Qatar Navigation Qsc · QSE:QNNS
Qatar Navigation Qsc — Qatar Navigation (Milaha) — H1 2014 Earnings Presentation
13 slides from Qatar Navigation Qsc's earnings presentation, Jul 23, 2014
Slide 1: H1 2014 Financials Conference Call
H1 2014 Financials Conference Call Jul 23rd, 2014 Doha, Qatar 1
Slide 2: Key Financial Highlights
Key Financial Highlights Confidential ‐ Not for Distribution 2
Slide 3: H1 2014 vs H1 2013
H1 2014 vs H1 2013 (All amounts in QR 000’s, unless otherwise noted) 2014 2013 Variance OPERATING REVENUE 1,244,011 1,240,041 3,970 Revenue Up +0.3% Salaries, Wages & Benefits (308,611) (306,735) (1,876) Operating Supplies & Expenses (386,699) (288,143) (98,556) Rent Expense (28,824) (33,074) 4,25
Slide 4: Pillar Overview
Pillar Overview Milaha Maritime & Logistics Milaha Trading • Port Services • Travel & Tourism • Container Shipping • Equipment Trading Agency • Logistics • Marine Equipment Sales & Service • Bulk Shipping • Bunker Sales • Asset Management • Service/Repair Center • Shipyard • Shipping Agencies
Slide 5: Consolidated Statement of Income, by Pillar – H1 2014
Consolidated Statement of Income, by Pillar – H1 2014 (All amounts in QR 000’s, unless otherwise noted) Maritime & Gas & Eliminations/ Logistics Offshore Petrochem Trading Capital Corporate Adjustments Consolidated Operating Revenue 432,195 234,487 120,882 196,299 371,788 - (111,640) 1,244,011 Salar
Slide 6: Consolidated Statement of Income, by Pillar – H1 2013
Consolidated Statement of Income, by Pillar – H1 2013 (All amounts in QR 000’s, unless otherwise noted) Maritime & Gas & Eliminations/ Logistics Offshore Petrochem Trading Capital Corporate Adjustments Consolidated Operating Revenue 429,900 290,014 81,398 137,038 420,770 - (119,079) 1,240,041 Salari
Slide 7: Pillar Performance
Pillar Performance +1% Revenue Growth and ‐43% Net Profit Decline vs 2013 o Revenue increase of QR 2M driven by: • 9% increased TEU volumes at Doha Port • Increased Import volumes in our Container Shipping unit • Increase in Bulk Shipping unit Chartering‐Out activities OFFSET BY • Much lower Conta
Slide 8: Pillar Performance
Pillar Performance ‐19% Decline in Revenues and ‐74% 49% Growth in Revenues and 60% Growth in Decline in Net Profit vs 2013 Net Profit vs 2013 o Attributable to lower utilisation in o Operating Revenue up from Harbor vessels that Diving Operations unit from: we have been taking possession throug
Slide 9: Pillar Performance
Pillar Performance 43% Growth in Revenues and 115% ‐12% Decline in Revenues and ‐15% Growth in Net Profit vs 2013 Decline in Net Profit vs 2013 o Revenue growth driven by increased o QR (30)M – in Q1 2013, we recorded Equipment and Bunker Sales gain on sale of AFS investments which did not recur
Slide 10: Outlook
Outlook Overall, expect a stronger H2 than H1 Across the segment, clear focus on recovery for rest of 2014; multiple initiatives identified and under execution to control costs and drive incremental revenue Export volumes expected to be back to normal in Q3, and therefore expect a stronger H2
Slide 11: Outlook
Outlook Overall, H2 expected to be significantly better than H1, however recovery insufficient to reach 2013 full year figures Deployment of new vessel DSV Shaddad in Q3 to provide a boost to both top and bottom line in diving services in H2 New vessels (PSV, AHTS) being delivered towards end
Slide 12: Outlook
Outlook Expect rest of 2014 to continue to be strong overall VLGC rates expected to dampen on average (but still strong overall) the rest of the year Jointly owned LNG carriers: limited fluctuation due to long term nature of contracts Fully‐owned product tanker earnings expected to weaken re
Slide 13: Outlook
Outlook Expect to maintain the strong momentum in Listed equity portfolio performance bound by H2 as sales of trucks and heavy equipment Qatar Exchange performance and volatility continue to grow However, Q2 weakness already reversed Strong pipeline of infrastructure projects in July being t
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