Kawasaki Kisen Kaisha, Ltd. · TSE:9107
Kawasaki Kisen Kaisha — FY2013 Earnings Presentation
34 slides from Kawasaki Kisen Kaisha's earnings presentation, July 2013
Slide 1: Supplementary Report - Fiscal Year 2013
Supplementary Report - Fiscal Year 2013 - July 2013 Kawasaki Kisen Kaisha LTD
Slide 2: Shipping Markets, Financial Data, Historical Data
1. Shipping Markets 2. Financial Data 3. Historical Data - For 5 Years -
Slide 3: Supplemental Information 1 - Shipping Markets
Supplemental Information -1 - Shipping Markets-
Slide 4: K Line Container Loading Volume/Load Factor
1-1. “K” Line Container Loading Volume/Load Factor Loading Volume 12F1Q 12F2Q 12F1H 12F3Q 12F4Q 12F2H 12FY 13F1Q (Unit:1,000TEU) Asia/N.America E/Bound 184 212 395 199 171 370 766 194 W/Bound 106 118 224 114 110 224 449 108 290 330 620 313 281 594 1,214 302 Asia/Europe W/Bound 136 130 266 110 104 21
Slide 5: Line/Alliance wise Vessel/Capacity Comparison
1-2. Line/Alliance wise Vessel/Capacity Comparison Top 30 Container Carriers ranked by operating capacity as of July 2013 TOTAL Rank Operator TEU 1 APM-Maersk 2,629,536 2 Mediterranean Shg Co 2,368,052 3 CMA CGM Group 1,476,831 4 Evergreen Line 816,339 5 COSCO Container L. 757,512 APM-Maersk 6 Hapag
Slide 6: K Line Container Volume & Share (Asia to North America)
1-3. “K” Line Container Volume & Share (Asia to North America ’03-’13 ) TPS EB KL Results (Calendar Year) 500,000 7.0% 450,000 6.0% 400,000 350,000 5.0% 300,000 4.0% Share TEU 250,000 3.0% 200,000 150,000 2.0% 100,000 1.0% 50,000 0 0.0% 2003 1H 2003 2H 2004 1H 2004 2H 2005 1H 2005 2H 2006 1H 2006 2H
Slide 7: K Line Container Volume & Share (North America to Asia)
1-4. “K” Line Container Volume & Share (North America to Asia ’03-’13 ) TPS WB KL Results (Calendar Year) 250,000 7.0% 6.0% 200,000 5.0% 150,000 4.0% Share TEU 3.0% 100,000 2.0% 50,000 1.0% 0 0.0% 2003 1H 2003 2H 2004 1H 2004 2H 2005 1H 2005 2H 2006 1H 2006 2H 2007 1H 2007 2H 2008 1H 2008 2H 2009 1H
Slide 8: K Line Container Volume & Share (Asia to Europe)
1-5. “K” Line Container Volume & Share (Asia to Europe ’03-’13, ) AES WB KL Results (Calendar Year ) 350,000 6.0% 300,000 5.0% 250,000 4.0% 200,000 Share TEU 3.0% 150,000 2.0% 100,000 1.0% 50,000 0 0.0% 2003 1H 2003 2H 2004 1H 2004 2H 2005 1H 2005 2H 2006 1H 2006 2H 2007 1H 2007 2H 2008 1H 2008 2H 2
Slide 9: K Line Container Volume & Share (Europe to Asia)
1-6. “K” Line Container Volume & Share (Europe to Asia ’03-’13) AES EB KL Results (Calendar Year ) 200,000 6.0% 180,000 5.0% 160,000 140,000 4.0% 120,000 Share TEU 100,000 3.0% 80,000 2.0% 60,000 40,000 1.0% 20,000 0 0.0% 2003 1H 2003 2H 2004 1H 2004 2H 2005 1H 2005 2H 2006 1H 2006 2H 2007 1H 2007 2
Slide 10: Trend of Average Container Freight/Volume
1-7. Trend of Average Container Freight/Volume (“K” Line All Trades) （2004F-2013F1Q） Volume (1000 Average Freight($) TEU) 1000 1,600 1,403 1,440 1,337 1,323 1,349 1,301 1,299 1,315 1,242 900 859 865 1,283 1,315 1,249 871 1,220 825 1,283 1,235 1,108 846 1,400 804 810 789 833 811 1,262 1,224 1,250 1,1
Slide 11: Dry Bulk Market
1-8. Dry Bulk Market Dry Bulk Market (BDI) ドライバルクマーケット(BDI) 5000 4000 3000 2000 1000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 10 2010 2011 2012 2013
Slide 12: Tanker Market
