PT PELAYARAN NASIONAL BINA BUANA RAYA TBK Paparan Publik 20 Juni 2013

Transcription

1 PT PELAYARAN NASIONAL BINA BUANA RAYA TBK Paparan Publik 20 Juni 2013

2 Dewan Komisaris dan Direksi 2 SUSUNAN DEWAN KOMISARIS SUSUNAN DIREKSI

3 Milestone Awarded shipping license Marco Polo Shipping Co. Pte. Ltd. (Parent Company listed on SGX) acquired 49% stake for about S$15.6 mil. The Company started its chartering business with 2 AHTS Offshore Supporting Vessels Incorporated on 7 February, mainly providing ship agency services Implementation of Cabotage Principle. The Company then started acquiring and operating its own fleets of vessels. 2012: IPO with Successful listing on IDX on 9th Jan 2013, raising gross proceeds of US$14.3 million 3

4 Shareholding Structure Marco Polo Marine Ltd. (Singapore) Latip Family 100% 100% Marco Polo Shipping Co. Pte. Ltd. (Singapore) PT Marcopolo Indonesia PT Sinar Bintang Makmur Public 39.8% 9.8% 25.3% 25.1% 100% BBR Shipping Pte. Ltd. (Singapore) 4

5 Shipping Business Business of tugs and barges chartering, as well as OSVs servicing offshore oil and gas industry Focus on vessel chartering in Indonesian waters to maximize advantage as an experienced local shipping company. The Company also conducts business outside of Indonesia by utilizing Marco Polo Marine Group s network. Operating activities are carried out in accordance with Cabotage principle and negative list applicable to shipping industry in Indonesia Tug & Barges As a means of transport for bulk goods such as coal, nickel and aggregates from port to port. Focuses on tugs and barges with sideboards for transhipment and inter islands. Main charterers are Indonesian companies engaged in mining, shipping, construction, infrastructure, and reclamation, using both Voyage Charter and Time Charter Offshore Support Vessels Vessels used in offshore oil and gas industry including seismic vessels, crew boats, construction support vessels, barges etc Company focuses on Anchor Handling Tug Supply (AHTS) due to its wide application and are used in all phases of exploration, development and production of oil and gas. AHTS are chartered by the oil and gas companies as end-users through Time Charter. 5

6 Business Two main chartering systems: Voyage charter and Time charter Transportation (Voyage Charter) Transportation of cargo from port to port as per client instructions, with tariff on per ton of cargo Transport fee determined by amount and type of cargo carried, loading and unloading schedule, as well as mileage Client sets date of arrival at the loading port, estimated time for loading and unloading of cargos, and mileage Client pays chartering fees, bears all transport expenses such as fuel, port (except cost of loading and unloading), crew and other operational costs Rental of Vessels (Time Charter) Charters vessels to customers for certain period, with fee negotiable between the two parties During rental period, client is responsible for paying all travel expenses, including fuel, port, and agency fee. Company responsible for crew (including their daily needs), vessel maintenance, spare parts and other operational costs. In certain contracts, these expenses may be charged to the users. 6

7 Investment Highlights 1. Experienced and Committed Management Team to Nurture Sustainable growth 2. High Quality Fleet to Reduce Maintenance Costs and Increase Efficiencies 3. Extensive Network and Broad Customer Base Spanning Across Various Industries 4. Large and Growing Fleet to harness benefits from Economies of Scale 5. Synergy with Marco Polo MarineGroup Tapping on its Vast Network 7

8 Major Clients Clients who have used the Company's shipping services with a contract value of more than 10% of total net revenues : PT Transamudra Usaha Sejahtera PT Baruna Raya Logistics PT Sri AndalasRaya PT Padang Bara Sukses Makmur PT Trans Power Marine Tbk AHTS Tug and barges 8

9 Review 2012: Challenges 2012 Challenges on Shipping Industry Falling in the commodities selling price due to slowdown on the global economic that characterized with the financial crisis in Europe and fiscal cliff in America Delays in the operation of some power plant as part of accelerating 10,000 Mega Watt (2012 installed capacity about 43,879 MW, slightly lower than the target of 44,224 MW) Oil production of 860,000 bpd is lower than the target of 930,000 bpd Gas production was also below the target of 8,196 MMSCFD or 92% of the target 9

10 Review 2012: Opportunities Potential of 2012 Minerals Mining Results Coal Production is 386 million Metric Tons Nickel Production is 35 million Metric Tons Others concentrate Copper Mining 804 thousand Metric Tons Bauxite 29 million Metric Tons Iron ore 10 million Metric Tons Tin 91 thousand Metric Tons Gold 66 thousand Metric Tons 10

