Corporate Presentation Oct 2009 Oct 2009 Thoresen Thai Agencies PLC - PowerPoint PPT Presentation

Corporate Presentation Oct 2009 Oct 2009 Thoresen Thai Agencies PLC

Important Notice This presentation is being furnished to you solely for your information and for your use and may not be copied, reproduced or redistributed to any other person in any manner. You agree to keep the contents of this presentation and these materials confidential. Th The information contained in this presentation does not constitute or form any part of any offer or invitation to purchase any securities i f ti t i d i thi t ti d t tit t f t f ff i it ti t h iti and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. This document is for review only by persons who are existing shareholders of Thoresen Thai Agencies Public Company Limited (“TTA”) who are also (I) Non ‐ US persons, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the (“TTA”) h l (I) N US d fi d i R l ti S d th U S S iti A t f 1933 d d (th ʺ Securities Act ʺ ), who are outside the United States, or (II) Persons who are Qualified Institutional Buyers as defined in Rule 144A under the Securities Act. By your acceptance of this document, you acknowledge that you fall within either category (I) or (II) of the prior sentence. Neither this document, in whole or in part, nor any copy thereof may be taken or transmitted to any other person. The distribution of this document to other persons or in other jurisdictions may be restricted by law, and persons into whose possession this p j y y p p document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the federal securities laws of the United States and the laws of other jurisdictions. This presentation has been prepared on the basis of publicly available information and information confidential to TTA. Except as required by law, none of TTA or its advisers or their and their affiliates ʹ respective officers, employees, agents and consultants make any representation or warranty as to the accuracy or completeness of the contents of this presentation, and take no responsibility for any loss or damage suffered as a result of any omission, inadequacy, or inaccuracy therein. This document contains forward ‐ looking statements. These statements are subject to certain risks and uncertainties that could cause the performance or achievements of TTA to differ materially from the information set forth herein, although such information reflects forecasts and projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as at the dates thereof and although all reasonable care has been taken to ensure that the facts stated herein are accurate and that the forward ‐ looking statements, opinions and expectations contained herein are based on fair and reasonable assumptions. TTA undertakes no obligation to revise these forward ‐ looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward ‐ looking statements and are advised to make their own independent analysis and determination with respect to the reliance on forward looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect TTA views only as of the date hereof. 2

Agenda � Introduction � Bulk Shipping Operations � Offshore Services � New Acquisitions � Fleet Renewal and Expansion Plan � Conclusion � Appendix 3

I t Introduction to TTA Group d ti t TTA G HK000NDC

TTA: Focused Diversification Strategy A Leading Company in Dry Bulk Shipping and Offshore Services Sectors. Recent Entry into Energy ‐ Related, Logistics & Fertiliser Businesses. One of South East Asia’s Integrated Business Model New Acquisitions with Large One of Thailand’s Leading Largest Diversified Vessel with Extensive Service Synergistic and Expansion Companies Potential Portfolios Network • Owns 100% of Vietnam • Market cap – US$ 551 m (1) • Owner ‐ operator of 36 and • Strong network of offices Baconco, a fertiliser facility time ‐ charterer of 3 dry and booking agents in the • Member of SET 50 Index bulk carriers region • Expand into logistics • Asiamoney “Best Managed business given the facility & g y A ia o ey e a age • Owner ‐ operator of 5 • Long relationships with O t f 5 L l ti hi ith its proximity to the Baria Mid ‐ Cap Company” in vessels and time ‐ charterer large international ship ‐ Serece port with no Thailand ‐ 2007 of 2 offshore service broking companies and additional investment vessels via Mermaid + 2 many local shipbrokers • Forbes “Asia Best 200 Under a • Owns 21.2%of Merton more from affiliate AME; Billion” – 2006 • Good direct contact with Group, a concessionaire of G ou a o e io ai e of G d di t t t ith 13,000 hectares of • SET Awards – “Best • Owner ‐ operator of 1 new clients underground coal reserves Performance” in the Service build + 2 tender drilling on Cebu Island, Philippines. Industry group – 2005 rigs via Mermaid • Initial exploratory drilling of I itia e p o ato y d i i g o 45 hectares proved estimated “mineable” reserves of 0.8m ‐ 2.0 m tonnes. Strong expertise and value ‐ added services in selected niche markets Note (1): As of 30 Sep 2009 (using the exchange rate of Bt 33.4217 = US$1.00 quoted by the Bank of Thailand on 30 Sep 2009) 5

