pvd 2013 02-jul.pdf

Uy ban xy dng va thc hin chin lc B phn Ngn hang u t

7/2/2013 Private and Confidential

PetroVietnam Drilling

Company report

2


Private and Confidential

Agenda



Case Summary

Company and business overview

Companys operation analysis

Companys financial analysis

Industry analysis

1

2

3

4

5

Agenda

Valuation summary 6

3



PetroVietnam Drilling Company (PVD HOSE) - BUY Investment Case

Attractive valuation, supported by rising day-rates:

PVD is expected to outperform regional peers in terms of ROE (38.7% vs. 15.9%) and ROA (21.6% vs. 5.8%)

PVD is trading at 9.4x EV/EBITDA, 30% discount to regional peers of 13.4x

We initiate PVD with FY2013E TP of VND60,600, represent a 28.3% upside potential

Being a subsidiary of PVN, PVD is able to secure many drilling contracts from PVN and its partners for E&P projects carried out in Vietnam territorial waters

Above-average attractive industry: Vietnam Oil & Gas industry is on the rising trend as supply is always lagged behind supply for the recent years

Investment Rationales:

Key investment Risks:

Day-rate pricing risk: PVDs day-rate is highly correlated to the regional rig utilization and oil prices. Any absurd movement in these factors will have significant impact to the companys top and bottom lines

Political risk: Over the next few years, Vietnams E&P activities will extend eastward and

northward from the current producing Nam Con Son and Cuu Long basins. Potential conflict

over the territorial waters claimed by China and Vietnam will be major issues in the coming

years

Dependency on PVN PVN is owning 50.5% of PVD and having strong influence over the Companys business strategy and policy (the recent private placement at ~30% discount compared to market price to PVN is one example)

Investment Fundamentals:

Items (USDmn) FY2012A FY2013E

Net revenue 573 670

Operating EBIT 91 109

Reported net profit 63 79

EPS (VND) 6,351 7,418

EPS growth 21.7% 14.5%

DPS (VND) 1,500 1,000

ROA 7.0% 7.9%

ROE 20.0% 19.7%

Net debt to equity 82.1% 54.8%

PVN 50.5%

DB 6.1% PVFC, 4.0%

VCB, 2.6%

Other domestic investors,

6.2%

Other foreign

investors, 30.6%

Shareholder structure as of 31/12/2012

4



Agenda



Case Summary




Industry analysis

1

2

3

4

5

Agenda

Valuation summary 6

5



Company profile Overview of PVD

Key operations of PVD

Drilling service Drilling related

services

Established in 2001, a subsidiary of PetroVietnam Group

The sole provider of drilling services in the group

Major domestic player, ~50% driling service maket share (2012)

Emerging international player, operations in Algeria, Malaysia

Net profit USD63.5mn (VND1,697bn) in 2012, a 38% growth from 2011

Operation highlights

Asian Drilling Contractor

in 2012*

Consecutive years of

Zero Lost Time Incident

Average utilization rate

in 2012

#1

4

98,7%

(*) "The Best Oil and Gas Drilling Contractor in

Asia, 2012" award from the World Finance

Magazine

Drilling services

49%

Technical services

39%

FY2012A Revenue

Trading

13%

Drilling services,

56%

Technical services,

42%

Trading 2%

FY2012A Gross Profit

6



Shareholder structure & rig fleet Overview of PVD

PVDs has grown quickly to become a major drilling

contractor. Market share has increased from 10% to 50%.

PVD now owns three jackups, one tender and one land rig.

All three jackup rig have operating depth of 300+ feet in

water. The new tender rig can operate in 5,000 feet,

specializing in deep water areas.

Rig name Type

Water

depth

(ft.)

Drilling

depth

(ft.)

