ASL MarineCorporate Presentation     1H FY2013
Presentation Outline • Group Overview • 1H FY2013 Financial Review     (6 months ended 31 December 2012)    Operations Re...
Group Overview                 3
Company Profile • Core businesses:-   - Shipbuilding   - Shiprepair and Conversion   - Shipchartering   - Engineering (VOS...
Company Profile • Shipbuilding and Shiprepair & Conversion (cont.)   - Builds a variety of vessels, specialises in buildin...
Company Profile • Shipchartering   - Fleet size at 31 December 2012: 202 vessels   - Mainly barges, towing tugs, AHT, AHTS...
Company Profile • Shipchartering (cont.)   - Out of the 202 vessels in the fleet, 29 vessels are on long-term charters   -...
Company Profile • Shipchartering (cont.) (No. of vessels)  250                                             7              ...
Company Profile • Shipchartering (cont.) Vessel Utilisation (%) 80        77                             Overall 75       ...
Company Profile • Shipchartering (cont.)   Vessel Utilisation (%)              80                   77 77                 ...
1H FY2013Financial Review(6 months ended 31 December 2012)                               11
Results Snapshot                                           2Q FY13         2Q FY12     Chg    1H FY13   1H FY12   Chg     ...
Business Operations Snapshot (Revenue and Gross Profit Margin)                    2Q FY13           2Q FY12          1H FY...
Shipbuilding                           2Q FY13            2Q FY12         2Q FY13    2Q FY12     ChgBreakdown of revenue: ...
Shipbuilding                           1H FY13            1H FY12         1H FY13    1H FY12     ChgBreakdown of revenue: ...
Shipbuilding   Revenue increased marginally by 3.4% y-o-y to S$49.9 million in 2Q FY13    due to higher revenue recogniti...
Shiprepair and Conversion                                2Q FY13    2Q FY12    Chg     1H FY13    1H FY12    ChgBreakdown ...
Shiprepair and Conversion    Revenue increased by 17.3% y-o-y to S$10.7 million in 2Q FY13 due to an     increase in larg...
Shipchartering                        2Q FY13    2Q FY12     Chg      1H FY13    1H FY12     ChgBreakdown of revenue:   (S...
Shipchartering    Revenue for 2Q FY13 rose by 12.1% to S$22.3m due to:    - additional charter income from 2 AHT newly ac...
Revenue Trend (S$’m) 500.0 400.0 300.0                          468.4                  435.4 200.0    400.4               ...
Profit Trend (S$’m) 80.0                                                                                                  ...
Balance Sheets                                    31 Dec 12   30 Jun 12   Chg                                     (S$’m)  ...
Financial Ratios                                                                              1H FY13         1H FY12 Retu...
Operations Review                    25
Shipbuilding Order Book(S$’m)         693                                                                  586            ...
Shipbuilding Order Book                                        2H FY13        After FY13      TotalType of Vessels        ...
Vessel Delivery Schedule(No. of vessels)                                13           11                                   ...
Business Outlook                   29
Business Outlook     Overall     •      The outlook of offshore and marine industry for 2013 is expected to be good       ...
Business Outlook Shipbuilding •   Continue to focus on offshore oil and gas industry •   Focus on building OSV such as AHT...
Business Outlook Shipchartering •   To increase proportion of vessels on long term charter thus improving     utilisation ...
Business Outlook Engineering •   The latest development in dredging, land reclamation and mining industries     will have ...
Business Outlook Capital Expenditure •   Total capex of S$91 million in 1H FY13 comprised mainly:                         ...
Share Price Information As at                               4 Feb 13   8 Feb 12 Share Price (S$)                      0.74...
ASL vs Indices                                                                                   Source: Bloomberg        ...
