Capital Markets Day 10 January 2013
|
|
- Louise Sparks
- 5 years ago
- Views:
Transcription
1 Capital Markets Day 10 January 2013 Time Topic Speaker Introduction Jan Arve Haugan, President & CEO Concept / Front End, Engineering and Procurement Janne H. Rasten, EVP Project Support Tony Allen, EVP International Construction Sverre Myklebust, EVP Jackets Tony Allen, EVP International Jim Miller, EVP E&C Americas Q&A part I Break Completion and Decommissioning Lars Eide, EVP North Sea Arctic opportunities Bjørn Gundersen, EVP Concrete Solutions Financial update Eiliv Gjesdal, CFO Summary and Q&A part II Lunch
2 Copyright and disclaimer 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. 2
3 Introduction Jan Arve Haugan, President & CEO Capital Markets Day 10 January 2013
4 Kvaerner executes amazing projects Specialised EPC company employees in 9 countries Revenues of NOK 13.3 billion (2011) Order backlog of NOK 21.8 billion* * As of 30 September
5 Safety our licence to operate Open and transparent reporting Continued pro-active focus Kvaerner 2011
6 Strong market in all target regions (Offshore EPC spending, USD billion) Arctic Canada and US Arctic Norway, NCS, DCS and UKCS Caspian Russia Asia Pacific/Australia 0,5 0,6 0,3 0,9 1,6 1,3 1,3 0,4 0,0 8,7 7,0 6,2 6,3 4,9 4,6 3,4 2,7 2,3 3,8 7,8 7,1 6,5 6,5 5,8 5,2 5,5 5,4 7,2 6,8 5,6 4,4 0,8 0,7 1,0 1,2 1,4 4,8 13,8 12,9 12,7 11,5 9,8 11,3 9,7 8,0 Source: Rystad DCube 6
7 Following our strategy Facsimile from Investor Presentation in June
8 External macro factors Global energy demand & supply Framework conditions Market & Competition Customers & Partners World energy supply and demand Demand: the light area Supply: the red and purple areas Source: Rice University report 8
9 Several discoveries last two years Source: Ukeblad, Newsinenglish.no, Reuters 9
10 EPC spending up 20% since Kvaerner listing Global offshore EPC spend by year USD million Market view January 2013 Market view, spring Source: Rystad Energy, Kvaerner analysis 10
11 Projects Average delay into the North Sea is ~9 months Delivery delay North Sea topsides since 1990 (Number of months) Average delay ~9 months Source: Rystad Energy 11 Kvaerner 2012
12 The value of timely delivery Source: Rystad Energy 12
13 Recognizing the importance of improved competitiveness Topside unit cost Capacity, tonnes per year China and other low cost areas Europe and North America Korea and Singapore Global large topside 1) capacity (tonnes/year) 1) Large topside defined as exceeding weight of tonnes 2) Source: Rystad Energy; Kvaerner analysis 13
14 EPC contracts 14
15 Customer drive 15
16 Proven Arctic execution Concrete leading the way 16
17 Execution 17
18 Topic Introduction Speaker Jan Arve Haugan, President & CEO Concept / Front End, Engineering and Procurement Janne H. Rasten, EVP Project Support Tony Allen, EVP International Construction Sverre Myklebust, EVP Jackets Tony Allen, EVP International Jim Miller, EVP E&C Americas Completion and Decommissioning Arctic opportunities Lars Eide, EVP North Sea Bjørn Gundersen, EVP Concrete Solutions Financial update Eiliv Gjesdal, CFO 18
19 C F E P C C D Concept / Front End, Engineering and Procurement Janne H. Rasten, EVP Project Support Tony Allen, EVP International Capital Markets Day 10 January 2013
20 C F E P C C D The project journey Project timing and estimated value months 6-8 months 36 months 6-8 months 12 2 months Concept FEED Engineering Procurement Construction Completion Decommissioning NOK ~10-20 million NOK ~30-60 million NOK ~ million NOK ~ million NOK ~150 2 million Analysis Concept selection Concept development Definition Cost estimate Requirements Design elements Detailed engineering Materials Labour Sub-contractors Construction management Construction Installation Hook-up Pre-start up Onshore disposal (1) Approximate values for a generic topside of ~ tonnes (2) Typical time requirement for Kvaerner s target scope; e.g., onshore deconstruction and disposal 20
21 Concept selection is subject to evaluations in the concept phase C F E P C C D Functional requirements Location Drivers 1 Oil/gas/water quantity and quality Pressure Temperature Production rate Injection requirements Drilling requirements Safety Remoteness Environmental conditions Water depth Soil Proximity to existing infrastructure Topside Substructure Edvard Grieg Export solution (1) Illustrative, not exhaustive 21
22 C F E P C C D The front end process within Kvaerner Opportunity Appraisal Feasibility studies Concept Selection Concepts most likely to succeed Most cost efficient concepts Selected concept System and discipline level Improved execution FRONT END (Pre FEED) Concept screening & selection ~2-3 years FEED Concept Definition ~0.5-1 year EPC 22
23 EPC project experience is embedded in our front end work C F E P C C D Concept FEED Engineering Procurement Construction Completion Decommissioning Front end work EPC execution phase Extensive experience data base with as built data (e.g., technical solutions, weight, cost, schedule) Strong knowledge of clients design basis Construction resources involved throughout the process Understanding of full lifecycle of a field 23
24 C F E P C C D Engineering influences all EPC project phases Engineering in different phases Engineering numbers for an EPC contract Proxy figures for tons topside C F E P C C D System and area engineering Engineering for procurement Engineering for fabrication Engineering for completion, testing and operation 350 engineers at peak manning engineering design documents 150 purchase orders supplier documents GB data stored 24
25 Procurement is complex and require close focus throughout the project C F E P C C D tonnes mechanical equipment tonnes pipes Ormen Lange example valves tonnes structure steel metres of cable installed 250 companies involved 25+ nationalities Total of people involved in the project ~ working hours on site Note: Picture and figures from the Gjøa project delivered by Kvaerner in
26 C F E P C C D Kvaerner has engineering and procurement presence around the world Kvaerner engineering and procurement locations US, Canonsburg Houston UK, London Norway, Oslo Stord Verdal Trondheim Finland, Ulvila Russia, Arkhangelsk China, Beijing Australia, Perth 26 Kvaerner 2012
27 C F E P C C D A flexible delivery model CONCEPT FEED ENGINEERING PROCUREMENT CONSTRUCTION COMPLETION ELDFISK (Topside) Aker Solutions Aker Solutions as subcontractor CLAIR RIDGE(Jacket) SAKHALIN (GBS) HEBRON (GBS) BROWSE (TLP) + Peter Kiewit + Aker Solutions Aker Solutions as subcontractor Peter Kiewit + COOEC CALPINE GARRISON (Gas fired power plant) WorleyParsons and Calpine Corp. + Parsons Brinckerhoff 27 Kvaerner 2012 Firm contract Potential agreement; for illustrative purposes
28 C F E P C C D Controlling engineering Project management Engineering management Full control Flexibility Engineering disciplines Efficient risk mitigation High quality at lower price Controlled by Kvaerner Flexibility wrt. in-house vs. subcontracting Kvaerner s highly experienced engineers have the expertise to efficiently manage the engineering phase 28
29 C F E P C C D Proven project execution model ( PEM ) M1A M1B M1C M1D M2A M2B M2C M3A M3B M3C M3D M4A M4B M4C M5A M5B M5C M5D M6A M6B M6C Feasibility & Concept System Definition Detailing & Fabrication Assembly & Erection System completion Contract Completion TA TB TC TD TE Tender & Kickoff Strategic Control Execution Tools 29
