GTB Invest ASA - PowerPoint PPT Presentation

About This Presentation
Title:

GTB Invest ASA

Description:

GTB Invest ASA Creating a ship financing company on the OSE Presentation of Q4 2010 Results 17 February 2011 * * * * DISCLAIMER This Presentation has been ... – PowerPoint PPT presentation

Number of Views:43
Avg rating:3.0/5.0
Slides: 28
Provided by: Pare150
Category:
Tags: asa | gtb | invest | maritime

less

Transcript and Presenter's Notes

Title: GTB Invest ASA


1
GTB Invest ASA
  • Creating a ship financing company on the OSE
  • Presentation of Q4 2010 Results 17 February 2011

2
DISCLAIMER
  • This Presentation has been produced by GTB Invest
    ASA (the Company or GTB) solely for use in
    connection with the Q4 2010 figures and may not
    be reproduced or redistributed, in whole or in
    part, to any other person. This presentation is
    strictly confidential and may not be reproduced
    or redistributed, in whole or in part, to any
    other person. To the best of the knowledge of the
    Company and its board of directors, the
    information contained in this Presentation is in
    all material respect in accordance with the facts
    as of the date hereof, and contains no material
    omissions likely to affect its import. This
    Presentation contains information obtained from
    third parties. Such information has been
    accurately reproduced and, as far as the Company
    is aware and able to ascertain from the
    information published by that third party, no
    facts have been omitted that would render the
    reproduced information to be inaccurate or
    misleading.
  • This Presentation contains certain
    forward-looking statements relating to the
    business, financial performance and results of
    the Company 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 the Company 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 the Company or
    any of their parent or subsidiary undertakings or
    any such persons 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.
    The Company 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.
  • AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND
    SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS,
    PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE
    MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS,
    PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED
    OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS
    PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR
    UNCERTAINTIES ASSOCIATED WITH THE COMPANYS
    BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH
    MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND
    RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY,
    GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES
    IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS,
    TAXES, CHANGES IN COMPETITION AND PRICING
    ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE
    RATES AND INTEREST RATES AND OTHER FACTORS.
  • SHOULD ONE OR MORE OF THESE RISKS OR
    UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING
    ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY
    VARY MATERIALLY FROM THOSE DESCRIBED IN THIS
    PRESENTATION. THE COMPANY DOES NOT INTEND, AND
    DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR
    CORRECT THE INFORMATION INCLUDED IN THIS
    PRESENTATION.
  • 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,
    none of the Company or any of their parent or
    subsidiary undertakings or any such persons
    officers or employees accepts any liability
    whatsoever arising directly or indirectly from
    the use of this document.
  • By attending or receiving this Presentation you
    acknowledge that you will be solely responsible
    for your own assessment of the market and the
    market position of the Company and that you will
    conduct your own analysis and be solely
    responsible for forming your own view of the
    potential future performance of the Companys
    business.
  • This Presentation speaks as of 17 February 2010.
    Neither the delivery of this Presentation nor any
    further discussions of the Company with any of
    the recipients shall, under any circumstances,
    create any implication that there has been no
    change in the affairs of the Company since such
    date.

3
CONTENTS
  1. HIGHLIGHTS
  2. Q4 FIGURES
  3. TRANSACTIONS
  4. COMPANY OVERVIEW
  5. MARKET UPDATE
  6. QA

4
HIGHLIGHTS
  • On 17 November 2010 GTB took delivery of YM
    Portland, a 4,414 TEU container vessel built in
    2003
  • In February 2011 GTB entered into MOAs to
    purchase two 13,100 TEU container vessels from
    E.R. Schiffahrt in Hamburg for a total purchase
    price of USD 310 mill
  • GTB has sold all the shares in in its wholly
    owned subsidiary Global Geo Services AS, which
    holds the PC 2000 library
  • GTB has terminated a secondary guarantee of
    approximately USD 7 million entered into in
    connection with seismic transaction in 2008
  • The Board has resolved to call for an
    extraordinary general meeting to approve change
    of name to SinOceanic Shipping ASA and business
    objective
  • The container market has improved, while the
    tanker and dry bulk markets have weakened
  • Q4 2010 EBITDA for consolidated continued
    operation in GTB was USD 0.27 million (USD -6.0
    million same period last year)
  • Cash position per 31 December 2010 of USD 12.6
    million and interest bearing debt of USD 30.2
    million

Change of direction and positioning for growth
and expansion in new business areas
5
CONTENTS
  • HIGHLIGHTS
  • Q4 FIGURES
  • TRANSACTIONS
  • COMPANY OVERVIEW
  • MARKET UPDATE
  • QA

6
PROFIT LOSS STATEMENT
7
BALANCE SHEET
8
CONTENTS
  • HIGHLIGHTS
  • Q4 FIGURES
  • TRANSACTIONS
  • COMPANY OVERVIEW
  • MARKET UPDATE
  • QA

