The document provides an overview of Mermaid Maritime's FY2010 results and outlook. Key highlights include a year-over-year increase in revenue and operating cash flow for both 4Q2010 and FY2010. The subsea services segment contributed the majority of revenue but had lower operating margins than the drilling services segment. Mermaid also discussed its investment in a new joint venture called Asia Offshore Drilling to construct two new jack-up rigs with options for two more, signaling potential growth in the drilling business.
Maruti Suzuki reported poor performance for 1QFY2011. Net sales came in marginally below estimates due to lower export realization. Operating profit was substantially impacted by a large contraction in operating margins. Higher royalty charges and increased input costs hurt operating performance. Net profit declined significantly year-over-year and missed estimates due to lower export realization, margin contraction, and higher costs.
Ranbaxy reported strong financial results for the first quarter of 2010, driven by exclusivity of the drug Valtrex in the US market and a $50 million settlement from Flomax. Revenue was up 60% and net profit replaced a previous loss, though guidance for the full year remained unchanged. Ongoing issues with the US FDA inspection of manufacturing facilities leaves the outlook neutral, despite the good quarterly performance.
Ultratech result update4 qfy2010-060510Angel Broking
Ultratech Cement reported a 2.5% year-over-year growth in net sales for the fourth quarter of fiscal year 2010, though profit declined due to higher costs. Volume sales grew 9.9% while realizations fell 5.6%. Net profit declined 26.1% to Rs229 crore due to a 23.8% drop in operating profit from increased raw material and other costs. The analyst maintains an "Accumulate" rating and sets a target price of Rs1,084 based on an estimated EV/EBITDA multiple of 6.5x and EV/tonne of $105 for fiscal year 2012.
Madras Cements reported a 9% year-over-year decline in net revenue to Rs. 700 crore for the first quarter of FY2011, mainly due to a 10.7% fall in cement prices. Operating profit declined 33% to Rs. 196 crore as operating margins contracted by 983 basis points to 27.9% due to higher fuel costs and lower prices. Net profit declined 48% to Rs. 73 crore for the quarter. Despite the decline in revenue and profits, the company maintained a buy rating based on an expected recovery in prices and continued presence in high-growth southern markets.
- Dishman reported 1QFY2011 results which were primarily in line with estimates, boosted by higher other income. Net sales were down 11.3% YoY due to subdued CRAMS segment performance.
- Operating profit margin contracted 140bps to 22% due to sales de-growth. However, net profit was maintained due to higher other income.
- The company maintained FY2011 guidance of 15-20% top-line growth and 25% operating margin, expecting a robust second half of FY2011.
- GE Shipping's (Gesco) 1QFY2011 results were above estimates due to strong performance in the offshore segment, however the shipping segment was impacted by lower freight rates and tonnage.
- Revenue declined 10.6% YoY due to a 31.6% decline in the shipping segment, offset by 45.1% growth in the offshore segment.
- EBITDA margin expanded 495 bps YoY to 40.6% due to strong margins in the offshore segment.
- PAT grew 11.4% YoY to Rs. 171.8 cr. Management expects to list its offshore subsidiary Greatship by 2HFY2011 which will unlock value.
This document provides an overview of a real estate development company. It discusses the company's business model, ownership breakdown, projects launched by region and income segment, project delivery schedules, cash position, revenue, sales, inventory levels, receivables, balance sheet details, land bank, and profitability metrics. Key details include a partnership model focused on the low-income segment, over R$700 million in projected project value delivered by end of 2010, growing revenues and profits, and a sizable land bank to be launched in 2011.
Ultratech Cement reported lower than estimated revenues and profits for the first quarter of fiscal year 2011 due to a decline in sales prices and higher operating expenses. Net sales were down 8.1% year-over-year due to lower volumes and a 4.9% decline in prices. Increased power and freight costs led to a 41.9% fall in operating profits. The analyst maintains a 'Buy' rating, seeing benefits from Ultratech's expanded national presence post an acquisition and expects a recovery in prices. The stock is valued at Rs1,087 based on estimated earnings growth and industry valuation multiples.
Maruti Suzuki reported poor performance for 1QFY2011. Net sales came in marginally below estimates due to lower export realization. Operating profit was substantially impacted by a large contraction in operating margins. Higher royalty charges and increased input costs hurt operating performance. Net profit declined significantly year-over-year and missed estimates due to lower export realization, margin contraction, and higher costs.
Ranbaxy reported strong financial results for the first quarter of 2010, driven by exclusivity of the drug Valtrex in the US market and a $50 million settlement from Flomax. Revenue was up 60% and net profit replaced a previous loss, though guidance for the full year remained unchanged. Ongoing issues with the US FDA inspection of manufacturing facilities leaves the outlook neutral, despite the good quarterly performance.
Ultratech result update4 qfy2010-060510Angel Broking
Ultratech Cement reported a 2.5% year-over-year growth in net sales for the fourth quarter of fiscal year 2010, though profit declined due to higher costs. Volume sales grew 9.9% while realizations fell 5.6%. Net profit declined 26.1% to Rs229 crore due to a 23.8% drop in operating profit from increased raw material and other costs. The analyst maintains an "Accumulate" rating and sets a target price of Rs1,084 based on an estimated EV/EBITDA multiple of 6.5x and EV/tonne of $105 for fiscal year 2012.
Madras Cements reported a 9% year-over-year decline in net revenue to Rs. 700 crore for the first quarter of FY2011, mainly due to a 10.7% fall in cement prices. Operating profit declined 33% to Rs. 196 crore as operating margins contracted by 983 basis points to 27.9% due to higher fuel costs and lower prices. Net profit declined 48% to Rs. 73 crore for the quarter. Despite the decline in revenue and profits, the company maintained a buy rating based on an expected recovery in prices and continued presence in high-growth southern markets.
- Dishman reported 1QFY2011 results which were primarily in line with estimates, boosted by higher other income. Net sales were down 11.3% YoY due to subdued CRAMS segment performance.
- Operating profit margin contracted 140bps to 22% due to sales de-growth. However, net profit was maintained due to higher other income.
- The company maintained FY2011 guidance of 15-20% top-line growth and 25% operating margin, expecting a robust second half of FY2011.
- GE Shipping's (Gesco) 1QFY2011 results were above estimates due to strong performance in the offshore segment, however the shipping segment was impacted by lower freight rates and tonnage.
- Revenue declined 10.6% YoY due to a 31.6% decline in the shipping segment, offset by 45.1% growth in the offshore segment.
- EBITDA margin expanded 495 bps YoY to 40.6% due to strong margins in the offshore segment.
