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page 1<br />
<strong>TTS</strong> Marine <strong>ASA</strong><br />
Presentation Q3 2006<br />
October 31, 2006
page 2<br />
<strong>Agenda</strong><br />
• 3 rd quarter consolidated accounts<br />
• Business segments<br />
• Establishing Rep. Office in Vietnam<br />
• Market outlook and forecast<br />
• Market development for the <strong>TTS</strong> stock<br />
• Shareholder structure
page 3<br />
<strong>Agenda</strong><br />
• 3 rd quarter consolidated accounts
<strong>TTS</strong> Summary<br />
3 rd quarter 2006<br />
page 4<br />
• Earnings per share in the 3 rd quarter was 0,84 NOK.<br />
• Turnover in 3 rd quarter increased by 41.5% compared to last year, while<br />
EBITDA increased by 44.3%.<br />
• As to sales, order backlog, turnover and EBITDA the figures are the best<br />
quarterly results ever.<br />
• Considerable changes in shareholder structure , Skeie <strong>Group</strong> owns 39,5%.<br />
• <strong>TTS</strong> will establish sales- and service office in Vietnam in November.
NOK 1000<br />
450 000<br />
400 000<br />
350 000<br />
300 000<br />
250 000<br />
200 000<br />
150 000<br />
100 000<br />
50 000<br />
0<br />
<strong>TTS</strong> Marine <strong>Group</strong><br />
Turnover and EBITDA, 3 rd quarter 2006<br />
Turnover<br />
page 5<br />
389 367<br />
275 099<br />
3Q 2006 3Q 2005<br />
NOK 1000<br />
30 000<br />
25 000<br />
20 000<br />
15 000<br />
10 000<br />
5 000<br />
0<br />
EBITDA<br />
25 118<br />
17 406<br />
3Q 2006 3Q 2005
<strong>TTS</strong> Marine <strong>Group</strong><br />
Profit and loss account, key figures, 30.09.2006<br />
Profit and loss<br />
Account<br />
Turnover<br />
EBITDA<br />
Operating profit<br />
Net financial items<br />
Profit before tax<br />
page 6<br />
Per 3. quarter 3. quarter Year<br />
2006<br />
2005<br />
2006<br />
2005<br />
2005<br />
1 161 209 802 547 389 367 275 099 1 149 831<br />
73 377 56 070 25 118 17 406 67 199<br />
66 526 52 163 22 823 16 081 59 635<br />
- 1 354 - 2 039 185 - 971 - 3 338<br />
65 172 50 124 23 009 15 111 56 297<br />
Net profit 48 748 36 197 17 093 11 209 40 239
MNOK<br />
30,0<br />
25,0<br />
20,0<br />
15,0<br />
10,0<br />
5,0<br />
0,0<br />
4Q 2003<br />
page 7<br />
<strong>TTS</strong> Marine <strong>Group</strong><br />
EBITDA last 12 quarters<br />
7,0 6,3<br />
1Q 2004<br />
2Q 2004<br />
9,0<br />
11,5<br />
3Q 2004<br />
15,3<br />
4Q 2004<br />
19,4<br />
1Q 2005<br />
2Q 2005<br />
19,2 17,4<br />
3Q 2005<br />
4Q 2005<br />
11,1<br />
1Q 2006<br />
24,2 24,0 25,1<br />
2Q 2006<br />
3Q 2006
page 8<br />
<strong>TTS</strong>Marine <strong>Group</strong><br />
EBITDA margin last 12 quarters<br />
%<br />
9<br />
8<br />
7<br />
6<br />
5<br />
4<br />
3<br />
2<br />
1<br />
0<br />
4Q 2003<br />
1Q 2004<br />
2Q 2004<br />
3Q 2004<br />
4Q 2004<br />
1Q 2005<br />
2Q 2005<br />
3Q 2005<br />
4Q 2005<br />
1Q 2006<br />
2Q 2006<br />
3Q 2006
page 9<br />
<strong>TTS</strong> Marine <strong>Group</strong><br />
EBITDA margin per quarter 2006<br />
%<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
1Q 2006 2Q 2006 3Q 2006 <strong>TTS</strong> <strong>Group</strong><br />
<strong>TTS</strong> <strong>Group</strong> Ex. Deck<br />
Machinery
<strong>TTS</strong> Marine <strong>Group</strong><br />
Balance sheet, 30.09.2006<br />
Balance sheet<br />
(NOK 1000) 30.09.06 30.09.05 31.12.05<br />
Fixed assets 448 690 355 389 429 629<br />
Current assets 927 131 636 307 753 157<br />
TOTAL ASSETS 1 375 821 991 696 1 182 786<br />
Equity 451 047 388 164 394 932<br />
