q1 2017 results presentation - listed...
TRANSCRIPT
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Q1 2017 Results Presentation 5th May 2017
Presentation Outline Presentation Outline
Presentation Outline
Financial Review Business Review - Ship Repair, Ship Building & Marine Engineering - Dry Bulk Shipping Prospects
Financial Review
Profit & Loss
S$ million Q1 2017
Q1 2016
% Change
Turnover 401.8 722.3 (44)
Gross (loss) /profit (57.8) 89.3 (165)
Loss before Tax (144.0) (12.0) 1,096
Net loss (Attributable to equity holders) (78.9) (14.4) 448
Diluted EPS (cents) (3.52) (0.64) 450
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Turnover
Shipyard Operations $392.6m
97.7% Dry Bulk Shipping $9.2m
2.3%
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Turnover Review – Q1 2017
• -44.4% to $401.8m • Decrease in shipyard revenue
Group turnover
• 97.7% of turnover • -45.2% • Lower revenue contribution from ship repair, ship building and
marine engineering
Ship repair, ship building and marine engineering
• 2.3% of turnover • +63.2% • Higher charter rates
Dry bulk shipping & Others
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P & L Highlights
Gross loss • $57.8m • Losses from shipyard and shipping operations
Other income • +12.6% • Higher government grants and rental income
Interest expense
• +7.5% • High bank borrowings used to fund shipyard operations
Net loss attributable
• -$78.9m • Due to losses in shipyard and shipping operations
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Net Profit Trend
24.3 64.2
160.5 205.4
336.6 302.6
110.1
248.8
139.7 105.7
30.6 20.9
-570.0
-466.5
-14.40 -78.90
-700
-600
-500
-400
-300
-200
-100
0
100
200
300
400
FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY 2016 Q12016
Q12017
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Diluted Earnings per share (cents)
1.30 2.95
7.33 9.27
15.02 13.50
4.92
11.11
6.24 4.72
1.37 0.93
-25.45
-20.83
-0.64 -3.52
-30
-25
-20
-15
-10
-5
0
5
10
15
20
FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 Q12016
Q12017
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Balance Sheet Highlights
S$ million 31 Mar 2017 31 Dec 2016
Cash & cash equivalents 1,672.2 1,520.4
Trade & other receivables 3,590.0 4,531.9
Inventories 1,213.1 835.6
Construction contract WIP 87.3 72.4
Property, plant & equipment 2,409.2 2,527.4
Trade & other payables 2,051.5 2,095.7
Bank Borrowings 6,973.5 7,315.4
Total equity 173.4 320.5
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Cash Flow Highlights S$ million Q1 2017 Q1 2016
Cash flow (used in) / provided by:
- Operating activities 370.2 (184.3)
- Investing activities 17.7 0.3
- Financing activities (193.5) 919.3
Net change in C&CE 194.4 735.3
Opening C&CE 1,518.4 1,569.0
Effects of currency translation (42.4) (95.5)
Closing C&CE 1,670.4 2,208.8
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Business Review
Types of Vessels Repaired – Q1 2017
Bulk Carriers 53%
Containers Ships 21%
Others 15%
Chemical Ships 8%
Tankers 3%
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Shipyard Revenue by Type of Jobs – Q1 2017
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Ship Repair 24%
Marine Engg 55%
Ship Building 21%
Baltic Dry Index (BDI)
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Steel Price
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Current Capability
Dry Dock dwt
Floating Dock dwt
Berth km
Workshop & Storage
sq m
Dalian 80,000 80,000
180,000 300,000
14 3.721km
12 173,652 sq m
Nantong 150,000 80,000
3 0.772km
12 34,788 sq.m
Qidong 200,000 5 1.2 km
7 127,485 sq m
Shanghai 35,000 80,000
2 0.28 km
11 4,759 sq m
Zhoushan 80,000
400,000 230,000
7 1.742 km
13 253,663 sq m
Guangdong 80,000 150,000
6 1.19 km
11 143,300 sq m
Total 990,000 dwt 1,135,000 dwt 37 8.91 km
66 737,648 sq m
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Order Book
7.0 7.4
8.1
7.3 7.0 6.8
8.1
5.6 5.9
6.8 6.1 6.1 5.9
7.0 6.4
6.1 5.8 5.9 5.7
6.1 6.4
6.7 7.2
7.8 7.6 8.1
8.9 8.4
8.1 8.1 7.9 8.0 7.6 7.6
6.8 6.4
5.8
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Q1
2008 Q2
Q3
Q4
Q1
2009 Q2 Q3
Q4
Q1
2010 Q2 Q3
Q4
Q1
2011 Q2 Q3
Q4
Q1
2012 Q2 Q3
Q4
Q12
013
Q2 Q3
Q4
Q12
014
Q2 Q3
Q4
Q1
2015 Q2 Q3
Q4
Q1
2016 Q2 Q3
Q4
Q1
2017
US$ billion
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Ship Building Orders as at 31 Mar 2017
17 • Container Vessels
10 • Bulk carriers • 57,000 dwt • 64,000 dwt • 82,000 dwt
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4 • Oil tankers
1 • LNG Carrier
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Ship Building Orders as at 31 Mar 2017
Offshore Orders as at 31 Mar 2017
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Sevan 650 Drilling Unit
1 unit
Self-Elevating Workover Unit
1 unit
Trailing Suction Hopper Dredger
1 unit
22
Semi-submersible Tender Assist Drilling
Rig
1 unit
DP3 Accommodation Barge
1 unit
Research Vessel
1 unit
Offshore Orders as at 31 Mar 2017
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• Multi Purpose Windfarm Support Unit
1 unit
Offshore heavy lift vessel
1 unit
• Semi Submersible Accommodation Vessel
1 unit
Offshore Orders as at 31 Mar 2017
Offshore Orders as at 31 Mar 2017
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Semi Submersible Accommodation Rig
2 units
Cargo Transfer Vessel
2 units
Subsea Supply Vessel
4 units
Offshore Orders as at 31 Mar 2017
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Emergency Response/Rescue/
Field Support Vessel
4 units
Jack-up Rig
5 units
Platform Supply Vessel
15 units
Offshore Modules
19 units
Deliveries 1 Jan 2017 to 31 Mar 2017
Shipbuilding
• 2 Bulk Carriers • 1 Oil Tanker • 1 Module Carrier • 1 Salvage Lifting Vessel
Offshore Marine • 1 FPSO • 1 Shuttle Tanker
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Prospects
Prospects
2017 remains very difficult and challenging
Difficult and challenging business
and operating conditions to persist
Order Book of US$5.8 billion with
progressive deliveries up to 2020
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Disclaimer
This presentation was prepared for informational purposes only and must be viewed in conjunction with the oral presentation provided by us. It does not have any regard to the specific investment objectives, financial situation or individual needs of any particular person receiving this presentation. Investors should seek advice from a professional adviser regarding their investment decisions. This presentation is not and does not constitute or form part of any offer, solicitation, invitation, advice or recommendation to sell, purchase or subscribe for any securities and no part of it shall form the basis or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation shall not be used or relied upon by any other person for whatever purposes and shall not be reproduced, disseminated or quoted without our prior written consent.
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