Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Q2 2009 Earnings Presentation
23 slides from Ultrapetrol (bahamas)'s earnings presentation, Aug 13, 2009
Slide 1: Second Quarter 2009 Earnings Call
Second Quarter 2009 Earnings Call August 13, 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: Ultrapetrol's 2Q 09 & Subsequent Events Highlights
(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 Ultrapetrol’s 2Q 09 & Subsequent Events Highlights Ø 2Q 09 Net Income includes a $3.0 million loss due to a provision on income tax attributable
Slide 4: River Business
RIVER BUSINESS
Slide 5: River Business 2Q Highlights
River Business 2Q 09 Highlights (1) Other Voyage Expenses = voyage expenses - fuel costs (1) Ø Fuel Expense reduced more than proportionally to volume loaded due to lower prices and more efficient consumption per ton Ø Other Voyage Expenses reduced less than proportionally because they include fixed
Slide 6: Effect of reduction of volume loaded on cost per ton carried
Effect of reduction of volume loaded on cost per ton carried Difference 2Q 09 vs. 2Q 08 Increase in Other Voyage Expenses (Excluding Fuel) $1.51 or 37% Increase in Running Costs $2.96 or 39% Total increase in Operating Costs (Excluding Fuel ) $4.47 or 38% (In $ / Ton) 2Q 09 2Q 08 Difference Average
Slide 7: River Business 2Q Overview and Outlook
River Business 2Q 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
River Business Strategy for 2010 Ø Given the lower volumes to be transported in 2009 we have drastically reduced our expenses this year reducing personnel, harbor tugs and fleeting expenses. We will continue to try to reduce costs in the balance of the year Ø Re-bottoming program in progress à We ai
Slide 9: Offshore Supply Business
OFFSHORE SUPPLY BUSINESS
Slide 10: Offshore Supply Business 2Q Highlights
Offshore Supply Business 2Q 09 Highlights FMV as of Dec 31, 08 of British pounds hedges covering 2Q 09 exposure Ø On August 7, 2009 we took delivery of the sixth PSV in our Offshore Supply Business fleet, UP Rubi . The vessel is scheduled to be delivered to Petrobras under a 4-year time charter Ø Du
Slide 11: Offshore Supply Business 2Q overview and outlook
Offshore Supply Business 2Q 09 overview and outlook § Our fleet is very well positioned to profit from Brazilian emerging market and Petrobras offshore exploration Ø Brazilian Market ü Petrobras Pre-Salt exploration and production allow long term contracts at attractive rates ü Petrobras’ capex prog
Slide 12: Ocean Business
OCEAN BUSINESS
Slide 13: Ocean Business 2Q Highlights
Ocean Business 2Q 09 Highlights Ø Currently operating five product tankers chartered on long term basis to oil majors in South America Ø Allow us to provide stable cash flow and consolidate our presence in the region Product Tanker Fleet Our Capesize vessels P. Marisol and P. Susana operated during
Slide 14: Capesize Fleet 2Q Overview & Outlook
Capesize Fleet 2Q 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 Previous Estimates (March 13, 2009) Industry overview: (2) As from August 1, 2009 - Bas
Slide 15: CAPEX Program
Ø 2H 2009-2010 Total CAPEX = $142.0 million Ø Cash & Cash Equivalents as of June 30, 2009 of $57.4 million Ø Undrawn portion of DVB / Natixis Financing (Indian PSVs) as of June 30, 2009: $76.4 million Ø Additional leverage capacity: • Brazilian and Chinese PSV newbuildings not mortgaged to any finan
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
Quarter-on-Quarter Ultrapetrol’s Income Statement
Slide 18: Ultrapetrol's Balance Sheet
Ultrapetrol’s 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
Slide 22: Segment operating profit to EBITDA reconciliation
Segment operating profit to EBITDA reconciliation
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.
Ultrapetrol (Bahamas) — Q2 2009 Earnings Presentation on 6ix