9
ACQUISTION OF YM PORTLAND (former MS Amaranta)
  • Key specifications
  • Built 2003
  • Shipyard Stocznia Gdynia, Poland
  • Delivery 17 November 2010
  • Length 286m
  • Beam 32m
  • TEU 4,414
  • Purchase price USD 50.5 million
  • Employment Time charter until 2019
  • TC party Yang Ming Lines
  • Net TC rate USD 25,740 per day
  • Technical management Peter Doehle Shiffart

Vessel acquired at favorable terms yielding solid
returns
10
ACQUISITION OF TWO 13,100 TEU CONTAINER VESSELS
  • Key specifications
  • Built Under construction
  • Shipyard Hyundai Heavy Industries, Korea
  • Delivery January and February 2012
  • Length 366m
  • Beam 48m
  • TEU 13,100
  • Combined purchase price USD 310 million
  • Employment 15 year time charter
  • TC party One of the top five container lines in
    the world
  • Net TC rate USD 59,672 per day
  • Technical management E.R. Schiffahrt GmbH Cie.
    KG

Acquired vessels fit well into GTBs business
model and illustrates GTBs ability to access
high profile transactions
11
VESSELS SECURED ON LONG TERM CHARTER PARTIES
  • Acquired assets have secured long term employment
  • GTB with secured freight income of USD 745
    million
  • YM Portland on a time charter until 2019 at USD
    25,740 per day (net)
  • Annual freight income of USD 9.5 million
  • The Hyundai vessels are secured on 15 year TC
    contract at USD 59,672 per day (net)
  • Annual freight income of USD 21.5 million per
    vessel

() Assuming that the purchase options for the
Hyundai vessels are not exercised after 12 years
12
PAYMENT FINANCING
  • The two 13,100 TEU container vessels shall be
    paid in 4 tranches
  • 10 shall be paid within 10 working days after
    closing
  • 2.5 shall be paid within 31 March 2011
  • 2.5 shall be paid within 30 October 2011.
  • The remaining 85 of the purchase price is
    payable upon delivery of the vessels in January
    and February 2012
  • The pre-delivery payments are secured by bank
    guarantees
  • Pre-delivery payments to be financed from GTBs
    largest shareholder
  • The loans are unsecured, without recourse to GTB
  • Interest rate at LIBOR 3 p.a., will be
    aggregated up until maturity of the loans
  • GTB needs to raise new debt and equity to finance
    the post-delivery portion of the purchase price
    for the vessels and to refinance the shareholder
    loans
  • Timing of capital raising will depend on the
    prevailing market conditions, but is contemplated
    to take place before the delivery of the vessels
  • HNA has issued a letter of undertaking pursuant
    to which HNA has committed to assist GTB in
    financing the post-delivery portion of the
    purchase price for the vessels

13
DIVESTMENT OF DATA LIBRARY
  • GTB divested its data library covering a part of
    the Iranian continental shelf (the PC 2000
    library)
  • Trade or commercial relationship with Iran or
    assets/services relating to Iran is under
    international boycott, and is forecasted to
    remain so in the foreseeable future
  • International investors skeptical to Iranian
    assets
  • Seismic no longer core strategy of GTB
  • The sale price is insignificant reflecting the
    fact that the PC 2000 library has been recorded
    at no value in the consolidated balance sheet of
    GTB, and that the library in effect had no value

14
CONTENTS
  • HIGHLIGHTS
  • Q4 FIGURES
  • TRANSACTIONS
  • COMPANY OVERVIEW
  • MARKET UPDATE
  • QA

15
GTB INVEST IN BRIEF
  • GTB is a Norwegian Public Limited Liability
    Company incorporated under the laws of Norway
  • GTB Invest is listed on Oslo Stock Exchange with
    GTB as ticker
  • The BoD of GTB has resolved to call for an
    extraordinary shareholders meeting to approve
    change of company name to SinOceanic Shipping ASA
  • GTB aims to create the only ship financing
    company on the OSE
  • The Company shall invest in existing tonnage and
    resale of new building contracts with existing
    cash flow
  • Creating above average returns through a
    combination of attractive deals and leverage
  • Exploiting opportunities within a variety of
    segments
  • Main shareholder with substantial resources and
    long term strategy to build a sizeable shipping
    company within the Norwegian maritime cluster
  • Management with significant experience within the
    shipping industry and capital markets
  • Lean and mean organization primarily consisting
    of transaction and commercial expertise and some
    high level support staff, while cost driving
    operations will be outsourced
  • Objective to engage in cost efficient ownership,
    chartering and managing of vessels in the GTB
    fleet
  • Technical management is proposed outsourced to
    highly regarded and well reputable management
    companies

