ASL Marine Holdings Ltd. · SGX:A04
ASL Marine — FY2012 Earnings Presentation
35 slides from ASL Marine's earnings presentation, August 2012
Slide 1: ASL Marine Corporate Presentation FY2012
ASL MARINE Corporate Presentation FY2012
Slide 2: Presentation Outline
Presentation Outline Group Overview FY2012 Financial Review (12 months ended 30 June 2012) Operation Review Business Outlook 2
Slide 3: Group Overview
ASL MARINE Group Overview
Slide 4: Company Profile
Company Profile • Core businesses:- - Shipbuilding - Shiprepair and Conversion - Shipchartering • Shipbuilding and Shiprepair & Conversion - 4 shipyards: 1 in Singapore (4 hectare), 2 in Batam, Indonesia (30 and 16 hectare) and 1 in Guangdong, China (8 hectare) - Batam yard: 3 graving dry docks (300
Slide 5: Company Profile
Company Profile • Shipbuilding and Shiprepair & Conversion (cont.) - Builds a variety of vessels, specialises in building: i) Offshore Support Vessels (Heavy-Lift cum Pipelay Vessel, Subsea Operation Vessel, AHTS, PSV, Offshore Maintenance/Accommodation Vessel, Rescue and Standby Vessel) ii) Constru
Slide 6: Company Profile
Company Profile • Shipchartering - Fleet size at 30 June 2012: 188 vessels - Mainly barges, towing tugs, AHT, AHTS, ROV Support Vessel and chemical tankers - Vessels on time or bareboat charter to following industries: i) Offshore Oil and Gas ii) Marine Infrastructure iii) Dredging, Land Reclamation
Slide 7: Company Profile
Company Profile • Shipchartering (cont.) - Out of the 188 vessels in the fleet, 32 vessels are on long-term charters - Of the 188 vessels, 35 vessels are deployed in Singapore, 48 vessels in Indonesia, 38 in Malaysia and 19 in Australia - Details on the fleet and type of vessels are highlighted belo
Slide 8: Company Profile
Company Profile • Shipchartering (cont.) (No. of vessels) 6 7 10 200 4 7 1 Other Vessels 65 62 Towing Tugs 150 61 59 62 60 Barges 100 115 118 111 125 116 50 97 0 FY07 FY08 FY09 FY10 FY11 FY12 FY07 FY08 FY09 FY10 FY11 FY12 AHT 1 4 4 4 3 5 AHTS 2 2 Chemical Tanker 1 2 2 2 ROV Support Vessel 1 Straight
Slide 9: Company Profile: Vessel Utilisation
Company Profile • Shipchartering (cont.) Vessel Utilisation (%) 85 82 77 Overall 80 75 71 68 67 70 66 65 60 55 50 FY07 FY08 FY09 FY10 FY11 FY12 9
Slide 10: Company Profile: Vessel Utilisation
Company Profile • Shipchartering (cont.) Vessel Utilisation (%) 85 82 81 80 77 77 75 74 70 70 70 68 Tugs 69 Barges 66 66 65 60 62 55 FY07 FY08 FY09 FY10 FY11 FY12 100 100 90 79 80 75 76 Offshore Support Vessels 70 60 50 50 48 40 10 FY07 FY08 FY09 FY10 FY11 FY12
Slide 11: Financial Review
ASL MARINE ASL MARINE Financial Review Financial Review 11
Slide 12: Results Snapshot
Results Snapshot 4Q FY12 4Q FY11 chg FY2012 FY2011 chg (S$’m) (S$’m) % (S$’m) (S$’m) % Revenue 117.0 92.6 26.3 391.2 363.2 7.7 Gross Profit 18.0 13.6 31.5 56.9 49.6 14.7 Gross Profit Margin 15.3% 14.7% - 14.5% 13.7% - Net Profit Attributable to 8.3 5.8 42.3 32.3 31.9 1.3 Shareholders Net Profit Marg
Slide 13: Business Operations Snapshot
Business Operations Snapshot (Revenue and Gross Profit Margin) 4Q FY12 4Q FY11 FY2012 FY2011 Business Revenue Revenue Revenue Revenue Segments (S$’m) GPM (S$’m) GPM (S$’m) GPM (S$’m) GPM Shipbuilding 56.1 11.1% 57.5 8.5% 224.0 10.6% 215.7 8.2% Shiprepair and 38.5 12.8% 17.4 23.7% 89.1 16.0% 81.9 19.
