Yangzijiang Shipbuilding (holdings) Ltd. · SGX:BS6
Yangzijiang Shipbuilding (holdings) — FY2023 Earnings Presentation
22 slides from Yangzijiang Shipbuilding (holdings)'s earnings presentation, Feb 27, 2024
Slide 1: FY2023 Results Presentation
FY2023 Results Presentation 27 February 2024 1
Slide 2: Disclaimer
Disclaimer The presentation is prepared by Yangzijiang Shipbuilding (Holdings) Ltd. (the “Company”) and is intended solely for your personal reference and is strictly confidential. The information contained in this presentation is subject to change without notice, its accuracy is not guaranteed, and
Slide 3: FY2023 Snapshot
FY2023 Snapshot Record PATMI, greatly improved gross margin, more than doubled FY2023 order-win target FY23 FINANCIAL RESULTS FY23 OPERATIONAL HIGHLIGHTS FY2023 order-win USD7.05b Revenue Gross Margin PATMI* Order-win More than FY2023 target doubled RMB24.1b 22.4% RMB4.1b USD3.00b +16% y-o-y +7ppts*
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS 4
Slide 5: FY2023 Financial Performance
FY2023 Financial Performance Strong FY2023 performance driven by increased new-build prices, favourable foreign exchange rate and reduced raw material costs Revenue Gross Profit Gross Profit Margin 7,500 22.4% 25.0% 6,500 20.0% RMB’ mln CAGR 18% 5,500 15.4% 13.8% 24,112 4,500 15.0% 3,500 2,500 5,410
Slide 6: Core Shipbuilding Segment
Core Shipbuilding Segment Shipbuilding Revenue Breakdown Shipbuilding GP and GPM Gross Profit Gross Profit Margin 22,788 7,000 21% 22% 25% 72 574 20% RMB’ mln 283 5,000 903 12% 13% 15% 18,372 3,000 110 4,986 10% 173 541 435 1,000 2,061 2,415 1,557 5% RMB’ mln 13,199 -1,000 FY2020 FY2021 FY2022 FY202
Slide 7: Shipping Segment
Shipping Segment Margin compression due to lower charter rates; the Group has strategically locked in short-term contracts which gives us flexibility to reassess in the near-term 40.1% 40.7% 50.0% 1,700 34.4% 23.9% 1,500 0.0% 1,300 1,100 -50.0% RMB’ mln 900 1,383 -100.0% 700 960 1,022 500 -150.0% 66
Slide 8: FY2023 Profitability Trend
FY2023 Profitability Trend Notable improvements in the Group’s profitability EBIT and EBITDA Trends (From Continuing Operations) 23.7% 6,995 25% 21.1% 18.7% 5,995 21.7% 20% 17.8% 15% 4,995 16.5% 10% RMB’ mln 3,995 5% 2,995 5,722 5,227 0% 1,995 3,865 3,409 -5% 3,187 2,692 995 -10% (5) -15% FY2021 FY2
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights Robust balance sheet with a strong net cash position 31 Dec 2023 31 Dec 2022 Financial Highlights RMB'000 RMB'000 Property, Plant and Equipment 7,219,062 7,277,768 Marginal decline due to the disposal of ageing vessels and depreciation, - Property, Plant and Equipment – Ship
Slide 10: Commitment to Shareholders
Commitment to Shareholders Sustainable dividend and improved return on equity to reward shareholders’ long-term unwavering support Dividend (SG Cents) Dividend Payout Return on Equity 9.0 40% 25.0% 36% 35% 8.0 34% 35% 19.6% 7.0 20.0% 30% 6.0 25% 14.9% 25% 15.0% 5.0 20% 4.0 10.3% 10.0% 6.5 15% 7.8% 3
Slide 11: Shipbuilding Segment Highlights
SHIPBUILDING SEGMENT HIGHLIGHTS 11
Slide 12: FY2023 Order Win
FY2023 Order Win More than doubled FY2023 order-win target of USD3 billion More than Doubled FY2023 order wins FY2023 Progress USD7.05b FY2023 target USD3.00b Order-win Trend 7.41 7.05 160 4.43 USD’ bln 1.82 140 0.00 124 120 5 3 97 -10.00 100 32 80 -20.00 Quantity Vessel 44 60 54 50 4 -30.00 4 9 40
Slide 13: FY2023 Order Win Breakdown
FY2023 Order Win Breakdown Significant proportion of new order-wins was classified as eco-friendly vessels, aligning with the green transition trend Vessel Type Size & Specifications Quantity 8,000TEU 2 CONTAINERSHIPS Methanol Dual-fuel 950TEU 4 Total Quantity: 22 Methanol Dual-fuel 9,000TEU 6 Newly
Slide 14: Vessel Delivery
Vessel Delivery Achieved 100% of FY2023 vessel delivery target 100% achieved FY2023 deliveries 57 vessels FY2023 Progress FY2023 target 57 vessels Vessel Delivery Trend 70 67 3 4 57 60 1 50 1 50 45 20 10 Included one vessel built 5 1 for the Group’s own fleet Quantity Vessel 40 30 31 33 45 20 40 10
Slide 15: Outstanding Orderbook
Outstanding Orderbook Strong outstanding orderbook brings revenue visibility up to 2027 Orderbook Trend 250 14.5 10.5 8.5 USD ’ bln 10.0 3.1 200 182 0.0 157 3 44 150 7 140 -10.0 7 37 15 Quantity 39 -20.0 Vessel 100 83 51 6 1 -30.0 38 110 50 94 72 -40.0 38 0 -50.0 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec
Slide 16: Outstanding Orderbook Breakdown
Outstanding Orderbook Breakdown Clean energy vessels account for ~58% of the total outstanding orderbook value 182 7.58m USD14.48b 2024 – 2028 Vessels Compensated gross tonnage (CGT) Total Contract Value Delivery Timeframe Containerships Bulk Carriers LNG/LPG/LEG 72 4.99m USD9.07b 51 1.02m USD2.02b
Slide 17: Shipping Segment Highlights
SHIPPING SEGMENT HIGHLIGHTS 17
Slide 18: Fleet Portfolio
Fleet Portfolio Well-diversified fleet enables us to offer comprehensive services to our clients Quantity Average Age (Years) Total Capacity Bulk Carriers 24 8.00 1,776,600 DWT Stainless Steel Chemical Tankers 3 8.50 52,200 DWT Containerships 2 1.80 3,600 TEU Multiple Purpose Vessels 1 10.70 12,500
Slide 19: Outlook & Guidance
OUTLOOK & GUIDANCE 19
Slide 20: Industry Outlook
Industry Outlook Regulatory factors will continue to boost new-build orders The United Nations Climate Change Conference (“COP28”) Nov 2023 International • Highlighted the importance of greenhouse gas (“GHG”) emission reduction Regulations • Emphasized on the phase-down of reliance on fossil fuel Gr
Slide 21: FY2024 Operational Guidance
FY2024 Operational Guidance Cautiously optimistic about the long-term green fleet renewal trend; increases order-win target to US$4.5 billion for FY2024 4.50 3.00 2024 Order-win Target 1.35 New orders will be primarily from 30% achieved alternative fueled vessels and tankers FY2023 Target FY2024 Tar
Slide 22: Thank You!
THANK YOU! For more information, Kamal SAMUEL / Vicki ZHOU / HongEe TANG please contact: kamal@financialpr.com.sg Financial PR Pte Ltd zhouyan@financialpr.com.sg hongee@financialpr.com.sg 22
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