Samsung Heavy Industries · G5 Dock: 158m x 150m (only for Offshore) Offshore Facilities Dry Dock...
Transcript of Samsung Heavy Industries · G5 Dock: 158m x 150m (only for Offshore) Offshore Facilities Dry Dock...
December 2014
Samsung
Heavy
Industries
Shell LNG FPSO (219m ×42m×19)
• Company Overview • Global Market
Contents
※ Shell LNG FPSO 468m x 74m x 42m
3
· Business Highlights
· Order & Backlog
· Risk Management
· Financial Results
※ A series of Drillships for Ocean Rig
Company Overview
1.6
4.7
7.1
6.1
10.8 8.7
8.3
6.2
-1.0
1.0
3.0
5.0
7.0
9.0
11.0
13.0
15.0
-
5.0
10.0
15.0
20.0
2006 2007 2008 2009 2010 2011 2012 2013
Offshore
Shipbuilding
E&I
OP margin
Revenue & OP margin
(KRWt) (%)
4
Business Highlights
2013 Revenue
Offshore
62%
Shipbuilding
35%
E&I
3%
(KRWt)
Backlog as of Nov 30, 2014
※ E&I Division excluded
Offshore
67%
Shipbuilding
33%
(US$b)
EPS and DPS
(KRW) (KRW)
※ 2010~2013, K-IFRS Consolidated Basis
8.5 10.6
13.1 13.1 14.5
6.4
13.4 14.8
675
2,178
2,899 2,900
3,848
3,777 3,674
2,914
-
200
400
600
0
1000
2000
3000
4000
5000
2006 2007 2008 2009 2010 2011 2012 2013
EPS DPS
5
Order & Backlog
(US$b) Order Backlog
2014 New Order Details
※ As of Nov 30, 2014
Container Ship
(9%)
(US$b)
New Order
$6.6Bil
(29 Units)
Order Backlog Trend (US$b)
Drilling Rig
(29%)
Production
Facility
(37%)
LNG
Carrier
(18%)
Tanker
(4%)
Container-
Ship
(16%)
Others
(3%)
'06 '07 '08 '09 '10 '11 '12 '13 '14.Oct
Drilling Rig
Production Facility
LNG Carrier
Container Ship
Tanker
Others(WTIV etc.) 14.9 15.3 13.5
21.2
1.4
9.7 9.6
13.3
6.6
'06 '07 '08 '09 '10 '11 '12 '13 '14.Nov
Offshore
Shipbuilding
26.3
42.1
48.7
37.2 39.3 40.7
38.3 37.5 34.8
Production
Facility
(24%)
Drillship
(20%)
LNGC
(15%)
Tanker
(14%)
Others
(11%)
6
Risk Management
6
Building Event
Time Gap (months) 12 5 3 10
Currency
Receivable
Payable
Raw Material
Main Engine
Machinery
Steel Plate
Bulk Part
■ SHI focuses on minimizing profit volatility
Contract Steel Cutting Keel Laying Launching Delivery
: Hedging, Order : Execution, Delivery
Foreign currency exposure is fully covered through forward transaction at the stage of shipbuilding contract.
Main engine and machinery are ordered within 1~2 months after contract signing.
No hedge tools available for steel plates, SHI put buffer on bidding price to cope with unexpected price hike.
7
Financial Results
(KRWb)
■ Income Statement
※ 2010~2014, K-IFRS Consolidated Basis
2010 2011 2012 2013 2014
1Q 2Q 3Q
Sales 13,146 13,391 14,490 14,835 3,431 3,107 3,263 9,801
Shipbuilding & Offshore
E&I
12,160
986
12,319
1,072
13,634
856
14,358
477
3,374
57
3,033
74
3,226
37
9,633
168
Operating Profit
(Margin)
1,432
(10.8%)
1,160
(8.7%)
1,206
(8.3%)
914
(6.2%)
-362
(-10.6%)
262
(8.4%)
182
(5.6%)
82
(0.8%)
Pre-Tax Income 1,298 1,150 1,045 819 -294 263 175 144
Non-OP Income
Non-OP Expense
85
219
204
214
4,534
4,695
3,826
3,921
565
496
1,606
1,605
960
967
2,079
2,017
Net Income 1,000 851 796 632 -272 206 172 106
■ Balance Sheet
8
(KRWb)
Financial Results
※ 2010~2014, K-IFRS Consolidated Basis
2010 2011 2012 2013(A) 2014.3Q(B) B – A
Total Assets 18,850 16,414 16,635 17,427 17,265 -162
Cash & Equiv.
