Orient Overseas (international) Limited · HKEX:316
Orient Overseas (international) — FY2009 Earnings Presentation
24 slides from Orient Overseas (international)'s earnings presentation, Mar 19, 2010
Slide 1: ORIENT OVERSEAS (INT'L) LTD 2009 Results Announcement
ORIENT OVERSEAS (INT’L) LTD 2009 Results Announcement March 19th 2010
Slide 2: Group Results Summary – 2009
Group Results Summary – 2009 Results Financial Trading Conditions • Revenue US$4.35 billion • Loss Before Interest and Tax US$302 Million • Loss for the Year US$401 Million • Loss per Ordinary Share US 64.3 Cents • No final dividend for 2009 Mar-19, 2010 2
Slide 3: OOIL 2009 Results Summary
OOIL 2009 Results Summary Results Financial Trading Conditions • Revenue increased 11% in 2H versus 1H 09 • Loss before Interest and Tax decreased by US$48m (27%) in 2H09 (US$175m to US$127m) • EBIT Margin was up 3% to -5.5% in 2H09 • Full Year Loss before Tax from Core Operations of US$337M in 2009
Slide 4: Group Results – 2H09 Vs 1H09
Group Results – 2H09 Vs 1H09 Results Financial Trading Conditions US$M 2H09 1H09 %▲ Revenue 2,285 2,065 11% EBIT (127) (175) -27% Loss after Tax (170) (231) -26% EBIT Margin (%) -5.5% -8.5% 3% Mar-19, 2010 4
Slide 5: Group Results – 2009 Vs 2008
Group Results – 2009 Vs 2008 Results Financial Trading Conditions US$M 2009 2008 %▲ Revenue 4,350 6,531 -33% EBIT (302) 429 -170% Loss After Tax (401) 276 -245% EBIT Margin -6.9% 6.6% -13.5% (Loss) / Earnings per Ordinary Share (64.3) 43.5 -248% (US$ Cents) Mar-19, 2010 5
Slide 6: EBIT By Division
EBIT By Division Results Financial Trading Conditions US$M 500 400 398 1H 2H 300 186 200 100 212 31 24 (8) (27) (325) 11 4 (1) (10) 0 20 20 (7) (17) (100) (195) (200) (130) (300) (400) 2008 2009 2008 2009 2008 2009 (500) Container Transportation Others Discontinued And Logistics Operations Mar-19, 2
Slide 7: Container Transportation & Logistics
Container Transportation & Logistics Results Financial Trading Conditions US$ / TEU 2009 2008 %▲ 2H09 2H08 %▲ Liftings ('000) 4,158 4,835 -14% 2,159 2,419 -11% Revenue ('000) 4,325,998 6,502,631 -33% 2,272,730 3,326,938 -32% Revenue Per TEU* 924 1,227 -25% 935 1,252 -25% Net Operating Capacity 313,1
Slide 8: OOCL Liftings and Revenue per TEU
OOCL Liftings and Revenue per TEU Results Financial Trading Conditions 2008 Total Lifting 2009 Total Lifting 2008 Total Revenue per TEU 2009 Total Revenue per TEU TEU ('000) Revenue per TEU (US$) 1,400 1,300 1,200 1,200 1,000 1,100 800 1,000 600 900 400 800 200 700 0 600 Q1 Q2 Q3 Q4 *Note: figures h
Slide 9: Financial Position
Financial Position
Slide 10: Balance Sheet Highlights
Balance Sheet Highlights Results Financial Trading Conditions US$M 2009 2008 Non-current Assets 4,324 4,451 Current Assets 3,006 3,250 Total Assets 7,330 7,701 Non-current Liabilities 2,170 2,260 Current Liabilities 1,192 1,020 Total Liabilities 3,362 3,280 Equity 3,944 4,387 Minority Interest 24 34
Slide 11: Net Debt Position
Net Debt Position* Results Financial Trading Conditions US$M 31 Dec 2009 31 Dec 2008 Liquid Assets 1,616 2,077 Debt 2,656 2,372 Net Debt 1,040 295 *Note: Including the discountined operation – OODL. Mar-19, 2010 11
Slide 12: Debt-to-Equity Ratios
Debt-to-Equity Ratios* Results Financial Trading Conditions Gross Debt to Equity Net Debt to Equity 2.0 1.0 1.5 0.8 1.0 0.5 0.80 0.76 0.65 0.33 0.53 0.54 0.24 0.26 0.5 0.3 0.07 Net Cash 0.0 0.0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 *Note: Including the discountined operation – OODL. Mar-
