Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Q4 2012 Earnings Presentation
28 slides from Ultrapetrol (bahamas)'s earnings presentation, Mar 15, 2013
Slide 1: Ultrapetrol (Bahamas) Ltd. Fourth Quarter & FY 2012 Earnings Call Presentation
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: FY 2012 & Subsequent Events Highlights
Ultrapetrol FY 2012 & Subsequent Events Highlights Year ended December Year ended December % % (5000's) 34,2012 34,2014 change, _ 4077 4011 “change Revenues $313,168 $904,482 3% $86,840 $86,161 10% ‘Adjusted EBITDA" $82,045 $54,028 41% $8,162 $16,140 82% Net (loss) as reported (863,657) (818,805) 23
Slide 4: 4Q 2012 Adjusted EBITDA vs. 4Q 2011
Ultrapetrol 4Q 2012 Adjusted EBITDA vs. 4Q 2011 Adjusted EBITDA per segment 4012 4ant Difference _% Change River Business (826) 10,552 (11,378) Offshore Supply Business 8,094 5,990 2,104 35% (Ocean Business (1,827) 168 (1,995) Total Segment Adjusted EBITDA 35,441 316.710 (si7,269) 87% Items not incl
Slide 5: Ultrapetrol (Bahamas) Limited
7 ULTRAPETROL t/ 7 (Bahamas) Limited
Slide 6: River Business 4Q 2012 vs. 4Q 2011
River Business 4Q 2012 vs. 4Q 2011 FINANGIAL HIGHLIGHTS RIVER Year ended December Yearended December % gar aan. % (s000's) 31, 2012 34, 2011 Change Change Net Tons Transported 3,456,010 4,520,698 24% © 744,317 1,097,848 -28% Revenues $163,279 $174,594 6% = $48,279 $61,076 -21% Voyage and Manufacturi
Slide 7: River Business: What happened in 2012?
River Business What happened in 2012? 2012 has brought the worst set of climatic, oj Severe drought Paraguayan Seeded Area & Production () _ | 39 40 a4 J 2003 2004 2005 2008 2007 2008 2008 2010 2011 2012 2013,(p) = Early in 2012 temperatures were already above the historical average with almost no r
Slide 8: River Business: 90% of Paraguayan crop already collected
River Business 90% of Paraguayan crop already collected“ = Normal rainfall — close to 8.0 million ton crop of which 16.000 ‘Totatrains in Paraguay 2) 90% has already been collected = Normal wheat and maize production to be collected in 14.000 June may have a further positive impact in 2013 | 42,000
Slide 9: River Business: Proforma (basis 2011 numbers)
River Business Proforma (basis 2011 numbers) Proforma 2011 River seqment transportation EBITDA 400 350 Ets — 30.0 25.0 25.0 20.0 15.0 10.0 50 00 Transportation EBITDA Freight Increase example of Volume increase (5%) | Proforma trasportation 2011 35% = Proforma assumptions of our 2011 River Business
Slide 10: River Business: Punta Alvear yard historical production
River Business Punta Alvear yard — Historical production Punta Alvear barge production (combination of dry & tank barges) 70 61 6 go 45 340 3. B30 5 22 10 ot 2012 2013 (P) * Adjusted EBITDA generation from third party barge sales in 2012 was $13.9 million = Our barge-building facility is expected to
Slide 11: Ultrapetrol (Bahamas) Limited: Offshore Supply
t/ =? ULTRAPETROL J (Bahamas) Limited Offshore Supply #
Slide 12: Offshore Supply Business 4Q 2012 vs. 4Q 2011
Offshore Supply Business 4Q 2012 vs. 4Q 2011 FINANCIAL HIGHLIGHTS OFFSHORE SUPPLY Year ended December Year ended December % % (8000's) 34, 2012 31, 2011 Change 4124011 change Revenues 76,661 64,606 19% 22,501 17,972 Voyage Expenses (6.242) (4.083) 28% (1,783) (1,370) Running Costs (38,163) (84768) 1
Slide 13: Petrobras' Business and Management Plan 2012-2016
Offshore Supply Business Petrobras’ Business and Management Plan 2012-2016 Petrobras Press Release ("” Petrobras’ Historical CAPEX (1) Rio de Janeiro, February 28th, 2013 — Petréleo Brasileiro S.A— 236.5 Petrobras announces that, on February 20th , oil production at mE&P Total Petrobras-operated fie
Slide 14: UP Offshore fleet list today
Offshore Supply Business UP Offshore fleet list today = UP Amber (second Indian vessel newbuilt) was delivered to us on January, 30, 2013 = 2 PSVs remain under construction in India * All existing contracts have been extended in direct continuation of their previous one UP Agua-Marinha USD 28,000 UP
