Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — FY2014 Earnings Presentation
24 slides from Ultrapetrol (bahamas)'s earnings presentation, Apr 17, 2015
Slide 1: Fourth Quarter & FY 2014 Earnings Call Presentation
| — ULTRAPETROL (Bahamas) Ltd. Fourth Quarter & FY 2014 Earnings Call Presentation April 17, 2015
Slide 2: Forward Looking Statements & EBITDA Disclosure
Forward Looking Statements & EBITDA Disclosure (Que disclosure and analysis inthis p g our cash flows and position, in particular, dof our success in ‘an ‘ur include forv le. that depend. pen or ae ‘to future events or conalitions; jor that clude words such as “expects,” antic ipates,” intends ” gla
Slide 3: 4Q 2014 & Subsequent Events Highlights
Ultrapetrol 4Q 2014 & Subsequent Events Highlights Year ended Year ended % wae rae % 6000's) December 31,2014 _December 31,2013_ _Change Change Revenues $363,675 $411,217 AD $78,595 $98,955 2% Adjusted EBITDA"! 97,072 $97,067 AT% (1,652) $14,965 Net (loss) income as reported ($52,276) $7,368, (835,6
Slide 4: 4Q 2014 Adjusted EBITDA vs. 4Q 2013
Ultrapetrol 4Q 2014 Adjusted EBITDA vs. 4Q 2013 Adjusted EBITDA per segment_($000's) 4014 4013 Difference __% Change River Business. 7,156) 393, (7,549) Offshore Supply Business 9,551 1,118 (1,567) 14% (Ocean Business (2,333) 1,447 @,780) Total Segment Adjusted EBITDA $62 $12,958 ($12,896) 100% Item
Slide 5: Challenging Market Dynamics
Ultrapetrol Challenging Market Dynamics River Business Ocean Business Sharp drop in soybean prices ($479 / TN in 4Q 13 vs. $374/ TN in 4Q 14, 23% drop) Current iron ore prices translate into decline of transport demand ($135 / TN in 4Q 13 vs. $74 / TN in 4Q 14, 45% drop) Increased barge capacity in
Slide 6: Strategic Review of Ultrapetrol — Strong Fundamentals
Ultrapetrol Strategic Review of Ultrapetrol — Strong Fundamentals Organization COMPANY'S COMPETITIVE STRENGTHS Asset Base: Leading fleet of pushboats and barges vertically integrated with critical infrastructure such as ports, transshipment stations and Punta Alvear Shipyard Contracts: Most of our c
Slide 7: Seizing Opportunities to Unlock Potential
Ultrapetrol Seizing Opportunities to Unlock Potential KEY INITIATIVES = Increase asset utilization = Improve transit times = Reduce costs per ton transported = Streamline operations to increase reliability = Expand revenue stream locked into attractive long-term contracts = Minimize unplanned off-hi
Slide 8: River Business
River Business Outlook for 2015 and YTD progress.... = Complex market conditions as anticipated. froma x hub-and-spoke system to a more streamlined point-to-point system, this process is still in its early stages, improvements showing a positive trend through better asset n, costs per tons transport
Slide 9: Offshore Supply Business
Offshore Supply Business Main developments = Market Conditions: = Low North Sea Rates and low oil prices = Despite recent noise and uncertainty with Petrobras business has continued as usual > Will be publishing Financials soon = Extensions with Petrobras: = UP Safira: Commenced its four year extens
Slide 10: Offshore Supply Business: Long-Term Contractual Employments
Offshore Supply Business Long-Term Contractual Employments Old / Current Contract New Contract. On-the-Water Fleet Rate Expiration Duration __ Rate 2015, 2016 2017, 2018 [2019 | UP Rubi $35,380 May-18 UP Pearl $ 32,950 Nov-17 |UP Amber $ 32,950 Jul-17 UP Esmeralda $31,950 u7 |UP Topazio $ 35,380 Jun
Slide 11: Balance Sheet
Ultrapetrol Balance Sheet AtDecember 31, At December 31, % ($000's) 2014 2013 Change ASSETS Cash & Cash Equivalents $34,982 $72,625 52% Accounts Receivables 37,341 47,836 22% Other Current Assets 37,426 75,243 50% Vessels and Equipment, Net 717,405 715,431 0% Non-current Other Receivables 29,587 28,
Slide 12: Debt Repayment Schedule
Ultrapetrol Debt Repayment Schedule + Efforts are being made to smooth out debt repayment schedule and balloon payments for 2016, 2017 and 2018 — Refinancing most of the Offshore Supply Business debt = All of our long term loans are conservatively structured with loan to value ratios that match curr
Slide 13: Thank You
Thank You Q&A 13.
