Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Q1 2015 Earnings Presentation
25 slides from Ultrapetrol (bahamas)'s earnings presentation, May 15, 2015
Slide 1: First Quarter 2015 Earnings Call Presentation
ULTRAPETROL (Bahamas) Ltd. First Quarter 2015 Earnings Call Presentation May 15, 2015
Slide 2: Forward Looking Statements & EBITDA Disclosure
Forward Looking Statements & EBITDA Disclosure isclosure and analysis in this presentation concerning our operations, cash flows and financial position, including, in particular, ikelihood of our success in developing and expanding our business, include forward-looking statements, Statements that ar
Slide 3: Ultrapetrol 1Q 2015 vs. 1Q 2014
Ultrapetrol 1Q 2015 vs. 1Q 2014 Three months ended Threemonths ended siotange ($000) March 31, 2015. March 31, 2014 Revenues $84,573 $86,043 ($1,770) 2% Adjusted EBITDA per segment River Business 3221 (625) 3.916 Offshore Supply Business 12.556 13.210 (654) 5% Ocean Business 1,359 4,092 2.733) 67% T
Slide 4: Ultrapetrol (Bahamas) Limited
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Slide 5: River Business Market Dynamics
River Business Market Dynamics = 27% dropin soybean prices ($498 / TN in 1Q 14 vs. $364/ TN in 1Q 15) which creates incentives for producers to store soybeans and speculate on higher prices. = Current iron ore prices have resulted in a decline of transport demand ($120/ TN in 1Q 14 vs. $62/ TNin 1Q
Slide 6: River Business Update & KPIs
River Business Business update & KPIs = Segment currently operating as per our new point-to-point operational mode! = Vale Time Charter under take-or-pay basis = Parané Iron under take or pay - 206K tons moved during 10 2015 + Petropar contract renewed in February 2015 — 60% of total volume (vs. 30%
Slide 7: Offshore Supply
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Slide 8: Offshore Supply Business Market Dynamics
Offshore Supply Business Market Dynamics = Low crude oil prices put pressure on CAPEX and spot rates in the North Sea ($99/ bbl in 1Q 14 vs. $50/ bbl in 1Q 15, 50% drop). = Petrobras’ recent corruption charges which led to write-offs and a $13.7 billion divestment plan for 2015 and 2016 (Pre-salt as
Slide 9: Offshore Supply Business Update and KPIs
Offshore Supply Business Business update and KPIs * Stable outlook despite recent turmoil within Petrobras and downturn of oil prices. * UP Jasper and UP Agate laid-up in late April 2015 due North Sea depressed rates — Awaiting results from Petrobras tender. = UP Coral conversion into RSV finalized
Slide 10: Offshore Supply Contract Schedule Summary
Offshore Supply Business Contract Schedule Summary 2015 [2016 [2017 [2078 2021 UP Esmerada $31,950 JU UP Topazio $ 35380 Jun17 UP Diamante $ 35380 May-17 UP AguaMarinna $35,380 May-17 UP Jade $ 33,000 Augt6 UP Turquoise $ 20360 Mar19 UP Safira $ 20000 ats UP Jasper $ 16,5840) Newly acquired Chinese
Slide 11: Ultrapetrol (Bahamas) Limited
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Slide 12: Ocean Business Update & KPIs
Ocean Business Business update & KPIs * Alejandrina was laid-up throughout the first quarter. Re-entered service on May 6, 2015. = Amadeo and Miranda I have been placed for sale. + Miranda Iwill be replaced by a bareboat chartered vessel (Mentor) servicing a 3 year- contract with Petrobas commencing
Slide 13: Ultrapetrol (Bahamas) Limited
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Slide 14: Organization Initiatives - Main developments
