YTD September 2012 Financials Conference Call. November 5th, 2012 Doha, Qatar

Transcription

1 YTD September 2012 Financials Cnference Call Nvember 5th, 2012 Dha, Qatar 1

2 YTD Sep 2012 vs Financial Highlights 2,000 Financial Highlights (in QR Millins) 1,800 1,600 1,400 1,200 1,000 Revenue up +4% Operating Prfit up +19% Net Prfit up +9% Revenue Operating Prfit Net Prfit

3 YTD Sep 2012 vs Financial Highlights 2,000,000 1,800,000 1,600,000 1,400, vs 2011 Revenue (in QR Millins) +4% 700, , , vs 2011 Net Prfit (in QR Millins) +9% 1,200,000 1,000, , , , ,000 +2% -2% +10% 400, , , ,000 +8% +0% +18% - Q1 Q2 Q3 YTD - Q1 Q2 Q3 YTD

4 YTD Sep 2012 vs Cmparisn (All amunts in QR 000 s, unless therwise nted) Variance OPERATING REVENUE 1,750,583 1,690,854 59,729 Salaries, Wages & Benefits (392,225) (346,920) (45,305) Operating Supplies & Expenses (571,771) (619,775) 48,004 Rent Expense (44,657) (45,079) 422 Depreciatin & Amrtizatin (190,507) (209,635) 19,128 Other Operating Expenses (99,445) (88,275) (11,170) OPERATING EXPENSES (1,298,605) (1,309,684) 11,079 OPERATING PROFIT 451, ,170 70,808 Finance Csts (36,041) (29,807) (6,234) Finance Incme 39,518 33,682 5,836 Prfit n dispsal f Prperty, Vessels & Equip 4,583 4, Share Results f Assciates 171, ,427 (15,789) Misc Incme 11,599 11, Impairment f AFS Investments (4,802) (619) (4,183) NON- OPERATING INCOM E/(EXPENSE) 186, ,087 (19,592) NET INCOME 638, ,257 51,216 Nn- Cntrlling Interest (1,038) (2,900) 1,862 PROFIT FOR THE PERIOD 637, ,357 53,078 4

5 Pillar Overview Milaha Maritime & Lgistics Prt Services Cntainer Shipping Lgistics Bulk Shipping Asset Management Shipyard Shipping Agencies Milaha Offshre Halul Offshre Services Milaha Gas & Petrchem 30% Share f Nakilat Qatar Shipping (maritime activities nly) Milaha Trading Travel & Turism Equipment Trading Agency Marine Equipment Sales & Service Bunker Sales Service/Repair Center Milaha Capital Equities Prtfli Real Estate Investments 50% Share f Qatar Quarries 5

6 Cnslidated Statement f Incme, by Pillar YTD Sep 2012 (All amunts in QR 000 s, unless therwise nted) Cnslidated Statement f Incme, by Pillar 9 Mnths Ended, Sep 30, 2012 Maritime & Gas & Eliminatins/ Lgistics Offshre Petrchem Trading Capital Crprate Adjustments Cnslidated Operating Revenue 620, , , , ,702 - (235,642) 1,750,583 Salaries, Wages and Benefits (145,051) (127,606) (52,357) (8,989) (12,552) (46,360) 690 (392,225) Operating Supplies and Expenses (227,823) (103,414) (53,719) (279,309) (125,549) (2,414) 220,457 (571,771) Rent Expenses (4,388) (5,592) (873) (1,050) (36,383) (9,336) 12,965 (44,657) Depreciatin and Amrtisatin (49,966) (53,680) (58,189) (791) (25,919) (1,962) - (190,507) Other Operating Expenses (57,939) (20) (4,528) (2,702) (10,793) (24,994) 1,530 (99,445) OPERATING PROFIT 135, ,407 6,461 18, ,505 (85,066) - 451,977 Finance Csts (8,414) (5,278) (9,684) (60) (12,605) (1) - (36,041) Finance Incme - 1,197 16,802-21, ,518 Gain n Dispsal f Prperty, Vessels and Equipment 223 4, (7) - - 4,583 Share f Results f Assciates ,151 - (0) ,638 Miscellaneus Incme 2, ,676 3,913 3, ,599 Impairment f Available- fr- Sale I nvestments (4,802) - - (4,802) Expense Allcatin frm Milaha Crprate (52,821) (9,963) (8,923) (6,586) (6,774) 85,067 - (0) PROFIT FOR THE PERIOD 76, , ,482 15, , ,472 Nn-cntrlling interest (1,038) - - (1,038) NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 76, , ,482 15, , ,433 6

