Markedsrapport – Desember 2007 - NRP AS

Markedsrapport – Desember 2007 Side 12
Beta DIS - offshore asset play
Contact: Ragnvald Risan (r.risan@nrp.as)
Ness, Risan & Partners AS
Date of analysis:
01.12.2007
Estimated share price (NOK) 1 %
Estimated share price (NOK):* 400 000
Key figures: 100 %
Paid in equity (NOK):* 19 500 000
Accumulated dividend (NOK): 0
Residual value sensitivity on IRR :
LOW CASE BASE CASE HIGH CASE
Residual value after 3 years: 20 000 000 25 000 000 30 000 000
IRR estimated share price: 9,91 % 15,86 % 21,44 %
IRR total capital: 15,47 % 21,10 % 26,37 %
* The Share price includes a 5% deduction on the the tax position of the
company.
Corporate details The Vessel
Corporate management: Ness, Risan & Partners AS Vessel name: M/V Beta
Technical management: Buksèr og Berging AS Type: Anchor Handling Tug/Supply vessel (AHTS)
Commercial management: Buksèr og Berging AS Dwt: 1 217 mt
LOA: 67,8m
Purchase price vessel: NOK 47 000 000 Breadth: 14,5m
Paid in capital: NOK 19 500 000 Yard/Built: H.Surken West Germany/ 1982
Uncalled capital: NOK 10 000 000 Class: DNV +1A1, Tug, Supply vessel, Oilrec, SF, E0
Delivery: 29. September 2006 Flag: NOR
Deck cargo 720 sqm
Base case assumptions: Speed: 15,5 knots
Assumed average TC equivalent income:* Main engine: 4 x Wichmann 6AXAG, 10 560 BHP
1.H 2008 NOK 116 500
2.H 2008 NOK 121 500
2009 NOK 125 000
Assumed operating expenses: NOK 47 000 per day
* The vessel is fixed on TC to Kystverket Q1 and Q4 2008 at NOK 110 000
and NOK 120 000 respecivly (less NOK 2 000) per day.
For Q2 and Q3 we have assumed a TC rate of NOK 125 000.
Estimated Cashflow Financing (31.12.2007)
2007 2008 2009 Balance Inst. Interest Balloon
Operating revenue 54 253 050 39 865 000 31 406 250 Mortgage debt 1 20 125 000 8 500 000 6,00 % 1 125 000
Operating expenses 17 445 500 18 335 775 13 337 363 Total 20 125 000 8 500 000 1 125 000
Dry dokcing & other 11 800 000 1 500 000 0
Administration expenses 1 212 000 1 286 184 993 673
Net operating cashflow 23 795 550 18 743 041 17 075 215
Interest earned 131 377 470 511 329 777
Interest expenses 1 635 000 1 153 750 440 781
Repayment long term debt 8 500 000 9 500 000 10 625 000
Net financial items -10 003 623 -10 183 239 -10 736 004
Sale og vessel 25 000 000
Net project cashflow 13 791 927 8 559 802 31 339 210
Estimated dividend 0 9 650 000 42 973 762
Estimated Balance (31.12) Additional information
2007 2008 2009
Working capital 12 724 750 11 634 552 15 223 762
Vessel 37 391 712 29 485 368 25 000 000
Total assets 50 116 462 41 119 920 40 223 762
Outstanding debt 1. Prior 20 125 000 10 625 000 1 125 000
Total outstanding debt 20 125 000 10 625 000 1 125 000
Net asset value pre dividend #REF! 12 483 954 13 113 756
* Vessel value is calculated based on a depreciation of annual annuity factor
of 17,7%.
The interest rate is not fixed. Assumed interest rate for 2008-2009 is 6.5%
incl. margin.
Yearly instalments as follows:
2008-2009: NOK 9 500 000
The investors has given a short term investor loan of NOK 6 000 000.
The vessel is fixed on TC to Kystverket Q1 and Q4 2008 at NOK 110 000
and NOK 120 000 respecivly (less NOK 2 000) per day.
For Q208, Q308 and all of 09 we have assumed a TC rate of NOK 125 000.