11 New Additional Fleet VESSEL INFORMATION Ownership Through IDX-listed subsidiary, PT Pelayaran Nasional Bina Buana Raya TbK Flag Indonesia Year Built 2013 Callsign TBA Power Strength 9000 BHP IMO Number Class A1, Towing Vessel, AH, Fire Fighting Vessel Class 1, Offshore Support Vessel,, AMS, ACCU, DPS-2 PRINCIPAL PARTICULARS Length Overall m Length (waterline) m Beam Moulded m Depth Moulded 7.50 m Draft (Design) 6.00 m Complement 14 crew Deadweight at 6.30m max draft 2400 MT 11

12 Indonesian Geographic and Economic Conditions Cargo Volume (milion ton) DOMESTIC CARGO VOLUME DATA As a maritime nation that has a wide territorial waters, Indonesia requires transportation vessel to reach the islands besides as part of defense system covering Indonesian waters. Indonesia has a vast wealth of natural resources with huge potential of mineral resources, oil, and natural gas, which are unexplored optimally. Thus, exploration attempts will encourage an increase in demand for shipping industry, especially for transporting exploration equipments, labors, and products. Source: Statistics Indonesia of The Republic Indonesia Indonesian economic growth shows a positive outlook with the increased surplus balance of payments, while exchange rate is relatively stable and the inflation rate tends to decline. In addition, economic growth also necessitates the need for infrastructure development which requires raw materials transported from other parts of Indonesia. These trends lead to many business opportunities for the Company to transport raw materials throughout Indonesian waters. Development of Gross Domestic Product, Inflation and the Dollar Exchange Rate Against U.S. Dollar GDP & Inflation Growth Exhange Rate PDG Growh(%) Inflation (%) Source : Statistics Indonesia of The Republic Indonesia and Bank Indonesia Exchange Rate (IDR/USD) 12

13 Indonesian Coal Production and Demand Coal Production (million ton) Source : Indonesia Coal Book Coal production increasing trend due to higher demand at both domestic & export markets, and emergence of new mines International demand driven by electricity demand, where coal is a relatively cheap alternative fuel source Positive trend coal provides positive impetus for shipping industry through water linking coal production areas to industry and electricity generator hub Source: Ministry of Energy and Ministry Resources; Directorate General Mining, Coal and Geothermal etc 13

14 Oil & Gas Industry In early 2011, the Ministry of Energy and Mineral Resources offered 20 oil and gas blocks, while 90% are located on the Indonesian east coast. The complexity of offshore operations in deeper water requires high-tech fleet and experienced team. Shallow water Deep Sea Water Source : BP Migas Ship Demand Projection in 2012 Prognosis: Indonesian OSV market especially AHTS expected to be Robust, as reflected in rising charter rates, underpinned by - Strong Demand due to more E&P exploration and production - limited supply as a result of strict cabotage implementation Number of No. Activity Type Work 1 Survey Survey (Seismic) 2D & 3D 20 2 Drilling Drilling Ship, Semi Submersible Rig, Jack Up Rig 3 Offshore Construction 4 Offshore Support Pipe Lay Barge, Derrick/ Crane Barge > 200 T Accomodation Work Barfe, Anchor Handling Tug & Supply, Diving Support Vessel, Platform Supply Vessel (PSV), Crew Boat Source : Nova Y. Mugiyanto (INSA) Development in the Offshore Upstream Oil and Gas Market in Indonesia, Mare Forum

15 Oil & Gas Industry Background Indonesia AHTS supply and demand E&P exploration works, towing of and providing supplies to oil rigs etc CurrentOperationalaverage4AHTSs:1OilRig Based on Clarksons research, Offshore Intelligence Monthly on August 2012 Only16IndonesianflagAHTSvessels,with BHPwithageunder15years 16 AHTSs fleet seems insufficient in relation to implementation of Cabotage principle Estimated only 5 modern AHTS operating in Indonesia above 8,000 BHP Outofwhich,2areownedbyPTBBRTbk,ie.MPPremierandMPPrelude 15

16 Government Regulations Encouraging National Shipping Industry Government's role in supporting development of national shipping industry translates into the issuance of a series of laws Essentially providing conducive atmosphere for investment in maritime business Aims to protect local businesses from impact of large-scale foreign competition Cabotage Regulation Set out in Law No. 17 in 2008 on Shipping: Domestic transportation by sea must be carried out by national shipping companies with Indonesian-flagged vessels and crew of Indonesian nationality to support, promote, and empower the local maritime transport sector and its supporting industries. Investment Negative Lists Stipulated in Presidential Regulation No. 36 in 2010: Foreign ownership of national shipping companies is limited to 49%. Domestic Market Obligations Minister of Energy and Mineral Resources Regulation No. 34 in 2009: Resource Enterprises must focus on domestic mineral and coal supply needs. Demand for tugs and barges will increase significantly as major domestic coal supply comes from outside of Borneo island with long coastline. 16