- PAT grew 11.4% YoY to Rs. 171.8 cr. Management expects to list its offshore subsidiary Greatship by 2HFY2011 which will unlock value.
This document provides an overview of a real estate development company. It discusses the company's business model, ownership breakdown, projects launched by region and income segment, project delivery schedules, cash position, revenue, sales, inventory levels, receivables, balance sheet details, land bank, and profitability metrics. Key details include a partnership model focused on the low-income segment, over R$700 million in projected project value delivered by end of 2010, growing revenues and profits, and a sizable land bank to be launched in 2011.
Ultratech Cement reported lower than estimated revenues and profits for the first quarter of fiscal year 2011 due to a decline in sales prices and higher operating expenses. Net sales were down 8.1% year-over-year due to lower volumes and a 4.9% decline in prices. Increased power and freight costs led to a 41.9% fall in operating profits. The analyst maintains a 'Buy' rating, seeing benefits from Ultratech's expanded national presence post an acquisition and expects a recovery in prices. The stock is valued at Rs1,087 based on estimated earnings growth and industry valuation multiples.
SpiceJet reported strong financial results for the 1st quarter of FY2011, with net sales growing 34.9% year-over-year to Rs708cr, above expectations. Operating margins expanded significantly to 8.3% due to higher passenger loads. Net profit increased 109.6% to Rs55cr, also above estimates, driven by improved operating efficiency. The analyst maintains an 'Accumulate' rating on SpiceJet, expecting sales and profits to grow rapidly in the coming years as the company expands its fleet and benefits from strong industry demand fundamentals.
BTG Pactual focuses on low-income real estate developments through partnerships with pure play developers. As of December 2010, Itaú Unibanco owned 20.6% of BTG Pactual shares, with the remaining shares owned by executives, board members, and public float. Between 2006-2010, BTG Pactual launched the most projects and property value in the metropolitan areas of Rio de Janeiro and São Paulo, with a focus on low-income segments. By the end of 2010, BTG Pactual planned to deliver 69% of total launched property value, consisting of 13 projects.
This public meeting document from APIMEC in October 2010 provides an overview of the company's business model, ownership breakdown, launched projects by region and segment, project conclusions, cash position, contracted sales, inventory levels, land bank, net operating revenue, net profit, and delivered projects in 2008 and 2009. Key information includes that APIMEC focuses on the low-income housing segment through partnerships with pure play developers while maintaining control over each project.
Capital markets day presentation 24th jan 2012colebrooke1
The document summarizes Bowleven's capital markets day presentation from January 2012. It discusses Bowleven's assets in Cameroon including 5 blocks covering over 4,600 km2, with over 200 million barrels of oil equivalent in contingent resources. It outlines their vision to build an exploration and production company in Africa through organic growth and acquisitions. It also provides an overview of their drilling history and discoveries in Cameroon, and discusses their plans to sign gas sales agreements and submit an exploitation application for the Etinde permit in 2012 to progress development.
ACC Ltd is currently India's second largest cement manufacturer. The report recommends selling ACC shares based on a fair value estimate of Rs 859 per share. This is lower than the current market price of Rs 1,026.6. ACC is expected to face oversupply issues as new capacity comes online, putting pressure on prices and margins. Despite revenue growth of 8% annually through 2011, profits are forecast to decline due to rising coal costs. At current prices, cement stocks appear overvalued relative to their replacement costs.
Northrop Grumman reported financial results for Q1 2008. Earnings per share were reduced by $0.61 due to a shipbuilding charge. The dividend was increased to $0.40 per share and the company repurchased $600 million in stock. Despite the charge, new business awards totaled over $12 billion and the company maintained confidence in achieving 2012 financial targets of $42 billion in sales, 10% operating margin, and $8 EPS.
This document provides an overview of Deutsche EuroShop AG, a German company that invests solely in shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located in Germany, Poland, Austria and Hungary, with a total lettable space of approximately 905,000 square meters.
- The company focuses on long-term growth and stable increases in portfolio value through a "buy and hold" strategy. It aims to extend its portfolio by 10% annually.
- Shopping centers provide stable returns through long-term lease agreements with mostly well-known retailers. Rents are linked to sales volumes and inflation.
- Financial results have shown steady growth in revenue, earnings, and
Cipla reported 1QFY2011 results that were ahead of estimates, with operating margins improving sequentially. While domestic formulation sales grew only 3.6% due to lower generic sales, export sales increased 14.4% due to growth in ARV and anti-asthma segments. Operating margins expanded to 20.9% due to lower other expenses. Net profit grew 6.5% to Rs257cr from higher margins and other income. The company expects its new Indore facility to start contributing significantly over the next 6-12 months and sees this aiding substantial future growth. The report recommends buying the stock.
Cr2 apresentação institucional eng - dez-10 - 10-12 [compatibility mode]SiteriCR2
This document provides an overview of CR2's business model, financial performance, and project portfolio. Key points:
- CR2 partners with pure play developers and focuses on the low-income housing segment.
- As of December 2010, CR2 had delivered over R$500 million in PSV, with projects concentrated in Rio de Janeiro and São Paulo.
- CR2 has a strong pipeline of future projects, with over R$700 million in PSV scheduled for delivery by the end of 2010.
- Financially, CR2 has grown its net operating revenue and EBITDA steadily since 2008. Cash position remains strong.
- CR2 has a diversified land bank,
Tech Mahindra Result Update 4qfy2010-040510Angel Broking
Tech Mahindra reported better-than-expected 4QFY2010 results, with revenue growth of -0.3% quarter-over-quarter. Revenue growth in constant currency was 4% supported by strong volume growth from their top account BT. EBITDA margins remained flat at 23.6% despite rupee appreciation and profit after tax grew 31.3% due to lower interest costs and foreign exchange gains. The analyst maintains a Buy recommendation based on expected revenue and profit growth over the next two years.
The company's net income increased 164.2% in 3Q09 compared to 3Q08, EBITDA increased 79.3%, and the cash cycle was reduced by 7.1 days. Gross revenues grew 3.2% and market share increased to 12.1%. Operating expenses declined 4.2% as a percentage of net revenues. The
Madras Cements reported a 10% year-over-year decline in quarterly revenue to Rs577 crore due to a 31% decline in cement realizations. Operating margins fell to 21.4% from 26.3% last year due to lower realizations. Net profit declined 60% year-over-year to Rs29.4 crore. The analyst maintains a buy rating on Madras Cements with a target price of Rs142, valuing the company at 6 times EV/EBITDA based on FY2012 estimates despite overcapacity issues weighing on prices in the southern markets where it operates.
This document provides a summary of 4Q07 results for a real estate company. It highlights that:
1) NOI grew 15.8% year-over-year and margins increased from 81.1% to 86.8% due to organic growth and acquisitions.
