Thoresen Thai Agencies Public Co. Ltd. · SET:TTA

Thoresen Thai Agencies Public — Q2 2008 Earnings Presentation

17 slides from Thoresen Thai Agencies Public's earnings presentation, May 2008

  1. Slide 1: Second Quarter Financial Highlights

    May 2008 THORESEN THAI AGENCIES PUBLIC COMPANY LIMITED “An Integrated Shipping Group” Second Quarter Financial Highlights

  2. Slide 2: Q1/2008 and Q2/2008 Income Statement Comparison

    Q1/2008 and Q2/2008 Income Statement Comparison % Total Revenues % Q1/2008 Q2/2008 Change Q1/2008 Q2/2008 Freight Income 6,505,681,296 6,599,713,998 1.45% 81.00% 82.75% MML Service Income 1,090,822,545 1,069,891,577 -1.92% 13.58% 13.41% Service/Commission Income 136,232,747 155,186,514 13.91% 1.70%

  3. Slide 3: Q1/2008 and Q2/2008 Income Statement Comparison (cont.)

    Q1/2008 and Q2/2008 Income Statement Comparison (cont.) % Total Revenues Q1/2008 Q2/2008 % Change Q1/2008 Q2/2008 Service & Administrative 453,312,986 435,414,351 -3.95% 5.64% 5.46% Expenses EBITDA 3,237,169,183 2,610,742,732 -19.35% 40.30% 32.73% Depreciation and 451,204,425 444,976,250 -1.38% 5.62

  4. Slide 4: Q1/2008 and Q2/2008 Income Statement Comparison (cont.)

    Q1/2008 and Q2/2008 Income Statement Comparison (cont.) % Total Revenues Q1/2008 Q2/2008 % Change Q1/2008 Q2/2008 Income Taxes (99,582,824) (29,547,278) -70.33% Net Income After Taxes 2,544,871,655 2,003,669,222 -21.27% 31.69% 25.12% FX Impact 115,190,366 150,583,624 30.73% Minority Interests (78,35

  5. Slide 5: Q1/2008 and Q2/2008 Balance Sheet Comparison

    Q1/2008 and Q2/2008 Balance Sheet Comparison Q1/2008 Q2/2008 % Change Cash & Deposits 8,955,996,799 9,485,875,061 5.92% Marketable Securities 591,954,516 516,563,600 -12.74% Trade Debtors 2,409,685,345 2,498,305,103 3.68% Related Debtors 483,616 32,894,863 6,701.86% Spare Parts/Bunkers 759,604,392 7

  6. Slide 6: Q1/2008 and Q2/2008 Balance Sheet Comparison (cont.)

    Q1/2008 and Q2/2008 Balance Sheet Comparison (cont.) Q1/2008 Q2/2008 % Change Trade & Non-Trade Creditors 1,328,851,927 1,909,284,153 43.68% Related Creditors 29,934,425 27,993,472 -6.48% S-T Debt 130,714,053 9,200,000 -92.96% Current Portion: L-T Debt 443,491,136 434,561,205 -2.01% Other Current Li

  7. Slide 7: Q1/2008 and Q2/2008 Balance Sheet Comparison (cont.)

    Q1/2008 and Q2/2008 Balance Sheet Comparison (cont.) Q1/2008 Q2/2008 % Change Share Capital 2,184,094,630 2,184,094,630 0.00% Reserves 18,098,801,684 19,222,044,118 6.21% Shareholders Funds 20,282,896,314 21,406,138,748 5.54% Minorities 3,819,172,036 3,949,942,689 3.42% Total Equity 24,102,068,350 2

  8. Slide 8: Key Financial Ratios

    Key Financial Ratios Ratio Q1/2008 Q2/2008 Current Ratio 3.9937 3.9090 Quick Ratio 3.7721 3.7091 Debt/Assets 0.2719 0.2185 Debt/Equity 0.4281 0.3144 EBITDA/Interest Expense 22.8759 19.6963 Interest Expense/Debt (Annualized) 6.53% 6.84% Slide 8