Cost

(USDmn) Year built Status

PV Drilling I Jackup IC 300 25,000 114 2007 Drilling

PV Drilling II Jackup IC 400 30,000 215 2009 Drilling

PV Drilling III Jackup IC 400 30,000 215 2009 Drilling

PV Drilling V Tender 4,000 30,000 220 2011 Drilling

PV Drilling 11 Land rig NA NA 20 2007 In Algeria

Hi-spec jackup rig I Jackup IC NA NA 230 2013 To be completed Q4-2013

Hi-spec jackup rig II Jackup IC NA NA 230 2014 To be completed 2H-2015

10% 10%

30%

50% 50%

60%

0%

20%

40%

60%

80%

FY2007A FY2008A FY2009A FY2010A FY2011A FY2012A

PVDs market share by years

Source: Company data, Macquarie research

7



Corporate structure Overview of PVD

PVN

PV Drilling

100% owned companies

PVD Logging

PVD Offshore

PVD Well Services

PVD Tech

PVD Deepwater

Subsidiaries

PVD Training

PV Drilling - Baker Hughes

BJ - PV Drilling

PVD - PTI

PVD

Tubulars Management

Vietubes

PVD - OSI

PVD - FEG

Factories & branches

PVD Drilling Division

(PVD DD)

Representative

Office in Algeria

52%

51%

49%

51%

51%

50%

51%

51%

8



Agenda



Case Summary




Industry analysis

1

2

3

4

5

Agenda

Valuation summary 6

9



Drilling services in oil & gas production value chain Industry analysis

Carried out by drilling contractors

Source: JP Morgan 2013

10



Relationship between E&P* and Drilling Industry overview

Exploration

Development

Production

Services by drilling contractor Est. duration Players

Explorative drilling Well testing

Development drilling Geological consultant Well technical serives

Rig operation Repair & maintenance Oil spill services

2 months 1 year

3- 5 years

10 20 years

GSF, TSF, Diamond

Offshore,

Atwood Oceanic, Ensco,

Seadrill etc.

Weatherford, ITS,

Schlumberger,

Halliburton, International

Logging,

Geoservices

GSF, TSF, Diamond

Offshore,

Atwood Oceanic, Ensco,

Seadrill etc.

(*) E&P: exploration & production Source: PVDs prospectus

11



Growing activities due to declining oil reserve Vietnam E&P

Oil & gas shortage projection

Demand for oil is increasing, while current oil field is declining in

reserve. Demand for E&P and drilling

activities is, thus, expected to grow

faster in near future.

250 wells to be explored between 2011 2015.

Source: PVN

Source: NCE Subsea

*FDP: field development plan

12



Vietnam, the next destination for E&P activities Vietnam E&P

Vietnam has large yet unexplored oil and gas reserves. The reseve/production ratio

is the highest in Southeast Asia.

With the potentials, Vietnam has attracted 53 companies carrying out E&P activities,

the second most in Southeast Asia.

Vietnam's oil & gas reserves/production ratio (yrs) (2011)

Vietnam's proven oil & gas reserves (2010)

Number of Companies Carrying Out E&P Activities (2011)

Source: Macquarie Research

Source: Macquarie Research

13



Companies have to go further offshore for E&P activities Vietnam E&P

Extensive production in shallow water makes oil

companies go further

offshore for new oil wells.

Undiscovered oil potentials lie mostly in deep water

(Nam Con Son, Tu Chinh

Vung May).

Budget for e&p and drilling activities will, thus, be

increased as it is more

costly to produce oil in

deep water.

Oil potential by basin

Discovered Undiscovered

millions of m3 oil equivalent

Tu Chinh Vung May basin

Source: PVN

14



Notable foreign E&P activities by PVN Vietnam E&P

USA

Russia

Venezuela

Lot Junin 2

Reserve: 36bn bbl

First production date:

26/09/2012

Lot 433A

Reserve: 687 mil bbl


06/2014 (est.)

Algeria

Lot M2

Discovered natural

gas in 6/2013

Lot SK 305

Reserve: N/A


08./2012

Lot PM 304

Reserve: N/A


2006

Malaysia

Myanmar

Lot Nhenhexky

Production date: 09/2010

Lot Nagumanov

Production date: 11/2012

Production

Development

Exploration Source: PVEP

15



Demand correlates with oil price, utilization rate & type Supply/Demand Dynamics

01 02 03 04 05 06 07 08 09 10 11 12 13

Ulitzation rate of Jackup by types

Source: Morgan Stanley Research 2013

Historical Jack up dayrate 000USD/day

Crude oil prices is highly correlated with demand for offshore rigs.

