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Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited

Mermaid Maritime Public Company Limited · Mar 4, 2013 · 19 slides

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Slides

  1. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 1
    Results Briefing First Financial Quarter, 2013* Analyst & Investor Update 4th March 2013 *Financial Quarter ending 31 December 2012
  2. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 2
    Agenda 1. Introduction 2. Subsea Business Review 3. Drilling Business Review 4. Financial Review 5. Questions and Answers 3
  3. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 3
    1. Introduction 4
  4. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 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…
  5. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 5
    Key highlights o Mermaid achieved total revenue in 1Q2013 of Baht 1,618.3 mil, an increase of Baht 466.9 mil, or 40.6%, from Baht 1,151.4 million in 1Q2012. Operating profits increased by Baht 108.4 mil to Baht 93.2 mil. o Revenue for…
  6. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 6
    2. Subsea Business Review 7
  7. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 7
    Subsea Key Highlights o Subsea achieved asset utilisation of 57.5% in 1Q2013 versus 67.65% in 1Q2012, and revenue of Baht 1,725.7 mil, an increase of Baht 671.8 mil (+64%) compared to 1Q2012. Average day rates for larger vessels…
  8. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 8
    3. Drilling Business Review 9
  9. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 9
    Drilling Key Highlights o Drilling achieved asset utilisation of 67% in 1Q2013 versus 45% in 1Q2012, and revenue of Baht 217.9 mil, a decrease of Baht 16 mil (-7%) compared to 1Q2012. o From 2008, MTR-2 has been contracted to work in…
  10. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 10
    Drilling Market Update Oil Service companies revenue growth estimates (*) o Consensus estimates for oil service companies (OSC) revenue growth have been adjusted downwards since mid- year 2012 Growth in oil service cos sectors…
  11. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 11
    Asia Offshore Drilling - Update Seadrill Mermaid 33.75% 33.75% Other Investors 29.9.11 32.5% AOD Board resolved not to exercise 2nd 01.07.11 option for 4th rig. To 01.02.2013 2nd PP successfully 15.07.11 increase water depth…
  12. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 12
    4. Financial Review 13
  13. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 13
    Financial Highlights 1Q2013 Year on Year Comparison 1Q2013 Revenue (in THB millions) 1Q2013 Net Profit /(Loss) (in THB millions) Operating Cash Flow Basic and Diluted EPS (in THB millions) 1,618.3 1,151.4 0.18 507 422 20.6…
  14. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 14
    FY2013 Sector Breakdown - Drilling Revenue Breakdown Operating Profit/Loss Breakdown Drilling Drilling 11.2% 11.3% FY2013 Subsea & Survey Subsea & Survey 88.7% 88.8% 1Q2012 Service Operating Operating Utilization Description…
  15. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 15
    FY2013 Sector Breakdown - Subsea 1Q2012 Service Operating Operating Utilization Description Income Profit/Loss 1Q2013 Margin Rate* Inspection, repair and 667.1 67.7% MOS maintenance; 592.7 57.5% Infrastructure installation;…
  16. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 16
    1Q 2013 Profits & Losses All units in THB millions Higher average day rates improved gross profitability over the past 12 months 0.7 8 123 (8) 14 (15) 99 (9) (15) 1Q2012 Gross Other Admin Forex Net gains Share of…
  17. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 17
    Debt structure Units in THB millions 0.33 0.32 Net D/E (Times) Low D/E ratio 13% 11% Net Gearing (%) Loan Maturity allows financial flexibility < 1 year Total Loans Outstanding 2012 1Q2013 Loans still decreasing < 1 year since…
  18. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 18
    Cash flow Cash and cash Cash & Cash equivalents increased Equivalents 1,563.4 1,917.0 2,152.4 37.7 % by Baht 589 million All units in THB millions CF from Financing CF From Operations 974.6 CF from Investments 422.4 507.4…
  19. Q1 2013 FINANCIAL RESULT – Mermaid Maritime Public Company Limited – slide 19
    6. Questions & Answers 20

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