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Nekkar Investor Presentation 2010
3669_rns_2010-02-26_80c12ee8-f878-4f2a-93a7-76bea1e591f3.pdf
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TTS
TTS Group ASA
Presentation Q4 2009
February 26, 2010
TTS Group ASA
TTS
Agenda
- 4th quarter consolidated accounts
- Business segments
- Market outlook and forecast
- Market development for the TTS stock and shareholder structure
TTS Group ASA
TTS
Agenda
- 4th quarter consolidated accounts
TTS Group ASA
TTS
TTS Summary
4th quarter 2009
- Earnings per share in the 4th quarter was - 1.01 NOK.
- Turnover in 4th quarter was 910 MNOK (1.259 MNOK last year), while EBITDA was -67,4 MNOK (-21,3 MNOK.)
- Main reasons for the weak result:
- Provision for cancelled orders and accounts payable (45 MNOK)
- Inventory write-down (25 MNOK)
- Increased development cost offshore cranes (45 MNOK)
- Order backlog by 31 December was 4 510 MNOK, down 957 MNOK in the quarter, mainly due to lack of financing of two land rig orders (350 MNOK).
- Order intake during the quarter 554 MNOK, cancellations approximately 236 MNOK, primarily in the offshore sector.
- Net interest bearing debt was reduced by 100 MNOK in the period.
- Equity share at the end of the year was 25,4 %.
TTS Group ASA
TTS
TTS Group ASA
Turnover and EBITDA, 4th quarter 2009
Turnover
EBITDA
TTS Group ASA
TTS
TTS Group ASA
Profit and loss account, key figures, 31.12.2009
| (NOK 1000) | 4. quarter | |||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| Turnover | 3 825 317 | 4 196 482 | 909 848 | 1 249 704 |
| EBITDA | -84 265 | 145 459 | -67 397 | -21 290 |
| Operating profit/loss | -230 800 | 114 616 | -81 250 | -32 846 |
| Net financial items | -81 142 | - 77 796 | -21 736 | - 33 318 |
| Profit/loss before tax | -311 942 | 36 819 | -102 987 | -66 164 |
| Net profit/loss | -248 482 | 36 392 | -68 561 | -41 224 |
TTS Group ASA
TTS
TTS Group ASA
EBITDA and EBITDA margin
TTS Group ASA
TTS
TTS Group ASA
Balance sheet, 31.12.2009
| Balance sheet
(NOK 1000) | 31.12.09 | 31.12.08 |
| --- | --- | --- |
| Fixed assets | 1 550 755 | 1 508 806 |
| Current assets | 2 138 720 | 2 871 919 |
| TOTAL ASSETS | 3 689 475 | 4 380 725 |
| Equity | 935 883 | 989 056 |
| Long term liabilities | 474 729 | 565 857 |
| Current liabilities | 2 278 862 | 2 825 808 |
| TOTAL EQUITY AND LIABILITIES | 3 689 475 | 4 380 725 |
| Interest-bearing debt | | |
| Current | 578 152 | 244 634 |
| Long term | 452 390 | 532 297 |
| Total | 1 030 542 | 776 931 |
| Cash in hand | 191 907 | 267 233 |
| Net interest-bearing debt
(deposits) | 838 635 | 509 698 |
TTS Group ASA
TTS
TTS Group ASA
Net interest bearing debt 4th quarter
| 31.12.2009 | 31.09.2009 | |
|---|---|---|
| Current | 578.2 | 610.4 |
| Long term | 452.4 | 575.4 |
| Total | 1030.5 | 1185.8 |
| Cash | 191.9 | 247.0 |
| Net interest b. debt | 838.6 | 938.8 |
TTS Group ASA
TTS Group
Net working capital development
Definition net working capital: Current assets (excl bank deposits) - current liabilities (excl. Short term debt to credit institutions)
TTS Group ASA
TTS
Balance sheet
- The balance sheet has been reduced by almost 700 MNOK since the end of last year
- Still cancellations and postponements in the offshore segment that increase the working capital.
- With existing delivery schedule, the balance sheet will continue to go down the next 12 months.
- In the Energy division finished product for sale (Two 250 tons rigs, drilling equipment, winches and cranes) amounts to almost 200 MNOK.
TTS Group ASA
TTS
TTS Group ASA
Debt/Equity
TTS Group ASA
TTS
TTS Group ASA
Equity share 2008/2009
TTS Group ASA
TTS
TTS Group
Turnover 2009
TTS Group ASA
TTS
TTS Group
EBITDA 2009
TTS Group ASA
TTS
TTS Group
EBITDA Q4
TTS Group ASA
TTS
TTS Group ASA
Services
4^{\text{th}}
quarter 2009
TTS Group ASA
TTS Group
Order backlog 31.12.2009
TTS Group ASA
TTS
TTS Group
Order backlog by division
TTS Group ASA
TTS Group
Order intake last 4 quarters
MIPPSA is taken out 1Q
TTS Group ASA
TTS
Order backlog Q4 2009
Order intake and backlog Q4 2009
| NOK millions | Q4 2009 | Backlog | ||
|---|---|---|---|---|
| Order intake | Cancelled | Q3 2009 | Q42009 | |
| Dry Cargo Handling | 297 | 8 | 2 474 | 2 441 |
| Marine Cranes | 42 | 216 | 1 377 | 896 |
| Deck Machinery | 50 | 13 | 870 | 796 |
| Port & Material | 137 | 221 | 242 | |
| Drilling Equipment | 28 | 524 | 134 * | |
| Total | 554 | 236 | 5 466 | 4 510 |
Order backlog per 31.12.09
By year of delivery
21 * Take-out of MIPPSA and DONETSK 350 MNOK
TTS Group ASA
TTS
TTS Group ASA
Cancelled contracts Marine Cranes division Q4
| TTS Marine Cranes | Offshore cranes | Sekwang II | NOK 98m |
|---|---|---|---|
| Marine cranes | Korea | NOK 23m | |
| TTS Offshore Handling Equipment | Offshore winches | VIKO | NOK 53m |
| TTS-LMG Marine Cranes | 20 cranes | China | NOK 42m |
| SUM | NOK 216m |
TTS Group ASA
TTS Group ASA
Agenda
- 4th quarter consolidated accounts
- Business segments
TTS Group ASA
TTS
Dry Cargo Handling
RoRo equipment, Hatch Covers, Side Doors, Cruise and Mega Yachts
- Operations were satisfactory in the quarter.