Higher demand for rigs leads to higher utilization rate and day rate.

Rigs with higher operating depth tend to be preferred over lower ones.

Source: Morgan Stanley Research 2013

Source: Douglas-Westwood 2013

16



Tender

PV DrillingV

PVD: PV Drilling V x

Semisub

Ocean General

x Diamond

offshore:

Ocean General

Songa Offshore:

Songa Venus

x

Classification of rigs operating in Vietnam Supply/Demand Dynamics

Fixed platform

Example Suppliers Shallow

water

Jack up

Midwater

Typically in Bach Ho field

PV Drilling I, II, III

Mobility

N/A

Seadrill: WestAriel, West Prospero

Vietsovpetro: , Tam Dao 01, Tam Dao

02

Ensco: ENSCO 107 UMW: Naga 2 PVD: PV Drilling I, II, III

Not available

Deep & ultra

deep

17



Agenda



Case Summary




Industry analysis

1

2

3

4

5

Agenda

Valuation summary 6

18



Jackup fleet PVDs operation

Type Independent legs, Cantilever

Built/year KFELS Singapore/2009

Legs Three legs 517ft

Water depth 400ft

Max drill depth 30,000ft

Clients served Vietsovpetro

Achievements 02 Years Without LTI

2009-2011

Type Independent legs, Cantilever



Water depth 400ft

Max drill

depth 30,000ft

Clients

served

KNOC,

Petronas Vietnam, PVEP POC.

Type Independent legs, Cantilever,



Water depth 400ft

Max drill depth 25,000ft

Clients served

Hoang Long JOC.

Japan Vietnam Petroleum Co.,

Ltd (JVPC), Petronas Vietnam

Limited

Achievements

Longest Basement Well Drilled

in 2008

04 Years Without LTI

2007-2011

PV Drilling I PV Drilling II PV Drilling III

LTI: Lost Time Incident

19



Young & deep water operating jackup fleet PVDs operation

0 5 10 15 20 25 30 35

Cuu Long

Tam Dao 01

Ensco 107

West Prospero

WestAriel,

Naga 2

PV Drilling III

PV Drilling II

PV Drilling I

Tam Dao 02

PVDs fleet

Other contractors

0 50 100 150 200 250 300 350 400

PV Drilling II

PV Drilling III

Ensco 107

West Prospero

WestAriel,

Naga 2

PV Drilling I

Cuu Long

Tam Dao 01

Tam Dao 02

PvDs feelt is relatively young and deeper operating depth

Fleets age

age ft

Fleets water depth

20



Tender rig & land rig PVDs operation

Type Semi-Submersible Self Erecting

Tender Assist Drilling Rig

Builder/ Year Build KFELS SINGAPORE/ 2011

IMO Certification IMO MODU Code 1989

Unit Flag Vietnam

Overall Length 367 ft

Water depth Up to 5,000ft

Gross Tonnage 15,839 T

Max Drill Depth 30,000 ft below mud line

PV Drilling V is the 8th TAD in the world, which is the

latest generation of its kind.

Type Electric VFD Rig

Design CHUANGYOU GUANGHAN HONGHUA Ltd

Built/ year HONGHUA/ 2007

Rig rated depth 5,000m 7,000m for nominal drilling DP 5

PV Drilling 11 is drilling at field MOM-3 of PVEP in Algeria.

PV Drilling V PV Drilling 11

21



Tight bond with PVN helps secure drilling contracts PVDs operation

All of PVDs clients are related to PVN (PVN owns 50.5% stake in PVD). With

the strong bond, PVD is likeyly to secure

contracts from PVN

With current high demand for E&P activities, PVDs dayrate & utilization rate is forecast to grow in near future.

