KBC Advanced Technologies plc Investor Presentation Half-Year Results 30 June 2004.

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Presentation transcript:

KBC Advanced Technologies plc Investor Presentation Half-Year Results 30 June 2004

2 Agenda 1.Review of 1 st half 2004slides 3 – 4 2.Strategy updateslides 5 – 9 3.Financial summaryslides 10 – 18 4.Customer market conditions and outlookslides 19 – 20 Appendix: Background on KBCslides 21 – 24

3 Overview – First half 2004  Business is in transition  Realignment of KBC services to client needs in progress  Strengthening client relationships and key account management  Investment in developing software applications and best practices  Strong growth in software revenue  Repositioning for growth in 2005

4 Operational highlights – First half 2004  Launch of ProfitManager applications and best practices in May  Improved sales performance in UK office with good contract wins in FSU, Middle East and South Africa  Sales remain strong in Japan and Korea  Revenue in the Americas reduced from previous years  Process and other consulting revenues remain under pressure during the transition  Growth in Software, Planning, Upstream and Petrochemicals

5  Refocus on client relationships and regional business strategies  Implement strategy for growth for 2005 and beyond  Restructure core business to deliver competitive advantage through continuous profit improvement built on sustainable partnerships  Evolve scope and functionality of Petro-SIM and ProfitManager to support industry best practice  Broaden consulting into Strategic Planning and Risk Management  Diversify and expand into Petrochemical and Upstream markets  Align internal work processes and implement new MIS Strategy

6 Sustain Monitor Optimize Adjust Implement Refinery performance Process operations Base case simulation Evaluate Identify Benchmark Petro-SIM Software Interview and observe Apply engineering fundamentals Challenge constraints Technical feasibility Operating feasibility Economics Monitoring Tools Profit Tracker Management Tools Continuous Improvement Plan Demonstrate Report ProfitManager - Continuous Improvement Process

7

8 Petro-SIM  Development team recruited in August comprised of ex- Hyprotech employees  Petro-Sim release announced on 8 September 2004  Initial release in October 2004  First update scheduled for first quarter 2005  Discussions with customers under way  Demonstration in September at annual NPRA conference

9 Petro-SIM Naphtha Hydrotreater CDU Reformer Visbreake r FCC HF Alky Unit Blend optimizer Kero Hydro treater Diesel Hydro treater

10 Summarised profit and loss account Turnover15,90716,69932,274 Operating profit Goodwill amortisation(245)(280)(490) Other operating exceptional items(496)(1,020)(2,397) Net Interest Loss before tax(228)(1,187)(1,983) Taxation Loss after tax (149)(1,016)(1,484) Dividends (93) (605)(1,906) Retained loss (242)(1,621)(3,390) Earnings/(loss) per share - basic(0.32p) (2.18p) (3.19p) - fully diluted(0.32p) (2.15p) (3.17p) - basic before goodwill and exceptional items 0.91p (0.02p) 1.37p Average number of shares in issue 46.5m 46.5m 46.5m 6 months to 6 months to 12 months to 30 Jun Jun Dec 2003 £000 £000 £000

11 Foreign exchange impact Turnover15,90716,87816,699 Operating costs15,42016,30316,660 _______________ Operating profit before goodwill and exceptional items_______________ 6 months to 6 months to6 months to 30 Jun Jun Jun 2003 £000£000£000 at constant exchange rate

12 Exceptional costs Software dispute, legal fees, etc4961,325 Reorganisation-878 Strategic review-194 ________ Total4962,397 6 months to Year ended 30 Jun Dec 2003£000

13 Summarised group cash flow statement 6 months to 30 Jun 2004 £000 6 months to 30 Jun 2003 £ months to 31 Dec 2003 £000 Net cash from operations 1,243 (892) 275 Operating exceptional items (282) (1,021) (1,846) Net interest received Tax (paid) refunded (214) Capital expenditure (259) (112) (257) Dividends paid (1,302) (1,906) Translation difference (33) (19) (173) Net cash outflow from acquisitions - - (410) (821) (2,920) (3,348)

14 Summarised group balance sheet Fixed assets6,3537,6307,071 Net current assets (excl cash)8,8799,2088,032 Cash3,4544,2944,275 Creditors due after 1 year -(300)(300) Provisions (1,132) (704) (1,180) Net assets17,55420,128 17,898 Share capital and reserves6,7816,7816,781 Profit and loss10,77313,34711,117 17,55420,12817,898 Note: 2003 comparatives restated for UITF38 reclassification of ESOP investment in own shares At 30 Jun At 30 JunAt 31 Dec £000£000£000

15 Revenues by region 20% 27% 53% 37% 33% 30% 13%25% 62%

16 Revenues by business area

17 Consultant utilisation

18 Order book value

19 Market observations  Refinery utilisation and margins at an all-time high  Plans/projects for increased capex for expansion/upgrade  Renewed emphasis on energy conservation  Efficiency improvements increasingly driven by best practices  Recognition of shortage of key skills and experience

20 Outlook for 2004  Revenues expected to remain flat in second half  Additional costs of Petro-SIM development in second half estimated to be annual cost of £1m with £400k impacting 2004  Operating profit before exceptionals and goodwill for full year expected to remain flat compared with 2003  Year of transition  Client relationship building  Work on strategic initiatives  Investment in software development  Activity level high  Consultant morale and enthusiasm restored

21 KBC – “The preferred partner to deliver sustainable competitive advantage”  Leading independent consultants to the downstream oil industry  Serves the refining, petrochemical and process industries  Proprietary software tools and methodology, together with unrivalled experience of consultants are key differentiators  Global operations serving over 200 clients worldwide APPENDIX

22 KBC evolution 1979 KBC founded as independent consulting company, specialised in energy improvement in refineries 1983 First yield & energy study applied to petrochemicals (ethylene plant) 1986 Development of Petrofine simulation software leads to first refinery-wide Yield & Energy Survey 1993 Yield & Energy Survey develops into comprehensive Profit Improvement Program (PIP) 1995 On-site Implementation Services takes KBC profit improvement deliverable to a new dimension 1996 Development of new business area in Reliability, Availability & Maintenance KBC extends its operations to include a comprehensive risk management program with the acquisition of Risk Solutions KBC extends into oil and gas market analysis with PEL acquisition and enhance energy services with Linnhoff March acquisition 2002 Core skills and competencies extrapolated into Petrochemicals, Gas Processing and Energy industries KBC Office Locations KBC establishes Moscow office to serve FSU clients KBC Listed on the London Stock Exchange

23 Global Track Record

24 Delivering competitive advantage Mission and Strengths in partnership with our clients  Independence  Proven track record  Methodology  Unique toolsets  Breadth & depth of experience  Change management experience