DOF ASA presented its Q2 2013 financial results and outlook. Key highlights included:
- Record high Q2 EBITDA of NOK 770 million due to high project activity and good vessel utilization.
- Delivery of a newbuild vessel and orders for 4 new pipe-laying support vessels from Brazil.
- Several contract extensions and awards increasing the backlog value above USD 300 million.
- PSV and subsea segments performed well in Q2 while AHTS utilization was impacted by vessel breakdowns.
- Total assets of NOK 33.1 billion with equity of NOK 6.4 billion and long-term debt of NOK 22.2 billion.
The document provides an overview of DOF ASA's Q3 2013 financial presentation. Some key highlights include:
- Record high EBITDA of NOK 912 million for Q3 2013.
- Improved utilization for both the AHTS and PSV fleets. Good utilization of the subsea project fleet across all regions.
- Several new subsea contract awards securing work for vessels through 2014-2015.
- Ordering of 4 new PLSV vessels from Vard for long-term contracts with Petrobras.
DOF reported lower activity in the first quarter of 2014 compared to the previous quarter. Several vessels underwent upgrades, class dockings, and mobilization for new contracts. Total EBITDA was NOK 960 million and operational EBITDA was NOK 756 million. New contracts were awarded in the Gulf of Mexico, Asia Pacific, and Atlantic regions. DOF also issued a new bond of NOK 700 million and repaid an existing bond with a net cash effect of NOK 454 million.
Gran Colombia Gold is a gold producer in Colombia that owns the Segovia and Marmato mines. In Q3 2014, production was impacted at Segovia by infrastructure limitations during ongoing mine development works. Cash costs decreased at both mines due to workforce reductions and increased production volumes. The company expects Q4 2014 cash costs of $900/oz and all-in sustaining costs of $1,025/oz. It is continuing development at Segovia to reach its target of 10,000 ounces per month by mid-2015, and has engaged advisors to evaluate options for improving its liquidity.
The document summarizes Repsol's 2013 milestones and financial results. It achieved production growth of over 7% and a record reserves replacement ratio of 275%. Key projects in Brazil, the US, and Algeria progressed on schedule. It sold its LNG assets for $4.3 billion, reducing net debt by $3.3 billion. Repsol reached an agreement with Argentina over the YPF expropriation, securing $5 billion in bonds. The company delivered strong financial results in 2013 and committed to shareholders through buybacks, dividends, and stock price growth outperforming its sector.
Retail management book @ bec doms bagalkot mbaBabasab Patil
This document provides an overview of retail management and pricing strategies across several chapters. It discusses how retail management systems can help improve productivity and business performance by streamlining operations, making data-driven decisions, offering better customer service and inventory management, and providing a quick return on investment. The system is designed to grow with retailers as they expand to multiple store locations and e-commerce channels. Pricing techniques include cost-plus pricing and suggested retail pricing, while retailers may also engage in price discrimination strategies.
The document describes India's new socio-economic classification (SEC) system used to classify households. The new SEC system is based on two variables: the education level of the chief earner and the number of consumer durables owned by the family. It has 12 grades ranging from A1 to E3. The system aims to provide more discrimination than previous systems and can be used for both urban and rural areas of India. The performance of the new SEC system is evaluated based on the penetration of selected consumer items across the SEC grades.
The 3 DOF Helicopter system is a simplified helicopter model that is well-suited for teaching intermediate to advanced flight dynamics and control concepts relevant to tandem rotor helicopters. It models three degrees of freedom - pitch, yaw, and roll - through differential equations. A PI controller was designed for the yaw axis to command a desired roll angle and travel rate. The 3 DOF Helicopter can be used for research in areas like adaptive control and nonlinear control.
The document provides an overview of DOF ASA's Q3 2013 financial presentation. Some key highlights include:
- Record high EBITDA of NOK 912 million for Q3 2013.
- Improved utilization for both the AHTS and PSV fleets. Good utilization of the subsea project fleet across all regions.
- Several new subsea contract awards securing work for vessels through 2014-2015.
- Ordering of 4 new PLSV vessels from Vard for long-term contracts with Petrobras.
DOF reported lower activity in the first quarter of 2014 compared to the previous quarter. Several vessels underwent upgrades, class dockings, and mobilization for new contracts. Total EBITDA was NOK 960 million and operational EBITDA was NOK 756 million. New contracts were awarded in the Gulf of Mexico, Asia Pacific, and Atlantic regions. DOF also issued a new bond of NOK 700 million and repaid an existing bond with a net cash effect of NOK 454 million.
Gran Colombia Gold is a gold producer in Colombia that owns the Segovia and Marmato mines. In Q3 2014, production was impacted at Segovia by infrastructure limitations during ongoing mine development works. Cash costs decreased at both mines due to workforce reductions and increased production volumes. The company expects Q4 2014 cash costs of $900/oz and all-in sustaining costs of $1,025/oz. It is continuing development at Segovia to reach its target of 10,000 ounces per month by mid-2015, and has engaged advisors to evaluate options for improving its liquidity.
The document summarizes Repsol's 2013 milestones and financial results. It achieved production growth of over 7% and a record reserves replacement ratio of 275%. Key projects in Brazil, the US, and Algeria progressed on schedule. It sold its LNG assets for $4.3 billion, reducing net debt by $3.3 billion. Repsol reached an agreement with Argentina over the YPF expropriation, securing $5 billion in bonds. The company delivered strong financial results in 2013 and committed to shareholders through buybacks, dividends, and stock price growth outperforming its sector.
Retail management book @ bec doms bagalkot mbaBabasab Patil
This document provides an overview of retail management and pricing strategies across several chapters. It discusses how retail management systems can help improve productivity and business performance by streamlining operations, making data-driven decisions, offering better customer service and inventory management, and providing a quick return on investment. The system is designed to grow with retailers as they expand to multiple store locations and e-commerce channels. Pricing techniques include cost-plus pricing and suggested retail pricing, while retailers may also engage in price discrimination strategies.
The document describes India's new socio-economic classification (SEC) system used to classify households. The new SEC system is based on two variables: the education level of the chief earner and the number of consumer durables owned by the family. It has 12 grades ranging from A1 to E3. The system aims to provide more discrimination than previous systems and can be used for both urban and rural areas of India. The performance of the new SEC system is evaluated based on the penetration of selected consumer items across the SEC grades.
The 3 DOF Helicopter system is a simplified helicopter model that is well-suited for teaching intermediate to advanced flight dynamics and control concepts relevant to tandem rotor helicopters. It models three degrees of freedom - pitch, yaw, and roll - through differential equations. A PI controller was designed for the yaw axis to command a desired roll angle and travel rate. The 3 DOF Helicopter can be used for research in areas like adaptive control and nonlinear control.
