Kawasaki Kisen Kaisha, Ltd. · TSE:9107
Kawasaki Kisen Kaisha — H1 FY2006 Earnings Presentation
19 slides from Kawasaki Kisen Kaisha's earnings presentation, Nov 10, 2006
Slide 1: K Line 2006 Results Presentation
IN KLINE 2006 2006 11 10
Slide 2: Agenda
• 2006 – 2006 – – • 2006 – – – – – – – Vision2008+
Slide 3: A. 2006 Results
IN KLINE A. 2006
Slide 4: A-1. 2006 Results Summary
A-1. 2006 2006 2005 5,180 4,548 633 13.9% 5,150 30 4,100 3,629 471 13.0% 4,050 50 235 502 ▲ 267 -53.2% 260 ▲ 25 89 351 ▲ 262 -74.6% 105 ▲ 16 246 496 ▲ 250 -50.5% 265 ▲ 19 120 359 ▲ 239 -66.6% 130 ▲ 10 206 349 ▲ 143 -41.1% 210 ▲4 102 228 ▲ 126 -55.3% 85 17 ¥9 ¥9 - - ¥9 - ¥115 ¥109 ¥6 - ¥115 - $337 $2
Slide 5: A-2. Ordinary income analysis
A-2. +633 250 05F 496 06F 265 =>246 • • • • 1Q •
Slide 6: A-3. Container ships
A-3. 2,439 32 • 5,500TEU5 • 146 TEU 10.3% 9 • • >
Slide 7: A-4. Bulk carriers
A-4. • 10 84.5 92.5 +9.4 2005 2006 1 2 $37,333 $30,000 $54,333 $42,167 $4,833 12.9% $18,583 $18,450 $28,417 $23,434 $4,850 26.1% $17,200 $22,100 $26,300 $24,200 $7,000 40.7% • 1 4
Slide 8: A-5. Bulk market
A-5. • 130.8 152.2 +16.4 – – 2005 8 2 – 25 •
Slide 9: A-6. Tankers
A-6. • 31 • AFRAMAX 10 1,468 1,560 +6.3 2005 2006 1 2 VLCC ( / (WS) 78 80 130 105 27 34.0% AFRAMAX / (WS) 138 145 215 180 42 30.1% 7 / ) (WS) 203 193 217 205 2 0.8%
Slide 10: K Line
It KLINE OK AWPASARI KISHN KATSNA, ITD
Slide 11: B. 2006 Forecast
IN KLINE B. 2006
Slide 12: B-1. 2006 Full-year Forecast
B-1. 2006 ( 2005 5,180 5,320 10,500 10,200 300 9,408 1,092 11.6% 4,100 4,200 8,300 8,100 200 7,426 874 11.8% 235 365 600 560 40 880 ▲ 280 -31.8% 89 201 290 275 15 567 ▲ 277 -48.9% 246 364 610 570 40 886 ▲ 276 -31.2% 120 200 320 310 10 578 ▲ 258 -44.6% 206 304 510 420 90 624 ▲ 114 -18.3% 102 158 260
Slide 13: B-2. Forecast by segment
B-2. 2006 2005 2,439 2,561 5,000 2,228 2,286 4,514 486 ▲ 32 ▲ 16 ▲ 48 206 99 305 ▲ 353 2,741 2,759 5,500 2,319 2,575 4,894 606 278 380 658 290 291 581 77 5,180 5,320 10,500 4,548 4,861 9,408 1,092 246 364 610 496 389 886 ▲ 276
Slide 14: B-3. Forecast ordinary income changes
B-3. +40 19 +59 $350 $315 ¥110 ¥115 05F 886 , 06F 570 => 06F 610 16 16 67 ▲ 108 61 ▲ 171 ▲ 104 ▲ 13 40 ▲ 276
Slide 15: B-4. LNG and market assumptions
B-4. 35 14 21 22 (11/3) $33,000 $69,000 $55,000 $48,583 $18,000 $36,000 $30,000 $26,717 $16,000 $29,000 $26,500 $25,350 6 LNG 2 32 4 (8/3) (11/3) VLCC ( / (WS) 80 69 100 103 AFRAMAX / (WS) 150 133 200 190 7 / ) (WS) 185 120 210 208
Slide 16: B-5. K Line Vision2008+
B-5. K LINEVision2008+ 2006 2006 34.0 46.7 80.7 6.6 3.5 10.1 2.3 4.6 6.8 -1.2 4.3 3.1 1.4 0.5 1.9 43.0 59.6 102.6 ( 41.6 50.4 92.0 1.4 9.2 10.6
Slide 17: B-6. Vision2008+ fleet plan
B-6. K LINEVision2008+ 2005 2006 2005 2006 5 6 4000TEU 3 5500TEU 2 3 3 8000TEU 3 3 Vision2008+ 2008 19 22 Capesize 8 3 6 9 Panamax 3 4 4 500 Handymax 5 2 2 4 SmallHandy 1 2 2 2006 47 Chip/Pulp 1 1 Corona 2 1 1 2 8 8 2000 2 2 2 3800 2 2 4300 1 1 1 2 5000 3 1 1 6000 2 1 1 LNG 4 2 1 1 1 RASGAS 3 1 1 1
Slide 18: B-7. Vision2008+ targets
B-7. K LINEVision2008+ 1,500 700 600 1,200 500 900 400 600 300 200 300 100 0 0 2004 2005 2006 2007 2008 2006 2007 2008 2007 2008 110/ $300/MT
Slide 19: B-8. Vision2008+ financial targets
B-8. Vision2008+ 2005 2006 2006 4,500 140% CF 723 208 630 4,000 120% 286 152 312 3,500 CF 833 602 1000 100% CF 110 395 370 3,000 833 602 1000 2,500 80% 1025 736 1500 2,000 60% 125 69 300 317 203 800 1,500 40% 2578 2855 2920 1,000 2782 3218 3270 20% 500 ROE 28% 15% 18% 0 0% ROA 13% 6% 7% 04F 05F 06F
Kawasaki Kisen Kaisha — H1 FY2006 Earnings Presentation on 6ix