30 C F E P C C D Risk mitigation during project execution Phase timing in months Project risk Project progress Feasibility & Concept System definition Detailing and fabrication Assembly and Assembly & System Definition Detailing & Fabrication erection Erection System System completion completion Contract Completion Note: For illustrative purposes 30
31 A standardised procurement process yields good returns over time C F E P C C D Supplier Relationship Management activities Sourcing Procurement Need Requirements Sourcing - Audits - Approvals Inquiry process Purchasing process Quality surveillance expediting Material Control Logistics Warehousing Close out Performance evaluation Standardised proven processes ensure risk control and hence guaranteed delivery 31
32 Sourcing complexity Strategic segmentation of suppliers to optimise procurement activities C F E P C C D Sourcing complexity defined by: Criticality to project progress Lead time Technology ownership Supplier power Selective partnerships (12 % of total number of packages sourced 1 ) Strategic partners (4 %) Simplified selection (19 %) Standard procurement process (65 %) (1) Total number of sourced packages on a typical topside project is Impact on project profitability Impact on project profitability defined by: Category spend (MNOK) Category value-add (impact) 32
33 C F E P C C D Equipment constitutes 60-70% of procurement value, the remainder being bulk Procurement per category for sample topside project Percentage of total procurement value Other bulk 6% Valves 9% Vessels 5% 14% Pumps Equipment Bulk items Structural 7% Piping 7% Electrical bulk 6% 24% Generators and compressors 21% Other Equipment Typical procurement value of NOK 3-4 billion 33
34 EPC execution is a close interaction between the various disciplines C F E P C C D Project management Critical line Engineering Bid Final info Inquiry Purchase order Prelim info Close-out documentation Procurement (vendors) Drawings for fabrication Delivery of bulk Delivery of equipment Contract completion Construction 34
35 C F E P C C D Construction Sverre Myklebust, EVP Jackets Tony Allen, EVP International Capital Markets Day 10 January 2013
36 The topside is a complex delivery of assembled modules C F E P C C D Utility Helideck Space for drilling rig Flare Living quarter Process and wellhead Jacket 36
37 C F E P C C D Topside assembly facilities at Stord Surface protection STORD ambitions Annual throughput capacity: tonnes Parallel fabrication capacity: 1-2 Oil & Gas topsides Lead time large topside: 36 months Assembly crane Assembly hall Dry dock Administration office Camp Cutting shop Construction management office Outfitting quay Heated ware house/ service center Prefabrication Deepwater quay 37
38 C F E P C C D On-going topside and onshore projects - Norway ELDFISK TOPSIDE NYHAMNA ONSHORE EDVARD GRIEG TOPSIDE Client ConocoPhillips Project EPC contract to deliver topside and bridges the Eldfisk 2/7 S platform Ordered 18 March 2011 Contract value NOK 5.5 billion Delivery Early 2014 Client A/S Norske Shell Project EPCM for modifications and projects at the Ormen Lange/Nyhamna onshore facilities Ordered 19 April 2012 Contract value NOK 11 billion Delivery 6 years and 2+2 year options Client Lundin Norway AS Norway Project EPC of the topside for the Edvard Grieg platform Ordered 3 May 2012 Contract value NOK 8 billion Delivery April
39 C F E P C C D The steel jacket solution Steel substructure for topside Normally 4 or 8 legs Lifted or launched 4 topside guide pins Kvaerner own fabrication Subcontractor fabrication Drilling deck Horizontal elevations to support caissons and conductors Caissons (w/pumps for water supply) Risers for wellstream and oil and gas export Leg (subcontracted) Pile Cluster; pile sleeves & mudmats Bracings (subcontracted) Cluster (subcontracted) Edvard Grieg Jacket J-tube for umbilicals and control cables 39
40 C F E P C C D VERDAL ambitions Annual throughput capacity: tonnes Parallel fabrication capacity: 2-3 large Oil&Gas jackets Lead time large O&G steel jacket: 24 months Verdal the yard of possibilities Jacket assembly Surface protection Jacket prefabrication New assembly area and quay facilities Offshore wind assembly Offshore wind prefabrication 40
41 C F E P C C D On-going jacket projects North Sea CLAIR RIDGE NORDSEE OST EDVARD GRIEG MARTIN LINGE Client BP United Kingdom Client RWE Innogy Germany Client Lundin Norway AS Norway Client Total E&P Norway Project Clair Ridge Project Nordsee Ost, 49 jackets Project Edvard Grieg Project Martin Linge Ordered 12 July 2010 Ordered 17 June 2010 Ordered 19 January 2012 Ordered 13 February 2012 Delivery Spring 2013 Delivery 2012/2013 Delivery April 2014 Delivery Spring 2014 DP Jacket QU Jacket Height Height 168 m 167 m Height metres Height 134 m Height m 41
42 C F E P C C D Our scope of construction Project management Construction management Bulk procurement Method work Shop engineering Assembly and integration Testing and commissioning 42
43 C F E P C C D Clair Ridge Jacket 43
44 C F E P C C D Kvaerner has a proven track record internationally Hibernia, 1996 Laminaria, 1999 Sable Tier II, Kashagan epf, Sea Rose, 2005 Sakhalin II PA-B, 2005 Sakhalin II LUN-A, 2005 Adriatic LNG, 2008 Blind Faith, 2008 Kashagan HUC, 2012 Sakhalin 1 A-D, 2012 Hebron,
45 C F E P C C D Substantial number of opportunities internationally Selected sample prospects BROWSE EQUUS LAVERDA AMAULIGAK GUNFLINT ARCTIC DRILLING FACILITY WHITE ROSE Y. KORCHAGIN STAMPEDE SOUTH PILTUN 45 This list is not exhaustive nor indicative of Kvaerner target priorities
46 C F E P C C D Flexible international construction model VOSTCO yard Nakhodka, Russia Bull Arm yard, Canada COOEC yard Qingdao, China Strategic partnership (e.g. GBS projects in Far East Russia) Joint Venture with lease of construction site (e.g. Hebron in Canada) Contracting either within consortium or as a pure subcontract (e.g. Asia Pacific projects) 46
47 C F E P C C D Asia Pacific delivery model Kvaerner and COOEC collaboration consolidated with completion of a demonstration module in 2011 Developing into a top tier international yard COOEC yard Qingdao, China COOEC a natural partner for a long term relationship Long track record with increasing international scope COOEC Kvaerner demonstration module 47
48 C F E P C C D Browse Dry Tree Units a platform for growth Rigorous risk evaluation Technical Comprehensive FEED performed Simple process train Partnering Strong relationship Execution Proven track record of Tension Leg Platform (TLP) delivery Well managed risk profile 48
49 High value fabrication required for longer term market positioning and growth C F E P C C D Sustainable access to regional, low cost fabrication is a pre-requisite for the international delivery model Additional construction capacity required to maintain NCS market share International diversification brings low cost fabrication to NCS Increased market share globally and domestically 49
50 Sustainability through low cost fabrication and strategic partnerships C F E P C C D Kvaerner current construction sites Kvaerner potential future construction sites Current target markets CANADA NORWAY Verdal Stord NW RUSSIA POLAND CASPIAN FE RUSSIA Low cost fabrication 50
51 Our differentiators make us an attractive global partner C F E P C C D Value driven HSSE performance STATFJORD A (1977) Predictability through project execution excellence Seamless EPC deliveries through state of the art processes, methods, systems and tools Diverse product portfolio Highly qualified workforce able to adapt to new realities Successful deliveries of quality solutions for more than 35 years Predictable deliveries. Predictable performance. 51
