Pt Berlian Laju Tanker Tbk · IDX:BLTA
Pt Berlian Laju Tanker Tbk — Non-Deal Roadshow (June 2009)
34 slides from Pt Berlian Laju Tanker Tbk's roadshow presentation, Jun 8, 2009
Slide 1: Company Presentation
Company Presentation June 2009 0
Slide 2: Agenda
Agenda Section 1. Company Overview 2. Industry Outlook 3. Financials 4. Rights Issue
Slide 3: Company Overview
BLT PT BERLIAMMEAJU TANKER Tbk >» Company Overview Section 1
Slide 4: Strategic Objective
Strategic Objective Revenue contract coverage Consistent Cash Flow Growth Growth through Diversified the business cycles mix 3
Slide 5: Consistent Growth Through the Cycles
Consistent Growth Through the Cycles EBITDA 340 320 Global 309 300 economic 280 crisis 260 240 220 183 200 159 US$m 180 Asian 9/11 160 133 economic aftermath 140 crisis 120 Recession 100 after Gulf War 80 57 60 41 43 45 44 33 37 40 25 16 17 18 18 20 5 7 9 0 1990 1991 1992 1993 1994 1995 1996 1997 19
Slide 6: BLT History and Milestones
BLT History and Milestones Evolution from domestic tanker business to leading international player BLT’s shareholding as at 31 March 2009 1981 Established with 2 tankers on charter to Pertamina (Indonesian state-owned oil company) 1986 Entered into chemical transportation BLT Mgt, 0.06% 1989 E
Slide 7: Overview of BLT
Overview of BLT Leading worldwide seaborne liquid bulk cargo transportation specialist and one of the largest chemical tanker operator in the world 104 tankers* 2.4 million DWT Average age 7.3 years Chemical tankers Oil tankers Gas tankers FPSO tankers 62 operational 14 vessels 13 operational
Slide 8: BLT Strong Market Position
BLT Strong Market Position Third Largest Chemical Tanker Company Strong Market Position Operator No of Vessels DWT Large, modern fleet allows BLT & CB to Odfjell ASA 54 1,727,304 contract out vessels to high quality customers Stolt-Nielsen SA 57 1,479,947 Scale is an important competitive advant
Slide 9: Extensive Marketing and Operating Network
Extensive Marketing and Operating Network BLT maintains an integrated marketing presence in most of our customers’ key markets Glasgow Rotterdam Beijing Seoul Westport,CT Tokyo Shanghai Middle East Dubai Myanmar Taiwan North Africa Hong Kong Mumbai Bangkok Singapore Jakarta Sao Paulo Headquarter Aus
Slide 10: Diversified Business Mix
Diversified Business Mix BLT’s diversified mix has enabled it to achieve stability as well as capitalise on growth and high margin opportunities over time Oil and chemical freight rates (US$/day) BLT’s strategy to maintain a diversified business mix BLT’s revenues are well diversified across the o
Slide 11: Large & Growing Modern Chemical Fleet of BLT
Large & Growing Modern Chemical Fleet of BLT Chemical Tankers Owned Built DWT Type(1) Owned Built DWT Type(1) Bareboat Chartered Built DWT Type(1) MT Hartati 2004 14,312 IMO II/III SUS MT CB New Orleans 2003 32,000 IMO II/III SUS MT Pramoni(2) 2008 19,990 IMO II/III SUS MT Harsanadi 2005 14,271 IMO
Slide 12: Oil and Gas Fleet of BLT and Newbuilding Projects
Oil and Gas Fleet of BLT and Newbuilding Projects Oil Tankers Gas Tankers New Vessels Under Construction Owned Built DWT Type Hull(1) Owned Built CBM Owned Built DWT/CBM Type MT Tridonawati 1991 154,970 Crude Oil DH MT Gas Indonesia 1990 3,518 MT Hyacinth 2009 12,500 Chemical IMO II/III SUS MT Trira
Slide 13: Orderbook in High Growth Segments