Organization structure
GTB Invest ASA
Oceanus Shipping AS
SinOceanic I AS
SinOceanic II AS
16
COMPANY STRATEGY
  • Investment Strategy
  • Acquire modern and standard vessels with
    appreciation potential and charters attached
  • Flexible investment approach towards segments,
    however initial focus on container segment as it
    is still considered the most attractive in terms
    of asset prices
  • Identify the segments which at any given time
    provide the best risk reward ratio and watch out
    for and to exploit turning points in all markets
  • Dividend policy
  • Full dividend payout model within the limits of
    the Norwegian Public Limited Companies Act
  • Seek accretive deals at rates that provide a
    target minimum dividend yield
  • Future need for funding through issuance of new
    shares
  • Financial Strategy
  • Financial leverage from Chinese and Western banks
  • Publicly traded stock ensures liquidity and
    flexibility for investors more than 3,400
    shareholders

17
CORPORATE STRUCTURE AND GOVERNANCE
  • GTB can establish a tax exempt structure by
    entering the Norwegian Tonnage Tax regime
  • At present GTB is an ordinary taxed company, but
    is anticipated to be the holding company for a
    number of ship owning companies registered inside
    the tonnage tax regime
  • Alternative tonnage tax regimes will be evaluated
    either in combination with the Norwegian regime
    or as separate alternative structures
  • GTB has approx. NOK 965 million in tax losses
    carried forward which has limited value for the
    tax free shipping business, but may be used in
    the ordinary tax regime, provided such
    investments results in superior returns.
  • GTB will be managed and operated in accordance
    with Norwegian corporations law and best practice
    corporate governance

Corporate Structure
General Shareholder Meeting
Board of Directors
GTB Invest ASA
Vessel SPV
Vessel SPV
Vessel SPV
18
EXPERIENCED TEAM
  • Management
  • Jan Håkon Pettersen CEO
  • Garup C. Meidell Deputy CEO
  • Morten Steen Martinsen Technical Director
  • Board of Directors
  • Stewart Smith Chairman
  • Svein Eggen
  • Anne Øian
  • Mari Thjømøe
  • Rebekka Glasser Herlofsen
  • Wen Jiang
  • Liu Liang

19
CONTENTS
  • HIGHLIGHTS
  • Q4 FIGURES
  • TRANSACTIONS
  • COMPANY OVERVIEW
  • MARKET UPDATE
  • QA

20
THE CONTAINER MARKET
Asia Europe intra-regional demand
Chinese export trends
Market balance (Q4 2010)
Recent fleet developments
Source Viamar
21
THE CONTAINER MARKET
Timecharter forecasts
Timecharter forecasts
Source Viamar
22
THE TANKER MARKET
Large tanker market balance
Opec oil production
Average earnings modern
Net fleet growth (Q4 2010)
Source Viamar
23
THE BULK MARKET
Iron ore imports China
World steel production
Total seaborne trade met coal
Source Viamar
24
THE BULK MARKET CONT.
Dry bulk new orders
Net fleet growth
Capesize dayrate forecasts
Dry bulk market balance
Source Viamar
25
CONTENTS
  • HIGHLIGHTS
  • Q4 FIGURES
  • TRANSACTIONS
  • COMPANY OVERVIEW
  • MARKET UPDATE
  • QA

26
QA
27
SHAREHOLDERS PER 14.02.2011
Shareholders Shares Country
1 OCEANUS INTERNATIONAL INVESTMENT 44 736 000 33.33 NOR
2 GOLDMAN SACHS INT. EQUITY 15 951 342 11.89 GBR
3 INAK 2 AS 6 550 000 4.88 NOR
4 SVELA EIENDOM AS 3 551 459 2.65 NOR
5 SKAGEN VEKST 1 790 820 1.33 NOR
6 VPF NORDEA SMB 1 511 167 1.13 NOR
7 HAUGNÆSS THOR KRISTIAN 1 200 000 0.89 NOR
8 TFR INVEST AS 1 135 000 0.85 NOR
9 MATSPECIALEN AS 1 100 000 0.82 NOR
10 JOHANSEN STIG JARLE 1 035 000 0.77 NOR
11 HAVTRÅL AS 1 000 000 0.75 NOR
12 PETTERSEN JAN HÅKON 1 000 000 0.75 NOR
13 RYKKEN ARNE 805 000 0.60 NOR
14 ANDERSEN LARS OLAV 800 000 0.60 NOR
15 MEIDELL CHRISTIAN GARUP 800 000 0.60 NOR
16 MIDDELBOE AS 796 919 0.59 NOR
17 PETTERSEN KÅRE 775 000 0.58 NOR
18 KROSBY ANETTE 750 000 0.56 NOR
19 SIX SIS AG 717 496 0.53 CHE
20 MP PENSJON PK 641 075 0.48 NOR
Write a Comment
User Comments (0)
About PowerShow.com