Thoresen Thai Agencies Public Co. Ltd. · SET:TTA
Thoresen Thai Agencies Public — Q1 2017 Earnings Presentation
26 slides from Thoresen Thai Agencies Public's earnings presentation, May 24, 2017
Slide 1: 1Q/17 Opportunity Day Presentation
1Q/17 Opportunity Day Presentation The Stock Exchange of Thailand May 24, 2017
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 1Q/17 HIGHLIGHTS FINANCIAL PERFORMANCE MARKET OUTLOOK APPENDICES 3
Slide 4: 1Q/17 Highlights
1Q/17 HIGHLIGHTS Industry Recap Baltic Exchange Dry Index BDI has risen from its 30-year low in Q1/2016 to over 1,300 level by the end of March 2,400 BDI 1,206 BDI 1,105 BDI 718 BDI 673 2,200 Oil and gas market continued to be volatile trading 2,000 1,800 within the rage of USD 50-60 per barrel
Slide 5: Agenda
AGENDA 1Q/17 HIGHLIGHTS FINANCIAL PERFORMANCE MARKET OUTLOOK APPENDICES 5
Slide 6: 1Q/17 Group Financial Performance
1Q/17 GROUP FINANCIAL PERFORMANCE Revenues Gross Profit EBITDA Net Profit to TTA Normalized Net (M. THB) (M. THB) (M. THB) (M. THB) +5% YoY Profit to TTA +138% YoY (M. THB) 3,598 840 +88% YoY 168 +129% YoY 2,957 3,103 +69% YoY 618 87 637 66 387 339 1Q/16 4Q/16 1Q/17 1Q/16 4Q/16 1Q/17 230 (164) (225)
Slide 7: Thoresen Shipping Group (TSG)
THORESEN SHIPPING GROUP (TSG) TCE rate significantly improved and the utilization rate remained at high level Thoresen TCE Rate* vs. Cost Structure (per vessel day) Thoresen’s Fleet Utilization Rate BDI 718 97.6% 100.0% 100.0% 100.0% 99.1% BSI 666 BDI 673 35 100.0% BSI 596 30 80.0% 25 20 60.0% 22.2
Slide 8: Thoresen Shipping Group (TSG)
THORESEN SHIPPING Group (TSG) Revenues Gross EBITDA Net Profit(Loss) Normalized Net (M. THB) (M. THB) (M. THB) Profit/(Loss) Profit (Loss) (M. THB) +1080% YoY (M. THB) +38% YoY +400% YoY +117% YoY 1,029 176 46 +118% YoY 193 56 46 820 120 745 157 1Q/16 4Q/16 1Q/17 1Q/16 4Q/16 1Q/17 1Q/16 4Q/16 1Q/17
Slide 9: Mermaid Maritime Group (MML)
MERMAID MARITIME GROUP (MML) Revenues Breakdown by Services Subsea IRM - Vessels Revenue Breakdown Unit: Million Baht Vessel Working Days & Utilization Rate* Vessel Day Rates Revenue from Subsea IRM – Vessels and survey services decreased 9% from lower utilization rate of vessels Average vessel
Slide 10: Mermaid Maritime Group (MML)
MERMAID MARITIME GROUP (MML) Revenues Gross Profit EBITDA Net Profit(Loss) Net Profit(Loss) to (M. THB) (M. THB) (M. THB) (M. THB) TTA 282 -25% YoY (M. THB) -9% YoY +50% YoY Net Profit(Loss) -41% YoY 1,563 404 Net Profit(Loss) to TTA -43% YoY Normalized Net Profit -145% YoY 1,413 1,283 200 (Loss) No
Slide 11: PM Thoresen Asia Holdings (PMTA)
PM THORESEN ASIA HOLDINGS (PMTA) Sales Volume by Products Revenues Breakdown By Market Fertilizer NPK Single fertilizer Unit:’000 Tons Pesticide Total Domestic Export 62.8 55.1 53.6 40% 43% 42% 43% 49% 37.8 38.0 60.6 53.5 52.2 36.3 36.6 60% 57% 58% 57% 51% 1Q/16 2Q/16 3Q/16 4Q/16 1Q/17 Q1/16 Q2/16 Q
Slide 12: PM Thoresen Asia Holdings (PMTA)
PM THORESEN ASIA HOLDINGS (PMTA) Sale Revenue Gross Profit EBITDA Net Profit (Loss) Net Profit(Loss) to (M. THB) (M. THB) (M. THB) (M. THB) TTA -12% YoY -26% YoY 111 -92% YoY (M. THB) +0% YoY 300 954 76 150 608 538 153 153 51 38 26 18 2 2 1Q/16 4Q/16 1Q/17 1Q/16 4Q/16 1Q/17 1Q/16 4Q/16 1Q/17 1Q/16 4
Slide 13: Unique Mining Services (UMS)
UNIQUE MINING SERVICES (UMS) Newcastle Coal Index (USD/Ton) Total Revenues and Breakdown Newcastle index* data source : Bloomberg *Newcastle Coal is thermal coal exported (delivered FOB) out of the port of Newcastle in New South Wales, Australia. It is the price benchmark for seaborne thermal coal i
Slide 14: Unique Mining Services (UMS)