Orderbook in High Growth Segments Orderbook well-positioned for economic recovery in 2010/2011 with minimal capital outlays for the next 12 months (90% of remaining CAPEX from 3Q09 onwards). Market value of exceeds the contract cost with 30% of the contract value already paid. Chemical Tankers O
Slide 14: Industry Outlook
Industry Outlook Section 2 13
Slide 15: Different Sectors Different Fortunes
Different Sectors Different Fortunes Container shipping - Huge orderbook of over 50-60% of existing fleet - No safety/quality focus allows ships older than 30 years old to continue to trade - No mandatory scrapping - Demand tightly related to trade Dry cargo shipping - Huge orderbook (capesize/VLOC
Slide 16: Freight rate charts by vessel type
- - 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Jan-07 Jan-07 Feb-07 Feb-07 Mar-07 Mar-07 Apr-07 Apr-07 May-07 May-07 Jun-07 Jun-07 Jul-07 Jul-07 Aug-07 Aug-07 Sep-07 Sep-07 Suezmax Oil Tanker Oct-07 Oct-07 Nov-07 Capesize Dry Bulk Ship Nov-07 Dec-07 Dec-07 Jan-08 Jan-08 Fe
Slide 17: Favorable Chemical Market Conditions
Favorable Chemical Market Conditions Chinese organic chemical imports (‘000 tons) Chemical Market Growth vs GDP Growth Source: Inge Steensland AS Chemical Tanker Demand – (million DWT) Market Drivers 8.2% Strong demand growth CAGR = Planned capacity increases worldwide, particularly in the Middl
Slide 18: Perception vs Reality
Perception vs Reality Media reports related to the chemical tanker sector are uniformly negative… - Dow Chemical shuts down 20 plants - Dupont closing 10 plants - Lyondell Basell enters into bankruptcy - Large chemical tanker orderbook Naturally people expect the worst, and it is bad… - US petrochem
Slide 19: Favorable Chemical Market Conditions
Favorable Chemical Market Conditions Europe New Capacity = 1.9 mio tons/year Current Capacity = 33.3 mio tpa NorthAmerica 6% New Capacity = 0.0 mio tons/year Current Capacity = 37.4mio tpa Asia Pacific New Capacity = 40.0 mio tons/year Current Capacity = 98.1 mio tpa 0% 41% MEG-India New Capacity =
Slide 20: Why People Overestimate Supply of Chemical Tankers
Why People Overestimate Supply of Chemical Tankers Order book Orderbook of around 21% of the existing 7000 10% fleet balanced by an aging fleet with 9% 9% 6000 approximately 15% of 8% the fleet will be 25 7% 5000 7% Tonnage ('000 DWT) years old or older in 7% % Existing Fleet the next 3 years 6% 4
Slide 21: Chemical Tanker Rates Consistently Strong Performance
Chemical Tanker Rates Consistently Strong Performance Having the benefit of Time charter equivalent earnings observing the impact of the severe economic slowdown in 4Q08 and the collapse of the global financial system, Drewry actually UPGRADED their forecast rates for 2009 and beyond to reflect th
Slide 22: Chemical Tanker Rates Consistently Strong Performance
Chemical Tanker Rates Consistently Strong Performance Their confident view of chemical tanker rates have been borne out thus far in the global economic crisis. Although rates did soften at the end of 2008 and into 1Q09, they have started to climb again. At the same time, costs are now signific
Slide 23: Oil Tanker Market Developments
Oil Tanker Market Developments Demand for oil tankers (billion ton miles) Oil tanker orderbook 12,000 0.4 14,000 15.7% 0.35 CAGR 10,000 Tonnage ('000 DWT) = 3.9% 0.3 % Existing Fleet 8,000 11.1% 0.25 12,000 12.4% 6,000 0.2 3.7% 9.1% 11.4% 0.15 4,000 6.3% 9.9% 0.1 10,000 2,000 6.8% 7.2% 4.6% 0.05 1.6
