Caverton Offshore Support Group Plc · NSENG:CAVERTON
Caverton Offshore Support — Investor Presentation (June 2014)
28 slides from Caverton Offshore Support's investor presentation, Jun 2, 2014
Slide 1: Analyst Forum Presentation - 2nd June 2014
Analyst Forum Presentation - 2nd June 2014 0
Slide 2: Agenda
Agenda I. Introduction, Corporate Governance & Safety review: Bode Makanjuola, CEO II. Financial Review Samuel Ileoma, CFO III. Closing Remarks Bode Makanjuola, CEO IV. Questions & Answers 1
Slide 3: Introduction
Introduction 2
Slide 4: An Indigenous Marine & Aviation Logistics Service Provider
An Indigenous Marine & Aviation Logistics Service Provider 3
Slide 5: Board of Directors
Board of Directors Mr. Aderemi Makanjuola Mr. Akin Kekere-Ekun Chairman ve e Non Executive Director Mr. Bashiru Bakare Chief Raymond Ihyembe Ms. Modupe Omajafor Mr. Akinsola Falola , Mr. Samuel lleoma Mr. Bertrand Bril cutive Direct Non Executive Director Company Secretary Executive Director Chief F
Slide 6: Management Team
Management Team Mr. Adeniyi Makanjuola Capt. Charles De’ Mannoury Mr. Robert Strating Mr. Kingsley Uwagbale Chief Operating Officer Director, Operations Director, Safety & Quality Director, Strategy & Planning Mrs. Joy Okebalama Mrs. Titilola Adigun Mr. Tolu Osunsanya GM, External Relations GM, Inte
Slide 7: Corporate Governance & Safety Review
Corporate Governance & Safety Review 6
Slide 8: Corporate Governance Framework
Corporate Governance Framework Robust Corporate Governance & Adherence to Best Audit Committee Practices § Chairman: Mr. Bashiru Bakare (Non-Exec. Director) § Mandated to examine the auditors report and make recommendations thereon to the General Meeting § Meets once every quarter ■ Implemented K
Slide 9: Safety & operational performance
Safety & operational performance • Transitioned within 4 years from Intra City shuttle service operator and Ad-Hoc charterer to the leading indigenous Oil & Gas support service operator in Nigeria. • Secured two of the most prestigious Oil & Gas support contracts for Shell and Total. A clear indicat
Slide 10: Safety & operational performance - contd
Safety & operational performance - contd • Solid Safety Performance since inception of the Company. • Zero Accidents and Zero Incidents despite rapid growth and challenging operational environment • Implementation of modern proactive Safety Management System exceeding Regulatory and Client requireme
Slide 11: A Growing Diverse Portfolio of Operating & Strategic Assets
A Growing Diverse Portfolio of Operating & Strategic Assets Caverton Marine Vessels Caverton Helicopters – 22 Aircraft AgustaWestland AW139: § 15 seater; Large passenger cabin LIV K: § High speed § Accommodates up to 42 personnel 8x § Powered by two pratt & whitney PT6C-67C § Deadweight of 1380
Slide 12: Why the AgustaWestland AW-139?
Why the AgustaWestland AW-139 ? Equipped with the 7 key safety enhancing features required by Shell, Total and other IOCs 1. Late FAR 29 designs with glass cockpits 2. High fidelity flight simulators available 3. HUMS Vibration Monitoring 4. Flight Data Monitoring and Satellite tracking installed 6.