Slide 14: Shipbuilding
Shipbuilding 4Q FY12 4Q FY11 chg FY2012 FY2011 chg (S$’m) (S$’m) % (S$’m) (S$’m) % Offshore Support 34,478 9,955 246.3 108,797 38,077 185.7 Vessels Dredgers 2,333 29,410 (92.1) 41,524 99,138 (58.1) Tugs 9,799 16,085 (39.1) 46,904 52,527 (10.7) Barges 9,470 2,088 353.5 26,760 25,941 3.2 Total 56,080
Slide 15: Shipbuilding
Shipbuilding Revenue from the shipbuilding business increased 3.8% y-o-y to S$224.0 million in FY2012 mainly due to a higher project value order book and greater percentage of completion as revenue is recognised on percentage of completion basis FY2012 gross profit increased 33.2% to S$23.7 mill
Slide 16: Shiprepair and Conversion
Shiprepair and Conversion 4Q FY12 4Q FY11 chg FY2012 FY2011 chg (S$’m) (S$’m) % (S$’m) (S$’m) % Shiprepair 11,855 17,179 (31.0) 56,447 79,353 (28.9) Conversion 26,347 - 100.0 31,480 980 3,112.2 Other marine 262 222 18.0 1,159 1,567 (26.0) related services Total 38,464 17,401 121.0 89,086 81,900 8.8
Slide 17: Shiprepair and Conversion
Shiprepair and Conversion Revenue from shiprepair and conversion business improved 8.8% y-o-y to S$89.1 million in FY2012 mainly attributed to the completion of a major ship conversion project for a Floating Production and/or Storage and Offloading vessel (FPSO) in 4Q FY12 Gross profit declined
Slide 18: Shipchartering
Shipchartering 4Q FY12 4Q FY11 chg FY2012 FY2011 chg (S$’m) (S$’m) % (S$’m) (S$’m) % Spot charter 14,677 14,987 (2.1) 54,257 55,779 (2.7) Long-term charter 6,469 1,623 298.6 19,178 6,877 178.9 Total charter 21,146 16,610 27.3 73,435 62,656 17.2 Trade sales 1,060 934 13.5 3,769 2,284 65.0 Rental inco
Slide 19: Shipchartering
Shipchartering Revenue for FY2012 rose 19.2% to S$78.2m due to: - additional charter income from operation of AHTS (acquired in 4Q FY11) and ROV Support Vessel (acquired in 1Q FY12); - improved utilisation rates from charter of tugs and chemical tankers; partially offset by - absence of charter in
Slide 20: Revenue Trend
Revenue Trend (S$’m) 500.0 400.0 300.0 468.4 435.4 200.0 400.4 391.2 363.2 318.4 100.0 0.0 FY07 FY08 FY09 FY10 FY11 FY12 20
Slide 21: Profit Trend
Profit Trend (S$’m) 80.0 16.3% 18.0% 15.1% 16.0% 70.0 12.6% 14.0% 60.0 12.0% 50.0 8.8% 10.0% 8.0% 8.3% 40.0 71.1 8.0% 30.0 60.3 6.0% 20.0 40.2 37.3 31.9 32.3 4.0% 10.0 2.0% 0.0 0.0% 1 FY07 FY08 FY09 FY10 FY11 FY12 Net Profit Net Profit Margin 1 The Group’s net profit for FY09 of S$71.1 million inclu
Slide 22: Balance Sheets
Balance Sheets FY2012 FY2011 chg (S$’m) (S$’m) % Non-current Assets 514.2 498.1 3.2 Currents Assets 340.0 280.8 21.0 Total Assets 854.2 778.9 9.7 Current Liabilities 308.2 267.8 15.1 Non-current Liabilities 182.6 165.9 10.1 Total Liabilities 490.8 433.7 13.2 Total Equity 363.4 345.2 5.3 Property, Pl
Slide 23: Financial Ratios
Financial Ratios FY2012 FY2011 Return on Equity 8.9% 9.2% Return on Total Assets 3.8% 4.1% As at 30 Jun 12 30 Jun 11 Net Asset Value per Share1 (cents) 84.42 80.05 Gearing Ratio 0.81 0.77 Net Gearing Ratio 0.54 0.62 1Based on total number of issued shares of 419,511,294 as at 30 June 2012 and as at
