Slides
Page 1
BW Offshore Q1 2025 2 June 2025 CEO Marco Beenen CFO Ståle Andreassen
Page 2
2 Disclaimer This Presentation has been produced by BW Offshore Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance and results of BW Offshore and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of BW Offshore or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of BW Offshore or any of its parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. BW Offshore assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither BW Offshore nor any of its parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences man be material. By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Offshore and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Offshore. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein. This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. BW Offshore has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Offshore. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. In any EEA Member State that has implemented Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (together with any applicable implementing measures in any member State, the “Prospectus Regulation”), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.
Page 3
3 Highlights •Q1 EBITDA of USD 91 million •Q1 net profit of USD 62 million •Q1 cash dividend of USD 11 million equal to USD 0.063 per share BW Opal under way for first gas in Q3 2025 Sale of BW Pioneer for USD 125 million USD 36 million arbitration settlement in April received
Page 4
Operational update
Page 5
BW Opal enroute to field • Commissioning 100% complete • Sail-away on 28 May from Singapore to Australia • 2 to 3-week tow, immediate hook-up on arrival • FPSO on track to be ready for first gas Q3 2025 • Expected completion cost well within guidance given in November 2024 5
Page 6
Fleet and HSE performance 98.6% 98.5% 99.2% 97.3% 100.0% 98.9% 98.9% 99.2% 100.0% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 0.0 1.0 2.0 3.0 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 LTI² TRI³ HPI⁴ Weighted average fleet uptime1 HSE record (LTM)5 1) Weighted average fleet uptime based on units’ actual vs. potential revenue contribution. 2) Lost time injuries per million man-hours. 3) Total recordable incidents per million man-hours. 4) High potential incidents per million man-hours. 5) The incident statistics include incidents by BW Offshore employees and contractors. • One recorded HPI 6
Page 7
Sale of BW Pioneer for USD 125 million 7 • Agreement provides flexibility for Murphy Oil and extends operations on marginal producing fields • Five-year reimbursable O&M contract signed, with potential upside related to production level • One infill well planned in 2026
Page 8
Unit 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 BW Opal BW Adolo BW Catcher BW Pioneer BW Energy, Gabon: 2018-2028 (2038) Santos, Australia: 2025-2040 (2050) BW Pioneer • Sold for USD 125 million to Murphy oil BW Catcher • Q1 production of ~23,900 bbls/day • Expected to remain on contract through 2028 BW Opal • On track to receive first gas during Q3 2025 BW Adolo • Q4 gross oil production of ~39,000 bbls/day • O&M handed over, BW Offshore retaining ownership • Call and put option USD 100 million 74% 26% BW Opal BW Adolo, BW Catcher and BW Pioneer Strong cash flow underpinned by the core FPSO fleet 8 Revenue backlog end Q1 2025 of which USD ~5.4 billion (89%) is firm1 USD ~6.1bn 1) Option backlog includes options deemed likely to be exercised. Barossa backlog includes USD 4.6bn (gross) firm period. Lease & Operate - fixed period Lease & Operate - option period Construction / EPC O&M Harbour Energy, UK: 2018-2025 (2043) Murphy Oil, US: 2012-2030
Page 9
FINANCE A solid partner
Page 10
10 Q1 EBITDA EBITDA Performance • EBITDA includes USD 21 million impact from arbitration award • 2025 EBITDA outlook unchanged 0 10 20 30 40 50 60 70 80 90 100 Q1 24 Q 24 Q3 24 Q4 24 Q1 25 USD million91 318 2025 EBITDA outlook 220-250 USD million (FY expected)
Page 11
USD million Q1 2025 Q4 2024 2024 Operating revenues 153.4 135.3 606.7 Operating expenses (62.1) (63.4) (288.7) EBITDA 91.3 71.9 318.0 Depreciation & Amortisation (32.4) (41.1) (177.9) Impairment 0.0 0.0 1.1 Gain (loss) on sale of assets 14.8 0.0 0.0 EBIT 73.7 30.8 141.2 Net interest Income (expense) 1.1 (3.0) (20.8) Gain (loss) on financial instruments 6.5 2.6 0.1 Other financial items 2.8 19.8 20.0 Net financial income (expense) 10.4 19.4 (0.7) Share of profit (loss) from equity- accounted investments (4.6) (9.5) (13.3) Profit (loss) before tax 79.5 40.7 127.2 Income tax expense (17.3) 0.1 (7.4) Net profit (loss) for the period 62.2 40.8 119.8 Income statement 11 • Reduced depreciation on BW Catcher from 2025 • USD 14.8 million gain on sale of BW Pioneer • USD 4.1 million interest from arbitration settlement • Income tax largely related to sale of BW Pioneer • Earnings per share of USD 0.34