1-9. Tanker Market (WS) Tanker Market (VLCC AG/JPN) タンカーマーケット(VLCC AG/JPN) 140 120 100 80 60 40 20 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2010 2011 2012 2013 11
Slide 13: Cars/Trucks Transported by K Line PCTC Fleet
1-10. Cars/Trucks Transported by “K” Line PCTC Fleet 10,000units 100 90 91 86 84 84 86 81 78 78 80 75 73 76 71 66 63 60 45 39 40 20 0 1Q 2Q 3Q 4Q 1Ｑ 2Q 3Q 4Q 1Q 2Ｑ 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2009F 2010F 2011F 2012F 2013F Japan・FE/North America Japan・FE/Europe Japan・FE/The Other Area Trade not From/To Japa
Slide 14: K Line Vessel Fleet Composition
1-11. “K” Line Vessel Fleet Composition 600 Total 566 Total 570 Coastal /Ferry 53 Coastal /Ferry 54 Heavy Lifters 500 2013 March 16 ships 2013 June 16 ships Energy Resource 67 Energy Resource 67 400 PCTC 95 PCTC 96 Offshore Energy E&P Support ship 2013 March 8 ships 300 2013 June 8 ships 200 Bulk Ca
Slide 15: K Line Container Vessel Fleet Composition
1-12. “K” Line Container Vessel Fleet Composition 2013 Mar 2013 Jun K 13 13 8,000TEU K 18 18 5,500TEU K 26 26 3,500TEU（3,400-4,700） K 2,800TEU(2,700-2,900) 2 2 K 2,000TEU（1,500-2,500） 13 13 K 1,400TEU or under 3 3 300m 200m 100m 0m Total 75 75 14
Slide 16: K Line Bulk Carrier Fleet Composition
1-13. “K” Line Bulk Carrier Fleet Composition Total 252 Total 254 260 Chip + Pulp 13 Chip + Pulp 12 240 Small Handy 22 Small Handy 20 220 200 Handymax 45 Handymax 50 180 160 Panamax 52 Panamax 42 140 120 Over Panamax 26 Over Panamax 31 100 80 60 Capesize 99 Capesize 94 40 20 0 2013 Mar 2013 Jun 15
Slide 17: K Line PCTC Fleet Composition
1-14. “K” Line PCTC Fleet Composition 2013 Mar 2013 Jun 6,000units 35 36 5,000units（4,750~5,650) 23 24 4,000units（3,800~4,600） 20 19 3,000units（2,800~3,500） 3 3 2,000units（1,600~2,500） 8 8 800units（800~850） 6 6 200m 100m 0m Total 95 96 16
Slide 18: Energy Transport, Offshore Support & Heavy Lifter Fleet Composition
1-15. “K” Line Energy Transport Fleet Composition, Offshore Energy E&P Support & Heavy Lifter Fleet Composition 100 Total 91 Total 91 90 Heavy Lifters16 Heavy Lifters16 Dr illship 80 2 013 Mar 1 2 013 Jun 1 Offshore Support Offshore Support 70 Ve ssel 7 Ve ssel 7 LPG Carrier 5 LPG Carrier 5 60 Tanke
Slide 19: Fleet Upgrading Plan
1-16. Fleet Upgrading Plan 2013F 2014F 2015F 2016F Already To be delivered To be To be To be delivered by 1Q delivered delivered delivered Containership 0 () 1 4 0 <Fleet Upgrading Plan> 1700TEU 2400TEU 3500TEU No. of Newbuildings during FY13-16 4500TEU 6400TEU *Including to be owned and chartered M
Slide 20: K Line Group Composition of Fleet
1-17. “K” Line Group Composition of Fleet Jun 2013 Mar 2013 Owned Chartered Total Total Type of Vessel No. DWT(MT) No. DWT(MT) No. DWT(MT) No. DWT(MT) Contianerships 10 668,214 65 3,797,288 75 4,465,502 75 4,465,732 Dry Bulk Carriers 71 8,053,053 183 20,021,452 254 28,074,505 252 28,101,549 Car Carr
Slide 21: Supplementary Information 2 - Financial Data
Supplementary Information-2 - Financial Data -
Slide 22: Transition of Operating Revenues
2-1. Transition of Operating Revenues 21
Slide 23: Breakdown on Non-Operating, Extra-Ordinary Items (2013 1Q)
