Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — FY2013 Earnings Presentation
29 slides from Ultrapetrol (bahamas)'s earnings presentation, Mar 13, 2014
Slide 1: Fourth Quarter & FY 2013 Earnings Call Presentation
| ULTRAPETROL | (Bahamas) Ltd. Fourth Quarter & FY 2013 Earnings Gall Presentation March 13, 2074
Slide 2: Forward Looking Statements & EBITDA Disclosure
Forward Looking Statements & EBITDA Disclosure 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. Statemen
Slide 3: 4Q 2013 & Subsequent Events Highlights
Ultrapetrol 4Q 2013 & Subsequent Events Highlights Year ended December Year ended December ion ian (3000s) 34, 2013 34, 2012 Change Change Revenues 414217 $913,169 31% © $98,955 $86,340 15% ‘Adjusted EBITDA"? $97,067 $32,045 208% $14,965 $6,162 143% Net income (loss) as reported. $7,368 (963,657) (8
Slide 4: 4Q 2013 Adjusted EBITDA vs. 4Q 2012
Ultrapetrol 4Q 2013 Adjusted EBITDA vs. 4Q 2012 Year ended December Year ended % % Adjusted EBITDA per segment _($000's) 31, 2013, December 31, 2012 Difference Change 4013 4012 _ Difference Change River Business. 38,806 3,750 35,056 935% 303 (826) 1.219 Offshore Supply Business 40,036 27,653 12383 4
Slide 5: Ultrapetrol (Bahamas) Limited
!/ = ULTRAPETROL 97 Bahamas) Limited
Slide 6: River Business 4Q 2013 vs. 4Q 2012
River Business 4Q 2013 vs. 4Q 2012 FINANCIAL HIGHLIGHTS RIVER’ Year ended December Year ended December %% 413 4Q12 %% (8000's) 31, 2013 31, 2012 Change Change Net Tons Transported 4,153,213 3,456,010 20% 744,226 744317 0% Revenues 246,798 163,279 51% 55,551 48,279 15% Voyage and Manufacturing Expens
Slide 7: River Business Prospects for 2014
River Business Prospects for 2014 Paraguay Seeded Area & Production (1) 2003-2013 CAGR: 6.3% || 2004-2014 CAGR: 7.6% | 83 a4 Area Harvested [ ‘Production 6s 74 USDA Estimate for 2014 crop Million Has. & Tons 2003 2004 © 2005-2006 2007«« 2008S 2009 2010-2011 2012-2013 -2014(P) Iron Ore Production — C
Slide 8: River Business Outlook for 2014 and Key Initiatives
River Business Outlook for 2014 and Key Initiatives Outlook for 2014 @ Normal rainfall / crop: USDA estimate for Paraguay 2014 crop 8.1 MT ™ 70% of the crop already in silos @ Large iron ore shipments planned by Vale @ New transshipment opportunities: better margins for integrated logistical service
Slide 9: River Business: New Vale Agreement and Transshipment Operation
River Business New 5-year agreement with Vale New iron ore transshipment operation Entered into an agreement for long-term time charter = Parana Iron: Floating transshipment station fully contract with Vale contracted by Vale on take or pay basis = 4 convoys (each comprised of one pushboat and 16 =
Slide 10: River Business Third Party Barge Sales EBITDA Contribution
River Business Third Party Barge Sales EBITDA Contribution (Sin milions) | RECORD THIRD PARTY DELIVERIES IN 2013 $21.4 The Company's barge building facility at Punta Alvear, Rosario, Argentina is the most modern of its kind in South America = Allows the Company to expand the capacity of its own barg
Slide 11: Offshore Supply
!/ p= ULTRAPETROL (Bahamas) Limited Offshore Supply
Slide 12: Offshore Supply Business 4Q 2013 vs. 4Q 2012
Offshore Supply Business 4Q 2013 vs. 4Q 2012 FINANCIAL HIGHLIGHTS OFFSHORE SUPPLY Year ended December Yearended December % % ($000's) 31, 2013 34, 2012 Change 40134012 change Revenues 93,154 76.681 22% 25,544 22,501 14% Voyage Expenses (4,984) (242) 5% (2.103) (1,783) 18% Running Costs (40.513) 68.1
Slide 13: Petrobras 2014-2018 Business Plan
Offshore Supply Business Petrobras 2014-2018 Business Plan E&P and Dowstream Share Evolution in the Business and Management Plan Portfolio of Projects for Financiability Evaluation {E&P share in Petrobras investments has been increasing inthe lat five Business and Management Plan | Investment USS 22
Slide 14: Offshore Supply Business: New PSV Acquisitions
Offshore Supply Business Invested approximately $96.0 million in the acquisition of 3 newbuilt 4,500 class PSVs named UP Agate, UP Coral and UP Opal * Delivered ex-yard * State-of-the-art vessels = 5,145 dwt * Operational early in 2@ 2014 * Given the very advanced design of our newly acquired vessel
Slide 15: Long-Term Contractual Employments at Increasing Charter Rates
Offshore Supply Business Long-Term Contractual Employments at Increasing Charter Rates = UP Rubi contract fully extended in 1Q 14 at $35,280 per day until 2018 Old / Current Contract NewContract [JI Contract with iess than one year Long-term contract On-the-Water Fleet Rate Expiration Duration Rate_
Slide 16: Ultrapetrol (Bahamas) Limited
ii ® ULTRAPETROL Ji (Bahamas) Limited
Slide 17: Ocean Business 4Q 2013 vs. 4Q 2012
Ocean Business 4Q 2013 vs. 4Q 2012 FINANCIAL HIGHLIGHTS OCEAN Year ended Yearended y ($000's) December 31, 2013 December 31, 2012_* Change ans 4012 eChange Revenues $71,265 $73,228 3% $17,860 $15,560 15% Voyage Expenses (22,381) (26,385) “15% (4,406) (6.519) -20% Running Costs 7,792) (35,984) 5% (9.