Page 12
306 306 292 292 392 423 423 434 409 409 401 401 57 70 100 45 15 19 7 25 7 Q1 cash flow overview 12 • USD ~6 million received in pre-payment of the Barossa FPSO dayrate • USD 100 million received for the sale of BW Pioneer • Rebalancing swap portfolio - Closing swap positions for USD 19 million USD million
Page 13
Financing received tracking Barossa progress 13 USD 240 million equity Injected Remaining USD 1.15 billion debt facility Drawn Remaining USD ~1 billion pre-payments Received Remaining USD 1 150 million USD 232 million USD 988 million Funds received end Q1 2025 Funds received from total USD ~2.4 billion financing Received Remaining USD 2 370 million1 1) Project CAPEX totaled USD 2 369 million at the end of Q1 2025.
Page 14
1.1x 0.9x 0.6x 0.1x 0.0x 0.0x 0.0x 0.0x -100 400 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 USD million 30.9% 0% 10% 20% 30% 40% 50% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 14 Strong cash flow and low leverage support growth Equity ratio2Consolidated net debt and leverage ratio1 Consolidated net debt / LTM reported EBITDA 1) Not including lease liabilities (USD 20.3 million as of Q1 2025) and finance liability related to Barossa lease (USD 1,409 million as of Q1 2025, expected first gas in Q2 2025). 2) Equity ratio impacted by Barossa accounting, which includes both the financing liability and deferred revenues of USD 990 million. The latter reflects the total invoiced pre-payments, of which USD 988 million have been received.
Page 15
0 10 20 30 40 50 60 70 80 90 100 2025 Q1 2026 2027 2028 BW Catcher facility NOK bond Solid financial position provides financial flexibility 15 Available liquidity USD 542 million1 Net consolidated cash position USD 184 million RCF reduced by USD 100 million following sale of BW Pioneer USD million 1) Includes undrawn amount of USD 100 million on the RCF, excludes USD 7.3 million in consolidated cash from BW Sirocco Holdings AS, includes USD 41.2 million in Barossa Asset Co. All in cost of debt 4.8% 100% hedged Maturity profile
Page 16
Strategic priorities
Page 17
Progressing new prospects 17 1) Approximate locations. Source: Energy Maritime Associates Pte Ltd April 2025. 3 3 12 2 16 Likely FPSO awards 2025-20301 3 7 • Firm contract periods meeting return requirements with no residual value risk for leases • Infrastructure-like projects • Solid NOCs or investment-grade counterparties • Working and co-investing with partners Selection criteria 4 Block29 Bay du Nord Target Competitive offering • Large Gas FPSOs, leveraging experience from the Barossa project • Proven harsh environment hull and mooring solutions • Redeployment – Recently acquired FPSO hull enables rapid deployment • Project financing and structuring capabilities • Demand for FPSOs remains high • High tendering and FEED-activity • Trend towards EPCI plus O&M models for large FPSOs Market backdrop Target Target 3 15 2
Page 18
Acquiring FPSO Nganhurra for redeployment opportunities 18 • Signed agreement to acquire the FPSO Nganhurra • Constructed in 2006, operated offshore Western Australia until 2018 • Limited upfront payment - additional consideration contingent upon redeployment by June 2027 • High-quality unit in a scarce market • Enhances fast-track redeployment solutions for clients – several prospects targeted • Minimal lay-up costs, low recycling risk
Page 19
BW Ideol building substantial floating wind EPCI pipeline • Tangible EPCI pipeline for ~70 floating foundations with 1 GW Buchan project in Scotland and the 250 MW AO6 project in France • Developing fabrication lines in Ardersier (UK) and South of France to unlock the supply chain constraints • Continuing investor and partner dialogues as a private company • EUR 6.7 million shareholder loan provided to finance the next 12 months of operation 19 Source: Eolmed, BW Ideol, Qair Eolmed: Assembly of final transition piece at the yard
Page 20
• Complete the Barossa project for start-up during Q3 2025 • Selectively progress new FPSO projects, targeting one FID in 2025 • Continued support of BW Ideol as an early mover in floating wind EPCI • Maintain an attractive shareholder return programme Outlook 20
Page 21
We engineer offshore production solutions to progress the future of energy.