The document discusses guidelines for properly filing the Statement of Assets, Liabilities and Net Worth (SALN) baseline declaration form for government employees in the Philippines. It provides an overview of the SALN, including that it consists of a baseline declaration form that must be filed upon assumption of office and annual declaration forms that must be filed every year. It outlines when these forms must be filed, where they should be submitted, and examples of the types of information required in each form such as sources of income, real properties, vehicles, and financial interests.
The Professional Development and Coaching Cooperative(PDCC)is a new group targeted toward helping young professionals set their career path. Keywords: Mission; Plan; Coaching; Mentoring; Education,Training; Professional Development; Young Professional
Pag-IBIG Benefits: Home Development Mutual Fund. Employees who can avail of housing loans as one of their Pag-IBIG Benefits from the Home Development Mutual Fund.
SSS-TDM Retail Marketing plan draft 2015-03-25Sameh Magdy
This document outlines retail marketing plans for different zones within a sports store called Sun and Sand Sports located in The Dubai Mall in Dubai, UAE. The plans include floor layouts, fixture placements, and asset details for each zone focusing on brands like Nike, Adidas, Under Armour, Puma, and more. Installation of the plans is scheduled from April 15th to 28th for the store's opening on December 8th.
This module discusses investment planning. It begins by explaining the importance of investment planning in the overall financial planning process. It then covers types of investment products and their associated risks and returns. The module discusses how to evaluate investment choices based on a client's goals and needs. It also explains how to create, monitor, and rebalance client portfolios over time. The module teaches how to recommend an appropriate investment portfolio for a client. It emphasizes that higher potential returns generally come with higher risks. Throughout, the module focuses on balancing risks and returns for clients based on their individual risk tolerance and time horizons.
This document provides an overview of key concepts related to investment including what investment is, the needs it fulfills, inflation and how it impacts returns, different asset classes and their typical returns, golden rules of investing, steps to take when investing, interest rates and factors that influence them, short-term and long-term financial investment options like savings accounts, fixed deposits, mutual funds, shares, bonds, derivatives and more. The document aims to educate readers on fundamental investment principles.
This document proposes an ATM system that uses facial recognition instead of cards and PINs for verification. It would work by having a camera installed on the ATM that takes a photo of the customer's face and compares it to an image stored in the bank's database associated with the account. This would provide increased security by matching a live photo to the stored image without needing a card or PIN. The document outlines the components, techniques, process and potential benefits of such a biometric-based ATM system for more reliable authentication.
- DOF ASA reported record high Q4 EBITDA of NOK 830 million, up from NOK 692 million in Q4 2012.
- Subsea activities contributed 68% of EBITDA in Q4 2013 due to high project activity.
- DOF's fleet consists of 69 vessels in operation and 8 newbuildings on order, with a total backlog of NOK 62 billion including firm contracts and options.
- In Q4, DOF was awarded several new subsea contracts in regions like Asia Pacific, Atlantic, and Brazil totaling over NOK 10 billion.
Oceanteam Shipping ASA is an Oslo Stock Exchange listed shipping company that operates a fleet of large construction support vessels and provides engineering services. The company's CEO is Haico Halbesma and CFO is Torbjørn Skulstad. Oceanteam presented at the Pareto Conference in Oslo on September 4, 2013, providing an overview of the company, its finance structure, recent financial performance, and positive market outlook for large deep-water vessels.
This document is the quarterly report for Farstad Shipping ASA for the first quarter of 2013. It provides key financial figures including operating income of NOK 914.8 million and operating profit of NOK 173.3 million. It also discusses the company's fleet, new contracts secured in the quarter, and contract coverage of approximately 72% for the remainder of 2013.
This presentation summarizes Vard Holdings' financial results for the first quarter of 2013. Revenue declined 2% to NOK 2.7 billion compared to the first quarter of 2012. EBITDA declined 23% to NOK 304 million and the EBITDA margin fell to 11.1% from 14%. The order backlog remained strong at 46 vessels as of March 31, 2013. Operations in Norway and Romania performed well but challenges in Brazil continued to impact group performance. Investments are ongoing across all shipyards to improve productivity and efficiency.
This document is Farstad Shipping's quarterly report for the fourth quarter of 2015. Some key points:
- Operating income for Q4 was NOK 939.9 million, down from NOK 1,111.7 million in Q4 2014. Operating loss was NOK 982 million after impairments of NOK 1,094.6 million.
- For all of 2015, operating income was NOK 4,011.1 million and operating loss was NOK 813.8 million after total impairments of NOK 1,279.6 million.
- The company operates 59 vessels total and has approximately 2,100 employees across multiple global offices. Contract coverage is around 54% for 2016
- BOURBON reported revenues of €1.3 billion in 2013, up 13.1% at constant exchange rates, with improved profitability.
- The company added 38 vessels to its fleet and disposed of 31 vessels for $770 million through sales and long-term bareboat charters.
- BOURBON generated strong positive free cash flow of €450 million and reduced net debt by €320 million.
- The company is proposing a dividend of €1 per share, a 34% increase from 2012.
Transforming for beyond action plan and 2012 annual resultsBOURBON
This document discusses Bourbon's annual results for 2012 and its "Transforming for Beyond" strategic plan. Key points include:
- Profitable growth in 2012 with revenue up 17.7% and net income up 49.6% due to higher oil prices and daily rates.
- The "Transforming for Beyond" plan includes selling $2.5 billion of vessels and bareboat chartering them to reduce debt and prepare for growth beyond 2015 while maintaining operational control of the fleet.
- The financial aspects of the plan were approved in March 2013 and are aimed at strengthening the balance sheet and achieving specific debt and growth targets by 2015 to pave the way for future expansion.
The document summarizes PostNord's financial results for the third quarter of 2014. It reports continued declines in mail volumes but growth in e-commerce parcel delivery. While revenue was stable, profitability remained low due to tough competition in logistics. PostNord initiated a cost-saving program and is considering divesting its Stralfors printing business. The outlook forecasts ongoing mail volume declines and a focus on improving cash flow and profitability through cost reductions.
RWE Dea is an international oil and gas exploration and production company. In 2013, RWE Dea achieved strong operating profits despite its parent company RWE deciding to sell its shares in RWE Dea. RWE Dea continued investing in expanding production, which will benefit future results. The company plans to double production by 2020 and establish a balanced portfolio of activities in at least four core regions: Northern Europe, the Middle East, North Africa, and a new focus on Northern South America. In 2013, RWE Dea brought three major development projects into production ahead of schedule and expanded its portfolio of assets in the UK and Norway.
FLSmidth second quarter report for 2014 was released on 13 August 2014. Best viewed on a full screen mode, this Interim report for Q2 2014 informs the reader about the key highlights, market update, operational highlights, technology highlights, efficiency programme, financial performance, by FLSmidth. A special highlight of this Q2 2014 report was the announcing of the new Divisional structure and new Group structure.
- Prosafe reported financial results for Q2 2013 with operating revenues of USD 143.5 million and net profit of USD 54.9 million.
