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FY2017 ResultsFebruary 26, 2018
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Our background & development
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
1996 1998 1999 2001 2002 2003 2005 20162014
Established AMA with registered capital of 1MB
Registered capital increased to 12 MB
Registered capital increased to 60 MB
• Started International marine transportation (“Myanmar route”)
• Registered capital increased to 100 MB
Expanded service route to “Vietnam”
• Expanded service route to “the Philippines”
• Registered capital increased to 110 MB
Overall revenues came from International transportation
Established AMAL with registered capital of 5 MB
• 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
No. of tankers & tanker trucks
• 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 2016 2017
MB % MB %
International liquid logistic services
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
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Our business portfolio
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Palm oil industry
Source: The Oil Palm, a project of the Malaysian Palm Oil Council (MPOC)Remark: red color represents the countries the produce palm
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.
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10
20
30
40
Indonesia Malaysia Thai Columbia Nigeria
Mton
Major palm oil production countries
2012 2013 2014 2015 2016 2017
Source: www.indexmundi.com
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Our competitive advantage
Source: www.indexmundi.com
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10
20
30
40
50
2012 2013 2014 2015 2016 2017
Mton
Palm oil exporters
Other Papua New GuineaBenin GuatemalaMalaysia Indonesia
• AMA provides the medium tankers which are suitable for SEA due to the shallow watercourse.
• AMA provides the service in the areas where they are the center of production and consumption of the world.
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10
20
30
40
50
2012 2013 2014 2015 2016 2017
Mton
Palm oil importers
India Europe China
Pakistan Others
Service provider No. of Vessels DWT Market share
in SEA (%)
Raffles, Singapore 9 105,886 27.37%
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%
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A leader of the palm oil transportation
The service provider of vegetable oil transportation in SEA
“An International Company Exporting
Consumption Oils and Other Oils”
“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”
“The Leading Agriculture Business in Asia.
The World Biggest Manufacturer and
Distributor Palm Oil”
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.
No Vessels DWT Year built
Year purchased
Year remaining
1 Chao Anoma 4,763 1995 2010 7
2 Primrose 4,908 1992 2012 4
3 AMA 3,110 1994 2012 6
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
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Our marine services
Palm oil, 97%Other
vegetable oil e.g. soy bean oil,
coconut oil, 3%
Product Delivery
-
150,000
300,000
450,000
600,000
750,000
900,000
2013 2014 2015 2016 2017
Units
No. of truck registered in Thailand
Non-Public Trucks Personal Trucks
8
Growing fuel consumption from rising vehicles
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5,000
10,000
15,000
20,000
25,000
2013 2014 2015 2016 2017
M liters
Domestic fuel consumption
Gasoline Diesel
5
43
100
150180
0
50
100
150
200
2014 2015 2016 2017 2018f
Units
No. of AMAL’s trucks
9
Gasoline, 90%
Bio-diessel (B100), 10%
Product Delivery
Efficient route management
Backhauling Management
AMAL constantly extends the service routes, including backhauling services that will continuously drive our revenues.
Biodiesel Manufacturer
4Q17Financial Performance
• 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
FY2017 Financial Performance
• 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
Balance Sheet
• 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%*
Strategy Execution
• Continue to make good progress to deliver revenue growth
• Acquire 3 tankers• Acquire 50 tank trucks
Our financial highlights
*source: SET, as of 9M1710
Total Assets Total Liabilities Total Shareholders' Equity Other Components ofEquity
2016 3,239.84 1,162.18 2,077.66 48.512017 3,755.52 1,692.85 2,062.67 (111.73)
3,239.84
1,162.18
2,077.66
48.51
3,755.52
1,692.85 2,062.67
(111.73) (500)
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500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Unit: MB
Statements of Financial Position (Consolidated)As at December 31, 2017
15.92%515.68
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The bigger assets, the larger incomes