Page 22
Analytical information 1) Varies with BW Adolo production levels and corresponding tariffs. 2) Hull value is depreciated over 25 year. Rest of book value is depreciated over 15 years. Unit Contract status LDT Annual firm period EBITDA range Annual depreciation Other information BW Adolo 2018-2028 (2038) 47,544 USD 55 - 70 million1 USD ~27 million •Production tariff: • USD 1.5/bbls up to 20,000 bbls/day production • USD 3/bbls for each bbls beyond 20,000 bbls/day BW Catcher 2018-2026 (2043) 57,764 USD 160 - 170 million USD ~45 million BW Pioneer 2025-2030 29,092 USD 4-6 million N/A • Service fee increases in tiers based on actual average daily production each quarter BW Opal 2025-2040 (2050) 125,298 USD 255 - 265 million USD ~160 million2 • USD ~1 billion of non-cash revenue to be amortised until end of firm period • Cash flow to BW Offshore after debt service: USD ~30 million per annum Comments: • Fleet book values as of Q1 o Vessels in operation: USD 703 million o Vessels under construction: USD 2,369 million 22
Page 23
Income statement 23 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q1 2025 Q3 2024 Q4 2024 FY 2024 Q1 2025 CONTINUING OPERATIONS Operating revenue 166.3 166.1 156.4 170.4 659.2 168.6 166.1 150.9 135.3 620.9 153.4 Operating expenses (87.3) (105.2) (81.9) (79.3) (353.7) (83.1) (105.2) (67.7) (63.4) (319.4) (62.1) Operating profit /(loss) before depreciation/amortisation 79.0 60.9 74.5 91.1 305.5 85.5 60.9 83.2 71.9 301.5 91.3 Depreciation (46.9) (45.0) (44.7) (45.5) (182.1) (44.3) (45.0) (44.2) (39.8) (173.3) (31.0) Amortisation (1.3) (1.3) (1.2) (1.3) (5.1) (1.4) (1.3) (1.4) (1.3) (5.4) (1.4) Impairment vessels and other assets - (5.1) - - (5.1) 1.1 (5.1) - - (4.0) 0.0 Gain/(loss) sale of assets 6.4 8.7 9.6 - 24.7 0.0 8.7 - - 8.7 14.8 Operating profit/(loss) 37.2 18.2 38.2 44.3 137.9 40.9 18.2 37.6 30.8 127.5 73.7 Interest income 1.1 2.9 1.8 3.3 9.2 2.9 2.9 4.4 4.7 14.9 6.4 Interest expense (13.5) (11.7) (11.9) (12.3) (49.5) (11.6) (11.7) (8.7) (7.7) (39.7) (5.3) Gain/(loss) on financial instruments (13.9) 2.9 10.4 11.5 10.9 3.1 2.9 (8.1) 2.6 0.5 6.5 Other financial items 10.3 1.0 (2.8) (21.9) (13.4) 6.4 1.0 (4.0) 19.8 23.2 2.8 Net financial income/(expense) (16.0) (4.9) (2.5) (19.4) (42.8) 0.8 (4.9) (16.4) 19.4 (1.1) 10.4 Share of profit/(loss) from equity-accounted investees (0.3) 0.6 0.4 17.5 18.2 (2.2) 0.6 (5.7) (9.5) (16.8) (4.6) Profit/(loss) before tax 20.9 13.9 36.1 42.4 