- The company has a high quality North Sea fleet of 7 vessels and is building two new vessels, Safe Boreas and Safe Zephyrus, with deliveries in 2014 and 2015.
- Prosafe has a record high order backlog of USD 1.425 billion due to strong contract inflow, with high visibility through 2019.
The document is a newsletter from Seabrokers Group providing updates on the offshore support vessel (OSV) market. Key points from the document include:
- Spot rates for OSVs in the North Sea increased slightly in August but some fixtures dropped below £3,000, suggesting the tough market is not over yet.
- Vessel owners have mixed views on whether the market has bottomed out, with one calling bottom in Q1/Q2 2016 but another disagreeing.
- Contract awards and extensions were announced for OSVs in various regions including the North Sea, Brazil, Nigeria, and East Africa.
- Average spot rates and utilisation rates for August 2016 are shown for various vessel
North Atlantic Drilling Ltd. Company Position Overview (Sept 2014)Andrew Gelston
North Atlantic Drilling provides a summary of its business and key investment highlights. It operates 10 harsh environment drilling rigs in the North Atlantic region, with over 1,600 employees and more than 40 years of operating experience. The company has a solid contract backlog of $6.3 billion, and is committed to growth of approximately $365 million in annualized EBITDA from 2014 to 2017 through its partnership with Rosneft. This partnership includes contracts for 5 offshore drilling rigs with Rosneft, as well as North Atlantic Drilling's acquisition of approximately 150 land drilling rigs in Russia. The presentation outlines the company's fleet, locations, contract backlog, market outlook and investment highlights.
Deep Sea Supply Investordagen KristiansandNordnet Norge
Deep Sea Supply owns and operates a fleet of 40 offshore supply vessels worldwide. It is a public company listed on the Oslo Stock Exchange with a market capitalization of approximately $390 million. Hemen Holding Limited is the largest shareholder, owning 35.1% of shares. Deep Sea Supply has expanded its fleet through newbuild orders and acquisitions, growing from 6 vessels in 2005 to 40 vessels currently. It aims to create shareholder value through dividend payments and opportunistic acquisitions and sales of vessels.
The document discusses guidelines for properly filing the Statement of Assets, Liabilities and Net Worth (SALN) baseline declaration form for government employees in the Philippines. It provides an overview of the SALN, including that it consists of a baseline declaration form that must be filed upon assumption of office and annual declaration forms that must be filed every year. It outlines when these forms must be filed, where they should be submitted, and examples of the types of information required in each form such as sources of income, real properties, vehicles, and financial interests.
The Professional Development and Coaching Cooperative(PDCC)is a new group targeted toward helping young professionals set their career path. Keywords: Mission; Plan; Coaching; Mentoring; Education,Training; Professional Development; Young Professional
Pag-IBIG Benefits: Home Development Mutual Fund. Employees who can avail of housing loans as one of their Pag-IBIG Benefits from the Home Development Mutual Fund.
SSS-TDM Retail Marketing plan draft 2015-03-25Sameh Magdy
This document outlines retail marketing plans for different zones within a sports store called Sun and Sand Sports located in The Dubai Mall in Dubai, UAE. The plans include floor layouts, fixture placements, and asset details for each zone focusing on brands like Nike, Adidas, Under Armour, Puma, and more. Installation of the plans is scheduled from April 15th to 28th for the store's opening on December 8th.
This module discusses investment planning. It begins by explaining the importance of investment planning in the overall financial planning process. It then covers types of investment products and their associated risks and returns. The module discusses how to evaluate investment choices based on a client's goals and needs. It also explains how to create, monitor, and rebalance client portfolios over time. The module teaches how to recommend an appropriate investment portfolio for a client. It emphasizes that higher potential returns generally come with higher risks. Throughout, the module focuses on balancing risks and returns for clients based on their individual risk tolerance and time horizons.
This document provides an overview of key concepts related to investment including what investment is, the needs it fulfills, inflation and how it impacts returns, different asset classes and their typical returns, golden rules of investing, steps to take when investing, interest rates and factors that influence them, short-term and long-term financial investment options like savings accounts, fixed deposits, mutual funds, shares, bonds, derivatives and more. The document aims to educate readers on fundamental investment principles.
This document proposes an ATM system that uses facial recognition instead of cards and PINs for verification. It would work by having a camera installed on the ATM that takes a photo of the customer's face and compares it to an image stored in the bank's database associated with the account. This would provide increased security by matching a live photo to the stored image without needing a card or PIN. The document outlines the components, techniques, process and potential benefits of such a biometric-based ATM system for more reliable authentication.
- DOF ASA reported record high Q4 EBITDA of NOK 830 million, up from NOK 692 million in Q4 2012.
- Subsea activities contributed 68% of EBITDA in Q4 2013 due to high project activity.
- DOF's fleet consists of 69 vessels in operation and 8 newbuildings on order, with a total backlog of NOK 62 billion including firm contracts and options.
- In Q4, DOF was awarded several new subsea contracts in regions like Asia Pacific, Atlantic, and Brazil totaling over NOK 10 billion.
Oceanteam Shipping ASA is an Oslo Stock Exchange listed shipping company that operates a fleet of large construction support vessels and provides engineering services. The company's CEO is Haico Halbesma and CFO is Torbjørn Skulstad. Oceanteam presented at the Pareto Conference in Oslo on September 4, 2013, providing an overview of the company, its finance structure, recent financial performance, and positive market outlook for large deep-water vessels.
This document is the quarterly report for Farstad Shipping ASA for the first quarter of 2013. It provides key financial figures including operating income of NOK 914.8 million and operating profit of NOK 173.3 million. It also discusses the company's fleet, new contracts secured in the quarter, and contract coverage of approximately 72% for the remainder of 2013.
This presentation summarizes Vard Holdings' financial results for the first quarter of 2013. Revenue declined 2% to NOK 2.7 billion compared to the first quarter of 2012. EBITDA declined 23% to NOK 304 million and the EBITDA margin fell to 11.1% from 14%. The order backlog remained strong at 46 vessels as of March 31, 2013. Operations in Norway and Romania performed well but challenges in Brazil continued to impact group performance. Investments are ongoing across all shipyards to improve productivity and efficiency.
This document is Farstad Shipping's quarterly report for the fourth quarter of 2015. Some key points:
- Operating income for Q4 was NOK 939.9 million, down from NOK 1,111.7 million in Q4 2014. Operating loss was NOK 982 million after impairments of NOK 1,094.6 million.
- For all of 2015, operating income was NOK 4,011.1 million and operating loss was NOK 813.8 million after total impairments of NOK 1,279.6 million.
- The company operates 59 vessels total and has approximately 2,100 employees across multiple global offices. Contract coverage is around 54% for 2016
- BOURBON reported revenues of €1.3 billion in 2013, up 13.1% at constant exchange rates, with improved profitability.
- The company added 38 vessels to its fleet and disposed of 31 vessels for $770 million through sales and long-term bareboat charters.
