Slide 1: Full-Year 2023 Results Presentation
ADNOC Classification: Public FULL-YEAR 2023 RESULTS PRESENTATION 14 February 2024 ADNOC Logistics & Services
Slide 2: Disclaimer
ADNOC ADNOC Classification:Public Classification: Public Disclaimer This presentation has been prepared by ADNOC Logistics & Services Plc (the ‘Company’) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein
Slide 3: Agenda & Presenters
ADNOC ADNOC Classification:Public Classification: Public Agenda & Presenters 1 Safety 2 FY 23 Highlights Abdulkareem Al Masabi Chief Executive Officer 3 Growth Strategy 4 Financial & Operational Performance Nicholas Gleeson Chief Financial Officer 5 Decarbonization & Sustainability 6 Guidance 7 Clos
Slide 4: Health, Safety & Environment: ADNOC L&S' Leading Principle
ADNOC ADNOC Classification:Public Classification: Public 100% Health, Safety & Environment: ADNOC L&S’ Leading Principle Continued strength in health & safety KPIs CONTINUED INDUSTRY RECOGNITION OUTSTANDING HEALTH & SAFETY TRACK RECORD & HSE AWARDS OF 20231 Lost Time Incident Frequency (LTIF) OJME E
Slide 5: FY 2023 Results Highlights
ADNOC ADNOC Classification:Public Classification: Public FY 2023 Results Highlights HIGHLIGHTS KEY FINANCIAL HIGHLIGHTS – FY 2023 ▪ Stellar performance continues with 138% Year-on-Year Increase in Net Profit. $2,755 $876 $620 ▪ High value growth driven by expansion of Integrated mm mm mm Logistics s
Slide 6: Accelerating Our Growth Strategy
ADNOC ADNOC Classification: Internal Classification: Public Accelerating Our Growth Strategy Expansion of environmentally efficient fleet and pursue new growth opportunities DELIVERY OF FOURTH VLCC1 EIGHT ADDITIONAL JACK-UP BARGES $975 MILLION EPC2 CONTRACT FOR IN CONTINUED FLEET GROWTH EXPANDING AD
Slide 7: Financial Summary
ADNOC ADNOC Classification:Public Classification: Public Financial Summary Strong Financials (USD millions) FY 23 FY 22 YoY % Q4 23 Q3 23 QoQ % Q4 22 YoY % Revenue 2,755 1,952 41% 828 702 18% 657 26% EBITDA 876 453 93% 242 218 11% 169 43% Margin 32% 23% 9% 29% 31% -2% 26% 3% Net Profit 620 261 138%
Slide 8: Robust Financial Performance
ADNOC ADNOC Classification:Public Classification: Public Robust Financial Performance Impressive growth in revenues, EBITDA and margins REVENUE ($MM) EBITDA ($MM) ▪ Excellent revenue growth in Q4 23 and FY 23, primarily driven ▪ Solid revenue growth translated to higher EBITDA in both by Integrated
Slide 9: Operational Highlights: Integrated Logistics
ADNOC ADNOC Classification:Public Classification: Public Operational Highlights: Integrated Logistics Integrated Logistics: Number of Vessels and Utilization Rate Material Handling Volume (KMT1) Number of Vessels Utilization Rate ▪ Continued resilient ILSP2 NON-ILSP ▪ Continued robust demand transla
Slide 10: Integrated Logistics - Financials
ADNOC ADNOC Classification:Public Classification: Public Integrated Logistics - Financials Significant revenue and profitability growth driven by ZMI1 acquisition (first full year); Increasing volumes handled; and extended business activity REVENUE ($MM) EBITDA ($MM) Margin Margin ▪ Notable rise in
Slide 11: Shipping Business Unit: Benchmark TCE rates
ADNOC ADNOC Classification:Public Classification: Public Shipping Business Unit: Benchmark TCE rates TANKERS (PRODUCT) 90,000 60,000 30,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 MARKET INSIGHT TANKERS (CRUDE) ▪ Tankers – Strong rates 180,000 continued with surges late in the 80,00
Slide 12: Operational Highlights: Shipping
ADNOC ADNOC Classification:Public Classification: Public Operational Highlights: Shipping NUMBER OF SHIPPING VESSELS NUMBER OF CHARTERED-IN VESSELS TIME CHARTER EQUIVALENT (USD) No. of owned vessels Utilization rate 38,100 >95% 23,343 6a >95% 139 6a 42,996 41,810 91 29,314 >53% 30% 11,088 50 45 3% -
Slide 13: Shipping - Financials
ADNOC ADNOC Classification:Public Classification: Public Shipping - Financials Growth in EBITDA and net profit FY 23 propelled by continued strong rates in Tankers & Gas Carriers charter rates plus VLCC fleet expansion REVENUE ($MM) EBITDA ($MM) 259 Margin Margin ▪ Full-year revenues ▪ Increase in F
Slide 14: Marine Services
ADNOC ADNOC Classification:Public Classification: Public Marine Services EBITDA expansion in FY 23 REVENUE ($MM) EBITDA ($MM) ▪ FY 23 revenues Margin Margin 177 benefited from the ▪ FY 23 EBITDA 45 44 167 4% 28% 16% 22% resilient performance growth driven by of the PPO1 and OSRC2. revenue growth as
Slide 15: Cash Flow Profile
ADNOC ADNOC Classification:Public Classification: Public Cash Flow Profile EBITDA growth delivered strong operating free cash flows and increasing financial capacity to fund growth FREE CASH FLOW EVOLUTION ($MM) COMMENTARY CASHFLOW ▪ Free cash flow remains positive despite significant CAPEX program.
Slide 16: Continued Decarbonization Drive
ADNOC ADNOC Classification:Public Classification: Public Continued Decarbonization Drive Fleetwide emission abatement initiatives continue to drive down carbon intensity Maritime Shipping Carbon Intensity Long term charter for 4 Eco newbuild MR’s Maritime Shipping Carbon Intensity (TCO2/nm) 2023 Emi
Slide 17: Segmental Medium-term Targets
ADNOC ADNOC Classification:Public Classification: Public Segmental Medium-term Targets INTEGRATED LOGISTICS SHIPPING MARINE SERVICES Revenue Revenue Revenue ▪ Targeting strong double-digit ▪ Gas Carriers: Anticipate 2024 ▪ Targeting low to mid-single digit growth (low 30%s) year-on-year growth in pe
Slide 18: Group Medium Term Targets
ADNOC ADNOC Classification:Public Classification: Public Group Medium Term Targets CONSOLIDATED REVENUE CONSOLIDATED EBITDA ▪ 2024: ▪ Medium term: % Growth in the high teens. Average % growth in the low teens. ▪ Medium term: Mid-to-high single digit % growth year-on-year. CAPEX CAPITAL STRUCTURE ▪ 2
Slide 19: Closing Remarks
ADNOC ADNOC Classification:Public Classification: Public Closing Remarks STRONG COMMITTED EBITDA GROWTH CONTINUED TO ATTRACTIVE MARGIN STRATEGY EARNINGS SHAREHOLDERS EXPANSION EXECUTION GROWTH RETURNS 19
Slide 20: Thank You
ADNOC Classification: Public THANK YOU www.adnocls.ae IR@adnocls.ae