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Solstadfarstad.Com 2ND QUARTER 2017 SOLSTADFARSTAD ASA 2017 KVARTALSRAPPORT 2. KVARTAL FINANCIAL REPORT 2ND QUARTER solstadfarstad.com 2ND QUARTER 2017 SOLSTADFARSTAD ASA RAPPORT / REPORT 2. KVARTAL 2017 2ND QUARTER 2017 • Fusjonen med Farstad Shipping og Deep Sea • The merger with Farstad Shipping and Deep Sea Supply ble formelt gjennomført 22. juni 2017 Supply was formally executed on June 22, 2017. • Driftsinntektene for 2. kvartal ble MNOK 711 • Operating income for 2nd quarter was MNOK 711 (MNOK 719) (MNOK 719) • Kontantstrøm fra driften (EBITDA1 ) for 2. kvartal • Cash flow from operations (EBITDA1) for the 2nd ble MNOK 202 (MNOK 328) quarter was MNOK 202 (MNOK 328) • Driftsinntektene for 1. halvår ble MNOK 1.279 • Operating income for the first 6 monhts was MNOK (MNOK 1.471) 1.279 (MNOK 1.471) • Kontantstrøm fra driften (EBITDA1 ) for 1. halvår • Cash flow from operations (EBITDA1) for the first 6 ble MNOK 350 (MNOK 621) months was MNOK 350 (MNOK 621) • Resultatregnskapet består av det opprinnelige • Profit and Loss accounts includes former Solstad Solstad Offshore ASA, mens balansen inkluderer Offshore ASA only, while the Balance Sheets innfusjonerte enheter pr 30. juni 2017 includes the merged entities as per June 30, 2017 FUSJON MED FARSTAD SHIPPING ASA OG DEEP SEA MERGER WITH FARSTAD SHIPPING ASA AND DEEP SEA SUPPLY PLC SUPPLY PLC Fusjonen mellom Solstad Offshore, Farstad Shipping og Deep Sea The merger between Solstad Offshore, Farstad Shipping and Deep Supply, annonsert i børsmelding den 6. februar 2017, ble gjen- Sea Supply, announced in stock exchange announcement on 6 nomført den 22. juni 2017. Farstad Shipping og Deep Sea Supply February 2017, was completed on June 22, 2017. Farstad Shipping ble da fusjonert med datterselskaper av Solstad Offshore med and Deep Sea Supply were then merged with subsidiaries of Solstad oppgjør i aksjer i Solstad Offshore. Alle betingelser knyttet til Offshore with settlement in Solstad Offshore shares. All conditions fusjonen, blant annet harmonisering av Solstads og Deep Sea related to the merger, including harmonization of Solstad's and Deep Supplys eksterne gjeld med Farstads refinaniseringsavtale, Sea Supply's external debt with Farstad's refinancing agreement, Solstads rettede emisjon mot Hemen på MNOK 200 og konverte- Solstad's private placement against Hemen Plc of MNOK 200 and ring av det konvertible lånet på MNOK 250 fra Aker Capital til conversion of the convertible loan of MNOK 250 from Aker Capital egenkapital, ble gjennomført før 22. juni 2017. Navnet på det into equity, was completed before June 22, 2017. The name of the børsnoterte, sammenslåtte selskapet er Solstad Farstad ASA (tic- listed, combined company is Solstad Farstad ASA (ticker SOFF). ker SOFF). Arbeidet med å restrukturere de tre organisasjonene er i gang. Ny Work on restructuring the three organizations is under way. New landorganisasjon forventes å være på plass i løpet av september/ onshore organization is expected to be in place during September / oktober 2017. Det må påregnes engangsutgifter i forbindelse med October 2017. Some one-off costs can be expected in connection dette arbeidet, men samtidig er målet å realisere store kostnads- with this work, but at the same time the goal is to realize large cost synergier. Konsernets nye ledelse består av Lars Peder Solstad synergies. The Group's new management team consists of Lars Peder (CEO), Sven Stakkestad (Dep CEO), Anders Hall Jomaas (CFO), Tor Solstad (CEO), Sven Stakkestad (Dep CEO), Anders Hall Jomaas (CFO), Inge Dale (COO), samt Hans Knut Skår, Kenneth Lande og Jon Are Tor Inge Dale (COO), and Hans Knut Skår, Kenneth Lande and Jon Are Gummedal, som ledere av forretningssegmentene. Gummedal, as managers of the business segments. ØKONOMI OG FINANS ECONOMY AND FINANCE Konsernet fikk kontroll over verdier tilsvarende 100% av Farstad The Group acquired control of assets equivalent to 100% of Farstad Shipping ASA og Deep Sea Supply PLC den 22. juni 2017. Shipping ASA and Deep Sea Supply PLC on June 22, 2017. The pur- Oppkjøpsmetoden er benyttet ved overtagelsene. Resultatandelene chase method is used for the acquisitions. The profit share for the for perioden 22. til 30. juni 2017 er vurdert til å være uvesentlig for period 22 to 30 June 2017 is considered to be immaterial to the 1 EBITDA –Driftsresultat før avskrivninger justert for andel fra felleskontrollert 1 EBITDA – Operating profit before depreciation and amortization, adjusted for virksomhet (FKV) og salgsgevinster share from joint ventures and sales gains / losses 2 2ND QUARTER 2017 SOLSTADFARSTAD ASA konsernresultatet for Solstad Farstad ASA, og er således ikke inklu- consolidated result for Solstad Farstad ASA, and is thus not included in dert i resultatregnskapet. Balanseverdiene i de to innfusjonerte sel- the Profit and Loss Account. The balance sheet values of the two mer- skapene er inkorporert med virkning fra 30. juni 2017. ged