- BOURBON generated strong positive free cash flow of €450 million and reduced net debt by €320 million.
- The company is proposing a dividend of €1 per share, a 34% increase from 2012.
Transforming for beyond action plan and 2012 annual resultsBOURBON
This document discusses Bourbon's annual results for 2012 and its "Transforming for Beyond" strategic plan. Key points include:
- Profitable growth in 2012 with revenue up 17.7% and net income up 49.6% due to higher oil prices and daily rates.
- The "Transforming for Beyond" plan includes selling $2.5 billion of vessels and bareboat chartering them to reduce debt and prepare for growth beyond 2015 while maintaining operational control of the fleet.
- The financial aspects of the plan were approved in March 2013 and are aimed at strengthening the balance sheet and achieving specific debt and growth targets by 2015 to pave the way for future expansion.
The document summarizes PostNord's financial results for the third quarter of 2014. It reports continued declines in mail volumes but growth in e-commerce parcel delivery. While revenue was stable, profitability remained low due to tough competition in logistics. PostNord initiated a cost-saving program and is considering divesting its Stralfors printing business. The outlook forecasts ongoing mail volume declines and a focus on improving cash flow and profitability through cost reductions.
RWE Dea is an international oil and gas exploration and production company. In 2013, RWE Dea achieved strong operating profits despite its parent company RWE deciding to sell its shares in RWE Dea. RWE Dea continued investing in expanding production, which will benefit future results. The company plans to double production by 2020 and establish a balanced portfolio of activities in at least four core regions: Northern Europe, the Middle East, North Africa, and a new focus on Northern South America. In 2013, RWE Dea brought three major development projects into production ahead of schedule and expanded its portfolio of assets in the UK and Norway.
FLSmidth second quarter report for 2014 was released on 13 August 2014. Best viewed on a full screen mode, this Interim report for Q2 2014 informs the reader about the key highlights, market update, operational highlights, technology highlights, efficiency programme, financial performance, by FLSmidth. A special highlight of this Q2 2014 report was the announcing of the new Divisional structure and new Group structure.
- Prosafe reported financial results for Q2 2013 with operating revenues of USD 143.5 million and net profit of USD 54.9 million.
- The company has a high quality North Sea fleet of 7 vessels and is building two new vessels, Safe Boreas and Safe Zephyrus, with deliveries in 2014 and 2015.
- Prosafe has a record high order backlog of USD 1.425 billion due to strong contract inflow, with high visibility through 2019.
The document is a newsletter from Seabrokers Group providing updates on the offshore support vessel (OSV) market. Key points from the document include:
- Spot rates for OSVs in the North Sea increased slightly in August but some fixtures dropped below £3,000, suggesting the tough market is not over yet.
- Vessel owners have mixed views on whether the market has bottomed out, with one calling bottom in Q1/Q2 2016 but another disagreeing.
- Contract awards and extensions were announced for OSVs in various regions including the North Sea, Brazil, Nigeria, and East Africa.
- Average spot rates and utilisation rates for August 2016 are shown for various vessel
North Atlantic Drilling Ltd. Company Position Overview (Sept 2014)Andrew Gelston
North Atlantic Drilling provides a summary of its business and key investment highlights. It operates 10 harsh environment drilling rigs in the North Atlantic region, with over 1,600 employees and more than 40 years of operating experience. The company has a solid contract backlog of $6.3 billion, and is committed to growth of approximately $365 million in annualized EBITDA from 2014 to 2017 through its partnership with Rosneft. This partnership includes contracts for 5 offshore drilling rigs with Rosneft, as well as North Atlantic Drilling's acquisition of approximately 150 land drilling rigs in Russia. The presentation outlines the company's fleet, locations, contract backlog, market outlook and investment highlights.
Deep Sea Supply Investordagen KristiansandNordnet Norge
Deep Sea Supply owns and operates a fleet of 40 offshore supply vessels worldwide. It is a public company listed on the Oslo Stock Exchange with a market capitalization of approximately $390 million. Hemen Holding Limited is the largest shareholder, owning 35.1% of shares. Deep Sea Supply has expanded its fleet through newbuild orders and acquisitions, growing from 6 vessels in 2005 to 40 vessels currently. It aims to create shareholder value through dividend payments and opportunistic acquisitions and sales of vessels.
- The company reported solid results for Q1 2013, with good performance in several regions offset by some planned dry-docking and lower vessel utilization.
- 2013 guidance was re-iterated, with revenue and earnings expected to show progress despite some project delays and seasonal utilization patterns.
- The company has a record backlog above $10 billion and sees growth opportunities across all its markets, though some industry projects have been postponed.
Aker BP ASA (“the company” or “Aker BP”) reported total income of USD 656 (255) million in the fourth quarter of 2016. Production in the period was 126.5 (54.0) thousand barrels of oil equivalent per day (“mboepd”), realizing an average oil price of USD 52
(45) per barrel and a gas price of USD 0.19 (0.23) per standard cubic metre (scm). EBITDA amounted to USD 485 (208) million in the quarter and EBIT was USD 281 (-95) million. Net loss for the quarter was USD 67 (156) million, translating into an EPS of USD -0.20 (-0.77). Net interest-bearing debt amounted to USD 2,425 (2,532) million per December 31, 2016.
Golden Ocean reported financial results for Q2 2013 with earnings highlights including EBITDA of $49.5 million and net profit of $43.5 million. Key events were taking delivery of a new capesize vessel called Golden Pearl in Q2, reclassifying two ice-class panamaxes, and making a joint venture investment in Golden Magnum. The company also received a $30 million settlement related to a past charter dispute. Operationally, GOGL has open positions of around 30-80% for 2013-2015 depending on vessel type and is working to refinance debt facilities coming due in early 2014. The macro outlook presentation discussed trends of ongoing but slowing fleet growth being supported by strong demand growth from China
Petrobras is a Brazilian integrated energy company that has operated for 60 years and achieved global leadership in deepwater technology and operations. The company aims to double its oil production in Brazil by 2020 by focusing on exploration and production projects there. As of 2013, Petrobras had proved oil reserves in Brazil of 15.97 billion barrels of oil equivalent and produced 1.93 million barrels of oil per day onshore, in shallow waters, and in deep and ultra-deep waters.
The document provides an earnings presentation for Q2 2013 by Navios Maritime Acquisition Corporation (NNA). It discusses NNA's recent acquisitions totaling $342 million which added 12 vessels to its fleet. It also outlines NNA's growth strategy, strong liquidity position, and low cost structure providing a cash flow cushion. Recent fleet developments include the delivery of 10 vessels in 2013 including chartering arrangements which provide stable cash flow.
