TTS Marine ASA - TTS Group ASA · TTS Marine ASA Corporate Bergen, Norway TTS Ships Equipment AB...
Transcript of TTS Marine ASA - TTS Group ASA · TTS Marine ASA Corporate Bergen, Norway TTS Ships Equipment AB...
TTS Marine ASA
Presentation 2nd Quarter 2005
August 18, 2005
Agenda
• 2nd quarter consolidated accounts
• Business segments
• New organisation
• New management
• Market outlook and forecast
• FastShip
• Market outlook for the TTS stock
• Shareholder structure
• New Board of TTS Marine ASA
TTS Summary2nd quarter 2005
• Earning per share in the 2nd quarter was 0,69 NOK.
• Continued positive development yielded results on level with the first quarter. Turnover in 2nd quarter increased by 39% compared to last year, while EBITDA increased by 113%.
• Continuing good market conditions for all our products led to a new record high level of order backlog for the sixth quarter in a row, MNOK1194 , compared to MNOK 609 a last year.
• Good results from the newly acquired companies.
• TTS-LMG Marine Cranes landed a contract worth app. MNOK 90 for delivery of heavy lift deck cranes for 6 vessels.
• As from 1 June, TTS Inc was relocated from Newport News, Virginia to Miami Florida, with a total of 5 employees. A new president has been appointed.
• A new division, Ports and Material Handling was established as of the 3rd
quarter. As of 4th quarter the company will report separately on all three divisions.
TTS Marine GroupTurnover and EBITDA, 2nd quarter 2005
254 272
183 280
0
50 000
100 000
150 000
200 000
250 000
300 000
2 Q 2005 2 Q 2004
9 027
19 246
0
5 000
10 000
15 000
20 000
2 Q 2005 2 Q 2004
Turnover EBITDAMNOK
MNOK
Profit and loss Per 2. quarter 2. quarter Year
Account
2005
2004
2005
2004
2004
Turnover
504 537 368 175 254 272 183 280 786 174
EBITDA
38 664 15 318 19 246 9 027 42 121
Operating profit
36 082 12 920 18 086 7 794 36 056
Net financial items
- 1 068 - 1 101 - 766 - 665 - 4 805
Profit before tax
35 014 11 819 17 320 7 130 31 251
Net profit 24 988 8 610 12 384 4 856 21 629
TTS Marine GroupKey figures, 30.06.04-
Balance sheet (NOK 1000) 30.06.2005 30.06.2004 2004
Fixed assets 350 611 274 895 335 373Current assets 592 429 466 935 465 029TOTAL ASSETS 943 040 741 830 800 402
Equity 321 701 227 847 260 909Long term liabilities 81 008 23 248 76 294Current liabilities 540 331 490 735 463 199TOTAL EQUITY AND LIABILITIES 943 040 741 830 800 402
Interest-bearing debt Current 79 329 63 449 39 406Long term 59 976 12 781 56 319Total 139 305 76 230 95 725Cash in hand 79 710 50 313 52 974Net interest-bearing debt (deposits) 59 595 25 917 42 751
TTS Marine GroupBalance sheet, 30.06.2005
TTS Marine GroupEBITDA last 10 quarters
246
3196 3245
70186296
903211 468
15 356
1941819 246
02000400060008000
100001200014000160001800020000
1Q 2003 3Q 2003 1Q 2004 3Q 2004 1Q 2005
TNOK
TTSMarine GroupEBITDA margin
0123456789
1Q2003
2Q2003
3Q2003
4Q2003
1Q2004
2Q2004
3Q2004
4Q2004
1Q2005
2Q2005
%
TTS Marine GroupTurnover 30.06.2005
39,2
72,6
328,7
431,5
504,5
368,2
0,0
50,0
100,0
150,0
200,0
250,0
300,0
350,0
400,0
450,0
500,0
550,0
30.06.2005 30.06.2004
Material Handling Equipment
Ships equipment
TTS Group
MNOK
TTS Marine GroupOperating profit and loss 30.06.2005
2,2
8,3
28,1
10,7
36,1
12,9
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
30.06.2005
MNOK
Material Handling equipmentShips equipmentTTS Group
31.03.2004
TTS Marine GroupOrder backlog 30.06. 2005
66
29
580
1128
609
1194
0
200
400
600
800
1000
1200
1400
30.06.2005 30.06.2004
Material Handling equipmentShips equipmentTTS Group
MNOK
Dry Cargo Handling had a continued high order intake with several repeats in car carriers, resulting in a record order backlog.