45.66%530.67
(0.72%)(14.99)
(330.32%)(160.24)
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17Service Income 181.59 230.40 265.10 287.36 324.11 335.85 386.25 454.44EBIDA 60.31 83.05 92.75 87.91 133.35 103.42 130.06 171.17GP 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%
181.59 230.40 265.10 287.36 324.11 335.85
386.25 454.44
60.31 83.05 92.75 87.91 133.35 103.42 130.06
171.17
27.44% 30.00% 32.28% 29.76% 27.67% 26.24% 25.46%
32.30%
12.65%18.27% 18.03%
11.94% 22.42% 11.01%13.96%
19.71%
-20%
-10%
0%
10%
20%
30%
40%
-
150
300
450
600
750
900
Unit: MB
Statements of Comprehensive Income (Consolidated)
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Continuing revenues growth
Service Income Gross Profit Net Profit2016 287.36 85.51 34.322017 454.44 146.77 89.59
287.36
85.51 34.32
454.44
146.77 89.59
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100
200
300
400
500
Unit: MB
Statements of Comprehensive Income (Consolidated)For the three-month periods December 31, 2017
58.14%167.08
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The largest quarterly earnings
71.64%61.26 161.04%
55.27
29.76%
32.30%
28%
30%
32%
34%
2016 2017
Gross Profit Margin
11.94%
19.71%
0%
5%
10%
15%
20%
25%
2016 2017
Net Profit Margin
Service Income Gross Profit Net Profit2016 209.56 67.60 26.142017 341.79 121.80 78.06
209.56
67.60 26.14
341.79
121.80 78.06
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50
100
150
200
250
300
350
400
Unit: MB
Statements of Comprehensive Income (Separate)For the three-month December 31, 2017
63.10%132.23
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4Q2017 marine services
80.18%54.20 198.62%
51.92
32.26%
35.64%
30%
32%
34%
36%
2016 2017
Gross Profit Margin
12.48%
22.84%
5%
10%
15%
20%
25%
2016 2017
Net Profit Margin
Service Income Gross Profit Net Profit2016 77.79 17.73 8.182017 112.65 24.77 12.11
77.79
17.73 8.18
112.65
24.77 12.11
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20
40
60
80
100
120
Unit: MB
Statements of Comprehensive Income For the three-month period December 31, 2017
44.81%34.86
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4Q2017 inland truck services
39.71%7.04 48.04%
3.93
22.80%
21.99%
22%
22%
23%
23%
2016 2017
Gross Profit Margin
10.51%10.75%
9%
10%
11%
2016 2017
Net Profit Margin
Service Income Gross Profit Net Profit2016 964.45 290.02 147.192017 1,500.65 422.93 253.15
964.45
290.02 147.19
1,500.65
422.93 253.15
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200
400
600
800
1,000
1,200
1,400
1,600
Unit: MB
Statements of Comprehensive Income (Consolidated)For the year ended December 31, 2017
55.60%536.20
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Achieved profitable growth
45.83%132.91 71.99%
105.96
30.07%
28.18%
27%
28%
29%
30%
31%
2016 2017
Gross Profit Margin
15.26%
16.87%
14%
15%
16%
17%
2016 2017
Net Profit Margin
Service Income Gross Profit Net Profit2016 702.51 225.91 119.502017 1,097.77 340.33 217.95
702.51
225.91 119.50
1,097.77
340.33 217.95
-
200
400
600
800
1,000
1,200
Unit: MB
Statements of Comprehensive Income (Separate)For the year ended December 31, 2017
56.26%395.26
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A new high profit
50.65%114.42 82.38%
98.45
32.16%
31.00%
30%
31%
32%
33%
2016 2017
Gross Profit Margin
17.01%
19.85%
14%
16%
18%
20%
22%
2016 2017
Net Profit Margin
Service Income Gross Profit Net Profit2016 261.94 63.42 27.692017 402.88 81.73 36.25
261.94
63.42 27.69
402.88
81.73 36.25 -
50
100
150
200
250
300
350
400
450
Unit: MB
Statements of Comprehensive Income For the year ended December 31, 2017
53.81%140.94
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Gross margin dropped from low utilization rate
28.87%18.31 30.91%
8.56
24.21%
20.29%
18%
20%
22%
24%
26%
2016 2017
Gross Profit Margin
10.57%
9.00%
8%
9%
10%
11%
2016 2017
Net Profit Margin
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2017 key financial matrixKey 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%)
• Buying vessels
• Buying tank trucks
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2018 acquisition plan
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
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
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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
DebtEquity Cash
AMA Marine Public Company Limited33/4 the 9th Towers, Room #TNA02, 33rd Floor, Tower A, Rama 9 Road, Huaykwang, Bangkok 10300 ThailandTel: (662) 001-2801 Fax: (662) 001-2800website: www.amamarine.co.th
For further information and enquiries, please contact our IRTel: (662) 001-2801 # 174email: [email protected], [email protected]
Q & A