EBIT - Fred. Olsen Energy

1st Quarter 2005
4 May 2005
1Q 05 Ganger Rolf and Bonheur main items:
• First quarter traditionally low season
• All activities reported as associated companies and
consolidated according to the equity method
• First Olsen with another strong quarter. After tax result
charged with deferred tax cost of NOK 167 million due to
change of flag and reorganization
• FO Renewables reported profit of NOK 29 million
• Sterling sold with effect from 25. April. Gain of
approximately NOK 440 million to be recorded in 2Q
1Q 04 adjusted for IFRS
NOK million
Consolidated Summary
Ganger Rolf
Bonheur
1Q 05
1Q 05
1Q 04
1Q 04
0.2
91.0
0.2
91.0
EBITDA
(4.8)
11.2
(4.2)
11.2
EBIT
(5.7)
(9,4)
(5.7)
(9,4)
(104.3)
149,1
(114.1)
188,8
73.3
(33,2)
72.5
(37,8)
(59.1)
142.5
(69.5)
179,9
Revenues
Res from associated companies
Net finance
Net result
Consolidated Summary - Balance Sheet
1Q 04 adjusted for IFRS
GRO
BON
NOK million
1Q 05
1Q 04
Intangible assets
Fixed assets
Investment in assoc. comp
Financial long-term assets
Total long-term assets
22,4
39,0
2 084,9
931,7
3 078,0
94,4
891,0
2 097,7
768,3
3 851,4
22,6
38,7
2 895,6
847,8
3 804,7
77,7
890,6
2 798,1
688,2
4 454,6
Receivables
20,0
79,9
20,0
79,9
Other current assets
14,7
12,4
14,6
12,4
Bank deposits, cash
87,0
135,2
87,0
134,8
Total current assets
121,7
227,4
121,6
227,1
3 199,7
4 078,8
3 926,3
4 681,7
Total assets
1Q 05
1Q 04
Consolidated Summary - Balance Sheet
GRO
BON
1Q 04 adjusted for IFRS
NOK million
1Q 05
1Q 04
1Q 05
1Q 04
45,4
45,4
51,0
51,0
Retained earnings
2 894,7
2 497,8
3 522,9
3 019,5
Total equity
2 940,0
2 543,2
3 573,9
3 070,5
LT interest bearing debt
Other long term liabilities
Total long term liabilities
151,4
27,9
179,3
1 294,2
31,6
1 325,9
238,4
33,9
272,3
1 370,0
Short term liabilities
ST interest bearing debt
Total short term liabilities
7,5
72,9
80,3
146,3
63,4
209,7
7,2
72,9
80,1
146,1
63,4
209,5
Total liabilities and equity
3 199,7
4 078,8
3 926,3
4 681,7
Share capital
31,6
1 401,7
Consolidated Summary
Interest bearing debt per 31 March 2005
(NOK million)
GRO
BON
123,8
123,8
93,3
93,3
7,2
94,2
Short term portion
(72,9)
(72,9)
Total interest bearing long term debt
151,4
238,4
USD 75M loan facility
Loan from associated company
Various
Fred. Olsen Energy ASA
Income Statement – Key Figures (unaudited)
(NOK mill)
Operating revenues
Operating costs
Oper. result before depr. (EBITDA)
Depreciation
Operating result before exceptional items
Exceptional items and write downs
Operating result (EBIT)
Net financial items
Result before tax
Estimated tax
Net result
4Q 04 adjusted for IFRS
1st Q
2005
4th Q
2004
570,3
(449,3)
121,0
(148,0)
(27,0)
(27,0)
(76,7)
(103,7)
5,7
(98,0)
569,5
(460,6)
108,9
(135,1)
(26,2)
20,8
(5,4)
272,6
267,2
(50,9)
216,3
Fred. Olsen Energy ASA
Status offshore drilling market
•
•
•
•
E&P spending increasing
Renewed focus on reserve replacement
Oil prices expected to remain firm
Supply/demand balance tightening in all areas
•
Recent fixtures North Sea:
– Mar’ 05: Polar Pioneer (4G) – 1 year
June 06
– Mar’ 05: Transocean Arctic (4G) – 1 year:
