Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Q1 2014 Earnings Presentation
26 slides from Ultrapetrol (bahamas)'s earnings presentation, May 15, 2014
Slide 1: First Quarter 2014 Earnings Call Presentation
| - ULTRAPETROL (Bahamas) Ltd. First Quarter 2014 Earnings Call Presentation May 15, 2014
Slide 2: Forward Looking Statements & EBITDA Disclosure
Forward Looking Statements & EBITDA Disclosure Our disclosure and analysis in this presentation concerning our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business, include forward-looking statements. Statemen
Slide 3: 1Q 2014 & Subsequent Events Highlights
Ultrapetrol 1Q 2014 & Subsequent Events Highlights Three months ended Three months ended % ($000's) March 31, 2014 March 34, 2013 Change Revenues $86,343 $77,880 11% Adjusted EBITDA” $19,600 $19,261 2% Net (loss) as reported ($4,754) (85,854) 19% EPS as reported (In $ per share) ($0.03) (80.04) 15%
Slide 4: Adjusted EBITDA: 1Q 2014 vs. 1Q 2013
Ultrapetrol Adjusted EBITDA: 1Q 2014 vs. 1Q 2013 Three months ended Three months ended % Adjusted EBITDA per segment ($000's) March 31, 2014 March 31, 2013 Difference Change River Business (695) 6523 7218) Offshore Supply Business 13,210 9,459 3,751 40% Ocean Business 4,082 183 3939 2575% Total Segm
Slide 5: Ultrapetrol (Bahamas) Limited
!/ = ULTRAPETROL 97 Bahamas) Limited
Slide 6: River Business 1Q 2014 vs. 1Q 2013
River Business 1Q 2014 vs. 1Q 2013 FINANCIAL HIGHLIGHTS RIVER Three months ended Three months ended piverence __ % (6000's) March 34, 2014 March 34, 2043 Change Gross Tons Loaded 781,835 926.964 (145,129) 16% Net Tons Transported 602,067 836.276 = (234,209) -28% Revenues 44277 1,930 5% Voyage and. E
Slide 7: River Business Outlook for 2014
River Business Outlook for 2014 Normal rainfall / soy crop: USDA estimate for Paraguay 2014 crop 8.1 MT already harvested Good outlook for the mid year maize crop in Paraguay Large iron ore shipments planned by Vale New transshipment project for grains fully contracted for 4 years will commence serv
Slide 8: River Business: New 5-year agreement with Vale
River Business New 5-year agreement with Vale Entered into an agreement for long-term time charter contract with Vale 4 convoys already delivered in January 2014 (each comprised of one pushboat and 16 barges) for a period of 5 years Further 36 barges (total 100 barges) are also on time charter to Va
Slide 9: River Business: Pushboat newbuilding project
River Business Pushboat newbuilding project = Initiative to acquire four state of the art specially maven designed shallow drafted new pushboats = Average horsepower (HP) per pushboat (approximately): 6,930 HP = Heavy Fuel (IFO 380 CST) consuming engines = Greater transport capacity will enable us t
Slide 10: Offshore Supply
!/ p= ULTRAPETROL (Bahamas) Limited Offshore Supply
Slide 11: Offshore Supply Business 1Q 2014 vs. 1Q 2013
Offshore Supply Business 1Q 2014 vs. 1Q 2013 FINANCIAL HIGHLIGHTS OFFSHORE SUPPLY Three months ended Three months ended pitrsrence ($000's) March 31, 2014 March 31, 2013 Change Revenues 27,403 21,602 5801 27% Voyage Expenses (770) (949) 179 -19% Running Costs (10,622) (6.368) (2,258) 27% ‘Administra
Slide 12: Petrobras 2014-2018 Business Plan
Offshore Supply Business Petrobras 2014-2018 Business Plan E&P and Dowstream Share Evolution in the Business and Management Plan Portfolio of Projects for Financiability Evaluation (Es? sare inPers nein as bee nag in ta re Busnes and napenet Pan) Investment USS2240 Bion USS2247 lion _USS.Z345 ton US
Slide 13: Recently acquired ex-yard state-of-the-art PSVs
Offshore Supply Business Recently acquired 3 ex-yard state-of-the-art PSVs New developments * UP Opal participated successfully in a tender for a four year with Petrobras starting fourth quarter 2014 and is awaiting offi and board approval from Petrobras at a daily charter hire of $31,000 per day *
Slide 14: Long-Term Contractual Employments at Increasing Charter Rates