113.3 39.5 13.9 15.5 40.7 109.6 79.5 Income tax expense (3.1) (3.0) (7.2) (2.4) (15.7) (2.7) (3.0) (2.5) 0.1 (8.1) (17.3) Profit/(loss) from continuing operations 17.8 10.9 28.9 40.0 97.6 36.8 10.9 13.0 40.8 101.5 62.2 DISCONTINUED OPERATION Profit/(loss) from discontinued operation - - - - - - - - - - - Net profit/(loss) for the period 17.8 10.9 28.9 40.0 97.6 36.8 10.9 13.0 40.8 101.5 62.2 Attributable to shareholders of the parent 18.5 12.0 30.0 39.9 100.4 37.0 12.0 13.7 40.7 103.4 61.7 Attributable to non-controlling interests (0.7) (1.1) (1.1) 0.1 (2.8) (0.2) (1.1) (0.7) 0.1 (1.9) 0.5 EARNINGS PER SHARE Basic earnings/(loss) per share (USD) net 0.10 0.07 0.17 0.22 0.56 0.20 0.07 0.08 0.23 0.58 0.34 Diluted earnings/(loss) per share (USD) net 0.09 0.07 0.15 0.20 0.52 0.19 0.07 0.08 0.21 0.55 0.34
Page 24
Other comprehensive income 24 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY2023 Q1 2024 Q1 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Net profit/(loss) for the period 17.8 10.9 28.9 40.0 97.6 36.8 10.9 13.0 40.8 101.5 62.2 Currency tra ns la tion differences 1.2 1.1 (3.7) 5.1 3.7 (2.2) 1.1 4.8 (6.8) (3.1) 4.8 Equity-a ccounted investees - sha re of OCI (9.2) 10.7 20.7 (26.1) (3.9) 12.8 10.7 (22.3) 22.8 24.0 (9.5) Net profit/(loss ) on ca sh flow hedges 1.0 1.8 1.4 0.7 4.9 (0.7) 1.8 0.6 (0.6) 1.1 0.0 Net items to be reclassified to profit or loss: (7.0) 13.6 18.4 (20.3) 4.7 9.9 13.6 (16.9) 15.4 22.0 (4.7) Remeas urement of defined benefit lia bility (as set) - - - (0.1) (0.1) - - - (0.1) (0.1) 0.0 Equity Investments at FVOCI -net change in fair value - - - (0.4) (0.4) - - - - - - Net items not to be reclassified to profit or loss: - - - (0.5) (0.5) - - - (0.1) (0.1) 0.0 Other comprehensive income, net of tax (7.0) 13.6 18.4 (20.8) 4.2 9.9 13.6 (16.9) 15.3 21.9 (4.7) Total comprehensive income 10.8 24.5 47.3 19.2 101.8 46.7 24.5 (3.9) 56.1 123.4 57.5 Attributa ble to sha reholders of the pa rent 10.7 25.1 49.9 18.5 104.2 48.2 25.1 (5.3) 59.8 127.8 54.8 Attributa ble to non-controlling interests 0.1 (0.6) (2.6) 0.7 (2.4) (1.5) (0.6) 1.4 (3.7) (4.4) 2.7
Page 25