– Mar’ 05: West Alpha (4G) – 3 year
– Mar’ 05: Sedco 714 (3G), UK – 84 days:
– Apr’ 05: Transocean JW Mclean (2G), UK – 12 months:
– Apr’ 05: GSF Artic III (3G), UK – 12 months:
– Apr’ 05: Transocean Sedco 711, UK – 19 months:
–
–
–
–
–
Mar’ 05: Bredford Dolphin (2G), UK – 5 months:
Mar’ 05: Borgsten Dolphin (2G), UK – 5 months:
Mar’ 05: Bredford Dolphin (2G), UK – 2 months:
Apr’ 05: Borgholm Dolphin (acc.) UK - 6 months:
Apr’ 05: Bredford Dolphin (2G) UK – 1 month:
USD 280’/day – from
USD 270’/day – from April 06
USD 250’/day – from Feb. 06
USD 160’/day – from Aug 05
USD 140’/day – late 05
USD 150’/day – from Des 05
USD 150’/day – from Des 05
USD 110’/day – from July 05
USD 120’/day – from May 05
USD 130’/day – from May 05
USD 125’/day – from July 05
USD 145’/day – from Des 05
Fred. Olsen Energy ASA
Contract schedule (28 April 2005)
2003
2004
Statoil
Statoil
ONGC
ONGC
PetrobrasAgip UK
PetrobrasAgip UK
Pemex
Pemex
Borgny
Pemex
Pemex
Bulford
AgipGas
Gas
Agip
Various
Various
Total Peak
Total Peak
CNR
CNR
Byford
CT
CT
Borgsten
Borgholm
2007
Hydro
Hydro
Statoil
Statoil
Borgland
Bredford
2006
Hydro
Hydro
Bideford
Belford
2005
SMC/Pemex
SMC/Pemex
Shell
Shell
Average contract length: 14 months
Options
Fred. Olsen Energy ASA
Operating worldwide
Bideford
Borgland
Byford
Borgsten
Borgholm
Bredford
Borgny
Bulford
Belford
Bulford Dolphin
(Owned by FOL, operating in FOE pool)
•Operating under a 2-years drilling
contract with Pemex
•Contract until January 2006
Fred. Olsen Energy ASA
Revenues
EBITDA
EBIT
700
(NOK million)
Revenues
EBITDA
EBIT
EBT
1 q 2005
1 q 2004
570
121
-27
-104
626
197
72
255
600
LT assets
Current assets
Total assets
5 313
1 342
6 655
5 555
1 909
7 464
400
Total equity
Interest bearing debt
Non interest bearing debt
Total equity and liabilities
2
3
1
6
2
4
1
7
543
106
006
655
419
021
024
464
500
300
200
100
0
-100
1Q04
2Q04
3Q04
4Q04
1Q05
Fred. Olsen Production
Fred. Olsen Production
•
Improvement in revenues and EBITDA continues
•
5 years extension for Petroleo Nautipa (50% owned) with annual
EBITDA contribution of USD 5 milion (FOP share)
•
Negotiations ongoing for possible FPSO contract for VLCC
Knock Adoon
•
Increasing project activity due to sustained high oil price. West
Africa and Brazil the most active markets
Fred. Olsen Production
Fred. Olsen Production
Revenues
EBITDA
EBIT
20
(USD million)
Revenues
EBITDA
EBIT
EBT
1 q 2005
19,7
9,4
0,6
0,3
1 q 2004
9,8
6,3
3,4
3,4
18
16
14
12
LT assets
Current assets
Total assets
125,3
43,4
168,7
25,1
28,7
53,8
Total equity
Interest bearing debt
Non interest bearing debt
Total equity and liabilities
82,8
73,5
12,4
168,7
38,7
3,0
12,1
53,8
10
8
6
4
2
0
1Q04
2Q04
3Q04
4Q04
1Q05
Rothes
Paul’s Hill
Mid Hill
Crystal Rig
Windy Standard II
Rothes
Rothes
• Construction of Rothes (51MW) completed – on
budget/on time. Full production from 1st April
• Paul’s Hill (55MW) was delayed somewhat due to
third party claim for a judicial review of certain
concession terms. Claim rejected by Scottish
courts in March. Wind farm to be completed
during 2nd Quarter 2006
• PPA for Mid Hill (50MW) being negotiated.
