Mercator Lines (Singapore) Q2 FY2013 results presentation

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Transcript of Mercator Lines (Singapore) Q2 FY2013 results presentation

  • 1. Mercator Lines (Singapore) Ltd. Q2 FY 2013 ResultsQuarter Ended September 30th 2012 Stock Code : EE6
  • 2. DISCLAIMERThis document contains forward-looking statements which are statements that are not historical facts,including statements about our beliefs and expectations. Forward-looking statements generally can beidentified by the use of forward-looking terminology, such as may, will, could, expect,anticipate, intend, plan, believe, seek, estimate, project and similar terms and phrases.These statements include, among others, statements regarding our business strategy, future financialposition and results, and plans and objectives of our management for future operations. Forward-looking statements are, by their nature subject to substantial risks and uncertainties, and investorsshould not unduly rely on such statements. Forward-looking statements reflect our current views withrespect to future events and are not a guarantee of future performance. These statements are based onour managements beliefs and assumptions, which in turn are based on currently available information.Although we believe the assumptions upon which these forward looking statements are based arereasonable, any of these assumptions could prove to be inaccurate, and the forward-lookingstatements based on these assumptions could be incorrect. Actual results may differ materially frominformation contained in the forward-looking statements as a result of a number of factors, many ofwhich are beyond our control . Because of these factors, we caution you not to place undue reliance onany of our forward-looking statements. Forward-looking statements we make represent our judgmenton the dates such statements are made. New risks and uncertainties arise from time to time, and it isimpossible for us to predict these events or how they may affect us. Save as required by all applicablelaws of applicable jurisdictions, including the SFA, and/or rules of the SGX-ST, we assume no obligationto update any information contained in this document or to publicly release the results of any revisionsto any forward-looking statements to reflect events or circumstances that occur, or that we becomeaware of, after the date of this document. 2
  • 3. PRESENTATION OUTLINEMercator Lines (Singapore) Ltd. Financial OverviewMarket Review & Outlook Company Overview 3
  • 4. Mercator Lines (Singapore) Ltd. Financial Overview
  • 5. FINANCIAL HIGHLIGHTS FOR 6 MONTHS(H1 FY 2013) REVENUE INCOME Revenue at USD 66.2 mn. as Net Profit at USD 0.1 mn. as compared to USD 73.2 mn. for compared to USD 5.6 mn. for the corresponding period the corresponding period previous year previous year EBITDA OPERATING DAYS EBITDA at USD 22.8 mn. as Operating days at 2918 days as compared to USD 28.3 mn. for compared to 3120 days for the the corresponding period corresponding period previous previous year year Decrease in Revenue and Income mainly due to weaker spot markets as compared to previous year Decrease in operating days due to idle days and higher scheduled drydock days as compared to previous year Note : FY /Financial Year refers to the period from April 1st of current year to March 31st of following year 5 * Market rate refers to average of Time charter routes for Panamax vessels
  • 6. FINANCIAL HIGHLIGHTS FOR THE QUARTER(Q2 FY 2013) REVENUE INCOME Revenue at USD 35.5 mn. as Net loss at USD 0.3 mn. as compared to USD 35.1 mn. for compared to net profit of USD the corresponding period 1.7 mn. for the corresponding previous year period previous year EBITDA OPERATING DAYS EBITDA at USD 11.2 mn. as Operating days at 1476 days as compared to USD 13.0 mn. for compared to 1558 days for the the corresponding period corresponding period previous previous year year Note : FY /Financial Year refers to the period from April 1st of current year to March 31st of following year * Market rate refers to average of Time charter routes for Panamax vessels 6
  • 7. BALANCE SHEET HIGHLIGHTS (In USD millions) 30 September 2012 30 September 2011 Cash & Bank Balances 6.4 17.1 Trade Receivables 35.6 15.0 Vessel, Property & 597.0 626.8 Equipment Debt 236.2 264.2 Trade Payables 18.3 15.7 Shareholders Equity 391.7 391.5 Debt Equity Ratio 0.60 0.67 * As on Market Price per share SGD 0.115* SGD 0.139 November 07, 2012 EPS (for 6 months ended) SGD 0.0002 SGD 0.006 7
  • 8. HISTORICAL FINANCIAL PERFORMANCE Particulars FY 09 FY 10 FY 11 FY 2012 H1 FY 2013 Revenue (USD mn.) 186.1 144.5 155.4 147.7 66.2 Net Profit (USD mn.) 75.8 40.7 31.1 7.8 0.1 Approx. TCE Earnings per 41,886 27,605 26,049 20,600 16,665 day (in USD) Average Baltic Panamax TC 36,954 24,251 21,276 12,290 8,087 rate (USD per day) Operating days 4,084 4,703 5,543 6,259 2,918 Total Fixed Assets (USD mn.) 485.4 570.8 644.5 610.5 597.0 Revenue and earnings have been impacted due to continued weak markets However, the Company has continued to perform much better than the industry average rate Significant increase attained in fixed assets and operating days over the past years 8
  • 9. FLEET UTILISATION Q2 FY 2013 H1 FY 2013 HIGH CAPACITY UTILIZATION Owned vessels Number of vessels 14 14 Operating days 1219 2374 Fleet utilization % 96.8% 97.8% Chartered-in vessels* Number of vessels 3 3 Operating days 258 545 Fleet utilization % 98.3% 99.2% Total fleet Number of vessels 17 17 Operating days 1476 2918 Fleet utilization % 97.0% 98.0% TCE Revenue (US$000s) 23,670 48,628 Approx. TCE Rate (US$ per day)