Slide 24: Indonesian Market Opportunities
Indonesian Market Opportunities • Cabotage principle – - Domestic shipping of non-oil/gas liquids only for domestic shipowners from 1 Jan2009 Domestic - Domestic shipping of oil/gas liquids only for domestic shipowners from 1 Jan 2010 regulations • All imports for state-owned companies to be carried
Slide 25: Financials
BLT PT BERLIAMMEAJU TANKER Tbk >» Financials Section 3
Slide 26: Strong financial track record
Strong financial track record Healthy financial performance reflected in consistently high CAGR growth on Revenues and EBITDA Historical Revenues Historical EBITDA 100% 90% 300 724 CAGR = 309 80% CAGR 48% 600 = 45% 70% 200 60% US$m 400 187 50% US$m 399 40% 335 159 200 266 100 133 30% 20% 152 113 10%
Slide 27: Financial Performance 1Q 2009
Financial Performance 1Q 2009 (in US Dollar '000) INCOME STATEMENT 31-Mar-08 31-Mar-09 Chg TOTAL REVENUE 169,175 158,977 -6% Relatively strong Voyage Costs (49,849) (36,723) -26% 1Q09 profitability due TCE REVENUE 119,326 122,254 2% to: Operating Costs (29,550) (39,571) 34% Depreciation (28,516) (33
Slide 28: Financial Performance – 1Q 2009
Financial Performance – 1Q 2009 BALANCE SHEET (in US Dollar '000) 31-Mar-08 31-Mar-09 Stable profitability and cash flow in the ASSETS back of crisis Cash and Equivalents 194,636 216,948 translates to a strong Other Current Assets 130,109 145,578 balance sheet even Fixed Assets 1,982,260 1,965,588 a
Slide 29: Leverage and Valuation
Leverage and Valuation ND/E dropped from ND/ E ND/ EBITDA PER EV/ EBITDA 2.5x at the end of 2007 to 1.6x as of Iino 1.89 5.88 N/A N/A 1Q09 Our leverage is inline Stolt Nielsen 0.94 5.86 4.70 7.50 or better than our competitors Odfjell 1.90 6.36 8.80 8.80 Yet our valuations remain very Eitzen 3.71 22
Slide 30: Financier Support
Financier Support Local Banks Strong financier (12/08 - 5/09) confidence proven US$105 Mio by the US$469 mio of funding raised Sale & Leaseback during even the (3/09) most difficult US$102 Mio periods of the Local Bond Issue ongoing global (5/09) crisis Proven US$50 Mio financing access even during
Slide 31: Rights Issue
BLT PT BERLIAMMEAJU TANKER Tbk >» Rights Issue Section 4
Slide 32: Rights Issue Terms
Rights Issue Terms Issuer PT Berlian Laju Tanker Tbk Issue type Renounceable non-underwritten rights issue (the “Rights Issue”) Rights ratio 1 rights share for every 3 existing shares 1,392,310,059 new shares(1) Offer size Gross proceeds of Rp591.7 billion (~US$56.9 million)(2) Offer price
Slide 33: Gearing Impact of Rights Issue
Gearing Impact of Rights Issue Pro Forma Gearing(1) as at 31 Mar 2009 1.60x 1.42x Before Rights Issue(2) After Rights Issue(3) (4) Proceeds from the Rights Issue sufficient to meet present funding requirement Rights Issue enables BLT to strengthen its balance sheet and invest in value creating o
Slide 34: Indicative Timetable
Indicative Timetable Date Event 8 Jun 2009, Mon Notice of EGM 30 Jun 2009, Tue EGM 13 July 2009, Mon Books Closure Date 15 July 2009, Wed Offer and rights trading period start In Indonesia 16 July 2009, Thu Offer and rights trading period start In Singapore 24 July 2009, Fri End of right
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