Thoresen Thai Agencies Public Co. Ltd. · SET:TTA

Thoresen Thai Agencies Public — Q1 2009 Earnings Presentation

18 slides from Thoresen Thai Agencies Public's earnings presentation, March 2009

  1. Slide 1: Thoresen Thai Agencies: Q1/2009 Financial Highlights

    March 2009 THORESEN THAI AGENCIES PUBLIC COMPANY LIMITED “An Integrated Shipping Group” Q1/2009 Financial Highlights

  2. Slide 2: Q4/2008 and Q1/2009 Income Statement Comparison

    Q4/2008 and Q1/2009 Income Statement Comparison % Total Q4/2008 Q1/2009 % Change Q4/2008 Q1/2009 Freight Income 8,026,123,300 4,844,820,798 -39.64% 79.63% 66.63% Offshore Service Income 1,671,781,084 1,574,221,212 -5.84% 16.59% 21.65% Service/Commission Income 219,285,856 172,298,576 -21.43% 2.18% 2

  3. Slide 3: Q4/2008 and Q1/2009 Income Statement Comparison (cont.)

    Q4/2008 and Q1/2009 Income Statement Comparison (cont.) % Total Q4/2008 Q1/2009 % Change Q4/2008 Q1/2009 Service & Administrative 518,140,104 496,230,299 -4.23% 5.14% 6.82% Expenses EBITDA 2,987,352,160 1,626,426,634 -45.56% 29.64% 22.37% Depreciation and 448,599,876 453,355,040 1.06% 4.45% 6.23% Am

  4. Slide 4: Q4/2008 and Q1/2009 Income Statement Comparison (cont.)

    Q4/2008 and Q1/2009 Income Statement Comparison (cont.) % Total Q4/2008 Q1/2009 % Change Q4/2008 Q1/2009 Income Taxes (84,848,566) (41,369,323) -51.24% Net Income After Taxes 2,315,709,990 1,021,632,020 -55.88% 22.98% 14.05% p FX Impact ((69,702,038) , , ) 29,065,856 , , -141.70% Minority Interests

  5. Slide 5: Q4/2008 and Q1/2009 Balance Sheet Comparison

    Q4/2008 and Q1/2009 Balance Sheet Comparison Q4/2008 Q1/2009 % Change Cash & Deposits 11 527 798 624 11,527,798,624 11 894 548 967 11,894,548,967 3 18% 3.18% S-T Investments 462,762,549 792,709,506 71.30% Trade Debtors , , , 3,058,505,633 2,707,979,547 , , , -11.46% Related Debtors 1,166,705,739 26,

  6. Slide 6: Q4/2008 and Q1/2009 Balance Sheet Comparison (cont.)

    Q4/2008 and Q1/2009 Balance Sheet Comparison (cont.) Q4/2008 Q1/2009 % Change Trade & Non-Trade Non Trade Creditors 2 865 252 422 2,865,252,422 1 595 926 373 1,595,926,373 -44 44.30% 30% Related Creditors 52,722,896 57,070,818 8.25% S-T S T Debt 9 200 000 9,200,000 9 200 000 9,200,000 0 00% 0.00% Cu

  7. Slide 7: Q4/2008 and Q1/2009 Balance Sheet Comparison (cont.)

    Q4/2008 and Q1/2009 Balance Sheet Comparison (cont.) Q4/2008 Q1/2009 % Change Share Capital 2 184 094 630 2,184,094,630 2 184 094 630 2,184,094,630 0 00% 0.00% Reserves 22,837,610,916 24,035,925,857 5.25% Shareholders Funds 25,021,705,546 26,220,020,487 4.79% Minorities 4,193,389,740 4,628,657,934 1

  8. Slide 8: Key Financial Ratios

    Key Financial Ratios Ratio Q4/2008 Q1/2009 Current Ratio 3.4976 4.0792 Quick Ratio 3 3118 3.3118 3 8593 3.8593 Debt/Assets 0.1973 0.1784 Debt/Equity 0.2835 0.2484 EBITDA/Interest Expense 21.6171 14.7763 Interest Expense/Debt (Annualized) 6.8821% 5.8537% Slide 8

  9. Slide 9: Key Financial Ratios (cont.)

    Key Financial Ratios (cont.) Ratio Q4/2008 Q1/2009 Receivables Turnover (Days) 27.2813 36.4798 Payables Turnover (Days) 23.1416 24.4154 Revenue/Fixed Assets 0.4429 0.3035 Revenue/Total Assets 0 2497 0.2497 0 1739 0.1739 Return on Assets 5.0938% 2.1452% Return on Equity 7.3190% 2.9873% Book Value Per