Slide 14: Appendix
Appendix 14
Slide 15: River Business - 4Q 2014 vs. 4Q 2013
Appendix River Business - 4Q 2014 vs. 4Q 2013 FINANCIAL HIGHLIGHTS RIVER Year ended Year ended % iis Ris % (5000's) December 31, 2014 December 31, 2013 Change Change Gross Tons Loaded 3,008,264 4,132,433, 21% — 436,197 543,308 20% Net Tons Transported 2,988,944 4,153,213, 28% «542,518 744,226 27% Re
Slide 16: Offshore Supply Business - 4Q 2014 vs. 4Q 2013
Appendix (cont'd) Offshore Supply Business - 4Q 2014 vs. 4Q 2013 FINANCIAL HIGHLIGHTS OFFSHORE SUPPLY Year ended Year ended % % (000'9 December 31, 2014 December 31, 2013 change 424 4013 change Revenues 119,581 93,154 26,427 28% ©=—«-29,506 25,544 3,962 16% Voyage Expenses (6.879) (4964) (1.895) 38%
Slide 17: Ocean Business - 4Q 2014 vs. 4Q 2013
Appendix (cont'd) Ocean Business - 4Q 2014 vs. 4Q 2013 FINANCIAL HIGHLIGHTS OCEAN Year ended Year ended % % (5000's) December 31, 2014 December 31, 2013 change _4014 4013 DI Change Revenues $69,984 $71,265 (82,281) 2% $15,972 $17,960 (51,888) 11% Voyage Expenses (21,433) (22.381) 948 -a% (6,444) (44
Slide 18: Quarter-on-quarter Selected Statement of Operation Data
Appendix (cont'd) Quarter-on-quarter Selected Statement of Operation Data Year onded Year ended ($000's) Decomber31, 2014 December 31, 2013 _* Change ou das Revenues ‘Attibutable to River Business $175,110 $286798 20% S117 $55,551 Attbutable to Orishre Supply Business 119.581 93.154 28% 20508 25,544
Slide 19: Quarter-on-quarter Income Statement
Appendix (cont'd) Quarter-on-quarter Income Statement Year ended ‘Year ended (s000'5) December st, 2018 December, 2013 _ 0" 4019 Revenues $363,675 se11.217 $78,505 $99,955 Voyage Expenses (19,088) (161,322) 25,248) (44.012) Running Costs (48,517) (36.186) (40,178)@1,168) Depreciation and amortizatio
Slide 20: Accumulated Cash Flow and EBITDA reconciliation
Appendix (cont’d) Accumulated Cash Flow and EBITDA reconciliation (00's) Year ended Dect4 Dec-13 Total cash flows provided by operating activities Total cash flows (used in) investing activities Total cash flows (used in) from financing activities B24 —«19,847 (41,645) (120,726) (31,252) (48.744) To
Slide 21: 4Q 2014 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont'd) 4Q 2014 Operating Profit to Adjusted Consolidated EBITDA Fourth quarter ended December 31, 2014 Offshore (6000's) River “supply _ Ocean TOTAL ‘Segment operating (loss) profit (615,503) $5,017 14,753) ($25,239) Depreciation and amortization 8,796 4531 1,906 15,233 Non-cash loss on w
Slide 22: 4Q 2013 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont'd) 4Q 2013 Operating Profit to Adjusted Consolidated EBITDA Fourth quarter ended December 31, 2013 Offshore 000) River “Supply Ocean TOTAL ‘Segment operating (loss) profit ($5,501) $7,756 (321) $1,984 Depreciation and amortization 6,297 3,286 1776 11,359 Loss on write-down vessels - e
Slide 23: FY 2014 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont'd) FY 2014 Operating Profit to Adjusted Consolidated EBITDA Year ended December 31, 2014 0009 River ‘aie. Ocean TOTAL ‘Segment operating (Joss) profi ($30,046) $28,980 ($12,273) ($13,339) Depreciation and amortization 28919 17,118 7,380 «53,417 Non-Cash Loss on write-down of vessels -
Slide 24: FY 2013 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont'd) FY 2013 Operating Profit to Adjusted Consolidated EBITDA Year ended December 31, 2013 Offshore ($000) River “supply Ocean_—TOTAL ‘Segment operating (loss) profit $10,616 $29,055 ($4,505) $35,166, Depreciation and amortization 23,977 11,676 6882 42,535 Loss on write-down vessels - -