Marco Polo Marine Ltd. · SGX:5LY
Marco Polo Marine — FY2022 Earnings Presentation
17 slides from Marco Polo Marine's earnings presentation, December 2022
Slide 1: Marco Polo Marine Limited FY2022 Update
MARCO POLO MARINE LIMITED FY2022 UPDATE December 2022
Slide 2: Disclaimer
Disclaimer This presentation prepared by Marco Polo Marine Ltd (the "Company") does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale,
Slide 3: Corporate Overview
Corporate Overview Regional integrated marine logistics company which principally engages in ship chartering and shipyard businesses SGX:5LY ~S$156m 44.6% Stock Code Market Cap Free Float (As of 2 Dec 2022) Stock Data Major Shareholders 24.0% ~19.7% 20.0% 17.2% 16.0% 8.6% 8.6% 12.0% 8.0% 4.0% 0.0% L
Slide 4: Complementary Business Segments
Complementary Business Segments Ship Chartering Ship Building & Repair • 12 OSVs and 2 Maintenance • One of the larger shipyards in MAINTANENCE WORK Work vessels (MWV)s (average Indonesia SHIPBUILDING VESSELS age: 4-13 years) • Ship building, conversion and outfitting • 21 Tugs and Barges (average a
Slide 5: Market Value Increase – A Reflection Of Financial Performance Improvement
Market Value Increase – A Reflection Of Financial Performance Improvement 30 150 25 24 20 100 S$m S$m 15 10 10 50 8 5 2 1 0 0 FY2018 FY2019 FY2020 FY2021 FY2022 Market Cap Operational EBITDA Market cap closing as of end of financial period (i.e. 30th Sep) 5
Slide 6: FY2022 Performance
FY2022 Performance 6
Slide 7: 2HFY2022 Income Highlights
Revenue (S$m) 2HFY2022 Income Highlights +133.9% 58.5 S$ million 2HFY2022 2HFY2021 Y-o-Y % change 25.0 2HFY2021 2HFY2022 Revenue 58.5 25.0 133.9% Gross Profit 19.3 7.0 176.3% EBITDA (S$m) Gross Profit Margin 33.0% 27.9% +196.0% EBITDA* 18.1 6.1 196.0% EBITDA Margin 30.9% 24.4% 18.1 Net Profit 11.3 8
Slide 8: FY2022 Income Highlights
Revenue (S$m) FY2022 Income Highlights +86.7% 86.1 46.1 S$ million FY2022 FY2021 Y-o-Y % change FY2021 FY2022 Revenue 86.1 46.1 86.7% Gross Profit 27.5 12.0 128.8% EBITDA (S$m) Gross Profit Margin 31.9% 26.1% +142.5% EBITDA* 24.2 10.0 142.5% EBITDA Margin 28.1% 21.7% 24.2 Net Profit 22.0 14.8 49.1%
Slide 9: FY2022 Financial Position
FY2022 Financial Position S$ million FY2022 FY2021 Comments Net Asset Value 151.7 114.9 FY2022 NAV/share = S$0.043 Cash 53.5 20.3 Less borrowings (1.0) (4.2) Net Cash 50.3 16.1 FY2022 Net cash/share: S$0.014 Operating cashflow 28.7 8.8 Purchase of PPE (4.6) (2.2) Free cashflow 24.1 6.6 9
Slide 10: Segmental Performance & Outlook
Segmental Performance & Outlook 10
Slide 11: Shipyard Revenue Hits Another Record Since FY2018
Shipyard Revenue Hits Another Record Since FY2018 Shipyard revenue jumps nearly 60% y-o-y Shipyard revenue S$m as ship repair outperforms 41.4 • Contribution from extended dry dock 1 (which boosted ship repair capacity by up to 20%) from 26.0 2HFY2022 17.2 15.1 13.6 • Increase in regional market sha
Slide 12: Ship Chartering Outperforms In FY2022
Ship Chartering Ship Chartering Revenue (S$m) Outperforms In FY2022 5.4 Increase In Revenue Due To 39.3 (i) Rise in average charter rates, 20.1 16.6 13.6 (ii) Rise in average utilization rates and 11.5 (iii) Consolidation of charter revenue from PT BBR (70.7% stake) and PKRO FY2018 FY2019 FY2020 FY2
Slide 13: Embarking On Our Next Stage Of Growth
Embarking On Our Next Stage Of Growth Marco Polo Marine will build, own and operate a new CSOV to service the booming offshore windfarm industry in Asia Target Completion: 1Q2024 (tentative) Est market value: US$60 million Achievements: First CSOV to be designed in Asia when completed Commissioning
Slide 14: Outlook – Continuing on the positive momentum
Outlook – Continuing on the positive momentum Shipyard • 1HFY2023 to continue benefit from the increased in ship repair capacity from extension of dry dock 1 (which was completed from 2HFY2022) • The Group is in the midst of constructing our Commissioning Service Operation Vessel (CSOV) which is exp
Slide 15: Financial Overview
Financial Overview Revenue S$m Net (debt)/cash (S$m) 58.5 FY2022: S$50.3m 24.3 25.0 27.6 17.8 18.6 21.1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 11.5 12.4 12.3 14.3 17.1 11.7 34.2 7.4 8.7 6.1 6.2 8.5 6.2 10.3 9.9 9.4 10.7 10.5 5.3 3.8 2HFY2018 1HFY2019 2HFY2019 1HFY2020 2HFY2
Slide 16: Summary and Investment Merits
Summary and Investment Merits Attractive Valuation • Trading below book, backed primarily by hard assets including cash and PPE • The Group owns a shipyard in Batam (occupying more than 34 ha of land area) as well as 12 OSVs, 2 MWVs and 21 tug and barges. In FY2019, the Group successfully sold 1.5 O
Slide 17: Thank You
THANK YOU Investor enquiries: emily@gem-comm.com 17