StealthGas reported its 2013 second quarter results, with revenues of $30.3 million. While revenues were flat, net income declined to $5.1 million due to higher voyage costs and drydocking expenses. The company took delivery of 3 secondhand vessels and has 6 newbuildings on order as part of its fleet expansion plan. For the full year, StealthGas expects to invest $375 million to grow its fleet to approximately 50-55 vessels. The presentation outlines the company's business strategy and the positive fundamentals of the LPG shipping sector.
Presentation Clayton Valley, NevadaFrom Drilling to PEA in under 2 YearsCompany Spotlight
The document summarizes Cypress Development Corp's Clayton Valley lithium project in Nevada. Key points include:
- A Preliminary Economic Assessment shows promising economics including a 32.7% IRR and $1.45 billion NPV.
- Measured and indicated resources total 8.9 million tonnes LCE with additional inferred resources.
- The project has the potential for low-cost production due to favorable geology and metallurgy.
- Upcoming catalysts in 2019 include a metallurgical study and prefeasibility study to further de-risk the project.
Aben Resources has made a new high-grade gold discovery at its flagship Forrest Kerr project in BC's Golden Triangle region. The region is known for major gold deposits and saw $100 million in exploration spending in 2017. Recent improvements have made the Forrest Kerr project more accessible via new roads. Aben's technical team has reinterpreted historical data and identified additional exploration targets. The project covers over 23,000 hectares of prospective geology along the Forrest Kerr fault zone that is similar to other major deposits in the Golden Triangle.
Aben Resources has discovered high-grade gold zones at its Forrest Kerr project in British Columbia's Golden Triangle. The first hole of the 2018 drill program intersected four separate high-grade gold zones within 190 metres, including 331.0 g/t Au over 1.0 metre. Aben plans to expand drilling at the Boundary North Zone and test other gold anomalies identified through soil sampling. The company also holds the Justin project in Yukon and Chico project in Saskatchewan near recent discoveries.
Cypress Development Corp. owns lithium claims in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. A preliminary economic assessment found the project could have a 32.7% IRR and $1.45 billion NPV. The project would extract lithium from claystone using leaching and have average annual production of 24,042 tonnes of lithium carbonate over 40 years. Capital costs are estimated at $482 million to build a 15,000 tonne per day operation.
The document discusses Aben Resources Ltd., a gold exploration company with projects in British Columbia's Golden Triangle region and other areas of Western Canada. It provides an overview of Aben's management team and directors, flagship Forrest Kerr project, recent drilling results showing new high-grade gold discoveries, and its strategy to advance exploration through 2018. The document also briefly outlines Aben's other projects including the Chico gold project in Saskatchewan and Justin gold project in Yukon.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters thick. A maiden resource estimate calculated 3.287 million tonnes of lithium carbonate equivalent in the indicated category and 2.916 million tonnes LCE in inferred. Metallurgical tests show the claystone is acid leachable and able to recover over 80% of the lithium. Cypress plans additional drilling, engineering studies, and permitting to advance the project towards production.
- Aben Resources has three highly prospective gold projects in Western Canada including its flagship Forrest Kerr Project in BC's Golden Triangle region, which had recent drilling success expanding the Boundary North Zone.
- Management has over 100 years of combined experience in Western Canada and a proven track record of success.
- The projects have significant historic work identifying high-grade gold and robust discovery potential remains.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters. A maiden resource estimate classified over 1.3 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is leachable with over 80% lithium recovery. Cypress aims to advance the project with engineering studies and further drilling to define resources with the goal of becoming a domestic lithium producer for the growing battery market.
The document provides forward-looking statements and discusses risks associated with such statements. It notes that some statements may be deemed forward-looking and lists factors that could cause actual results to differ from forward-looking statements. The document also identifies the qualified person for the technical information as Cornell McDowell and provides Aben's trading symbols and recent share information.
The document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in Western Canada. It summarizes Aben's three key projects - Forrest Kerr in BC's Golden Triangle region with recent drill results discovering the Boundary Zone, Chico in Saskatchewan near producing mines, and Justin in Yukon's White Gold district. It outlines the management team's expertise and provides company details like shares outstanding and trading symbols.
- Cypress Development Corp owns the Clayton Valley lithium project in Nevada located near Albemarle's Silver Peak lithium brine operation.
- Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes drilled.
- Metallurgical tests show the claystone is acid leachable with over 80% lithium extraction possible.
- Cypress aims to define a resource estimate in 2018 and advance the project with feasibility studies to develop a lithium operation.
The document discusses forward-looking statements and provides disclaimers about them. It introduces the qualified person for the technical information presented. It also lists Aben's trading symbols and recent share information including price and market capitalization.
1) Cypress Development Corp owns the Clayton Valley lithium project located next to Albemarle's Silver Peak mine in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging over 900 ppm Li to a depth of over 100 meters.
2) A maiden resource estimate classified over 1.5 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is acid leachable to extract over 80% of the lithium.
3) The project is located in a strategic location to supply the growing lithium-ion battery market in the US, with lithium demand accelerating due to the increased production of electric vehicles globally.
TerraX Minerals is a Canadian mineral exploration company focused on exploring and developing its 100% owned 772 square km Yellowknife City Gold project located adjacent to the city of Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts and has had multiple high-grade gold discoveries. TerraX has a strong management team with experience discovering and developing gold deposits and low exploration costs due to the project's excellent infrastructure and year-round access near Yellowknife.
This document discusses forward-looking statements and provides information about Aben Resources Ltd., including its stock symbols, shares outstanding, recent share price, market capitalization, and three gold exploration projects in Western Canada. It summarizes the management team's experience and the company's investment highlights. Specifically, it owns the Forrest Kerr gold project in British Columbia's Golden Triangle region, which saw successful drilling results in 2017 that led to a new discovery called the North Boundary zone.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, process engineering, and a preliminary economic assessment in 2018 to advance the project. The company sees potential for the project given growing lithium demand from electric vehicles and batteries.
TerraX Minerals is a Canadian mineral exploration company focused on exploring its 100% owned 772 square km Yellowknife City Gold project located near Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts with known deposits and past producers. TerraX has made multiple high-grade gold discoveries on the property and identified several high-priority targets for further exploration and drilling. The company has a strong management team with experience discovering and developing deposits in the region.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada that have the potential to be a significant lithium resource. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical testing shows the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to further define the resource potential.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to evaluate the project's potential.
Cypress Development Corp is exploring for lithium resources in Clayton Valley, Nevada. Recent drilling has encountered lithium-bearing claystone up to 112 meters below surface, with grades averaging over 800 ppm lithium. Metallurgical testing indicates 80% of the lithium can be extracted using a weak sulfuric acid solution. Cypress plans additional drilling in 2018 and expects to publish a initial lithium resource estimate in Q1 2018 to advance the project towards a preliminary economic assessment. The project is located near existing lithium production and infrastructure to be a potential new supply of lithium for the growing battery market.
