Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Q2 2011 Earnings Presentation
30 slides from Ultrapetrol (bahamas)'s earnings presentation, Aug 12, 2011
Slide 1: Second Quarter 2011 Results Presentation
IP Second Quarter 2011 Results Presentation August 12, 2011
Slide 2: Forward Looking Statements & EBITDA
t/ Forward Looking Statements & EBITDA ur disclosure and analysis inthis presentation conceming 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. Statements tl predi
Slide 3: Ultrapetrol 2Q 11 vs. 2Q 10 & Subsequent Events Highlights
1/7 Ultrapetrol 2Q 11 vs. 2Q 10 & Subsequent Events Highlights ‘Sixmonths ended Sixmonths ended __% mati 200 % ($000's) June 30,14 June 30,10 Change Change Revenues $128,293 $114,837 12% $69,971 $80,607 15% Adjusted EBITDA ®) $24,571 $37,244 34% $12,653 $17,615 |__ 28% Net income (loss) as reported
Slide 4: $550 million invested over the last years on solid growth initiatives
$550 million invested over the last 4 years on solid growth initiatives Seven vessels currently employed to Petrobras on long-term, profitable rates t Double Offshore Supply Fleet Brazil transiting through unprecedented growth in sip offshore exploration which will have global effect in supply/deman
Slide 5: Ultrapetrol
ULTRAPETROL
Slide 6: River Business 2Q 2011 Highlights
t/ River Business 2Q 2011 Highlights FINANCIAL HIGHLIGHTS RIVER Sixmonths ended Sixmonthsended % % (3000's) June 30, 14 June30,10__Change, 78112019 Change Volumes 2,192,227 1,979,300 11% 1,190,017 4,108,272 8% Revenues $69,811 $58,534 19% $38,535 $34,259 12% Voyage Expenses (82,117) (21,628) 48% (18
Slide 7: 1H 2011 vs. 1H 2010 — Breakdown per Net Ton Transported
7 1H 2011 vs. 1H 2010 — Breakdown per Net Ton Transported (in $7 Ton) 1H 2011 | 1H 2010 | Difference] 202011 | 202010. | Difference [Average Freight Rate 30.26 27.16| 11.4% 30.45 27.65] 10.1% Difference $3.10 $2.80 Of which Fuel adjustment explains $2.71, or 10.0% $3.30, or 11.9% [Average price incr
Slide 8: Re-engining Program Status and Estimated Potential Savings
t/ Re-engining Program Status and Estimated Potential Savings Pushboats currently operating under fuel-oil = Zondal = Cavalier X Pushboats to be operational in 3Q 2011 = Pampero! Seven additional pushboats to be re-engined = Asuncién ie as part of our 11-pushboat program = oe £ rs $ it S 3 Heavy Fue
Slide 9: Continuing context of strengthening commodity production & prices
t/ Continuing context of strengthening commodity production & prices Paraguayan Seeded Area & Production 1 Oe Hidrovia Regional Iron Ore Production @ Seeded Area Production Million Hectares & Tons Production (In Million Tons) Monthly Iron Ore Price - Oct 09 - Jun 11 ~___ {In $ per Dry Metric Ton) Oc
Slide 10: Most Modern Automated Barge Building Shipyard in South America
Ur Most Modern Automated Barge Building Shipyard in South America * Yard produced 21 jumbo tank barges.until February 2041 (close to 60% growth of end 2009 tanker: eet capaci) a rs has been producing jumbo dry barges thereafter (1 Jumbo = 4.68 Mississippi type barges) —_ * As of June 30, 2011, total
Slide 11: Offshore Supply
i ULTRAPETROL Offshore Supply
Slide 12: Offshore Supply Business 2Q 2011 Highlights
ir Offshore Supply Business 2Q 2011 Highlights FINANCIAL HIGHLIGHTS OFFSHORE SUPPLY ‘Sixmonths ended Sixmonthsended — % % (8000's) June 30,14 June 30, 10 Change 20142010" change Revenues: ‘$27,667 $25,648 8% $14,994 $13,438 12% Voyage Expenses (1.691) (1,780) -5% (807) (708) 14% Running Costs (18,03
Slide 13: Offshore Supply Business Update
1/7 Offshore Supply Business Update * We currently employ 7 PSVs in Brazil on 1-4 year term contracts with Petrobras at strong rates (? Petrobras Large PSV (+4,500 dwt) Fixtures in 40,000 Brazil since 2006 36,000 30,000 25,000 20,000 48,000 40,000 32,000 29,500 96 086 9/Day —eAverage Rate 20082009 +
Slide 14: Petrobras' $224 Bn CAPEX Program continues as planned
1/7 Petrobras’ $224 Bn CAPEX Program continues as planned + Brazilian demand for PSVs in conjunction with a limited supply of these vessels is pushing day rates up * As Petrobras continues its offshore exploration and enhances its operations, PSV demand is expected to remain strong Delivery Plan (to
Slide 15: Young and hi-spec Offshore Supply Fleet
1/7 Young and hi-spec Offshore Supply Fleet Fleet in Operation Vessel Capacity (dwt) Deck Area Year Built Market Status UP Safira 4,200 840:m? 2005 Brazil Chartered UP Esmeralda 4,200 2005 Brazil Chartered UP Topazio 4,200 2006 Brazil Chartered Operating under long- UP Agua-Marinha 4,200 2006" Brazi