Accounts Receivable
Advance Payments
Hedge Related
Inventories
1,255
5,449
1,638
3,370
607
1,289
4,078
1,675
2,592
540
1,164
5,091
1,501
2,064
699
1,140
5,935
1,354
2,035
842
1,544
5,391
1,186
1,765
980
404
-544
-168
-270
138
Total Liabilities 14,718 11,770 11,352 11,581 11,412 -169
Advance Receipts
Debts
Hedge Related
5,431
2,838
3,578
5,602
1,784
2,452
3,967
3,193
1,458
3,885
2,937
1,725
3,803
3,216
1,513
-82
279
-212
Total Equity 4,132 4,644 5,283 5,846 5,853 7
Paid in Capital
Treasury Stock
1,155
-662
1,155
-659
1,155
-657
1,155
-656
1,155
-649
-
7
Total Liab. & Equity 18,850 16,414 16,635 17,427 17,265 -162
9
· Global New Orders
· Major Market Situation
- Commercial Vessel Market
- Offshore Market
※ Major Products of SHI : Container Ship, LNG Carrier, Drillship and FPSO (clockwise from upper left)
Global Market
-
20
40
60
80
100
120
140
160
180
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14.Oct
LNG Carrier
Containership
Tanker
Bulker
Other
10
(Mil. GT)
46
35
77 74 69
116
177
111
30
AVG : 36
31
AVG : 73
AVG : 135
Increasing sea trade volume coupled with Chinese effect had lead huge orders during 2003~2008.
After sharp decrease in 2009, new orders has been normalized at around 50mil. GT in average.
New orders rebound in 2013-2014 with structural improvement of supply & demand.
76
50
Historical Orders by Ship Type and Country
Korea
China
Japan
Global New Orders
34
96
AVG : 53
63
1,660 1,670 1,740
3,240
1,170
90
560
1,770
410
1,937
872
-
500
1,000
1,500
2,000
2,500
3,000
3,500
'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15E
New Orders13 11
11
10
4
-9
12
8
4
5 6 7
9 10
13
17
14 13
6
10
8 6
4
6
-10
-5
0
5
10
15
20Trade Growth
Fleet Growth
Commercial Vessel : A Gradual Recovery
11
Container Ship: Rebound in 2013
Source: Clarksons
(,000 TEU) (%)
0
50
100
150
200
250
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '200
20
40
60
80
100
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
0
20
40
60
80
100
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Recovery Recovery Recovery
(Mil. DWT) (Mil. DWT) (Mil. DWT)
* Supply: Current Fleet + Annual Delivery of Backlog – Annual Demolition in Avg. , Demand: Trading
Tanker: Slow Recovery by sizes
Supply
Demand Supply
Demand
Supply
Demand
< A-Max > < VLCC > < S-Max>
Recovery
-
5,000
10,000
Oil (34%)
Natural Gas (24%)
Coal (30%)
Hydro Electricity(7%)
Nuclear (5%)
0
50
100
150
200
Korea Japan China
200
50
8
90 (75%)
16 (13%) 14 (12%)
Delivery ('01 ~ '14.Jul)
Orderbook
LNG Demand & LNGC Fleet Forecast
12
Energy Consumption & LNG Trading
(MTOE)
Pipeline 523
(69%) Trading
762
3.0 Bil. Ton Consumption
(Mil.Ton LNG, ’13)
LNG 239
(31%)
Source: BP, Andy Flower, SHI Forecast
Economical
Eco-
Friendly
LNGC Global M/S
(Unit)
Source: Clarksons
LNG Carrier : Solid Demand
100 110
130 154
165 221
243
279
316
359
410
128 139 176
223
299
363 372
446
521
601
681
-
100
200
300
400
500
600
700
800
-
50
100
150
200
250
300
350
400
450
'00 '02 '04 '06 '08 '10 '12 '14F '16F '18F '20F
LNG Demand
LNGC Fleet
(Mil.Ton) (Unit)
Source: BP
‘60 ‘80 ’00 ‘11
Oil
Natural Gas Nuclear
Coal
Hydroelectricity.
Renewable
13
LNG Production & Supply Chain
LNG Derivatives : Convergence of Technology & Business
14
LNG FPSO
Amount 5 Bil $/ vessel
(subject to change)
Target Field Prelude (Australia)
Capacity 3.5 mtpa
Storage 450k cbm
Why LNG FPSO?
