Marco Polo Marine Ltd. · SGX:5LY
Marco Polo Marine — FY2023 Earnings Presentation
16 slides from Marco Polo Marine's earnings presentation, December 2023
Slide 1: Marco Polo Marine Limited FY2023 Results
MARCO POLO MARINE LIMITED FY2023 RESULTS December 2023
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$180.377m ~51.3% Market Cap Stock Code (As of 1 Dec 2023) Free Float Stock Data Major Shareholders ~22.6% 24.00% 20.00% 16.4% 16.00% 12.00% 8.1% 8.00% 4.00%
Slide 4: Complementary Business Segments
Complementary Business Segments Ship Chartering Shipbuilding & Repair • 14 OSVs, including 2 Maintenance • One of the larger shipyards in MAINTANENCE WORK Work vessels (MWVs) (vessel age: 7- Indonesia SHIPBUILDING VESSELS 16 years) • Ship building, conversion and outfitting • Average age of OSV flee
Slide 5: Market Value Increase – A Reflection Of Improved Financial Performance
Market Value Increase – A Reflection Of Improved Financial Performance 50 250 45 43.3 40 200 35 30 150 S$m S$m 24.2 25 20 100 15 9.8 10 7.8 50 5 0.9 0 0 FY2019 FY2020 FY2021 FY2022 FY2023 Market Cap Operational EBITDA Market cap closing as of end of financial period (i.e. 30th Sep) 5
Slide 6: FY2023 Performance
FY2023 Performance 6
Slide 7: 2HFY2023 Income Highlights
Revenue (S$m) 2HFY2023 Income Highlights +21.8% 71.2 58.5 S$ million 2HFY2023 2HFY2022 Y-o-Y % change 2HFY2022 2HFY2023 Revenue 71.2 58.5 21.8% Gross Profit 28.0 19.3 45.3% EBITDA (S$m) Gross Profit Margin 39.3% 33.0% +55.8% EBITDA* 28.2 18.1 55.8% EBITDA Margin 39.6% 30.9% 28.2 18.1 Net Profit to 1
Slide 8: FY2023 Income Highlights
Revenue (S$m) FY2023 Income Highlights +47.7% 127.1 86.1 S$ million FY2023 FY2022 Y-o-Y % change FY2022 FY2023 Revenue 127.1 86.1 47.7% Gross Profit 45.7 27.5 66.6% EBITDA (S$m) Gross Profit Margin 36.0% 31.9% EBITDA* 43.3 24.2 78.9% +78.9% EBITDA Margin 34.1% 28.1% 43.3 Net Profit to 24.2 22.6 21.3
Slide 9: FY2023 Financial Position
FY2023 Financial Position S$ million FY2023 FY2022 Comments Net Asset Value 183.9 151.7 FY2023 NAV/share = S$0.049 Cash 63.1 53.5 Less borrowings (2.3) (3.3) Net Cash 60.8 50.3 FY2023 Net cash/share: S$0.016 Operating cashflow 28.0 28.7 Purchase of PPE (13.3) (4.6) Free cashflow 14.8 24.1 9
Slide 10: Segmental Performance and Outlook
Segmental Performance and Outlook 10
Slide 11: Sustained Revenue Growth in Shipyard Operations
Sustained Revenue Growth in Shipyard Revenue (S$m) Shipyard Operations 61.2 41.4 The Shipyard’s revenue jumps by 47.8% Y- o-Y to S$61.2 million 26.0 • Higher contract values in repair projects. 17.2 13.6 Ship Building Activities Ramped Up FY2019 FY2020 FY2021 FY2022 FY2023 Ship Repair Shipbuilding •
Slide 12: Continued Revenue Expansion in Ship Chartering
Continued Revenue Expansion in Ship Chartering Revenue (S$m) Ship Chartering 65.9 Ship chartering revenue grew 47.4% Y-o-Y to S$65.9 million 44.7 (i) Significant contribution from the full consolidation of PT Bina 20.0 Buana Raya (“PT BBR”) and PKR Offshore’s (“PKRO”) results 16.6 13.6 in FY2023, co
Slide 13: Outlook – Strong Setup for FY2024
Outlook – Strong Setup for FY2024 Shipyard • Positive Trajectory for Shipyard Segment. ❑ The shipbuilding segment is poised for growth with newly secured barge construction contracts, highlighting a strong order book with scheduled deliveries extending into the second half of FY2024. ❑ The Group is
Slide 14: Financial Overview
Financial Overview Revenue (S$m) Net (debt)/cash (S$m) 71.2 58.5 FY2023: 55.9 29.8 S$60.8m 24.3 31.4 25.0 27.6 21.1 17.7 18.6 41.4 7.4 8.7 12.3 11.7 14.3 17.1 34.2 24.5 10.3 8.5 10.7 10.5 9.9 9.4 3.8 2HFY2019 1HFY2020 2HFY2020 1HFY2021 2HFY2021 1HFY2022 2HFY2022 1HFY2023 2HF2023 Ship Chartering Ship
Slide 15: Summary and Investment Merits
Summary and Investment Merits Attractive Valuation • As of 30 September 2023, the Group has a net asset value of S$0.049/share, comprising a portfolio of tangible assets that includes cash and property, plant, and equipment (PPE). • The Group owns a shipyard in Batam (occupying more than 34 ha of la
Slide 16: Thank You
THANK YOU Investor enquiries: emily@gem-comm.com 16