52 C F E P C C D E&C Americas Jim Miller, EVP E&C Americas Capital Markets Day 10 January 2013
53 Managing unionized labour is a prerequisite in all regions where we operate Union labour areas C F E P C C D Union labour areas with Kvaerner track record Non-union labour areas Kvaerner has a strong track record and competitive advantage in managing projects involving unionized labour 53
54 C F E P C C D The business at a glance Key facts Permanent locations Construction Services Maintenance Renovation Geographical focus United States Canada Hammond, IN Burlington, Ontario Lump sum Contract formats Time & material Cost reimbursable Fixed fee/reimbursable Management and staff: ~220 Resources Union craftsmen: , more than at peak Fabrication Facilities Hammond, IN Corporate Office Canonsburg, PA 54
55 C F E P C C D Involved in three segments Share of rev % Power plants and environmental General construction services to more than 15 power plants Natural gas, combined cycle, pulverized coal Environmental controls on existing plants 33 % Steel Steel industry staff experience spans more than 35 years Premier provider to the steel industry 5 % Chemical / Petro Chemical Expansion of our core skill set 55
56 We leverage partnerships to complete our delivery model Kvaerner has direct contact with the clients, not through general contractors Power FE E P C C F E P C C D In-house Jointly with partner Third party is a general contractor not a subcontractor works in unionized sectors of the United States and Canada Steel Petrochemical FE E P C Service FE E P C Service Kvaerner has different value chain approach to various segments Kvaerner 2011
57 Demand for gas fired power plant Why is the gas fired power plant market interesting now? C F E P C C D + 60 GW capacity additions needed in US by 2020 Excess supply of shale gas Reduced gas prices more attractive for power production Emission regulations stricter regulation and taxes, gas more attractive than coal Well proven concept and relatively cheap to develop less capital intensive to develop than other sources Market drivers for gas fired power plants 57
58 New projects to be located in regions where Kvaerner has a strong presence C F E P C C D Historical and projected US capacity additions Total capacity additions (GW) Future outlook Comments 2 27 Approximately of the new projects will be in regions where Kvaerner is well positioned On-line New Capacity Capacity Under Construction Additonal Capacity Requirements Strong union relations Core skillsets including partnerships Strong track record Community recognition Source: Charles River & Associates Sep
59 C F E P C C D Calpine Garrison Energy Center General specifications Client: Calpine Corporation Location: Dover, Delaware Plant: Combined Cycle Power Plant 309 MW Natural gas fired facility JV Partner: Parsons Brinckerhoff (PB) Contract value: USD million Execution model Parsons Brinckerhoff Project management E P C Parsons Brinckerhoff Calpine Scope of Work Major equipment (HRSG, CTG, and STG)* supplied by client Engineering, supply of balance of plant equipment, and commissioning by partner (PB) JV project management and all site construction by Kvaerner *HRSG: Heat Recovery Steam Generator, CTG: Combustion Turbine Generator, STG: Steam Turbine Generator 59
60 C F E P C C D Completion and Decommissioning Lars Eide, EVP North Sea Capital Markets Day 10 January 2013
61 C F E P C C D Completion C F E P C C D Installation and hook-up Commissioning and start-up Offshore installation & hook-up Onshore installation & hook-up Commissioning Pre start-up Start-up Gjøa Offshore hook-up Kollsnes Onshore hook-up Aker Spitsbergen & Barents Commissioning & sea-trials TCM Commissioning and start-up 61
62 Kvaerner has been pursuing the installation and hook-up market for decades Examples of installation and hook-up projects C F E P C C D Statfjord A Oseberg A Gullfaks C Draugen Snorre A Troll A Njord A Oseberg Sør Eldfisk 2/7 E Valhall IP Kristin Gjøa 62
63 Kvaerner is now preparing the installation and hook-up activities for Edvard Grieg and Eldfisk C F E P C C D Edvard Grieg offshore hook-up Commissioning assistance Contract value of NOK 500 million Edvard Grieg Jacket Edvard Grieg topside and jacket Saipem S-7000 heavy lift 63
64 C F E P C C D Onshore installation and hook-up Kvaerner has been offering installation and hook up services to several onshore facilities through history Currently the Nyhamna EPCm project is being executed Trenger bilde i høytere kvalitet Strategy to pursue these jobs jointly with partners Nyhamna Installation is an integrated part of our EPC delivery and would not be pursued on a stand alone basis Kollsnes 64
65 Kvaerner has experience-based commissioning capabilities including tools and procedures C F E P C C D Full commissioning scope Provided key personnel Eldfisk 2/7 E Valhall IP Snorre B Njord A Oseberg Øst Navion Munin Visund Aasgard A Oseberg Sør Aasgard B Aker Spitsbergen Aker Barents TCM Mongstad Kristin Fram Vest Kårstø KEP 2005 Grane Topside Grane Drilling Snøhvit LNG Gjøa Kollsnes KOP EPC Kvaerner can take responsibility for the full commissioning scope or provide key personnel to projects, also projects where Kvaerner has not had the EPC Kvaerner 2011
66 C F E P C C D Decommissioning TOGI being lifted onto quayside at Eldøyane, Stord Troll Oil and Gas Injection (TOGI) decommissioning project 66
67 Kvaerner present in the low risk segments of the decommissioning market C F E P C C D C F E P C C D Offshore preparations Offshore removal and transport Onshore deconstruction and disposal Kvaerner s involvement Hazardous material studies and assistance work possible vehicle for early positioning for onshore disposal Total supplier of inshore and onshore deconstruction and disposal 67
68 Onshore deconstruction and disposal operations performed at Eldøyane site C F E P C C D Stord fabrication yard Eldøyane disposal site Kvaerner has a specialised decommissioning team and nearly 20 years track record The Eldøyane disposal site is developed to accommodate deconstruction and disposal activities. All work is performed with care for personnel and environment Typically more than 98% of the materials are reused or recycled 68
69 C F E P C C D Different approaches to the NCS and UKCS markets NCS: Targeting all structures Northern UKCS: Targeting larger structures installed at water depths >60 m 69
70 Arctic opportunities Bjørn Gundersen, EVP Concrete Solutions Capital Markets Day 10 January 2013
71 High potential in the Arctic by estimated reserves Estimated yet-to-find reserves of around 400 billion boe High end solutions needed Design challenges Extreme temperatures Ice conditions Remoteness Sensitive natural environment 71
72 Winterisation our second nature as Norwegians 72
73 Concrete gravity base structures a proven Arctic solution Sakhalin-II project Robustness to meet Arctic environment Year-round access to drill / maintain wells Significant local content Minimum maintenance Supports large topside weight Low lifecycle cost Installation independent of heavy lift vessel availability Integrated oil storage 73
74 Kvaerner track record the path to Arctic experience Canada Russia Russia Russia Canada 74 Arctic offshore projects
75 Kvaerner presence and activities in Canada & Alaska Current presence in Canada & Alaska Kvaerner EPC experience in Canada & Alaska Hebron, 1997 Hibernia project, Canada,1997 Sea Rose FPSO, Canada, 2005 On-going activities in Canada & Alaska Burlington St. John s The Hebron Project, on-going Positioned for Husky s White Rose WHP Concept studies for potential field development solutions on-going 75