Order intake for Marine Cranes was at a high level for both the Norwegian and the German company, resulting in a new record level of backlog.
Material Handling has TTS Liftec’s order backlog included in its figures. The order intake for this quarter has been slow, but the prospects of new contracts are promising.
TTS Hua Hai (50%) had an order backlog at 30th June at 369 MNOK. This is not included in the graph above.
TTS Marine GroupOrder backlog 2002-2005
0
200
400
600
800
1000
1200
1400
4Q 01
2Q 02
4Q 02
2Q 03
4Q 03
2Q 04
4Q 04
2Q 05
Dry CargoCranesHandlingTotal
Order backlog
M N
OK
TTS Marine GroupTurnover last 8 years + Pr 2 Q 2005
264
370 398
621
786
505
744
326 358
0100200300400500600700800900
1997 1998 1999 2000 2001 2002 2003 2004 2Q2005
MNOK
TTS Marine GroupEBITDA last 8 years + 2Q 2005
12,0 13,5 13,7
42,238,7
6,4
21,7
-2,3
31,7
-5,0
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
1997 1998 1999 2000 2001 2002 2003 2004 2Q 2005
MNOK
Dry Cargo HandlingSide doors, Ro-Ro and cruise
• Operations and results for the quarter were good, as expected.
• Good order intake for the 2nd quarter with several large contracts for car carriers.
• Market conditions are still good, and pressure on production capacity remains high.
• The market for side loading systems has remained weak in the quarter, and no new contracts were entered into during the period.
• Established service station in Miami by relocating TTS Inc. to Miami.
Facts TTS Marine Inc.
President: Geoff Stokoe, sales
Total number of employees: 5
Service engineers: 3
Service offices: Miami, New Orleans, San Francisco
Main tasks: Sales and service
TTS Inc.Establishing service station in Miami, Florida
Marine CranesElectro hydraulic ship cranes
• Positive market outlook for Marine Cranes, order intake and results for 2nd quarter as expected.
• TTS-LMG landed a contract worth MNOK 90 for delivery of cranes to 6 vessels. Thus the company has been given a head start above expectations.
• Reorganisation involving the escalation of engineering capacity in China is progressing according to plan.
• The newly established joint venture company in Dalian, China is in operation.
Material HandlingShipyards, Industry and Terminals
• Poor operational results for the second quarter for TTS Handling Systems AS following a low order intake and order backlog.
• Excellent operation and results for TTS Liftec.
• Several projects and positive market outlook for TTS Liftec’s products.
• New organisation from 3rd quarter
TTS Ships Equipment GmbH Bremen, Germany
TTS Ships Equipment ASBergen, Norway
TTS Hua Hai Ships Equipment Co.Ltd.Shanghai, China
TTS Inc.Miami, USA
Marine Cranes TTS Marine ASABergen and Kristiansand
TTS Ports Equipment ABPorts and Material Handling
Gothenburg, Sweden
TTS Marine ASACorporate
Bergen, Norway
TTS Ships Equipment ABGothenburg, Sweden
Dry Cargo Handling
TTS Marine Shanghai Co Ltd.Shanghai, China.
TTS Korea Pusan, Korea.
TTS - LMG Marine Cranes GmbHLübeck, Germany
TTS Handling Systems AS Drøbak, Norway
TTS Bohai Machinery Co LtdDalian, China
TTS Liftec Oy Tampere, Finland.
