Upload
kvaerner-slides
View
159
Download
1
Tags:
Embed Size (px)
Citation preview
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Fourth quarter results 2012
Photo:
A/S Norske Shell
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Highlights
2
Nyhamna onshore contract
increased to NOK 11 billion
Calpine Garrison power plant won
Eldfisk 2/7S hook-up and
commissioning assistance awarded
Order backlog of NOK 21.3 billion
Semi-annual dividend proposal of
NOK 0.55 per share
All home market tenders concluded
with awards to competitors
The Eldfisk 2/7S topside being assembled at Stord, Norway.
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Key financials
3
24
9
15
9
85
67
11
9
42
0
50
100
150
200
250
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Revenues
NOK million
-1 2
35
-71
7
-43
2
-84
0
-51
4
-1 400
-1 200
-1 000
-800
-600
-400
-200
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
EBITDA
NOK million
Net current operating assets
NOK million
3 0
04
2 3
88
3 0
00
2 4
30
2 9
30
500
1 000
1 500
2 000
2 500
3 000
3 500
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
8.3% 6.7% 2.8% 2.8%² 4.1% EBITDA
margin
¹ Gain on sale of EPC Center Houston to IHI Corp.
² EBITDA margin excluding sales gain.
¹
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Solid order backlog
4
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Order intake
NOK million
0
5 000
10 000
15 000
20 000
25 000
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Order backlog
NOK million
For execution in 2013
For execution in 2014 Upstream
Downstream & Industrials For execution in 2015 and later
21 262
2 444 ~50%
~30%
~20%
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Fourth quarter operations
5
Roll-up of the Clair Ridge jacket at Verdal, Norway.
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Health, safety, security and environment
6
0,0
1,0
2,0
3,0
4,0
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
LTIF TRIF
Lost time incident frequency (LTIF) and Total recorded incident frequency (TRIF)
Per million work hours and 12 months rolling averages
Enforced pro-
activeness
throughout the
organisation
Started roll-out of
new HSSE
Leadership course
Increased security
focus
Highlights
Two lost time injuries and twelve other injuries resulting in 14 recordable
injuries in the quarter
Four serious near miss incidents
3.2
0.6
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Operations
7
NORTH SEA INTERNATIONAL JACKETS E&C AMERICAS CONCRETE
UPSTREAM DOWNSTREAM &
INDUSTRIALS
Eldfisk assembly
progressing
E. Grieg topside
prefabrication
started
Nyhamna onshore
detailed
engineering
Positioning for the
Browse project
Pre-qualification
and study activities
Nordsee Ost: 31
jackets completed
Fabrication started
on E. Grieg and M.
Linge
Start up activities
for the Calpine
Garrison project
Steel maintenance
projects on plan
Hebron GBS: steel
skirts installed
Several studies on-
going
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Major onshore project at Nyhamna
8
Fourth quarter financials Eiliv Gjesdal, Chief Financial Officer
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Amounts in NOK million Q4 2012 Q4 2011
Full year
2012
Full year
2011
Total revenue and other income 2 930 3 004 10 748 13 295
EBITDA 119 249 473 1 073
Depreciation and amortisation (19) (18) (66) (54)
EBIT 101 230 407 1 019
Net financial income/(expense) (17) (106) (31) (109)
Profit from associated companies and JVs (6) (6) (7) (6)
Profit before tax 77 119 369 903
Income tax expense (21) (38) (131) (344)
Net profit 56 81 238 559
EBITDA margin 4.1 % 8.3 % 4.4 % 8.1 %
Income statement
10
¹ Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations.
Historical figures include EPC Center Houston.
¹
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Q4 2012: Downstream & Industrials review
11
Order backlog and order intake
NOK million
Revenues, EBITDA and EBITDA margin
NOK million
Revenues EBITDA
Financials
Somewhat lower activity level expected first
half of 2013
Limited results expected until Longview
arbitration is concluded
Orders
Calpine Garrison power plant of
~USD 100-120 million
Various smaller steel maintenance projects
850
496
689
442
261
-15
3 6 46 7
-100
400
900
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
1 287
1 130
702
358
1 039
716
381
234 148
981
0
500
1 000
1 500
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
EBITDA-% (1.8)% 0.5% 0.9% 10.4% 2.7%
Order backlog at the end of the quarter Order intake in the quarter
¹ Figures include net positive effect of NOK 42 million from divestment of EPC Center Houston operations.
Historical figures include EPC Center Houston.
¹
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Q4 2012: Upstream review
2 176
1 891
2 317
1 992
2 717
287 196 119 100 136
0
1 000
2 000
3 000
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
12
8 758 9 683
22 318 21 433 20 226
446
2 817
14 959
1 097 1 511
0
5 000
10 000
15 000
20 000
25 000
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Order backlog and order intake
NOK million
Revenues, EBITDA and EBITDA margin
NOK million
Order backlog at the end of the quarter Order intake in the quarter Revenues EBITDA
Financials
North Sea activity level increasing
Early cycle projects with limited contribution
Nordsee Ost project commercial challenging
Orders
Eldfisk 2/7S hook-up and commissioning
assistance contract of NOK 400 million
Growth in existing projects
EBITDA-% 13.2% 10.4% 5.1% 5.0% 5.0%
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
2 000
4 000
6 000
8 000
10 000
12 000
14 000
2008 2009 2010 2011 2012 2013 2014 2015andlater
2012 order intake – foundation for growth
13
¹
Revenues and backlog
NOK million
Backlog per
year-end 2012 Backlog per
year-end 2011
Solid long term revenue visibility
The major 2012 project wins:
Nyhamna onshore project
Edvard Grieg topside, jacket and offshore
completion
Martin Linge jacket
Hook-up and commissioning of
Eldfisk 2/7S
Construction of Garrison Energy Center
Incorporated joint ventures will not be
included in the backlog
2013 order intake: Increase in the Nyhamna
onshore contract of NOK 5 billion
Note: The Hebron project will be accounted for as an incorporated JV.
