Prima Marine Public Company Ltd · SET:PRM
Prima Marine Public — FY2018 Earnings Presentation
19 slides from Prima Marine Public's earnings presentation, Mar 8, 2019
Slide 1: Operating Results for Q4 and FY2018
Operating Results for Q4 and FY2018 8 March 2019 0
Slide 2: Content
Content 1 Q4 and FY2018 Operating Results 2 Market Situation & Outlook 3 Investment Plan 2019 1
Slide 3: Q4 and FY2018 Operating Results
1 Q4 and FY2018 Operating Results 2
Slide 4: Domestic Oil and Petrochemical Tanker Business ("Domestic Trading")
Domestic Oil and Petrochemical Tanker Business (“Domestic Trading”) Revenue Unit: MTHB ▪ Contribution by Big Sea (MTHB) Q3/18 Q4/18 FY18 40.3% 1,898.4 Revenue 169.0 159.0 328.0 GP 49.0 49.5 98.5 1,353.2 ▪ Following acquisition of Big Sea, PRM’s market share increased from 32.9% in 2017 to 49.3% in 2
Slide 5: International Oil and Petrochemical Tanker Business ("International Trading")
International Oil and Petrochemical Tanker Business (“International Trading”) Revenue Unit: MTHB ▪ Q4/18 revenue and GP increased from Q3/18 because one Aframax vessel completed its time-charter contract and converted to SPOT chartering starting Nov 2018 0.7% ▪ Time-charter contract for another vess
Slide 6: Floating Storage Unit ("FSU") Business
Floating Storage Unit (“FSU”) Business Revenue Unit: MTHB ▪ Q4/18 revenue and GP improved from Q3/18 from -16.5% increased demand for low Sulphur FO storage which 2,175.3 enabled PRM to increase utilization rate from 94.0% to 100% 1,815.5 at the end of Q4/18 ▪ Q4/17 revenue and GP was higher than Q4
Slide 7: Floating Storage and Offshore Exploration Service ("Offshore") Business
Rev - Offshore Floating Storage and Offshore Exploration Service (“Offshore”) Business Revenue Unit: MTHB ▪ 2 floating storage and off-loading vessels (FSO) were on hired -1.7% throughout 2018. 480.1 471.8 ▪ Navathani, the accommodation work barge (AWB) was in services for customers totaling 200 day
Slide 8: Ship Management ("SM") Business
Ship Management (“SM”) Business Revenue Unit: MTHB ▪ PRM provides ship management services for 27 vessels of which 22 are own vessels and 5 are third party vessels: 0.9% o 2 VLCC vessels 358.2 355.0 o 1 Aframax vessel -25.8% o 2 container vessels 120.0 89.7 89.1 ▪ Lower revenue and GP in Q4/18 VS Q4
Slide 9: Consolidated Financial Position
Consolidated Financial Position As of As of 31 Dec 2017 31 Dec 2018 1,470.2 1,286.1 1,546.8 ▪ 1,688.2 MTHB reduction in cash and 2,974.3 41.8 549.7 54.1 cash equivalent at the end of 2018 was due mainly to 1,400 MTHB 2,243.5 498.2 2,920.0 payment for the first 70% of Big Sea’s shares and 407.7 MTHB
Slide 10: Consolidated P/L Statement
Consolidated P/L Statement Unit: MTHB Q3/2018 Q4/2017 Q4/2018 FY2017 FY2018 ▪ Increase in share of profit from associated companies in 2018 came 1 Sales 1,195.8 1,079.7 1,159.2 4,501.0 4,479.7 from full year operation of Bongkot 2 Gross Profit 300.1 199.4 252.3 1,131.2 1,111.2 Marine Service Co., Lt
Slide 11: Market Situation & Outlook
2 Market Situation & Outlook 10
Slide 12: FSU Market Situation
Market Situation & Outlook : Floating Storage Unit Business FSU Market Situation Storage supply is lesser than demand “PRM is the Largest FSU Service Provider” FSU Advantages ▪ High Sulphur bunker (3.5%) 1. Immediate solution to provide LS bunker is requirement is still on going to blend HSFO with l
Slide 13: Storage Industry Analysis
Market Situation & Outlook : Floating Storage Unit Business Storage Industry Analysis Industry Rivalry (b/w Shore tank and FSU) ▪ Moderate to Low o Strong demand growth rate ▪ Moderate o FSU focuses on niche market of Low o Charterers are more quality and standard Sulphur storage and blending Threat
Slide 14: Investment Plan 2019
3 Investment Plan 2019 13
Slide 15: Investment Plan 2019
Investment Plan 2019 No. Period Vessels Size (DWT) Purpose Domestic Trading Business (6 Vessels) 1 Jan/19 1 New-built 3,000 DWT PRM’s additional business LT Contract with Major Oil 2 Q1/19 1 New-built 5,300 DWT Big Sea’s additional business LT Contract with Major Oil 3 Q2/19 3 New-built 3,000 DWT ea
Slide 16: Strategies Supporting Investment in PRM
Strategies Supporting Investment in PRM 1 Domestic Oil & Petrochemical Tanker Business New-built vessels delivery, Age decrease, Capacity increase, Market Expansion 2 International Oil & Petrochemical Tanker Business Invest in medium sized vessels, Trading Clean Petroleum products 3 Floating Storage
Slide 17: Q&A Thank You
Q&A THANK YOU Contact Information Mr. Boonrux Leeprakobboon Mr. Pachara Rodsomboon www.primamarine.co.th Senior Investor Relations Manager Finance Manager Investor Relations Department Accounting and Finance Department primamarine Tel (66) 2 016 0190 Ext 517 Tel (66) 2 016 0190 Ext 601 Prima Marine
Slide 18: Disclaimer
Disclaimer The information contained in this presentation is strictly confidential and is provided by Prima Marine Public Company Limited (the "Company") to you solely for your information. Neither this presentation nor any part hereof may be (i) used or relied upon by any other party or for any oth
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