Information package –
August 2006
Schat-Harding
The world’s largest manufacturer of maritime life saving
systems/lifeboats, davits and winches
•
•
•
Dates back to 1928, when Schat Davits patented the first skates to launch a lifeboat from a listing
ship.
Since then developed to be the worlds largest manufacturer of maritime life saving
systems/lifeboats, davits and winches
Unique installed base
–
•
•
More than 10,000 ships and oil rigs relay on Schat-Harding for emergency evacuation
This family of trusted brands has made Schat-Harding the first supplier to offer fully integrated
packages of lifeboats, davits, hooks, winches, cruise tenders, and rescue boats, backed up by
global service and after-sales
Hundred of years of accumulated experience in maritime safety
schat-harding
30.8.01 pkt. 1 Page
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Schat-Harding
Geograpic presence
America: 2 agents
Asia:
22 agents
Europe: 15 agents
S. KOREA
Norway
Canada
USA
Germany
United Kingdom
Czech Republic
The Netherlands
SPAIN
S-H OFFICES:
JAPAN
Osaka
China
GREECE
PORTUGAL
MEXICO
GIBRALTA
R
SERVICE PARTNERS:
Singapore
UAE /
BAHRAIN
INDIA
AUSTRALIA
Perth
Active
40 employees
372 employees
96 employees
Melbourne
Sydney
Schat-Harding
Company structure
Production
Americas
Asia Pacific
After Sales
& Service
Rosendal
Rosendal
UK
UK
Netherlands
Netherlands
Germany
Germany
US
US
US
Qingdao
Singapore
Singapore
Ølve
Europe
Sales&
Marketing
Slany
Schat-Harding
Organizational Chart
Schat-Harding
Legal Chart
Umoe Schat-Harding AS
Norway
100%
100%
100%
100%
Umoe Schat-Harding BV
Netherlands
Umoe Schat-Harding Boatbuilding Qingdao Co Ltd
China
Umoe Schat-Harding FE
Singapore
Umoe Schat-Harding GmbH
Germany
Umoe Schat-Harding Inc.
US
100%
Umoe Schat-Harding LTD
UK
100%
Umoe Schat-Harding s.r.o
Ccech Republic
Schat-Harding
Product range
Schat-Harding has one of the most extensive product ranges in the industry, and is
currently in process of developing new products and services that will provide further
revenue growth opportunities for Schat-Harding
Schat-Harding
Market segments
Cruise
 World leader.
 Delivers complete systems,
including Cruise Tenders and
Partially Enclosed Lifeboats
(PELB)
 Approximate market share*:
 Life boats: +50%
 Davits: +40%
Merchant
 Offers totally enclosed
lifeboats and davits,
conventional lifeboat systems
and freefall lifeboats
 Approximate market share*: 67%
*Source: Schat-Harding estimates
Offshore
 Totally enclosed lifeboats
and davits for platforms, as
well as freefall and
conventional systems
 Approximate market
share*: 25%
After Sales
 Global leader in the high-
margin AS & S market
 Estimated 3x larger revenues
than no. 2 in the market
 USH has the largest and most
extensive service network
within its product niche
Schat-Harding
Market drivers
Cruise
D
R
I
V
E
R
S
Merchant
Offshore
After Sales
•Newbuilding activity
•Sailing fleet/offshore units in production
•Demolition rate. High rate increases the newbuilding activity
•The world
economy
•Economic
development in
America
•Increased time
for vacation
•Focus on safety
in the industry
•Freight markets
•Oil price
•New safety and
environmental
regulations
•Ageing fleet
•Oil price
•USD level
•Demand for rigs
•New investments
•New safety and
environmental
regulations
•Sailing vessels
with USH equip.