2) The company acquired 8 malls in 4Q07 and 39 malls total in 2007, exceeding NOI projections for acquired assets.
3) Announced plans to develop 3 new malls and expand 9 existing malls, adding over 200,000 square meters of space by 2010.
4) Financial results showed strong growth in revenues, EBITDA, and FFO compared to prior year and projections
Cairn has been exploring for hydrocarbons in India for more than 15 years. Today, it has a proven track record of making exploration discoveries and fast tracking them to production. Three out of the seven landmark oil discoveries made in India between 2000 and 2005 were by Cairn and its Joint Venture (JV) partners. The Mangala discovery in Rajasthan in 2004 was the largest onshore discovery in the country in the past two decades.
The Mangala Field commenced production on 29 August 2009 after it was dedicated to the nation by the Honourable Prime Minister of India, Dr. Manmohan Singh at the Mangala Processing Terminal in Barmer, Rajasthan.
For more info log onto www.cairnindia.com,
CCR reported its 3Q12 earnings results. Net revenues increased 13.3% compared to 3Q11. EBITDA grew 4.5% to R$860.1 million despite a temporary contraction in EBITDA margin. Net income was up 18.9% to R$316.8 million, benefiting from lower financial expenses and debt refinancing. Traffic across CCR's concessions increased between 2.1-16.7% compared to 3Q11. The company also noted the conclusion of new business acquisitions in 3Q12 and subsequent events.
Honeywell Barclays Capital Industrial Select Conference Presentationfinance8
This document summarizes Dave Anderson's presentation at the Barclays Capital Industrial Select Conference on February 9, 2009. It provides an overview of Honeywell, including its segments, financials, and key initiatives. It then reviews Honeywell's performance in 2008, provides guidance for 2009 in light of economic assumptions, and outlines Honeywell's strategies to drive sales and segment profit.
Container Corporation of India (Concor) reported modest 1.6% year-over-year decline in revenue for 2QFY2011 due to shutdown at JNPT port and prolonged monsoon dragging down performance. EBITDA margins of 27.7% were higher than expected due to moderate decline in exim segment. The company maintained its 12% annual volume growth guidance for the exim segment for FY2011, which will be challenging given 1HFY2011 growth. A proposed hike in haulage charges by Indian Railways effective October 1st was postponed by one month which could impact profitability in 2HFY2011 if most of the increase is passed on to customers.
This document provides a summary of Northrop Grumman Corporation's Q4 and full year 2007 financial results. It highlights sales growth of 10% for Q4 and 6% for the full year. Segment operating margins increased 40 basis points for Q4 and 120 basis points for the full year. Earnings per share grew 2% for Q4 and 16% for the full year. The company also achieved record cash from operations of $2.9 billion and free cash flow of $2.1 billion for 2007. Positive trends are expected to continue into 2008 with projected sales of $33 billion and increases in other key financial metrics.
Larsen & Toubro (L&T) reported a 17.8% year-over-year increase in net sales to Rs. 9,330.8 crore for the second quarter of FY2011, exceeding estimates. However, operating margins of 10.8% were below expectations due to higher staff costs. Net profit of Rs. 650.2 crore was marginally above estimates. While top-line growth was strong, margins were impacted by costs, resulting in net profit slightly surpassing estimates. Order inflows were in line with expectations.
The document summarizes Credit Suisse's financial results for the first quarter of 2003. Key points include:
- Credit Suisse reported a net profit of CHF 652 million, compared to a net loss of CHF 950 million in the previous quarter.
- Credit Suisse Financial Services saw a net profit increase of 13% compared to the first quarter of 2002, driven by improved results across all business segments.
- Credit Suisse First Boston returned to profitability with a net operating profit of USD 292 million, up from USD 11 million the previous quarter, due to higher fixed income revenues and lower credit provisions.
Credit Suisse reported a loss in its third quarter 2008 results, driven by significant writedowns in its Investment Bank division. The Investment Bank suffered losses of CHF 3.2 billion due to writedowns of CHF 2.4 billion on exposures to leveraged finance, structured products and commercial mortgages. Trading losses were also incurred due to adverse market conditions in September. However, Credit Suisse's Wealth Management and Corporate and Retail Banking divisions performed resiliently. Credit Suisse also maintained a strong capital position and continued reducing risk exposures in challenging market conditions.
SpiceJet reported strong financial results for the 1st quarter of FY2011, with net sales growing 34.9% year-over-year to Rs708cr, above expectations. Operating margins expanded significantly to 8.3% due to higher passenger loads. Net profit increased 109.6% to Rs55cr, also above estimates, driven by improved operating efficiency. The analyst maintains an 'Accumulate' rating on SpiceJet, expecting sales and profits to grow rapidly in the coming years as the company expands its fleet and benefits from strong industry demand fundamentals.
BTG Pactual focuses on low-income real estate developments through partnerships with pure play developers. As of December 2010, Itaú Unibanco owned 20.6% of BTG Pactual shares, with the remaining shares owned by executives, board members, and public float. Between 2006-2010, BTG Pactual launched the most projects and property value in the metropolitan areas of Rio de Janeiro and São Paulo, with a focus on low-income segments. By the end of 2010, BTG Pactual planned to deliver 69% of total launched property value, consisting of 13 projects.
This public meeting document from APIMEC in October 2010 provides an overview of the company's business model, ownership breakdown, launched projects by region and segment, project conclusions, cash position, contracted sales, inventory levels, land bank, net operating revenue, net profit, and delivered projects in 2008 and 2009. Key information includes that APIMEC focuses on the low-income housing segment through partnerships with pure play developers while maintaining control over each project.
Capital markets day presentation 24th jan 2012colebrooke1
The document summarizes Bowleven's capital markets day presentation from January 2012. It discusses Bowleven's assets in Cameroon including 5 blocks covering over 4,600 km2, with over 200 million barrels of oil equivalent in contingent resources. It outlines their vision to build an exploration and production company in Africa through organic growth and acquisitions. It also provides an overview of their drilling history and discoveries in Cameroon, and discusses their plans to sign gas sales agreements and submit an exploitation application for the Etinde permit in 2012 to progress development.
ACC Ltd is currently India's second largest cement manufacturer. The report recommends selling ACC shares based on a fair value estimate of Rs 859 per share. This is lower than the current market price of Rs 1,026.6. ACC is expected to face oversupply issues as new capacity comes online, putting pressure on prices and margins. Despite revenue growth of 8% annually through 2011, profits are forecast to decline due to rising coal costs. At current prices, cement stocks appear overvalued relative to their replacement costs.