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3. Highlights Q2 2013
All time high EBITDA – MNOK 770
Good utilisation for the subsea project fleet in May & June
Low utilisation on the AHTS fleet due to breakdown two vessels, and
transit of two vessels
Good utilisation PSV fleet
Delivery of Skandi Bergen in June
Ordered 4 x PLSV’s from Vard Norway and Brazil
DOF ASA
Fleet
Improved spot market in the North Sea
Operational
The newbuild Skandi Bergen started on its first project (Banff) in June
Geobay sold
– Q2 Presentation 2013
3
4. Highlights Q2 2013
Petrobras extended the charter for Skandi Vitória with two years, firm until September
2015. The extension was done in line with market terms
Subsea 7 extended the charters on Skandi Neptune and Skandi Seven with one year
Total value of contracts listed is above USD 300 million. Skandi Vitoria and Skandi
Salvador extensions give an increased Ebitda contribution of approx. NOK 110 million
per year
Petrobras awarded DOF Subsea/Technip JV contract for 4 x PLSVs (see separate
slides)
DOF awarded two AHTS contracts for OMV at New Zealand
One newbuild financed
DOF ASA
Chevron extended the charter on Skandi Salvador, firm until year end 2014
Finance
Several subsea contracts in the Asia Pacific region, increasing the utilisation of the
vessels Skandi Singapore, Skandi Hawk and Skandi Hercules
Contract
awards
Several subsea contracts in the Atlantic region, including increased work scope on the
Banff project, increasing the utilisation of the vessels Geosund, Geoholm, Skandi
Skolten and Skandi Bergen
Two vessels refinanced in Brazil
– Q2 Presentation 2013
4
6. PLSV contracts
Mons S. Aase, DOF Subsea’s Chief Executive Officer, declared: “The contracts confirm that our co-operation
with Technip on the Skandi Vitória and Skandi Niterói have been successful, and reinforces our position as a
leading provider of offshore vessels to the Brazilian O&G industry. It comes as a result of our long-term focus on
the Brazilian market and is an acknowledgment of the expertise of our employees.”
Frédéric Delormel, Technip’s Executive Vice President and Chief Operating Officer Subsea, added: “This
strategic contract reinforces our subsea leadership in Brazil and our long-term relationship with Petrobras. We
are confident that these new state-of-the-art PLSVs, including two with the most important flexible pipelay
tension capacity in the world - 650 tons - will be key assets for our client to successfully achieve its projects
offshore Brazil.”
Roy Reite, VARD’s Chief Executive Officer and Executive Director commented: “I look forward to working with
Technip and DOF on these milestone projects. VARD yards both in Europe and Brazil being chosen to build
these vessels illustrates the value of having a global presence when working with international clients, and
bringing leading edge technology to new markets.”
DOF ASA
– Q2 Presentation 2013
6
6
7. PLSV key information
PLSV 1+2
PLSV 3+4
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
To be built in Brazil
Delivered Q4 2016 and Q2 2017
Design 316
Type Pipe Lay support
LOA 140 m
Breadth 28 m
VLS 340 t
2 ROVs
DWT 10 800 t
DOF ASA
– Q2 Presentation 2013
To be built in Norway, Søviknes
Delivered Q2 2016 and Q4 2016
Design 305
Type Pipe Lay support
LOA 150 m
Breadth 30 m
VLS 650 t
2 ROVs
DWT 13 200 t
7
7
8. PLSV financial information
•
•
•
•
DOF Subsea part of CAPEX approx. USD 625 million
Contract 8 + 8 years
Norskan will provide Marine Services
Approx. USD 110 million in annual EBITDA contribution for DOF Subsea when all
vessels are in operations
DOF ASA
– Q2 Presentation 2013
8
8
10. DOF ASA in brief
Fleet
70 vessels in operation (PSV: 23, AHTS: 17, Subsea: 30)
8 Newbuildings (AHTS: 3 Subsea: 5)
Operates 52 ROVs
Market value total fleet at NOK 46 bn
Average age of 7 years
Value adjusted fleet age of 4 years
Back log
Total NOK 53 bn
Firm contract : NOK 24.5 bn
Options: NOK 28.5 bn
Global organization
Head office in Norway
Regional offices in Australia, Singapore, UK, Angola, US,
Canada, Angola, Argentina and Brazil
Total of 4,700 employees
Subsea employees:
Marine personnel:
1.640
3.060
Share price
DOF ASA
NOK 24.50 (30.06.2013)
NAV per share NOK 76
– Q2 Presentation 2013
10
16. Result Q2 2013
All figures in NOK million
ALL FIGURES IN NOK MILLION
Operating income
Q2 2013
Q2 2012
YTD Q2 2013
YTD Q2 2012
2 493
2 119
4 487
3 987
-1 728
-1 376
-3 123
-2 637
5
203
5
945
1 370
1 553
Depreciation
-303
-261
-605
-508
Write downs
-
-
-
-
Operating profit- EBIT
466
684
764
All time high revenue ( high project
activity)
203
770
Comments
Operating expenses
Net gain on sale of vessel
Operating profit before depreciation- EBITDA
Net profit/loss from associated companies
Financial income
Financial costs
Net realized currency gain/loss
Net profit/loss before unrealised gain/loss long term debt
Net unrealized currency gain/loss
Net unrealized gain/loss on market instruments
1 044
3
1
9
1
14
14
31
34
-354
-324
-725
-667
32
-43
38
-22
162
333
117
391
-566
-611
-577
-324
Tax
Net profit/loss
47
-97
19
-30
-357
-374
-440
37
90
Profit/loss before tax
98
90
-276
-350
74
Supply:
• 98% utilisation rate PSV fleet
• One PSV in transit in June
• 83% utilisation rate AHTS fleet
• Off-hire 90 days two AHTS due to
break-downs
• Two AHTS in transit in June
• Improved spot rates in the North Sea
in May & June
Subsea:
• 85% utilisation rate project fleet
