Kawasaki Kisen Kaisha, Ltd. · TSE:9107
Kawasaki Kisen Kaisha — FY2012 Earnings Presentation
34 slides from Kawasaki Kisen Kaisha's earnings presentation, April 2013
Slide 1: Supplementary Report - Fiscal Year 2012
Supplementary Report - Fiscal Year 2012 - April 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 11F1H 11F2H 11FY 12F1H 12F2H 12FY (Unit:1,000TEU) Asia/N.America E/Bound 333 299 631 395 370 766 W/Bound 180 194 374 224 224 449 513 492 1,005 620 594 1,214 Asia/Europe W/Bound 265 214 479 266 214 480 E/Bound 159 148 307 178 158 336 4
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 April 2013 TOTAL Rank Operator TEU 1 APM-Maersk 2,592,892 2 Mediterranean Shg Co 2,310,624 3 CMA CGM Group 1,418,234 4 COSCO Container L. 740,844 5 Evergreen Line 715,868 APM-Maersk 6 Hapa
Slide 6: K Line Container Volume & Share (Asia to North America)
1-3. “K” Line Container Volume & Share (Asia to North America ’02-’12 ) 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% 2002 1H 2002 2H 2003 1H 2003 2H 2004 1H 2004 2H 2005 1H 2005 2H
Slide 7: K Line Container Volume & Share (North America to Asia)
1-4. “K” Line Container Volume & Share (North America to Asia ’02-’12 ) 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% 2002 1H 2002 2H 2003 1H 2003 2H 2004 1H 2004 2H 2005 1H 2005 2H 2006 1H 2006 2H 2007 1H 2007 2H 2008 1H
Slide 8: K Line Container Volume & Share (Asia to Europe)
1-5. “K” Line Container Volume & Share (Asia to Europe ’02-’12, ) 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% 2002 1H 2002 2H 2003 1H 2003 2H 2004 1H 2004 2H 2005 1H 2005 2H 2006 1H 2006 2H 2007 1H 2007 2H 20
Slide 9: K Line Container Volume & Share (Europe to Asia)
1-6. “K” Line Container Volume & Share (Europe to Asia ’02-’12) 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% 2002 1H 2002 2H 2003 1H 2003 2H 2004 1H 2004 2H 2005 1H 2005 2H 2006 1H 2006 2H
Slide 10: Trend of Average Container Freight/Volume
1-7. Trend of Average Container Freight/Volume (“K” Line All Trades) （2004F-2012F4Q） Volume(1,000TEU) Average Freight($) 1000 1,600 1,403 1,440 1,349 1,337 1,323 900 1,301 1,299 859 865 1,283 1,315 1,315 871 1,242 1,220 825 1,283 1,249 846 1,400 804 1,235 833 793 768 811 1,262 810 1,250 808 763 751
Slide 11: Dry Bulk Market
1-8. Dry Bulk Market ドライバルクマーケット(BDI) Dry Bulk Market (BDI) 5000 4000 3000 10Y 2000 11Y 1000 13Y 12Y 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 10
Slide 12: Tanker Market
1-9. Tanker Market TankerMarket Tanker Market(VLCC (VLCCAG/JPN) AG/JPN) (WS) 140 120 100 80 60 40 20 0 1 2 3 4 5 6 7 8 9 10 11 12 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 10,000 units 100 91 90 91 86 86 84 84 82 81 78 78 80 75 73 76 71 66 63 60 48 45 39 40 20 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Ｑ 2Q 3Q 4Q 1Q 2Ｑ 3Q 4Q 1Q 2Q 3Q 4Q 2008F 2009F 2010F 2011F 2012F Japan・FE/North America Japan・FE/Europe Japan・FE/The Other Area Tra
Slide 14: K Line Vessel Fleet Composition
