Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Q3 2011 Earnings Presentation
30 slides from Ultrapetrol (bahamas)'s earnings presentation, Nov 15, 2011
Slide 1: Third Quarter 2011 Results Presentation
Third Quarter 2011 Results Presentation November 15, 2011
Slide 2: Forward Looking Statements & EBITDA
1/1 Forward Looking Statements & EBITDA Our disclosure and analysis inthis presentation conceming our operations, cash flows and financial position including, In particular, the likelihood of our success in developing and expanding our business; include forward Jooking statements, Statem predictive
Slide 3: Ultrapetrol 3Q 11 vs. 3Q 10 & Subsequent Events Highlights
[I Ultrapetrol 3Q 11 vs. 3Q 10 & Subsequent Events Highlights Nine months ended“ Nine months ended % zai sano % (3000's) 30-Sep-11 30-Sep-10 Change Changs Revenues $208,331 $173,446 20% $80,038 $58,609 31% Adjusted EBITDA ®) $37,888 $51,289 26% =§— $13,317 $14,085 5% Net (loss) income as reported ($
Slide 4: Ultrapetrol 3Q vs. 3Q (Cont'd)
Ultrapetrol 3Q 11 vs. 3Q 10 (Cont'd) Adjusted EBITDA per segment 30.2011 3Q 2010 Difference % Change River Business 8,251 6,173 2,078 34% Offshore Supply Business 5,575 4,505 1,070 24% Ocean Business 1,991 2,538 (647) -22% Total Segment Adjusted EBITDA $15,817 $13,276 $2,601 20% items not included i
Slide 5: $550 million invested over the last years on solid growth initiatives
Ir $550 million invested over the last 4 years on solid growth initiatives ‘Seven vessels currently employed to Petrobras on long-term, profitable rates Eighth vessel initiated operation in the North Sea in October 2011 t Double Offshore Supply Fleet Brazil transiting through unprecedented growth in
Slide 6: Historical Exchange Rates against US Dollar
Ir Historical Exchange Rates against US Dollar Brazilian Real vs US Dollar 4 4-Jan-10 44-Aug-10 4-Mar-11 44-Oct-11 Argentine Peso vs US Dollar 4.50 420 428 5 408 4.43 R400 /390 3.86 3.93 395 3.97 3984.04 85., Nominal Exchange Rate eso" 3.70 3.63 a = Exchange Rate deflated by CPI 8 i 223.00 Evi a, 20
Slide 7: Ultrapetrol
ULTRAPETROL
Slide 8: River Business 3Q 2011 Highlights
Uy River Business 3Q 2011 Highlights FINANCIAL HIGHLIGHTS RIVER. Nine months Nine months % % ($000's) ended 30-Sep-11_ended 30-Sep-10! change sot eee Diff change Net Tons Transported 3,482,850 2,948,001 534,849 18% 1,290,623 968,701 321,922 33% Revenues $113,518 $89,899 $23,619 26% © $43,707 $31,365
Slide 9: 9m 2011 vs. 9m 2010 - Breakdown per Net Ton Transported
1/1 9m 2011 vs. 9m 2010 —- Breakdown per Net Ton Transported [in $7 Ton) ‘9m2011[9m2010] Difference | 3Q2011|3Q 2010]. Difference [Average Freight Rate 34.68) 28.02 13.1%. 34.10[ 2804 21%. Difference $3.67 $6.09 Of which Fuel adjustment explains $3.36, of 12% $4.3, oF 15.4% [Average price increases
Slide 10: Continuing context of strengthening commodity production & prices
1/1 Continuing context of strengthening commodity production & prices Paraguayan Seeded Area & Production (") Hidrovia Regional Iron Ore Production @) - 2, CAGE pS 6 40-ye & 55 46 ae =4 z 3 %. $2 ae nal ail 60 llil ic 2010 2001 2002 2003 2004-2005 2006 2007 2008 2009 2010 2011 2012 = 1P)(P) i i 2002
Slide 11: Offshore Supply
i ULTRAPETROL Offshore Supply
Slide 12: Offshore Supply Business 3Q 2011 Highlights
ir Offshore Supply Business 3Q 2011 Highlights FINANCIAL HIGHLIGHTS OFFSHORE SUPPLY Nine months Ninemonths % aa carn 22 ($000's) ended 30-Sep-11_ended 30-Sep-10_Change Change Revenues $46,634 $39,385 18% $18,967 $13,737 38% Voyage Expenses (2,743) (2,764) -2% (1,022) (984) 4% Running Costs (25,740)
Slide 13: Offshore Supply Business Update
1/1 Offshore Supply Business Update * We currently employ 7 PSVs in Brazil on 1-4 year term contracts with Petrobras at strong rates ( Petrobras Large PSV (+4,500 dwt) Fixtures in Brazil since 2006 40,000 ee gags7@ | 20.000 29,500 30,000 me | 20,000 28,500 Emo 28,000. 10,000 eK, —eAverage Rate 27,50
Slide 14: Petrobras' $224 Bn CAPEX Program continues as planned
1/1 Petrobras’ $224 Bn CAPEX Program continues as planned * Brazilian demand for PSVs in conjunction with a limited supply of these vessels is pushing day rates up * As Petrobras continues its offshore exploration and enhances its operations, PSV demand is expected to remain strong ntracted) “Accumu
Slide 15: Young and technologically advanced Offshore Supply Fleet
1/1 Young and technologically advanced Offshore Supply Fleet Fleet in Operation Vessel Capacity (dwt) Deck Area Year Built Market ‘Status Approx. Expiry UP Safira 4,200 e40m| 2005 Brazil Chartered Feb-13 UP Esmeralda 4,200 saom? 2005 Brazil Chartered Feb-13 UP Topazio 4,200 840m? 2006 Brazil Charter