Northrop Grumman reported financial results for Q1 2008. Earnings per share were reduced by $0.61 due to a shipbuilding charge. The dividend was increased to $0.40 per share and the company repurchased $600 million in stock. Despite the charge, new business awards totaled over $12 billion and the company maintained confidence in achieving 2012 financial targets of $42 billion in sales, 10% operating margin, and $8 EPS.
This document provides an overview of Deutsche EuroShop AG, a German company that invests solely in shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located in Germany, Poland, Austria and Hungary, with a total lettable space of approximately 905,000 square meters.
- The company focuses on long-term growth and stable increases in portfolio value through a "buy and hold" strategy. It aims to extend its portfolio by 10% annually.
- Shopping centers provide stable returns through long-term lease agreements with mostly well-known retailers. Rents are linked to sales volumes and inflation.
- Financial results have shown steady growth in revenue, earnings, and
Cipla reported 1QFY2011 results that were ahead of estimates, with operating margins improving sequentially. While domestic formulation sales grew only 3.6% due to lower generic sales, export sales increased 14.4% due to growth in ARV and anti-asthma segments. Operating margins expanded to 20.9% due to lower other expenses. Net profit grew 6.5% to Rs257cr from higher margins and other income. The company expects its new Indore facility to start contributing significantly over the next 6-12 months and sees this aiding substantial future growth. The report recommends buying the stock.
Cr2 apresentação institucional eng - dez-10 - 10-12 [compatibility mode]SiteriCR2
This document provides an overview of CR2's business model, financial performance, and project portfolio. Key points:
- CR2 partners with pure play developers and focuses on the low-income housing segment.
- As of December 2010, CR2 had delivered over R$500 million in PSV, with projects concentrated in Rio de Janeiro and São Paulo.
- CR2 has a strong pipeline of future projects, with over R$700 million in PSV scheduled for delivery by the end of 2010.
- Financially, CR2 has grown its net operating revenue and EBITDA steadily since 2008. Cash position remains strong.
- CR2 has a diversified land bank,
Tech Mahindra Result Update 4qfy2010-040510Angel Broking
Tech Mahindra reported better-than-expected 4QFY2010 results, with revenue growth of -0.3% quarter-over-quarter. Revenue growth in constant currency was 4% supported by strong volume growth from their top account BT. EBITDA margins remained flat at 23.6% despite rupee appreciation and profit after tax grew 31.3% due to lower interest costs and foreign exchange gains. The analyst maintains a Buy recommendation based on expected revenue and profit growth over the next two years.
The company's net income increased 164.2% in 3Q09 compared to 3Q08, EBITDA increased 79.3%, and the cash cycle was reduced by 7.1 days. Gross revenues grew 3.2% and market share increased to 12.1%. Operating expenses declined 4.2% as a percentage of net revenues. The
Madras Cements reported a 10% year-over-year decline in quarterly revenue to Rs577 crore due to a 31% decline in cement realizations. Operating margins fell to 21.4% from 26.3% last year due to lower realizations. Net profit declined 60% year-over-year to Rs29.4 crore. The analyst maintains a buy rating on Madras Cements with a target price of Rs142, valuing the company at 6 times EV/EBITDA based on FY2012 estimates despite overcapacity issues weighing on prices in the southern markets where it operates.
This document provides a summary of 4Q07 results for a real estate company. It highlights that:
1) NOI grew 15.8% year-over-year and margins increased from 81.1% to 86.8% due to organic growth and acquisitions.
2) The company acquired 8 malls in 4Q07 and 39 malls total in 2007, exceeding NOI projections for acquired assets.
3) Announced plans to develop 3 new malls and expand 9 existing malls, adding over 200,000 square meters of space by 2010.
4) Financial results showed strong growth in revenues, EBITDA, and FFO compared to prior year and projections
Cairn has been exploring for hydrocarbons in India for more than 15 years. Today, it has a proven track record of making exploration discoveries and fast tracking them to production. Three out of the seven landmark oil discoveries made in India between 2000 and 2005 were by Cairn and its Joint Venture (JV) partners. The Mangala discovery in Rajasthan in 2004 was the largest onshore discovery in the country in the past two decades.
The Mangala Field commenced production on 29 August 2009 after it was dedicated to the nation by the Honourable Prime Minister of India, Dr. Manmohan Singh at the Mangala Processing Terminal in Barmer, Rajasthan.
For more info log onto www.cairnindia.com,
CCR reported its 3Q12 earnings results. Net revenues increased 13.3% compared to 3Q11. EBITDA grew 4.5% to R$860.1 million despite a temporary contraction in EBITDA margin. Net income was up 18.9% to R$316.8 million, benefiting from lower financial expenses and debt refinancing. Traffic across CCR's concessions increased between 2.1-16.7% compared to 3Q11. The company also noted the conclusion of new business acquisitions in 3Q12 and subsequent events.
Honeywell Barclays Capital Industrial Select Conference Presentationfinance8
This document summarizes Dave Anderson's presentation at the Barclays Capital Industrial Select Conference on February 9, 2009. It provides an overview of Honeywell, including its segments, financials, and key initiatives. It then reviews Honeywell's performance in 2008, provides guidance for 2009 in light of economic assumptions, and outlines Honeywell's strategies to drive sales and segment profit.
Container Corporation of India (Concor) reported modest 1.6% year-over-year decline in revenue for 2QFY2011 due to shutdown at JNPT port and prolonged monsoon dragging down performance. EBITDA margins of 27.7% were higher than expected due to moderate decline in exim segment. The company maintained its 12% annual volume growth guidance for the exim segment for FY2011, which will be challenging given 1HFY2011 growth. A proposed hike in haulage charges by Indian Railways effective October 1st was postponed by one month which could impact profitability in 2HFY2011 if most of the increase is passed on to customers.
This document provides a summary of Northrop Grumman Corporation's Q4 and full year 2007 financial results. It highlights sales growth of 10% for Q4 and 6% for the full year. Segment operating margins increased 40 basis points for Q4 and 120 basis points for the full year. Earnings per share grew 2% for Q4 and 16% for the full year. The company also achieved record cash from operations of $2.9 billion and free cash flow of $2.1 billion for 2007. Positive trends are expected to continue into 2008 with projected sales of $33 billion and increases in other key financial metrics.
Larsen & Toubro (L&T) reported a 17.8% year-over-year increase in net sales to Rs. 9,330.8 crore for the second quarter of FY2011, exceeding estimates. However, operating margins of 10.8% were below expectations due to higher staff costs. Net profit of Rs. 650.2 crore was marginally above estimates. While top-line growth was strong, margins were impacted by costs, resulting in net profit slightly surpassing estimates. Order inflows were in line with expectations.