Awaiting firm grid connection
Revenues
(NOK million)
1 q 2005
1 q 2004
EBIT
40
37
27
19
29
2
-2
-13
-20
35
LT assets
Current assets
Total assets
1 068
349
1 417
725
60
785
20
Total equity
Interest bearing debt
Non interest bearing debt
Total equity and liabilities
503
879
35
1 417
236
533
16
785
10
Revenues
EBITDA
EBIT
EBT
EBITDA
30
25
15
5
0
-5
-10
-15
1Q04
2Q04
3Q04
4Q04
1Q05
Tank
Tank
•
FOL took delivery of Knock Adoon (ex El Greco) in January. Vessel
employed on time charter at USD 57.000 per day until November 2005
•
Average earnings for the suexmax tankers in 1q in line with 1q 04 –
USD 56.200 compared to USD 56.900
•
EBITDA from tanker operations of USD 22.7 million (USD 21.3 million)
•
Change of flag and reorganisation of ownership resulting in accounting
gains and subsequent deferred tax costs of NOK 167 million charged to
the accounts
•
Lack of capacity for oil supply to influence tanker market as fleet will
grow with about 6% per year in 05 and 06; - however, the tanker
market is still at a historical very good level
Tank
Revenues
(USD million)
Revenues
EBITDA
EBIT
EBT
1 q 2005
1 q 2004
28,5
22,7
17,6
14,4
25,9
21,9
18,1
18,8
LT assets
Current assets
Total assets
274,7
70,5
345,2
245,5
180,2
425,7
Total equity
Interest bearing debt
Non interest bearing debt
Total equity and liabilities
146,1
30,0
169,1
345,2
295,7
43,9
86,1
425,7
EBITDA
35
30
25
20
15
10
5
0
1Q04
2Q04
3Q04
4Q04
1Q05
EBIT
Comarit
Comarit
Revenues
(NOK million)
Revenues
EBITDA
EBIT
EBT
1 q 2005
1 q 2004
87
5
-15
-19
80
-5
-19
-21
LT assets
Current assets
Total assets
298
192
490
242
199
441
Total equity
Interest bearing debt
Non interest bearing debt
Total equity and liabilities
68
250
172
490
66
200
175
441
*)
*)
*)
EBIT
300
250
200
150
100
50
0
-50
*) Excluding costs of NOK 15 million related to the 2004 accounts
EBITDA
1Q04 2Q04 3Q04 4Q04 1Q05
•
1q low season. Still DKK 18 million improvement quarter to quarter
•
Passenger increase of 26.8% quarter to quarter
•
Cabin factor of 81.2% (74.8%)
•
Co-share agreements with FlyNordic and SkyEurope. Low price
destinations now offered by Sterling also include Budapest, Dublin,
Bordeaux
•
Exclusive agreement with Krone Rejser in April
•
Agreement with Fons Eignarhaldsfelag completed on 25th April
•
Sale of Sterling Kommanditaktieselskap and Sterling ApS
•
Net proceeds of about DKK 382 million from the transaction
•
Transaction made effective from 25th April
•
Estimated accounting gain of NOK 440 million to be recorded in 2nd
quarter
Revenues
EBITDA
EBIT
600
(DKK million)
1 q 2005
1 q 2004
Revenues
EBITDA
EBIT
EBT
335
-35
-40
-41
268
-53
-58
-59
LT assets
Current assets
Total assets
314
292
606
293
224
517
Total equity
Interest bearing debt
Non interest bearing debt
Total equity and liabilities
-30
127
509
606
-43
143
417
517
500
400
300
200
100
0
-100
1Q04
2Q04
3Q04
4Q04
1Q05
•
•
•
•
•
1q traditionally low season
Improved revenues and results quarter to quarter
BW completed 103 days world cruise. Now in dock for about two
months for major upgrade and refit
BP on Canary cruises ex UK
Braemar on fly cruises in the Caribbean
Revenues
(GBP million)
Revenues
1q
2005
1q
2004
14,1
13,2
EBITDA
3,2
2,2
EBIT
1,8
0,8
EBT
0,3
-2,1
LT assets
69,5
73,6
Current assets
23,1
16,8
Total assets
92,6
90,4
Total equity
3,1
-3,7
Interest bering debt
70,6
75,4
Non interest bearing debt
18,9
18,7
Total equity and liabilities
92,6
90,4
EBITDA
EBIT
20
18
16
14
12
10
8
6
4
2
0
1Q04
2Q04 3Q04
4Q04
1Q05