•New safety and
environmental
regulations
•Ageing fleet
•Freight markets
•Oil price
•Change of flag
Schat-Harding
Extensive product and services range for the important after market
Products installed on more than 10,000 oil rigs and vessels should give strong after
sales customer base for this business
Solas/IMO regulations
•
New regulation in IMO* to prevent accidents with LSA systems
– New Amendments to Sola’s Chapt. III Adopted in MSC.78 for training,
servicing and maintenance of LSA
– All inspections (ex. Weekly and monthly inspections), servicing and repairs
should be conducted by the OEM*’s representative, or a person
appropriately trained and certified by the OEM for the work to be done
– Compulsory annual and five-yearly inspections, servicing and testing will
require trained and authorised personnel by the OEM
– Entered into force 1st July 2006
New Solas/IMO regulations will increase demand strongly for OEM’s products and
services
*IMO: International Maritime Organisation. OEM: Original Equipment Manufacture
Schat-Harding
Profit & Loss*
NOK 1000
Total operating income
Raw materials and consumable used
Other operating costs
EBITDA
Write down of bad debt
Depreciation & amortisation
Operating profit
Financial income
Financial expense
Profit/loss before tax
Tax
Net profit/loss for the period
2004
2005
Per 1Q06
Per 2Q06
430 727
319 774
97 180
13 773
2 000
11 336
437
9 021
4 966
4 493
2 226
2 266
391 540
254 304
100 660
36 576
7 880
28 696
7 114
11 437
24 373
-4 231
28 604
116 659
72 892
25 758
18 009
1 987
16 021
1 336
942
16 415
3 103
13 313
236 153
147 553
51 282
37 317
4 013
33 304
3 409
4 060
32 653
10 363
22 290
*Consolidated, unaudited Umoe Schat-Harding Group figures. 2004 and 2005 figures are
based on audited accounts for the respective Schat-Harding companies.
Schat-Harding
Balance Sheet*
Balance sheet (NOK 1000)
2004
2005
Per 1Q06
Per 2Q06
16 731
48 453
1 348
66 532
15 617
53 060
1 140
69 817
14 381
48 473
1 030
63 884
12 838
47 913
1 027
61 778
Inventories
Other debitors
Total debitors
Bank deposits/cash
Total current assets
128 876
71 597
200 473
31 028
231 500
125 341
146 200
271 541
31 854
303 395
101 475
108 475
209 950
27 464
237 413
136 495
123 206
259 701
27 177
286 878
Total assets
298 033
373 212
301 297
348 656
47 782
46 803
94 585
51 150
80 653
131 803
47 777
91 706
139 483
47 778
100 693
148 471
Provisions
Other long-terms liabilities
Long term liabilities
Current liabilities
Total liabilities
16 114
52 738
68 852
134 596
203 448
12 573
70 584
83 157
158 251
241 409
12 459
44 314
56 773
105 040
161 814
12 419
55 188
67 607
132 578
200 185
Total equity and liabilities
298 033
373 212
301 297
348 656
Intangible assets
Tangible assets
Financial assets
Total fixed assets
Share capital
Retained earnings
Total equity
Comments
Schat-Harding balance
sheet – will be
refinanced after
completion of
acquisition, and debt to
Umoe Industrier repaid
(NOK 39 million)
Schat-Harding has no
undrawn committed or
uncommitted credit
facilities from any
financial institutions
Bank guaranties of
approximately NOK
63.5 million outstanding
as per 30.06.06
*Consolidated, unaudited Umoe Schat-Harding Group figures. 2004 and 2005 figures are
based on audited accounts for the respective Schat-Harding companies.
Schat-Harding
Strong order backlog (excluding options*)
600
NOK Mill
500
400
300
200
100
0
1Q 05
2Q 05
3Q 05
4Q 05
1Q 06
2Q 06
3Q 06
*Options related to existing orders sums up to approximately 14 million euro. Contracts
will become effective if end customers exercises its options with the yards.
www.schat-harding.com
Address: Head Office: Seimsfoss 5450, Rosendal, Norway.
Org. number:Umoe Schat-Harding AS: 937989202: