Marco Polo Marine Ltd. · SGX:5LY
Marco Polo Marine — H1 2022 Earnings Presentation
21 slides from Marco Polo Marine's earnings presentation, May 2022
Slide 1: Marco Polo Marine Limited 1H2022 Results Briefing
MARCO POLO MARINE LIMITED 1H2022 RESULTS BRIEFING MAY 2022
Slide 2: Disclaimer
Disclaimer This presentation prepared by Marco Polo Marine Ltd (the "Company") does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale,
Slide 3: Corporate Overview
Corporate Overview Regional integrated marine logistics company which principally engages in ship chartering and shipyard businesses SGX:5LY ~S$95m 48.5% Stock Code Market Cap Free Float Stock Data Major Shareholders 20.0% 17.2% ~16% 16.0% 12.0% 8.6% 8.6% 8.0% 4.0% 0.0% Lee Family 3
Slide 4: Complementary Business Segments
Complementary Business Segments Ship Chartering Ship Building & Repair • 13 OSVs and 2 Maintenance • One of the larger shipyards in MAINTANENCE WORK Work vessels (MWV)s (average Indonesia SHIPBUILDING VESSELS age: 4-13 years) • Ship building, conversion and outfitting • 24 Tugs and Barges (average a
Slide 5: Market Value Increase – A Reflection Of Financial Performance Improvement
Market Value Increase – A Reflection Of Financial Performance Improvement 12 100 9.8 10 7.8 8 S$m S$m 6 50 4 2 2 0.9 0 0 FY2018 FY2019 FY2020 FY2021 Market Cap Operational EBITDA* 5
Slide 6: Market Analysts Affirmed The Valuation
Market Analysts Affirmed The Valuation BUY with TP S$0.038 BUY with TP S$0.04 BUY with TP S$0.032 UOBKH RHB SAC CAPITAL 6
Slide 7: 1HFY2022 Highlights
1HFY2022 Highlights 7
Slide 8: 1HFY2022 Income Highlights
1HFY2022 Income Highlights Revenue S$ MILLION 1HFY2022 1HFY2021 Y-o-Y % change 27.6 +30.9% 21.1 Revenue 27.6 21.1 30.9% Gross Profit 8.2 5.0 62.7% Gross Profit Margin 29.6% 23.8% 1HFY2021 1HFY2022 EBITDA* 5.8 3.9 47.8% EBITDA 5.8 EBITDA Margin 20.4% 17.7% +47.8% 3.9 Net Profit 10.8 5.9 81.8% Adjuste
Slide 9: Strong Financial Position; Robust Cashflow Generation
Strong Financial Position; Robust Cashflow Generation 31 Mar 2022 30 Sep 2021 Comments S$0.039/share as at end of 31 Net Assets Value S$137.6m S$114.9m March 2022 Cash and cash equivalents S$31.6m S$20.3m Less Borrowings (S$3.7m) (S$4.2m) ~S$0.0079/share as at end of 31 Net Cash S$27.9m S$16.1m Mar
Slide 10: Segmental Performance & Outlook
Segmental Performance & Outlook 10
Slide 11: Shipyard Segment Continues To Shine
Shipyard Segment Shipyard revenue S$m Continues To Shine +46% yoy Ship Repair Activities Jump In 1HFY2022 • In Feb 2022 (end 2QFY2022), the Group completed the extension of dry dock 1, boosting ship repair capacity by up to 20% Expected to contribute positively to the Group’s performance for rest
Slide 12: What's Next For Marco Polo Marine Shipyard?
What’s Next For Marco Polo Marine Shipyard? 12
Slide 13: Offshore Windfarm
Offshore Windfarm Offshore Windfarm Development Phases Operation & Maintenance Nearly 40% of the Group’s Vessels needed currently utilised vessels are Construction / Commissioning Service Operation Vessel (SOV), CSOV, helping to support the Heavy Lift Maintenance Engineering construction of offshore
Slide 14: Service Operation Vessel (SOV) and Commissioning Service Operation Vessel (CSOV)
Service Operation Vessel (SOV) Commissioning Service Operation Vessel (CSOV) • Mother ship for wind turbine technicians performing maintenance and service work at • Vessels are specially designed to support offshore wind farms, including the provision of commissioning work during construction of acc
Slide 15: What Is Our Competitive Advantage?
What Is Our Competitive Advantage? Co-developed with Seatech Solutions International (S) Pte. Ltd Reduce carbon emissions by up to 15-20%. Design with green features including hybrid battery-based energy storage system First offshore wind vessel to be droned equipped for global windfarm market. Equi
Slide 16: 1HFY2022 Utilization Rate Remain Robust
Ship Chartering Revenue Average Charter rates 140 Average daily charter rates index 120 Base 1QFY20=100 1HFY2022 Utilization Rate Remain Robust 100 80 1HFY2022 Utilisation rate recovers to pre-pandemic 60 levels and is higher y-o-y driven by strong demand 40 Average charter rates continue to increas
Slide 17: Recent Updates
Recent Updates Completion of acquisition of PKR offshore Marco Polo Marine’s current OSV fleet 49% owned JV acquisition of Taiwan based PKR offshore (part of POSH Kerry Renewables JV) PKR Revenue 1. Charter income sources 2. Management of 3rd party OSVs Supporting offshore O&G Supporting Management
Slide 18: Recent Updates
Recent Updates Completion of Rights Issue by PT BBR 70.73% PT BBR will strengthen MPM’s foothold in Indonesia PT BBR expected to contribute positively to the Group going forward. Following a debt restructuring exercise in 2020, most of PT BBR’s Offshore Marine Tugs & Barges assets has been written d
Slide 19: Financial Overview
Financial Overview Revenue S$m Net (debt)/cash (S$m) 27.6 25.0 1HFY2022: 21.1 S$27.9m 18.6 17.8 17.1 14.3 11.5 12.4 7.4 8.7 12.3 11.7 6.1 6.2 8.5 10.3 9.9 9.4 10.7 10.5 5.3 6.2 3.8 2HFY2018 1HFY2019 2HFY2019 1HFY2020 2HFY2020 1HFY2021 2HFY2021 1HFY2022 Shipchartering Shipbuilding & repairs Operation
Slide 20: Summary and Investment Merits
Summary and Investment Merits Attractive Valuation • 0.7x P/B, backed primarily by hard assets including cash and PPE • The Group owns a shipyard in Batam (occupying more than 34 ha of land area) as well as 13 OSVs, 2 MWVs and 24 tug and barges. In FY2019, the Group successfully sold 1.5 OSV and rec
Slide 21: Thank You
THANK YOU Investor enquiries: emily@gem-comm.com 21