Slide 13: Trading Conditions
Trading Conditions
Slide 14: 2009 Container Transport
2009 Container Transport Results Financial Trading Conditions • 2009 was an unprecedented year in container transport. Global demand fell 12% and the major east-west trade lanes declined even more severely – Transpacific - EB: -16%, – Asia-Europe - WB: -15%, – Trans-Atlantic - WB: -15%, – Trans-Atla
Slide 15: OOCL's Revenue and Lifting
OOCL’s Revenue and Lifting* Results Financial Trading Conditions Service Lifting (‘000) Revenue (US$ Million) 2009 2008 Var 2009 2008 Var Trans-Pacific 1,158 1,324 -13% 1,493 2,239 -33% Asia-Europe 679 813 -16% 668 1,332 -48% Trans-Atlantic 349 425 -18% 488 750 -35% Intra-Asia/ Australasia 1,972 2,2
Slide 16: Property Development - 2009
Property Development - 2009 Results Financial Trading Conditions • Under the terms of an agreement dated 18th January 2010, Orient Overseas Developments Ltd (“OODL”) was sold to CapitaLand China (RE) Holdings Co. Ltd. • During 2009, no new sites for property development were acquired and there were
Slide 17: OOCL Fleet
OOCL Fleet Results Financial Trading Conditions • In 2009, we took delivery of five new vessels of 4,583 TEU and scrapped one ship of 3,161 TEU. • We owned 38 ships at the end of 2009, with an average age of 6.9 years and an average size of 5,781 TEU – one of the most modern and efficient fleets in
Slide 18: Outlook - 2010
Outlook - 2010 Results Financial Trading Conditions • While we might see initial rate improvement in 1Q 2010, this has come from a better balance between supply and demand. Despite improved market conditions in the beginning of 2010, we remain cautious about the second half given that: • What demand
Slide 19: Transpacific and Asia Europe Trade - 2010
Transpacific and Asia Europe Trade - 2010 Results Financial Trading Conditions • Transpacific Trade - Rate increase in 1Q was successful • Contract negotiation this year will be tough with customers looking for more space protection and service and carriers looking for better rates • Asia Europe Tra
Slide 20: Intra Asia Trade - 2010
Intra Asia Trade - 2010 Results Financial Trading Conditions • Anticipate positive growth in IAT market overall due to fiscal stimulus and growing middle class in emerging economies as well as recovery of US and European markets • Middle East market and in particular Upper Gulf Region is on fast rec
Slide 21: New Tonnage Introduced in 1Q 2010
New Tonnage Introduced in 1Q 2010 Results Financial Trading Conditions • Asia Europe - + 13% • Transpacific - + 4% Mar-19, 2010 21
Slide 22: Outlook for 2010
Outlook for 2010 Results Financial Trading Conditions • We believe the worst of the downturn is now behind us and we are cautiously optimistic for a better trade environment in 2010 • While it will be another challenging year, our core business of container transportation and logistics remains well
Slide 23: Disclaimer
Disclaimer The information provided is for reference only and includes data obtained from sources provided by the relevant information provider(s) and is subject to change without notice. Orient Overseas (International) Limited (“OOIL”) and its affiliates, and the concerned information provider(s),
Slide 24: THANK YOU
THANK YOU
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