1-11. “K” Line Vessel Fleet Composition 600 Total 559 Total 566 Coastal /Ferry 52 Coastal /Ferry 53 Heavy Lifters 500 2012 March 16 ships Energy Resource 67 2013 March 16 ships Energy Resource 70 400 PCTC 97 PCTC 95 Offshore Energy E&P Support ship 2012 March 8 ships 300 2013 March 8 ships 200 Bulk
Slide 15: K Line Container Vessel Fleet Composition
1-12. “K” Line Container Vessel Fleet Composition 2012 Mar 2013 Mar K 8,000TEU or over 9 13 K 5,500TEU 18 18 K 3,500TEU（3,400-4,700） 28 26 K 2,800TEU(2,700-2,900) 3 2 K 2,000TEU（1,500-2,500） 14 13 K 1,400TEU or under 8 3 300m 200m 100m 0m Total 80 75 14
Slide 16: K Line Bulk Carrier Fleet Composition
1-13. “K” Line Bulk Carrier Fleet Composition Total 236 Total 252 260 Chip + Pulp 13 240 Chip + Pulp 16 Small Handy 22 220 Small Handy 17 200 Handymax 50 180 Handymax 46 160 Panamax 42 140 Panamax 48 120 Over Panamax 26 100 Over Panamax 21 80 60 Capesize 99 40 Capesize 88 20 0 2012 Mar 2013 Mar 15
Slide 17: K Line PCTC Fleet Composition
1-14. “K” Line PCTC Fleet Composition 2012 Mar 2013 Mar 6,000units 34 35 5,000units（4,750~5,650) 21 23 4,000units（3,800~4,600） 24 20 3,000units（2,800~3,500） 4 3 2,000units（1,600~2,500） 8 8 800units（800~850） 6 6 200m 100m 0m Total 97 95 16
Slide 18: Energy Transport Fleet Composition, Offshore Support & Heavy Lifter
1-15. “K” Line Energy Transport Fleet Composition, Offshore Energy E&P Support & Heavy Lifter Fleet Composition 100 Total 94 Total 91 90 Heavy Lifters16 Heavy Lifters16 Drillship 80 2012 Mar 1 Offshore Support 2013 Mar 1 Ve ssel 7 Offshore Support 70 Ve ssel 7 LPG Carrier 5 Tanker/CLEAN 6 LPG Carrie
Slide 19: Fleet Upgrading Plan
1-16. Fleet Upgrading Plan 2012F 2013F 2014F 2015F To be To be To be Delivered delivered delivered delivered Containership 4 0 0 5 <Fleet Upgrading Plan> 1700TEU 2400TEU 3500TEU No. of Newbuildings during FY12-15 4500TEU 6400TEU *Including to be owned and chartered More than 8000TEU 4 5 Dry Bulkers
Slide 20: K Line Group Composition of Fleet
1-17. “K” Line Group Composition of Fleet Mar 2013 Mar 2012 Owned Chartered Total Total Type of Vessel No. DWT(MT) No. DWT(MT) No. DWT(MT) No. DWT(MT) Contianerships 10 668,214 65 3,797,518 75 4,465,732 80 4,293,551 Dry Bulk Carriers 72 8,213,718 180 19,887,831 252 28,101,549 236 25,760,389 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 （billion yen） 1,300 1,100 45.8 900 34.1 44.8 700 415.0 38.8 1,244.3 42.3 364.9 1,134.8 305.5 985.1 323.7 972.3 500 254.4 838.0 300 497.4 419.2 434.2 373.9 332.6 100 08F 09F 10F 11F 12F Container Bulk Carrier/Car Carrier Energy Transportation Others Consolidated
Slide 23: Breakdown on Non-Operating, Extra-Ordinary Items (2012FY)
2-2. Breakdown on Non-Operating, Extra-Ordinary Items (2012FY) 1. Non-operating Income/Loss （billion yen） 12FY 1H 12FY 2H 12FY Consolidated Total ▲ 3.1 16.8 13.7 Financial Gain/Loss ▲ 2.7 ▲ 5.0 ▲ 7.7 Exchange Gain/Loss 1.2 1.2 2.4 Equity in Earnings of Affiliated Companies ▲ 1.0 19.6 18.6 Others ▲ 0
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: Ordinary Income on Revenues / on 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,