Thoresen Thai Agencies Public Co. Ltd. · SET:TTA
Thoresen Thai Agencies Public — Q1 2015 Earnings Presentation
26 slides from Thoresen Thai Agencies Public's earnings presentation, May 22, 2015
Slide 1: 1Q/15 Opportunity Day Presentation
1Q/15 OPPORTUNITY DAY PRESENTATION The Stock Exchange of Thailand May 22, 2015
Slide 2: Disclaimer
DISCLAIMER This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-looking statements including, in par
Slide 3: Agenda
AGENDA • 1Q/15 FINANCIAL HIGHLIGHTS • INVESTMENT ROADMAP • FINANCIAL PERFORMANCE • MARKET OUTLOOK 3
Slide 4: TTA Investment Group
TTA INVESTMENT GROUP VISION “TO BE THE MOST TRUSTED ASIAN INVESTMENT GROUP BY 2020, CONSISTENTLY DELIVERING ENHANCED STAKEHOLDER EXPERIENCE” Mission 1. To maximize shareholders value 2. To create and facilitate sustainable growth 3. To identify, invest, govern and grow our group business portfolio 4
Slide 5: 1Q/15 Financial Highlights
1Q/15 FINANCIAL HIGHLIGHTS For Three-month period ended 31 Mar. 2015 (Jan. – Mar. 2015) • Weak dry bulk market and dry-docking of three largest vessels along with low season for subsea services held back overall performance • New investment in Sino Grandness generated profit sharing of 51 M. THB • J
Slide 6: 1Q/15 Financial Highlights
1Q/15 FINANCIAL HIGHLIGHTS • 1Q/15 FINANCIAL HIGHLIGHTS • INVESTMENT ROADMAP • FINANCIAL PERFORMANCE • MARKET OUTLOOK 6
Slide 7: Continuing to Create Value
CONTINUING TO CREATE VALUE For both stakeholders and society ORGANIC GROWTH FOCUS Fleet expansion PMTA Quality Spin-Off assets and Vessel contracts Right impairments Offerings Operation Investment efficiency impairments Establish Platform For Enhance Growth Emphasize Performance Transparency 2012 20
Slide 8: Key Criteria of Investment Screening Process
KEY CRITERIA OF INVESTMENT SCREENING PROCESS Criteria • Inline with TTA Growth Strategy • Ability to leverage on our expertise & network • Value added to the Group 1st Screening • Investment Size • Economic Return Investment • Marking and business attractiveness IRR • Competition & position within i
Slide 9: From Megatrend to Investment Direction
FROM MEGATREND TO INVESTMENT DIRECTION Opportunities are right under our nose Megatrends and other External Factors Shift in Global Growth INVESTMENT THEME FOCUS Growing of Middle Class Emerging markets Urbanization Smarter, Healthier Population Aging society Changing consumption Water scarcity Clim
Slide 10: Implication to TTA
IMPLICATION TO TTA Target Under Radar for stability and growth Renewable Energy - Solar Consumer - Wind - Lifestyle F&B - Biomass - Consumer products Infrastructure - Power - Port Logistics - Water utilities - In-land transportation - Distribution 10
Slide 11: Agenda
AGENDA • 1Q/15 FINANCIAL HIGHLIGHTS • INVESTMENT ROADMAP • FINANCIAL PERFORMANCE • MARKET OUTLOOK 11
Slide 12: 1Q/15 Group Financial Performance
1Q/15 Group Financial Performance TTA’s performance hit by weak Mermaid performance • TTA’s performance was held back from Mermaid’s weak results as it underwent dry-docking of three largest vessels along with low season for subsea services with net loss to TTA of 298 M. THB • Thoresen Shipping’s TC
Slide 13: Thoresen Shipping (TSS)
THORESEN SHIPPING (TSS) Weaker dry bulk market in 1Q/15 as Chinese import continues to worsen • Dry bulk rates crashed as Chinese import continues to worsen due to slowdown in steel production & lower coal import • Significant drop in market TC BSI rate, yet TSS outperformed the market from proficie
Slide 14: Thoresen Shipping (TSS) Financial Performance
THORESEN SHIPPING (TSS) TSS’s TCE rate continues to outperform market rate, Chartered-in Vessel contributed positively Total Revenues Gross Profit EBITDA Net Profits (M. THB) (M. THB) (M. THB) (M. THB) 2,214 -5% YoY -21% QoQ 1,845 Performance 1,755 -26% YoY Financial 334 0% QoQ -34% YoY -14% QoQ 248
