Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Q1 2008 Earnings Presentation
34 slides from Ultrapetrol (bahamas)'s earnings presentation, May 13, 2008
Slide 1: Form 6-K Ultrapetrol (Bahamas) Limited
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2008 Commission File Number: 001-33068 ULTRAPETROL (BAHAMAS) LIMITED (Translation of registr
Slide 2: Information Contained in this Form 6-K Report
INFORMATION CONTAINED IN THIS FORM 6-K REPORT Set forth herein is a copy of a presentation given by the Company at its Earnings Conference Call held on May 13, 2008 to discuss its financial results for the First Quarter 2008.
Slide 3: First Quarter 2008 Earnings Call
First Quarter 2008 Earnings Call May 13, 2008
Slide 4: 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 th
Slide 5: 1Q 2008 Ultrapetrol's Highlights
1Q 2008 Ultrapetrol’s Highlights 3 Non-Cash Gains on FFAs (6,311) for in our Dec 31, 07 Financial (5,408) - - Results Non-Cash Gains on FFAs (6,311) Cash Settlements on FFAs (5,408) Provision for Income Tax on Unrealized Foreign Currency Gains on USD-denominated 215 790 -73% Debt Ø Board of Director
Slide 6: 1Q 2008 & Year to Date River Business Developments
1Q 2008 & Year to Date 4 River Business Developments Ø 14% increase in volumes loaded as compared to 1Q 2007 Ø Thirty barges and one pushboat purchased in the US already arrived in the Hidrovia, and are fully operational as from 2Q 2008 Ø Further load-out of 27 barges and two pushboats currently tak
Slide 7: Year-on-Year River Business Highlights
Year-on-Year River Business Highlights 5 Volumes (In Metric Tons) 1,143,081 1,001,690 14% (1) excluding Barge Positioning $6,665 $6,116 9% Voyage Expenses Year-on-Year Increase Ø $3,342 due to fuel price Increase in Fuel Expense = $4,013 (2) Ø $671 due to quantity $4,913 consumed Increase in Other V
Slide 8: Freight Rates Increase Breakdown
Freight Rates Increase Breakdown(1) 6 1Q 08 1Q 07 Difference Average Freight Rate ($ / Ton) $25.88 $21.03 23% Difference $4.85 Of which Fuel explains $3.20, or 15% Average price increases and cargo mix explains $1.65 or 8% 27 $25.88 25 +8% 23 $21.03 +15% 21 19 17 15 1Q 1Q Incidence of average 07 pri
Slide 9: Hidrovia Market Overview
Hidrovia Market Overview 7 Paraguayan Soybean Crop Corumbá Mine Iron Ore Exports(1) 895 8,000 7,000 450 410 7,000 400 6,200 614 340 6,000 350 300 259 5,000 224 250 4,000 3,640 200 131 145 3,000 150 100 2,000 50 1,000 0 0 1Q 07 1Q 08 2006 2007 2008E January February March Source: FAS - USDA (1) Indus
Slide 10: 1Q 2008 & Year to Date Offshore Supply Business Developments
1Q 2008 & Year to Date Offshore 8 Supply Business Developments Ø Construction in Brazil of our sixth vessel continues as planned à delivery expected by the end of 2008 Ø Steel cutting of vessels under construction in India has commenced and corresponding payment has been made Ø Building contracts in
Slide 11: Offshore Supply Market Overview
Offshore Supply Market Overview 9 2006 - - To date North Sea Spot Rates(1) 1Q 08 Fleet Employment Distribution(2) 40,000 34,578 35,900 35,000 30,000 25,000 20,000 18,500 15,000 17,777 10,000 9,262 Current Spot Rate(1) 5,000 0 2006 2007 2008 UP North Sea Fleet Daily Average Time Charter(2) UP Brazil
Slide 12: Year-on-Year Offshore Supply Business Highlights
Year-on-Year Offshore Supply 10 Business Highlights (1) Includes recoveries from our delay and loss of hire insurance. (2) A reconciliation of Segment EBITDA to US GAAP measures is available on the Appendix in this presentation
Slide 13: Offshore Supply Fleet Overview
11 Offshore Supply Fleet Overview Fleet in Operation 2 2 2 2 2 Fleet under Construction 2 2 2 2 2 2 2
Slide 14: 1Q 2008 & Year to Date Ocean Business Developments
1Q 2008 & Year to Date 12 Ocean Business Developments Ø During 1Q 2008 two of our three OBO vessels completed their old commitments at comparatively lower time charter rates and entered into new time charters tied to the 4TC Capesize Routes Index Ø The third OBO vessel completed her previous charter
Slide 15: Year-on-Year Ocean Business Highlights
Year-on-Year Ocean Business Highlights 13 $26,549 $7,184 270% Cash Losses / Settlements on FFAs already accounted for in our Dec 31, 2007 Financial Results (5,408) - - Ø Additional vessels operating on the 1Q 08: - Princess Marisol, Amadeo and partially Alejandrina represent $3.5 million of the diff
Slide 16: OBO Fleet Average TC and Gross Profit Contribution
OBO Fleet Average TC and 14 Gross Profit Contribution OBO Fleet Average Daily Time Charter Rates(1) OBO Fleet Gross Profit Contribution(1), (3), (5), (6),(7) Actual Projected 60 70,000 60,000 57,193 50 $5.9 50,000 M 40 $19.8 M 40,000 35,262 29,221 30 30,000 20 20,000 $27.0 M $27.0 M 10,000 10 0 0 Av
Slide 17: Princess Marisol TC and Gross Profit Contribution
Princess Marisol TC and 15 Gross Profit Contribution Princess Marisol Average Time Princess Marisol Gross Charter Rates(1) Profit Contribution(1), (4) 130,000 Actual Projected Actual Projected 40 120,000 115,958 35 30 $27.0 M 110,000 108,529 25 20 100,000 15 10 $8.7 M 90,000 5 80,000 0 Avg. 1Q Avg.
