Thoresen Thai Agencies Public Co. Ltd. · SET:TTA

Thoresen Thai Agencies Public — FY2008 Earnings Presentation

18 slides from Thoresen Thai Agencies Public's earnings presentation, December 2008

  1. Slide 1: Thoresen Thai Agencies: 2008 Financial Highlights

    December 2008 THORESEN THAI AGENCIES PUBLIC COMPANY LIMITED “An Integrated Shipping Group” 2008 Financial Highlights

  2. Slide 2: FY2007 and FY2008 Income Statement Comparison

    FY2007 and FY2008 Income Statement Comparison % Total FY2007 FY2008 % Change FY2007 FY2008 Freight Income 15,865,290,884 28,453,607,514 79.35% 77.03% 80.96% Offshore Service Income 4,025,548,421 5,258,483,440 30.63% 19.55% 14.96% Service/Commission Income 465,222,110 681,294,123 46.44% 2.26% 1.94% O

  3. Slide 3: FY2007 and FY2008 Income Statement Comparison (cont.)

    FY2007 and FY2008 Income Statement Comparison (cont.) % Total FY2007 FY2008 % Change FY2007 FY2008 Service & Administrative 1,612,236,043 1,922,817,344 19.26% 7.83% 5.47% Expenses EBITDA 6,988,881,492 11,786,773,691 68.65% 33.93% 33.54% Depreciation and 1,850,017,951 2,050,620,572 10.84% 8.98% 5.83%

  4. Slide 4: FY2007 and FY2008 Income Statement Comparison (cont.)

    FY2007 and FY2008 Income Statement Comparison (cont.) % Total FY2007 FY2008 % Change FY2007 FY2008 Income Taxes (87,116,716) (245,313,648) 181.59% Net Income After Taxes 4,386,279,982 8,955,157,073 104.16% 21.30% 25.48% p FX Impact 723,363,372 , , 236,320,849 , , -67.33% Minority Interests (147,696,

  5. Slide 5: FY2007 and FY2008 Balance Sheet Comparison

    FY2007 and FY2008 Balance Sheet Comparison FY2007 FY2008 % Change Cash & Deposits 3 745 160 727 3,745,160,727 11 527 798 624 11,527,798,624 207 81% 207.81% S-T Investments 300,595,000 462,762,549 53.95% Trade Debtors , , , 2,169,545,739 3,058,505,633 , , , 40.97% Related Debtors 4,296,088 1,166,705,

  6. Slide 6: FY2007 and FY2008 Balance Sheet Comparison (cont.)

    FY2007 and FY2008 Balance Sheet Comparison (cont.) FY2007 FY2008 % Change Trade & Non-Trade Non Trade Creditors 1 688 457 914 1,688,457,914 2 865 252 422 2,865,252,422 69 70% 69.70% Related Creditors 25,165,957 52,722,896 109.50% S-T S T Debt 231 051 916 231,051,916 9 200 000 9,200,000 -96 96.02% 02

  7. Slide 7: FY2007 and FY2008 Balance Sheet Comparison (cont.)

    FY2007 and FY2008 Balance Sheet Comparison (cont.) FY2007 FY2008 % Change Share Capital 2 184 094 630 2,184,094,630 2 184 094 630 2,184,094,630 0 00% 0.00% Reserves 12,932,354,993 22,837,610,916 76.59% Shareholders Funds 15,116,449,623 25,021,705,546 65.53% Minorities 900,625,482 4,193,389,740 365.6

  8. Slide 8: Key Financial Ratios

    Key Financial Ratios Ratio FY2007 FY2008 Current Ratio 1.7542 3.4976 Quick Ratio 1 5925 1.5925 3 3118 3.3118 Debt/Assets 0.3517 0.2439 Debt/Equity 0.6433 0.3790 EBITDA/Interest Expense 10.5022 22.0033 Interest Expense/Debt (Annualized) 7.3783% 6.2488% Slide 8

  9. Slide 9: Key Financial Ratios (cont.)

    Key Financial Ratios (cont.) Ratio FY2007 FY2008 Receivables Turnover (Days) 35.4165 27.2216 Payables Turnover (Days) 34.7957 25.6323 Revenue/Fixed Assets 1.1065 1.5996 Revenue/Total Assets 0 8032 0.8032 1 0001 1.0001 Return on Assets 19.3507% 24.9731% Return on Equity 35.3917% 38.8062% Book Value P