Slide 18: Four Product / Chemical Tankers and Feeder Service Overview
Ocean Business Four Product / Chemical Tankers ‘Vessel: Amadeo Capacity: 39,670 OWT Type: Double Hull Product Carrier Vessel: Miranda | Capacity: 7,212 DWT Type: Double Hl Chemical Tanker Vessel: Capacity: 11,299 OWT wstral Type: Double Hull Oil 7 sence for large container in BL sachets Feeder servi
Slide 19: Product Tankers & Feeder Container Trade Evolution
Ocean Business Product Tankers & Feeder Container Trade Evolution Product Tankers * Our Product Tankers remain employed on medium term charters at levels substantially above those prevailing in the international (non cabotage) markets, with positive Gross Profit Contribution = We have recently exten
Slide 20: Quarter-on-quarter Selected Statement of Operation Data
Ultrapetrol Quarter-on-quarter Selected Statement of Operation Data Year ended Year ended 5000'9) December 31, 2013 December 31, 2012_ Change sone 4a ‘Revenues ‘Attributable to River Business $246,798 $163,279 51% 955,551 $48,279 ‘Attributable to Offshore Supply Business 193,154 76,851 22% 25.544 22
Slide 21: Quarter-on-quarter Income Statement
Ultrapetrol Quarter-on-quarter Income Statement Year ended Year ended (50005) December 31, 2013 December 31,2012, _ 4013 4012 Revenues $414,217 $313,169 $98,055 $86,340 Voyage Expenses (161,322) (126368) (44,012) (39,236) Running Costs (136,156) (128.059) (31,163) (34,146) Depreciation and amortizat
Slide 22: Balance Sheet
Ultrapetrol Balance Sheet At December 31, At December 31, % ($000's) 2013 2012 ‘Change ASSETS Cash & Cash Equivalents $72,625 $222,215 67% Accounts Receivables 47,836 36,487 31% Other Current Assets, 75,243 48,288 56% Vessels and Equipment, Net 715,431 647,519 10% Non-current Other Receivables 28,64
Slide 23: Debt Repayment Schedule
Ultrapetrol Debt Repayment Schedule * We closed the sale of $25.0 mi at a premium of 4.5% n as an add on to our outstanding $ 200.0 million Senior Notes due 2021 and priced * On December 20, 2013, we entered into a loan agreement of up to $38.4 million with DVB Bank SE and NIBC Bank NV {as co-lender
Slide 24: Thank You Q&A
Thank You Q&A Wr 24
Slide 25: Accumulated Cash Flow and EBITDA Reconciliation
Appendix Accumulated Cash Flow and EBITDA reconciliation Year ended (5000's) Dec-t3 __Dec-12 Total cash flows provided by operating activities T9847 C535) Total cash flows (used in) investing activities (120,726) (62,513) Total cash flows (used in) from financing activities (48.711) 224.567 Total ca
Slide 26: 4Q 2013 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont’d) 4Q 2013 Operating Profit to Adjusted Consolidated EBITDA Fourth quarter ended December 31, 2013 (8000's) River___Offshore Supply _Ocean TOTAL ‘Segment operating (loss) profit ($5,501) $7,756 ($321) $1,934 Depreciation and amortization 6.297 3,286 1.776 11,359 Investment in affllate
Slide 27: 4Q 2012 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont’d) 4Q 2012 Operating Profit to Adjusted Consolidated EBITDA Fourth quarter ended December 31, 2012 (8000's) River___Offshore Supply _Ocean TOTAL ‘Segment operating (loss) profit (67,574) $5,462 ($20,658) ($22,770) Depreciation and amortization 5,730 2,889 2,964 11,583 Loss on write-do
Slide 28: FY 2013 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont’d) FY 2013 Operating Profit to Adjusted Consolidated EBITDA Year ended December 31, 2013 (8000's) River Offshore Supply _Ocean_ TOTAL ‘Segment operating (loss) profit $10,616 $29,055 ($4505) $35,166 Depreciation and amortization 23,977 11,676 6,882 42,535 in affiliates / Net (loss) to
Slide 29: FY 2012 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont’d) FY 2012 Operating Profit to Adjusted Consolidated EBITDA Year ended December 31, 2012 (8000's) River___Offshore Supply _Ocean TOTAL ‘Segment operating (loss) profit (618,963) $17,615 ($23,771) ($25,119) Depreciation and amortization 21,996 10938 10,918 43,852 Loss on write-down ves