The document summarizes Credit Suisse's financial results for the first quarter of 2003. Key points include:
- Credit Suisse reported a net profit of CHF 652 million, compared to a net loss of CHF 950 million in the previous quarter.
- Credit Suisse Financial Services saw a net profit increase of 13% compared to the first quarter of 2002, driven by improved results across all business segments.
- Credit Suisse First Boston returned to profitability with a net operating profit of USD 292 million, up from USD 11 million the previous quarter, due to higher fixed income revenues and lower credit provisions.
Credit Suisse reported a loss in its third quarter 2008 results, driven by significant writedowns in its Investment Bank division. The Investment Bank suffered losses of CHF 3.2 billion due to writedowns of CHF 2.4 billion on exposures to leveraged finance, structured products and commercial mortgages. Trading losses were also incurred due to adverse market conditions in September. However, Credit Suisse's Wealth Management and Corporate and Retail Banking divisions performed resiliently. Credit Suisse also maintained a strong capital position and continued reducing risk exposures in challenging market conditions.
The document outlines MMX's 2010 financial results, which showed record sales volumes, revenues, profits, and the company's first ever positive EBITDA of R$120.6 million. An audit of MMX's resources by SRK Consulting estimated total measured, indicated and inferred resources of 1.466 billion metric tons across various sites. The document also lists the next steps in MMX's planned voluntary takeover offer for PortX shares.
Hyundai Commercial presented its 2012 financial results showing:
1) Operating income slightly decreased from the previous year due to increases in other operating expenses from government regulations.
2) While ordinary income decreased due to one-time factors, the company's fundamentals remained solid with a high return on assets of 3.01%.
3) The company maintained disciplined asset diversification across its financial businesses and stable capital levels above regulatory requirements.
- Northrop Grumman reported financial results for Q3 2007 with sales of $7.9 billion, a 7% increase over Q3 2006. Operating margin was 10.2% of sales.
- For the first nine months of 2007, sales were $23.2 billion, a 5% increase over the same period in 2006. Operating margin was 9.7% of sales.
- Northrop Grumman updated full-year 2007 guidance with sales expected to be approximately $31.5 billion and diluted EPS from continuing operations of around $5.10.
1) Gafisa reported strong results in 1Q10 with launches up 339% and net revenues up 67% compared to 1Q09. Pre-sales were up 53% over 1Q09.
2) The company saw improvements in operating margins with adjusted EBITDA margin up 442 bps to 18.6% compared to 1Q09.
3) Backlog of revenues to be recognized was R$1.03 billion, up 2.7% over 1Q09. REF margin was 35.1% compared to 34.6% in 1Q09.
1) Gafisa reported strong results in 1Q10 with launches up 339% and net revenues up 67% compared to 1Q09. Backlog of revenues to be recognized was R$1.03 billion, up 2.7% from 1Q09.
2) Key operational and financial highlights included increased sales velocity at Tenda, diversified high-quality land bank, and SG&A improvement with better expense ratios over top lines.
3) Recent developments positively positioned Gafisa for continued growth, such as the follow-on equity offering and expansion of the Minha Casa Minha Vida program.
1) Chevron's key financial priorities are to fund its capital program, maintain its AA credit rating, increase dividends annually, and repurchase shares.
2) Chevron reported record net income of $18.7 billion in 2007, up from $17.1 billion in 2006, driven by strong performance across its upstream, downstream, and chemical segments.
3) Chevron maintains a disciplined approach to capital allocation, investing over half of its cash from operations and divestments back into its capital program to take advantage of growth opportunities.
GE Shipping (Gesco) reported strong fourth quarter fiscal year 2010 results that exceeded expectations. Revenue grew 126.1% year-over-year in the offshore segment due to increased operating days. Overall operating profit increased 139.2% year-over-year, driven by lower expenses. Gesco intends to list its offshore subsidiary Greatship to unlock value and plans to add more offshore vessels. The analyst maintains a 'Buy' rating based on Gesco trading at a discount to global peers and expectations that accelerated phase-out of single hull tankers will support freight rates.
Wipro reported financial results for the first quarter of fiscal year 2011, with revenues growing 3.1% over the previous quarter and 12.6% over the same quarter last year. Operating profit margins expanded due to effective currency hedges, and net income grew 9% over the previous quarter and 30.5% over the first quarter of fiscal year 2010. The company's performance was driven by strong volume growth in IT services revenues, with new client additions and large deal wins during the quarter. The analyst maintained an "Accumulate" rating on Wipro stock, with a target price representing 13% upside.
Locamerica reported strong financial results for 1Q12. Net profit increased 47.3% over 1Q11 to R$7.9 million, with net margins reaching 10.5%. ROIC for the last twelve months was 15.0%, an increase of 2.8 percentage points over 1Q11. Consolidated revenues grew 39.4% to R$272.5 million, with rental revenues increasing 18.5% to R$75.1 million and used car sales revenues rising 26.4% to R$19.8 million. EBITDA soared 47.6% to R$45.9 million and operating margins reached historical highs for the company in 1Q12.
Net revenue and EBITDA grew in the second quarter of 2011 compared to the same period last year. Several portfolio companies experienced revenue growth, while some others reported losses due to restructuring. Total investments in portfolio companies were R$10.4 million in the second quarter. The presentation provides financial and operational updates on each portfolio company.
CCR reported financial results for 2006 with net revenue increasing 9.8% to R$2,145 million and net income up 9.3% to R$547.3 million. Traffic increased 5.4% for the year. The company continues to focus on cost control while making capital expenditures to support growth. CCR is also looking to expand into new markets like Mexico, Chile and the United States while remaining focused on opportunities in Brazil.
Vodafone Group Plc announced its half-yearly results for the six months ended 30 September 2008. Revenue increased 17.1% to £19.9 billion driven by acquisitions, though organic revenue growth was only 0.9%. Adjusted operating profit grew 10.5% to £5.8 billion due to revenue growth and a lower effective tax rate, partially offset by higher customer investment costs. Free cash flow increased 15.9% to £3.1 billion. The company increased its full-year free cash flow guidance to £5.2-5.7 billion due to improved operational performance and foreign exchange benefits.
This document provides a summary of Northrop Grumman Corporation's financial performance for the second quarter of 2006. It highlights that the company's focus on performance has increased operating margins and earnings per share. Segment operating margins for 2006 are forecasted to be around 9% and total operating margin in the mid-8% range. Cash from operations for 2006 is estimated at $2.3-2.6 billion. The company also discusses its balanced approach to cash deployment through internal investments, dividends, and share repurchases.