companies are incorporated with effect from 30 June 2017. Driftsinntektene i 1. halvår 2017 ble MNOK 1.279 (MNOK 1.471). Operating revenue for the first half of 2017 was MNOK 1,279 (MNOK Som en følge av at flere skip har sluttført kontrakter inngått i tider 1,471). As a result of the fact that more vessels have concluded con- med høyere dagrater, samt generelt svak utnyttelsesgrad i 1. og tracts entered into at times with higher daily rates and generally weak 2.kvartal 2017, ble inntektene lavere sammenlignet med 1. halvår utilization rates in the first and second quarters of 2017, revenues were 2016. Effekten av ovenstående ble redusert grunnet fusjonen med lower compared to the first half of 2016. The effect of the above was Rem Offshore ASA hvor konsernet ble tilført 17 skip. Videre ble reduced due to the merger with Rem Offshore ASA where the Group konstruksjonsservice-skipet (CSV) "Normand Maximus" levert i 4. was supplied 17 ships. Furthermore, the construction service vessel kvartal 2016, mens to eldre plattformsupply-skip (PSV) ble solgt i (CSV) "Normand Maximus" was delivered in Q4 2016, while two older løpet av 2. kvartal 2017. platform supply vessels (PSV) were sold during Q2 2017. Driftsinntektene i 2. kvartal isolert sett ble MNOK 711 mot MNOK Operating revenue in the second quarter, isolated, was MNOK 711 ver- 719 i tilsvarende periode i 2016. Innenfor PSV- og ankerhåndterings- sus MNOK 719 in the corresponding period in 2016. Within the PSV and segmentet (AHTS) har konsernet gjennom 2. kvartal 2017 hatt gjen- Anchor Handling segment (AHTS), the Group has, in the second quarter nomsnittlig 19 skip i opplag. Tilsvarende var antallet 10 skip i 2. of 2017, had an average of 19 ships in lay-up. Similarly, the number was kvartal 2016. Samlet ble inntektene fra opererende skip i disse to 10 ships in the second quarter of 2016. Overall, revenues from opera- segmentene på nivå med inntektene i samme periode i 2016. ting vessels in these two segments were in line with revenues in the Tilsvarende endte inntektene fra CSV-skipene i 2. kvartal 2017 på same period in 2016. Revenue from CSV vessels in the second quarter samme nivå som i 2016. Dette til tross for en betydelig økning i flå- of 2017 ended at the same level as in 2016. This despite a significant ten, og skyldes at flere skip har inngått kontrakter til lavere rater og increase in the fleet, and is due to more vessels having signed contracts at flere skip har ligget uten oppdrag. at lower rates and that more vessels have been idle. Sammenlignet med 1. kvartal 2017 er driftsinntektene MNOK 143 Compared with the first quarter of 2017, operating revenue was MNOK høyere, og skyldes nye kontrakter for enkelte skip som lå i opplag i 143 higher, due to new contracts for some vessels that were laid-up in 1. kvartal og sesongarbeid for "Norce Endeavour" i Thailand. Q1 and seasonal work for "Norce Endeavour" in Thailand. Driftskostnadene for halvåret ble MNOK 968 mot fjorårets MNOK Operating expenses for the six months amounted to MNOK 968 compa- 927. De økte kostnadene knyttes hovedsakelig til økning i flåten red to last year's MNOK 927. The increased costs are mainly related to etter fusjonen med REM. Samtidig fremkommer nå effekten av at increase in the fleet following the merger with REM. At the same time, selskapet lyktes med å gjennomføre omfattende kostnadsreduse- the effect from the company’s successful implementation of compre- rende tiltak både i driften og i administrasjonen i 2016 og 2017. hensive cost-reducing measures both in operation and in administration in 2016 and 2017, are now showing. Driftskostnadene for 2. kvartal 2017 ble MNOK 528, som er MNOK 101 høyere enn i samme periode i fjor. Kostnadene er igjen først og Operating expenses for the second quarter of 2017 amounted to MNOK fremst økt som følge av flåteøkningen etter fusjonen med Rem 528, which is MNOK 101 higher than in the same period last year. The Offshore ASA, samt prosjektkostnader for "Norce Endeavour" og cost is again primarily due to the fleet increase after the merger with kostnader knyttet til fusjonen med FAR og DESS. Sammenlignet med Rem Offshore ASA, as well as project costs for "Norce Endeavour" and 1. kvartal 2017 ble driftskostnadene, hovedsakelig som følge av costs associated with the merger with FAR and DESS. Compared with mobilisering av skip for nye oppdrag, MNOK 89 høyere. the first quarter of 2017, operating costs were, mainly due to mobiliza- tion of vessels for new assignments, MNOK 89 higher. 1.200 50% FREIGHT INCOME - MARKET SEGMENTS 1.100 Operating revenue and EBITDA 100 % 1.000 40% 900 90 % 800 80 % 700 30% 70 % million 600 60 % 500 50 % 20% EBITDA % NOK 400 40 % 300 10% 30 % 200 20 % 100 10 % 0 0% 0 % 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 % Total Net Income Net Freight % Total 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 Revenue EBITDA EBITDA % CSV AHTS PSV Kontantstrømmen fra driften (EBITDA) i 1.
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