Global CAPEX Forecast on FLNG
Source: Douglas Westwood, 2013. Apr
Natural Gas
Pretreatment
Liquefaction
Shell’s 1st LNG FPSO Project
LNG FPSO
Less CAPEX
[25%]
Mobility
[Easily Relocated]
Traditional Onshore Plant
+
LNG FPSO Market – New Business Opportunity
(US$b)
• Construction started in 2012.Oct
• Delivery scheduled for early 2016
-
3
6
9
12
'11 '12 '13 '14(E) '15(E) '16(E) '17(E)
Offshore Market – Why Deep Water?
Supply Increase in Deep Water
1930 1950 1972 1993 2007 2014 2030
Global Oil Supply 1930~2030 (Mil Barrels oil/d)
Conventional Onshore
Deep Water
Shallow Water
Oil Sands
<Deep Water Supply Ratio>
‘00 ‘10 ’25(E)
2% 8.5% 13%
0
5
10
15
20
25
30
35
2000 2005 2010 2015F 2020F 2025F 2030F
shallow water
(mil. barrels oil/d) (mil. barrels oil/d)
16
14
12
10
8
6
4
2
0
Source: Douglas Westwood, 2013. May
Global Deep Water CAPEX
Global Oil Price Forecast
($/Barrel)
(110~160)
(90~110)
(70~90)
Source: EIA 15
Source: Douglas Westwood, Energyfiles
Shallow water
Deep water
(US$b)
-
20
40
60
80
100
120
140
160
2006 2007 2008 2009 2010 2011 2012 2013 2014F 2015F
* Drilling, Prodution, Subsea included
19 12 10
1 3 4 12
4 3
9 15 19
2 6
33
34
12 4
0
10
20
30
40
50
'06 '07 '08 '09 '10 '11 '12 '13 '14
Drillship
Semi-Sub
16
Drilling Rig – Market Fundamentals remain firm
Diversifying Rig Market
Applicable to Harsh Areas
High Stability
Continuous Demand
The most Beneficial Choice
Jack-Up
Drillship
Semi-Submersible
<Offshore Rig Order >
(Unit)
(8)
( ) Orders in Brazil
Strong Market Demand for Deepwater Drillships
New Specification
Bigger & Complicated to boost North Sea
<UDW Drillship Day Rate>
Source: Ocean Rig, 2014. Mar
High
Day Rate
(15)
(US$k)
17
Production Facility – Following the Rigs
Products
Fixed Platform
FPSO
FPU
TLP
FPSO
58% FPU
15%
Fixed Platform
13% TLP & SPAR
14%
’13 ’14(E) ’15(E) ’16(E) ’17(E) ’18(E) ’19(E)
Demand(*) 28 28 27 25 23 30 32
Order Forecast 9 14 14 13 12 15 16
Amount(US$b) 15 15 15 14 13 16 17
*: New Build 50%, Conversion 50%
Order Forecast for Offshore Production Facilities
(Unit)
Source: Clarksons, SHI
Fleets
0
50
100
150
200
250
300
350
400
'05 '06 '07 '08 '09 '10 '11 '12 '13(E) '14(E) '15(E)
Fixed Platform
TLP & SPAR
FPU
FPSO
(Unit)
Source: Clarksons, 2013. Mar
18
Global production and engineering bases enable SHI to meet various needs of customers.
Block Factories
in China
Ningbo (Since 1997) – 250,000 tons in 2010
Rongcheng (Since 2007) – 300,000 tons in 2010
Offshore
Engineering Centers
Houston – ASOG (The J/V with AMEC)
India(Noida) – Basic Design Center
Appendix – Global Network
Oslo
London
Athens
Tokyo
Geoje
Shipyard
Dubai
Rongcheng
Ningbo
Singapore
Houston
Malaysia
Houston
India (Noida)
Moscow
Brazil
Lagos
Shanghai
Shipyard
Block Factory
Engineering Center
Branch Office
19
■ Site 4.0million ㎡
■ Quay Wall Length: 7.9Km
Berthing Capacity: 24vessels
■ Dock 1 Dock : 283m x 46m
2 Dock : 390m x 65m
3 Dock : 640m x 98m
G1 Dock: 270m x 52m
G2 Dock: 400m x 55m
G3 Dock: 400m x 70m
G4 Dock: 420m x 70m
G5 Dock: 158m x 150m (only for Offshore)
Offshore Facilities
Dry Dock No.2
Floating Dock 3
Dry Dock No.3
Floating Dock 2
Floating Dock 4
Main Building
Dry Dock No. 1
Floating Crane
3,000 ton
3,600 ton
8,000 ton
ShinHanne Factory
Floating Dock 1
Appendix - Shipyard View
Floating Dock 5
20
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