  10. Slide 10: Dry bulk shipping and offshore services markets were getting weak in Q1/2009

    Dry bulk shipping and offshore services markets were getting weak in Q1/2009 (Millions of Baht) Q1/2009 Q1/2009 Q1/2009 Net Profit Contribution Revenues Net Profits Shipping Dry Bulk Shipping Group 4,935 182 Services 16.47% (-39.62%) (-90.40%) Offshore Dry Bulk Services Baht Offshore Services Group

  11. Slide 11: TTA achieved a TC rate performance of $10,326 per vessel day in Q1/2009

    TTA achieved a TC rate performance of $10 $10,326 326 per vessel day in Q1/2009 • Our total fleet’s TC rates decreased 57.01% Actual Vessel Days from $24,020 per vessel day in Q4/2008 to 5,300 $10,326 per vessel day in Q1/2009 4,300 3 300 3,300 • Vessel days increased 0.67% from 3,906 vessel 2,300 1

  12. Slide 12: Cargo volumes were decreased 25.73% due to falling demand

    Cargo volumes were decreased 25.73% due to falling demand Q4/2008 Q1/2009 General Paper and General Cargoes Wooden C Cargoes Paper and 2% Products 1% Wooden 8% Mineral / Products Concentrates Agricultural 16% Mineral / Products 28% Concentrates 14% 33% Agricultural Products 12% Steel Products 24% Fe

  13. Slide 13: Vessel operating expenses decreased in Q1/2009 due to lower chartered-in vessels

    Vessel operating expenses decreased in Q1/2009 due to the lower number of chartered-in vessels and fuel prices • Owner expenses decreased 3.44% from Vessel Operating Expenses (Q1/2009) $5,559 per vessel day in Q4/2008 to $5,368 per vessel day in Q1/2009 due to lower repair Insurance Others Oth 3.82%

  14. Slide 14: The 2009 dry bulk outlook remains very weak in line with economic fundamentals

    The 2009 dry bulk outlook remains very weak in line with economic fundamentals TC Rate BDI $260,000 15,000 Average TC Rate 2006 2007 2008 2009 $240,000 Capesize 44,314 112,387 101,442 20,822 13,000 $220,000 Panamax 25,064 55,658 43,681 4,508 $200,000 11,000 Handymax/Supramax 23,834 45,159 36,072 4,6

  15. Slide 15: The dry bulk fleet is projected to grow 17.50% in 2009

    The dry bulk fleet is projected to grow 17.50% 17 50% in 2009 to 490.777 million DWT Total Fleet Total Order Book (incl. Delivery in January 2009) (2009-2014) Size (DWT 000’s) 000 s) No No. DWT (MM) % No No. DWT (MM) % of Current Fleet 10-40 2,857 76.097 18.18% 721 23.145 30.42% 40-60 1,688 81.819 1

  16. Slide 16: The current order book equals 63.66% of the total dry bulk fleet

    The current order book equals 63.66% 63 66% of the total dry bulk fleet 2009 2010 2011 2012 2013 onwards Size ((DWT No. DWT No. DWT No. DWT No. DWT No. DWT 000’s) (MM) (MM) (MM) (MM) (MM) 10-40 267 8.197 206 6.535 168 5.653 73 2.512 7 0.248 40-60 300 16.595 300 16.956 196 11.086 43 2.428 7 0.395 60

  17. Slide 17: The increasing supply of vessels will create significant supply/demand imbalances

    The increasing supply of vessels will create significant supply/demand imbalances Million DWT Million DWT 100.00 16.00 140 60 90.00 14.00 120 80.00 50 12.00 70.00 100 40 10.00 60.00 80 50.00 8.00 30 60 40.00 6.00 20 30.00 40 4.00 20.00 10 2.00 20 10.00 0 00 0.00 0 00 0.00 0 0 2009F 2010F 2011F 2012F

  18. Slide 18: Freight rates expectations are very low in 2009

    Freight rates expectations are very low in 2009 due to the increasing supply of vessels and limited shipping demand TC Rate TC Rate $50,000 $70,000 45,000 65,420 62,500 $45,000 $60,000 $40,000 55,830 57,330 $35,000 $50,000 31,870 33,000 47,250 28,500 $30,000 $ , $40,000 27,600 $25,000 $30,000 $20,00

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