ASL Marine Holdings Ltd. · SGX:A04
ASL Marine — H1 2015 Earnings Presentation
23 slides from ASL Marine's earnings presentation, Feb 12, 2015
Slide 1: ASL Marine Results Presentation 1H FY2015
ASL Marine Results Presentation 1H FY2015
Slide 2: Presentation Outline
Presentation Outline • Financial Highlights Operations Review Business Outlook & Strategy 2
Slide 3: Financial Highlights
Financial Highlights
Slide 4: Results Snapshot
Results Snapshot 2Q FY15 2Q FY14 Chg 1H FY15 1H FY14 Chg (S$’m) (S$’m) % (S$’m) (S$’m) % Revenue (21.1) 190.4 NM2 47.4 338.7 (86.0) Gross Profit 5.4 18.4 (70.4) 15.2 42.4 (64.0) Gross Profit Margin NM 9.7% - 32.1% 12.5% - Net Profit attributable to 1.5 7.3 (79.2) 4.5 20.1 (77.5) Shareholders Net Pro
Slide 5: Business Operations Snapshot
Business Operations Snapshot (Revenue and Gross Profit Margin) 2Q FY15 2Q FY14 1H FY15 1H FY14 Business Revenue GPM Revenue GPM Revenue GPM Revenue GPM Segments (S$’m) (%) (S$’m) (%) (S$’m) (%) (S$’m) (%) Shipbuilding (91.2) NM 95.4 NM (67.5) NM 198.5 4.3 Shiprepair and 43.0 13.0 54.8 19.1 58.3 16.0
Slide 6: Shipbuilding
Shipbuilding Rescission of the two OSV shipbuilding contracts in December 2014 Reversal of a total amount of $95.0 million recognised in the previous financial years Revenue declined to a negative S$21.1 million in 2Q FY2015 6
Slide 7: Shipbuilding
Shipbuilding Aside from the reversal of revenue, the low revenue was also due to: - Smaller percentage of completion achieved - Reclassification of shipbuilding contracts - Fewer new orders secured due to sharp declines in bulk commodities and oil prices Gross loss of $4.9m in 2Q FY2015 was mainly c
Slide 8: Shiprepair and Conversion
Shiprepair and Conversion 2Q FY15 2Q FY14 Chg 1H FY15 1H FY14 Chg Breakdown of revenue: (S$’000) (S$’000) % (S$’000) (S$’000) % Shiprepair and conversion 42,950 54,567 (21.3) 58,131 73,275 (20.7) Other marine related services 39 273 (85.7) 151 828 (81.8) Total 42,989 54,840 (21.6) 58,282 74,103 (21.
Slide 9: Shiprepair and Conversion
Shiprepair and Conversion Revenue declined 21.3% y-o-y to S$43.0 million, as fewer high value (amount above $1.0 million) jobs were completed. Lower gross profit for 2Q FY2015 mainly due to the lower margins achieved 9
Slide 10: Shipchartering
Shipchartering 2Q FY15 2Q FY14 Chg 1H FY15 1H FY14 Chg Breakdown of revenue: (S$’000) (S$’000) % (S$’000) (S$’000) % Offshore support vessels 4,138 5,035 (17.8) 8,795 10,300 (14.6) (“OSV”) Landing Crafts (“LCT”) 1,298 393 230.3 2,648 728 263.7 Tug Boats 5,805 5,153 12.7 10,877 10,172 6.9 Barges 5,78
Slide 11: Shipchartering
Shipchartering Revenue for 2Q FY15 decreased marginally and remained flat for 1H FY2015 - Lower revenue from OSVs following disposal of the ROV Support Vessel in November 2014 - Absence of revenue for one unit of AHT; and decreased trade sales However, charter of tug boats and LCT improved as a resu
Slide 12: Shipchartering
Shipchartering - Fleet size at 31 December 2014: 192 Vessels - Details on the fleet and type of vessels are highlighted below: Type of Vessels No. of Vessels Avg. Age of Vessels Barges 136 6 Towing Tugs 49 8 LCTs 2 3 AHTS 3 4 Chemical Tankers 2 5 12
Slide 13: Shipchartering
Shipchartering Vessel Utilisation 100% 90% 80% OSVs 70% Tugs 60% Barges 50% LCTs Overall 40% 30% 2Q FY15 2Q FY14 13
Slide 14: Statement of Financial Position
Statement of Financial Position 31 Dec 14 30 Jun 14 Chg (S$’m) (S$’m) % Non-current Assets 558.4 584.2 (4.4) Currents Assets 624.7 632.8 (1.3) Total Assets 1,183.1 1217.0 (2.8) Current Liabilities 416.3 503.1 (17.3) Non-current Liabilities 345.7 297.4 16.2 Total Liabilities 762.0 800.5 (4.8) Total E
Slide 15: Operations Review
Operations Review ASL 15
Slide 16: Shipbuilding Order Book
Shipbuilding Order Book (S$’m) 586 370 327 310 321 270 At 30 Jun 10 At 30 Jun 11 At 30 Jun 12 At 30 Jun 13 At 30 Jun 14 At 31 Dec 14 • Total outstanding order book of S$270 million for 21 vessels with progressive deliveries up to second quarter of FY2017. The order book comprised Offshore Support Ve
Slide 17: Vessel Delivery Schedule
Vessel Delivery Schedule (No. of vessels) 13 8 17
Slide 18: Business Outlook & Strategy
Business Outlook & Strategy ASL 18
Slide 19: Business Outlook & Strategy
Business Outlook & Strategy • Shipping sector negatively impacted by further declines in bulk commodity prices and the sharp fall in oil prices • Projects have been slowed down, put on hold or even cancelled 19
Slide 20: Business Outlook & Strategy
Business Outlook & Strategy • Outstanding order book of S$270 million for 21 vessels- comprised AHTS, tugs, barges and tanker • Whilst offshore support vessel businesses have been affected, the Group also builds non-offshore related vessels, including Harbour Tugs • ASD Tugs • Work barges • Dredgers
Slide 21: Business Outlook & Strategy
Business Outlook & Strategy • Outstanding order book of approximately $60 million with respect to long-term shipchartering contracts as at 31 December 2014 • Expect high level of activities for the upcoming major infrastructure projects in Singapore and Malaysia • Lower oil price will help reduce sp
Slide 22: Business Outlook & Strategy
Business Outlook & Strategy Capital Expenditure • Total capex of S$32 million in 1H FY2015 comprised mainly: S$’m Vessels 21 Plant and machinery 6 Vessels under construction 5 • Shipchartering operations have an outstanding delivery order for 13 new vessels worth approximately S$41 million comprisin
Slide 23: Thank You
Thank You LA. 23