FY2017 Results February 26, 2018
Our background & development Registered capital increased to 12 MB Started International marine transportation ( Myanmar route ) Registered capital increased to 100 MB Expanded service route to the Philippines Registered capital increased to 110 MB Established AMAL with registered capital of 5 MB 1996 1998 1999 2001 2002 2003 2005 2016 2014 Established AMA with registered capital of 1MB Registered capital increased to 60 MB No. of tankers & tanker trucks Expanded service route to Vietnam Overall revenues came from International transportation Transformed to Public Company Limited and listed in MAI on 22 December Registered capital increased to 215.8 MB AMAL s registered capital increased to 190 MB Year 1996 1999 2001 2002 2005 2009 2010 2012 2013 2014 2015 No. of vessels (units) 2 4 4 5 4 3 4 6 5 5 6 7 10 Total deadweight (DWT) 3,814 10,245 13,861 16,791 14,266 11,440 16,203 23,781 18,876 18,876 23,699 33,641 82,981 No. of trucks (units) 5 43 100 150 Loading quantity (liters) 0.23 1.94 4.50 5.40 2
Our business portfolio AMA provides transport service of palm oil and vegetable oils for the world class producers and traders. Expert of liquid product transportation which more than 20 years experience Several routes in SEA, East Asia, and South Asia AMA Logistics ( AMAL ) provides the service on inland liquid carrier by tank trucks, mainly loading diesel B100 and gasoline. Various routes in Thailand with strong business alliances Newcomer with a dynamical move Revenue structure International liquid logistic services MB % MB % Service income 667.91 69.25 1,058.69 70.55 Demurrage charge 34.60 3.59 39.08 2.60 Total revenue from tankers 702.51 72.84 1,097.77 73.15 Domestic land logistic services Service income 261.94 27.16 402.88 26.85 Total revenue from tank trucks 261.94 27.16 402.88 26.85 Total revenue from services 964.45 100.00 1,500.65 100.00 3
Palm oil industry Global source of production and exporter of palm Palm oil production growth has been highest in Indonesia and Malaysia, and the spike is expected to continue. Mton 40 Major palm oil production countries 30 20 10 Indonesia Malaysia Thai Columbia Nigeria Source: The Oil Palm, a project of the Malaysian Palm Oil Council (MPOC) Remark: red color represents the countries the produce palm 2012 2013 2014 2015 Source: www.indexmundi.com 4
Our competitive advantage Palm oil importers Palm oil exporters Mton 50 Mton 50 40 40 30 30 20 20 AMA provides the medium tankers which are suitable for SEA due to the shallow watercourse. 10 2012 2013 2014 2015 10 2012 2013 2014 2015 AMA provides the service in the areas where they are the center of production and consumption of the world. India Europe China Pakistan Others Other Benin Malaysia Papua New Guinea Guatemala Indonesia Source: www.indexmundi.com 5
A leader of the palm oil transportation The service provider of vegetable oil transportation in SEA The Joint Venture Companies between Kuala Lumpur Kepong Berhad, registered company in The Stock Exchange of Malaysia and PT Astra Agro Lestari, registered company in The Stock Exchange of Indonesia Service provider No. of Vessels DWT Market share in SEA (%) Raffles, Singapore 9 105,886 27.37% An International Company Exporting Consumption Oils and Other Oils The Leading Agriculture Business in Asia. The World Biggest Manufacturer and Distributor Palm Oil AMA Marine PLC 5 21,005 5.43% Megaports, Singapore 2 10,468 2.71% Thai Ship owner 3 7,820 2.02% Samuraya Layer Sentosa Medan, Indonesia 1 4,718 1.22% Thai Ship owner 1 3,911 1.01% Thai Ship owner 1 2,998 0.77% Tien Thanh, Vietnam 1 2,952 0.76% Others 25 227,123 58.71% Total 48 386,881 100.00% 6