7 Cnslidated Statement f Incme, by Pillar YTD Sep 2011 (All amunts in QR 000 s, unless therwise nted) Cnslidated Statement f Incme, by Pillar 9 Mnths Ended, Sep 30, 2011 Maritime & Gas & Eliminatins/ Lgistics Offshre Petrchem Trading Capital Crprate Adjustments Cnslidated Operating Revenue 505, , , , ,039 - (119,097) 1,690,853 Salaries, Wages and Benefits (129,311) (119,509) (47,310) (8,532) (10,466) (32,014) 223 (346,920) Operating Supplies and Expenses (178,724) (82,850) (46,476) (320,934) (92,132) (1,858) 103,200 (619,774) Rent Expenses (4,922) (5,615) (1,276) (1,188) (36,492) (10,958) 15,371 (45,079) Depreciatin and Amrtisatin (55,421) (49,901) (71,486) (541) (30,078) (2,208) - (209,635) Other Operating Expenses (48,561) (4) (6,283) (2,212) (9,206) (22,312) 303 (88,276) OPERATING PROFIT 88, ,744 9,673 16, ,665 (69,351) - 381,169 Finance Csts (7,155) (1,759) (12,617) (76) (8,200) - - (29,807) Finance Incme - 2,187 21,243-10, ,682 Gain n Dispsal f Prperty, Vessels and Equipment - 3, ,028 Share f Results f Assciates (129) - 187,556 - (0) ,427 Miscellaneus Incme 3, ,213 2, ,376 Impairment f Available- fr- Sale I nvestments (619) - - (619) Expense Allcatin frm Milaha Crprate (41,735) (8,629) (7,849) (5,544) (5,593) 69,351-0 PROFIT FOR THE PERIOD 43, , ,218 13, , ,256 Nn-cntrlling interest (2,900) - - (2,900) NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 43, , ,218 13, , ,356 7

8 Pillar Perfrmance YTD 23% Revenue Grwth and 77% Net Prfit Grwth vs. YTD Sep 2011 Driven by strng revenue grwth in Prt Services, mainly attributable t additinal revenue streams frm the Qatar Prt Management C (QPMC) cntract t manage Dha Prt Increase in Cntainer Shipping revenues, driven by increased vlume and revenue recvery thrugh fuel surcharges Slight year-n-year imprvements in the Shipping Agencies and Shipyard units Lgistics and Bulk Shipping perfrmed cnsiderably wrse, hwever these are relatively smaller units Lgistics hurt by market versupply and lw rates fr land transprt Bulk Shipping revenues lwer due t a ne-time revenue item last year; cntinued weakness in the dry bulk market 8

9 Pillar Perfrmance YTD 2% Decline in Revenue and 30% Decline in Net Prfit vs. YTD Sep 2011 YTD Sep 2011 had nn-recurring mbilizatin revenues fr new cntracts Additinal expenses incurred in stabilizing Saudi Arabia peratins Delays in delivery and deplyment f new vessels leading t lwer revenues and penalties incurred frm charter parties Higher than expected ff-hire time resulting in lwer Q1 revenues Unexpected repair csts 3% Decline in Revenues and 12% Decline in Net Prfit vs. YTD Sep 2011 LPG market rates declined in Q1, but have since rebunded partially 2 prduct tankers cmpleted time charters in mid 2011 at lder higher rates, and renewed n the spt market at much lwer rates Prir perid adjustments, related t dry dcking, increased nn-cash expenditure 9

10 Pillar Perfrmance YTD 11% Decline in Revenues and 12% Increase in Net Prfit vs. YTD Sep 2011 Equipment Sales margins imprved vastly, as in YTD Sep 2011 we sld aged inventry at reduced prices; revenue drpped, but net incme rse Bunker revenues declined significantly year-n-year due t issues, reducing prfits 33% Grwth in Revenues and 53% Grwth in Net Prfit vs. YTD Sep 2011 Liquidated ne fund managed by third party, realizing significant gains Real Estate achieved higher revenues thrugh higher ccupancy rates 10

11 Outlk fr rest f 2012 Macr utlk fr the pillar is dependent n the timing and speed f infrastructure develpment in Qatar and the expansin f the industrial exprts base in Mesaieed. Delayed prject awards will drive increased vlumes but perhaps nt till 2013 Prt vlumes trending upwards, albeit slwly Cautiusly ptimistic utlk fr Shipping Agencies activities, dependent n cntainer vlume recvery and increase in bulk imprts Overall, greater fcus n driving increased peratinal efficiency thrughut the pillar 11

12 Outlk fr rest f 2012 Expected t perfrm better in H and beynd as ne-time issues have been reslved Macr utlk is imprving slightly quarter-t-quarter Hwever, cmpetitin is increasing in the regin Supply-demand imbalances still acute and recvery will be relatively slw Tanker and prduct carrier rate trends are nt encuraging in the shrt term LPG and Ammnia carrier rates are starting t balance 12