Slide 15: Ultrapetrol (Bahamas) Limited
t/ = ULTRAPETROL a7 (Bahamas) Limited
Slide 16: Ocean Business 4Q 2012 vs. 4Q 2011
Ocean Business 4Q 2012 vs. 4Q 2011 FINANCIAL HIGHLIGHTS OCEAN Year ended Year ended % * (8000's) December 31, 2012 December 31, 2011 Change 4a12 4011 change Revenues $73,229 $65,282 12% $15,560 $17,103 3% Voyage Expenses (26,385) (21,148) 25% (6,519) (6,148) -10% Running Costs (35,984) (31,888) 13%
Slide 17: Product Tankers & Feeder Container Trade Evolution
Ocean Business Product Tankers & Feeder Container Trade Evolution Product Tankers * All of our vessels remained employed at their current contracts = Some of them have seen their rates increase retroactively based on cost (mostly salary) increases incurred in the recent past = Our Product Tanker, Am
Slide 18: New equity issuance
Ultrapetrol (Bahamas) Ltd. New equity issuance Enhancement of liquidity & balance sheet — Setting strong base for growth (in USD milion) 30, 2012 31, 2012 31, 2012 (PF) a al current ass Vessels and equipment, net 665.9 647.5 647.5 Other Non current assets 55.6 55.8 55.8 Total noncurrent assets 721.6
Slide 19: Quarter-on-quarter Selected Statement of Operation Data
Ultrapetrol Quarter-on-quarter Selected Statement of Operation Data ‘Year ended December Year ended Dec (r000%) aoe ne % Change 4012 4011 % Change Revenues ‘Attributable to River Business $163,279 $174,594 0% sie279 so1076 21% Attibutabe o Offshore Supply Business 76.651 64,608 19% sot 17972 25% ‘At
Slide 20: Quarter-on-quarter Income Statement
Ultrapetrol Quarter-on-quarter Income Statement Year ended Year ended (5000's) December 31, 2012 December 31, 2011 ae an Revenues $313,169 $204,482 $86,240 $96,151 Voyage Expenses (126,368) (112,252) (39,236) (41,861) Running Costs (128,059) (112,355) (34,146) (33,111) Depreciation and amortization
Slide 21: Balance Sheet
Ultrapetrol Balance Sheet ‘At December 31, ‘At December 31, % (8000's) 2012 2014 Change. ASSETS Cash & Cash Equivalents $222,215 $34,096 552% Accounts Receivables 36,487 30,993 18% Other Current Assets 48,288 41,044 18% Vessels and Equipment, Net 647,519 671,445 4% Non-current Other Receivables 22,7
Slide 22: Debt Repayment Schedule
Ultrapetrol Debt Repayment Schedule = On January 18, 2013, we entered into a loan agreement of up to $84.0 million with DVB, NIBC and ABN Amro (as co- lenders) to refinance the advances made under the Indian PSVs of the DVB / Natixis and DVB / NIBC facilities * Our $80.0 million convertible notes ha
Slide 23: Thank You
Thank You Q&A UA 23
Slide 24: Appendix: Accumulated Cash Flow and EBITDA reconciliation
Appendix Accumulated Cash Flow and EBITDA reconciliation Year ended (5000's) Dec-12 Dec-11 Total cash flows provided by operating actives 535) T4757 Total cash flows (used in) investing activities (32,513) (97,863) Total cash flows (used in) from financing activities 224,567 11,632 Net cash provided
Slide 25: 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 (s000's) River__Offshore Supply _Qcean__ TOTAL ‘Segment operating (loss) profit (87.574) $5,462 ($20,658) ($22,770) Depreciation and amortization 5,730 2,889 2,964 11,583 Non-cash loss o
Slide 26: 4Q 2011 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont’d) 4Q 2011 Operating Profit to Adjusted Consolidated EBITDA Fourth quarter ended December 31, 2011 (8000's) River___ Offshore Supply __ Ocean. TOTAL ‘Segment operating (loss) profit $6,201 $3,495 ($2,371) $7,325 Depreciation and amortization 4,883 2,586 2,508 9.977 Loss on write-down
Slide 27: 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) $17615 ($23,771) ($25,119) Depreciation and amortization 21,996 10938 10,918 43,852 Non-Cash Loss on write-
Slide 28: FY 2011 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont’d) FY 2011 Operating Profit to Adjusted Consolidated EBITDA Year ended December 31, 2011 (8000's) River___Offshore Supply _Ocean TOTAL ‘Segment operating (loss) profit $13,138 $10,999 ($4,753) $19,384 Depreciation and amortization 20,139 9,436 9,569 39,144 in affliates / Net (oss) to