Slide 16: Ocean
ULTRAPETROL
Slide 17: Ocean Business 3Q 2011 Highlights
tf Ocean Business 3Q 2011 Highlights FINANCIAL HIGHLIGHTS OCEAN Nine months Ninemonths —% % (5000's) ended 30-Sep-14_ended 30-Sep-10_Change att 3010 change Revenues $48,179 $44,162 9% $17,364 $13,507 29% Voyage Expenses (15,000) (8.280) 81% (6524) @B.457) 60% Running Costs (22,527) (21,889) 3% (7.84
Slide 18: Tanker and Container Trade
t/r Tanker and Container Trade Tanker Vessels = Our Tanker vessels are under term contracts with oil majors and operate in cabotage flag-restricted trades providing transport services to local refineries * Relatively stable operating environment Container Vessels = We currently operate a fleet of tw
Slide 19: Historical CAPEX - 2011 and 2015 EBITDA Estimates
Uff \ Historical CAPEX— 2011 and 2015 EBITDA Estimates [ Ultrapetrol has laid the foundation of its future growth with a 5-year investment plan Historical CAPEX * Ultrapetrol has invested (and is continuing to invest) approximately $550 million across its business segments over the last 5 years (200
Slide 20: Future CAPEX Program 4Q 2011 - FY 2012
Uy \ Future CAPEX Program 4Q 2011 - FY 2012 In thousands of dollars 4Q.2011__ FY 2012 Total River Business Barge Building/Repowering/Rebottoming 5,200 53,416 58,616 Total River Business 3,200 63,416 38,616 Offshore Supply Business PSVs Under Construction 4,402 26,418 30,820 Dry docks : 1,800 1,800 T
Slide 21: Quarter-on-Quarter Selected Statement of Operation Data
tr Quarter-on-Quarter Ultrapetrol’s Selected Statement of Operation Data Nine months ended Nine months ended (3000's) ptember 30, 2011 September 30, 2010_” Chan a 2 ‘Revenues ‘Attributable to River Business $113,518 $89,899 26% $43,707 $31,385 ‘Attributable to Offshore Supply Business. 46.634 39,385
Slide 22: Quarter-on-Quarter Income Statement
Ir Quarter-on-Quarter Ultrapetrol’s Income Statement Nine months ended _ Nine months ended (5000's) September 30, 2014 September 30, 2010, _°2*4__ 3010 Revenues $208,331 $173,446 $80,038 $58,609 Voyage Expenses (70.301) (44.540) 7.107) (16,308) Running Costs (79.244) (64719) (29,721) (23,396) Deprec
Slide 23: Ultrapetrol's Balance Sheet
Ir Ultrapetrol’s Balance Sheet ($000's) At September 30, 2014 At December 31, 2010 % Change ASSETS Cash & Cash Equivalents s27344 $105:570 14% ‘Acocunts Recehvebles 37.343 24.675 51% Other Current Assets 44,489 32,750 36% Vessels and Equipment, Net 669,150 612,696 9% Nen-curent Other Receivables 8,7
Slide 24: Debt Repayment Schedule
tf Debt Repayment Schedule * Balanced yearly principal repayments in the medium term + No refinancing in the short and medium term = Our $180.0 million note does not have any loan to value ratios to be maintained and has bullet repayment in 2014 = Our $80.0 ion convertible note is senior unsecured w
Slide 25: Thank You - Q&A
Thank You Q&A ir
Slide 26: Appendix
t/ Appendix Tine monthe ended September 30, (s000's) zit 2010 ‘CASH FLOWS FROM OPERATING ACTITTES ‘Net Income sisgr) $1898 ‘Adjustments torecencionetincome to net cash provided by operating actives Loss rom escontruing operations 518 Depecitin of vessats and equipment 25058 2256 mertzaten of dy deck
Slide 27: Appendix (cont'd)
Uy \ Appendix (cont'd) Segment operating profit (loss) to Adjusted EBITDA reconciliation Third quarter ended September 30, 2011 ($000's) River___Offshore Supply __Ocean__TOTAL Segment operating (loss) profit $3,069 $3,542 ($503) $6,108 Depreciation and amortization 5,707 2,467 2.416 10,590 Investmen
Slide 28: Appendix (cont'd)
[Jq \ Appendix (cont'd) Segment operating profit (loss) to Adjusted EBITDA reconciliation Third quarter ended September 30, 2010 ($000's) River Offshore Supply Ocean TOTAL Segment operating (loss) profi $2,253 82.664 ($2,057) $2,860 Depreciation and amortization 4,325 1,896 2,350 8,571 Loss on write
Slide 29: Appendix (cont'd)
[Jq \ Appendix (cont'd) Nine months ended September 30, 2011 ($000's) River__Offshore Supply _Ocean__ TOTAL ‘Segment operating (loss) profit $6,937 $7,504 ($2,382) $12,059 Depreciation and amortization 15,256 6,850 7,061 29,167 Investment in affliates / Net (loss) attributable to non-contraling (685
Slide 30: Appendix (cont'd)
[Jq \ Appendix (cont'd) Nine months ended September 30, 2010 (8000's) River Offshore Supply __Ocean. TOTAL ‘Segment operating profit $10,685 $7,908 $184 $18,777 Depreciation and amortization 12,602 5,256 7,657 25,515 Investment in affiliates / Net (loss) attributable to non-controlling (220) (328) (
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