ASL MarineThank you             37
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ASL Marine Q2 FY2013 results presentation

  1. 1. ASL MarineCorporate Presentation 1H FY2013
  2. 2. Presentation Outline • Group Overview • 1H FY2013 Financial Review (6 months ended 31 December 2012)  Operations Review  Business Outlook 2
  3. 3. Group Overview 3
  4. 4. Company Profile • Core businesses:- - Shipbuilding - Shiprepair and Conversion - Shipchartering - Engineering (VOSTA LMG group) • Shipbuilding and Shiprepair & Conversion - 4 shipyards: 1 in Singapore (4 hectare), 2 in Batam, Indonesia (35 and 16 hectare) and 1 in Guangdong, China (8 hectare) - Batam yard: 3 graving dry docks (300,000 dwt, 60,000 dwt and 20,000 dwt) - The big dock is currently one of the largest dry docks in Batam capable of accommodating larger vessels (like Capesize Bulk Carriers, Long Range Product Tankers, Containerships, Heavy-lift Ships, FSO and FPSO) 4
  5. 5. Company Profile • Shipbuilding and Shiprepair & Conversion (cont.) - Builds a variety of vessels, specialises in building: i) Offshore Support Vessels (Heavy-Lift cum Pipelay Vessel, Subsea Operation Vessel, AHTS, PSV, Offshore Maintenance/Accommodation Vessel, Rescue and Standby Vessel) ii) Construction Vessels and Dredgers (Cutter Suction Dredger and Water Injection Dredger) iii) Tugs (Rotor Tugs and Azimuth Stern Drive Tugs) iv) Barges (Accommodation, Pipe laying and Work) 5
  6. 6. Company Profile • Shipchartering - Fleet size at 31 December 2012: 202 vessels - Mainly barges, towing tugs, AHT, AHTS and chemical tankers - Vessels on time or bareboat charter to following industries: i) Offshore Oil and Gas ii) Marine Infrastructure iii) Dredging, Land Reclamation and Marine Construction Works iv) Transportation of Cargoes e.g. coal, aggregates, sands, heavy lifts, construction equipment, etc 6
  7. 7. Company Profile • Shipchartering (cont.) - Out of the 202 vessels in the fleet, 29 vessels are on long-term charters - Of the 202 vessels, 29 vessels are deployed in Singapore, 53 vessels in Indonesia, 44 in Malaysia and 18 in Australia - Details on the fleet and type of vessels are highlighted below: Type of Vessels No. of Vessels Avg. Age of Vessels Barges 125 6 Towing Tugs 67 7 AHT 5 4 AHTS 3 2 Chemical Tankers 2 3 7
  8. 8. Company Profile • Shipchartering (cont.) (No. of vessels) 250 7 10 4 6 10 Other Vessels 200 7 65 62 67 150 61 59 62 Towing Tugs 100 115 118 111 125 116 125 50 Barges 0 FY08 FY09 FY10 FY11 FY12 1H FY13 As at FY08 FY09 FY10 FY11 FY12 1H FY13 AHT 4 4 4 3 5 5 AHTS 2 2 3 Chemical Tankers 1 2 2 2 2 ROV Support Vessel 1 Straight Supply Vessel 1 1 Total of Other Vessels 4 6 7 7 10 10 8
  9. 9. Company Profile • Shipchartering (cont.) Vessel Utilisation (%) 80 77 Overall 75 71 70 68 69 66 67 65 65 60 55 50 FY08 FY09 FY10 FY11 FY12 1H FY12 1H FY13 9
  10. 10. Company Profile • Shipchartering (cont.) Vessel Utilisation (%) 80 77 77 74 75 72 70 70 70 69 68 66 Tugs 65 66 65 62 Barges 60 55 FY08 FY09 FY10 FY11 FY12 1H FY13 100 90 79 80 80 76 75 Offshore Support Vessels 70 60 50 50 48 40 FY08 FY09 FY10 FY11 FY12 1H FY13 10
  11. 11. 1H FY2013Financial Review(6 months ended 31 December 2012) 11