Titan Industries reported strong performance in the first quarter of fiscal year 2011 that was above expectations. Revenue grew 41.9% year-over-year driven by robust growth in the jewelry and watches segments. Operating and net profits increased 40.2% and 76.5% respectively. The company's jewelry segment saw a 49.6% revenue increase and 30% volume growth. The watches segment grew revenues 21.8% with improved sales of higher margin watches. While remaining positive on growth prospects, the analyst maintains a Neutral rating due to expensive valuations.
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5. Highlights 4Q2010
Year on Year Comparison
4Q2010 Revenue (in THB millions) 4Q2010 Net Profit (Loss)
(in THB millions)
Operating Cash Flow
(in THB millions)
1,217
799
159
164
26
4Q2010
4Q2009 4Q2010 4Q2009
(116)
Revenue Growth/Decline Net Profit (Loss)
& Operating Cash Flow
5
6. Highlights FY2010
Year on Year Comparison
Revenue (in THB millions) Net Profit (Loss) (in THB millions)
Operating Cash Flow
Basic and Diluted EPS
(in THB millions)
5,210
3,476
747
1,859
454
1.32
2010
2009 2010 2009
(0.61)
(456)
Revenue Growth/Decline Net Profit (Loss) Growth/Decline
& Operating Cash Flow & Basic and Diluted EPS
6
7. Sector Breakdown
2009 Service Operating Operating Utilization
Description Income Profit/Loss
2010 Margin Rate
2,782.0
Inspection, repair and
maintenance; 2,077.4 52.6%
Subsea Services 201.4 7%
Infrastructure installation 39.5%
(EPIC); Deepwater ROV
support; Emergency call
out services; Salvage
2,213.0 (280.4) (13%)
94.9%
Drilling Services 812.7 37%
56.4%
Floating rigs, 1,076.3
Accomodation rigs
Deepwater Drillers
(16.9) (2%)
Revenue Breakdown Operating Profit/Loss Breakdown
Drilling
Drilling 6%
34%
FY2010 Subsea
66% Subsea
94%
All units in THB millions 7
8. 4Q2010 key highlights
Disposal of 25% interests in WCI with gain of THB 349.21 million
Discussions about breach of debt covenants with bank are being
finalised
Notice of cessation of MTR‐1 contract received from Cudd Pressure
Control Ltd following cessation of Cudd’s contract with Saudi Aramco.
Mermaid and Cudd remain in discussions following the cessation.
MTR‐2 continues to perform excellently and achieved the Chevron
CHESM “A” rating, the highest award given to contractors by Chevron
Mermaid Drilling successfully completed its 49% investment in Asia
Offshore Drilling Limited which has signed contracts to build two (2)
proprietary KFELS B Class jack‐up rigs worth US$360 million with
Singapore Keppel FELS Limited.
8
9. 4Q2010 key highlights (…con’t)
Brought in internationally experienced management team to support
expansion of subsea business into new markets on back of vessel
acquisitions made in 2010
Established JV in Saudi Arabia with Shoabi Group to expand Mermaid
and its subsidiary Subtech’s presence in the key Middle East market
Utilization of 66% in November 2010, with all 4 major vessels
working simultaneously (Endurer (UK) / Asiana (Thailand) /
Commander (Thailand) / Siam (Middle East)).
9
11. Asia Offshore Drilling
Other
Investors Mermaid
51% 49%
22.10.10
Mermaid and Keppel FELS Shipyard
enter into an LOI for Construction of 11.11.10
Two Newbuild Jack‐Up Rigs w/ option PP successfully completed, 01.03.13
for another two rigs for a JV named Mermaid allocated 49% for Delivery of second
‘Asia Offshore Drilling Ltd’ (“AOD”) ~USD49 mn in AOD jack‐up rig
02.11.10 01.12.10 01.12.12
Mermaid intends to AOD signs construction Delivery of first
participate in a PP to contracts with Keppel Fels jack‐up rig
subscribe up to USD 49 mn for 2 jack‐up rigs + 2 options
(49%) equity in AOD
• The value of the first two jack‐up rigs is estimated to be ~USD 180M each, and the total
estimated value the two jack‐up rigs, including options for another two units, if exercised,
is expected to be above USD 720M
11
12. New‐build Jack‐up key summary points
• Bifurcation of the jack‐up market becoming increasingly evident
– Mid 90% utilization rate for post 1998 built jack‐ups (modern units) vs. conventional jack‐ups that continues to struggle with
low utilization rate (mid 70%)
– Most aging equipment not suited for the incremental demand from deep gas and/or high pressure and high temperature
(HP/HT) wells
– Oil companies willing to pay a premium for modern assets post the Macondo oil spill
• Significant price difference for premium assets
– Modern jack‐ups averaging USDk 146/day, with peak rates of USDk 220/day.
– Market rate for KFELS MOD V B is USDk 150/day, implying 20% cash on cash return
– Conventional jack‐ups achieving dayrates in the range of USDk 50‐80/day depending on geographical location
– Market participants pushing prices higher for high‐spec jack‐ups as availability is limited
• Jack‐up orderbook – not challenging at all!
– 41 units under construction
– Only 18 units to compete in the high end of the market
– The jack‐up fleet requires more newbuilds – average fleet age of 24 years at year‐end
• Secondhand values continue to increase with several transactions confirming this picture
– ENSCO acquires KFELS MOD V B jack‐up Ocean Shield for $186 million in July
– Seadrill acquired Scorpion Offshore in June
– There is no modern jack‐up for sale now at less than $205 million
• Industry participants are queuing up at the yards to build high‐spec jack‐ups
– Atwood ordered 2+2 at USDm 190 all in cost
– Seadrill 2+4 jack‐ups at USDm 192 per rig, USDm 200 all in cost
– Several other drillers are in the process of negotiating newbuild orders – first come, first serve!
12
13. The right time and right price
New‐build prices…bottom
has been reached
Newbuild prices ‐ Jack‐ups
(ex spares and financing costs)
250
200
150
USDm
100
50
0
jan.96
jan.97
jan.98
jan.99
jan.00
jan.01
jan.02
jan.03
jan.04
jan.05
jan.06
jan.07
jan.08
jan.09
jan.10
• Jack‐up newbuild prices back at 2005/2006 levels
• First mover advantage to enter at the start of a jack‐up construction cycle
• Recent orders by Atwood placed at PPL and Seadrill at Jurong Shipyard signals the beginning of
another new build construction cycle
• First mover advantage is expected to result in the most attractive returns
• Yard quotes indicates NB prices of USDm 180+, USDm 20+ increase from bottom
• First movers can secure low prices with priced options attached ie. Atwood, Seadrill and
Mermaid
13
14. Timing the Cycle to Achieve Premium Returns
Newbuild orders vs. JU rates and Newbuild prices
40 250
Order at the same
35 time as everyone
200
30 else and risk fixing
on the way down
25
USDk/USDm
150
# units
20 Order ahead of the
15 100 pack to position for
the top of the curve
10
50
5
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Seadrill US drillers Norwegians
Americas Operators/Conglomerates Others
JU dayrates, Asia Newbuild prices (USDm)
Source: ODS‐Petrodata, RS Platou Markets
14
15. Numerous visible opportunities
Region No. of Starting Average
Projects Duration
2010 2011 2012 After
(Days)
2012
Americas 15 7 7 1 0 934
Europe / 33 1 18 11 3 806
Mediterranean
West Africa 12 2 9 1 0 906
Middle East 33 9 20 3 1 1,031
Asia / Australia 52 8 30 10 4 416
TOTAL 145 27 84 26 8 739
• 84 new projects requiring jack‐ups, 30 of which are in Asia/Australia
• Incremental demand coming from Asia
• Multiple long term contract opportunities in Asia with majors like Chevron, Total and
Petronas Carigali. PEMEX.
15
17. Subsea Key Highlights
Increasing regional oil demand growth
Vessel demand/supply balance to improve moving forward
Increasing tendering activity in the global subsea sector
2012 is the turning point
Vessel values have troughed, we are seeing recovery in asset
Improving longer‐term rates outlook
17
18. Increasing regional oil demand growth
Regional Overview of Oil & Gas Consumption
According to the IEA, demand for oil
is expected to grow by 1%
p.a. from 85 million barrels per day
in ‘08 to 105 million barrels per day
in ‘30e1. This to be led by emerging
regions including Asia, Middle East,
and India
Expect to see 7% and 15% growth in
offshore E&P spending in ‘10e and
‘11e, respectively.
&change in E&P spending vs oil price
Upstream costs have come down
significantly from ‘08 levels. Rig
rates have declined by 20‐30% y‐o‐y.
Supply vessel rates, equipment cost,
raw material prices and contractor
prices have also come down. This
implies that we should see an even
more significant growth in E&P
activities.
18
Source: Pareto Research, BP
19. Vessel Demand/Supply Balance to Improve
Newbuild vessels that are coming into
the market over the next 1‐2 years,
were largely ordered during the peak
cycle in 2008‐2009
Demand and supply balance has
improved with slowing incremental
(rate of acceleration) supply of vessels
from 2011 onwards.
65% of vessels more than 20 years old.
40% of vessels more than 25 years old.
Vessel retirement can return market to
balanced state.
Mermaid competes primarily in the
DSV market where the average age of
the fleet is the oldest
Source: ODS‐Petrodata, DnB NOR Markets, Nov ’11,; Strategic Offshore Research, Global Sunsea Market to 2013 19
21. 2012 is the turning point
In Asia, we continue to see OSV demand
in Australia (to support the offshore LNG
developments), Indonesia (Chevron and
independent Murphy Oil looking large
AHTS and PSVs) and Malaysia (higher E&P
activity, driven by Petronas and partners).
Deepwater demand stablized in 2009 and
is now at higher level than before
Ratio of OSV to rigs expected to fall to 2.9
in 2012 vs 3.0 in 2010/2011, we expect
demand to pick up in 2012 when the OSV
growth dampens and more rig units enter
the market.
Source: ODS‐Petrodata, DnB NOR Markets, Nov ’11,; Strategic Offshore Research, Global Sunsea Market to 2013
21
22. Outlook on vessel prices – encouraging trend
Source: DnB NOR Markets, ODS, RS Platou, Company
• Resale values transacted in 2010 are generally in line with estimated fair value (NAV) on similar
type vessels after adjusting for age differences
22
23. Improving longer‐term rates outlook
Rates weakened further in 2009
DSV rates in 4 scenarios
although this was supported by
forward coverage &
commitments
Increasing utilization becomes
more important than high rates
to maintain cashflow
A 30% increase in demand is
required to lift rates to previous
LAYSV rates in 4 scenarios
peak levels though in the
medium term, there will
continue to be weakening of
rates
Source: Strategic Offshore Research, Global Sunsea Market to 2013
23
24. Subsea Business Strategy
Market Forces Subsea Strategy
High exposure to the spot market Improve fleet utilization by
being price competitive
Quality assets being used below
full capability Geographic focus in SE Asia &
ME
There is capacity to improve the
rates by 5‐10% Focus on 2‐3 core areas, value‐
add through increasing level of
services offered
Position company for upswing
in late‐2011/early 2012
24
25. Subsea Vessel Acquisition Program
• All vessels are now delivered and
Asiana & Endurer)
Metrmaid Siam,
all have now completed work
• The technical performance of the
vessels has been exceptional and
Mermaid Sapphire
justifies the investment
Mermaid Challenger
Mermaid Performer
• This a long term investment albeit
Mermaid Supporter
on short term projects
Commander
Mermaid
• The company continues to invest
in the maintenance of the fleet
and will have one vessel out for a
scheduled dry docking in the next
quarter
2003 2005 2006 2008 2009 2010
[1] This chartered vessel “Team Siam” was purchased in 2010.
[2] Mermaid Responder was sold in 2010
[3] Above refers to calendar year
25
26. Subsea Tender Update
The bids in progress is valued at over
$625M
Contract negotiations for
over $60M worth of work
Averaging around 55 Current typical contract
enquiries per month length (DSVs) run from 14
days to 3years most requests
116 [1] outstanding quotations Backlog less are in the range 1‐3 months
than $25M
18 outstanding “hot bids” worth Current typical contract
$110M with >40% probability length (other vessels) runs
5 Projects from 5 days to 5 years, most
On outstanding tenders, average awarded in ME requests are in the range 1‐3
contract value of $1.2M to $10M months
(DSVs)
[1] Not including Subtech 26
27. Subsea Tender Update (…cont’)
Contract Value
Tendered $19M
UKCS/
Contract Value
North Sea
5 Tendered $280M
Middle
GoM East Asia Pacific
including
West 16 80 SE Asia
Africa
• No realistic 6 57
outstanding tenders 2
Contract Value Contract Value
Tendered $10M Tendered $162M
[$47M] [$192M]
No. of tenders (numbers in blue indicate Subtech) 27
29. Markets remains challenging
North Sea market Remains
relatively resilient challenging, with 11
UKCS/ rigs hot stacked and
North Sea 35 rigs coming off
contract in 2010.
