THE PREMUDA GROUPTHE PREMUDA GROUP
September 2004
OwnershipOwnershipPre
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Pre
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Floating 48%Navigazione Italiana 29%
AssicurazioniGenerali 13%
Navigazione Italiana is entrusted by the shareholders with the day-to-day running of the Group and in this capacity appoints the
CEO.
DufercoItalia Holding 10%
Group’s Corporate HoldingsGroup’s Corporate HoldingsPre
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Pre
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Premuda SpaPremuda Spa
Premuda International SahLuxembourg
Premuda International SahLuxembourg
Premuda Tankers SpaGenoa
Premuda Tankers SpaGenoa
100% 100%
Group’s Corporate Holdings Group’s Corporate Holdings Pre
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Pre
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Premuda International SAHLuxembourg
Premuda International SAHLuxembourg
Shipowning company
Commercial companyHolding company
Premuda (Atlantic) Inc. HoustonPremuda (Atlantic) Inc. Houston
Premuda (Asia) Sdn BhdKuala LumpurPremuda (Asia) Sdn BhdKuala Lumpur
Premuda (Monaco) SAM MonacoPremuda (Monaco) SAM Monaco
Brig Shipping Lda - Madeira m/c Four Brig (on sale)
Brig Shipping Lda - Madeira m/c Four Brig (on sale)
Premuda Bulk Navegacao Lda - Madeira m/n Four Iron - m/n Four Sterling - m/n Four Euro
Premuda Bulk Navegacao Lda - Madeira m/n Four Iron - m/n Four Sterling - m/n Four Euro
Ship-management company
90%
45%
100%
100%
Panamax Navegacao - Madeira m/c Four Ketch
Panamax Navegacao - Madeira m/c Four Ketch
Moon Shipping Servicos e Navegacao LdaMadeira TBN Aframax 113,000 dwt ICE ClassTBN Aframax 113,000 dwt ICE class
Moon Shipping Servicos e Navegacao LdaMadeira TBN Aframax 113,000 dwt ICE ClassTBN Aframax 113,000 dwt ICE class
Four Vanguard Servicos e Navegacao Lda - Madeira - FPSO Four Vanguard
Four Vanguard Servicos e Navegacao Lda - Madeira - FPSO Four Vanguard
Sider Navegacao Lda - Madeira m/n Sider Gulf - m/n Sider Bay m/n Sider Venture - m/n Sider Glory
Sider Navegacao Lda - Madeira m/n Sider Gulf - m/n Sider Bay m/n Sider Venture - m/n Sider Glory
Premuda Chartering Navegacao Lda – MadeiraPremuda Chartering Navegacao Lda – Madeira
100%
50%
100%
90%
50%
75%
Jep Navegacao Lda - Madeira TBN Aframax 105,000 dwt
Jep Navegacao Lda - Madeira TBN Aframax 105,000 dwt
Australian FPSO Management Pty Ltd PerthAustralian FPSO Management Pty Ltd Perth
90%
100%
Alcide Ezio Rosina (71)Alcide Ezio Rosina (71)
President and Managing Director Premuda SpAC.E.O. of the Group
Stefano Rosina (43)Stefano Rosina (43) President Premuda International Sah
Managing Director Premuda Tankers SpAC.O.O. of the Group
Marco Tassara (43)Marco Tassara (43)General Manager Premuda SpA
C.F.O. of the Group
Federico Beltrami (44)Federico Beltrami (44)Fleet DirectorP
rem
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Senior ManagementSenior Management
THE PREMUDA FLEETTHE PREMUDA FLEET
Fleet SummaryFleet SummaryPre
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Pre
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da Premuda controls a fleet ofPremuda controls a fleet of
28 vessels totaling28 vessels totaling 1,959,0001,959,000 DWTDWT
13 Tankers 13 Tankers 11 Bulk carriers11 Bulk carriers1 Floating production storage 1 Floating production storage
offloading unitoffloading unit3 Tankers on order 3 Tankers on order
Premuda controls a fleet ofPremuda controls a fleet of
28 vessels totaling28 vessels totaling 1,959,0001,959,000 DWTDWT
13 Tankers 13 Tankers 11 Bulk carriers11 Bulk carriers1 Floating production storage 1 Floating production storage
offloading unitoffloading unit3 Tankers on order 3 Tankers on order
TankersTankers Pre
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Pre