Slide 16: Ultrapetrol
ULTRAPETROL
Slide 17: Ocean Business 2Q 2011 Highlights
1/7 Ocean Business 2Q 2011 Highlights FINANCIAL HIGHLIGHTS OCEAN Six months ended Six months ended % (5000's) June 30,14 June 30,40__change 7011 __ 2019 change Revenues $30,815 $30,655 1% $16,442 $12,910 27% Voyage Expenses (9,476) (4,823) 96% (5,185) (2,083) 149% Running Costs (14,681) (14,281) 3%
Slide 18: Tanker and Container Trade
1/7 Tanker and Container Trade Tanker Vessels = Our Tanker vessels are under term contracts with oil majors and operate in cabotage flag-restricted trades providing transport services to local refineries = Relatively stable operating environment Container Vessels = We currently operate a fleet of tw
Slide 19: Historical CAPEX— 2011 and 2015 EBITDA Estimates
Uff \ Historical CAPEX— 2011 and 2015 EBITDA Estimates [ Ultrapetrol has laid the foundation of its future growth with a 5-year investment plan * Ultrapetrol has invested (and is continuing to invest) approximately $550 million across its business segments over the last 5 years (2007-2011) Historica
Slide 20: Future CAPEX Program 2H 2011 - FY 2012
Uy \ Future CAPEX Program 2H 2011 - FY 2012 In thousands of dollars 2H 2011 FY 2012 Total River Business Barge Building/Repowering/Rebottoming 26,267 48,950__75,217 Total River Business 26,267 48,950__75,217 Offshore Supply Business PSVs Under Construction 4,403 30,821 35,224 Dry docks : 1,800 1,800
Slide 21: Quarter-on-Quarter Ultrapetrol's Selected Statement of Operation Data
1/7 Quarter-on-Quarter Ultrapetrol’s Selected Statement of Operation Data ‘Sixmonths ended Sixmonths ended —_% % (6000's) June 30,11 une 30,10 change, 7011201 change Revenues ‘Attributable to River Business $69,811 $58534 19% $98,535 $34,259 12% ‘Attributable to Offshore Supply Business 27.657 25648
Slide 22: Quarter-on-Quarter Ultrapetrol's Income Statement
t/ Quarter-on-Quarter Ultrapetrol’s Income Statement ‘Six months ended Six months ended (5000's) dune 30,44 June 30,10 zon 70% Revenues $128,208 $114,837 $69,971 $80,607 Voyage Expenses (43,284) (28,231) (24.831) (15,188) Running Costs (49,523) (41/323) (26,980) (20,875) Depreciation and amortizatio
Slide 23: Ultrapetrol's Balance Sheet
t/ Ultrapetrol’s Balance Sheet ‘At December 31, % (3000's) At June 30, 2011 Sait pean ASSETS Cash & Cash Equivalents $45,079 $105,570 57% Accounts Receivables 34,857 24,675 W% Other Current Assets 39,961 32,750 22% Vessels and Equipment, Net 652,630 612,696 1% Non-current Other Receivables 3,827 5,7
Slide 24: Debt Repayment Schedule
Jffy\ 0cbt Repayment Schedule * Balanced yearly principal repayments in the medium term + No refinancing in the short and medium term = Our $180.0 million note does not have any loan to value ratios to be maintained and has bullet repayment in 2014 = Our $80.0 jon convertible note is senior unsecure
Slide 25: Thank You
Thank You Q&A ir a
Slide 26: Appendix
Ur Appendix At June 30,2011 AtJune 30,2010 000%) ‘CASHFLOWS FROM OPERATING ACTIVITIES Net income (614889) $9758 ‘Adjustments to reconcile nat income tome cash providedty operating actos: Los trom aecentnuing operations 515 Depreciation of vessels and equipment 16476 ‘5.031 “Amortaaten of dy docking
Slide 27: Appendix (cont'd)
t/ Appendix (cont’d) Segment operating profit (loss) to Adjusted EBITDA reconciliation Second Quarter Ended June 30, 2011 (8000's) River___Offshore Supply __Ocean. TOTAL, ‘Segment operating (loss) profit $1,546 $2,517 ($725) $3,338 Depreciation and amortization 4.811 2,241 2,325 9377 Investment in a
Slide 28: Appendix (cont'd)
Ir \ Appendix (cont'd) Segment operating profit (loss) to Adjusted EBITDA reconciliation ‘Second Quarter Ended June 30, 2010 ($000's) River___ Offshore Supply __ Ocean. TOTAL ‘Segment operating (loss) profit 96,457 $3,535 ($398) $9,594 Depreciation and amortization 4,251 1,699 2271 8,221 Loss on wri
Slide 29: Appendix (cont'd)
Ur Appendix (cont’d) ‘Six months Ended June 30, 2011 ($000's) River__ Offshore Supply __ Ocean TOTAL ‘Segment operating (loss) profit $3,868 $3,962 ($1,879) $5,951 Depreciation and amortization 9,549 4,383 4,645 18,577 Investment in affiliates / Net (loss) attributable to non-controlling (408) (66)
Slide 30: Appendix (cont'd)
t/ Appendix (cont’d) ‘Six months Ended June 30, 2010 ($000's) River___Offshore Supply __Ocean TOTAL ‘Segment operating profit $8,432 $5,244 $2,241 $15,917 Depreciation and amortization 8,277 3,360 5,307 16,944 Investment in affiliates / Net (loss) attributable to non-controling (132) (273) (23) (428
Ultrapetrol (Bahamas) — Q2 2011 Earnings Presentation on 6ix