  12. 12. Results Snapshot 2Q FY13 2Q FY12 Chg 1H FY13 1H FY12 Chg (S$’m) (S$’m) % (S$’m) (S$’m) %Revenue 83.0 77.4 7.3 172.0 160.5 7.2Gross Profit 19.4 13.4 45.1 41.5 22.9 80.8Gross Profit Margin 23.4% 17.3% - 24.1% 14.3% -Net Profit attributable to 10.6 7.6 39.8 20.4 16.1 27.1ShareholdersNet Profit Margin 12.8% 9.8% - 11.9% 10.0% -EBITDA 21.9 21.0 4.0 44.4 44.2 0.4Basis EPS (cents) 1 2.53 1.81 39.8 4.87 3.83 27.21 Based on weighted average of 419,511,294 shares in issue 12
  13. 13. Business Operations Snapshot (Revenue and Gross Profit Margin) 2Q FY13 2Q FY12 1H FY13 1H FY12Business Revenue GPM Revenue GPM Revenue GPM Revenue GPMSegments (S$’m) (%) (S$’m) (%) (S$’m) (%) (S$’m) (%)Shipbuilding 49.9 17.5 48.4 11.7 93.3 19.3 95.2 9.3Shiprepair and 10.8 39.2 9.1 30.1 34.5 28.3 28.4 23.6ConversionShipchartering 22.3 28.7 19.9 24.8 44.2 31.0 36.9 20.1Total 83.0 23.4 77.4 17.3 172.0 24.1 160.5 14.3 13
  14. 14. Shipbuilding 2Q FY13 2Q FY12 2Q FY13 2Q FY12 ChgBreakdown of revenue: (No. of vessels) (No. of vessels) (S$’000) (S$’000) (%)Offshore Support 8 3 40,841 16,620 145.7VesselsDredgers - 1 - 8,887 (100.0)Tugs 4 8 6,048 15,199 (60.2)Barges and others 11 5 3,036 7,599 (60.0)Total 23 17 49,925 48,305 3.4 14
  15. 15. Shipbuilding 1H FY13 1H FY12 1H FY13 1H FY12 ChgBreakdown of revenue: (No. of vessels) (No. of vessels) (S$’000) (S$’000) (%)Offshore Support 8 3 74,278 35,798 107.5VesselsDredgers - 2 - 27,717 (100.0)Tugs 4 8 12,324 22,211 (44.5)Barges and others 15 6 6,704 9,470 (29.2)Total 27 19 93,306 95,196 (2.0) 15
  16. 16. Shipbuilding Revenue increased marginally by 3.4% y-o-y to S$49.9 million in 2Q FY13 due to higher revenue recognition from the construction of more vessels during the quarter. The Group worked on 23 vessels in 2Q FY13 as compared to 17 vessels in 2Q FY12, with more focus on Offshore Support Vessels Gross profit margin was boosted to 17.5% in 2Q FY13 (2Q FY12: 11.7%) due to the construction of two units of high value Platform Supply Vessels and reversal of unrequired construction costs provisions 16
  17. 17. Shiprepair and Conversion 2Q FY13 2Q FY12 Chg 1H FY13 1H FY12 ChgBreakdown of revenue: (S$’000) (S$’000) % (S$’000) (S$’000) %Shiprepair 10,123 8,944 13.2 33,059 22,626 46.1Conversion - - - 586 5,133 (88.6)Other marine related services 605 202 199.5 800 597 34.0Total 10,728 9,146 17.3 34,445 28,356 21.5 17
  18. 18. Shiprepair and Conversion  Revenue increased by 17.3% y-o-y to S$10.7 million in 2Q FY13 due to an increase in larger docking repairs jobs undertaken during 2Q FY13  Gross profit margin benefited from a write-back of sub-contractor costs for prior years’ completed jobs in 2Q FY13, which surged to 39.2% in 2Q FY13 (2Q FY12: 30.1%). Excluding the write back, gross profit margin would have been 25.2% in 2Q FY13 (2Q FY12: 29.5%) 18
  19. 19. Shipchartering 2Q FY13 2Q FY12 Chg 1H FY13 1H FY12 ChgBreakdown of revenue: (S$’000) (S$’000) % (S$’000) (S$’000) %Spot charter 15,188 13,919 9.1 29,544 27,366 8.0Long-term charter 5,616 4,702 19.4 12,472 7,189 73.5Total charter 20,804 18,621 11.7 42,016 34,555 21.6Trade sales 1,516 1,038 46.1 2,184 1,864 17.2Rental income - 244 (100.0) - 492 (100.0)Total 22,320 19,903 12.1 44,200 36,911 19.7 19
  20. 20. Shipchartering Revenue for 2Q FY13 rose by 12.1% to S$22.3m due to: - additional charter income from 2 AHT newly acquired in 4Q FY12; - additional charter income from an AHTS acquired in 2Q FY13; - improved utilisation rate from charter of tugs; and - both the AHTS and chemical tankers were fully utilised in 2Q FY13 Gross profit increased by 29.7% y-o-y in 2Q FY13 to S$6.4m and gross profit margin lifted from 24.8% to 28.7% in 2Q FY13 due to: - increase in Group’s utilisation rate for tugs from 67% to 72%; - additional gross profit from an AHTS acquired in 2Q FY13; partially offset by - absence of gross profit in 2Q FY13 generated from ROV support vessel as it was disposed off in September 2012 20
  21. 21. Revenue Trend (S$’m) 500.0 400.0 300.0 468.4 435.4 200.0 400.4 391.2 363.2 100.0 160.5 172.0 0.0 FY08 FY09 FY10 FY11 FY12 1H FY12 1H FY13 21
  22. 22. Profit Trend (S$’m) 80.0 18.0% 16.3% 70.0 15.1% 16.0% 14.0% 60.0 11.9% 12.0% 50.0 10.0% 8.8% 8.3% 10.0% 40.0 8.0% 71.1 8.0% 30.0 60.3 6.0% 20.0 37.3 4.0% 31.9 32.3 10.0 20.4 2.0% 16.1 0.0 0.0% 1 FY08 FY09 FY10 FY11 FY12 1H FY12 1H FY13 Net Profit (12 months period) Net Profit Margin Net Profit (6 months period) 1 TheGroup’s net profit for FY09 of S$71.1 million included a one-off gain of S$12.2 million relating to divestment of ASL Energy Pte Ltd 22
  23. 23. Balance Sheets 31 Dec 12 30 Jun 12 Chg (S$’m) (S$’m) % Non-current Assets 573.7 514.2 11.6 Currents Assets 430.8 339.9 26.7 Total Assets 1,004.5 854.2 17.6 Current Liabilities 426.2 308.2 38.3 Non-current Liabilities 195.7 182.6 7.1 Total Liabilities 621.9 490.8 26.7 Total Equity 382.6 363.4 5.3 Property, Plant and Equipment 547.7 509.0 7.6 Bank Balances, Deposits and Cash 63.4 95.5 (33.5) Total Borrowings 368.2 285.2 29.7 23
  24. 24. Financial Ratios 1H FY13 1H FY12 Return on Equity (annualised) 10.7% 9.2% Return on Total Assets (annualised) 4.1% 3.7% As at 31 Dec 12 30 Jun 12 Net Asset Value per Share1 (cents) 89.27 84.42 Gearing Ratio 0.98 0.81 Net Gearing Ratio 0.81 0.54 1Based on total number of issued shares of 419,511,294 as at 31 December 2012 and 30 June 2012 24
  25. 25. Operations Review 25
  26. 26. Shipbuilding Order Book(S$’m) 693 586 523 528 327 310 At 30 Jun 08 At 30 Jun 09 At 30 Jun 10 At 30 Jun 11 At 30 Jun 12 At 31 Dec 12 • Total outstanding order book of S$528 million comprising of 34 vessels, including Offshore Support Vessels, AHTS, self-propelled cutter suction dredger, tugs and barges • Progressive recognition up to second quarter of 2014 26
  27. 27. Shipbuilding Order Book 2H FY13 After FY13 TotalType of Vessels Units S$’m % S$’m % S$’m %Offshore SupportVessels1 18 130 25 149 28 279 53Tugs2 6 19 4 68 12 87 16Dredgers and Barges 10 26 5 136 26 162 31Total 34 175 34 353 66 528 1001 Offtake Support & Supply Vessel, AHTS, Emergency Response & Rescue Vessels and Platform Supply Vessels2 Rotor Tugs and Diesel Electric Hybrid ASD Tugs 27
  28. 28. Vessel Delivery Schedule(No. of vessels) 13 11 Offshore Support 10 15 Vessels 12 Barges and other vessels 9 3 9 6 Tugs 6 6 4 3 3 Dredgers 1 1 1 0 2H FY13 1H FY14 2H FY14 28
  29. 29. Business Outlook 29