- Increased activity in the market during second half of 2009 and good order intake in Q4.
- Still very healthy order backlog of 2.440 MNOK.
- The Chinese operation is developing very well and delivering good results. Order intake in 2009 of the JV company of 200 MNOK and backlog end year of 2 330 MNOK.
- New Managing Director from March 1, and the Division is part of Marine Division from January 1.
TTS Group ASA
TTS
Marine Cranes
Cranes and Davits for ships, Offshore Handling Equipment
- Operation and EBITDA result is very weak.
- Provision for inventory write-down and cancelled contracts of app. 55 MNOK booked in Q4.
- Delays and cost overruns on the offshore cranes added to the negative result.(45 MNOK)
- Started deliveries on the new series of offshore cranes with good feedback from customers.
- Cancellations of 216 MNOK in the quarter, primarily in the offshore sector.
- The Division is splitted in Energy and Marine and will start reporting on this basis from 1Q 2010.
TTS Group ASA
TTS Drilling Equipment
Drilling equipment and landings
- Low activity and low order intake in the quarter.
- Provision for cancelled contracts and inventory write-down of NOK 15m booked in Q4.
- MIPPSA and Donetsk removed from the order backlog. (350 MNOK)
- Low order backlog and still challenging market.
- Adjustment of costs and resource base in the 2nd quarter 2010.
- The Division is part of the Energy Division from January 1.
TTS Group ASA
TTS
Port and Material Handling
Equipment for Shipyards, Terminals and Industry
- Good operation both in the quarter and the year as a whole.
- Results as expected in Q4, but weaker than expected for the year as a whole due to postponed projects.
- Good order intake in Q4.
- Contract landed worth app NOK 93m for delivery of port equipment to port in Great Britain.
- The division is less hit by the financial crisis and the activity in the port equipment market remains high.
- Division renamed to Port and Logistics from January 1.
TTS Group ASA
TTS
Deck Machinery
Winches and deck equipment
- Good operational results in the quarter.
- Operations and results for 2009 as expected. Low margins due to start up costs of TTS Marine Equipment (Dalian) in China.
- Still healthy order backlog of 796 MNOK and the market conditions remain good.
- The Division is part of the Marine Division from January 1.
TTS Group ASA
TTS Group ASA
Agenda
- 4th quarter consolidated accounts
- Business segments
- Market outlook and forecast
TTS Group ASA
TTS
Contracting
Number of vessels
Contracting, incl. Prognosis
Database Date: 10-02-02
TTS Group ASA
TTS
World fleet outlook
Total number
World Fleet Changes
Database Date: 10-02-17
TTS Group ASA
TTS
Challenging short term rig market
- but long term demand still present
New build activity
Jack-up fleet age
Total land rigs in operation in North America
Semi fleet age
Source: DnB NOR Makets
Source DnB NOR Markets
TTS Group ASA
TTS
Total supply vessel fleet
- construction year
Total supply vessel fleet - Construction year
Source: ODS-Petrodata
AHTS PSV
Total PSV fleet - Construction year
Source: ODS-Petrodata
Newbuilds Delivered
Total AHTS fleet - Construction year
Source: ODS-Petrodata
Newbuilds Delivered
TTS Group ASA
TTS
Agenda
- 4th quarter consolidated accounts
- Business segments
- Market outlook and forecast
- Market development for the TTS stock and shareholder structure
TTS Group ASA
TTS
TTS Stock Performance
25 February 2009 – 24 February 2010
TTS Group ASA
TTS Stock Overview
1 January 2009 – 24 February 2010
| 01.01.2009 | 24.02.2010 | |
|---|---|---|
| Number of shareholders | 1 384 | 7363 |
| Foreign holdings | 28,0% | 12,92% |
| 01.01.2009 – 24.02.2010 | Average trading/day | |
| Number of trades | 7 875 | 27 |
| Value (NOK '000) | 214 173 | 741 |
| Number of shares (1000) | 28 989 | 100 |
| TTS market value | ||
| 01 January 2005 | NOK 305m | |
| 01 January 2006 | NOK 624m | |
| 01 January 2007 | NOK 1 575m | |
| 01 January 2008 | NOK 2 469m | |
| 01 January 2009 | NOK 323m | |
| 24 February 2010 | NOK 316m |
TTS Group ASA
TTS
TTS Group ASA
10 largest shareholders at 24 February 2010
| Rasmussengruppen | 15,68% |
|---|---|
| Skeie Technology | 13.15% |
| Lesk AS | 7.81% |
| Stisk AS | 7.81% |
| Citibank N.A. (LON) | 5.00% |
| Skandinaviska Enskilda | 4.76% |
| Skagen vekst | 3.98% |
| Odin Maritim | 3.19% |
| Tamafe Holding | 3.18% |
| Holberg Norge | 2.06% |
| SUM | 66.62% |
TTS Group ASA