Slide 15: Mermaid Maritime (MML)
MERMAID MARITIME (MML) Major dry-dock in 1Q/15 impacted earning and utilization • Coinciding with the low season, Mermaid Subsea scheduled to dry dock three of its highest earning (large) vessels in 1Q/15 • Vessels have since immediately been redeployed profitably to sites post dry docking • Rig uti
Slide 16: Mermaid Maritime (MML)
MERMAID MARITIME (MML) Turnaround sign of expanded business with strong order book stretching to 2017 Operating Profit - Cable Laying • New cable laying business starting to turnaround mid- February • Positive momentum continued to April with the business gaining traction with customers • Initial st
Slide 17: Mermaid Maritime (MML) Financial Performance
MERMAID MARITIME (MML) Dry-docking of three largest vessels and low season hurts performance Total Revenues Gross Profit EBITDA Net Profits Net Profits to TTA (M. THB) (M. THB) (M. THB) (M. THB) (M. THB) 3,235 -5% YoY -39% QoQ Performance 593.7 Financial 2,090 1,984 385.7 -123% YoY -177% YoY -115% Q
Slide 18: Unique Mining Services (UMS)
UNIQUE MINING SERVICES (UMS) Resuming Coal Import and Sale Activities Newcastle Coal Index (USD/Ton) Total Revenues and Breakdown Unit: Million Baht 248.4 236.9 188.8 113.6 112.5 Coal: 0-5 mm. Coal: Other Sizes 10% 14% 40% 46% 60% 90% 86% 60% 54% 40% Newcastle index* data source : Bloomberg *Newcast
Slide 19: Unique Mining Services (UMS) Financial Performance
UNIQUE MINING SERVICES (UMS) Continuous Improvement On Operational Results Total Revenues Gross Profit EBITDA Net Profits Net Profits to TTA (M. THB) (M. THB) (M. THB) (M. THB) (M. THB) +35% YoY -24% YoY 74.0 -33% YoY +105% QoQ +68% QoQ +24% QoQ Performance 248.4 17.8 +73% YoY +73% YoY 49.2 Financia
Slide 20: PM Thoresen Asia Holdings (PMTA)
PM Thoresen Asia Holdings (PMTA) Lower Export Volume, Still Strong Domestic Demand Sales Volume by Products Sales Volume By Geography Revenues Breakdown By Market Unit:’000 Tons Export Domestic Export Domestic Pesticide 70.2 Single fertilizer 2.2 70.2 0.6 Fertilizer NPK 50.8 27% 30% 19% 0.8 50.8 29%
Slide 21: PMTA Financial Performance
PM Thoresen Asia Holdings (PMTA) Positive Results Despite The Low quarter Total Revenues Gross Profit EBITDA Net Profits Net Profits to TTA (M. THB) (M. THB) (M. THB) (M. THB) (M. THB) 667.1 -14% YoY -23% YoY -44% YoY Performance -2% QoQ 194.6 -8% QoQ -14% QoQ -55% YoY Financial 163.9 -55% YoY 150.5
Slide 22: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Consolidated Income Statement 1Q/14 4Q/14 1Q/15 %YoY %QoQ in million Baht (MB) MB % MB % MB % MB % MB % Revenues 4,902.0 100.0 6,206.7 100.0 4,575.8 100.0 (326.2) -7% (1,630.9) -26% Costs (3,917.3) (79.9) (5,189.3) (83.6) (4,224.2) (92.3) 306.9 8% (965.1) -19% Gross Pro
Slide 23: Statement of Financial Position
Statement of Financial Position Strong Financial Position 57,223 M. THB 51,622 M. THB 4,506 Liabilities Cash + 4,454 14,663 Interest Short-term 8,298 14,318 Bearing investments Debt 7,110 14,694 8,567 Current Assets 27,261 Share 24,944 38,398 Holder’s 32,474 Equity Property, plant, and equipment Non
Slide 24: Agenda
AGENDA • 1Q/15 FINANCIAL HIGHLIGHTS • INVESTMENT ROADMAP • FINANCIAL PERFORMANCE • MARKET OUTLOOK 24
Slide 25: 2015 Outlook Summary
2015 OUTLOOK SUMMARY A CHALLENGING YEAR Business Units Industry Outlook Our Competitive Edge Tactical Plan • Superior owner’s expense than industry’s peers • Focusing efforts on effective Cautious • Capable and experience revenue and cost management TSS management • Fleet optimization • Global footp
Slide 26: Thank You
THANK YOU For further information & enquiries, please contact our Investor Relations at IR@thoresen.com Investor Relations Panugorn Puengpradit +662 - 254- 8437 Ext 292 26
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