22



High utilization rate & growing dayrate projected PVDs operation

127,165 128,057 145,235

153,949 153,949

205,000 205,000 205,000 205,000 205,000

30,500 30,500 30,500 30,500 30,500

0

50,000

100,000

150,000

200,000

250,000

2011 2012 2013 2014 2015

USD/day PVD's fleet average dayrate

Jackup Tender rig Land rig

Rig Client Dayrate

(US$) Start End Months Revenues

days - 2013

Owned fleet

PVDI Cuu Long JOC

150,000 Jul-13 Aug-14

13.0

180

Cuu Long JOC

130,000 Jun-12 Jun-13

12.0

180

PVD II Lam Son JOC

150,000 Jul-13 Jul-14

12.0

180

JVPC

140,000 Mar-13 Jun-13

3.0

90

JVPC

130,000 Jul-12 Mar-13

8.0

90

PVD III VietsovPetro

162,000 Jul-13 Apr-14

9.0

120

VietsovPetro

150,000 Jan-13 Jun-13

5.0

180

Average Day rate

145,235

1,020

Leased fleet

GSF Key Hawaii (IC 300ft) PVEP (Hong Long) 130,000 Jan-13 Sep-13

9.0 270

Ocean Patriot Semisub Idemitsu

270,000 Sep-12 Apr-13

7.0 120

Ensco 107 jackup Thang Long JOC

150,000 Mar-13 Sep-13

6.0 210

Naga 2 Hoang Long JOC

162,000 Jul-13 Dec-13

6.0 180

West Tunaca PVEP (Dai Hung)

162,000 Jul-13 Dec-13

6.0 180

Average Day rate

163,875

960

PVD V (TAD) Bien Dong POC

205,000 Jan-12 Jan-17

60.0 360

Land rig GBRS JV

30,500 Jan-12 Jan-14

24.0 360

Utilization rate FY2011A FY2012A FY2013E FY2014E FY2015E

Land Rig Dayrate 12.5% 95.0% 95.0% 95.0% 95.0%

Jackup Own fleet 100.0% 96.3% 96.3% 96.3% 88.6%

Semi- tender rig 87.5% 99.0% 99.0% 99.0%

Jack-up rig I 99.0% 99.0%

Jack-up rig II 50.0%

23



Agenda



Case Summary




Industry analysis

1

2

3

4

5

Agenda

Valuation summary 6

24



Revenues & Profit Summary PVDs finance

Revenues and profit grow steadily thanks to larger fleet and better dayrate 4

50 5

73

663

731

830

60

81

100

11

9

130

9.7%

35.7%

22.7%

19.3%

8.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

-

100

200

300

400

500

600

700

800

900

1,000

FY2011A FY2012A FY2013E FY2014E FY2015E

PVD's revenue & profit (USDmn)

Net revenue EBT EBT Growth

22.3% 22.5% 22.9% 24.4% 23.6%

23.7% 24.4% 24.4% 26.6% 26.6%

11.6% 11.1% 11.7% 12.7% 12.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Key Margin Ratios

Gross profit margin EBITDA margin Net profit margin

Items (USD million) FY2011A FY2012A FY2013E FY2014E FY2015E

Net revenue 450 573 663 731 824

Operating EBIT 72 91 108 130 137

Reported net profit 52 63 78 93 97

EPS (VND) 5,175 6,351 7,355 8,091 8,606

EPS growth 10.1% 21.7% 13.5% 7.8% 4.3%

DPS (USD) - 0.11 0.06 0.05 0.08

ROA 6.3% 7.0% 7.8% 8.3% 8.0%

ROE 18.1% 20.0% 19.5% 18.6% 16.9%

Net debt to equity 116.6% 82.1% 55.0% 49.3% 40.5%

Revenue CAGR: 13%

25



Earning drivers PVDs finance

Drilling services, technical related services are two main earning drivers

24.8% 25.2% 24.8%

29.5% 28.0%

22.3% 22.5% 22.9% 24.4%

23.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%


PVD's gross margin by segment

Drilling Technical services Trading Overall

Drilling service contributed 59% to companys profit in 2012

2015s gross margin is forecast to decrease as company is planning to have big

maintenances for two months, along with flattening dayrate.

