Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — BB&T Capital Markets 24th Annual Transportation Services Conference (February 2009)
18 slides from Ultrapetrol (bahamas)'s conference presentation, Feb 11, 2009
Slide 1: BB&T Capital Markets 24th Annual Transportation Services Conference
February 11, 2009 BB&T Capital Markets 24th Annual Transportation Services Conference
Slide 2: Forward Looking Statements & EBITDA
Forward Looking Statements & EBITDA Our disclosure and analysis in this presentation concerning our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business, include forward-looking statements. Statements that are
Slide 3: River, Offshore Supply and Ocean Business overview
100% 94.45% 100% River Business Offshore Supply Ocean Business Business “UABL” “Ultrapetrol” “UP Offshore” » 591 barges -> over 1.0 » 5 large PSVs in operation » 4 Capesize / OBO million dwt static capacity -> 4,200 m² deck capacity vessels -> 634,742 dwt » 29 pushboats & one » 7 large PSVs under »
Slide 4: Significantly Improving Results
Significantly Improving Results Adjusted EBITDA & Revenues 350 299.5 300 250 221.7 200 150 101.2 100 76.7 50 0 2007 LTM Sep 08 (1) Adjusted EBITDA Revenues 4Q 08 vs. 4Q 07 Conceptual Highlights: » Significant increase in Capesize fleet contribution due to higher rates locked through FFAs » Lower Riv
Slide 5: Strong Liquidity & Conservative Financing
Strong Liquidity & Conservative Financing Ultrapetrol's Cash & Cash Equivalents 120 107.4 106.7 100 80 60 42.0 40 30.5 20 0 1Q 2Q 3Q 4Q 08 Est. 08 08 08 Financial Debt contracted during 2008 » June 24: DVB / Natixis -> 12 year facility of US$ 93.6 million to finance Indian PSVs construction; first i
Slide 6: River Business
River Business 6
Slide 7: Long Term Fundamentals Remain Attractive
Long Term Fundamentals Remain Attractive Estimate approximately 4.3 million » Soybean Production in Paraguay has grown tons loaded in 2008 significantly for the last decade in line with the expansion of seeded 9% Soybeans & By- area -> Important extensions of land still available for Products 11% fu
Slide 8: Large Capacity Renewal Required in the Medium term
Large Capacity Renewal Required in the Medium term » Hidrovia fleet is old and will require a large replacement in the next 5 years Estimated Age Profile of Hidrovia Fleet in 5 years 800 607 600 400 269 289 235 200 52 0 0- 20- 20- 30- +35 10 10 30 Age 35 » Out of 607 barges that would require renewa
Slide 9: Offshore Supply Business
Offshore Supply Business 9
Slide 10: Prospects on the Offshore Supply Business Remain Attractive
Prospects on the Offshore Supply Business Remain Attractive 2009 - - 2011+ PSVs shortfall = 156 » Scheduled deliveries slightly reduced under current conditions: 350 300 291 Year 2009 2010 2011+ 250 204 Rigs on order (cumul.) 66 120 171 200 Required PSVs (cumul.) 112 204 291 150 135 112 121 PSVs on
Slide 11: Prospects on the Offshore Supply Business Remain Attractive
Prospects on the Offshore Supply Business Remain Attractive 2006 - - 2008 North Sea spot rates 40,000 35,900 34,578 34,604 29,600 30,000 » Our new PSV, UP Rubi, to be delivered in Brazil 20,000 23,455 beginning 2Q 09 on a 4-year Time Charter @ US$ 17,777 34,000 10,000 9,262 Source: Seabrokers 0 2006
Slide 12: Ocean Business
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Slide 13: Ocean Business - Two Fleets
Ocean Business - Two Fleets Capesize / OBO Fleet » Forward Freight Agreements provide better » As of December 31, 2008, 73% of 2009 (basis 4 ships) coverage and 46% than physical charters of 2010 (basis 3 ships) Capesize operating days were » Limited counterparty risk: covered • 64% of outstanding F
Slide 14: Capesize Fleet Outlook - Gross Profit Contribution
Capesize Fleet Outlook - Gross Profit Contribution Average Daily Time Charter Revenues (1) -- Capesize Fleet Gross Profit Contribution (1) (5) -- (5) 80,000 90 79.8 70,000 67,514 80 60,000 70 50,822 60 58.3 50,000 40,082 50 40,000 30,469 40 31.8 30,000 24,318 30 24.3 20,000 16.6 20 10,000 10 0 0 200
Slide 15: No Need of Further Debt
No Need of Further Debt 2009-2010 Total CAPEX = US$ 192.9 Million (All figures in US$ Million) 2009 2010 Shipyard Construction 8.0 - Re-engining & Re-powering Project 30.4 8.0 Barge Building 14.0 28.8 Not definitely committed 1 PSV Construction in Brazil 3.1 - 4 PSVs Construction in India 30.3 21.7
Slide 16: Summary
Summary » River Business: • 2008 EBITDA approximately 20% below 2007 on account of financial freeze of soybean exports and no shipments of iron ore in 4Q 08 • Outlook 2009 • Crop reduced due to drought (larger seeded area indicates healthy long term volume) • Some carry over from 2008 soybeans • Iro
Slide 17: Thank You Q&A
Thank You Q&A 17
Slide 18: Slide 18