Balance sheet 25 ASSETS 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Vessels 2,379.3 2,520.9 2,662.7 2,833.5 2,889.2 2,969.3 3,037.1 3,138.6 3,086.4 Other property, plant & equipment 6.8 4.8 2.9 2.8 2.6 2.4 2.3 2.1 2.0 Right-of-use assets 19.2 17.3 15.3 13.8 25.9 24.0 22.2 21.4 21.5 Intangible assets and goodwill 87.9 87.5 83.8 87.8 85.2 84.0 86.5 80.4 83.4 Equity-accounted investees 338.3 359.9 384.9 384.8 224.8 235.4 212.2 226.4 218.8 Finance lease receivables - - - - - - - - - Deferred tax assets 61.9 61.6 61.6 61.6 61.6 61.6 62.1 64.1 62.1 Pension assets - - - - - - - - Derivatives 37.8 36.6 44.4 37.7 31.4 28.9 19.9 25.2 6.2 Other non-current assets 7.7 11.0 11.0 12.3 11.9 11.6 8.4 8.0 8.3 Total non-current assets 2,938.9 3,099.6 3,266.6 3,434.3 3,332.6 3,417.2 3,450.7 3,566.2 3,488.7 Inventories 6.7 3.8 3.7 3.7 3.7 3.7 3.6 3.7 0.0 Trade receivables and other current assets 293.3 257.4 282.6 152.4 174.0 181.2 183.4 169.7 224.2 Derivatives 8.2 1.7 0.6 1.7 0.2 0.0 0.5 0.0 - Cash and cash equivalents 289.4 224.1 246.4 361.0 401.4 448.0 446.3 305.8 408.6 Assets held for sale - 15.0 - - 7.0 - - - - Total current assets 597.6 502.0 533.3 518.8 586.3 632.9 633.8 479.2 632.8 TOTAL ASSETS 3,536.5 3,601.6 3,799.9 3,953.1 3,918.9 4,050.1 4,084.5 4,045.4 4,121.5 EQUITY AND LIABILITIES 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Shareholders' equity 939.2 953.1 992.5 1,005.6 1,037.5 1,057.2 1,041.0 1,089.8 1,119.3 Non-controlling interests 205.2 197.2 187.3 189.7 180.9 173.3 167.6 156.8 152.4 Total equity 1,144.4 1,150.3 1,179.8 1,195.3 1,218.4 1,230.5 1,208.6 1,246.6 1,271.7 Interest-bearing long-term debt 458.9 280.9 342.4 290.7 220.3 207.7 194.5 173.9 166.8 Finance liability related to Barossa lease 632.6 789.2 955.3 1,022.1 1,093.2 1,196.2 1,266.6 1,347.4 1,409.2 Pension obligations 4.1 4.0 4.1 4.5 4.2 1.8 1.8 1.8 1.9 Deferred tax liabilities Asset retirement obligations 0.0 0.0 0.0 0.0 Other long-term liabilities 751.4 784.5 841.4 934.5 950.4 988.7 1,014.2 1,040.2 1,044.3 Long-term lease liabilities 11.0 10.2 9.5 9.4 18.1 17.1 16.7 15.1 15.6 Derivatives 0.4 0.0 0.0 1.5 1.0 0.0 1.9 7.3 1.0 Total non-current liabilities 1,858.4 1,868.8 2,152.7 2,262.7 2,287.2 2,411.5 2,495.7 2,585.7 2,638.8 Trade and other payables 298.2 257.7 230.3 229.5 183.3 178.0 149.0 137.6 126.3 Derivatives 19.5 19.3 17.7 2.1 1.6 0.1 0.1 0.0 0.1 Interest-bearing short-term debt 199.6 290.8 198.7 242.5 209.3 211.3 213.4 57.5 57.5 Short-term lease liabilities 5.0 4.2 3.4 2.6 4.6 4.4 4.5 4.2 4.7 Income tax liabilities 11.4 10.5 17.3 18.4 14.5 14.3 13.2 13.8 22.4 Liabilities held for sale - - - - - - - - - Total current liabilities 533.7 582.5 467.4 495.1 413.3 408.1 380.2 213.1 211.0 Total liabilities 2,392.1 2,451.3 2,620.1 2,757.8 2,700.5 2,819.6 2,875.9 2,798.8 2,849.8 TOTAL EQUITY AND LIABILITIES 3,536.5 3,601.6 3,799.9 3,953.1 3,918.9 4,050.1 4,084.5 4,045.4 4,121.5