Offshore Supply Business Long-Term Contractual Employments at Increasing Charter Rates ‘Old/ Current Contract New Contract Conractwin ess an one year Longton contac Duration 201s [2016 | 2017_| 2018 | 2078 uP Rubi $ 34000 May-14 4years $35,200 |W luP Pear 4years $32,950 UP amber 4years $32,950 luP E
Slide 15: Ultrapetrol (Bahamas) Limited
ii ® ULTRAPETROL Ji (Bahamas) Limited
Slide 16: Ocean Business 1Q 2014 vs. 1Q 2013
Ocean Business 1Q 2014 vs. 1Q 2013 FINANCIAL HIGHLIGHTS OCEAN Three months ended Three months ended (3000's) March 31, 2014 ___ March 31, 2013__Diference_% Change Revenues $17,663, $16,941 $722 Voyage Expenses (4.555) 6885) 1,130 Running Costs (7.496) (9.043) 1.547 Gross Profit Constribution 5612 22
Slide 17: Four Product / Chemical Tankers
Ocean Business Four Product / Chemical Tankers ‘Vessel: Amadeo Capacity: 39,670 OWT Type: Double Hull Product Carrier Vessel: Miranda | Capacity: 7,212 DWT Type: Double Hl Chemical Tanker Vessel: Capacity: 11,299 OWT wstral Type: Double Hull Oil 7 sence for large container in BL sachets Feeder servi
Slide 18: Product Tankers & Feeder Container Trade Evolution
Ocean Business Product Tankers & Feeder Container Trade Evolution Product Tankers * Our Product Tankers remain employed on medium term charters at levels substantially above those prevailing in the international (non cabotage) markets, with positive Gross Profit Contribution = We have recently exten
Slide 19: Quarter-on-quarter Selected Statement of Operation Data
Ultrapetrol Quarter-on-quarter Selected Statement of Operation Data “Three months ended Three months ended (5000's) March 31, 2014 March 31, 2013, “Change Revenues ‘Attributable to River Business say277 $09,347 5% ‘tibutabe to Offshore Supply Business 27,403 21002 27% ‘ttibutabe to Ocean Business 17
Slide 20: Quarter-on-quarter Income Statement
Ultrapetrol Quarter-on-quarter Income Statement Three months ended Three months ended (3000's) March 31, 2014 March 31, 2013 Revenues $86,943 $77,890 Voyage Expenses (29,026) (28,007) Running Costs G1,454) 1,472) Depreciation and amortization (11,908) (10,120) Administrative and commercial expenses
Slide 21: Balance Sheet
Ultrapetrol Balance Sheet "At March 31, 2014 “At December 31, % ($000's) (Unaudited) 2013, Change ASSETS Cash & Cash Equivalents $81,716 $72,625 13% Accounts Receivables 43,530 47,836 9% Other Current Assets, 56,592 75,243 25% Vessels and Equipment, Net 722,456 715,431 1% Non-current Other Receivabl
Slide 22: Debt Repayment Schedule
Ultrapetrol Debt Repayment Schedule * Balanced yearly principal repayments in the medium term * All of our long term loans are conservatively structured with loan to value ratios that match current vessel market values Yearly Capital Repayments as of March 31, 2014 $225.0 Senior Notes due 2021 Princ
Slide 23: Thank You
Thank You Q&A Wr 23
Slide 24: Appendix: Accumulated Cash Flow and EBITDA reconciliation
Appendix Accumulated Cash Flow and EBITDA reconciliation Three months ended (s000's) Mari4 —_Mar-13 Total cash flows provided by operating activities, 14,100 3,864 Total cash flows (used in) investing activities 1) (6.438) Total cash flows (used in) from financing activities (4,948) (96,028) Total c
Slide 25: 1Q 2014 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont’d) 1Q 2014 Operating Profit to Adjusted Consolidated EBITDA Three months ended March 31, 2014 ($000's) River__Offshore Supply _Ocean__TOTAL ‘Segment operating (loss) profit ($6,532) $9,359 $2,177 $5,004 Depreciation and amortization 6,156 3,649 1,904 11,909 Investment in affiliates /
Slide 26: 1Q 2013 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont’d) 1Q 2013 Operating Profit to Adjusted Consolidated EBITDA Three months ended March 31, 2013 (8000's) River___Offshore Supply __Ocean TOTAL ‘Segment operating (loss) profit (83,934) $7,400 ($1,547) $1,919 Depreciation and amortization 5,846 2874 1,700 10,120 Investment in affliates /