TTA: Group Segment Results Contributions from Well Balanced & Diversified 9M 2009 Net Profit Contribution Earnings Base TTA (holding Offshore company and Services Group (1) Baht Million Dry bulk Offshore Shipping inter ‐ Group shipping services services company 24.70% US$ eliminations) 26.54% 39.6 39.6 Revenues 9M 2009 11,300.39 3,998.91 621.25 15,920.55 Million 71.0% 25.1% 3.9% 100.0% Dry Bulk 9M 2008 20,851.08 3,950.24 Shipping 700.87 25,502.19 Shipping Services 81.8% 15.5% 2.7% 100.0% Group 12.24% 12 24% 36.53% Lightship 9M 2009 1,015,405 81,417 N/A 1,096,822 100.0% (Tonnage*) 92.6% 7.4% USD (millions) FY 2008 9M 2009 TTA (holding company & 1,060,824 9M 2008 79,635 N/A 1,140,459 (10.54) ( ) 10.52 i inter ‐ company eliminations) li i i ) 7.0% 93.0% 100.0% Dry Bulk Shipping 244.19 14.48 Net profits 9M 2009 492.83 333.23 164.91 518.34 49.7% 33.7% 16.6% 100% Offshore Services Group 16.83 9.79 9M 2008 6,442.86 385.35 166.27 6,994.48 92.1% 5.5% Shipping Services 7.43 4.85 2.4% 100.0% Total 257.90 39.64 Declining dry bulk shipping tonnage ownership in line with demand fall Note: As of 30 Jun 2009 (using the exchange rate of Bt 34.03= US$1.00 quoted by the Bank of Thailand on 30 Jun 2009); * Current owned fleet 6

Strong and Diversified Portfolio of Clients Diversified Client Portfolio for Both Dry Bulk Shipping and Offshore Services Business Diversified Dry Bulk Client Base Offshore Blue Chip Client Portfolio � � Diversified client base of over 450 clients � � Top 10 dry bulk clients accounted for 45.61% of total freight revenues in 9M 2009 � Top 10 dry bulk clients percentage of total freight revenues in 9M 2009 ranged from 1.49% to 26.35% � Revenue streams more transparent and less volatile due to diversified dry bulk client base client base 7

TTA: Vigilant with Core Competencies while Proactively Searching for Synergy ‐ Enhancing Diversifications Diversifications • Diversified businesses with niche focus • Operational strategy within each business to ensure “balance and diversification” of cash flows • High degree of fleet ownership (36) & near term expiry of chartered in High degree of fleet ownership (36) & near term expiry of chartered ‐ in vessels (3) • Low cost operating structure TTA’s TTAs • Strong cash position competitive advantage in • Conservative gearing current • Access to further funding f h f d down ‐ cycle • Firm fleet renewal plan to ensure efficient fleet profile • • Ability to diversify & grow through asset acquisitions and M&A Ability to diversify & grow through asset acquisitions and M&A • Selective and disciplined approach to expansion • Small initial investments with large future expansion potential Small initial investments with large future expansion potential • Assets operating at high utilisations with minimal down time 8

Growth Strategy Rationalisation and expansion of Transport, Energy and Infrastructure business & assets Continued operational Focused investment Focused investment diversification across diversification across and fleet renewal plan each business group Use of IT to improve Maximising useful life operational efficiency i l ffi i of the assets and decision making Achieve growth diversification and balance across three core business groups 9