• High activity on subsea projects in
May and June
• 95% utilisation rate TC vessels
• Two vessels in transit in the period
37
-267
All time high Ebitda (excl gain sale of
assets)
Finance:
• High currency fluctuations USD & BRL
Profit attributable to
Non-controlling interest
Controlling interest
DOF ASA
– Q2 Presentation 2013
-9
16
-39
122
-258
-292
-311
-48
16
17. P&L Q2 2013 Supply and Subsea
ALL FIGURES IN NOK
Amounts in NOK millMILLION
PSV
AHTS
Subsea
Total
Q2 2013
Q2 2012
Q2 2013
Q2 2012
Q2 2013
Q2 2012
Q2 2013
Q2 2012
Operating income
283
243
338
307
1 872
1 569
2 493
2 119
Operating result befor depreciation (EBITDA)
112
92
142
155
516
698
770
945
74
63
85
99
307
522
466
684
EBITDA margin
40 %
38 %
42 %
50 %
28 %
44 %
31 %
45 %
EBIT margin
26 %
26 %
25 %
32 %
16 %
33 %
19 %
32 %
Operating result (EBIT)
EBITDA Q2 2012
EBITDA Q2 2013
10 %
15 %
16 %
18 %
67 %
PSV
PSV
AHTS
Subsea
74 %
AHTS
CSV
•Ebitda and Ebit 2012 include gain from sale of assets MNOK 203
DOF ASA
– Q2 Presentation 2013
17
18. Financial result Q2 2013
ALL FIGURES IN NOK MILLION
Financial items
Share of loss profit from associated
Interest reveneue
Interest costs
Realized currency gain/loss long debt
Q2 2013
Q2 2012
YTD Q2 2013
YTD Q2 2012
3
1
9
1
13
13
28
35
-346
-300
-690
Comments
-625
11
0
10
26
Realized currency gain/loss on derivatives
1
-21
4
Realized operational currency gain/loss (-)
21
-73
24
•
Net realized financial items MNOK 100
lower in Q2 2013 compared to previous
year
•
High currency fluctuations with a
strenghtened USD towards BRL and
NOK, reflects market to market on long
term debt. No cash impact
•
Derivatives represent interest swaps in
NOK & USD, 53% of the Group’s long
term debt is secured. Long term nibor
and libor have increased in Q2
-31
-68
Other financial expenses
-6
-23
-33
-43
-304
-402
-647
-705
-566
-559
-577
-272
47
-97
19
-30
Total unrealized profit/loss on currencies and derivative
-519
-656
-558
-303
Total financial items
-824
-1 058
-1 205
-1 008
Total financial items
Unrealized profit/loss on currencies and derivatives
Unrealized currency gain/loss
Unrealized gain/loss on derivatives
DOF ASA
– Q2 Presentation 2013
18
20. Balance Q2 2013
Amounts in NOK million MILLION
ALL FIGURES IN NOK
ASSETS
Intangible assets
Vessel and other tangible assets
Newbuildings
Financial assets
Non-currents assets
30.06.2013
30.06.2012
31.12.2012
784
26 839
362
363
28 347
564
24 877
1 153
347
26 942
704
26 179
423
387
27 693
2 584
2 142
4 727
2 392
2 002
4 393
1 915
2 145
4 060
33 074
31 336
31 754
1 452
2 040
2 916
6 408
1 452
2 299
2 703
6 454
1 452
2 318
2 950
6 720
511
21 718
22 228
557
20 145
20 702
574
21 027
21 601
2 705
1 732
4 438
1 997
2 182
4 179
2 000
1 433
3 433
33 074
31 336
31 754
Comments
Total assets
EQUITY AND LIABILITIES
Subscribted equity
Retained equity
Non-controlling equity
Equity
Provisions for commitments
Other non-current liabilities
Non-current liabilities
Current part of interest bearing debt
Other current liabilities
Current liabilities
Total equity and liabllities
DOF ASA
– Q2 Presentation 2013
One vessel delivered in Q2 2013
Newbuildings represent instalments
paid on 4 vessels under construction
for delivery in 2013-2015
•
High receivables and current liabilities
due to high subsea project activity in
Q2
•
Receivables
Cash and cash equivalents
Current assets
•
•
Long term debt net increase in Q2
includes financing one new-build and
refinancing two vessels
•
Current portion long term debt
represent mainly MNOK 650 in bonds,
MNOK 2 055 as balloons and
amortization long term debt
20
21. Net interest bearing debt
30.06.2013
Non-current interest bearing liabilities
Bond loan
Debt to credit institutions
Total non-current interest bearing liabilites
30.06.2012 31.12.2012
4 411
17 096
21 507
3 520
16 379
19 899
4 164
16 592
20 756
650
2 031
24
2 705
168
1 523
306
1 997
141
1 784
75
2 000
Total interest bearing liabilities
24 212
21 896
22 756
Net interest bearing liabilities
Cash and cash equivalents
Net derivatives
Non-current receivables
Total net interest bearing liabilities
2 142
-403
83
22 391
2 002
-243
20 138
2 145
-365
98
20 878
Current interest bearing liabilities
Bond loan
Debt to credit institutions
Overdraft facilities
Total current interest bearing liabilities
DOF ASA
– Q2 Presentation 2013
21
22. Key figures Q2 2013
Q2 2013
FINANCIAL RESULT
EBITDA margin ex net gain on sale of vessel
EBITDA margin
EBIT margin
Cashflow per share 1)
Profit per share ex. non-controlling interest 2)
Profit per share ex. unrealized loss/gain and taxes 3)
Q2 2013
YTD Q2 2013
YTD Q2 2012
2012
31 %
31 %
19 %
4,19
-2,32
1,46
35 %
45 %
32 %
5,35
-2,63
3,00
30 %
31 %
17 %
6,51
-2,80
1,06
34 %
39 %
26 %
8,09
-0,43
3,52
34 %
37 %
23 %
15,04
1,02
5,04
-5 %
19 %
37 %
76
1 234
22 391
22 029
1%
21 %
40 %
79
1 646
20 138
18 985
5%
21 %
39 %
81
3 047
20 878
20 454
111 051 348
111 051 348
111 051 348
111 051 348
111 051 348
111 051 348
BALANCE
Return on net capital
Equity ratio
Value adjusted equity
Value adjusted equity per share
Capex
Net interest bearing debt (MNOK)
Net interest bearing debt ex. unemployed capital (MNOK)
No of shares
Outstanding number of shares
*) Diluted number of share is the same as number of shares
111 051 348
111 051 348
111 051 348
111 051 348
1) Pre-tax result + depreciation and w rite dow ns +/- unrealized gain/loss on currencies +/- net changes in fair value of financial instruments/average no of shares.