  30. 30. Business Outlook Overall • The outlook of offshore and marine industry for 2013 is expected to be good with the sustained high oil price which is one of the key drivers for oil companies to continue focusing on E&P activities • Utilisation and charter rates for both AHTS and PSVs have generally improved and enquiry levels for offshore construction vessel and AHTS remained positive • Weak bulk and containers shipping markets have led many shipyards moving into the offshore segment thereby leading to stronger competition and thinner marginsGlobal Offshore Exploration and Production Capex World Rig Total Contracted UtilisationSource: Clarksons, Douglas Westwood, The World Deepwater Market Report Source: IHS Petrodata 30
  31. 31. Business Outlook Shipbuilding • Continue to focus on offshore oil and gas industry • Focus on building OSV such as AHTS, PSV, DSV & offshore construction vessels (such as crane barge, accommodation vessel, pipe-lay barge, etc.) • To focus on product mix, project selection and project management to optimise margins • Outstanding order book of S$528 million provides earnings visibility until 4Q FY14 Shiprepair and Conversion • To target more of higher value offshore oil and gas related projects such as conversion, major repair and refurbishment of FSO, FPSO and oil rigs • Developing the capability in offshore fabrication works • Improving competitiveness, customer service and turnaround time will continue to be a key focal point 31
  32. 32. Business Outlook Shipchartering • To increase proportion of vessels on long term charter thus improving utilisation rate • Maximising deployment, enhancing and renewing its fleet to better meet customers’ needs • Giving our attention to terminal operation, marine transportation and offshore support • Areas of operations – current areas include Singapore, Indonesia, Malaysia, Australia and other Asian countries and expanding to Persian Gulf, East and West Africa • As at 31 December 2012, the Group had an outstanding order book of approximately $83 million with respect to long-term shipchartering contracts 32
  33. 33. Business Outlook Engineering • The latest development in dredging, land reclamation and mining industries will have a continued positive effect on the business of VOSTA LMG group • Dredging companies will need to continuously invest in maintaining and up- grading their equipment • This development will also require new and adjusted technology for the development and supply of which the VOSTA LMG group is well positioned GREENFORCE Ball Joint T-Cutter system 33
  34. 34. Business Outlook Capital Expenditure • Total capex of S$91 million in 1H FY13 comprised mainly: S$’m Vessels 50 Assets under construction for yard infrastructure and vessels 23 Plant and machinery 17 • Shipchartering operations have an outstanding delivery order for 25 new vessels worth approximately S$138 million comprising : Shipchartering outstanding delivery orders Unit Barges 12 Tugs 7 AHTS 2 AHT 1 ROV Support Vessel 1 Landing crafts 2 Total 25 34
  35. 35. Share Price Information As at 4 Feb 13 8 Feb 12 Share Price (S$) 0.74 0.57 Price Earnings Ratio 7.60 7.44 Price / Net Asset Value per Share 0.83 0.71 Market Capitalization (S$’m) 310.4 239.1 Source: Bloomberg 35
  36. 36. ASL vs Indices Source: Bloomberg FSTOG ASL ASL FSSTI FSSTI FSTOG ASL’s share price versus STI and FTSE Straits Times Oil and Gas Index (FSTOG) (for 1 Feb 12 to 4 Feb 13 – normalised graph based on %) 36
  37. 37. ASL MarineThank you 37

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