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da Four Sun *Four Sun * 2003 2003 160,000 DWT160,000 DWT
Four Smile *Four Smile * 2001 2001 160,000 DWT160,000 DWTFour IslandFour Island 19951995 94,000 DWT 94,000 DWTFour BayFour Bay 19951995 94,000 DWT 94,000 DWT FramuraFramura 19931993 94,000 DWT 94,000 DWTFour SpringsFour Springs 19921992 94,000 DWT 94,000 DWTFour Ketch * Four Ketch * 20032003 73,100 DWT 73,100 DWTFour Brig **Four Brig ** 20002000 73,100 DWT 73,100 DWTFour Schooner * Four Schooner * 2000 2000 73,100 73,100 DWTDWTFour MoonFour Moon 1984/20021984/2002 65,100 DWT 65,100 DWTFour EtoilesFour Etoiles 19841984 54,500 DWT 54,500 DWTFour Glens * Four Glens * 1981/881981/88 51,300 DWT 51,300 DWT
Four Lochs * Four Lochs * 1981/88 1981/88 51,300 51,300 DWTDWT
total 1,137,500 DWT
(*): on long term charter - (**): on sale for delivery within september 2004(*): on long term charter - (**): on sale for delivery within september 2004
Bulk CarriersBulk CarriersPre
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Four Coal Four Coal 2000 2000 74,400 DWT74,400 DWTFour Steel * Four Steel * 1999 1999 74,400 DWT74,400 DWTFour Sterling Four Sterling 1993 1993 69,600 DWT69,600 DWTFour Iron Four Iron 1987 1987 67,400 67,400 DWT DWT Four EuroFour Euro 1984 1984 64,200 DWT64,200 DWTSider GlorySider Glory 1978/1989 1978/1989 10,600 DWT10,600 DWTSider PonzaSider Ponza 2002 2002 10,300 DWT10,300 DWTSider CapriSider Capri 2002 2002 10,300 DWT10,300 DWTSider BaySider Bay 1991 1991 5,200 DWT 5,200 DWTSider GulfSider Gulf 1990 1990 5,200 DWT 5,200 DWTSider VentureSider Venture 1999 1999 4,900 DWT 4,900 DWT
total 396,500 DWT
(*): on long term charter (*): on long term charter
F.P.S.O.F.P.S.O. Pre
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Pre
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unitunit
Four VanguardFour Vanguard 1992/2003 1992/2003 94.000 94.000 DWTDWT
Vessels Under ConstructionVessels Under Construction Pre
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Pre
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da Aframax tankers Aframax tankers
TBN TBN 2005 2005 105.000 DWT 105.000 DWT
Ice Class Ice Class TBN TBN 20062006 113.000 DWT 113.000 DWTIce Class Ice Class TBN TBN 20062006 113.000 DWT 113.000 DWT
total 331.000 DWT
THE MARKETTHE MARKET
Source: Clarkson Research Studies
Tanker FleetTanker FleetPre
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Pre
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VLCC:VLCC: over 200.000 DWT
Suezmax*: Suezmax*: 110/200.000 DWT
Aframax*:Aframax*: 80/110.000 DWT
Panamax*:Panamax*: 50/80.000 DWT
Handy:Handy: up to 50.000 DWT
* sectors where Premuda operates
Vessel TypeVessel Type SizeSize
VLCC:VLCC: over 200.000 DWT
Suezmax*: Suezmax*: 110/200.000 DWT
Aframax*:Aframax*: 80/110.000 DWT
Panamax*:Panamax*: 50/80.000 DWT
Handy:Handy: up to 50.000 DWT
* sectors where Premuda operates
0
20
40
60
80
100
120
140
Dw
t (m
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VLCC Suezmax Aframax
Panamax Handy
Order Book Sept. 2004
Type Mil Dwt % of fleetVLCC 27.5 21.3%Suezmax 13.2 29.1%Aframax 17.8 29.2%Panamax 9.3 57.1%Handy 19.4 30.0%
Total 87.2 27.6%
World Tanker Fleet – Age ProfileWorld Tanker Fleet – Age ProfilePre
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Pre
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Pre
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Pre
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Panamax Tanker Fleet - Age Profile Panamax Tanker Fleet - Age Profile
0
200
400
600
800
1.000
1.200
1.400
1.600
1.80019
74 a
nd
pre
v
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
> 20 years 36%> 25 years 5%
DWT (thousands)
Pre
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0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,00019
74 a
nd
pre
v
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