2-2. Breakdown on Non-Operating, Extra-Ordinary Items (2013 1Q) 1. Non-operating Income/Loss （Billion yen） 1Q Consolidated Total 3.6 Financial Gain/Loss ▲ 1.5 Equity in Earnings of Affiliated Companies 0.7 Exchange Gain/Loss 3.8 Others 0.6 2. Extraordinary Income/Loss Consolidated Total ▲ 2.0 Sale a
Slide 24: Supplemental Information 3 - Historical Data - For 5 Years
Supplemental Information -3 Historical Data - For 5 Years -
Slide 25: Consolidated Revenues & Incomes
3-1. Consolidated Revenues & Incomes Consolidated Revenues & Incomes （billion yen） （billion yen） 1,400 80 1,200 60 40 1,000 20 800 0 600 08F 09F 10F 11F 12F ▲ 20 400 ▲ 40 200 ▲ 60 0 ▲ 80 Operating Revenues Operating Income Ordinary Income Net Income 24
Slide 26: Consolidated Total Assets/Shareholders' Equity
3-2. Consolidated Total Assets/Shareholders’ Equity Consolidated Total Assets/Shareholders’ Equity （billion yen） （multiple） 1,400 4.50 4.00 1,200 3.50 1,000 3.00 800 2.50 600 2.00 1.50 400 1.00 200 0.50 0 0.00 08F 09F 10F 11F 12F Total Assets Shareholders Equity DER（Market Price Base） 25
Slide 27: Consolidated ROE / ROA
3-3. Consolidated ROE / ROA （billion yen） 80 Consolidated ROE / ROA 15% 60 10% 40 5% 20 0% 0 -5% 08F 09F 10F 11F 12F -20 -10% -40 -15% -60 -20% -80 -25% Net Income（billion yen） Ordinary Income ROE ROA 26
Slide 28: Consolidated EV/EBITDA
3-4. Consolidated EV/EBITDA EV/EBITDA （billion yen） （multiple） 120 80 100 70 60 80 50 60 40 40 30 20 20 10 0 08F 09F 10F 11F 12F 0 ▲ 20 ▲ 10 ▲ 40 ▲ 20 ▲ 60 ▲ 30 EBITDA EV/EBITDA 27
Slide 29: Consolidated Assets Turnover
3-5. Consolidated Assets Turnover Consolidated Assets Turnover （billion yen） 1,400 1.40 1,200 1.20 1,000 1.00 800 0.80 600 0.60 400 0.40 200 0.20 0 0.00 08F 09F 10F 11F 12F Operating Revenues Consolidated Assets Turnover 28
Slide 30: Consolidated Ordinary Income on Revenues / Total Assets
3-6. Consolidated Ordinary Income on Revenues / Ordinary Income on Total Assets Consolidated Ordinary Income on Revenues （billion yen） / Ordinary Income on Total Assets 80 8% 60 6% 40 4% 2% 20 0% 0 08F 09F 10F 11F 12F -2% ▲ 20 -4% ▲ 40 -6% ▲ 60 -8% ▲ 80 -10% Ordinary Income Consolidated Ordinary Inc
Slide 31: Consolidated Interest Coverage Ratio
3-7. Consolidated Interest Coverage Ratio Consolidated Interest Coverage Ratio （billion yen） (multiple) 80 14 12 60 10 40 8 6 20 4 0 2 08F 09F 10F 11F 12F 0 ▲ 20 -2 -4 ▲ 40 -6 ▲ 60 Operating Income -8 Interest Coerage Ratio 30
Slide 32: Consolidated Net Income / Operating Cash Flow
3-8. Consolidated Net Income / Operating Cash Flow Consolidated Net Income / Operating Cash Flow （billion yen） 100 80 60 40 20 0 08F 09F 10F 11F 12F ▲ 20 ▲ 40 ▲ 60 ▲ 80 Net Income Operating Cash Flow 31
Slide 33: Consolidated Segment Information
3-9. Consolidated Segment Information （Unit: million yen） （Unit: million yen） 08F 09F 10F 11F Operating Revenues Operating Revenues Marine Transportation 1,110,475 729,683 Containership Business 444,971 395,460 Freight Forwarting / 108,874 87,918 Bulk Shipping Business 447,111 463,507 Harbor Transpo
Slide 34: Non-Consolidated Financial Data
3-10. Non-Consolidated Financial Data （Unit: million yen） 08F 09F 10F 11F 12F Operating Revenues 960,109 631,747 772,321 737,994 834,218 Container 497,388 332,649 419,248 373,938 434,172 Bulk Carrier & Car Carrier 414,964 254,442 305,522 323,664 364,860 Energy Transportation 45,766 42,332 44,825 38,