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PRESENTATION 1 Quarter 2003 14 May 2003. Profit and Loss Account 1Q03 – DSND Inc. Balance sheet 1Q03 – DSND Inc. DSND – debt per May 2003. Convertible Bond: - NOK 300 million - Duration 3 years from 1/2003 - Strike: NOK 20,00 per DSND share - Conversion: At pre-determined date - PowerPoint PPT Presentation
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DSND Inc.
PRESENTATION 1 Quarter 2003
14 May 2003
2
Profit and Loss Account 1Q03 – DSND Inc.
1 Q 2003 1 Q 2002 2002
Operating revenues 8 975 52 355 135 244
Operating expenses -8 077 -45 322 -119 464
Ordinary depreciation -1 186 -7 085 -20 694
Total operating expenses -9 263 -52 407 -140 158
Operating result -288 -52 -4 914
Net currency items 898 -130 3 831
Other financial income 66 72 417
Result from associated companies -12 909 858 4 046
Other financial expenses -1 709 -6 102 -16 493
Net financial items -13 653 -5 303 -8 199
Result before tax -13 941 -5 356 -13 113
Tax -848 -301 -734
Result for the period -14 790 -5 656 -13 847
3
Balance sheet 1Q03 – DSND Inc.31.03.2003 31.03.2002 31.12.2002
Fixed assets
Intangible fixed assets 6 146 12 419 6 271
Tangible fixed assets 17 543 288 219 18 445
Investment in associated companies 94 788 6 451 109 058
Other financial fixed assets 145 923 180
Total fixed assets 118 621 308 012 133 954
Current assets
Receivables and other current assets 35 920 78 646 35 280
Short-term investments 2 13 16
Bank deposits and cash 8 625 7 983 16 043
Total current assets 44 547 86 641 51 339
Total assets 163 168 394 654 185 293
Shareholders´ equity
Paid-in capital 145 304 35 665 145 304
Other equity -48 126 41 466 -37 221
Result for the period -14 790 -5 656 -13 847
Total shareholders´ equity 82 388 71 475 94 236
Liabilities
Provisions for liabilities 1 437 6 010 1 913
Other long-term liabilities 57 167 238 518 15 778
Short-term liabilities 22 176 78 651 73 366
Total liabilities 80 780 323 179 91 057
Total shareholders´ equity and liabilities 163 168 394 654 185 293
4
DSND – debt per May 2003
• Convertible Bond:- NOK 300 million- Duration 3 years from 1/2003- Strike: NOK 20,00 per DSND share- Conversion: At pre-determined date each month for the entire period- Interest: 8% coupon
• BNDES (Brazil), Two loans:- USD 8,3 million (until 2012)- USD 1,7 million (until 2008)
• Financial lease on Buccaneer:- USD 4,3 million (until 2005)
5
Profit and Loss Account 1Q03 – Subsea 7
In USD million 1Q 2003 2002
Operating income 107,8 457,5EBITDA (16,4) 43,2Depreciation & Amortisation (12,2) (29,6)One time costs 0,0 (10,0)Gain on sale of assets 0,0 3,7EBIT (28,6) 7,3Exchange gain/loss 1,8 (2,5)Interest Income/(expense) (1,5) (5,0)Result before tax (28,3) (0,2)Tax 0,0 0,2Net result (28,3) 0,0
DSND (50%) (14,2) 0,0Adjustment depreciation net gain 0,2 0,4Included in DSND accounts (14,0) 0,4
6
Balance sheet 1Q03 – Subsea 7In USD million 31.03.2003 31.12.2002
Fixed AssetsIntangible Assets 17,9 18,3Tangible assets 342,6 355,3
360,5 373,6
Current AssetsOther current assets 158,5 209,8Cash in bank 32,9 30,6
191,4 240,4
Current LiabilitiesTrade Creditors (34,7) (40,3)Other current liabilities (118,1) (129,1)
(152,8) (169,4)
Total Net Assets 399,1 444,6
Creditors - Amounts falling due after 1 yearFinance debt (171,0) (183,5)Finance Leases (23,7) (25,2)
(194,7) (208,7)
Provision for liabilities & chargesDeferred taxation (20,0) (20,0)
Net Assets 184,5 215,9
Represented byIssued Share Capital (207,3) (207,3)Other reserves (5,5) (8,6)Retained Earnings 28,3 (0,0)Total Capital and Reserves (184,5) (215,9)
7
Backlog 1Q03 – Subsea 7
Subsea 7 had at the end of 1Q a worldwide order book of approx USD 790 million
Geographical split of Backlog
UK USD 333 millionNorway USD 218 millionBrazil USD 104 millionGOM USD 86 millionAsia Pac USD 49 millionTotal USD 790 million
USD 70 million new contracts awarded during April
8
Main reasons for weak 1Q results in Subsea 7
• Seasonal variances North Sea
• Extensive program for maintenance, repair and dry-dockings
• Cost overrun on a couple of projects
• Slightly lower activity than forecasted in the GOM and AsiaPac
9
Main reasons for weak 1Q results in Subsea 7 (cont.)