UNIQUE MINING SERVICES (UMS) Revenues Gross Profit EBITDA Net Profit(Loss) Net Profit(Loss) to (M. THB) (M. THB) (M. THB) +50% YoY (M. THB) TTA 28 7 Net Profit(Loss) +7% YoY (M. THB) 183 181 -28% YoY Net Profit(Loss) to TTA +7% YoY Normailized Net Profit +0% YoY 20 (Loss) Normailized Net Profit 121
Slide 15: Strong Financial Position to Support Growth
STRONG FINANCIAL POSITION TO SUPPORT GROWTH Unit: Million Baht 41,620 39,594 Debenture LT Loan Cash and Cash Equivalents + 2,961 2,431 Other liabilities Short-term 10,671 9,748 Investments 12,165 4% 11,449 Interest 5,453 4,936 Bearing Debt Current Assets 38% Property, Plant, 18,415 17,628 and Equipm
Slide 16: Agenda
AGENDA 1Q/17 HIGHLIGHTS FINANCIAL PERFORMANCE MARKET OUTLOOK APPENDICES 16
Slide 17: Dry Bulk Business Outlook
DRY BULK BUSINESS OUTLOOK SUPPLY CUTS TO RESTORE SOME BALANCE OECD Growth/Total Dry Bulk Trade Growth Bulkcarrier Fleet Development Global Drybulk Orderbook Revised Down Million DWT Capesize 200 170.4 173.7 Panamax 180 Handymax 160 131.5 Handysize 140 120 100 85.5 80 60 48.5 40 19.6 20 8.2 0 2013 20
Slide 18: MML's Business Outlook
MML’S BUSINESS OUTLOOK Brent Crude Oil (USD/Barrel) Contract Extensions 140 - AOD I – 3 years expiring in June 2019 120 - AOD ll – 3 years expiring in July 2019 - AOD Ill – 3 years expiring in December 2019 100 80 Cancellation all new-builds (‘MTR-3’, ‘MTR-4’, and DSCV) by mutual agreement with
Slide 19: Thank You
THANK YOU For further information & enquiries, please contact our Investor Relations at IR@thoresen.com Investor Relations +662 - 254- 8437 19
Slide 20: Agenda
AGENDA 1Q/17 HIGHLIGHTS FINANCIAL PERFORMANCE MARKET OUTLOOK APPENDICES 20
Slide 21: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Consolidated Income Statement 1Q/16 4Q/16 1Q/17 %YoY %QoQ in million Baht (MB) MB % MB % MB % MB % MB % Revenues 2,956.6 100.0 3,597.5 100.0 3,102.9 100.0 146.2 5% (494.6) -14% Costs (2,617.5) (88.5) (2,757.6) (76.7) (2,466.1) (79.5) (151.4) -6% (291.5) -11% Gross Profi
Slide 22: Thoresen Shipping Group (TSG) Income Statement
THORESEN SHIPPING GROUP (TSG) INCOME STATEMENT Income Statement* in million Baht (MB) 1Q/16 4Q/16 1Q/17 %YoY %QoQ Freight Revenue 744.7 820.4 1,029.4 38% 25% Vessel Operating Expenses (764.3) (663.3) (836.6) 9% 26% Gross Profit (19.7) 157.1 192.8 1080% 23% Other Income 15.4 6.3 19.6 27% 210% Gains (
Slide 23: Thoresen Shipping Group (TSG) Fleet Data
THORESEN SHIPPING GROUP (TSG) Fleet data Summary 1Q/16 4Q/16 1Q/17 %YoY %QoQ Average DWT (Tons) 50,946 52,555 52,555 3% 0% (1) Calendar days for owned fleet 2,113 1,860 1,800 -15% -3% (2) Available service days for owned fleet 2,065 1,824 1,778 -14% -3% (3) Operating days for owned fleet 2,016 1,824
Slide 24: Mermaid Maritime (MML) Income Statement
MERMAID MARITIME (MML) INCOME STATEMENT Income Statement in million Baht 1Q/16 4Q/16 1Q/17 % YoY % QoQ Total Revenues 1,412.9 1,562.7 1,283.1 -9% -18% Total Costs (1,216.4) (1,158.9) (988.8) -19% -15% Gross Profit/(Loss) 196.5 403.8 294.3 50% -27% Other Income 5.0 47.9 7.4 47% -85% SG&A (153.4) (232
Slide 25: PM Thoresen Asia Holdings (PMTA) Income Statement
PM THORESEN ASIA HOLDINGS (PMTA) INCOME STATEMENT Income Statement in M illion Baht 1Q/16 4Q/16 1Q/17 % YoY % QoQ Sales Revenue 608.1 954.0 537.9 -12% -44% Raw Material Costs (455.0) (654.0) (384.8) -15% -41% Gross Profit 153.1 300.0 153.2 0% -49% Service & Other Income 10.9 16.6 14.8 36% -11% Opera
Slide 26: Unique Mining Services (UMS) Income Statement
UNIQUE MINING SERVICES (UMS) INCOME STATEMENT Income Statement in million Baht 1Q/16 4Q/16 1Q/17 % YoY % QoQ Total Revenues 120.6 183.2 180.7 50% -1% Total Costs (92.7) (165.5) (160.6) 73% -3% Gross Profit 27.9 17.8 20.1 -28% 13% Other Income 0.8 (0.8) 1.1 41% 228% SG&A (21.4) (19.7) (21.9) 2% 11% E
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