76 Kvaerner presence and activities in Russia Current presence in Russia Kvaerner EPC experience in Russia Sakhalin-1 Arkutun-Dagi GBS, Sakhalin II PA-B, 2005 Arkhangelsk Moscow Nakhodka Kashagan epf, Kashagan HUC, 2012 On-going Pre-FEED project in Russia VNIIG Arctic exploration drilling GBS 76
77 Sakhalin 1 EPCI project delivered on time 77
78 Delivery model for further growth Self performing execution and local content Local partnership/jv approach Engineering with strategic partners Long-term presence in strategic regions VOSTCO yard, Nakhodka, Russia Client relationships and strategic partnerships Leverage GBS track record Successful project execution is all about people 78
79 Kvaerner well positioned for Arctic opportunities Kvaerner target waters Kvaerner offices / project locations Arctic GBSs delivered by Kvaerner Burlington St. John s Mackenzie delta & Beaufort Sea Grand Banks, inc. White rose Central Barents London Verdal Shtokman Stord Oslo Murmansk Pechora Arkhangelsk Kara Sea Yamal Ob&Taz bay Magadan Kamchatka Sakhalin Moscow Nakhodka 79
80 Financial update Eiliv Gjesdal, CFO Capital Markets Day 10 January 2013
81 ¹ Revenue distribution and profitability Revenues NOK Million North Sea Jackets E&C Americas Concrete solutions International E&C Americas (EPC Center) Q1-Q
82 The current EPC project portfolio Value at award Mongstad TCM NOK 525M Eldfisk topside NOK 5.5B Nyhamna onshore Edvard Grieg topside Nordsee Ost wind jackets NOK 11B NOK 8B 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 M North Sea Jackets Concrete Solutions International E&C Americas 82
83 Profit recognition Topside - phase timing in months Assembly of prefabricated modules Commissioning Prefabrication started Revenue recognition Profit recognition Risk FEED study finalised Start booking profits at 20% completion Mechanical completion System definition Detailing and fabrication Assembly and erection System completion Jacket example EPC duration months Topside and concrete structure example EPC duration months 83 Note: For illustrative purposes
84 Upstream segment Revenues and backlog NOK million North Sea Concrete Solutions Jackets International Backlog at 30 Sept 2012 North Sea Revenue potential of NOK 8-10 billion from one topside delivered each year plus onshore work Jackets Revenue potential of NOK 2-3 billion from 2-3 jackets delivered each year Wind business to be discontinued Concrete Solutions Current revenue potential of NOK 2-3 billion from one EPC project Q1-Q International Revenue potential depending on build up following project wins 84
85 Downstream & Industrials segment Annual revenues of USD million Current backlog implying lower activity first half of 2013 Normalised EBITDA margin of 3-5 percent Longview arbitration on-going Break even results expected until Longview resolved 85
86 Order backlog provides good foundation for revenue growth Solid long term revenue visibility Incorporated JVs will not be included in the backlog Additional orders of ~NOK 6 billion booked to date: Eldfisk hook-up and commissioning assistance Calpine Garrison power plant Increased scope for the Nyhamna onshore upgrade project 86
87 Adjusted 2013 revenues - NOK 13 billion with upside Main assumptions Secured 2013 revenues at 30 Sept 2012 totalling NOK 8.7 billion Incorporated JVs included with ~NOK 2.5bn in 2013 adjusted revenues Downstream & Industrials in low end of revenue range: USD million Recent orders contributing in 2013 Upside from potential award of topside and jacket projects first half of 2013 International upside Corporate costs of NOK million Note: Adjusted revenues include incorporated JVs 87
88 Cash positive, working capital will fluctuate The working capital will fluctuate with the project portfolio from quarter to quarter: Monthly invoicing Milestone payments Cash positive business through negative working capital: Customer pre-payments¹ of NOK 242 million (at 30 September 2012) Downstream & Industrials: Capital tied up in the Longview project NCOA increasing towards year end )Invoicing in excess of cost and estimated earnings less amounts billed in advance but not received (on a project by project basis). 88
89 Robust capital structure NOK million Property, plant and equipment Intangible assets Net current operating assets Net other non interest bearing assets¹ Net cash Total equity Loan facilities of NOK 3 billion A NOK 500 million term loan - 3 year - margin of 1.5%-2.5% above NIBOR A NOK 2.5 billion credit facility - 5 year - margin of % Purpose of loan facilities Buffer for working capital fluctuations Available for project guarantees Selective international expansion 1) Excluding interest bearing receivables which are included in net cash 89
90 Use of funds Recap from pre-ipo presentation, June
91 Financial items and tax 1 Financial items 2 Net interest expense NOK 50 million in up-front fees for the loan facilities distributed over 5 years Term loan interest rate: NIBOR plus 1.5% Other fees, e.g. commitment fees: 1% Bank deposits yielding low interest Current financial structure cost: approx. NOK 50 million (80% payable) Foreign currency All currency exposures from contracts are hedged Translation effects: mainly from US and Canadian subsidiaries and from Kazakhstan and Russia branches Tax Norwegian tax Nominal tax rate of 28% Timing of payment pending completion of projects US tax Nominal tax rate of approx. 40% Approx. USD 60 million in tax losses not recognised in the accounts Overall tax Current tax rate: 38-40% Target tax rate: 30% 91
92 Capex, investments and dividends 3 Capex and investments 4 Maintenance capex NOK million per year in total CAPEX NOK million Investments Upgrades of the Verdal yard totalling NOK 150 million completed in 2012 Upgrades at Stord including new crane of approx. NOK million of which approx. NOK 200 million in Maintenance Investments Q1-Q312 Predictable dividend Kværner ASA's dividend policy is based on visibility and predictability. The ambition is to pay semi-annual dividends with increases, in order to give a stable and predictable dividend growth, balancing out the underlying volatility of earnings. Ambition to increase by 10 percent annually NOK 0.53 per share paid in October 2012 NOK 0.55¹ per share expected paid in April ) Subject to approval by the Annual General Meeting 10 April Kvaerner 2012
93 Use of funds Balance sheet Revenues Summary Current project portfolio and new awards driving revenues Solid backlog foundation for revenue growth Adjusted 2013 revenues of NOK 13 billion with upside Robust capital structure with NOK 2.5 billion in undrawn facilities Cash positive but fluctuating project portfolio Significant capital tied up in Longview project Annual finance cost of NOK 50 million Long term target tax rate of 30% Annual maintenance capex of NOK million and committed investments of NOK 200 million Predictable dividend 93
94 Concluding remarks Project portfolio to improve competitiveness Capturing market opportunities Managing risk Attractive dividend policy Arctic opportunities HSE core value and licence to operate Maintain and develop home markets International expansion Hands-on management 94
Capital Markets Day 10 January 2013
Capital Markets Day 10 January 2013 Time Topic Speaker 09.00 Introduction Jan Arve Haugan, President & CEO 09.20 Concept / Front End, Engineering and Procurement Janne H. Rasten, EVP Project Support Tony
More informationCapital Markets Day 10 January 2013