Slide 24: Operation Overview
ASL MARINE Operation Overview
Slide 25: Shipbuilding Order Book
Shipbuilding Order Book (S$’m) 693 622 586 523 327 310 At 30 Jun 07 At 30 Jun 08 At 30 Jun 09 At 30 Jun 10 At 30 Jun 11 At 30 Jun 12 • Sustains order-winning momentum that sees shipbuilding orders secured in FY2012 rising to total of S$454.5 million • Total outstanding order book of S$586 million co
Slide 26: Shipbuilding Order Book
Shipbuilding Order Book FY2013 After FY2013 Total Type of Vessels Units S$’m % S$’m % S$’m % Offshore Support 16 198 34 126 21 324 55 Vessels1 Tugs2 8 60 10 37 6 97 16 Dredgers 1 48 8 111 20 159 28 Barges & other 13 6 1 - - 6 1 Vessels Total 38 312 53 274 47 586 100 1 Offtake Support & Supply Vessel
Slide 27: Vessel Delivery Schedule
Vessel Delivery Schedule (No. of vessels) 13 Offshore 15 Support Vessels 10 Barges and other vessels 4 5 9 3 4 Tugs 2 2 1 0 1H FY13 2H FY13 1H FY14 2H FY14 Dredgers 27
Slide 28: Business Outlook
ASL MARINE Business Outlook
Slide 29: Business Outlook
Business Outlook Overall • Although oil prices have eased and the global economy appears to be slowing on the back of slower growth in China, negative business sentiment in Europe and what appears to be a shaky US recovery, the short term effect on offshore oil and gas activity appears muted • Incre
Slide 30: Business Outlook
Business Outlook Shipbuilding • Moving towards oil & gas industry • Focus on building OSV such as AHTS, PSV, DSV & offshore construction vessels (such as crane barge, accommodation vessel, pipe-lay barge, etc.) Shiprepair and Conversion • Improving competitiveness, customer service and turnaround ti
Slide 31: Business Outlook
Business Outlook Shipchartering • Maximising deployment, enhancing and renewing our fleet to better meet customers’ needs • Giving our attention to terminal operation, marine transportation and offshore support • Areas of operations – Singapore, Indonesia, Malaysia & Australia • As at 30 June 2012,
Slide 32: Business Outlook: Capital Expenditure
Business Outlook Capital Expenditure • Total capex of S$67 million in FY2012 comprised mainly: S$’m Vessels 22 Assets under construction for yard infrastructure and 34 vessels Plant and machinery 10 • Shipchartering operations have an outstanding delivery order for 30 new vessels worth approximately
Slide 33: Share Price Information
Share Price Information As at 13 Aug 12 15 Aug 11 Share Price (S$) 0.58 0.51 Price Earnings Ratio 7.52 6.70 Price / Net Asset Value per Share 0.69 0.64 Market Capitalization (S$’m) 243.3 214.0 Source: Bloomberg 33
Slide 34: ASL vs Indices
ASL vs Indices Source: Bloomberg FSTOG ASL FSSTI ASL’s share price versus STI and FTSE Straits Times Oil & Gas Index (FSTOG) (for 15 Aug 2011 to 13 Aug 2012 – normalised graph based on %) 34
Slide 35: Thank You
ASL MARINE i... Thank You SS_" ee