Aframax Tanker Fleet - Age Profile Aframax Tanker Fleet - Age Profile
> 20 years 13%> 25 years 5%
DWT (thousands)
Pre
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Pre
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0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,50019
74 a
nd
pre
v
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
Suezmax Tanker Fleet - Age Profile Suezmax Tanker Fleet - Age Profile
> 20 years 12%> 25 years 6%
DWT (thousands)
Annual Tanker Earnings VolatilityAnnual Tanker Earnings VolatilityMeasured as annual % change in average daily earningsMeasured as annual % change in average daily earnings
Year Panamax Aframax Year Panamax Aframax SuezmaxSuezmax
(*) until 10th september 2004
- 19%
133%
- 7%
- 37%
74%
- 3%
- 15%
149%
- 6%
- 38%
76%
14%
- 26%
171%
- 24%
- 24%
111%
46%
Pre
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Pre
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1999
2000
2001
2002
2003
2004*
Pre
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Pre
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0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
1998 1999 2000 2001 2002 2003 Sept. 04
Average Earnings in USD per Day Average Earnings in USD per Day World tanker fleet World tanker fleet
Panamax
Suezmax
Aframax
Bulk Carrier FleetBulk Carrier FleetPre
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Pre
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Capesize:Capesize: over 80.000 DWT
Panamax*: Panamax*: 50/80.000 DWT
Handymax:Handymax: 35/50.000 DWT
Handy **:Handy **: up to 35.000 DWT
* sector where Premuda operates directly** including multipurpose bulk carriers (not directly operated by
Premuda)
Vessel Type Vessel Type SizeSize
Capesize:Capesize: over 80.000 DWT
Panamax*: Panamax*: 50/80.000 DWT
Handymax:Handymax: 35/50.000 DWT
Handy **:Handy **: up to 35.000 DWT
* sector where Premuda operates directly** including multipurpose bulk carriers (not directly operated by
Premuda)
World Bulk Carrier FleetWorld Bulk Carrier FleetPre
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Pre
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End 2000
DWT Millions
2001 2002 Sept. 2004ORDER BOOK SEPT. 1, 04
dwt millions % of fleet
86.8
65.0
45.5
77.4
274.7
90.2
71.2
49.3
75.5
286.2
93.1
74.0
53.1
74.5
294.7
98.1
75.4
56.0
73.8
303.3
2003
CAPESIZE
PANAMAX
HANDYMAX
HANDYSIZE
Total
103.2
79.0
58.0
74.0
314.3
28.0
15.8
13.6
5.0
62.3
27.1
%
19.9
%
23.4
%
6.8%
19.8
%
Panamax Bulker Fleet - Age Profile Panamax Bulker Fleet - Age Profile Pre
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Pre
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0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
1974
and
pre
v
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
> 20 years 24%> 25 years 4%
000 DWT
Pre
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Pre
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Average Earning in USD per Day Average Earning in USD per Day Panamax bulk carriers Panamax bulk carriers
years Earnings per day years Earnings per day
$/d
5.686
6.370
10.843
8.921
7.284
19.091
32.554
(*) until 10th september 2004
1998
1999
2000
2001
2002
2003
2004*
12 %
70 %
- 18 %
- 18 %
162 %
71 %0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
1997 1998 1999 2000 2001 2002 2003 2004
Panamax
FINANCIAL DATAFINANCIAL DATA
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Group Group ResultResult ( (2000 – 2003)2000 – 2003)
During this 4 year period the Group recorded: Net profit of € 66.0 million Cash Flow of € 140.0 million Dividend payments of € 12.6 million
Net equity increase (after dividend payments) of € 54.3 million (86%) A 11 for 10 share distribution in 2000 and 2001
In addition, the Group declared a dividend of € 5.0 million in 2003 which was paid in May 2004.