Page 26
Cash flow 26 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q1 2025 Q3 2024 Q4 2024 FY 2024 Q1 2025 Profit/(loss) before taxes 20.8 14.0 36.1 42.4 113.3 39.5 14.0 15.5 40.8 127.2 79.5 Adjustments for: Depreciation and amortisation 48.2 46.3 45.9 46.8 187.2 45.7 46.3 45.6 40.3 177.9 32.4 Impairment - 5.1 - - 5.1 (1.1) 5.1 - (5.1) (1.1) - Change in fair value of derivatives 13.9 (2.9) (10.4) (11.5) (10.9) (3.1) (2.9) 8.1 (2.2) (0.1) (6.5) Unrealised currency exchange loss/(gain) 0.6 (10.9) 0.6 17.8 8.1 (5.7) (10.9) 0.2 5.9 (10.5) 6.5 Add back of net interest expense 12.4 8.8 10.1 9.0 40.3 8.7 8.8 4.3 (0.9) 20.9 (1.1) Share of loss/(profit) from equity-accounted investees 0.3 (0.6) (0.4) (17.5) (18.2) 2.2 (0.6) 5.7 9.5 13.3 4.6 Loss/ (gain) on disposal of property, plant & equipment (6.4) (8.7) (9.6) - (24.7) - (8.7) - 8.7 - (14.8) Share-based payment expense 0.5 0.6 0.5 (0.2) 1.4 0.4 0.6 0.4 0.1 1.5 0.1 Changes in: Instalment on financial lease - - - 5.0 5.0 - - - - - - Inventories - 2.9 0.2 (0.1) 3.0 - 2.9 0.1 (3.0) - 3.7 Trade and other receivables (11.7) 36.4 (24.2) 79.4 79.9 4.1 36.4 (1.1) (18.3) 21.1 (66.7) Trade and other payables (1.9) (23.7) (13.7) (6.8) (46.1) 1.4 (23.7) 4.5 (25.9) (43.7) 11.7 Other balance sheet items and items related to operating activities (19.7) (7.8) 24.1 (31.6) (35.0) (4.6) (7.8) 8.7 13.4 9.7 10.5 Deferred revenues 75.7 29.7 58.7 101.0 265.1 11.9 29.7 (2.2) 25.5 64.9 3.2 Cash generated from operating activities 132.7 89.2 117.9 233.7 573.5 99.4 89.2 89.8 88.8 381.1 63.1 Taxes paid (4.6) (4.9) (1.6) (3.7) (14.8) (8.3) (4.9) (4.3) (0.7) (18.2) (6.6) Net cash flow from operating activities 128.1 84.3 116.3 230.0 558.7 91.1 84.3 85.5 88.1 362.9 56.5 Interest received 1.1 2.9 1.9 4.1 10.0 2.9 2.9 4.4 9.0 19.2 6.3 Proceeds from disposal of property, plant & equipment 125.0 30.9 20.6 24.1 200.6 2.0 30.9 - (3.0) 29.9 100.0 Proceeds from sale of investments - - - 0.5 0.5 176.4 - - - 176.4 - Investment in associated companies (14.0) (14.6) (9.0) (11.9) (49.5) (6.0) (14.6) (3.3) 6.3 (17.6) (4.6) Acquisition of subsidiary, net of cash acquired - - - (4.0) (4.0) - - - - - - Acquisition of other investments - - - - - - - - - - - Investment in property, plant & equipment and intangible assets (194.5) (214.9) (191.8) (203.3) (804.5) (93.2) (214.9) (77.7) 5.9 (379.9) (70.2) Net cash flow from investing activities (82.4) (195.7) (178.3) (190.5) (646.9) 82.1 (195.7) (76.6) 18.2 (172.0) 31.5 Proceeds from loans and borrowings 124.5 150.2 234.4 402.8 911.9 - 150.2 28.0 (15.2) 163.0 49.9 Proceeds from sale of non-controlling interest - - - 18.9 18.9 - - - - - - Paid dividend and redemption (7.5) (7.5) (7.4) (7.3) (29.7) (7.3) (7.5) (7.2) (6.8) (28.8) (7.1) Interest paid (4.5) (0.9) (3.6) (10.7) (19.7) 1.2 (0.9) (3.5) (10.4) (13.6) 13.7 Repayment of loans and borrowings (91.2) (56.0) (121.8) (320.7) (589.7) (74.2) (56.0) (15.1) 26.7 (118.6) (15.0) Repurchase of convertible notes - (31.8) (9.4) - (41.2) (35.1) (31.8) - (125.0) (191.9) - Payment of lease liabilities (1.6) (1.5) (1.6) (1.6) (6.3) (1.5) (1.5) (1.5) (1.9) (6.4) (1.4) Dividends paid (6.3) (6.4) (6.3) (6.3) (25.3) (15.9) (6.4) (11.3) (16.2) (49.8) (25.3) Net cash flow from financing activities 13.4 46.1 84.3 75.1 218.9 (132.8) 46.1 (10.6) (148.8) (246.1) 14.8 Net change in cash and cash equivalents 59.1 (65.3) 22.3 114.6 130.7 40.4 (65.3) (1.7) (42.5) (55.2) 102.8 Cash and cash equivalents at beginning of period 230.3 289.4 224.1 246.4 230.3 361.0 401.4 336.1 334.4 361.0 305.8 Cash and cash equivalents at end of period 289.4 224.1 246.4 361.0 361.0 401.4 336.1 334.4 291.9 305.8 408.6
Page 27
Key figures 27 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q1 2025 Q3 2024 Q4 2024 FY 2024 Q1 2025 EBITDA-margin 47.5 % 36.7 % 47.6 % 53.5 % 46.3 % 50.7 % 36.7 % 55.1 % 53.1 % 52.4 % 59.5 % Equity ratio 32.4 % 31.9 % 31.0 % 30.2 % 30.2 % 31.1 % 31.9 % 29.6 % 30.8 % 30.8 % 30.9 % Return on equity 11.4 % 5.9 % 9.3 % 20.5 % 11.1 % 10.7 % 5.9 % 9.3 % 11.6 % 11.1 % 23.0 % Return on capital employed 7.8 % 3.6 % 8.1 % 9.2 % 7.2 % 8.7 % 3.6 % 8.3 % 7.0 % 7.5 % 4.8 % Net interest-bearing debt (USD million) 369.1 347.6 294.7 172.2 172.2 28.2 347.6 (38.4) (74.4) (74.4) (184.3) Cash flow per share (USD) 0.69 0.46 0.63 1.24 3.02 0.48 0.46 0.49 0.43 1.9 0.31 EPS - basic (USD) 0.10 0.07 0.17 0.22 0.56 0.20 0.07 0.08 0.23 0.58 0.34 EPS - diluted (USD) 0.09 0.07 0.15 0.20 0.52 0.19 0.07 0.08 0.21 0.55 0.34 Outstanding shares - end of period (million) 180.8 180.8 180.8 180.8 180.8 180.8 180.8 180.8 180.8 180.8 180.8 Share price (NOK) 29.7 26.2 24.6 22.4 22.4 27.2 26.2 28.4 30.0 30.0 29.2 Market cap (NOKm) 5,374 4,737 4,448 4,054 4,054 4,918 4,737 5,135 5,415 5,415 5,280 Market cap (USDm) 514 442 416 399 399 455 442 477 476 476 503