4 8 5 | 8 100 | 22 711 | |
| Total net changes in cash flow | -42 | $-257$ | $-225$ | -299 | $-3492$ | $-3764$ | |
| Cash and cash equivalents beginning of period | 329 | 586 | 1 0 8 2 | 586 | 4 3 5 1 | 4 3 5 1 | |
| Cash and cash equivalents end of period | 287 | 329 | 857 | 287 | 857 | 586 | |
| Profit (loss) attributable to equity holders of the parent | $-1436$ | $-1855$ | $-3691$ | $-3291$ | $-7886$ | $-13256$ | |
| Employee options | 55 | $-320$ | 71 | 5 | $-265$ | 236 | 508 |
| Depreciation | 37 | 43 | 49 | 80 | 109 | 200 | |
| Financial income | $-18$ | 0 | -8 | $-19$ | $-36$ | $-54$ | |
| Financial expenses | 147 | 114 | 134 | 261 | 263 | 505 | |
| *Contribution from operations before tax | $-1215$ | $-2018$ | $-3444$ | $-3233$ | $-7314$ | $-12098$ |
| Rank Investor | Holding Percentage | ||||
|---|---|---|---|---|---|
| т | DEUTSCHE BANK AG | 2829997 | 15.3 % | ||
| 2 | TTC INVEST AS | 1 350 260 | 7.3 % | ||
| 3 | INVESCO PERP EUR SMALL COMP FD | 225 389 | 6.6% | ||
| 4 | HOLBERG NORGE | 808 135 | 4.4% | ||
| 5 | CLEARSTREAM BANKING S.A. | 734 003 | $4.0\%$ | ||
| 6 | SKANDINAVISKA ENSKILDA BANKEN S.A. | 615 000 | 33% | ||
| 7 | ARGENTUM | 523 145 | $2.8\%$ | ||
| 8 | DALVIN RÅDGIVNING AS (DOLVEN GUNNAR) | 426 872 | $2.3\%$ | ||
| 9 | MACAMA AS | 355 514 | 1.9% | ||
| 10 | ANØY INVEST DA | 278 800 | 1.5% | ||
| п | BARRA ØYSTEIN JOHANNES | 277 034 | 1.5% | ||
| 12 | AM KNIJT | 242 600 | 1.3% | ||
| 13 | GJENSIDIGE FORSIKRING | 226 472 | 1.2% | ||
| 14 | DREVDAL KJELL ERIK | 222 600 | 1.2% | ||
| 15 | NILSHOLMEN INVESTERING AS (MARKMAN KJELL) | 209 222 | 1.I % | ||
| 16 | BAKKE STEINAR | 200 473 | 1.I % | ||
| 17 | MP PENSJON PK | 172700 | $0.9\%$ | ||
| 18 | ESPELID KARSTEIN JOHAN | 170 000 | 0.9 2 | ||
| 19 | STOKKA SIGMUND | 168 693 | 0.9% | ||
| 20 | THOMAS FEARNLEY, STIFTELSEN | 150 983 | $0.8 \%$ | ||
| Top 20 shareholders | 11 187 892 | 60.4% | |||
| Other shareholders | 7 349 396 | 39.6% | |||
| Total shares outstanding | 18 537 288 | 100,0% |
| Rank Investor | Holding Percentage | ||
|---|---|---|---|
| т | DEUTSCHE BANK AG | 2829997 | 15.3% |
| 2 | TTC INVEST AS | 1300000 | 7.0% |
| 3 | INVESCO PERP EUR SMALL COMP FD | 1 225 389 | 6.6% |
| 4 | HOLBERG NORGE | 808 135 | 4.4% |
| 5 | CLEARSTREAM BANKING S.A. | 737 853 | $4.0\%$ |
| 6 | SKANDINAVISKA ENSKILDA BANKEN S.A. | 615 000 | 3.3% |
| 7 | ARGENTUM FONDSINVESTERINGER AS | 523 145 | 2.8% |
| 8 | DALVIN RADGIVNING AS (DOLVEN GUNNAR) | 426 872 | $2.3\%$ |
| 9 | MACAMA AS | 355 514 | 1.9% |
| 10 | BARRA ØYSTEIN JOHANNES | 336 011 | $1.8\%$ |
| п | ANØY INVEST DA | 278 800 | 1.5% |
| 12 | AM KNUT | 242 600 | 1.3% |
| 13 | GJENSIDIGE FORSIKRING | 226 472 | 1.2% |
| 4 | DREVDAL KJELL ERIK | 222 600 | 1.2% |
| 15 | NILSHOLMEN INVESTERING AS (MARKMAN KIELL) | 209 222 | 1.I % |
| 16 | BAKKE STEINAR | 200 473 | 1.I % |
| 17 | MP PENSJON PK | 172700 | $0.9\%$ |
| 18 | ESPELID KARSTEIN JOHAN | 170 000 | 0.9 2 |
| 19 | STOKKA SIGMUND | 168 693 | 0.9% |
| 20 | ÖGMUNDSSON ANDRÉS | 165 000 | 0.9% |
| Top 20 shareholders | 11 214 476 | 60.5% | |
| Other shareholders | 7322812 | 39.5% | |
| Total shares outstanding | 18 537 288 | 100,0% |
The long term qualification test of the cuttings transport system represents a significant step forward for BXPL. One of the main challenges with the Badger concept has been solved, thus significantly reducing the technology risk for the commercial Badger tool.
The work to develop and qualify solutions for the rest of the challenges with the Badger concept will continue
Negotiations with existing and new oil companies sponsors are on-going.
Any questions - Thank You
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