Slide 18: FFAs 2009
FFAs 2009 16 Ø We sold 547.5 days of the 4TC Capesize Routes Index at USD 91,833 per day. Ø When added to the 180 days previously sold at USD 51,000, we have covered a total of 727.5 days in 2009 at an average of USD 81,730 of the index vessel. Ø Assuming a 25% discount, the FFAs sold for 2009 provi
Slide 19: Ocean Fleet Overview
17 Ocean Fleet Overview Vessel Name Description DWT Year Built Contract Expiry Princess Nadia 152,328 1987 BCI 4TC Related Time Charter Aug / Oct 08 Princess Susana 152,301 1986 BCI 4TC Related Time Charter Aug / Oct 08 Suezmax OBO / Capesize Vessels Princess Katherine 164,100 1986 BCI 4TC Related T
Slide 20: Drybulk Industry Overview
18 Drybulk Industry Overview 250,000 4TC Capesize Routes 192,198 200,000 186,393 150,000 100,000 50,000 Source: Baltic 21,291 Exchange 0 2004 2005 2006 2007 2008 300 Capesize Orderbook - Dec 2007 Baltic Forward Assessment - May 8, 2008 248 250 Period Route Average May/June 2008 165,000 200 3Q 2008 1
Slide 21: 1Q 2008 Passenger Business Highlights
19 1Q 2008 Passenger Business Highlights Ø One vessel, Blue Monarch, in operation Ø Remained in lay up during 1Q 2008; dry docked and repaired for European season Ø Started cruising on 7-day and 14-day cruises in the Aegean Sea on April 23, 2008 Ø Second quarter seasonally slower in the Aegean; expe
Slide 22: Current Fleet List
Current Fleet List 20 ULTRAPETROL OWNED FLEET AS OF APRIL 30, 2008 RIVER FLEET Number Capacity (1) Pushboats 29 104,400 BHP Pushboats Under 1 8,325 BHP Construction Dry 547 894,700 Dwt Barges Tank Barges 44 95,578 m 3 Transfer Station 1 35,000 Dwt OFFSHORE SUPPLY FLEET Number Deck Area PSVs in 5 4,2
Slide 23: Expected Expansion CAPEX Program
21 Expected Expansion CAPEX Program Per Segment (In USD Million) 2008 2009 2010 Total River Business Barge enlargement 12 12 12 36 Barge building yard 18 28 28 74 Re-engining project 14 25 7 46 Barges / tugs acquisitions & bottom replacement program 27 4 - 31 Total River Business 71 69 47 187 Offsho
Slide 24: Business Outlook
Business Outlook 22 Ø River Ø Offshore Supply § Volumes on the River Business are § We expect Offshore Supply currently growing; freight rate Business revenues to grow scenario has been stable / strong substantially as from 2009 § Our total transported cargo is consistent with scheduled expected to
Slide 25: Year-on-Year Ultrapetrol's Income Statement
Year-on-Year Ultrapetrol’s Income Statement 23 Running Costs (20,796) (14,646) 42% Other Expense (175) (129) 36% EPS (In USD) $0.52 $0.07 643% Provision for Income Tax on Unrealized Foreign Currency Gains on USD-denominated Debt 215 790 -73% (1) A reconciliation of EBITDA and Adjusted EBITDA to US G
Slide 26: Year-on-Year Income Statement on a Per Segment Basis
Year-on-Year Ultrapetrol’s 24 Income Statement on a Per Segment Basis Attributable to River Business $27,156 $21,528 26% Attributable to Passenger Business - Running costs Attributable to Ocean Business (8,142) (3,855) 111%
Slide 27: Year-on-Year Income Statement on a Per Segment Basis (cont'd)
Year-on-Year Ultrapetrol’s 25 Income Statement on a Per Segment Basis (cont’d) 2008 2007 Percent Change Financial Expenses (6,447) (5,097) 26% Basic EPS $0.52 $0.07 643% accounted for in our Dec 31, 2007 Financial Results (5,408) - - Provision for Income Tax on Unrealized Foreign Currency Gains on U
Slide 28: Ultrapetrol's Balance Sheet
Ultrapetrol’s Balance Sheet 26 LIABILITIES Long-term Financial Debt 309,300 314,140 -2% Deferred Income Tax Liability 11,038 10,663 4%
Slide 29: Thank You Q & A
Thank You Q&A i ULTRAPETROL 27
Slide 30: Appendix: EBITDA
28 Appendix EBITDA (1) EBITDA consists of net income (loss) prior to deductions for interest expense and other financial gains and losses, income taxes, depreciation and amortization of dry dock expense and financial gain (loss) on extinguishment of debt. We believe that EBITDA is intended to exclud
Slide 31: Appendix (cont'd)
29 Appendix (cont’d) Segment EBITDA ($1,133)
Slide 32: Appendix (cont'd)
30 Appendix (cont’d) Investment in affiliates / Minority 4 (139) 30 Other, net (151) - - (129) Net income on FFAs - - - - -
Slide 33: Appendix (cont'd)
31 Appendix (cont’d) River Business Segment EBITDA Reconciliation (in $000) Three Months Ended March Other, net (180) (151) Investment in affiliates / Minority interest (50)
Slide 34: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ULTRAPETROL (BAHAMAS) LIMITED (registrant) Dated: May 13, 2008 By: /s/ Felipe Menendez R. Felipe Menend
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