2) Net profit excl. non controlling interest/average no of shares
3) Net profit excl.unrealized currency gain/loss on debt and market instruments and taxes/average no of shares
DOF ASA
– Q2 Presentation 2013
22
23. Cash flow Q2 2013
Amounts in NOK million
ALL FIGURES IN NOK MILLION
Net cash from operating activities
YTD Q2 2013 YTD Q2 2012
2012
Comments
•
Cash from operation is effected
by increased working capital of
MNOK 370 in 1st half year. The
increased working capital is due
to high project activities in the
subsea segment
•
Cash used on investments 1st
half are deliveries of two
vessels, instalments newbuilds
and dockings- /conversions
•
Proceeds from borrowings 1st
half are issue of bond loan
MNOK 1 300 and new loan
facilities of MNOK 986 reflecting
delivery of vessels and
refinancing exisiting fleet
•
Repayments are repayment on
bond loan, amortization and
repayment long term debt
219
761
1 182
Payment received on sale of tangible assets
Purchase of tangible assets
Other changes in investing activities
Net cash from investing activities
82
-1 234
34
-1 118
762
-1 646
-24
-908
819
-3 047
-5
-2 233
Proceeds from borrowings
Prepayment of borrowings
Payment from/to non-controlling interests
Net cash from financing activities
2 286
-1 404
-1
882
2 349
-2 228
121
5 115
-3 945
1 170
-17
-25
119
2 145
14
2 142
2 040
-13
2 002
2 040
-14
2 145
Net changes in cash and cash equivaltents
Cash and cash equivalents at the start of the period
Exchange gain/loss on cash and cash equivalents
Cash and cash equivalents at the end of the period
DOF ASA
– Q2 Presentation 2013
23
24. Debt maturity profile
4 000
Bond Loan
Bank Debt
Balloons
3 538
3 500
3 000
DOF 07*
- NOK 950 million
- Maturity July 2013
- Net NOK 132 million
2 000
1 500
1 074
794
1 000
350
132 156
914
600670
483
700
429515
700
DOF 08
- NOK 600 million
- Maturity Mar 2015
DOF 09
- NOK 700 million
- Maturity Feb 2017
2 500
500
DOF Supply
DOF 10*
- NOK 700 million
- Maturity Sep 2019
207
-
-
-
2013E
2014E
2015E
2016E
2017E
After
4000
Bond Loan
Bank Debt
3 627
Balloons
3500
DOF Subsea
DOFSUB 04
- NOK 750 million
- Maturity April 2014
- Net NOK 518 million
3000
2500
2000
1 362
1500
1 073
898
1000
537
1 300
1 005
668 690
518
661
DOFSUB 05
- NOK 750 million
- Maturity April 2016
- Net NOK 668 million
DOFSUB 06
- NOK 700 million
- Maturity Oct 2015
- Net NOK 482 million
DOFSUB 07
- NOK 1300 million
- Maturity May 2018
482
308
500
• The figures reflects amortization and balloon payments on debt drawn as pr 30 June
0
2013E
2014E
2015E
2016E
2017E
After
2013. In addition, bond transactions after balance date are included.
• Debt maturity profile excludes approx NOK 0.6 billion in payments to Eksportfinans
which is serviced by corresponding amount of restricted cash.
DOF ASA
– Q2 Presentation 2013
24
25. DOF ASA – Asset coverage
Combined market value DOF Group fleet including newbuild is NOK 39.4 bn (total
value 100% NOK 46 bn)
New-building program to be completed in 2017 (including 50% in 4 PLSV’s)
Asset-level gearing on the existing fleet is 54%, decreasing to 31% in 2017
Significant gearing reduction forecasted upon completion of the current newbuild program
Gearing forecast – summary
Total Fleet
Equity
100%
80%
46%
50%
60%
65%
69%
Vessels & newbuilds
MNOK 39 400
Equipment (subsea)
Debt
Market value
MNOK 1 200
Total Fleet
MNOK 40 600
60%
Note: Vessel values as of August 2013
40%
54%
50%
20%
40%
35%
31%
0%
2013
2014
2015
2016
2017
* The figures reflects amortization and balloon payments on secured
debt drawn as per 30 Jun 2013 and onwards
DOF ASA
– Q2 Presentation 2013
25
32. DOF Subsea Group – In brief
Fleet
One of the largest subsea vessel owners in the world
In addition 2 vessels on long-term charter
Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order
The market value of owned vessels in operation is NOK 17 167 million, with a value adjusted
age of 4.5 years
Operates 52 ROVs
Global organization
Head office in Bergen
Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil
Total of 2 642 employees
Subsea employees:
Of which offshore engineers and project staff:
Marine crew:
1 642
1 260
1 000
Norway
Canada
US
UK
Asia Pacific
Angola
365
DOF ASA
Brazil
325
48
88
468
330
18
– Q2 Presentation 2013
32
33. DOF Subsea Group – In brief
Quarterly figures
1 800
40%
1 600
35%
1 400
30%
NOK million
1 200
21.2 %
CAGR
25%
1 000
20%
800
15%
600
Key figures
10%
400
Back-log incl. options
NOK 29 971 million
NOK 17 167 million
5%
200
Market value of fleet
-
0%
Q2 2010
Number of shares
119 733 714
15.5 %
CAGR
Q2 2011
Operating revenue
Total
NOK 4 996 million
NOK 8 057 million
NOK 67.30
Book equity ratio
25.4 %
Value adj. equity ratio
EBITDA margin
NOK 41.73
Value adj. equity
EBITDA
Q2 2013
Per share
Book equity
Q2 2012
35.5 %
DOF ASA
– Q2 Presentation 2013
33
34. Markets
Brazil
The Brazilian OSV market is picking up after a slow 2012 with several contract awards.
We expect the demand for all types of vessels to increase.
North Sea
AHTS
We expect the spot market the remaining Q3 to be balanced, and more volatile in Q4.
Based on expected increased rig activity in the North Sea we expect the demand for large
AHTS to increase longer term.
PSV
We expect the spot market to continue to be stable the next months, with a seasonal
weakening towards the end of the year and the term activity to remain strong, but still
question the long term market balance due to the large newbuild order book.
DOF ASA
– Q2 Presentation 2013
34
35. Outlook – Subsea
Healthy fundamentals for offshore activity
Supply
Demand
High oil price
Expected 6-8% growth in E&P
spending in 2013 and 2014
Increasing number of high-end
newbuilds
Limited growth in supply of engineering
capabilities
Increased deep water spending
Increased infrastructure spending
High tendering activity
Strong growth expected in Brazil,
North Sea, Gulf of Mexico and Asia
Pacific
Increased focus on newer, larger
and more technologically advanced
vessels and engineering capabilities
Mixed
market
conditions
DOF Subsea owns the world’s most
sophisticated fleet and has a global
project organization
DOF ASA
– Q2 Presentation 2013
Increasing
supply
Increasing
demand
Qualified personnel will be the bottleneck
for supply growth
35
36. Outlook for 2013
Ebitda guidance:
Q3:
We expect better numbers in Q3 compared to Q2
2013:
We repeat the guidance given in February 2013; i.e.
MNOK 3 000 – 3 400 full year Ebitda
DOF ASA
– Q2 Presentation 2013
36
38. DISCLAIMER
This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF
ASA Group.
The material set out in the presentation is current as at 22 August 2013.
This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based
on management’s own current expectations, estimates and projections about matters relevant to DOF ASA‘s future
financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”,
“predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forwardlooking statements.
References in the presentation to assumptions, estimates and outcomes and forward-looking statements about
assumptions, estimates and outcomes, which are based on internal business data and external sources, are
uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal
and external factors that may have a material effect on future business performance and results.
No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or
results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved.
While management has taken every effort to ensure the accuracy of the material in the presentation, the
presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any
liability in respect of anything done in reliance on the presentation.
All forward-looking statements made in this presentation are based on information presently available to
management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this
presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation
of any offer to buy any securities or otherwise engage in any investment activity.
You should make your own enquiries and take your own advice (including financial and legal advice) before making
an investment in the company's shares or in making a decision to hold or sell your shares.
DOF ASA
– Q2 Presentation 2013
38