TTS Marine ASA New organisation as from 3rd quarter
TTS Marine groupOrganisation/ Products
RoRo EquipmentHatch CoversSide Loading SystemCruise EquipmentYacht Equipment
Dry Cargo Handling
Cargo CranesHose Handling CranesProvision Cranes
DavitsSpecial Cranes
Marine Cranes
Yard EquipmentPort EquipmentMaterial Handling
Ports and Material Handling
TTS Marine ASA
Ports and Material Handling Employees new division
TTS Port Equipment AB 11TTS Handling Systems 18TTS Liftec Oy 21
Ports and Material Handling 50
TTS Marine ASA New managers
Gøran Johansson Div. dir. Ports and Material Handling
Stellan Bernsro Man. Dir. TTS Ships Equipment ABLennart Svensson Man. Dir. TTS Port Equipment ABRolf-Atle Tomassen Man. Dir. TTS Handling Systems ASGeoff Stokoe Man. Dir TTS Marine Inc.Li Dali Man. Dir. TTS Bohai Machinery Co.
Contracted ships1st quarter 2003, 2004 and 2005
0
100
200
300
400
500
600
700
All ships Tankers Bulker Container Others
1Q 20051Q 20041Q 2003
World contracting outlookNumber of vessels
300 gt+, June 2005
0
500
1 000
1 500
2 000
2 500
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Num
ber o
f ves
sels
PassengerDry CargoRoRoReefersContainerBulker incl combTanker
Source: LR Fairplay
World fleet outlookTotal number
300 gt+, June 2005
0
500
1 000
1 500
2 000
2 500
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Num
ber o
f ves
sels
DeliveriesDel.forecastScrappingScrap.forecastContractingCont.forecast
Source: LR Fairplay
FastShipStatus
• FastShip Inc. has cancelled the letter of intent with IZAR and entered into a letter of intent with another European shipbuilding group regarding building of the vessels in question.
• Parallel processes are ongoing relating to financing , contracts for ship-building and market cooperation. The reason for this being that RBS has required disclosure of technical risk and market risk exposure in order to finance the project.
• FastShip has previously been granted MUSD 40 from the US Department of Defence for the terminal in Philadelphia. Now MUSD 5 is expected to be released for detailed engineering of the terminal.
TTS Stock Performance12. august 2004 – 11. august 2005
TTS Stock Overview1 January 2005 – 10 August 2005
01.01.2005 10.08.2005
Number of shareholders
769 858
01.01.2005 – 10.08.2005 Average trading/day
Number of trades 7 276 48
Value (NOK ’000) 495 073 3 257
Number of shares (1000)
Average value
TTS Market Value01. January 2004 01. January 200510. August 2005
20 225
24,48
MNOK 144 MNOK 305MNOK 615
133
MP Pensjon 7,59%Odin Maritim 6,68%Skagen Vekst 5,49%JPMorgan Chase Bank 5,09%Delphi Norge 4,43%Firstnordic 3,79%Starefossen Forvaltning 3,35%Gambak 3,30%Svenska Handelsbanken 2,91%Orkla Finans 1,92%
Total 44,55%
TTS Marine ASA10 largest shareholders per 10 August 2005
TTS Marine ASA New Board of Directors
Name Status PositionEinar Pedersen Reelcted Shareholder/Board Chairman of FastShip, Inc.Nils O. Aardal Reelected Direkctor, Jo Tankers ASAnne Breive New Director, Corp. Controlling, Norske Skog ASAHilde P. Aa. Krøgenes New Marketing Manager, Norcontrol IT ASJohn M. Lunde New Senior Vice President, Scana Industrier ASA
Emplyee representatives:Mona L. Tellnes Halvorsen TTS Handling Systems ASOddmund Hatletun TTS Marine ASA
Einar Pedersen is chairman of the board. The board has also elected compensation committee(Pedersen, Krøgenes,Lunde) and auditing committee (Aardal, Breive, Halvorsen).