Long term liabilities 108 228 78 948 77 279<br />
Current liabilities 816 546 524 584 710 574<br />
TOTAL EQUITY AND LIABILITIES 1 375 821 991 696 1 182 786<br />
Interest-bearing debt<br />
Current 126 042 34 290 135 359<br />
Long term 95 355 58 108 58 565<br />
Total 221 396 92 396 193 924<br />
Cash in hand 87 054 83 323 97 811<br />
Net interest-bearing debt (deposits) 134 342 9 073 96 113<br />
page 10
<strong>TTS</strong> Marine <strong>Group</strong><br />
Net interest bearing debt<br />
Net interest bearing debt<br />
(NOK 1000) 30.09.06 30.06.06 31.03.06 31.12.05<br />
Interest bearing debt<br />
Current 126 042 184 416 174 329 135 359<br />
Long term 95 354 51 223 53 377 58 565<br />
Total 221 396 235 639 227 706 193 924<br />
Cash in hand 87 054 73 503 66 486 97 811<br />
Net interest bearing debt<br />
(deposits)<br />
134 342 162 136 161 220 96 113<br />
page 11
MNOK<br />
<strong>TTS</strong> Marine <strong>Group</strong><br />
Turnover per 30.09.2006<br />
1 200,0<br />
1 100,0<br />
1 000,0<br />
900,0<br />
800,0<br />
700,0<br />
600,0<br />
500,0<br />
400,0<br />
300,0<br />
200,0<br />
100,0<br />
page 12<br />
0,0<br />
533,6<br />
317,9<br />
189,5<br />
120,1<br />
1161,2<br />
471,2<br />
225,6<br />
105,3<br />
30.09.2006 30.09.2005<br />
0,0<br />
802,6<br />
Dry Cargo Handling<br />
Marine Cranes<br />
Port & Material Handling<br />
Deck Machinery<br />
<strong>TTS</strong> Konsern
MNOK<br />
<strong>TTS</strong> Marine group<br />
EBITDA per 30.09.2006<br />
page 13<br />
80,0<br />
70,0<br />
60,0<br />
50,0<br />
40,0<br />
30,0<br />
20,0<br />
10,0<br />
0,0<br />
-10,0<br />
60,6<br />
9,9<br />
9,5<br />
30.09.2006<br />
-4,0<br />
73,4<br />
47,0<br />
-1,7<br />
12,6<br />
30.09.2005<br />
0,0<br />
56,1<br />
Dry Cargo Handling<br />
Marine Cranes<br />
Port & Material Handling<br />
Deck Machinery<br />
<strong>TTS</strong> Konsern
<strong>TTS</strong> Marine <strong>Group</strong><br />
Order backlog 30.09.2006<br />
MNOK<br />
2500<br />
2000<br />
1500<br />
1000<br />
500<br />
0<br />
page 14<br />
894<br />
498<br />
158<br />
453<br />
2003<br />
872<br />
317<br />
75<br />
30.09.2006 30.09.2005<br />
0<br />
1264<br />
Dry Cargo Handling<br />
Marine Cranes<br />
Port & Material Handling<br />
Deck Machinery<br />
<strong>TTS</strong> Konsern
<strong>TTS</strong> Marine <strong>Group</strong><br />
Order backlog by division<br />
� Continued good order intake for the most<br />
important segments in Dry Cargo<br />
Handling .<br />
� The order intake for Marine Cranes has<br />
been very good.<br />
� The same goes for Deck Machinery<br />
division, which has resulted in a record<br />
high order backlog for the division.<br />
� Good order intake for yard systems.<br />
Terminal systems has had a lower order<br />
intake than expected in Q3.<br />
� The two joint venture companies in China<br />
had an order backlog at 30 September of<br />
NOK 500m. This is not included in the<br />
figures.<br />
page 15<br />
M NOK<br />
2500<br />
2000<br />
1500<br />
1000<br />
500<br />
0<br />
3Q 2002<br />
Order backlog<br />
1Q 2003<br />
3Q 2003<br />
1Q 2004<br />
3Q 2004<br />
1Q 2005<br />
3Q 2005<br />
1Q 2006<br />
3Q 2006<br />
Dry Cargo<br />
Marine Cranes<br />
Port&Material<br />
Handling<br />
Deck Machinery<br />
Total
1600<br />
1400<br />
1200<br />
1000<br />
800<br />
600<br />
400<br />
200<br />
0<br />
page 16<br />
<strong>TTS</strong> Marine group<br />
Historical development<br />
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06<br />
NOKm<br />
� Established in 1966<br />