Slide 13: Caverton Strategic Logistics & Support Facilities
Caverton Strategic Logistics & Support Facilities Lagos Hangar Facility Port Harcourt Hangar Facility Lagos Heliport, Victoria Island § Located at Murtala Muhammed § Located at NAF Base Port Harcourt § Located at the centre of business metropolis International Airport § 1250sq meters § Transit
Slide 14: Financial Review
Financial Review 13
Slide 15: Historical Financial Performance
Historical Financial Performance Revenue EBITDA & EBITDA Margin NGN BN NGN BN 20.0 18.7 7.0 50% 18.0 6.0 45% 16.1 6.0 16.0 40% 14.0 5.0 4.5 35% 12.0 10.9 4.0 30% 10.0 25% 7.0 2.7 8.0 3.0 2.4 20% 5.4 6.0 4.2 2.0 1.5 1.5 15% 4.0 10% 1.0 2.0 5% 0.0 0.0 0% 08A 09A 10A 11A 12A 13A 08A 09A 10A 11A 12A 13A
Slide 16: Financial review – FY 2013 vs 2012
An Service Provider Financial review – FY 2013 vs 2012 N'000 2013 2012 Δ (N'000) Δ (%) Growth in revenue driven by" - Increased activity on IOCs Contracts 23% " Operating Revenue 18,662,906 16,132,083 2,530,823 16% - Vessel Charter 8% " - Offset by Ad-hoc Helicopter Charter (15%)" Operating Expenses
Slide 17: Capitalisation & Financial Policy
Capitalisation & Financial Policy 31-Dec-13 N'000 Cost of Debt Cash and Cash Equivalents 1,642,287 N‘Billions Value Tenor % Interest IOC Loans 8.8 2017 2.5% Secured Debts 11,465,425 Banks 10.8 2017 11.3% Others 8,773,518 Others 0.6 2017 11% Total 20,238,943 Weighted Cost 20.2 7.32% Net debt 18,596,6
Slide 18: COSG – Revenue Segmentation
COSG – Revenue Segmentation Revenue by Business Segment Revenue Contribution by Business Segment 2.2 % 2014E 2015E 2016E 2017E 0.9 Helicopters 83% 80% 70% 65% Marine 14% 15% 20% 20% 15.2 16.4 Maintenance & Repair 3% 5% 8% 10% Training 0% 0% 2% 5% 12A 13A CHL CML Agency Ad-hoc 3% charter Maintenance
Slide 19: Key Revenue Drivers – Helicopter segment
Key Revenue Drivers – Helicopter segment CONTRACTS Fixed Monthly Variable Per Helicopter Revenue = Rate + ( Hrs x Rate) AD HOC Revenue = Variable Hourly Rate (non –contract based) Helicopter Contract Structure Variable Hourly Rate 40% Fixed Monthly Rate 60% Source : IOC contract documentation
Slide 20: Operating Fleet - Aircraft
Operating Fleet - Aircraft Owned Leased/ 3rd Party1 Total AW 139 5 3 8 S 76++ 0 3 3 EC155 0 6 6 Dauphine N3 0 1 1 Twin Otter DH400 1 0 2 Twin Otter DH300 1 0 Bell 412 0 2 2 Total 7 15 22 1Comments: Except for the EC 155 and Bell 412 aircrafts which are directly under our management , the others are
Slide 21: Vessel operations
Vessel operations Following a strategic decision to move out from the low-margin LPG tanker operations, we disposed of certain assets to enable us to reposition for the acquisition of supply vessels for the oil and gas industry. An Service Provider We currently have Joint Venture relationship with R
Slide 22: Dividend policy
Dividend policy Historically, we have consistently paid dividend since 2009. " Unit kobo kobo kobo kobo kobo Year 2013 2012 2011 2010 2009 EPS 0.56 0.41 0.02 0.12 0.13 DPS 0.095 0.08 0.075 0.05 Our dividend policy into the future will be a balance between the requirement for organic growth and the n
Slide 23: Closing remarks
Closing remarks 22
Slide 24: Current contract status
Current contract status 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Jun 2010 5 yr contract with a 2 yr extension option (which has already been exercised)" Mar 2011 3 year contract" Helicopters" Early 2012 5 year contract" 2 year option" 2 year option" Aug 2013 3 year contract " Aug
Slide 25: Looking Forward: Contract opportunities - Marine
Looking Forward: Contract opportunities - Marine " TENDER COMMENCEMENT TYPE OF BASE OF DURATION STATUS STAGE DATE VESSEL OPERATIONS Technical TBA 1 x Platform Escravos TBA CM to undergo last stage Stage Supply of audit on 30/5/14, and Vessel be prequalified to receive ITT Technical Q4, 2014 PlaQorm T
Slide 26: Contract opportunities - Helicopters
Contract opportunities - Helicopters TENDER STAGE COMMENCEMENT DATE NO. OF BASE OF DURATION TENDER HELICOPTERS OPERATIONS STATUS Technical Stage Q4, 2014 S76D (3) L a g o s & P o r t 5 Ongoing Harcourt Technical Stage Q4, 2014 S76D (3) Ibeno (QIT) and 5 Ongoing Port Harcourt C o m m e r c i a l Not
Slide 27: Compelling proposition
Compelling proposition We have shown capacity to maintain a high level of operational safety which is key to our industry. " Our corporate governance structure is now fully embedded within the group." Our revenue base is solid and has grown substantially over the last 5 years." " Looking to the futu
Slide 28: Thank You Q&A
Thank You Q&A 27
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