Mermaid Maritime Public Co., Ltd. · SGX:DU4
Mermaid Maritime Public — Q2 2010 Earnings Presentation
22 slides from Mermaid Maritime Public's earnings presentation, May 25, 2010
Slide 1: Analyst Presentation Financial Quarter 02/2010
MERMAID E AI MARITIME A I I E PUBLIC U I COMPANY O A Y LIMITED I I E Analyst Presentation Financial Quarter 02/2010 25 May 2010
Slide 2: Disclaimer
Disclaimer In the financial statements, all financial numbers are recorded and presented in Thai Baht in compliance with Thai Law. All financial numbers in this presentation are converted to USD tot facilitate f ilit t review i by b th the reader. d ThThe conversation ti ratet iis th the average exc
Slide 3: Contents
Contents Analysis of consolidated P&L statement Segmental analysis Financial ratios and debt repayment schedule Analysis of consolidated balance sheet 3
Slide 4: Analysis of consolidated P&L statement
Analysis of consolidated P&L statement
Slide 5: Consolidated P&L statements Q2/09 vs Q2/10 vs Q1/10
Consolidated P&L statements Period: Q2/09 vs Q2/10 vs Q1/10 (3‐month period) Increase Q2/09 Q2/10 Q1/10 (decrease) between Q2/10 31/03/09 31/03/10 31/12/09 vs Q1/10 USD’000 USD’000 USD’000 USD’000 % Selected Explanation Service income 29,379 22,213 33,252 (11,039) (33) Decreased mainly due to MOSʹs
Slide 6: Consolidated P&L statements Q2/09 vs Q1/10 vs Q2/10
Consolidated P&L statements Period: Q2/09 vs Q1/10 vs Q2/10 (3‐month period) Increase (decrease) Q2/09 Q2/10 Q1/10 between Q2/10 vs Q1/10 31/03/09 31/03/10 31/12/09 USD’000 USD 000 USD’000 USD 000 USD’000 USD 000 USD’000 USD 000 % Selected Explanation Share of profits (losses) from (368) 234 156 78
Slide 7: Segmental analysis
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Slide 8: Mermaid Drilling
Mermaid Drilling Service Income Operating profit and margin (Excl. Forex) 10.0 Operating profit 20 19 18 7.6 17 8.0 7.5 6.0 5.2 USD million 4.0 USD million 10 8 8 2.0 0.9 0.4 0.0 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 -2.0 0 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Operating margin Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 42% 41%
Slide 9: Mermaid Drilling
Mermaid Drilling MTR‐1 C Continue to market k extensively l for f available l bl work. k Ongoing discussions for accommodation/workover barge work. Daily operating cost reduced to minimum while awaiting next contract. MTR‐2 MTR 2 Under contract with Chevron in Indonesia. Contract utilization remains
Slide 10: Mermaid Drilling
Mermaid Drilling KM‐1 (Newbuild) Construction under progress. In discussions with yard on resolving outstanding issues and delivery date. Market Outlook Market still showing requirement for new tender rig demand and some contract extensions. P f Preference ffor newer rigs i d equipment and i b d som
Slide 11: Mermaid Offshore Services
Mermaid Offshore Services Service Income Operating profit and margin (Excl. Forex) Operating profit 40 8 6 5.5 4 2.4 2 SD million 25 0.4 0 USD milllion 21 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 US 20 -2 18 -4 11 10 -6 -5.9 -6.3 -8 Operating margin 0 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10
Slide 12: Mermaid Offshore Services
Mermaid Offshore Services Utilization FQ2/2010 utilization ili i levels l l similar i il to FQ2/2009 with i h slight li h pressure on rates. Contract awards observed to be increasing, but mainly for short term work. Order O d book b k currently l at +USD USD 50 million. illi U ili i llevels Utilizat
Slide 13: Mermaid Offshore Services
Mermaid Offshore Services Allied Marine & Equipment DP2 ROV and air‐dive support vessel ‘Allied Achiever’ delivered in January 2010 to support AME’s ongoing sub‐sea contracts in Malaysia. Profit contribution to Mermaid Offshore increased in FQ2/2010. Seascape Surveys Continues to compliment Mermaid
Slide 14: Financial Ratios and Debt Repayment Schedule
Financial Ratios and Debt Repayment Schedule
Slide 15: Selected financial ratios
Selected financial ratios Q2/10 Q1/10 Average receivable turnover (days) 111 85 Average payable turnover (days) 23 24 Gross debt to equity ratio (Times) 0.23 0.24 Net asset value per share* (USD) 0.55 0.55 Gross debt to EBITDA (Times) 2 79 2.79 2 71 2.71 * using outstanding issued shares at end of p
Slide 16: Debt repayment schedule
Debt repayment schedule I) As at 31 March 2010, total outstanding long‐term debt was equivalent to USD 99.0** million Loan Repayment Schedule (USD Million) FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Repayment amount 9.9 24.5 21.5 14.1 10.4 5.8 5.5 2.3 1.3 3.7 ** The Thai B
Slide 17: Newbuild payment progress
Newbuild payment progress Tender rig ‘KM‐1’ ‐ USD 136 M. Equity 50% ‐ USD 68 M. Financing 50% ‐ USD 68 M. Drawn down 23.5% Al d Paid 100% ‐ USD 68.0 Already 68 0 M ‐ USD 16.0 M. As at 25 May 2010 DP2 ‘Mermaid Endurer’ ‐ USD 91.0 M. Equity 30% ‐ USD 27.3 M. Financing 70% ‐ USD 63.7 M. Already Paid 17
Slide 18: Analysis of consolidated balance sheet
Analysis of consolidated balance sheet
Slide 19: Consolidated balance sheets as at 31 March 2010 and 31 December 2009
Consolidated balance sheets as at 31 March 2010 and 31 December 2009 Change Assets 31 Mar 10 31 Dec 09 31 Mar 10 vs 31 Dec 09 Selected Explanation USDʹ000 USDʹ000 USDʹ000 % Cash & Deposits (included of fixed 51,402 131,560 (80,158) (61) Decreased mainly due to the investments in Subtech of USD 3.9 m
Slide 20: Consolidated balance sheets as at 31 March 2010 and 31 December 2009
Consolidated balance sheets as at 31 March 2010 and 31 December 2009 Change 31 Mar 10 31 Dec 09 Liabilities 31 Mar 10 vs 31 Dec 09 Selected Explanation USDʹ000 USDʹ000 USDʹ000 % Trade Creditors 4,234 7,452 (3,218) (43) Decreased due to a decrease in payment day from 24 days in 1QFY10 to 23 days in 2
Slide 21: Consolidated balance sheets as at 31 March 2010 and 31 December 2009
Consolidated balance sheets as at 31 March 2010 and 31 December 2009 Change 31 Mar 10 31 Dec 09 Equity 31 Mar 10 vs 31 Dec 09 Selected Explanation USDʹ000 USDʹ000 USDʹ000 % Share Capital & Share premium 327,574 327,574 ‐ ‐ Legal g reserves 1,227 , 1,227 , ‐ ‐ Shareholders Funds 89,698 95,525 (5,827)
Slide 22: Questions & Answers
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Mermaid Maritime Public Company — Q2 2010 Earnings Presentation on 6ix