17 Financial Review - 1QFY2013 Vs 1QFY2012 PROFIT& LOSS ACTUAL ACTUAL VARIANCE 1Q Q-2012 Am ount %age OPERATING REVENUE 8,957,673 7,264,042 1,693,631 23% DIRECT COSTS Depreciation 2,295,041 1,628, ,599 41% Diesel & Grease 1,100, , ,061 33% Salaries and employees benefit 839, , ,529 20% Insurance 438, , ,313 64% Repair and maintenance 412, , ,846 88% Others 314, ,832 53,925 21% 5,401,274 3,902,001 1,499,273 38% GROSS PROFIT 3,556,399 3,362, ,358 6% NET PROFIT MARGIN 40% 46% Operating and other expenses 438, ,321 56,221 15% Financing Cost 970,938 1,306,692 (335,754) -26% Forex loss (gain) (288,862) 879,544 (1,168,406) 100% 1,120,618 2,568,557 (1,447,939) -56% PROFIT BEFORE TAX 2,435, ,484 1,642, % Current Tax Final 144, ,066 31,514 28% NET PROFIT 2,291, ,418 1,610, % NET PROFIT MARGIN 26% 9% EBITDA 5,701,760 3,728,618 1,973,142 53% Revenues -The increased due to additional of 1 unit 5400bhp AHTS that started operated in mid of 2012 and increase in number of tug and barges operated (as of March 31, 2013 and 2012, there are 27 sets and 34 sets, respectively). Direct Expenses -Increased in operation also effected to the increase on direct expenses, especially on depreciation, diesel & grease, crew salaries expense and insurance. Furthermore, the insurance premium rate also increased by more than 200%. Financial Costs -The decrease was mainly due to the settlement of 30% of CB-1, while it expensed about $200K in Forex gain/loss -Mostly consist of unrealized forex revaluation of S$ loan to USD reporting currency. In the period 2012, the US$ weakening against SGD about 1.65%, while in the period 2013, it strengthening about 3.52%. 17

18 FY Segment Information Around 34 sets tug and barges with difference sizes (240ft jumbo, 250ft jumbo, 300ft and 310 feet jumbo) 1 unit 5,024 GT Self Propelled Barge 3 unit brand new Anchor Handling Tug Supply vessel: 2 unit 8080bhp and 1 unit 5040bhp. Tug and Barge OSV Combine Financial Accounts USD USD USD Net Revenues 5,844,241 3,113,431 8,957,672 Segemented Revenues from Total 65% 35% Direct expenses 3,953,666 1,447,607 5,401,273 Segment Result 1,890,575 1,665,824 3,556,399 Profit Margin 32% 54% 40% Operating Expenses (proportionally allocated) 233, , ,542 Bonds Interest (proportionally allocated) 180, , ,234 Financial Expense 372, , ,705 Income Tax 70,131 74, ,579 Comprehensive Income for the Period 1,033, ,543 2,002,339 Net Profit Margin *) 18% 31% Segmented Net Profit from Total 52% 48% Note. Comprehensive income with no consider the effect of loss/gain on foreign exchange by US$288,862 that mostly derived from the revaluation of loans. 18

19 1QFY Monthly Result Information Utilization Rate per month Offshore 99% - 100% Tug and barges as follow: 95% TOTAL VESSEL 90% 91% 93% 30 Jan- Feb- Mar Apr- May Jun- Jul-12 Aug Sep- Oct- Nov Dec Jan- Feb- Mar 85% 80% 75% 80% 78% 88% 86% 84% 88% 88% 86% 83% 84% 81% 81% 70% 65% 60% 62% 19

20 Use of IPO Proceed Total IPO proceed Rp138,000,000,000 IPO expenses (Rp 6,168,000,000) Payment 30% CB-1, incl working capital (Rp 67,000,000,000) Balance in time deposit Rp 64,832,000,000 Plan to use in June 20% down payment of new 9000bhp AHTS (Rp 34,000,000,000) Remain balance Rp 30,832,000,000 20

21 Thank You Thank You PT Pelayaran Nasional Bina Buana Raya Tbk TCC Batavia Tower One 8th Floor, Suite JalanKH. Mas MansyurKav. 126 Jakarta