You are on page 1of 22

FY2017 Results

February 26, 2018


Our background & development
• Started International • Expanded service
marine transportation route to “the
(“Myanmar route”) Philippines” Established AMAL
Registered capital • Registered capital • Registered capital
increased to 12 MB with registered
increased to 100 MB increased to 110 MB capital of 5 MB

1996 1998 1999 2001 2002 2003 2005 2014 2016

Established AMA Registered capital Expanded service Overall revenues • Transformed to Public Company Limited
with registered increased to 60 MB route to “Vietnam” came from and listed in MAI on 22 December
capital of 1MB International • Registered capital increased to 215.8 MB
transportation • AMAL’s registered capital increased to
190 MB

No. of tankers & tanker trucks


Year 1996 1999 2001 2002 2005 2009 2010 2012 2013 2014 2015 2016 2017
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 Revenue structure 2016 2017
and vegetable oils for the world class
MB % MB %
producers and traders.
International liquid logistic
• Expert of liquid product transportation services
which more than 20 years experience
Service income 667.91 69.25 1,058.69 70.55
• Several routes in SEA, East Asia, and
South Asia Demurrage charge 34.60 3.59 39.08 2.60

Total revenue from tankers


• AMA Logistics (“AMAL”) provides the 702.51 72.84 1,097.77 73.15
service on inland liquid carrier by tank Domestic land logistic services
trucks, mainly loading diesel B100 and
gasoline. Service income 261.94 27.16 402.88 26.85

• Various routes in Thailand with strong Total revenue from tank trucks 261.94 27.16 402.88 26.85
business alliances
Total revenue from services 964.45 100.00 1,500.65 100.00
• Newcomer with a dynamical move

3
Palm oil industry
Global source of production and exporter of palm Major palm oil production countries
Palm oil production growth has been highest in Indonesia Mton
and Malaysia, and the spike is expected to continue.
40

30

20

10

-
Indonesia Malaysia Thai Columbia Nigeria

Source: The Oil Palm, a project of the Malaysian Palm Oil Council (MPOC) 2012 2013 2014 2015 2016 2017
Remark: red color represents the countries the produce palm
Source: www.indexmundi.com

4
Our competitive advantage
Palm oil importers Palm oil exporters
Mton Mton
50 50

40 40

30 30

20 20

10 10
• AMA provides the medium tankers
which are suitable for SEA due to - -
the shallow watercourse. 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

• AMA provides the service in the India Europe China Other Papua New Guinea
areas where they are the center of Pakistan Others Benin Guatemala
production and consumption of the Malaysia Indonesia
world.
Source: www.indexmundi.com

5
A leader of the palm oil transportation

The service provider of vegetable oil


transportation in SEA
No. of Market share
“The Joint Venture Companies between Kuala Lumpur Kepong Berhad, Service provider DWT
Vessels in SEA (%)
registered company in The Stock Exchange of Malaysia and PT Astra
Agro Lestari, registered company in The Stock Exchange of Indonesia” Raffles, Singapore 9 105,886 27.37%

AMA Marine PLC 5 21,005 5.43%

Megaports, Singapore 2 10,468 2.71%

“An International Company Exporting “The Leading Agriculture Business in Asia. Thai Ship owner 3 7,820 2.02%
Consumption Oils and Other Oils” The World Biggest Manufacturer and Samuraya Layer Sentosa -
1 4,718 1.22%
Distributor Palm Oil” Medan, Indonesia
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 Year Year AMA operates the business on marine
built purchased remaining transportation. We provide liquid transportation
services by the standard tankers.
1 Chao Anoma 4,763 1995 2010 7 • Presently, we have 11 tankers.
• We mainly deliver vegetable oil.
2 Primrose 4,908 1992 2012 4
• Our service routes are SEA, East Asia, and South
3 AMA 3,110 1994 2012 6 Asia.
4 Bergprai 3,165 1993 2012 5
5 Meson 4,823 2003 2015 15
Product Delivery
6 Meya 9,942 2007 2016 19
7 Ulaya 13,020 2009 2016 21
8 Alinya 12,999 2009 2017 21 Palm oil,
97%
9 Anika Other
13,250 2008 2017 20
vegetable
10 Salina 13,001 2008 2017 20 oil e.g. soy
bean oil,
11 Alisha 13,221 2008 2018 20 coconut oil,
Total deadweight 96,202 3%

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
10,000
300,000

5,000
150,000

- -
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Non-Public Trucks Personal Trucks Gasoline Diesel

8
Efficient route management
Backhauling Management No. of AMAL’s trucks
Units
AMAL constantly extends the service routes, 180
200
including backhauling services that will
150
continuously drive our revenues. 150
100
100
43
50
5
0
2014 2015 2016 2017 2018f

Product Delivery

Gasoline,
90%

Biodiesel
Manufacturer Bio-diessel
(B100), 10%

9
Our financial highlights
• the highest quarter revenues of the year, with recorded
4Q17 of 454.44 MB
Financial • SG&A expenses grew up by 14.76% YoY
Performance • 32.30% gross profit margin
• 19.71% net profit margin
The highest annual profit in corporate history
FY2017 •
• EBITDA was 538.00 MB, up 66.04% YoY
Financial • Cost of administrative decreased continuously
Performance • 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
Balance •
of 4.60%*
Sheet • ROE was at 12.23%, compared with transportation
sector of 5.76%*
• Continue to make good progress to deliver revenue
Strategy growth
Execution • 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 15.92%
4,000 515.68
3,500

