Marco Polo Marine Ltd. · SGX:5LY
Marco Polo Marine — FY2024 Earnings Presentation
16 slides from Marco Polo Marine's earnings presentation, December 2024
Slide 1: Marco Polo Marine FY2024 Results
MARCO POLO MARINE FY2024 Results December 2024
Slide 2: Disclaimer
DISCLAIMER This presentation prepared by Marco Polo Marine Ltd (the "Company") does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale,
Slide 3: Corporate Overview
CORPORATE OVERVIEW Regional integrated marine logistics company which principally engages in ship chartering and shipyard businesses Stock Data SGX:5LY ~51.3% Stock Code Free Float Lee Revenue S$123.5m Major Family (FY2024) 22.6% 16.5% 8.1% Shareholders Page 3
Slide 4: Complementary Business Segments
COMPLEMENTARY BUSINESS SEGMENTS MAINTANENCE OSVs (AHTs & TUGS & BARGES WORK VESSELS AHTSs) Ship • 1 CSOV (new building in progress) (Revenue recognition expected from 1HFY2025) Chartering • Wind Farm related vessels (2x CTVs) • 14 OSVs, including 2 Maintenance Work vessels (MWVs) (vessel age: 8-17 y
Slide 5: Consistent Growth in Market Valuation
CONSISTENT GROWTH IN MARKET VALUATION 50 250 45 43.3 42.7 40 200 35 30 150 24.2 S$m S$m 25 20 100 15 9.8 10 7.8 50 5 0.9 0 0 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Market Cap Operational EBITDA Page 5
Slide 6: FY2024 Performance
FY2024 PERFORMANCE Page 6
Slide 7: 2HFY2024 Income Highlights
2HFY2024 INCOME HIGHLIGHTS Revenue (S$m) S$ MILLION 2HFY2024 2HFY2023 Y-o-Y % change 71.2 -12.9% 62.0 Revenue 62.0 71.2 (12.9%) Gross Profit 26.3 28.0 (6.1%) Gross Profit Margin 42.4% 39.3% EBITDA* 24.0 28.2 (14.9%) 2HFY2023 2HFY2024 EBITDA Margin 38.7% 39.6% EBITDA (S$m) 28.2 -14.9% 24.0 Net Profit
Slide 8: FY2024 Income Highlights
FY2024 INCOME HIGHLIGHTS Revenue (S$m) S$ MILLION FY2024 FY2023 Y-o-Y % change 127.1 -2.8% 123.5 Revenue 123.5 127.1 (2.8%) Gross Profit 48.5 45.7 6.1% Gross Profit Margin 39.3% 36.0% EBITDA* 42.7 43.3 (1.4%) FY2023 FY2024 EBITDA Margin 34.6% 34.1% EBITDA (S$m) 43.3 -1.4% 42.7 Net Profit 23.9 25.8 (
Slide 9: Healthy Balance Sheet
HEALTHY BALANCE SHEET S$ million FY2024 FY2023 Comments Net Asset Value 201.1 183.9 FY2024 NAV/share = S$0.054 Cash 68.8 63.1 Less borrowings (33.0) (2.3) Net Cash 35.8 60.8 FY2024 Net cash/share: S$0.009 Operating cashflow 37.6 28.1 Purchase of PPE (50.7) (13.3) Free cashflow (13.1) 14.8 9
Slide 10: Segmental Performance and Outlook
SEGMENTAL PERFORMANCE AND OUTLOOK Page 10
Slide 11: Shipyard Segment Impacted by CSOV Construction
SHIPYARD SEGMENT IMPACTED BY CSOV CONSTRUCTION Lower Shipyard Revenue in FY2024 Lower Ship Repair Volumes due to One Dry Dock Decreased 3rd Party Shipbuilding Activities Occupied by CSOV Construction Contributing to Revenue Decline Ship repairs is a long-term business with 50-70% repeat customers Sh
Slide 12: Ship Chartering Drives Growth in FY2024
SHIP CHARTERING DRIVES GROWTH IN FY2024 Ship Chartering Revenue (S$m) 71.9 Ship chartering continues to drive growth 65.9 OSV utilisation rates reverting to historical norm 44.7 41.4 39.0 16.6 20.1 Higher charter rates and favourable supply-demand 13.6 environment FY2019 FY2020 FY2021 FY2022 FY2023
Slide 13: Outlook – Continued Growth in Ship Chartering
OUTLOOK – CONTINUED GROWTH IN SHIP CHARTERING Ship Chartering The ship chartering segment will continue to drive growth. • Tight supply-demand balance in offshore market likely to drive demand for OSVs and support higher average charter rates • Strategic agreement with Siemens Gamesa to strengthen o
Slide 14: Financial Overview
FINANCIAL OVERVIEW Revenue (S$m) Operational EBITDA* (S$m) Net (debt)/cash (S$m) 43.3 42.7 FY2024: 29.8 S$35.8m 28.7 23.0 24.2 24.3 31.4 18.8 10.0 7.8 17.1 41.4 39.0 11.7 14.3 34.2 32.9 0.9 7.4 8.7 24.5 8.5 10.3 9.9 9.4 10.7 10.5 3.8 2HFY2019 1HFY2020 2HFY2020 1HFY2021 2HFY2021 1HFY2022 2HFY2022 1HF
Slide 15: Summary and Investment Merits
SUMMARY AND INVESTMENT MERITS Attractive Valuation • As of 30 September 2024, the Group's net asset value was S$0.054/share. This figure comprises a portfolio of tangible Pivoted to renewables to increase utilisation assets that includes cash and property, plant, and equipment (PPE) and boost profit
Slide 16: Thank You
THANK YOU Investor enquiries: emily@gem-comm.com