  9. Slide 9: Key Financial Ratios (cont.)

    Key Financial Ratios (cont.) Ratio Q1/2008 Q2/2008 Receivables Turnover (Days) 26.2266 27.9984 Payables Turnover (Days) 25.6628 25.2971 Revenue/Fixed Assets 0.3855 0.3727 Revenue/Total Assets 0.2541 0.2241 Return on Assets 8.17% 5.91% Return on Equity 12.86% 8.51% Book Value Per Share 37.4439 39.392

  10. Slide 10: Dry bulk shipping and offshore services markets were strong

    Dry bulk shipping and offshore services markets were strong but the drilling group continued to have low asset utilisation (Millions of Baht) Q2/2008 Q2/2008 Quarter 2/2008 Net Profit Contribution Revenues Net Profits Offshore Shipping Services Dry Bulk Shipping Group 6,415 1,965 Services Group 3.22

  11. Slide 11: TTA achieved a TC rate performance of $25,083 per vessel day in Q2/2008

    TTA achieved a TC rate performance of $25,083 per vessel day in Q2/2008 • Our total fleet’s TC rates decreased 3.16% Actual Vessel Days 4,300 from $25,902 per vessel day in Q1/2008 to 4,200 $25,083 per vessel day in Q2/2008 4,100 4,000 • Vessel days decreased 0.46% from 3,956 3,900 vessel days in Q1

  12. Slide 12: Vessel operating expenses increased in Q2/2008

    Vessel operating expenses increased in Q2/2008 due to the higher number of chartered-in vessels and fuel prices • Owner expenses increased 21.43% from Vessel Operating Expenses (Q2/2008) $4,521 per vessel day in Q1/2008 to $5,490 per vessel day in Q2/2008 due to high repair Insurance Others & mainte

  13. Slide 13: Dry bulk supply and demand remain tightly balanced in 2008

    Dry bulk supply and demand remain tightly balanced in 2008 TC Rate $200,000 Average TC Rate 2004 2005 2006 2007 2008 $180,000 Capesize 65,308 46,694 44,314 112,387 126,723 $160,000 Panamax 32,451 21,744 25,064 55,658 54,448 Handymax/Supramax 25,473 18,639 23,834 45,159 43,684 $140,000 Handysize 19,6

  14. Slide 14: The dry bulk fleet is projected to grow 9.36% in 2008

    The dry bulk fleet is projected to grow 9.36% in 2008 to 427.349 million DWT Total Fleet Total Order Book (2008-2014) (incl. Delivery in April 2008) Size (DWT 000’s) No. DWT (MM) % No. DWT (MM) % of Current Fleet 10-40 2,844 75.738 19.06% 576 18.465 24.38% 40-60 1,613 77.696 19.55% 796 44.511 57.29%

  15. Slide 15: The current order book equals 59.17% of the total dry bulk fleet

    The current order book equals 59.17% of the total dry bulk fleet 2008 2009 2010 2011 2012 onwards Size (DWT No. DWT No. DWT No. DWT No. DWT No. DWT 000’s) (MM) (MM) (MM) (MM) (MM) 10-40 85 2.516 189 6.077 163 5.215 105 3.491 34 1.166 40-60 138 7.438 212 11.804 267 15.074 147 8.382 32 1.813 60-100 70

  16. Slide 16: The increasing supply of vessels will lead to supply/demand imbalances

    The increasing supply of vessels will lead to supply/demand imbalances by the second half of 2009 Million DWT Million DWT 100.00 25.00 140.00 25.00 90.00 120.00 80.00 20.00 20.00 70.00 100.00 60.00 15.00 15.00 80.00 50.00 60.00 40.00 10.00 10.00 30.00 40.00 20.00 5.00 5.00 20.00 10.00 0.00 0.00 0.00

  17. Slide 17: Freight rates are expected to go down in 2009

    Freight rates are expected to go down in 2009 due to the increasing supply of vessels TC Rate TC Rate $50,000 $65,000 62,500 45,000 60,750 $45,000 $60,000 59,500 41,500 57,330 41,000 55,000 $40,000 $55,000 52,500 52,500 36,000 50,000 $35,000 $50,000 31,250 46,750 46,750 31,250 $30,000 28,500 $45,000

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