Revenues Orders booked
in 2013
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
-2 000
-1 500
-1 000
-500
0
500
1 000
Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Cash flow and working capital development
14
The EPC business is cash
positive through negative
working capital:
Customer pre-
payments¹ of
NOK 143 million
Downstream &
Industrials: Capital
tied up in the Longview
project
Upstream: Capital tied
up in the Nordsee Ost
project
Net current operating assets (NCOA)
NOK million
Downstream
& Industrials
Upstream
Group
¹ Invoicing in excess of cost and estimated earnings less amounts billed in advance but not received (on a project by project basis).
Amounts in NOK million Q4 2012 Q4 2011
Full year
2012
Full year
2011
Cash flow from operating activities (293) 322 (748) 1 069
Cash flow from investing activities (23) (77) (91) (231)
Cash flow from financing activities (190) - (481) (1 105)
Translation adjustments (75) 55 (29) 8
Net increase/(decrease) in cash and bank
deposits (580) 300 (1 349) (259)
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Balance sheet
15
Full year
2012 Q3 2012
Full year
2011
Assets
Total non-current assets 2 231 2 150 1 954
Prepaid company tax 91 173 169
Current operating assets 2 660 2 498 2 256
Other current assets - 20 25
Total cash and bank 1 069 1 649 2 418
Total assets 6 052 6 491 6 823
Total equity 2 202 2 321 2 445
Non-current interest bearing liabilities 469 467 460
Other non-current liabilities 178 218 161
Current operating liabilities 3 175 3 338 3 491
Current tax liabilities 28 147 257
Other current liabilities (0) 0 8
Total liabilities 3 850 4 170 4 378
Total equity and liabilities 6 052 6 491 6 823
Equtiy ratio 36 % 36 % 36 %
Net cash 650 1 253 2 012
Amounts in NOK million
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Summary and closing remarks
16
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Future market opportunities
17
Facsimiles from Capital Markets Day 10 January 2013.
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Summary
18
Strong order backlog More than NOK 11 billion secured for 2013
Focus on project execution and
improving competitiveness
Predictable deliveries Quality on time with predictable price tag
Predictable dividend policy Proposed semi-annual dividend of
NOK 0.55 per share
HSSE – core value and
licence to operate
Maintain and develop home
markets
International expansion
Hands-on management
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013 20
APPENDIX
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
International E&C Americas Concrete Solutions Jackets North Sea
The current EPC project portfolio
21
2011 2012 2013 2014 2015 Value at award
Mongstad TCM NOK 525M
Eldfisk topside NOK 5.5B
Nyhamna onshore NOK 11B
Edvard Grieg
topside NOK 8B
Nordsee Ost wind
jackets EUR 115M
Clair Ridge jackets NOK 1.7B
Edvard Grieg jacket NOK 1.1B
Martin Linge jacket NOK 1.2B
Sakhalin-1 USD 600M
Kashagan HUC USD 1.6B
V&M Star (MEP) Undisclosed
Calpine Garrison USD 100-120M
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Revenue distribution
22
Share of revenues 2010
Percent
Share of revenues 2011
Percent
Share of revenues 2012
Percent
NOK
13.2 billion
NOK
13.3 billion
NOK
10.7 billion
International E&C Americas Concrete Jackets North Sea
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
EPC prospects
23
Victoria
Maria
Tommeliten
Snorre
Utsira high
Skrugard
Johan Sverdrup
Havis
Existing and prioritised markets
North Sea Jackets International Concrete E&C Americas
Browse
Other international
prospects on a case
by case basis
Gas processing
Chemical
Refining
Steel
Pipe manufacturing
industry
Gas fired power plants
Plant maintenance and
services
Power plants
environmental compliance
projects
White Rose
Piltun South
Amuligak
Kara Sea
Pechora LNG
Kammennomyskoye
Dolginskoe
Natuna
Note: The list is not exhaustive or indicative of Kvaerner’s priorities.
Hod
Auk
Tor
Tommeliten
Utsira high
Greater Clair
Development
Snorre
Johan Sverdrup
© Kvaerner 2013
Edit date:
Via “Presentation Information” in the “Kvaerner” menu
or
via Slide Master “View”/”Master”/”Slide Master”
13.02.2013
Copyright
Copyright of all published material including photographs, drawings and images in this document remains vested in Kvaerner and third party contributors as appropriate.
Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable
acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.
Disclaimer
This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to
differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the
regions and industries that are major markets for Kværner ASA and Kværner ASA’s (including subsidiaries and affiliates) lines of business. These expectations, estimates and
projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar expressions. Important factors that could cause actual
results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets
for Kvaerner’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange
rates and such other factors as may be discussed from time to time in the Presentation. Although Kværner ASA believes that its expectations and the Presentation are based
upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Kværner ASA is
making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Kværner ASA nor any of its directors,
officers or employees will have any liability to you or any other persons resulting from your use.
Copyright and disclaimer
24