Results Briefing Second Financial Quarter, 2012* Analyst & Investor Update 3 July 2012 *Financial Quarter ended 31 March 2012
Agenda 1. Introduction 2. Subsea Business Review 3. Drilling Business Review 4. Financial Review 5. Questions and Answers 3
1. Introduction 4
Overview of Mermaid Maritime Plc. 29 5 500 Years since Mermaid regions in skilled workers, Maritimes which crews, technicians, establishment Mermaid service providers & operates management SUBSEA BUSINESS DRILLING BUSINESS 8…
Key highlights Mermaid achieved total revenue in 2Q2012 of Baht 995.6 mil, a decrease of Baht 148.6 mil, or -13.0%, from Baht 1,144.1 million in 2Q2011. Operating losses reduced by Baht 100.9 mil, an improvement of 67.7% YoY.…
Key highlights (con t) Mermaid generated strong cash flow from operations of Baht 852.6 mil, an increase from Baht -291 mil reflecting improvements in both performance and working capital management MTR-2 secured a new drilling…
2. Subsea Business Review 8
Subsea Key Highlights o Subsea achieved asset utilisation of 69.9% in 2Q2012 versus 58.2% in 2Q2011, and revenue of Baht 801.1 mil, a decrease of Baht 97.2 mil. (-10.8%) compared to 2Q2011. Average day rates lowered by 47.5% primarily…
3. Drilling Business Review 10
Drilling Key Highlights MTR-1 is in Indonesia for 150 day charter that commenced in 9 May 2012 working as an accommodation barge with an estimated contract value of USD 4.9 mil. From 2008, MTR-2 has been contracted to work in…
4. Financial Review 12
Financial Highlights 2Q2012 Year on Year Comparison 2Q2012 Revenue (in THB millions) 2Q2012 Net Profit /(Loss) (in THB millions) Operating Cash Flow Basic and Diluted EPS (in THB millions) 1,144 996 853 0.18 2Q2011 2Q2012…
2Q2012 Sector Breakdown 2Q2011 Service Operating Operating Utilization 2Q2012 Description Income Profit/Loss Margin Rate* Inspection, repair and 898.3 801.1 69.9% Subsea & Survey maintenance; 58.2% Services Infrastructure…
2Q2012 Profits & Losses All units in THB millions Extraordinary items incl. Mgmt of AOD non-refundable VAT shifted from payment of Baht 15.5 mil Mermaid to and provision for bad debts AOD of Baht 3.5 mil Share of Forex Net…
Debt structure Units in THB millions 24.2% 34.1% Net D/E (Times) Low D/E ratio Loan Maturity 0.32 0.11 Net Gearing (%) allows financial flexibility < 1 year Total Loans Outstanding 2011 2Q2012 Loans still decreasing < 1 year since…
Cash flow Cash & Cash Equivalents 1,352.4 1,352.4 2,297.2 Cash and cash equivalents increased 15.6 % by Baht 211.0 Restricted Deposits at million Financial Institutions 206.5 330.6 191.4 All units in THB millions CF from…
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