3,000 (0.72%)
2,500 45.66% (14.99)
2,000 530.67
3,755.52
1,500 3,239.84
(330.32%)
1,000 2,077.66 2,062.67
1,692.85 (160.24)
500 1,162.18
48.51
-
(111.73)
(500)
Other Components of
Total Assets Total Liabilities Total Shareholders' Equity
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)

11
Continuing revenues growth
Statements of Comprehensive Income (Consolidated)

Unit: MB
900 40%
32.28% 32.30%
30.00% 29.76%
27.44% 27.67% 26.24%
750 25.46% 30%

18.27% 18.03% 19.71%


600 13.96% 20%
12.65% 11.94% 22.42% 11.01% 454.44
450 386.25 10%
324.11 335.85
265.10 287.36
300 230.40 0%
181.59 171.17
133.35 130.06
150 83.05 92.75 87.91 103.42 -10%
60.31

- -20%
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%

12
The largest quarterly earnings
Statements of Comprehensive Income (Consolidated) Gross Profit Margin
For the three-month periods December 31, 2017
34%
Unit: MB
58.14%
500 167.08 32% 32.30%

400 30% 29.76%

28%
300 2016 2017

454.44 71.64%
200 Net Profit Margin
61.26 161.04% 25%
287.36
55.27
100 20% 19.71%
146.77
15%
85.51 89.59
34.32
- 10% 11.94%
Service Income Gross Profit Net Profit
2016 287.36 85.51 34.32 5%
2017 454.44 146.77 89.59 0%
2016 2017
13
4Q2017 marine services
Statements of Comprehensive Income (Separate) Gross Profit Margin
For the three-month December 31, 2017
36%
Unit: MB 35.64%
63.10%
400 34%
132.23
350
32% 32.26%
300

250 30%
2016 2017
200
80.18%
341.79 Net Profit Margin
150 54.20 198.62% 25%
100 209.56 51.92 22.84%
20%
50 121.80
67.60 78.06
26.14 15%
- 12.48%
Service Income Gross Profit Net Profit
10%
2016 209.56 67.60 26.14
2017 341.79 121.80 78.06 5%
2016 2017
14
4Q2017 inland truck services
Statements of Comprehensive Income Gross Profit Margin
For the three-month period December 31, 2017
23% 22.80%
Unit: MB
44.81%
120 34.86 23%
21.99%
100 22%

80 22%
2016 2017
60
112.65
39.71% Net Profit Margin
40 77.79 11%
7.04 48.04%
3.93 10.75%
20
10.51%
24.77
17.73 8.18 12.11 10%
-
Service Income Gross Profit Net Profit
2016 77.79 17.73 8.18
2017 112.65 24.77 12.11 9%
2016 2017
15
Achieved profitable growth
Statements of Comprehensive Income (Consolidated) Gross Profit Margin
For the year ended December 31, 2017
31%
Unit: MB 30.07%
55.60%
30%
1,600 536.20
29% 28.18%
1,400

1,200 28%

1,000 27%
2016 2017
800
1,500.65 45.83%
Net Profit Margin
600 132.91 71.99%
17%
964.45 105.96
400 16.87%

200 422.93 16%


290.02 253.15
147.19
-
Service Income Gross Profit Net Profit 15% 15.26%
2016 964.45 290.02 147.19
2017 1,500.65 422.93 253.15 14%
2016 2017
16
A new high profit
Statements of Comprehensive Income (Separate) Gross Profit Margin
For the year ended December 31, 2017
33%
Unit: MB 32.16%
56.26%
1,200 395.26 32%
31.00%
1,000 31%

800 30%
2016 2017
600
1,097.77 50.65%
Net Profit Margin
114.42 82.38%
400 22%
702.51 98.45 19.85%
20%
200
340.33
225.91 217.95
119.50 18%
-
Service Income Gross Profit Net Profit
16% 17.01%
2016 702.51 225.91 119.50
2017 1,097.77 340.33 217.95 14%
2016 2017
17
Gross margin dropped from low utilization rate
Statements of Comprehensive Income Gross Profit Margin
For the year ended December 31, 2017
26%
Unit: MB 24.21%
53.81%
24%
450 140.94
400 22% 20.29%

350 20%

300 18%
2016 2017
250

200 402.88 Net Profit Margin


28.87%
150 11%
261.94 18.31 30.91% 10.57%
100
8.56
10%
50 81.73
63.42 27.69 36.25
-
Service Income Gross Profit Net Profit 9% 9.00%
2016 261.94 63.42 27.69
2017 402.88 81.73 36.25 8%
2016 2017
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 ∆ AMAL 2017 2016 ∆

Revenue (MB) 1,097.77 702.51 56.26% Revenue (MB) 402.88 261.94 53.81%

Gross Profit Margin 31.00% 32.16% (1.16%) Gross Profit Margin 20.29% 24.21% (3.92%)

Net Profit Margin 19.85% 17.01% 2.84% Net Profit Margin 9.00% 10.57% (1.57%)

19
2018 acquisition plan
• Buying vessels

Year 2014 2015 2016 2017 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 2016 2017 Oct-18 Nov-18

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) 001-2801 Fax: (662) 001-2800
website: www.amamarine.co.th

For further information and enquiries, please contact our IR


Tel: (662) 001-2801 # 174
email: ir@amamarine.co.th, chayanin.a@amamarine.co.th

You might also like