58.2% 59.5% 58.9% 59.4% 55.4%

36.2% 38.4% 37.8% 37.4% 41.3%

5.7% 2.0% 3.3% 3.1% 3.3%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

De

c-1

1A

De

c-1

2A

De

c-1

3E

De

c-1

4E

De

c-1

5E

$ mil. PVD's gross profit breakdown

Others - Commercials Technical Services Drilling

26



Jackup fleets contribute the most to drilling serive PVDs finance

Jackup fleet (including owned and leased fleet) contributed 77% and 63% to drilling revenue &

gross profit in 2012

79.0%

48.5% 50.3% 47.0% 37.7%

11.1%

14.6% 16.2%

9.0%

9.2%

2.5%

32.8% 30.0%

23.8%

22.8%

17.2%

18.5%

9.0%

7.4% 4.1% 3.5% 2.9% 2.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-11A Dec-12A Dec-13E Dec-14E Dec-15E

PVD's drilling gross profit breakdown

Jackup owned fleet Jackup leased fleet Tender rig

Jack-up rig I Jack-up rig II Land Rig Drilling Services

55.6% 40.4% 38.4% 39.5% 35.1%

39.3%

36.8% 40.2% 26.6% 25.7%

19.7% 18.7%

18.2% 17.1%

9.9% 9.3%

13.1% 13.2%

2.2% 3.1% 2.7% 2.6% 2.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


PVD's drilling revenue breakdown

Jackup owned fleet Jackup leased fleet Tender rig

Jack-up rig I Jack-up rig II Land Rig Drilling Services

27



Technical serivces enhance value of drilling serivces PVDs finance

Technical services comes with drilling service as a full package. The higher quality of the technical service, the more value is added to drilling service.

PVD already has a full range of service so this operation is forecast to stabilize in terms growth from 2013 to 2015.

12%

38%

15%

20% 20%

14% 12%

10%

15% 15%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

-

100.0

200.0

300.0

400.0


USDmn Technical services & others revenue growth

Technical Services Others - Commercials

Services revenue growth Commercial revenue growth

45%

-53%

92%

15% 15% 22%

40%

15%

20% 20%

-80.0%

-40.0%

0.0%

40.0%

80.0%

120.0%

-

20.0

40.0

60.0

80.0

100.0


USDmn Technical services & others gross profit growth

Technical Services Others - Commercials

Services gross profit growth Commercial gross profit growth

28



Planning to construct two new jackups PVDs finance

FY 2013E FY 2014E FY 2015E

New Jackup rig I

Total Investment 115

Debt (70%) 80.5 - -

Equity (30%) 34.5 - -

New Jackup rig II - - -

Total Investment - 115 115

Debt (70%) - 80.5 80.5

Equity (30%) - 34.5 34.5

Total investment 115 115 115

FY2013E FY2014E FY2015E

Maintenance capex 32.1 25.0 25.0

New capex 115.0 115.0 115.0

Total capex 147.1 120.0 120.0

Project Cost

(USDmn) PVDs stake

PVDs capex (USDmn)

Timeline

New Jackup rig I 230 50% 115 1H2013- Q42013

New Jackup rig II 230 100% 230 2014 2H2015

Total 460 416


Short term debt 98 93 109 104 99

Current portion of long term debt 73.0 73.8 88.8 82.2 78.3

Long-term debt 280.9 233.7 225.5 223.8 226.0

Avg interest rate on debt 3.6% 4.1% 4.1% 5.1% 6.0%

Interest expense (13.0) (14.5) (13.6) (16.9) (19.6)


New capex requires more new loan drawn

and, thus, increases interest expense.

Future equity injection and earnings are

expected to offset the increase in debt and

make net debt to equity ratio decrease.