Middle
East
GoM
Asia Pacific
Remains
including
challenging. 14
SE Asia
jackups coming off
contract in Mexico West
Africa Market is challenged. Hit
especially hard by the
Excess supply Opec cuts as production
currently. 6 jackups targets necessitated
in West Africa immediate cessation of
planned drilling programs
Source: Pareto Research 29
30. Improving rig utilization
Rig utilisation: IC JU’s > 300 feet and US GoM JU’s
Increasing demand for Rig utilization
following higher offshore E&P spending
from oil companies, particularly IOCs and
NOCs.
International Jack‐Up market has picked
up from ~81% (summer 2009) to ~86%
currently as a result of stronger demand.
Activity in the both the mid‐water
Floaters market and Deepwater Floaters
has also remained high so far.
30
Source: Pareto Research, ODS-Petrodata
31. We are past the bottom
Source: Pareto Research, ODS-Petrodata
• The global jack‐up fleet has an average age of 24 years (YE 2010), with 22% of the fleet older than
30 years. By end of 2012 the average age will be 24,5 years with more than 40% older than 30
years – despite 29 new‐builds being delivered. Day rates have stabilized at around 110‐125’$/day
for modern jack‐ups and at ~80‐90’$/day for older units. 31
32. Day rates forecast
• Utilization needs to cross above 90% before we see a real uptick in jack‐up rates, expected
H2’10/H1’11.. We see increasing spreads for Jack‐up day rates with higher spec rigs achieving
150‐160’ $/day
32
Source: Pareto Research, ODS-Petrodata
33. Drilling Business Strategy
No accidents or incidents
Close client working relationship
Continue efficient operations within
budget & utilization targets
Thailand
Retention of experienced and capable
JDA
drilling staff to new units coming out over
next few years.
Malaysia
Establish Mermaid as an international
drilling rig operator through its
internationally experienced drilling
management, and new AOD jack‐up rigs.
Indonesia
33
34. Drilling Operations Update
MTR‐1 Location: Middle East
Status: Waiting next
contract award
Client: NA MTR‐1: Actively marketing the unit as
accommodation/construction support in
Middle East & as tender drilling rig in SE
Asia. Due for Classification Society Hull
inspection for 2011.
MTR‐2: Contracted with Chevron
(Indonesia) until February 2011. In process
of tendering for further work in SE Asia to
follow on from Chevron contract. MTR‐2 is
due for Hull Inspection in 2011 & could be
off‐contract for a planned period 7‐10 days
to complete all classification society
inspections & certification.
MTR‐2 Location: Indonesia
Status: Active in
drilling operations
Client: Chevron
Indonesia
34
36. Profits & Losses
All units in THB millions
New loan
Subtech & for new
Nemo vessels
747.4 delivery
Utilised
deferred
tax asset
Net gain on
disposals of Share of
Forex Net gains investments Profits of
Gross Other Admin gains on PPE subsidiaries/a investments Finance Income
Profit income Expenses (losses) disposals ssociates in associates Costs Taxes
2009 2010
+37.1
(1,207.8)
(9.5) +170.7 ‐161%
Y on Y
(12.0)
(70.9)
(77.6) (456.5)
(24.4)
(9.5)
Includes Disposal of
depreciation KM‐1 and Profit
AME sharing of
Damaged
AME prior
drill pipe
to disposal
claimed to
client
Not to scale. For illustrative purpose only 36
37. Debt structure
Net D/E (Times) Loan Maturity
Net gearing (%) Low D/E ratio Units in THB millions
allows financial
< 1 year
0.76 flexibility
696,511
58%
0.33
0.24 3,628,185
0.20
0%
7%
2%
2007 2008 2009 2010 > 1 year
Loan Repayment Schedule (USD Million)
Repayment
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
amount
22.8 21.7 17.4 16.9 12.4 12.1 8.5 26.1 3.7
Not to scale. For illustrative purpose only 37
38. Balance sheet
Total Assets /
Total Liabilities &
Shareholders
Equity 5,945.7 13,179.6 14,555.5 17,839.3
All units in THB millions
2007 2008 2009 2010
Cash Shareholders Equity
Fixed Assets Other Liabilities
Other Assets Current Liabilities
Robust balance sheet with
cash exceeding current
liabilities
Not to scale. For illustrative purpose only 38
39. Cash flow
Cash & Cash
Equivalents 511.7 1,726.4 1,450.5 3,742.9
Short‐Term Investments Cash in hand
‐ ‐ 334.2 606.3
(fixed deposits) continues to
grow
All units in THB millions
CF from Financing
CF From Operations 843.6 5,903.4 Cash flow from
CF from Investments operations
5,183.3 exceed net
losses
893.9 1,859.0
453.7
794.5
(432.6)
(134.9)
(4,844.3)
(2,944.0)
(3,874.8)
2007 2008 2009 2010 39
Not to scale. For illustrative purpose only
43. Attractive cash on cash return (current dayrate/newbuild prices)
• Favorable economics with cash on cash return on investment between 17% and
20%
• Assuming USD/day 50K opex
• Utilization rate of 95%
• Year to date average day rate for high spec jack‐ups is USD/day 131K with latest
fixture of USD/day 180K
43
44. Financial Statements
All units in THB ‘000s 2007 2008 2009 2010 YoY %
Service Income 4,131,273 5,285,443 5,209,869 3,476,365 ‐33%
Cost of Services (2,814,670) (3,686,546) (3,770,855) (3,245,194) ‐14%
Gross Profits 1,316,603 1,598,897 1,439,014 231,171 ‐84%
GPM 32% 30% 28% 7%
Interest Income 11,053 37,975 16,618 6,499
Other Income 22,389 102,751 28,566 29,201
Admin Expenses (729,968) (731,561) (485,611) (556,453)
Forex gain/(losses) 114,493 159,750 (55,513) (79,926)
Net gains on disaposals and
(10,198) (5,855) 21,252 11,802
write‐off of PPE
Net Losses on disposals of
investments in 2,995 ‐ ‐ 170,657
subsidiaries/associate(s)
Operating Profits 727,367 1,161,957 964,326 (187,049) ‐119%
44
45. Financial Statements
All units in THB ‘000s 2007 2008 2009 2010 YoY %
Share of Profits of investments
‐ 32,132 (17,329) 19,779
in associates
EBITDA 1,234,828 1,763,924 1,508,881 550,995 ‐63%
EBITDA Margin 30% 33% 29% 16%
EBIT 727,367 1,194,089 946,997 (167,270) ‐118%
Finance Costs (175,263) (123,994) (83,908) (95,890)
EBT 552,104 1,070,095 863,089 (263,160)
Income Taxes (18,817) 91,962 (115,711) (193,324)
Net Profit 533,287 1,162,057 747,378 (456,484) ‐161%
NPM 13% 22% 14% ‐13%
45