Consolidated Balance Sheet (Dec 31, 2003) Consolidated Balance Sheet (Dec 31, 2003)
Pre
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Pre
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€/mil 403.8
5.8% Other fixed assets
€/mil 24.9
5.7% Short term net debt €/mil 25.3
55.6% Long term debt
€/mil 238.4
31.6% Net equity €/mil 135.0
7.0% Bonds €/mil 30.0
LIABILITIES & SHAREHOLDERS EQUITY
ASSETS
Consolidated Balance Sheet (June 30, 2004) Consolidated Balance Sheet (June 30, 2004)
Pre
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Pre
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€/mil 340.7
Of which €/mil 18.5 under construction
5.9% Other fixed assets
€/mil 21.3
5.9% Short term net debt €/mil 21.6
46.9% Long term debt
€/mil 169.6
38.9% Net equity €/mil 140.8
8.3% Bonds €/mil 30.0
LIABILITIES & SHAREHOLDERS EQUITY
ASSETS
Pre
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Consolidated Income StatementConsolidated Income Statement
TurnoverOperating expense (incl. G&A)
Operating resultDepreciation
Net financial charges Exceptional items
Result before taxationTaxation
Net result for the year
Minority interests
Group’s net result
at 30.06.04
101.8
(63.0)
38.8(18.0)
1.9
0.3
23.0..
23.0
4.5
18.5
2002
138.0
(118.4)
19.6(11.7)
4.0
(1.3)
10.61.6
12.2
..
12.2
2000
140.3
(90.2)
50.1(15.1)
(14.8)
(3.9)
16.3(1.7)
14.6
0.3
14.3
2001
191.4
(134.6)
56.8 (17.8)
(11.7)
(2.2)
25.1(1.2)
23.9
0.1
23.8
2003
161.4
(120.3)
41.1(28.3)
(0.1)
2.4
15.10.2
15.3
3.2
12.1
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Pre
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Financial Highlights Premuda GroupFinancial Highlights Premuda Group
Total assets 382.8 462.6 378.9 293.4 332.5
Net fixed assets 362.0 428.7 371.2 261.3296.7
Debts and other
net liabilities 221.2 293.7 251.5 146.7 205.9
Net equity (*) 128.3 117.4 116.4 114.5 89.8
EBITDA 39.1 43.5 18.3 54.6 46.3
Operating results 38.8 41.2 19.6 56.8 50.1
Depreciation 18.0 28.3 11.7 17.8 15.1
Result (before taxes) 23.0 15.1 10.6 25.1 16.3
Cash flow (before taxes) 41.0 43.4 22.3 42.9 31.4
June 30, 04 2003 2002 2001 2000
(*) Net of minority interests
Personnel:
- staff ashore 78 66 62 68 61
- seafarers 346 389 287 403 445
Total 424 455 349 471 506
Fleet utilization (in %):
- commercial operations 91 89 96 85 95
- awaiting employment 1 3 3 4 1
- technical off hire 8 8 1 11 4
Total 100 100 100 100 100Pre
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Highlights Premuda GroupHighlights Premuda Group
June 30, 04 2003 2002 2001 2000
Indebtedness as of June 30, 04 Average all inclusive rate
- in Euro 66.2% 4.05%
- in USD 33.8% 3.61%
100.0% 3.90%
Net debt/maturity at June 30, 04 (€/ mil)
- within 1 year 52.8
- from 1 to 5 years 101.0
- over 5 years 68.6
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Highlights Premuda GroupHighlights Premuda Group
Debt/equity 1.52 2.07 1.82 1.19 2.18
Nr. of issued shares (mil) 111.8 62.1 62.1 62.156.5
Net equity per share (€)1.15 1.89 1.87 1.85 1.60
June 30, 04 2003 2002 2001 2000
STOCK MARKET STOCK MARKET PERFORMANCE PERFORMANCE
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Premuda OrdPremuda Ord