  10. Slide 10: Dry bulk shipping and offshore services markets were fundamentally strong in 2008

    Dry bulk shipping and offshore services markets were fundamentally strong in 2008 (Millions of Baht) FY2008 FY2008 FY2008 Net Profit Contribution Revenues Net Profits Offshore Shipping Shi i Services Services Group 2.77% 6.27% Dry Bulk Shipping Group 28,940 8,310 (+70.12%) (+87.36%) Offshore Service

  11. Slide 11: TTA achieved a TC rate performance of $25,303 per vessel day in FY2008

    TTA achieved a TC rate performance of $25 $25,303 303 per vessel day in FY2008 • Our total fleet’s TC rates increased 64.20% from Actual Vessel Days $15,410 per vessel day in FY2007 to $25,303 5,300 per vessel day in FY2008 4 300 4,300 3,300 • Vessel days decreased 4.20% from 16,402 2,300 vessel day

  12. Slide 12: Cargo volumes were up 29.11% due to strong demand from Asian clients

    Cargo volumes were up 29.11% 29 11% due to strong demand from our Asian clients FY2007 FY2008 General General Cargoes Cargoes 4% 8% Mineral Agricultural Agricultural Concentrates Products Mineral Products 25% 13% Concentrates 11% 32% Paper and Wooden Paper and Products W d Wooden 16% Products 17% St

  13. Slide 13: Vessel operating expenses increased in FY2008 due to more chartered-in vessels

    Vessel operating expenses increased in FY2008 due to the higher number of chartered-in vessels and fuel prices • Owner expenses increased 19.49% from Vessel Operating Expenses (FY2008) $4,433 per vessel day in FY2007 to $5,297 per vessel day in FY2008 due to higher repair Insurance Others Oth 3.69%

  14. Slide 14: The 2009 dry bulk outlook remains very weak

    The 2009 dry bulk outlook remains very weak in line with economic fundamentals TC Rate BDI $260,000 15,000 $240,000 Average TC Rate 2006 2007 2008 p Capesize 44,314 112,387 109,823 13,000 $220 000 $220,000 $200,000 Panamax 25,064 55,658 47,014 11,000 $180,000 Handymax/Supramax 23,834 45,159 38,775 $

  15. Slide 15: The dry bulk fleet is projected to grow 8.84% in 2008

    The dry bulk fleet is projected to grow 8.84% 8 84% in 2008 to 432.325 million DWT Total Fleet Total Order Book (2008-2014) (incl. Delivery in October 2008) Size (DWT 000’s) 000 s) No No. DWT (MM) % No No. DWT (MM) % of Current Fleet 10-40 2,877 76.694 18.47% 687 21.912 28.57% 40-60 1,666 80.577 19.

  16. Slide 16: The current order book equals 63.84% of the total dry bulk fleet

    The current order book equals 63.84% 63 84% of the total dry bulk fleet 2008 2009 2010 2011 2012 onwards Size ((DWT No. DWT No. DWT No. DWT No. DWT No. DWT 000’s) (MM) (MM) (MM) (MM) (MM) 10-40 64 1.899 208 6.433 194 6.137 154 5.158 67 2.285 40-60 75 4.045 245 13.653 297 16.789 181 10.232 45 2.540 6

  17. Slide 17: The increasing supply of vessels will create supply/demand imbalances

    The increasing supply of vessels will create significant supply/demand imbalances Million DWT Million DWT 120.00 30.00 160 50 45 140 100 00 100.00 25 00 25.00 40 120 35 80.00 20.00 100 30 60.00 15.00 80 25 20 60 40.00 10.00 15 40 10 20.00 5.00 20 5 0.00 0.00 0 0 2003 2004 2005 2006 2007 2008F 2009F

  18. Slide 18: Freight rates expectations are very low in 2009

    Freight rates expectations are very low in 2009 due to the increasing supply of vessels and limited shipping demand TC Rate TC Rate $50,000 $70,000 45,000 65,420 62,500 $45,000 $60,000 $40,000 55,830 57,330 $35,000 $50,000 31,870 33,000 47,250 28,500 $30,000 $ , $40,000 $25,000 27,600 $30,000 $20,00

Thoresen Thai Agencies Public Company — FY2008 Earnings Presentation on 6ix