Yangzijiang Shipbuilding (holdings) Ltd. · SGX:BS6
Yangzijiang Shipbuilding (holdings) — H1 2023 Earnings Presentation
21 slides from Yangzijiang Shipbuilding (holdings)'s earnings presentation, Aug 4, 2023
Slide 1: 1H2023 Results Presentation
1H2023 Results Presentation 4 August 2023
Slide 2: Disclaimer
Disclaimer The presentation is prepared by Yangzijiang Shipbuilding (Holdings) Ltd. (the “Company”) and is intended solely for your personal reference and is strictly confidential. The information contained in this presentation is subject to change without notice, its accuracy is not guaranteed, and
Slide 3: 1H2023 Snapshot
1H2023 Snapshot Robust earnings growth, strong order win momentum, and on track to hit delivery target for FY2023 1H23 FINANCIAL RESULTS ORDERBOOK Key Highlights Revenue PATMI* ROE • Historic-high orderbook value +40% RMB11.3b RMB1.7b 19.0%^ USD14.7b • Secured orders for first-ever USD10.5b methanol
Slide 4: Financial Highlights
SECTION I FINANCIAL HIGHLIGHTS
Slide 5: Profitability Trend: Gross Profit and PATMI
Profitability Trend Overall improvements in margins Gross Profit and PATMI* Trends (From Continuing Operations) 5,000 18.6% 20% 13.8% 15.4% 4,500 15% 4,000 15.2% 13.0% 12.6% 10% 3,500 5% 3,000 RMB’ mln 2,500 0% 2,000 -5% 1,500 3,197 2,613 -10% 1,000 2,084 1,971 2,110 1,726 -15% 500 0 -20% FY2021 FY2
Slide 6: Profitability Trend: EBIT and EBITDA
Profitability Trend EBIT and EBITDA Trends (From Continuing Operations) 21.9% 25% 21.1% 4,995 18.7% 20% 19.7% 17.8% 15% 3,995 16.5% 10% RMB’ mln 2,995 5% 1,995 0% 3,865 3,409 3,187 2,692 -5% 2,476 995 2,233 -10% (5) -15% FY2021 FY2022 1H2023 EBIT (RMB'mln) EBITDA (RMB'mln) EBIT Margin EBITDA Margin
Slide 7: Income Statement Highlights
Income Statement Highlights Strong 1H2023 performance on the back of higher Shipbuilding revenue and better gross margin 1H2023 1H2022 Change Commentary RMB'000 RMB'000 % • Increased progressive construction activities drove Shipbuilding revenue Revenue 11,321,043 9,741,127 +16% substantially; deliv
Slide 8: Revenue and Gross Profit Breakdown
Revenue and Gross Profit Breakdown 1H2023 1H2022 Continuing operations RMB’000 RMB’000 Revenue 10,659,105 8,521,106 Cost (8,771,091) (7,431,004) Shipbuilding Increase was due to Gross Profit 1,888,014 1,090,102 favourable foreign GP Margin 17.7% 12.8% exchange rates and lower material costs Revenue
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights Robust balance sheet with a strong net cash position 30 Jun 2023 31 Dec 2022 Financial Highlights RMB'000 RMB'000 Property, Plant and Equipment 7,047,069 7,277,768 Decrease was mainly driven by depreciation and the disposal of two - Property, Plant and Equipment – Shipping S
Slide 10: Shipbuilding Updates
SECTION II SHIPBUILDING UPDATES
Slide 11: Shipbuilding Segment: Revenue Trend
Shipbuilding Segment: Revenue Trend 1H2023 revenue was mainly driven by containerships Shipbuilding Revenue Breakdown 20,000 110 173 18,000 541 435 16,000 14,000 636 573 12,000 RMB’ mln 1,392 64 136 10,000 373 529 2,938 17,113 8,000 6,000 5,989 10,459 4,000 7,660 2,000 3,079 - FY2020 FY2021 FY2022 1
Slide 12: Shipbuilding Segment: Orderbook Overview
Shipbuilding Segment: Orderbook Overview Clean energy vessels account for ~56% of the total outstanding orderbook value 181 8.54m USD14.70b 2023 – 2028 Vessels Compensated gross tonnage (CGT) Total Contract Value Delivery Timeframe Containerships Bulk Carriers LNG/LPG/LEG 91 6.41m USD10.41b 53 1.06m
Slide 13: Shipbuilding Segment: Outstanding Orderbook
Shipbuilding Segment: Outstanding Orderbook Orderbook at an all-time high of USD14.7 billion; strong earnings visibility up until 2026 Orderbook Trend 250 14.7 10.5 USD’ bln 8.5 10.0 3.1 200 181 0.0 157 29 150 7 3 140 8 -10.0 7 37 Vessel Quantity 39 53 -20.0 100 83 6 1 -30.0 38 110 50 94 91 -40.0 38
Slide 14: Shipbuilding Segment: Order Win
Shipbuilding Segment: Order Win Almost doubled FY2023 Target of USD3 billion with 6 more months remaining 192% achieved 1H2023 order wins FY2023 Progress USD5.76b FY2023 target USD3.00b Order-win Trend 7.41 5.76 USD’ 160 4.43 bln 1.82 140 0.00 124 120 5 3 -10.00 100 32 Vessel Quantity 80 72 -20.00 6
Slide 15: Shipbuilding Segment: Vessel Delivery
Shipbuilding Segment: Vessel Delivery On track to hit delivery target of 57 vessels in FY2023 54% achieved 1H2023 deliveries FY2023 Progress 31 vessels FY2023 target 57 vessels Vessel Delivery Trend 70 67 3 60 4 50 50 20 Vessel Quantity 45 5 1 40 31 30 31 33 6 20 40 25 10 13 12 0 FY2020 FY2021 FY202
Slide 16: Shipping Updates
SECTION III SHIPPING UPDATES
Slide 17: Shipping Segment: Charter Income Trend
Shipping Segment: Charter Income Trend Margin compression due to lower charter rates which coincided with a number of shipping contract renewals; the Group has strategically locked in short-term contracts which gives us flexibility to reassess in the near-term 40.1% 40.7% 50.0% 1,700 33.8% 23.9% 1,5
Slide 18: Shipping Segment: Fleet Portfolio
Shipping Segment: Fleet Portfolio Well-diversified fleet enables us to offers comprehensive services to our clients Quantity Average Age (Years) Total Capacity Bulk Carriers 23 7.86 1,694,600 DWT Stainless Steel Chemical Tankers 3 8.00 52,200 DWT Containerships 2 1.33 3,600 TEU Multiple Purpose Vess
Slide 19: Industry Outlook
SECTION IV INDUSTRY OUTLOOK
Slide 20: Industry Outlook
Industry Outlook Regulatory factors will continue to boost new-build orders REGULATORY REVISION TO DRIVE FLEET DECARBONISATION AMONG CONTAINER SHIPOWNERS Revised GHG reduction strategy for global shipping Accelerate fleet Uptake of alternative decarbonization Indicative zero/near-zero GHG New Reach
Slide 21: Thank You
For more information, please contact: Thank You Financial PR Kamal Samuel / Vicki Zhou / HongEe Tang kamal@financialpr.com.sg zhouyan@financialpr.com.sg hongee@financialpr.com.sg Tel: (65) 6438 2990; Fax: (65) 6438 0064
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