Organization Initiatives - Main developments New corporate Streamline the Enhance culture: decision-making management Accountability, process systems Efficiency and Customer Service Improve management capabilities and skills at all levels Developing HR Aggressively and policies and }-|consistently p
Slide 15: Balance Sheet
Ultrapetrol Balance Sheet ‘At March 31,2015 At December 31, % ($0005) (Unaudited) 2014 Change _ ASSETS Cash & Cash Equivalents $20,296" $34,982 42% Accounts Receivables 43,550 37,341 17% Other Current Assets 45,225 37,426 21% Vessels and Equipment, Net 716,245 717.405 0% Non-current Other Recelvable
Slide 16: Thank You Q&A
Thank You Q&A VA 16
Slide 17: Uhr
Appendix Uhr 17
Slide 18: River Business - 1Q 2015 vs. 1Q 2014
Appendix River Business - 1Q 2015 vs. 1Q 2014 FINANCIAL HIGHLIGHTS RIVER Three months ended Three months ended % ($000's) March 31, 2015 March 31, 2014 Change Revenues 38,930 41,277 6% Voyage and Manufacturing Expenses (16,568) (23,701) -30% Gross Margin 22,364 17,576 2% Running Costs (13,901) (13,3
Slide 19: Offshore Supply Business - 1Q 2015 vs. 1Q 2014
Appendix (cont'd) Offshore Supply Business - 1Q 2015 vs. 1Q 2014 FINANCIAL HIGHLIGHTS OFFSHORE SUPPLY Three months ended Three months ended 4, % ($000's) March 31, 2015 __March 31, 2014 Change Revenues 29,557 27,403 2,154 &% Voyage Expenses (1,649) (770) (879) 114% Running Costs (12,374) (10,622) (1
Slide 20: Ocean Business - 1Q 2015 vs. 1Q 2014
Appendix (cont'd) Ocean Business - 1Q 2015 vs. 1Q 2014 FINANCIAL HIGHLIGHTS OCEAN Three months ended Three months ended Ditt % (s000s) March 31, 2015 March 31, 2014 Change. Revenues $16,086 $17,663 ($1,577) Me Voyage Expenses (6,021) (4,555) (466) 10% Running Costs. (8.123) (7496) (627) 8% Gross Pro
Slide 21: Quarter-on-quarter Selected Statement of Operation Data
Appendix (cont'd) Quarter-on-quarter Selected Statement of Operation Data Three months ended Three months ended ($000) March 31, 2015, March 31, 2014 » Seow Revenues ‘irbuable b Rher Gusiness $2200 siz -% ‘Atrbutble b Offsore SuopWv Business 29.557 e743 8% ‘iribvable b Ocean Business $16,086 SI7s3 9
Slide 22: Quarter-on-quarter Income Statement
Appendix (cont'd) Quarter-on-quarter Income Statement ‘Three months ended Three months ended (s000) March 31, 2015 March 31, 2014 Revenves $84,573 $96,343 Voyage Expenses (23,236) (29,026) Running Costs (34,298) (31,454) Depreciation and amortization (12.503) (11,909) ‘Administrative and commercial
Slide 23: Accumulated Cash Flow and EBITDA reconciliation
Appendix (cont'd) Accumulated Cash Flow and EBITDA reconciliation ‘Three months ended (5000's) mar-15___mar-14 “Total cash flows provided by operating activites 0314.10 Total cash flows (used in) investing activities (9.344) (et) Total cash flows (used in) from financing activities (6.245) (4.948) N
Slide 24: 1Q 2015 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont'd) 1Q 2015 Operating Profit to Adjusted Consolidated EBITDA First quarter ended March 31, 2015, Offshore (s0008) River supp Ocean_—TOTAL ‘Segment operating (loss) profit ($3,250) $8,060 3 $4,813 Depreciation and amortization 6663 ‘4,495, 1,345 12,503 Investment in affliates / Net inco
Slide 25: 1Q 2014 Operating Profit to Adjusted Consolidated EBITDA
Appendix (cont'd) 1Q 2014 Operating Profit to Adjusted Consolidated EBITDA First quarter ended March 31, 2014 Offshore (s000s) River supp Ocean_—TOTAL ‘Segment operating (loss) profit ($6,532) $9,359 $2177 $5,004 Depreciation and amortization 6156 3.849 1,904 11,909 Investment in affiliates / Net (l