Full Year 2017 Financial Summary Conference Call. March 5, 2018 Doha, Qatar

Transcription

1 Full Year 2017 Financial Summary Cnference Call March 5, 2018 Dha, Qatar 1

2 Interim Cnslidated Incme Statement Full Year (All amunts in QR Millins) Operating Revenue 2,984 2,551 2,491 Salaries, Wages and Other Benefits (682) (636) (576) Revenue Dwn (2)% Operating Supplies and Expenses (969) (851) (978) Rent Expenses (18) (16) (14) Operating Prfit Dwn (19)% Depreciatin and Amrtisatin (308) (331) (323) Other Operating Expenses (151) (163) (153) Net Prfit Dwn (34)% Operating Expenses (2,129) (1,996) (2,043) Operating Prfit Finance Csts (106) (175) (195) Finance Incme Net Gain n Dispsal f Prperty, Vessels & Equipment 2 1 (7) Share f Results f Assciates Share f Results f Jint Arrangements Impairment f Available-fr-Sale Investments (4) (0) (21) Net Gain n Freign Exchange 1 2 (12) Impairment f Vessels & Cntract Wrk in Prgress (97) (161) (283) Miscellaneus Incme All Other Nn-Operating Expenses (27) - - Nn-Operating Prfit Prfit fr the Perid 1, Nn-cntrlling interest (15) 8 (14) Net Prfit Attributable T Equity Hlders Of The Parent 1, ,984 2,551 2,491 1, Revenue Net Incme 2

3 Activities by Segment Maritime & Lgistics Offshre Gas & Petrchem Trading Capital Prt Services Cntainer Shipping Warehusing & Lgistics Bulk Shipping Shipyard Shipping Line Agencies Vessel Charter & Operatins Diving & Subsea Services Cnstructin and Maintenance Services Well Services LNG Transprt LPG Transprt Crude, Chemicals & CPP Transprt Whlly Owned Prduct/Gas Carriers Harbr Marine Operatins Heavy Equipment and Truck Agency Bunker Distributin Marine Engine and Lubricants Agency Travel & Turism Agency Real Estate Develpment and Management Strategic and Financial Investments 3

4 Net Prfit, by Segment Full Year (All amunts in QR Millins) % s shwn vs % -16% -65% -63% -88% Unfavrable Favrable 4

5 Statement f Incme, by Segment Full Year 2017 (All amunts in QR Millins) Maritime & Lgistics Offshre Gas & Petrchem Trading Capital Crprate Eliminatins/ Adjustments Cnslidated Operating Revenue (269) 2,491 Salaries, Wages and Other Benefits (140) (161) (101) (18) (9) (147) - (576) Operating Supplies and Expenses (578) (114) (65) (263) (194) (9) 245 (978) Rent Expenses (9) (9) (1) (2) (4) (13) 23 (14) Depreciatin and Amrtisatin (30) (113) (135) (1) (40) (4) - (323) Other Operating Expenses (37) (49) (33) (5) (9) (21) 1 (153) Fleet & Technical Expense Allcatin (43) Expense Allcatin frm Milaha Crprate (88) (38) (35) (18) (17) Operating Prfit 20 (32) 60 (2) (0) 448 Finance Csts (19) (41) (51) - (90) - 7 (195) Finance Incme (7) 143 Net Gain n Dispsal f Prperty, Vessels & Equipment (3) (3) - (0) (7) Share f Results f Assciates Share f Results f Jint Arrangements (25) Impairment f Available-fr-Sale Investments (21) - - (21) Net Gain n Freign Exchange (0) (3) (1) 0 (9) (0) - (12) Impairment f Vessels and Cntract Wrk in Prgress (33) (113) (135) - - (3) - (283) Miscellaneus Incme All Other Nn-Operating Expenses Prfit fr the Perid 119 (184) (0) (0) 484 Nn-cntrlling interest (14) - - (14) Net Prfit Attributable T Equity Hlders Of The Parent 119 (184) (0) (0) 470 5