Capital Markets Day 10 January 2013 Time Topic Speaker 09.00 Introduction Jan Arve Haugan, President & CEO 09.20 Concept / Front End, Engineering and Procurement Janne H. Rasten, EVP Project Support Tony
More informationAker companies investor day, London Jan Arve Haugan, President & CEO Eiliv Gjesdal, CFO
Aker companies investor day, London Jan Arve Haugan, President & CEO Eiliv Gjesdal, CFO This is Kvaerner CONCRETE SOLUTIONS JACKETS TOPSIDES ONSHORE Global leader in marine concrete structures European
More informationNordic Energy Summit, Oslo Jan Arve Haugan, President & CEO
Nordic Energy Summit, Oslo Jan Arve Haugan, President & CEO Kvaerner delivers amazing projects UPSTREAM DOWNSTREAM & INDUSTRIALS CONCRETE SOLUTIONS JACKETS CONTRACTORS NORWAY CONTRACTORS INTERNATIONAL
More informationPareto s annual Oil & Offshore Conference: Presentation of Kværner ASA Jan Arve Haugan, President & CEO
Pareto s annual Oil & Offshore Conference: Presentation of Kværner ASA Jan Arve Haugan, President & CEO 1 HSE our licence to operate Our HSE mindset is a core value We: strive continuously for zero harm
More informationGrowth and strategic development. 3 January 2019
Growth and strategic development 3 January 2019 3 key messages 1) Strong foundation for development 2) Market environment with new opportunities 3) Clear growth strategy 2 3 Status Some few examples from
More informationINTSOK 12 th Annual Russian-Norwegian Oil & Gas Conference
INTSOK 12 th Annual Russian-Norwegian Oil & Gas Conference Kvaerner Concrete Solutions for Arctic Exploration Drilling, LNG and Oil & Gas Production Platforms By Erik Gulbrandsen Vice President Business
More informationContents CONCRETE SUBSTRUCTURES ONSHORE FACILITIES STEEL JACKET SUBSTRUCTURES STRUCTURES
Contents 4 Topsides 6 Concrete substructures 9 Steel jacket substructures 11 Floating structures 12 Onshore facilities 14 Track record second to none 16 An effective execution model for global deliveries
More information4th quarter results February 2012
4th quarter results 2011 14 February 2012 KVÆRNER ASA FOURTH QUARTER RESULTS 2011 HIGHLIGHTS Longview achieved substantial completion Kollsnes project completed Sakhalin-1 GBS project reached Mechanical
More information2nd quarter 2005: Status and outlook
2nd quarter 2005: Status and outlook Oslo, 18 Agenda Aker Group update Leif-Arne Langøy, CEO Details 2Q05 financials Bengt A Rem, CFO Aker Seafoods 2Q status and outlook Yngve Myhre, CEO Aker American
More informationKvaerner s yard at Stord. 19 March 2018 Steinar Røgenes, EVP EPCI
Kvaerner s yard at Stord 19 March 2018 Steinar Røgenes, EVP EPCI Kvaerner at Stord Core business Module and platform assembly Onshore plant installation Installation and hook-up Platform demolition and
More informationAker ASA and Aker Drilling ASA
The preferred partner AKER ASA Aker ASA and Aker Drilling ASA Presentation to Pareto Oil and Offshore Conference, 1-2 September 2010 Trond Brandsrud, CFO Aker ASA Geir Sjøberg, CEO Aker Drilling ASA This
More informationMeeting the Management 2017 Structurally improving the financial profile. Michael Pontzen, CFO
Meeting the Management 2017 Structurally improving the financial profile Michael Pontzen, CFO Safe harbor statement The information included in this presentation is being provided for informational purposes
More informationNORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 [This document is a translation from the original Norwegian version]
NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 SECOND QUARTER IN BRIEF had earnings before tax of MNOK 24.8 (20.6) in the second quarter. The operating revenue increased by 44 % this quarter,
More information3rd Quarter 2004: Status and outlook
3rd Quarter 2004: Status and outlook Leif-Arne Langøy, President & CEO Bengt A Rem, CFO Oslo, 26 November 2004 Agenda Group update Details 3Q04 performance Concluding remarks Q&A session Leif-Arne Langøy
More informationSummary. Kvaerner s Investigation Report. Fatal accident at Stord, Norway 7 March / 5
Summary Kvaerner s Investigation Report Fatal accident at Stord, Norway 7 March 2015 1 / 5 Summary of Kvaerner s internal Investigation Report of the fatal accident at Stord 7 March 2015 Background Kvaerner
More informationThank you for participating in the financial results for fiscal 2014.
Thank you for participating in the financial results for fiscal 2014. ANA HOLDINGS strongly believes that safety is the most important principle of our air transportation business. The expansion of slots
More informationPress Release. Bilfinger with dynamic start to financial year 2018
Press Release May 15, 2018 Bilfinger with dynamic start to financial year 2018 Book-to-bill ratio reaches 1.2 in the first quarter Fourth consecutive growth quarter in orders received Adjusted EBITA above
More information2Q 2013 presentation Oslo, 11 July 2013
Fred. Olsen Energy ASA 2Q 2013 presentation Oslo, 11 July 2013 1 AGENDA FINANCIAL RESULT 2Q 2013 MARKETS OPERATIONS SUMMARY 2 Income Statement Key Figures (NOK mill) 2Q 2013 1Q 2013 Operating revenues
More informationPress Release. Bilfinger 2017: Stable foundation laid for the future
Press Release February 14, 2018 Bilfinger 2017: Stable foundation laid for the future Organic growth in orders received after three years of decline Trend reversal: Output volume better than expected Growth
More information2010 ANNUAL GENERAL MEETING. May 4, 2010
2010 ANNUAL GENERAL MEETING May 4, 2010 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question and answer session, may contain
More informationPareto Oil & Offshore Service Conference. CEO Alf C Thorkildsen September 2, 2009
Pareto Oil & Offshore Service Conference CEO Alf C Thorkildsen September 2, 2009 Contents Company profile (2009 vs. 2008) Deepwater operations Construction performance Order backlog and market outlook
More informationWÄRTSILÄ S STRONG FINANCIAL POSITION. RAIMO LIND Executive Vice President, CFO
WÄRTSILÄ S STRONG FINANCIAL POSITION Executive Vice President, CFO 1 Wärtsilä 29 March 212 Contents Topic 3 Growth over the cycle fulfils targeted levels 4 Net sales emphasis on high growth areas 5 Net
More informationInterim Report 6m 2014
August 11, 2014 Interim Report 6m 2014 Investors and Analysts Conference Call on August 11, 2014 Joachim Müller, CFO Latest ad-hoc release (August 4, 2014) Reduction of forecast, primarily due to a further
More informationWÄRTSILÄ CORPORATIONO O
WÄRTSILÄ CORPORATIONO O Handelsbanken Nordic Large Cap Seminar 12 September 2011 CHRISTOPH VITZTHUM GROUP VICE PRESIDENT, SERVICES 1 Wärtsilä This is Wärtsilä SHIP POWER POWER PLANTS SERVICES 2 Wärtsilä
More informationNORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT FIRST QUARTER 2004 [This document is a translation from the original Norwegian version]
NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT 2004 IN BRIEF At the start of 2003, Norwegian has become a pure low-fare airline. The Fokker F-50 operations have been terminated, and during the quarter the
More informationABX. Holdings, Inc. BB&T Transportation Conference. February 2008
ABX Holdings, Inc. BB&T Transportation Conference February 2008 1 Safe Harbor Statement Except for historical information contained herein, the matters discussed in this presentation contain forward-looking
More informationRederi AB TransAtlantic. Årsstämma. Annual General Meeting CEO Henning E. Jensen. TransAtlantic Company presentation
Rederi AB TransAtlantic Årsstämma TransAtlantic Company presentation Annual General Meeting 2013 CEO Henning E. Jensen TransAtlantic in Brief Two business areas Industrial Shipping (IS), HQ Gothenburg
