Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Q3 2009 Earnings Presentation
23 slides from Ultrapetrol (bahamas)'s earnings presentation, Nov 12, 2009
Slide 1: Third Quarter 2009 Earnings Call
Third Quarter 2009 Earnings Call November 11, 2009
Slide 2: Forward-looking statements
Our disclosure and analysis in this presentation concerning our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business, include forward-looking statements. Statements that are predictive in nature, that depend u
Slide 3: 3Q 09 vs. 3Q 08 & Subsequent Events Highlights
(1) A reconciliation of non-GAAP to GAAP financial measures is included in the Annex to this Presentation (2) Provision for Income Tax on foreign currency exchange gains on U.S. dollar denominated debt of one of our subsidiaries on the Offshore Supply Business Ultrapetrol’s 3Q 09 vs. 3Q 08 & Subsequ
Slide 4: River Business
RIVER BUSINESS
Slide 5: River Business 3Q Highlights
River Business 3Q 09 Highlights (1) Other Voyage Expenses = Voyage Expenses - Fuel Expense (2) A reconciliation of non-GAAP to GAAP financial measures is included in the Annex to this Presentation Ø Revenue decreased more than proportionally to volume loaded primarily because of the effect of fuel p
Slide 6: 3Q 09 vs. 3Q 08 - Breakdown per Ton Transported
Effect of reduction of volume loaded on cost per ton carried Difference 3Q 09 vs. 3Q 08 Difference 9-m 09 vs. 9-m 08 Decrease (Increase) in Other Voyage Expenses (Excluding Fuel) $0.46 or 9% ($0.51) or 13% (Increase) in Running Costs ($1.15) or 14% ($1.34) or 17% Total increase in Operating Costs (E
Slide 7: River Business 3Q Overview and Outlook
River Business 3Q 09 Overview and Outlook (1) Source: FAS - USDA (2) Source: Capeco statistics - www.capeco.org.py 7.2 Ø IF RAINFALL IN 2010 RECOVERS TO NORMAL LEVELS THEN THE PRODUCTION OF SOYBEAN SHOULD BE SIMILAR TO LEVELS EXPERIENCED IN PREVIOUS YEARS Ø IRON ORE à REDUCED VOLUMES TRANSPORTED IN
Slide 8: River Business Strategy for 2010
Ø Fleet: - Re-engining taking place as planned - new pushboat Zonda I (largest in South America) will enter service in first quarter 2010; another 3 pushboats undergoing conversion expected to be in service in 2010 - Re-bottoming program in progress à We aim at achieving maximum operational capacity
Slide 9: Offshore Supply Business
OFFSHORE SUPPLY BUSINESS
Slide 10: Offshore Supply Business 3Q Highlights
Offshore Supply Business 3Q 09 Highlights Ø Voyage expenses include a $1.5 million provision for a possible penalty for late delivery of UP Rubi ; if incurred, it represents 3% of the 4-year contract and may be payable over the duration but loss is reflected entirely in 3Q 09 Ø Revenues and voyage e
Slide 11: Offshore Supply Business 3Q overview and outlook
Offshore Supply Business 3Q 09 overview and outlook § Our fleet is very well positioned to profit from Brazilian emerging market and four of our vessels were committed to long term charters during the quarter to Petrobras Ø Brazilian Market ü Four Brazilian-flagged vessels chartered to Petrobras at
Slide 12: Ocean Business
OCEAN BUSINESS
Slide 13: Ocean Business 3Q Highlights
Ocean Business 3Q 09 Highlights Ø Currently operating five product tankers 4 of which are chartered on long term basis to oil majors in South America Ø Three of them ( Amadeo , Miranda I , and Alejandrina ) have renewed their employments until 2011-2012 Ø Provide stable cash flow and consolidate our
Slide 14: Capesize Fleet 3Q Overview & Outlook
Capesize Fleet 3Q 09 Overview & Outlook 3 Ships 3.1 Ships 4 Ships 4 Ships 3 Ships (1) Please refer to slide 19 in our “Fourth Quarter and Fiscal 2008 Earnings Presentation” filed as 6-K with SEC on March 13, 2009 for 2006-2008 figures (2) As from November 2009 - Basis 4 vessels in 2009 and 3 vessels
Slide 15: CAPEX Program
Ø 4Q 2009-2010 Total CAPEX = $107.7 million Ø Cash & Cash Equivalents as of September 30, 2009 of $41.9 million Ø Undrawn portion of DVB / Natixis Financing as of September 30, 2009: $69.5 million Ø Undrawn new BNDES financing: $18.7 million Ø Additional leverage capacity: • Chinese PSV’s newbuildin
Slide 16: Quarter-on-Quarter Ultrapetrol's Income Statement
Quarter-on-Quarter Ultrapetrol’s Income Statement
Slide 17: Quarter-on-Quarter Ultrapetrol's Income Statement (cont'd)
Quarter-on-Quarter Ultrapetrol’s Income Statement (cont’d)
Slide 18: Ultrapetrol's Summary Balance Sheet
Ultrapetrol’s Summary Balance Sheet
Slide 19: Thank You
Thank You Q & A
Slide 20: Cash flows from operating activities to EBITDA reconciliation
Cash flows from operating activities to EBITDA reconciliation (1) EBITDA consists of net income (loss) prior to deductions for interest expense and other financial gains and losses related to the financing of the Company, income taxes, depreciation of vessels and equipment and amortization of drydoc
Slide 21: Segment operating profit (loss) to EBITDA reconciliation
Segment operating profit (loss) to EBITDA reconciliation ANNEX
Slide 22: Segment operating profit to EBITDA reconciliation
Segment operating profit to EBITDA reconciliation ANNEX
Slide 23: Adjusted Net Income & Adjusted EPS
Adjusted Net Income & Adjusted EPS to Net Income & EPS reconciliation (1) Provision for Income Tax on foreign currency exchange gains on U.S. dollar denominated debt of one of our subsidiaries on the Offshore Supply Business. ANNEX
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