6 Statement f Incme, by Segment Full Year 2016 (All amunts in QR Millins) Maritime & Lgistics Offshre Gas & Petrchem Trading Capital Crprate Eliminatins/ Adjustments Cnslidated Operating Revenue 1, (202) 2,551 Salaries, Wages and Other Benefits (200) (178) (103) (19) (8) (128) 0 (636) Operating Supplies and Expenses (444) (114) (74) (263) (132) (8) 183 (851) Rent Expenses (8) (6) (4) (2) (4) (11) 19 (16) Depreciatin and Amrtisatin (42) (115) (132) (1) (36) (5) - (331) Other Operating Expenses (36) (55) (34) (6) (11) (20) (0) (163) Fleet & Technical Expense Allcatin (53) Expense Allcatin frm Milaha Crprate (74) (34) (30) (16) (18) Operating Prfit (0) (0) 555 Finance Csts (10) (25) (53) - (88) - - (175) Finance Incme Net Gain n Dispsal f Prperty, Vessels & Equipment (3) Share f Results f Assciates Share f Results f Jint Arrangements Impairment f Available-fr-Sale Investments (0) - - (0) Net Gain n Freign Exchange (1) (0) 4 (0) (1) 0-2 Impairment f Vessels and Cntract Wrk in Prgress - (161) (161) Miscellaneus Incme All Other Nn-Operating Expenses Prfit fr the Perid 142 (113) (0) 704 Nn-cntrlling interest Net Prfit Attributable T Equity Hlders Of The Parent 142 (113) (0) 711 6

7 Segment Perfrmance Full Year (All amunts in QR Millins) 6% Decline in Revenue and 16% Decline in Net Prfit Revenue drp in Prt unit due t change in P&L reprting QTerminals share f results shwn n 1 line as part f Nn- Operating Incme, as ppsed t full P&L as shwn in prir years Related expenses similarly dwn vs 2016 Cntainer Shipping vlumes are dwn 0.5%, but revenue is up Vessels mving lnger distances, s Revenue and related Operating Supplies & Expenses per TEU increased Nn-Operating Incme is up QR 104M Milaha s QTerminals share cntributed QR 143M vs 2016 Impairments n cntainer vessels negatively impacted QR (33)M Operating Revenue 1,166 1, Salaries, Wages and Other Benefits (199) (200) (140) Operating Supplies and Expenses (431) (444) (578) Rent Expenses (10) (8) (9) Depreciatin and Amrtisatin (51) (42) (30) Other Operating Expenses (36) (36) (37) Fleet & Technical Expense Allcatin (62) (53) (43) Expense Allcatin frm Milaha Crprate (68) (74) (88) Operating Expenses (856) (857) (925) Operating Prfit Nn-Operating Incme/(Expense) (46) (5) 99 Prfit fr the Perid Shipyard Shipping Agencies Prt Services 1, Cntainer Shipping Lgistics Bulk Shipping Revenue Waterfall 2016 vs Cntainer Shipping Lgistics Bulk Shipping Shipping Agencies Shipyard Prt Services

8 Segment Perfrmance Full Year (All amunts in QR Millins) 21% Decline in Revenue and 63% Decline in Net Prfit Diving and Cnstructin & Maintenance Services revenue declined due t rate & utilizatin pressure Vessel Chartering cntinued t be impacted by lwer rates, lwer utilizatin, and impairments QR (113)M f impairments bked in 2017, cmpared t QR (161)M bked in Operating Revenue Salaries, Wages and Other Benefits (229) (178) (161) Operating Supplies and Expenses (138) (114) (114) Rent Expenses (7) (6) (9) Depreciatin and Amrtisatin (110) (115) (113) Other Operating Expenses (50) (55) (49) Expense Allcatin frm Milaha Crprate (31) (34) (38) Operating Expenses (566) (502) (483) Operating Prfit (32) Nn-Operating Incme/(Expense) (52) (184) (152) 573 Prfit fr the Perid 93 (113) (184) Services Vessel Chartering 404 Revenue Waterfall 2016 vs Services Vessel Chartering