� Listed on Oslo Stock Exchange in 1995<br />
� Acquired Mongstad Engineering AS in 1996<br />
� Acquired Norlift AS in 1997<br />
� Acquired Aktro AS in 2000<br />
� Established Joint Venture in Shanghai, China in 2001<br />
� Sold <strong>TTS</strong> Construction AS in 2001<br />
� Acquired HamworthyKSE AB, Dry Cargo in 2001<br />
� Acquired Hydralift Marine and sold <strong>TTS</strong> Aktro in 2001<br />
� Established office in Pusan, Korea in 2002<br />
� Acquired 100% of JV in Shanghai, China in 2004<br />
� Acquired LMG Cranes in Lubeck, Germany in 2004<br />
� Acquired Liftec Oy in Tampere, Finland in 2004<br />
� Established <strong>TTS</strong> BoHai Machinery in Dalian, China, 2005<br />
� Etablished <strong>TTS</strong> Inc. in Miami, USA in 2005<br />
� Acquired NavCiv Engineering AB, Sweden in 2005<br />
� Acquired Kocks GmbH in Bremen, Germany in 2005<br />
� Established <strong>TTS</strong> Marine s.r.l., Genova, Italy in 2006
<strong>TTS</strong> Marine <strong>Group</strong><br />
EBITDA last 8 years + per 3Q 2006<br />
MNOK<br />
80,0<br />
70,0<br />
60,0<br />
50,0<br />
40,0<br />
30,0<br />
20,0<br />
10,0<br />
0,0<br />
page 17<br />
12,0<br />
21,7<br />
6,4<br />
13,5<br />
31,7<br />
1998 1999 2000 2001 2002 2003 2004 2005 Per 3Q<br />
2006<br />
13,7<br />
42,2<br />
67,2<br />
73,4
page 18<br />
<strong>Agenda</strong><br />
• 3 rd quarter consolidated accounts<br />
• Business segments
page 19<br />
Dry Cargo Handling<br />
RoRo, Hatch Covers, Side Doors and Cruise<br />
• Good operations and earning in the<br />
division, which led to new quarterly<br />
record.<br />
• Still strong market conditions for car<br />
carriers with several new orders and<br />
more projects under evaluation.<br />
• High order backlog for all product<br />
segments.<br />
• Still good order intake and results in<br />
J/V company in China.<br />
• Rep. office in Vietnam opens officially<br />
7 November.
page 20<br />
Marine Cranes<br />
Cranes and Davits for ships<br />
• Significant growth in turnover. But<br />
due to postponed deliveries the<br />
result is somewhat weaker than<br />
expected.<br />
• Good order intake, increasing<br />
order backlog and good market<br />
conditions.<br />
• Improved margins and earnings<br />
in <strong>TTS</strong> Marine Shanghai.<br />
• Good developments in <strong>TTS</strong><br />
Bohai. First quarter with positive<br />
results.<br />
• Preparing re-entry in the offshore<br />
market in January 2007.
Deck Machinery<br />
Winches and deck equipment<br />
• Excellent order intake in Q3, which<br />
led to a record high order backlog.<br />
• Still negative results due to<br />
deliveries with low earnings in the<br />
’old’ order backlog.<br />
• Due to the high level of order intake<br />
this year, in Q4 the amount of ’new’<br />
contracts will increase and cause<br />
improved earnings.<br />
• Continuing good market conditions<br />
are promising for the future.<br />
page 21
page 22<br />
Port and Material Handling<br />
Shipyards, Terminals and Industry<br />
• Good order intake for Yard<br />
systems, but lower order intake<br />
than expected for port terminal<br />
systems.<br />
• Within Yard systems <strong>TTS</strong> has<br />
focused on panel lines. High<br />
activity in this market niche.<br />
• Still high activity in the market<br />
for cargo handling terminals<br />
with several projects.<br />
• Still working actively in the<br />
market for delivery of heavy<br />
load-handling in container<br />
harbours (LoLo container<br />
terminals). Expecting<br />
claryfication in Q4.
