THORESEN THAI AGENCIES PLC. Thoresen Thai Agencies Public Company - PowerPoint PPT Presentation

THORESEN THAI AGENCIES PLC. Thoresen Thai Agencies Public Company Limited 2012 Annual General Meeting of Shareholders 31 January 2012 At Bangkok Convention Centre, At Bangkok Convention Centre, Centara Grand and Bangkok Convention Center, CentralWorld Transport | Energy | Infrastructure Transport | Energy | Infrastructure www.thoresen.com www.thoresen.com

Meeting Agenda Agenda 1 To certify the minutes of 1/ 2011 Annual General Meeting of the Shareholders held on 2 March 2011 Agenda 2 To acknowledge the Company’s performance for the financial year that ended on 30 September 2011 Agenda 3 To consider and approve the audited balance sheet and the profit and loss statements for the financial year that ended on 30 September 2011 together with the Auditor’s report A Agenda 4 d 4 T To acknowledge the interim dividend payment during the k l d th i t i di id d t d i th financial year Agenda 5 To consider and approve the annual dividend for the fiscal year that ended 30 September 2011 year that ended 30 September 2011 Agenda 6 To consider and approve the appointment of auditors for the financial year ending 30 September 2012 and fix the auditors’ fees auditors fees Transport | Energy | Infrastructure www.thoresen.com 2

Meeting Agenda Agenda 7 To consider and approve the reduction of authorised share capital and the amendment to Clause 4 of the Memorandum of Association Agenda 8 To consider and approve the increase of authorised share capital and the amendment to Clause 4 of the it l d th d t t Cl 4 f th Memorandum of Association Agenda 9 Agenda 9 To consider and approve the allocation and allotment of To consider and approve the allocation and allotment of new ordinary shares Agenda 10 Agenda 10 To consider and approve the issue by Mermaid Maritime To consider and approve the issue by Mermaid Maritime Plc of up to 4,000,000 warrants to the employees and directors of Mermaid Maritime Plc and its subsidiaries under an ESOP Scheme Transport | Energy | Infrastructure www.thoresen.com 3

Meeting Agenda Agenda 11 To consider and approve the appointment of directors to replace those who are retiring by rotation p g y Agenda 12 To consider and approve the appointment of one additional director Agenda 13 To acknowledge the directors' remuneration package and board committee’s fees and to consider and approve the remuneration for the Corporate Governance Committee ti f th C t G C itt Transport | Energy | Infrastructure www.thoresen.com 4

Agenda 1 Agenda 1 To certify the minutes of 1/ 2011 A 1/ 2011 Annual General Meeting of the Shareholders l G l M ti f th Sh h ld held on 2 March 2011 Transport | Energy | Infrastructure www.thoresen.com 5

Agenda 2 and Agenda 3 Agenda 2 To acknowledge the Company’s performance for the financial year that ended on 30 September 2011 Agenda 3 To consider and approve the audited balance sheet and the profit and loss statements for the financial year that ended on 30 September 2011 together with the Auditor’s report g p Transport | Energy | Infrastructure www.thoresen.com 6

Agenda 2&3 To acknowledge FY11 performance and approve financial statements Key Highlights Transport Energy Infrastructure  Thor Nexus and crew safely  Asia Offshore Drilling raised  UMS plants were shut down returned from Somalia USD 180 million and temporarily due to regulatory  Thoresen sold 15 and subsequently listed on the concerns and floods  Recruited new senior acquired 3 dry bulk vessels Oslo Stock Exchange after  All dry bulk vessels are being finalising a partnership with management into UMS  Completed integrated logistics transferred to Thoresen Seadrill  Three jack ‐ up rigs to be Shipping Singapore platform in Vietnam  Thoresen recruited new delivered in 2013  SERI commenced commercial senior management and production commercial team  Petrolift acquired one tanker  Invested in Qing Mei to develop a new coal mine in Indonesia Corporate  Established shared services function  Restructured the organization to align with business strategy and to reduce cost base  Raised Baht 1,200 million to refinance convertible bonds Transport | Energy | Infrastructure www.thoresen.com 7

Agenda 2&3 To acknowledge FY11 performance and approve financial statements Portfolio is geared towards higher revenues from energy and infrastructure groups 25,000 Revenues Revenues Baht million Baht millions Transport Energy Infrastructure FREIGHT OFFSHORE SALES 20,000 REVENUES SERVICES REVENUES 17,919 17,565 y y yoy yoy yoy yoy yoy ‐ 41% +59% +34% 15,000 5,430 9,273 10,000  Consolidated revenues fell 2% as growth  Consolidated revenues fell 2%, as growth 5,543 , 3,476 in offshore services and sales offset the 5,000 decline in freight revenues 6,249 4,667  FY11 provided good evidence that our FY11 id d d id th t ‐ five-year business plan is working FY10 FY11 Sales Offshore service income Service and commission Income Service and commission Income Freight charges Transport | Energy | Infrastructure www.thoresen.com 8

Agenda 2&3 To acknowledge FY11 performance and approve financial statements Transport FREIGHT REVENUES BDI 3,401 3,027 3,307 , yoy yoy Quarteraverage Quarter average ‐ 41% 2,353 3011 2,364 ‐ 45% 1,365 1,379 1,534 1657  To mitigate the low freight rate Fiscal ‐ year average environment, Thoresen sold 15 older, 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q smaller vessels and acquired 3 newer, FY10 FY11 larger vessels Operating days Average #vessels  Fleet configuration will lower operating 10,227 expenses and provide access to higher -29% revenue markets revenue markets 7,308  Recruited a new commercial team 36.5 to increase industrial shipping clients 25.7  Bunker and technical expenses are B k d t h i l Q Q Q Q Q Q Q Q FY10 FY11 targeted for further cost reductions Transport | Energy | Infrastructure www.thoresen.com 9

Agenda 2&3 To acknowledge FY11 performance and approve financial statements Energy OFFSHORE SERVICES SubseaGroup Utilisation rate % 100 yoy yoy +59% 90 80 70  Record-high revenues by Mermaid, as demand for Record high revenues by Mermaid, as demand for 69.1 60 60 subsea services increased 50  The four most sophisticated, high day-rate subsea 40 39.5 30 vessels in Mermaid’s fleet achieved 62% average vessels in Mermaid s fleet achieved 62% average 20 utilisation rate in FY11 10  Further revenue growth possible as these more 0 FY10 FY10 FY11 FY11 sophisticated vessels secure higher utilisation rates 6 3 6 3 % % 70 % 70 % 9 1% 9 1% 41 41% % Transport | Energy | Infrastructure www.thoresen.com 10

Agenda 2&3 To acknowledge FY11 performance and approve financial statements Infrastructure SALES REVENUES yoy yoy +34% Sales revenues Baht million 7,000  Revenue growth has primarily been  Revenue growth has primarily been 6,000 3,242 driven by volume increases 5,000 2,491 4,000 Sales volume S l l FY10 FY11 3,000 %yoy Million tonnes 2,970 2,000 2,150 Coal UMS Coal UMS 1.07 1.07 1.41 1.41 32% 32% 1,000 1 000 Fertiliser Baconco 0.16 0.19 25% 0 FY10 FY11 Baconco UMS Others Transport | Energy | Infrastructure www.thoresen.com 11

Agenda 2&3 To acknowledge FY11 performance and approve financial statements Gross margin declined 7% from FY10 FY11 Shipping Mermaid UMS Baconco Gross profit Gross profit 1 132 1,132 1 631 1,631 614 614 354 354 Gross margin 21% 29% 19% 12% %yoy ‐ 48% 95% 19% ‐ 2% FY11 FY10 GP Breakdown Infrastructure Infrastructure Infrastructure 24% Transport 29% 31% Energy T Transport t 19% 57% Energy 40% Transport | Energy | Infrastructure www.thoresen.com 12

Agenda 2&3 To acknowledge FY11 performance and approve financial statements  FY11 normalised EBITDA 3,500 Normalised EBITDA Baht million increased 1.3% yoy to Baht Baht millions 3,000 2,544 million 2,500  Shipping EBITDA fell, but 2,000 +244% EBITDA of other business 1,500 1 500 units compensated for this decrease Others 1,000 Baconco -50% 50% UMS 500 Mermaid Shipping 0 FY10 FY11 Transport | Energy | Infrastructure www.thoresen.com 13

Agenda 2&3 To acknowledge FY11 performance and approve financial statements 1,000 Normalised EBIT 750 Baht millions 750 750 500 260 245 FY10 259 192 250 152 FY11 FY11 (25) (25) ‐ Dry bulk shipping UMS Baconco Mermaid (250) (255)  Dry bulk shipping was the one business unit that produced negative EBIT  EBIT of all other major business units increased in FY11 EBIT f ll th j b i it i d i FY11  Income from joint ventures and other investment income increased 37.5% to Baht 110 million increased 37.5% to Baht 110 million Transport | Energy | Infrastructure www.thoresen.com 14

Agenda 2&3 To acknowledge FY11 performance and approve financial statements Net profit dropped mainly due to one factor I Issues A Amount Baht millions t R Reasons  MTR-1 off-hire in FY11 Impairment on assets 554  Vessel engines under construction at a supplier experiencing dificulties a supplier experiencing dificulties Reported net profit Impairment on assets 1 000 1,000 Baht million 800 693 796 600 554 400 200 139 139 0 FY10 FY11 Transport | Energy | Infrastructure www.thoresen.com 15