Thoresen Thai Agencies Public Co. Ltd. · SET:TTA
Thoresen Thai Agencies Public — Q2 2015 Earnings Presentation
21 slides from Thoresen Thai Agencies Public's earnings presentation, Sep 2, 2015
Slide 1: 2Q/15 Opportunity Day Presentation
2Q/15 Opportunity Day Presentation The Stock Exchange of Thailand September 2, 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 2Q/15 FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE MARKET OUTLOOK AND MITIGATION PLAN 3
Slide 4: 2Q/15 Key Highlights
2Q/15 Key Highlights Improved Performance from Mermaid, PMTA, and SGFI Key Business Units TRANSPORT - Thoresen Shipping Group Revenue Breakdown EBITDA Breakdown • Dry bulk rates started to improve in Jun and off their lows in 2Q/15 • TSS’s owned fleet continued to outperform market with limited TC-i
Slide 5: Agenda
AGENDA 2Q/15 FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE MARKET OUTLOOK AND MITIGATION PLAN 5
Slide 6: 2Q/15 Group Financial Performance
2Q/15 Group Financial Performance Turnaround quarter supported by better performance from MML • TTA’s consolidated revenue grows by 31% QoQ with net profit increasing 147% QoQ • MML’s net profit increased 197% QoQ as three high performing vessels resume services after 1Q/15 dry-docking program and s
Slide 7: Thoresen Shipping (TSS)
THORESEN SHIPPING (TSS) Owned fleet TCE rate continues to outperform market, however, impacted by limited Chartered-in activities • Dry bulk Index maintain low from 1Q/15 and started to improve in Jun. 15 • TSS’s owned fleet TCE rate still managed to outperform adj. Mkt TC avg BSI • Limited Chartere
Slide 8: Thoresen Shipping (TSS) Financial Performance
THORESEN SHIPPING (TSS) Total Revenues Gross Profit EBITDA Net Profits (M. THB) (M. THB) (M. THB) (M. THB) -30% YoY 1,739 1,755 -31% QoQ Performance -56% YoY Financial 1,214 -43% QoQ -63% YoY 318 -50% QoQ -230% YoY 247 267 -214% QoQ 199 140 100 79 2Q/14 1Q/15 2Q/15 2Q/14 1Q/15 2Q/15 2Q/14 1Q/15 2Q/1
Slide 9: Mermaid Maritime (MML)
MERMAID MARITIME (MML) Diversified Subsea Services supported Mermaid 2Q/15 Performance • Revenue & Fleet utilization rate increased as three high performing vessels (Commander, Endurer and Asiana) resumed services after undergone scheduled mandatory dry docking maintenance in 1Q/15 • Cable Laying Pr
Slide 10: Mermaid Maritime (MML): AOD utilization rate
MERMAID MARITIME (MML) AOD’s Utilization Rate remain high despite day rates cut Rig Working Days & Utilization* Jack-Up Contract Coverage AOD I Jack-Up Rig Tender Rig Blended Rate AOD II 74% 76% 78% 78% 74% 72% AOD III 83 92 83 2Q-13 3Q-13 4Q-13 2014 FY2015 FY2016 1Q-17 2Q-17 90 - 244 265 266 275 26
Slide 11: Mermaid Maritime (MML) Financial Performance
MERMAID MARITIME (MML) Turnaround quarter backed by better performance from subsea services Total Revenues Gross Profit EBITDA Net Profits Net Profits to TTA (M. THB) (M. THB) (M. THB) (M. THB) (M. THB) +41% YoY +79% QoQ +16% YoY 3,560 +488% QoQ +0% YoY Performance +183% QoQ Financial 849 +19% YoY 2
Slide 12: PM Thoresen Asia Holdings (PMTA)
PM Thoresen Asia Holdings (PMTA) Strong Domestic Demand with Higher Export Volume • Domestic sales remain strong despite exceptional dry period within the region • Export sales volumes increased, especially to Philippines and Africa, after the completion of new granulation production line opened in
Slide 13: PMTA Financial Performance
PM Thoresen Asia Holdings (PMTA) Strong Domestic Demand with Higher Export Volume Total Revenues Gross Profit EBITDA Net Profits Net Profits to TTA (M. THB) (M. THB) (M. THB) (M. THB) (M. THB) +26% YoY +69% QoQ +11% YoY +44% QoQ Performance +8% YoY +1% YoY 974.8 Financial +68% QoQ +88% QoQ 774.7 -22
Slide 14: Unique Mining Services (UMS)
UNIQUE MINING SERVICES (UMS) Lower Sales Volume Newcastle Coal Index (USD/Ton) Total Revenues and Breakdown Unit: Million Baht Coal: Other Sizes Coal: 0-5 mm. 250% Revenue 600.0 485.4 500.0 200% 358.2 400.0 248.4 236.9 300.0 150% 188.8 169.4 113.6 112.5 200.0 100.0 100% 15% 10% 14% 15% 0.0 40% 46% 5
Slide 15: UMS Financial Performance
UNIQUE MINING SERVICES (UMS) Higher net losses driven by lower sale volume and increased coal prices Total Revenues Gross Profit EBITDA Net Profits Net Profits to TTA (M. THB) (M. THB) (M. THB) (M. THB) (M. THB) -28% YoY -10% QoQ 236.9 188.8 169.4 Performance 83.4 Financial -61% YoY -89% YoY -333% Y
Slide 16: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Consolidated Income Statement 2Q/14 1Q/15 2Q/15 %YoY %QoQ in million Baht (MB) MB % MB % MB % MB % MB % Revenues 5,328.4 100.0 4,575.8 100.0 5,998.5 100.0 670.1 13% 1,422.8 31% Costs (4,020.2) (75.4) (4,352.5) (95.1) (4,772.2) (79.6) 752.0 19% 419.8 10% Gross Profit 1,3
Slide 17: Statement of Financial Position
Statement of Financial Position Strong Financial Position 59,789 M. THB 51,622 M. THB 4,693 Liabilities Cash + 14,407 Interest Short-term 4,454 Bearing investments 8,298 14,713 Debt Current 7,110 14,694 9,223 Assets Share Property, plant, 27,261 26,719 Holder’s 40,382 and equipment Equity 32,474 Non
Slide 18: Agenda
AGENDA 2Q/15 FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE MARKET OUTLOOK AND MITIGATION PLAN 18
Slide 19: Market Outlook and Mitigation Plan: Dry Bulk Industry
Market Outlook and Mitigation Plan Dry Bulk Industry Shipyard Capacity and Capacity Utilization Demand VS Supply Global Imports (m Tons) Fleet Growth (m DWT) 5.6% 4.0% 5.0% 3.4% 3.8% 3.3% 3.1% 2.7% 3.9% 1.7% 2.6% 0.4% 2014 2015 2016 2017 2018 2019 • Shipyard Capacity Utilization dropped from last pe
Slide 20: Market Outlook and Mitigation Plan: Mermaid Maritime
Market Outlook and Mitigation Plan Mermaid Maritime Order Book (excluding Asia Offshore Drilling) • IEA forecast oil demand growth at 1.6 mb/d in 2015, but Unit: Million USD supply is still surplus Tender Rig Cable Laying Subsea IRM • OPEC crude oil supply held steady in Jul. at at 468.1 470.0 473.0
Slide 21: 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 21
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