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Eidesvik Offshore — Investor Presentation 2014
Aug 14, 2014
3586_rns_2014-08-14_b4ba0969-6c7f-4d07-8621-c7587b98d56c.pdf
Investor Presentation
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Presentation 2nd Quarter 2014
Oslo 14.08.2014 CFO Svein Ove Enerstvedt
2nd Quarter 2014 results
(2nd Quarter 2013 in brackets)
| Revenues | MNOK 245,7 (242,9) |
|
|---|---|---|
EBITDA: MNOK 124,0 (124,6)
Operating profit MNOK 63,4 (67,4)
Pre-tax profit: MNOK 5,2 (34,1)
Results 2nd Quarter 2014
(in million NOK, Gain on sale excluded)
Operating revenue Q2
The results in 2nd Quarter compared to last year are influenced of:
-Viking Forcados was sold in 3rd Quarter 2013
-Geo Searcher Was sold in 2nd Quarter 2014
EBIT Q2
Results pr 30.06.2014 (in million NOK, Gain on sale excluded)
Operating revenue YTD
The results YTD compared to last year are influenced of:
-3 vessels with yard stay in 1st Quarter 2014
-Viking Forcados was sold in 3rd Quarter 2013
-Geo Searcher Was sold in 2nd Quarter 2014
Cash Flow (in million NOK)
| 2nd Quarter | 2nd Quarter | ||||
|---|---|---|---|---|---|
| 2014 | 2013 | YTD 2014 | YTD 2013 | 2013 | |
| Net cashflow from operating activities | 94,5 | 175,3 | 179,6 | 221,9 | 483,0 |
| Net cashflow from investment activities | 7,1 | 51,7 | (20,9) | (30,1) | 110,7 |
| Net cashflow from finance activities | (115,0) | 141,9 | (276,0) | 26,3 | (265,9) |
| Net changes in cash holdings | (13,4) | 368,9 | (117,3) | 218,1 | 327,8 |
| Cash at beginning of period | 478,9 | 104,3 | 582,8 | 255,0 | 255,0 |
| Cash at end of period | 465,5 | 473,2 | 465,5 | 473,1 | 582,8 |
Interest paid is categorized under financing activities, interest received is categorized under operating activities.
Balance (in million NOK)
Segments
Incl. Share of Joint Ventures Excluded gain on sale (MNOK)
| 2nd Quarter 2014 | Seismic | Subsea | Supply | Other |
|---|---|---|---|---|
| Revenue | 67,7 | 102,2 | 112,1 | 5,7 |
| EBITDA | 66,4 | 57,4 | 43,8 | -10,0 |
| EBIT | 39,9 | 29,9 | 12,5 | -10,5 |
| EBITDA margin | 98% | 56% | 39% | N/A |
| EBIT margin | 59% | 29% | 11% | N/A |
| 2nd Quarter 2013 | Seismic | Subsea | Supply | Other |
|---|---|---|---|---|
| Revenue | 61,5 | 108,4 | 107,6 | 5,7 |
| EBITDA | 60,0 | 62,6 | 49,1 | -13,7 |
| EBIT | 32,6 | 36,1 | 17,2 | -14,0 |
| EBITDA margin | 98% | 58% | 46% | N/A |
| EBIT margin | 53% | 33% | 16% | N/A |
Contract backlog (per 30.06.2014)
Contract status seismic
Contract status subsea
Contract status supply
Market
The oil companies focus on cost saving programs and the fact that projects are postponed, causes uncertainties in the market. In a short term view, this seems to have influenced all our market segments.
The seismic market has been weaker than expected in 2014, and it seems to take some time before we will see a significant improvement.
Also the North Sea market for PSV was expected to be better this summer, than it turned out to be. Vessels are no leaving the North Sea for other regions. However we don't expect a significant improvement in the market as there is still many newbuilds to be delivered.
We have not seen a significant weakening in the subsea market. We have a strong belief in the future for this market based on the number of new projects and maintenance of existing installations that must be executed.