9 Segment Perfrmance Full Year (All amunts in QR Millins) 15% Decline in Revenue and 65% Decline in Net Prfit Harbur Operatins impacted by lwer utilizatin f lder vessels, and lwer re-negtiated terms/scpe n 20 year cntract with QP 5 Tankers are perating in Spt market and expsed t lwer rates Nakilat results dwn QR (33)M; Gulf LPG results dwn QR (31)M QR (135)M in impairments bked in Operating Revenue Salaries, Wages and Other Benefits (95) (103) (101) Operating Supplies and Expenses (54) (74) (65) Rent Expenses (4) (4) (1) Depreciatin and Amrtisatin (106) (132) (135) Other Operating Expenses (38) (34) (33) Fleet & Technical Expense Allcatin Expense Allcatin frm Milaha Crprate (26) (30) (35) Operating Expenses (261) (323) (327) Operating Prfit Nn-Operating Incme/(Expense) Owned LNG Vessels Gas Carriers Tankers Harbur Operatins Tanker Partnerships Revenue Waterfall 2016 vs LNG Vessels -6 Partnerships -10 Gas Carriers Prfit fr the Perid Tankers -31 Harbur Operatins

10 Segment Perfrmance Full Year (All amunts in QR Millins) 3% Decline in Revenue and 88% Decline in Net Prfit Drp in sales f heavy equipment and marine engine/lubricant sales, ffset by higher bunker revenue, albeit at lwer margins Operating Revenue Salaries, Wages and Other Benefits (19) (19) (18) Operating Supplies and Expenses (357) (263) (263) Rent Expenses (2) (2) (2) Depreciatin and Amrtisatin (1) (1) (1) Other Operating Expenses (4) (6) (5) Expense Allcatin frm Milaha Crprate (17) (16) (18) Operating Expenses (400) (307) (306) Operating Prfit 21 5 (2) Nn-Operating Incme/(Expense) Bunker Sales Travel & Turism Equipment Trading Agencies Prfit fr the Perid Revenue Waterfall 2016 vs Marine Sales & Service Bunker Sales Travel & Turism Marine Sales & Service Equipment Trading Agencies

11 Segment Perfrmance Full Year (All amunts in QR Millins) 64% Increase in Revenue and 50% Increase in Net Prfit Large increase in sales frm Qatar Quarries assciate; related Cst f Gds Sld increased expenses Real Estate Incme up slightly vs 2016 Held-fr-Trading investment prtfli incme dwn QR (78)M; Dividend Incme up QR 4M; Prfit frm Available-fr-Sale Investments up QR 225M QR (21)M impairment n Available-fr-Sale Investments bked as Nn-Operating Expense Operating Revenue Salaries, Wages and Other Benefits (12) (8) (9) Operating Supplies and Expenses (171) (132) (194) Rent Expenses (6) (4) (4) Depreciatin and Amrtisatin (36) (36) (40) Other Operating Expenses (11) (11) (9) Expense Allcatin frm Milaha Crprate (17) (18) (17) Operating Expenses (253) (208) (272) Operating Prfit Nn-Operating Incme/(Expense) Prfit fr the Perid Nn-cntrlling interest (15) 8 (14) Net Prfit Attributable T Equity Hlders Of The Parent Qatar Quarries Revenue Waterfall 2016 vs Real Estate Investments Investments Qatar Quarries Real Estate

12 Outlk Macr: Expect t see the full year impact f higher vlumes seen at Hamad prt in H Expect cntainer feedering margins t be under pressure due t increases in the cst f bunker and cmpetitive rate pressure Ramp-up f utilizatin at Al Thumama warehuses will cntribute psitively t the lgistics segment 12

13 Outlk Macr: Expect the fundamentals in the ffshre market t gradually imprve n the back f higher il prices, declining OSV fleet supply and supply-demand imbalances. 13

14 Outlk VLGCs: charter rates remain depressed; expect 2018 t be challenging Jintly & Fully wned LNG carriers: limited fluctuatin versus 2017 due t lng term fixed nature f cntracts Fully-wned prduct tankers + 1 crude carrier: all trading in spt market. Market is very vlatile but expect a slight imprvement in day rates. Fully-wned gas / ammnia carriers: ne vessel is n time charter ending mid 2018 and the ther is n spt. We expect sme imprvements n the back f expected strng LPG demand between Harbr marine vessels: penalty incme realized in 2017 related t renegtiated rates & scpe with client will nt recur; therwise, expect limited fluctuatin versus

15 Outlk Expect a challenging year fr this segment in

16 Outlk Listed prtfli perfrmance strngly crrelated t Qatar Exchange perfrmance and vlatility 16