29



New private placement PVDs finance

Number of shares Price (VND) Lockup

period

(years)

% discount

to

01/07/2013

price

Notes

New share issuing 40,000,000 33,000

To PVN 20,152,000 32,450 3 30% Equivalent PVDs book value on 06/30/2012

To financial investors 17,848,000 45,200 1 4% According to HSCs daily news 06/17/2013

ESOP 2,000,000 10,000 1

PVD is to issue 40mn new shares to increase total shares issued to 250mn from 210mn currently

Price issued to financial investors will be based on market price, but not less than the companys book value at the time of issuance (expected to be ~40,000/share by 1H2013E)

30



R = 0.64 Correlated coefficient: 0.8

20

25

30

35

40

45

50

55

34.5 35 35.5 36 36.5 37 37.5

Close price (VND)

Foreign ownership (%)

PVD Price & Foregin ownership

Stock price correlated with foregin trading activities Foreign ownership

34

34.5

35

35.5

36

36.5

37

37.5

38

30

35

40

45

50

55

5/2

8/2

012

6/2

7/2

012

7/2

7/2

012

8/2

6/2

012

9/2

5/2

012

10

/25

/201

2

11

/24

/201

2

12

/24

/201

2

1/2

3/2

013

2/2

2/2

013

3/2

4/2

013

4/2

3/2

013

5/2

3/2

013

6/2

2/2

013

Foreign ownership

(%)

Close price ('000 VND)

PVD Price & Foregin ownership

Close price

Foreign ownership (%)

JPM sold 1.2

million shares

Market Vectors ETF

bought 1.0 million

shares

DB sold 400k

shares

PYN Elite

bought 500k

shares

Templeton bought

500k shares

Source: Thomson One

Market Vectors ETF

bought 600k shares

PVDs stock price is highly correlated with foreign ownership. Correlated coefficient

between two series is 0.8.

R2 coefficient = 0.64 shows a high linear relationship between foregin ownership and

PVDs stock price.

Recent surges and declines in price are related to remarkable changes in

position of foreign investors (JPM, DB,

Templeton).

31



Agenda



Case Summary




Industry analysis

1

2

3

4

5

Agenda

Valuation summary 6

32



PVD Valuation using P/E, P/B Method Valuation summary

PVD peer group comparison:

Valuation FY2011A FY2012A FY2013E FY2014E FY2015E

EPS (VND) 5,175 6,351 7,355 8,091 8,606

BVPS (VND) 29,598 33,545 39,578 46,674 54,391

P/E (x) 9.3 7.6 6.7 6.2 6.0

P/B (x) 1.6 1.4 1.3 1.1 0.9

Fair price @ P/E 8.0x 58,842 64,724 68,850

Fair price @ P/E 1.3x 51,452 60,676 70,709

Target Price (VND) 55,147 62,700 69,779

Name Mkt Cap

(US$m)

ROE

FY12A

(%)

ROA

FY12A

(%)

Div Yield

FY12A (%)

EBITDA

Margin

FY12A

EV/EBITDA

FY12A PE (x)

FY12A PE (x)

FY13E PB (x)

FY12A PB (x)

FY13E

PetroVietnam 406 20.0 7.0 2.2 24.4 5.0 7.1 6.2 1.3 1.2

Peer Group Average 614 13.7 6.1 2.1 16.7 6.9 11.7 11.7 1.2 1.2

Top Two Quartile Average 765.9 22.9 9.8 3.3 23.7 6.3 8.4 8.4 1.7 1.7

First Quartile Avg 438.3 29.4 12.6 3 22.4 5.7 7.7 7.7 1.8 1.8

Second Quartile Avg 1,093.40 16.3 7 3.5 25 6.9 9.2 9.2 1.6 1.6

Third Quartile Avg 632.4 6.6 3.6 1.7 11 8.3 13.4 13.4 0.8 0.8

Fourth Quartile Avg 291.9 2.4 1.1 - 8.2 6.9 16.4 16.4 0.6 0.6

33



PVD Valuation using EV/EBITDA Method Valuation summary

Valuation Dec-11A Dec-12A Dec-13E Dec-14E Dec-15E

Reported EBITDA

106.4

140.0

162.1

195.5

218.6

Less Minority EBITDA from TAD rig

(0.6)

(11.0)

(11.7)

(11.3)

(10.9)

PVD's Proportionate EBITDA

105.8

129.0

150.4

184.1

207.6

Net Debt

347.3

275.6

254.2

263.4

247.4

Less Minority Net Debt in TAD

(31.3)

(31.3)

(18.8)

(12.5)

(6.3)