More information1st quarter 2005: Status and outlook
1st quarter 2005: Status and outlook Leif-Arne Langøy, President & CEO Bengt A Rem, CFO Oslo, 28 Agenda Group update Details 1Q05 performance Closing remarks Q&A Leif-Arne Langøy Bengt A Rem Leif-Arne
More informationBank of America Merrill Lynch Global Transportation Conference. June 16, 2010
Bank of America Merrill Lynch Global Transportation Conference June 16, 2010 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any
More informationCitigroup Investor Conference October 2010
Citigroup Investor Conference October 2010 Disclaimer Important information This presentation ti has been prepared in good faith, but no representation ti or warranty, express or implied, is made as to
More informationAMATA VN Public Company Limited
AMATA VN Public Company Limited Welcome to Opportunity Day Financial Results for the period ended December 31, 2017 1 Disclaimer This document was prepared by Amata VN Public Company Limited in good faith
More informationSTAYING TRUE. BofAML Global Transportation Conference. May
STAYING TRUE BofAML Global Transportation Conference May 19 2011 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question
More informationINVESTOR MEETING. CEO Airbus Group CEO Airbus CFO Airbus Group & Airbus. Tom Enders Fabrice Bregier Harald Wilhelm PARIS AIRSHOW 2015
1 INVESTOR MEETING PARIS AIRSHOW 2015 Tom Enders Fabrice Bregier Harald Wilhelm CEO Airbus Group CEO Airbus CFO Airbus Group & Airbus PATH TO ENHANCED VALUE 2 Healthy commercial aircraft market Transformation
More informationHans-Peter Ring EADS Chief Financial Officer. Cowen Conference February 8 th 2012
Hans-Peter Ring EADS Chief Financial Officer Cowen Conference February 8 th 2012 Safe Harbour Statement 2 Disclaimer This presentation includes forward-looking statements. Words such as anticipates, believes,
More informationAnalysts and Investors conference call. Q results. 15 May 2013
Analysts and Investors conference call Q1 2013 results 15 May 2013 Management summary Key messages of Q1 2013 +6% +9% +3.3%p. Q1 2013 operational KPIs are in line with 109.7 116.2 6.5 7.1 82.3 85.6 expectations,
More informationAIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter
AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter MONTRÉAL, November 4, 2010 Air Canada today reported operating income
More informationAmadeus Jan-Jun 2017 Results. July 28, 2017
Amadeus Jan-Jun 2017 Results July 28, 2017 Disclaimer This presentation may contain certain statements which are not purely historical facts, including statements about anticipated or expected future revenue
More informationAker Kværner ASA 4th quarter and preliminary annual results 2007
Aker Kværner ASA 4th quarter and preliminary annual results 2007 14 February 2008 part of Aker Best year ever Group financials Full year consolidated revenues of NOK 57 957 million represented an increase
More informationSAS AB Analyst meeting
SAS AB Analyst meeting London, August 9, 2001 2 2nd Quarter a tough Quarter The Marketplace Continued weak world economy Weaker Swedish economy SAS Weaker traffic growth and reduced passenger load factors
More informationHandelsbanken Nordic Large Cap Seminar
Handelsbanken Nordic Large Cap Seminar BJÖRN ROSENGREN, PRESIDENT AND CEO 10 SEPTEMBER 2012 Wärtsilä This is Wärtsilä POWER PLANTS SHIP POWER SERVICES 2 Wärtsilä Global net sales - top 10 countries Norway
More informationSecond Quarter 2016 Presentation
Second Quarter 2016 Presentation Scanship Holding ASA August 31, 2016 Henrik Badin CEO Christian Fr. Thyholdt - CFO Disclaimer This presentation (the Presentation ) has been produced by Scanship Holding
More informationFOURTH QUARTER AND FULL-YEAR RESULTS February 2008
FOURTH QUARTER AND FULL-YEAR RESULTS 2 1 February 2 AGENDA CEO review Financial review Operating review of Mobile Concluding remarks Harri Koponen Lars Nilsson Harri Koponen Harri Koponen 2 29-2-1 Fourth
More informationWin-win-win: LANXESS sells stake in Rubber Good for LANXESS, good for ARLANXEO, good for Saudi Aramco
Win-win-win: LANXESS sells stake in Rubber Good for LANXESS, good for ARLANXEO, good for Saudi Aramco Matthias Zachert, CEO Cologne, 8 th August 2018 Safe harbor statement The information included in this
More informationQ3 FY18 Business Highlights
Q3 FY18 RESULTS Q3 FY18 Business Highlights 1 2 3 4 5 6 7 Record passengers 7.1m, record revenues 423m Investing in growth 24% passenger growth in Q3 Disciplined cost management flat ex-fuel CASK Largest
More informationDriving global growth
Holiday Inn, Manhattan Financial District Driving global growth Paul Edgecliffe Johnson Group CFO IHG has a consistently executed, winning strategy for high quality growth Value creation: superior shareholder
More informationWÄRTSILÄ CORPORATION RESULT PRESENTATION JANUARY Björn Rosengren, President & CEO. Wärtsilä
WÄRTSILÄ CORPORATION RESULT PRESENTATION 2014 29 JANUARY 2015 Björn Rosengren, President & CEO Wärtsilä Highlights 2014 good performance in challenging markets Order intake EUR 5,084 million, +5% Net sales
More informationPresentation on Results for the 2nd Quarter FY Idemitsu Kosan Co.,Ltd. November 14, 2018
Presentation on Results for the 2nd Quarter FY 2018 Idemitsu Kosan Co.,Ltd. November 14, 2018 Table of Contents 1. FY 2018 2nd Quarter Financials (1) Overview (2) Segment Information 2. Reference Materials
More informationMarine/Offshore Industry Conference. Bristow Group Inc. March 29, 2012
Marine/Offshore Industry Conference Bristow Group Inc. March 29, 2012 Bristow is the leading provider of helicopter transportation services to the global offshore industry Bristow flies crews and light
More informationRamsay Health Care Limited Results Briefing Half Year ended 31 December 2018
Ramsay Health Care Limited Results Briefing Half Year ended 31 December 2018 Craig McNally, Group Managing Director & Bruce Soden, Group Finance Director 28 February 2019 ramsayhealth.com Agenda Group
More informationParques Reunidos Corporate Presentation March 2016
Parques Reunidos Corporate Presentation March 216 Disclaimer The information contained in this presentation (the Presentation ), including but not limited to forward-looking statements, is provided as
More informationITA Europe 2015 Keynote Speaker
Airbus Procurement Olivier CAUQUIL Head of Material & Parts Procurement Chairman of the AIRBUS GROUP Material Board ITA Europe 2015 Keynote Speaker Aerospace Market Performance Titanium Market Outlook
More informationAttitude is everything since 1841
Attitude is everything since 1841 Aker Kvaerner s vision To be the preferred partner for projects, products and services in the energy sector People make Aker what as they have for three centuries A tradition
More informationFinnair Group Interim Report 1 January 30 September 2008
Finnair Group Interim Report 1 January 30 September 2008 1 31/10/2008 Presentation name / Author Airline industry at a historical turning point Expensive fuel price in the beginning of 2008 has dramatical
More informationAir China Limited Announces 2009 Annual Results
Air China Limited Announces 2009 Annual Results Record Operating Profit in Complex Market Environment Strengthened Position to Capture Growth Opportunities Hong Kong April 22, 2010 Air China Limited (
More informationFY RESULTS ROADSHOW PRESENTATION
1 FY RESULTS 2014 ROADSHOW PRESENTATION FY 2014 HIGHLIGHTS FOCUS ON EXECUTION 2 Strong financial performance Revenues: 61 bn, +5% vs. 2013 EBIT* before one off: 4.1 bn, +15% vs. 2013 EPS: 2.99, +61% vs.
More informationAnalyst and Investor Conference Call Q Ulrik Svensson, CFO and Member of the Executive Board
Analyst and Investor Conference Call Q2 2017 Ulrik Svensson, CFO and Member of the Executive Board Frankfurt, 2 August 2017 Disclaimer The information herein is based on publicly available information.
More informationFIRST QUARTER
FIRST QUARTER 2007 1 WELCOME TO REZIDOR one of the fastest growing hotel companies in the world 300 250 200 150 100 FAST TRACK GROWTH FRESH & DYNAMIC MULTI-BRAND PORTFOLIO BRAND SEGMENT HOTELS ROOMS Upscale
More informationNEWS RELEASE 8 NOVEMBER Gladstone LNG Project Arrow-AGL Joint Venture Acquires Enertrade s Gas and Pipeline Business
NEWS RELEASE 8 NOVEMBER 2007 Gladstone LNG Project Arrow-AGL Joint Venture Acquires Enertrade s Gas and Pipeline Business The Company s directors are pleased to attach a copy of Arrow Energy NL s (Arrow)
More informationInterim Report 3m Bilfinger Berger SE, Mannheim May 10, 2012 Joachim Müller, CFO
Interim Report 3m 2012 Bilfinger Berger SE, Mannheim May 10, 2012 Joachim Müller, CFO Bilfinger Berger SE Interim report 3m 2012 May 10, 2012 Page 1 3m 2012: Highlights Growth in output volume and orders
More informationBilfinger Berger: Preliminary Report on the 2004 Financial Year
Bilfinger Berger AG Carl-Reiss-Platz 1-5 68165 Mannheim Germany www.bilfingerberger.com Contact: Sascha Bamberger Phone: +49 6 21/4 59-24 55 Fax: +49 6 21/4 59-25 00 E-mail: sbam@bilfinger.de Date: February
More information4 Rights and duties in connection with the conduct of petroleum activities
Guidelines for application for Acknowledgment of Compliance (AoC) for mobile facilities intended for use in the petroleum activities on the Norwegian Continental Shelf (Unofficial translation), issued
More informationAnnual General Meeting
Annual General Meeting Aker Philadelphia Shipyard ASA Oslo, 2 April 2009 Presentation of Business Activities Aker Philadelphia Shipyard ASA Slide 2 Company Overview A U.S. shipyard that utilizes state-of-the-art
More informationLife cycle Solutions partner for the entire life cycle of industrial assets
Bilfinger Industrial Services Life cycle Solutions partner for the entire life cycle of industrial assets Thomas-Peter Wilk Hannover Messe 2013 8-12 April 2013 Global competition posing growing challenges
More informationInvestor Update April 2009
I t U d t Investor Update April 2009 Strong First Half Performance Revenue $78.9 million, 26% pcp Pre-tax profit $15.5m, 45% pcp Net profit after tax $12.2m, 63% 2m pcp Earnings per share of 6.7c, 31%
More informationPresentation on Results for the 3rd Quarter FY Idemitsu Kosan Co.,Ltd. February 14, 2019
Presentation on Results for the 3rd Quarter FY 2018 Idemitsu Kosan Co.,Ltd. February 14, 2019 Table of Contents 1. FY 2018 3rd Quarter Results (1) Overview (2) Segment Information 2. Forecast for FY 2018
More informationFalkland Oil and Gas Limited ( FOGL or the Company ) Preliminary Results for the year ended 31 December 2007
Wednesday 12 March 2008 Falkland Oil and Gas Limited ( FOGL or the Company ) Preliminary Results for the year ended 31 December 2007 FOGL, the oil and gas exploration company focused on its extensive licence
More informationAnnual Results. Year ended 28 April June 2018
1 Annual Results Year ended 28 April 2018 28 June 2018 Cautionary statement 2 This document is solely for use in connection with a briefing on the group headed by Stagecoach Group plc ( the Group ). This
More information2003/04 Full Year Results Presentation to Investors
2003/04 Full Year Results Presentation to Investors 19 August 2004 Geoff Dixon Chief Executive Officer Highlights 12 months to June 2004 12 months to June 2003 Increase/ (decrease) % Sales and operating
More informationFULL YEAR RESULTS A RECORD YEAR OF GROWTH
2012 FULL YEAR RESULTS A RECORD YEAR OF GROWTH A RECORD YEAR OF GROWTH FINANCIAL HIGHLIGHTS Sales revenue up 41% to $555.6m EBITDA up 57% to $55.7m Net profit up 66% to $39.1m Earnings per share up 40%
More informationEADS: New Stage of Maturity. Nathalie Errard VP Investor Relations
EADS: New Stage of Maturity Nathalie Errard VP Investor Relations Lagardere Investor Day, June 1 st, 2006 1 Content Integration and Rise to Leadership 2005 Group Financials New Challenges, New Growth 2
More informationBILFINGER SE NUCLEAR ENERGY PROJECTS: WE MAKE IT WORK FROM ENGINEERING AND TECHNOLOGY TO FABRICATION, CONSTRUCTION AND SERVICES
BILFINGER SE NUCLEAR ENERGY PROJECTS: WE MAKE IT WORK FROM ENGINEERING AND TECHNOLOGY TO FABRICATION, CONSTRUCTION AND SERVICES Energy & Utilities NUCLEAR ENERGY PROJECTS: WE MAKE IT WORK We design, manufacture
More informationUSA Acquisition Summary. December 2010
USA Acquisition Summary December 2010 www.roadbearrv.com Strategic Intent 1. To leverage the existing business capabilities in a significant sized and growing tourism market with a similar customer base.
More informationInterim Business Report 2017
April 1, 2017 through September 30, 2017 November 22, 2017 Contents SECTION 1 01 Consolidated Statement of Income 02 Factors Leading to Difference in Consolidated Ordinary Income Compared With Same Period
More informationJoe Randell President and Chief Executive Officer Jolene Mahody Executive Vice President and Chief Financial Officer
Joe Randell President and Chief Executive Officer Jolene Mahody Executive Vice President and Chief Financial Officer Nathalie Megann Vice President, Investor Relations and Corporate Affairs December, 2015
More informationUpdate on STX France. October, 2017
Update on STX France October, 2017 Framework agreement between the Italian and French governments Overview The French and Italian Governments have reached an agreement aimed at facilitating the creation
More informationNorwegian Air Shuttle ASA
Norwegian Air Shuttle ASA Q1 2018 Presentation 26 April 2018 Highlights Q1 2018 Successfully completed private placement of NOK 1.3 billion Added two 737-800s and six 787-9s to operations Launched interline
More informationJAL Group Announces its FY Medium-Term Business Plan
JAL Group Announces its FY2006-2010 Medium-Term Business Plan -Mobilize the Group s Strengths to Regain Trust - Tokyo, Thursday March 2, 2006: The JAL Group today announced its medium-term business plan
More informationYONGNAM HOLDINGS LIMITED (Company Registration No N) (Incorporated in the Republic of Singapore on 19 October 1994)
YONGNAM HOLDINGS LIMITED (Company Registration No. 199407612N) (Incorporated in the Republic of Singapore on 19 October 1994) NEWS RELEASE YONGNAM REPORTS THIRD QUARTER NET PROFIT OF S$2.0 MILLION - Revenue
More informationPreliminary Figures FY 2016
February 14, 2017 Preliminary Figures FY 2016 Capital Markets Day 2017 Tom Blades (CEO) Disclaimer This presentation has been produced for support of oral information purposes only and contains forwardlooking
More informationSAS Q2 2017/2018 TELECONFERENCE
SAS Q2 2017/2018 TELECONFERENCE 30 May 2018 Earnings as expected despite negative currency effect POSITIVES + Total revenue up MSEK 73 vs. LY + Currency adjusted yield up 0.6% vs. LY + EB-point sale revenue
More informationSAS Q1 2016/
SAS Q1 2016/2017 08.03.2017 Weak Q1 as expected new structural actions underway Q1 in summary Positives + Currency adjusted passenger revenue up 5% + Strong development of ancillary revenues + Passengers
More informationSAS Group 1 st interim report 2011
SAS Group 1 st interim report 2011 Media/analyst presentation May 10, 2011 Q1 Improved earnings driven by Core SAS cost reductions Continued strong macro development in Scandinavia Additional capacity
More informationSHIP MANAGEMENT SURVEY. January June 2018
CENTRAL BANK OF CYPRUS EUROSYSTEM SHIP MANAGEMENT SURVEY January June 2018 INTRODUCTION The Ship Management Survey (SMS) is conducted by the Statistics Department of the Central Bank of Cyprus and concentrates
More informationJAPAN AIRLINES Co., Ltd. Financial Results 1 st Quarter Mar/2017(FY2016) July 29, 2016
JAPAN AIRLINES Co., Ltd. Financial Results Mar/2017(FY2016) July 29, 2016 Today s Topics P.1 P.2 P.13 From the first quarter of this fiscal year, figures for Revenue Passengers Carried, ASK, RPK and Load
More information2Q 2008 INTERIM REPORT Unaudited
2Q 2008 INTERIM REPORT Unaudited HIGH UTILISATION AND STRONG CASH FLOW IN 2Q 2008 Ocean HeavyLift ASA (OHL) continues to deliver strong results in the second quarter of 2008. TC equivalent revenues came
More information2017 Amadeus IT Group and its affiliates and subsidiaries. Amadeus 2016 Results. February 24, 2017
Amadeus 2016 Results February 24, 2017 Disclaimer _ This presentation may contain certain statements which are not purely historical facts, including statements about anticipated or expected future revenue
More informationTHAI AIRWAYS INTERNATIONAL PCL
THAI AIRWAYS INTERNATIONAL PCL 2Q2017 analysts briefing 16-Aug-2017 1 DISCLAIMER The information contained herein is intended to represent the Company s operating and financial position at a given point
More informationBHP Billiton: A Strategy of Diversification
Olympic Dam, Australia BHP Billiton: A Strategy of Diversification Andrew Mackenzie Chief Executive Non-Ferrous 9 June 2010 Disclaimer Reliance on Third Party Information The views expressed here contain
More informationSTAYING TRUE. Scotia Capital Transportation & Aerospace Conference. November 15, 2011
STAYING TRUE Scotia Capital Transportation & Aerospace Conference November 15, 2011 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including
More informationInvestment Highlights
Third Quarter 2014 Investment Highlights 1 Mexican airport portfolio positioned to take full advantage of global growth. 2 Diversified business model contributing to earnings resilience. 3 Well-defined
More informationMorgan Stanley 2011 Emerging Companies Conference 9 June 2011
Morgan Stanley 2011 Emerging Companies Conference 9 June 2011 Company Overview Mermaid Marine Australia Limited (MMA) is Australia s largest integrated marine services provider to the offshore oil and
More informationAir China Limited Interim Results. August Under IFRS
Air China Limited 21 Interim Results Under IFRS August 21 1 Agenda 21 Interim Results Overview Business Overview Financial Overview Outlook 2 2 2 21 Interim Results 3 21 Interim Results Overview 4 4 4
More informationAerCap Holdings N.V. April 11, 2015
AerCap Holdings N.V. April 11, 2015 Disclaimer Incl. Forward Looking Statements & Safe Harbor This presentation contains certain statements, estimates and forecasts with respect to future performance and
More informationGROUP ULJANIK PLOVIDBA CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE PERIOD JANUARY - DECEMBER 2014
GROUP ULJANIK PLOVIDBA CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE PERIOD JANUARY - DECEMBER 2014 Pula, April 2015 CONTENT: Consolidated audited Financial Statements of GROUP ULJANIK PLOVIDBA with
More informationDecember Prosafe orders harsh environment semisubmersible
December 2011 Prosafe orders harsh environment semisubmersible accommodation rig 2 Disclaimer All statements in this presentation other than statements of historical fact are forward-looking statements,
More informationSAS Q3 2017/ August 2018
SAS Q3 2017/2018 31 August 2018 Strong earnings in peak season POSITIVES Record number of passengers Total revenue up MSEK 936 vs. LY Currency adjusted yield up 1.1% vs. LY EB point sale up 27% vs. LY
More informationConference Philip Adkins (CEO) Cristijn Sarvaas (CFO) September 2008
Pareto Oil & Offshore Conference 2008 Philip Adkins (CEO) Cristijn Sarvaas (CFO) September 2008 9/21/2008 2 Fairstar in brief Founded in 2005 to become a leading provider of high-end ocean transportation
More informationThe Manager Company Announcements Australian Stock Exchange Limited Sydney NSW Dear Sir. Demerger of BHP Steel
The Manager Company Announcements Australian Stock Exchange Limited Sydney NSW 2000 Dear Sir Demerger of BHP Steel At the time of the announcement of the creation of the DLC between BHP Limited and Billiton
More informationJason Marine, provider of integrated solutions of marine communication, navigation and automation systems, launches IPO
Jason Marine Group Limited 194 Pandan Loop #06-05 Pantech Business Hub Singapore 128383 Tel: +65 6872 0211 Fax: +65 6872 1800 www.jason.com.sg PRESS RELEASE Contact Information August Consulting Tel: (65)
More information