PREMUDA Ord
0,40
0,60
0,80
1,00
1,20
Euro
-
250.000
500.000
750.000
1.000.000
1.250.000
1.500.000
Volume Off icial price Last 21 days average
Pre
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Pre
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Premuda Ord and MibtelPremuda Ord and Mibtel
PREMUDA Ord & MibtelIndex 1.1.2003 = 100
80
100
120
140
160
180
Index premuda 2003 Index Mibtel 2003
0
50
100
150
200
250
300
Premuda
NavigazioneMontanari
Grandi Navi Veloci
Mibtel
Pre
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Pre
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Stock Performances Stock Performances Italian Listed Shipping Companies Italian Listed Shipping Companies
Index 01.01.2000 = 100
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Pre
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Performances titolo azionario Performances titolo azionario
Premuda
%+ 56,05+ 7,11- 5,44
+ 27,14+ 30,11
Indice Mibb
%+ 5,37- 25,10- 23,74+ 14,92- 3,96
Premuda anno 2000anno 2001anno 2002anno 20031° bim. 2004
I dividendi pagati nel quadriennio sono stati pari a €/mil 12,6 (19% dell’utile netto).
Nel febbraio 2000 e nel maggio 2001 si sono inoltre perfezionati due aumenti gratuiti del Capitale Sociale, ciascuno con l’assegnazione di una azione ogni dieci possedute.
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Comparative Performance Comparative Performance Public Italian Shipping CompaniesPublic Italian Shipping Companies
Stock Performanc
e
%+ 56.05
+ 7.11 - 5.44
+ 27.14+ 41.39
-- 16.39+ 5.64+ 29.06+ 17.88
- 23.16- 14.03- 29.85+ 7.48+ 51.37
+ 5.37- 25.10- 23.74 + 14.92+ 3.40
Volatility
%45.7430.3223.1119.3730.78
37.4525.5623.3918.1218.27
25.0221.7526.8925.4333.14
19.3322.8020.8014.537.68
Stock Turnover
%120.3838.5525.5835.56
110.11
51.2823.9217.0430.3538.31
35.2114.069.698.41
38.45
-----
Premuda: year 2000year 2001year 2002year 2003 2004 (at 07.31)
Navigazione year 2000Montanari: year 2001
year 2002 year 20032004 (at 07.31)
Grandi Navi year 2000Veloci: year 2001
year 2002year 20032004 (at 07.31)
Indice Mib: year 2000year 2001year 2002year 2003 2004 (at 07.31)
MAIN EVENTSMAIN EVENTS
August 2004:Acquired a 105,000 dwt Aframax tanker to be built by Hyundai Shipyard for delivery mid 2005. Total investment estimated at USD 51 million.
April 2004:In anticipation of increased export of crude oil from the Baltic Sea, Northern Russia nad North East Asia, Premuda ordered two 113,000 dwt ice class Aframax tankers at Samsung Shipyard for delivery second half of 2006. Total investment estimated at USD 115 million.
April 2004: Acquired “Sider Glory”,10.600 dwt minibulker built in 1978/1989 (our interest 50%).
March 2004: Acquired two minibulkers, “Sider Gulf”, 5,200 dwt built in 1991 and “Sider Bay”, 5,200 dwt built in 1990 (our interest 50%).
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Investments 2003 – 2004 Investments 2003 – 2004
December 2003: Increased ownership interest to 100% in three Panamax bulk carriers; “Four Sterling”, 69.600 dwt built in 1993 (from 30%), “Four Euro”, 64.200 dwt built in 1984 (from 30%) and “Four Iron”, 67.400 dwt built in 1987 (from 45%).