Our marine services No Vessels DWT Year built 1 Year purchased Year remaining Chao Anoma 4,763 1995 2010 7 2 Primrose 4,908 1992 2012 4 3 AMA 3,110 1994 2012 6 AMA operates the business on marine transportation. We provide liquid transportation services by the standard tankers. Presently, we have 11 tankers. We mainly deliver vegetable oil. Our service routes are SEA, East Asia, and South Asia. 4 Bergprai 3,165 1993 2012 5 5 Meson 4,823 2003 2015 15 6 Meya 9,942 2007 2016 19 7 Ulaya 13,020 2009 2016 21 8 Alinya 12,999 2009 2017 21 9 Anika 13,250 2008 2017 20 10 Salina 13,001 2008 2017 20 11 Alisha 13,221 2008 2018 20 Total deadweight 96,202 Other vegetable oil e.g. soy bean oil, coconut oil, 3% Product Delivery Palm oil, 97% 7
Growing fuel consumption from rising vehicles No. of truck registered in Thailand Domestic fuel consumption Units M liters 900,000 25,000 750,000 20,000 600,000 15,000 450,000 300,000 10,000 150,000 5,000 2013 2014 2015 2013 2014 2015 NonPublic Trucks Personal Trucks Gasoline Diesel 8
Efficient route management Backhauling Management AMAL constantly extends the service routes, including backhauling services that will continuously drive our revenues. Units 200 150 100 50 0 No. of AMAL s trucks 180 150 100 43 5 2014 2015 2018f Product Delivery Biodiesel Manufacturer Biodiessel (B100), 10% Gasoline, 90% 9
Our financial highlights 4Q17 Financial Performance FY2017 Financial Performance Balance Sheet Strategy Execution the highest quarter revenues of the year, with recorded of 454.44 MB SG&A expenses grew up by 14.76% YoY 32.30% gross profit margin 19.71% net profit margin The highest annual profit in corporate history EBITDA was 538.00 MB, up 66.04% YoY Cost of administrative decreased continuously Cost of finance surged by 25.46 MB D/E was at low level of 0.82 ROA was at 9.18%, compared with transportation sector of 4.60%* ROE was at 12.23%, compared with transportation sector of 5.76%* Continue to make good progress to deliver revenue growth Acquire 3 tankers Acquire 50 tank trucks *source: SET, as of 9M17 10
The bigger assets, the larger incomes Statements of Financial Position (Consolidated) As at December 31, 2017 Unit: MB 4,000 15.92% 515.68 3,500 3,000 2,500 2,000 1,500 1,000 500 (500) 3,755.52 3,239.84 45.66% 530.67 1,692.85 1,162.18 (0.72%) (14.99) 2,077.66 2,062.67 Total Assets Total Liabilities Total Shareholders' Equity (330.32%) (160.24) Other Components of Equity 2016 3,239.84 1,162.18 2,077.66 48.51 2017 3,755.52 1,692.85 2,062.67 (111.73) 48.51 (111.73) 11
Continuing revenues growth Statements of Comprehensive Income (Consolidated) Unit: MB 900 750 27.44% 30.00% 32.28% 29.76% 27.67% 26.24% 25.46% 32.30% 40% 30% 600 450 300 150 12.65% 181.59 60.31 18.27% 18.03% 11.94% 22.42% 11.01% 324.11 335.85 265.10 287.36 230.40 133.35 83.05 92.75 87.91 103.42 13.96% 386.25 130.06 19.71% 454.44 171.17 20% 10% 0% 10% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Service Income 181.59 230.40 265.10 287.36 324.11 335.85 386.25 454.44 EBIDA 60.31 83.05 92.75 87.91 133.35 103.42 130.06 171.17 GP Margin 27.44% 30.00% 32.28% 29.76% 27.67% 26.24% 25.46% 32.30% NP Margin 12.65% 18.27% 18.03% 11.94% 22.42% 11.01% 13.96% 19.71% 20% 12
The largest quarterly earnings Statements of Comprehensive Income (Consolidated) For the threemonth periods December 31, 2017 Gross Profit Margin Unit: MB 58.14% 34% 500 167.08 32% 32.30% 400 30% 29.76% 300 28% 454.44 200 287.36 100 146.77 85.51 71.64% 61.26 161.04% 55.27 89.59 34.32 Service Income Gross Profit Net Profit 2016 287.36 85.51 34.32 2017 454.44 146.77 89.59 25% 20% 15% 10% 5% 0% Net Profit Margin 19.71% 11.94% 13