PVD's proportionate Net Debt

316.0

244.3

235.4

250.9

241.1

Target EV @ 6.3x

666.3

812.4

947.5

1,160.1

1,307.9

Less proprtionate net debt

(316.0)

(244.3)

(235.4)

(250.9)

(241.1)

Equity Value

350.3

568.1

712.1

909.2

1,066.8

Equity Value/Sh (USD)

1.7

2.7

2.8

3.6

4.3

VND/USD Fx rate

20,828

21,453

22,525

23,652

24,834

Equity Value/Sh (VND)

64,122

85,961

105,905

34



PetroVietnam Drilling Corp.s BS and P&L PVDs finance

Balance sheet FY2011A FY2012A FY2013E FY2014E FY2015E

Cash & equivalents 32 51 80 84 113

Accounts receivable 94 144 167 184 205

Inventories 48 38 44 47 53

Other current assets 14 11 11 11 12

Total current assets 188 244 302 326 383

Total investments 15 22 28 28 28

Total net fixed assets 670 633 726 781 821

In which: WIP 1 6 6 121 6

Total intangible assets 8 7 7 7 7

Other LT assets 10 11 11 11 11

Total assets 890 916 1,074 1,154 1,251

Total short term debt 98 93 109 104 99

Accounts payable 94 107 124 134 152

Accrued expenses 26 37 43 46 52

Other current liabilities 26 36 40 42 46

Total current liabilities 244 273 315 325 349

Total long-term debt 281 234 225 224 226

Long-term accounts payable - - - - -

Other liabilities 66 72 62 52 42

Total liabilities 591 579 603 602 617

Paid-up share capital 117 117 136 136 136

Retained earnings reserve 74 105 171 243 316

Other reserves 34 43 43 43 43

Total equity 299 337 471 552 633

Total liabilities & equity 890 916 1,074 1,154 1,251

P&L FY2011A FY2012A FY2013E FY2014E FY2015E

Net revenue 450 573 663 731 815

Cost of goods sold (349) (444) (511) (553) (630)

Gross profit 100 129 152 179 185

Gen & admin expenses (27) (36) (42) (46) (51)

Selling expenses (2) (2) (2) (2) (3)

Operating profit 72 91 108 130 131

Operating EBITDA 106 140 162 195 211

Operating EBIT 72 91 108 130 131

Net income from investments 4 3 6 5 5

Net interest (11) (13) (12) (14) (15)

Net exceptional income (1) 5 - - -

Pre-tax profit 60 81 100 119 119

Taxation (8) (12) (15) (18) (18)

Reported net profit 52 63 78 93 93

Ratios FY2011A FY2012A FY2013E FY2014E FY2015E

Gross profit margin 22.3% 22.5% 22.9% 24.4% 22.7%

EBITDA margin 23.7% 24.4% 24.4% 26.6% 25.8%

Net profit margin 11.6% 11.1% 11.7% 12.7% 11.4%

ROAA 6.3% 7.0% 7.8% 8.3% 7.7%

ROAE 18.1% 20.0% 19.5% 18.6% 16.3%


Current ratio 77.0% 89.2% 95.9% 100.3% 109.7%

Quick ratio 57.2% 75.4% 82.0% 85.9% 94.4%

Cash ratio 13.1% 18.8% 25.5% 25.8% 32.3%

EPS 5,175 6,351 7,355 8,117 8,273

EPS growth 10.1% 21.7% 13.5% 8.2% -0.1%

EPS (adj. net profit) 4,637 5,060 6,473 7,143 7,280

BVPS 29,598 33,545 39,578 46,701 54,085

EV/EBITDA 7.3 5.0 4.3 4.0 3.6

PER (x) 8.6 7.1 6.2 5.8 5.8

P/B (x) 1.5 1.3 1.2 1.0 0.9

y ban xy dng v thc hin chin lc

B phn Ngn hng u t

a ch: 130 Phan ng Lu, Phng 3, Qun Ph Nhun, TP. HCM

T: (84-8) 3995 1483

Website: www.dongabank.com.vn

Ngi lin h: Mr. Nguyn Cao Huynh

TD: 0914.110.101


35 Private and Confidential

pvd 2013 02-jul.pdf

Documents