Q1 2012 Presentation
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Transcript of Q1 2012 Presentation
![Page 1: Q1 2012 Presentation](https://reader034.fdocuments.us/reader034/viewer/2022042719/568c341d1a28ab02358f3c10/html5/thumbnails/1.jpg)
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The Q1 Report 2012
CEO TransAtlantic Henning E. JensenCFO Heléne Mellquist
CEO Industrial Shipping Kim H. Sörensen
May 15, 2012
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Q1 2012January-March 2012• Net revenues amounted to SEK 861 M (578)• Result before capital costs, EBITDA, SEK -15 M (23)• Result before tax amounted to SEK -132 M (-65)• Result after tax amounted to SEK -132 M (-53)• Earnings per share after tax amounted to SEK -1.2 (-0.8)
Significant events• The loss of SEK -132 M in the first quarter was impacted by
generally weak markets, a slow pick up in the offshore market, and increased costs
• Sold former headquarter property in Skärhamn• Work on demerging the Group into two competitive units continues,
but split will be delayed until 2013, at the earliest
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Group income statementGroup
Full YearSEK M 2012 2011 2011Net sales 861 578 2 989Result before capital costs, EBITDA -15 23 67Operating result -97 -41 -348Result before tax -132 -65 -466Profit margin -15.3% -11.3% -15.6%
Profit before tax by business areaViking Supply Ships business area -88 -34 -110 Industrial Shipping business area -63 -20 -162Total operating result -151 -54 -272
Restructuring items 1) 19 -11 -187Acquisition effects 2) - - -7Result before tax -132 -65 -466
Tax 3) 0 12 31Result -132 -53 -435
SEK per shareResult after current tax -1,2 -1,0 -7,3Result after full tax -1,2 -0,8 -6,6
January-March
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Financial position
Financial position March DecSEK M at the close of each period 2012 2011Total assets 6 483 6 283Shareholders' equity 2 337 2 493Equity/assets ratio, % 36,1% 39,5%Debt/equity ratio, % 124,7% 97,7%Return on equity, % -21,8% -17,8%Return on capital employment, % -6,9% -6,9%Cash and cash equivalents 475 548Number of shares outstanding 110 902 700 110 902 700
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Q1 2012 Viking Supply Ships• Delivery of the AHTS vessel Brage Viking
• Viking Supply Ships A/S raised NOK 300 M in new unsecured bonds in the Norwegian bond market with maturity in March 2017
• Slow start of the year in the spotmarket
• Initiatives to attain more long term contracts
Viking Supply Ships 1) Full Year2012 2011 2011
Net sales 213 139 730
Result before capital costs, EBITDA 2) 12 n.a. n.a.Operational result -88 -34 -110Profit margin -41,3% -24,5% -15,1%
1) The acquistion of SBS Marine with effect from September 2011 affects the compatibility.
2) Joint group item management was earlier segment reported and has previous years not been allocated.
January-March
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Q1 2012 Industrial Shipping
• Kim Sörensen started as CEO Industrial Shipping on March 1
• Container - new terminal in Hull was launched• RoRo – drop of key customer volumes• Short Sea Bulk – higher volumes from Finnish steel
industry• Renegotiated TCs and balancing volumes and capacity
Industrial Shipping 1) Full Year2012 2011 2011
Net sales 648 439 2 259Result before capital costs, EBITDA 2) -27 n.a. n.a.Operational result -63 -20 -162Profit margin -9,7% -4,6% -7,2%
1) The acquisition of Österströms in June 2011 affects the comparability.2) Joint group item management was earlier segment reported and has previous years not been allocated.
January-March
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Industrial Shipping has lost money for 14 consecutive quarters...
-15,0%
-10,0%
-5,0%
0,0%
5,0%
10,0%
-80
-60
-40
-20
0
20
40
60
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Profi
t Mar
gin
(%)
PBT
(Mse
k)
Profit Before Tax (PBT)
Profit before tax Profit margin
2009 -> 2010 -> 2011 ->2008 -> 2012 ->
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Industrial Shipping - Immediate actions • Create a cost efficient organization
– Including consolidation of office and consolidation of operations in Gothenburg
• Implement a stronger sales organization– Create a focused and strenghtened sales organisation with focus on
customers and customer value
• Bunker savings – Change of purchase routines– Optimization of operation of ships– Optimization of maintenance of our ships
• Reduce ship capacity, TC cost and crew cost
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Industrial Shipping - also…
A new strategy based on profitable growth for Industrial Shipping
- to be communicated in Q3, 2012
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Summary and going forward
TransAtlantic• Expected split of the company, Industrial Shipping and Viking Supply Ships,
in 2013 at the earliest
Viking Supply Ships• Growing market• Well positioned• Exciting story
Industrial Shipping• Tough market• Reposition and refocus in 2012• Ambition to be cash flow positive in H2 2012• Ambition to break even in 2013
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www.rabt.se
Q1 report May 15, 2012