4Q2017 marine services Statements of Comprehensive Income (Separate) For the threemonth December 31, 2017 Gross Profit Margin Unit: MB 400 350 300 63.10% 132.23 36% 34% 32% 32.26% 35.64% 250 200 341.79 150 100 50 209.56 121.80 67.60 80.18% 54.20 198.62% 51.92 78.06 26.14 Service Income Gross Profit Net Profit 2016 209.56 67.60 26.14 2017 341.79 121.80 78.06 30% 25% 20% 15% 10% 5% Net Profit Margin 22.84% 12.48% 14
4Q2017 inland truck services Unit: MB 120 100 44.81% 34.86 Statements of Comprehensive Income For the threemonth period December 31, 2017 23% 23% 22% Gross Profit Margin 22.80% 21.99% 80 60 40 77.79 112.65 39.71% 7.04 48.04% 22% 11% Net Profit Margin 20 3.93 24.77 17.73 8.18 12.11 Service Income Gross Profit Net Profit 2016 77.79 17.73 8.18 2017 112.65 24.77 12.11 10% 9% 10.75% 10.51% 15
Achieved profitable growth Unit: MB 1,600 1,400 55.60% 536.20 Statements of Comprehensive Income (Consolidated) For the year ended December 31, 2017 31% 30% 29% Gross Profit Margin 30.07% 28.18% 1,200 28% 1,000 800 1,500.65 600 964.45 400 45.83% 132.91 71.99% 105.96 200 422.93 290.02 253.15 147.19 Service Income Gross Profit Net Profit 2016 964.45 290.02 147.19 2017 1,500.65 422.93 253.15 27% 17% 16% 15% 14% Net Profit Margin 16.87% 15.26% 16
A new high profit Statements of Comprehensive Income (Separate) For the year ended December 31, 2017 Gross Profit Margin Unit: MB 56.26% 33% 32.16% 1,200 395.26 32% 31.00% 1,000 31% 800 600 1,097.77 400 200 702.51 340.33 225.91 50.65% 114.42 82.38% 98.45 217.95 119.50 Service Income Gross Profit Net Profit 2016 702.51 225.91 119.50 2017 1,097.77 340.33 217.95 30% 22% 20% 18% 16% 14% Net Profit Margin 19.85% 17.01% 17
Gross margin dropped from low utilization rate Statements of Comprehensive Income For the year ended December 31, 2017 Gross Profit Margin Unit: MB 450 53.81% 140.94 26% 24% 24.21% 400 22% 20.29% 350 20% 300 250 18% 200 150 100 50 402.88 261.94 28.87% 18.31 30.91% 8.56 63.42 81.73 27.69 36.25 Service Income Gross Profit Net Profit 2016 261.94 63.42 27.69 2017 402.88 81.73 36.25 11% 10% 9% 8% Net Profit Margin 10.57% 9.00% 18
2017 key financial matrix Key financial metrics (Consolidated) 2017 2016 Current Ratio 1.44 4.65 (3.21) Quick Ratio 1.34 4.54 (3.20) Debt to Equity Ratio 0.82 0.56 0.26 Interest Bearing Debt 0.77 0.52 0.25 Return on Assets 9.18 8.97 0.21 Return on Fixed Assets 17.80 19.81 (2.01) Return on Equity 12.23 11.51 0.72 AMA 2017 2016 Revenue (MB) 1,097.77 702.51 56.26% Gross Profit Margin 31.00% 32.16% (1.16%) Net Profit Margin 19.85% 17.01% 2.84% AMAL 2017 2016 Revenue (MB) 402.88 261.94 53.81% Gross Profit Margin 20.29% 24.21% (3.92%) Net Profit Margin 9.00% 10.57% (1.57%) 19
2018 acquisition plan Buying vessels Year 2014 2015 1H2018 2H2018 No. of vessels (units) 5 6 8 10 11 12 Total deadweight (DWT) 18,876 23,699 46,661 82,981 96,202 ~110,000 Buying tank trucks Year 2014 2015 Oct18 Nov18 No. of tank truck (units) 5 43 100 150 160 180 Loading quantity (liters) 225,000 1,935,000 4,500,000 5,400,000 7,200,000 8,100,000 20
Looking forward Organic growth Expanding in tankers and tank truck s fleet Market penetration to other areas and customer base Inorganic growth M&A Creating value synergy across multiple categories Source of funds Cash Equity Debt 21
Q & A AMA Marine Public Company Limited 33/4 the 9th Towers, Room #TNA02, 33rd Floor, Tower A, Rama 9 Road, Huaykwang, Bangkok 10300 Thailand Tel: (662) 0012801 Fax: (662) 0012800 website: www.amamarine.co.th For further information and enquiries, please contact our IR Tel: (662) 0012801 # 174 email: ir@amamarine.co.th, chayanin.a@amamarine.co.th