November 2003: Acquired “Four Springs”, 94.000 dwt Aframax tanker built in 1992.
August 2003: Acquired “Sider Stream”, 8.500 dwt Minibulk built in 1984 (our interest 50%).
June 2003: Took Delivery of “Four Sun”, 160.000 dwt Suezmax tanker, built at Samsung Shipyard.
May 2003: Acquired “Four Coal”, a 74.400 dwt Panamax bulker, built in 2000.
January 2003: Took delivery of two double hull 73.000 dwt Panamax tankers built at Samsung Shipyard (our interest 50%).
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Investments 2003 - 2004 Investments 2003 - 2004
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Divestments 2003 - 2004Divestments 2003 - 2004July 2004:Sold “Four Brig” – panamax tanker built in 2000, for delivery to buyers within september 2004.
April 2004:Sold our 50% interest in “Sider Stream” - Minibulker built in 1984.
February 2004: Sold our 50% interest in “Four Clipper” and “Four Ketch” - Panamax tankers built in 2003; sold a 25% interest in the Panamax Bulk carriers “Four Sterling”, “Four Euro”, “Four Iron”.
December 2003: Sold our 30% interest in “Unirial” - Panamax bulker built in 1993.
November 2003: Sold our 50% interest in “Sider Star” - minibulker built in 1992.
June 2003:Sold “Four Sun” upon delivery - Suezmax newbuilding.
March 2003: Sold for scrap “Four Astra” - OBO carrier built in 1983.
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New RegulationsNew Regulations Double hull requirements:Double hull requirements:
The EEC and IMO have accelerated the original single hull phase-out schedules since the “Erika” and “Prestige” events.
Under the new regulations:
Non-double hull tankers loading heavy cargoes (fuel oil, diesel oil, etc.) will not be able to berth at any E.E.C. Port as of October 2003.
I.M.O. rules phasing-out all non-double hull tankers after 30 years of age. The I.M.O. ban will take affect in 2005 for all single hull tankers (category 1) and from 2010 for partial double-hull tankers (category 2).
I.M.O. allows flag administrations to postpone such deadlines, provided that a Condition Assessment Survey (“CAS”) – stating the ship’s good structure condition is duly passed. Under the CAS extension, deadlines can be postponed until 2007 (category 1) and until 2015 (category 2). Each State is entitled not to accept vessels granted the extension from calling its ports.
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New RegulationsNew Regulations
Anticipating the new regulations, Premuda unilaterally implemented a scrapping program of single hull vessels.
Premuda is today well positioned to benefit from the new regulations with a fleet of double hull tankers built with very high standards.
Premuda is one of 17 shipping groups in the world granted with all SQE certification by American Bureau of Shipping.
Premuda is fully compliant with ISM code for safety, ISO 9001-2000 for quality and ISO 14001-1996 for environmental protection.
Premuda is one of the first Italian companies having obtained the approval of the Ships Security Plans.All managed ships are fully compliant with I.S.P.S. (International Ships and Port facilities) Code.
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Main Events Main Events Regulatory compliance Regulatory compliance
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Main Events Main Events Fiscal matters Fiscal matters
Vessels carrying the Italian flag are subject to the tax regime of the International Registry, where taxes are calculated only on a 80% reduced basis of income.
Starting from 2005, Premuda should have the opportunity to apply for a “Tonnage Tax” regime, similar to other E.E.C. countries.
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Main Events Main Events Share capital increase Share capital increase
On May 25th, 2004 the shareholders’ resolved to split from € 0.90 to € 0.50 the nominal value of the shares and to increase the share capital by € 11.2 million, offering existing shareholders 1 new share each 5. The capital increase accomplished on August 3, 2004.
The additional number of shares should improve the liquidity in the stock market, while the capital increase will strenghten the Group’s financial position.
www.premuda.netwww.premuda.net
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