page 23<br />
<strong>Agenda</strong><br />
• 3 rd quarter consolidated accounts<br />
• Business segments<br />
• Establishing Rep. Office in Vietnam
page 24<br />
<strong>TTS</strong> Marine <strong>ASA</strong><br />
What can <strong>TTS</strong> offer in Vietnam?<br />
• Development of New Shipyards, (or up-grading of old)<br />
• Lay-out studies<br />
• Production Equipment<br />
• Heavy Load Equipment<br />
• Ships Equipment for New Building,<br />
• RoRo Equipment for Car Carriers<br />
• Hatch Covers<br />
• Marine Cranes<br />
• Deck Machinery<br />
• Development of Ports,<br />
• Port Equipment for RoRo and LoLo terminals
page 25<br />
<strong>TTS</strong> Marine <strong>ASA</strong><br />
New Rep. Office in Hai Phong<br />
Country Manager Mr. Tran Duc Hieu<br />
Secretary Ms Nguyen Ninh Phuong
page 26<br />
<strong>Agenda</strong><br />
• 3 rd quarter consolidated accounts<br />
• Business segments<br />
• Establishing Rep. Office in Vietnam<br />
• Market outlook and forecast
Number of vessels<br />
2 500<br />
2 000<br />
1 500<br />
1 000<br />
500<br />
0<br />
1992<br />
page 27<br />
Contracting<br />
Number of vessels<br />
1993<br />
1994<br />
1995<br />
1996<br />
1997<br />
1998<br />
1999<br />
2000<br />
2001<br />
Contracting<br />
300 gt+, Oct 2006<br />
2002<br />
2003<br />
2004<br />
2005<br />
2006*<br />
2007*<br />
2008*<br />
2009*<br />
2010*<br />
2011*<br />
2012*<br />
2013*<br />
2014*<br />
Passenger<br />
Dry Cargo<br />
RoRo<br />
Reefers<br />
Container<br />
Bulker incl comb<br />
Tanker<br />
2015*<br />
* = Prognosis<br />
Source: LR Fairplay
Number of vessels<br />
World fleet outlook<br />
Total number<br />
300 gt+, Oct 2006<br />
2500<br />
2250<br />
2000<br />
1750<br />
1500<br />
1250<br />
1000<br />
750<br />
500<br />
250<br />
0<br />
page 28<br />
1992<br />
1993<br />
1994<br />
1995<br />
1996<br />
1997<br />
1998<br />
1999<br />
2000<br />
2001<br />
2002<br />
2003<br />
2004<br />
2005<br />
2006<br />
2007<br />
2008<br />
2009<br />
2010<br />
2011<br />
2012<br />
2013<br />
2014<br />
Deliveries<br />
Del.forecast<br />
Scrapping<br />
Scrap.forecast<br />
Contracting<br />
Cont.forecast<br />
2015<br />
Source: LR Fairplay
page 29<br />
<strong>Agenda</strong><br />
• 3 rd quarter consolidated accounts<br />
• Business segments<br />
• Establishing Rep. Office in Vietnam<br />
• Market outlook and forecast<br />
• Market development for the <strong>TTS</strong> stock
page 30<br />
<strong>TTS</strong> Stock Performance<br />
30 October 2005 – 27 October 2006
<strong>TTS</strong> Stock Overview<br />
page 31<br />
1 January 2005 – 27 October 2006<br />
Number of shareholders<br />
Foreign holdings<br />
01.01.2005 27.10.2006<br />
769<br />
5.0%<br />
467<br />
44,27%<br />
01.01.2005 – 27.10.2006 Average trading/day<br />
Number of trades 12 494 27<br />
Value (NOK ’000) 2 247 477 4 875<br />
Number of shares (1000)<br />
<strong>TTS</strong> Market Value<br />
01 January 2004<br />
01 January 2005<br />
01 January 2006<br />
27 October 2006<br />
63 265<br />
NOK 144m<br />
NOK 305m<br />
NOK 624m<br />
NOK 1,033m<br />
137
page 32<br />
<strong>Agenda</strong><br />
• 3 rd quarter consolidated accounts<br />
• Business segments<br />
• Establishing Rep. Office in Vietnam<br />
• Market outlook and forecast<br />
• Market development for the <strong>TTS</strong> stock<br />
• Shareholder structure
page 33<br />
<strong>TTS</strong> Marine <strong>ASA</strong><br />
10 largest shareholders per 27 September 2006<br />
Skeie <strong>Group</strong> 39.50%<br />
Morgan Stanley (Gbr) 15.14%<br />
JCE <strong>Group</strong> AB (Swe) 11.00%<br />
If Skadeforsäkring (Swe) 6.44%<br />
Nordea Bank (Fin) 3.31%<br />
Odin Europa 1.94%<br />
Verdipapirfond Odin 1.78%<br />
DnB NOR 1.47%<br />
Stichting Shell Pens (Nld) 1.41%<br />
Stiftelsen Statoil 0.99%<br />
Total 82.98%
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