Overview of vessels:
Maintenance and repair
Dry - docking
K3000 X X
Lochnagar X X
Pelican X X
Aquamarine X X
KSS 2000 X X
Rockwater 1 X
Skandi Navica X
10
Subsea 7 – comments to each region Norway
Activities performed according to plan
JV with Stolt Offshore awarded two-year extension from Statoil on construction framework contract
UK
Results affected by cost overrun on one bundle project
Serveral new contracts secured
Brazil
Overall market activities remain strong
Technical difficulties on two vessels resulting in significant periods of downtime in 1Q
Asia Pacific
Results affected by reduced profit from one project, project still profitable
GoM
Lower activity than expected during 1Q, but several new contracts awarded
West-Africa
Efforts with targeting entry the market given high priority
11
DSND – Non Subsea 7 assets
Olympic Princess Cable repair and maintenance Contract to ACMA, an umbrella organization for 21 cable
companies, until yearend 2003 plus options The vessel is on lease from Olympic Shipping for the same period
as its current contract
Buccaneer Well service The vessel Dry-docked in March Short- and long term possibilities for the vessel actively pursued
Joides Resolution Ocean Drilling Program to September 2003 (research
project/program) New possibilities for the vessels actively pursued 50/50 owned with Transocean
12
DSND – Non Subsea 7 assets
Big Orange
Well maintenance
Contract to Dowell Schlumberger to August 2009 (certain rights to cancel from 2005)
41% owned
Supply fleet Brazil through DSND Consub 10 owned supply-/crew vessels
3 supply vessels on management
The fleet achieved a utilization ratio of 97% during 1q
All vessels on contracts to Petrobras
Atria, Helder and Taurus
Currently laid-up
Modfrag
Development of Combat Management System for Brazilian Navy until 2005
Another development contract for one Corvette received in November last year
13
20 Largest shareholders pr. 13 May 2003
1 57 179 653 70,76 % Siem Drilling ltd2 3 064 984 3,79 % Fidelity3 3 057 043 3,78 % Odin Norge4 3 055 883 3,78 % Nordea Bank Denmark5 2 582 743 3,19 % Odin Norden6 2 515 720 3,11 % JPMorgan7 726 000 0,90 % Pumpøs8 490 000 0,61 % Tine9 252 860 0,31 % Fidelity
10 250 000 0,31 % Verdipapirfondet11 176 144 0,22 % UBS AG,London12 175 500 0,22 % Hvammen Gunnar13 166 016 0,21 % Verdipapirfondet14 150 000 0,19 % Herica A/S15 140 000 0,17 % Odin Offshore/forv.16 101 000 0,12 % Holtermann Chr.17 100 000 0,12 % Saugstads Fond18 100 000 0,12 % ABN Amro Inc.19 94 700 0,12 % Brown Brothers20 91 000 0,11 % Haug Odd R.
20 largest 74 469 246 92,16 %rest 6 333 552 7,84 %Total 80 802 798 100,00 %
14
Outlooks 2003
• General market activity should remain strong• Oil price above USD 20 per barrel• Substantial number of offshore projects committed or in the early stages of production
• Subsea activities continues to grow
• Development of satellite and marginal fields• Increased tieback activities• Growth in deep-water areas
Market view
Financial view
• Significant improvement in results expected for 2Q and 3Q compared with 1Q
• High utilisation (89%) of vessel fleet committed for 2Q and 3Q