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Better Shipping. Better Logistics. Better Life. 2016 ANNUAL REPORT | | 1 CHELSEA LOGISTICS CORP. 2016 ANNUAL REPORT BETTER SHIPPING. BETTER LOGISTICS. BETTER LIFE. 1 INSIDE THIS REPORT 03 About Us 04 Chelsea Logistics Corp. 05 Financial Highlights 06 Industry Highlights 07 Philippine Highlights 08 Message from the Chairman 11 Q&A with the President & CEO 14 Operational Highlights 20 Subsidiaries 27 Corporate Social Responsibility 28 Board of Directors 32 Management Team 34 Corporate Governance 38 Statement of Management’s Responsibility for Financial Statements 39 Report of Independent Auditors 43 Consolidated Financial Statements 49 Management’s Discussion and Analysis of Financial Conditions 51 Our Vessels 55 Contact Us | | 2 CHELSEA LOGISTICS CORP. 2016 ANNUAL REPORT BETTER SHIPPING. BETTER LOGISTICS. BETTER LIFE. 3 ABOUT US VISION To be the finest shipping company known for its unrivalled customer service. MISSION • We transport passengers, cargos, petroleum, oil, chemicals and other bulk products. • We satisfy our customers’ needs through reliable, punctual, efficient and safe service. • We constantly challenge ourselves to do better and to perform beyond what is expected. • We care for the community and the environment by applying the best practices in ship management, adhering to global standards. • We deliver superior returns to our stakeholders through prudent stewardship of our resources. We adhere to the highest ethical and professional standards. Our reputation defines who we are. VALUES We are motivated and driven in what we do. Integrity Passion Excellence Enterprise We seize opportunities to We deliver unsurpassed enhance our growth. performance in all our Teamwork endeavours. We work as one to deliver on our commitments. | | 2 CHELSEA LOGISTICS CORP. 2016 ANNUAL REPORT BETTER SHIPPING. BETTER LOGISTICS. BETTER LIFE. 3 CHELSEA LOGISTICS CORP. Chelsea Logistics Corp. (CLC) aims to provide Better Shipping, with a vision to be the finest shipping company known for its unrivalled customer service. The Company, established in 2016, is engaged in the shipping transport business through its wholly-owned subsidiaries: Chelsea Shipping Corp. (CSC) and Trans-Asia Shipping Lines, Inc. (Trans-Asia). CSC is engaged in the maritime conveyance or carriage of petroleum products, goods, wares and merchandise in the Philippines. CSC has six subsidiaries, namely Bunkers Manila Incorporated, Michael Inc., Chelsea Ship Management & Marine Services Corp., Fortis Tugs Corporation, PNX-Chelsea Shipping Corp. and Chelsea Marine Manpower & Resources, Inc. Trans-Asia is engaged in transporting passengers and cargo within Philippine territorial waters and/or in the high seas. Trans-Asia has four subsidiaries, namely Oceanstar Shipping Corporation, Starsy Shoppe, Inc., Dynamic Cuisine, Inc. and Quality Metal & Shipworks, Inc. | | 4 CHELSEA LOGISTICS CORP. 2016 ANNUAL REPORT BETTER SHIPPING. BETTER LOGISTICS. BETTER LIFE. 5 FINANCIAL HIGHLIGHTS CHELSEA LOGISTICS CORP. AND SUBSIDIARIES SUMMARY AND HIGHLIGHTS Years 2014-2016 (In Millions PhP) 2014 2015 2016 800 GROSS PROFIT 30.0% Income Statement Data 700 25.7% 25.0% 600 22.7% 20.3% 746 500 20.0% Net Sales 1,848 2,485 2,900 Cost of Sales 1,428 1,980 2,145 400 15.0% Gross Profit 420 505 746 505 300 420 General and Administrative Expenses 152 171 265 10.0% Other Income - Net (153) (222) (273) 200 5.0% Income Before Tax 115 112 208 100 Tax Expense (Income) (24) 14 76 0.0% Net Income 139 98 132 2014 2015 2016 EBITDA 580 735 1,018 (Combined Audited in PhP Millions) Gross Profit Margin 2014 2015 2016 12,000 ASSETS 2.5% Balance Sheet Data 2.2% 10,000 10,760 2.0% Current Assets 938 1,190 2,634 Non-current Assets 5,459 6,054 8,126 8,000 1.4% 1.5% Total Assets 6,397 7,244 10,760 6,000 25.7% 7,244 6,397 Current Liabilities 2,313 3,001 6,614 1.0% Non-current Liabilities 1,836 1,704 2,585 4,000 Total Liabilities 4,149 4,705 9,199 0.5% Total Equity 2,248 2,539 1,561 2,000 Total Liabilities and Equity 6,397 7,244 10,760 0.0% 2014 2015 2016 2014 2015 2016 (Combined Audited in PhP Millions) Asset ROA Financial Ratios EQUITY Gross Profit Ratio 23% 20% 26% 3,000 8.5% 9.0% Debt to Equity Ratio 1.85 1.85 5.89 8.0% 2,500 6.2% EBITDA 580 735 1,018 7.0% 2,000 6.0% EBITDA Margin 31% 30% 35% 2,539 5.0% 1,500 ROE (%) 6% 4% 8% 2,248 3.9% 4.0% 1,000 3.0% 1,561 2.0% 500 1.0% 0.0% SALES 2,900 2014 2015 2016 3,500 (Combined Audited in PhP Millions) Equity ROE 2,485 3,000 2,500 1,848 D/ E RATIO 2,000 7 5.89 6 1,500 5 4 1,000 3 2 1.85 1.85 1 500 0 2014 2015 2016 2014 2015 2016 (Combined Audited in PhP Millions) | | 4 CHELSEA LOGISTICS CORP. 2016 ANNUAL REPORT BETTER SHIPPING. BETTER LOGISTICS. BETTER LIFE. 5 INDUSTRY HIGHLIGHTS MARKET OVERVIEW SOLID INDUSTRY FUNDAMENTALS: Philippines net imports 90% of its petroleum requirements CONTAINERS PASSENGERS 7,000 8,000 6,000 7,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 2,000 TEUS, in thousands 2,000 1,000 1,000 0 2011 2012 2013 2014 2015 2016 0 2011 2012 2013 2014 2015 2016 5-YEAR CAGR 6.12% Source: MARINA Foreign Domestic 5-YEAR CAGR 4.41% Source: MARINA INDUSTRY AVERAGE GROWTH ACROSS ALL SECTORS GREATER THAN GDP GROWTH CARGO 12,000 7,000 9.88% 10,000 6,000 7.44% 8,000 7.10% 5,000 6.60% 6.80% 6.10% 6,000 4,000 5.12% 5.24% 5.80% 4.19% 3,000 4,000 Metric Tons 2,000 2,000 1,000 0 2012 2013 2014 2015 2016 0 2011 2012 2013 2014 2015 2016 Annual GDP Growth Foreign Domestic Industry Average Growth Accross all Sectors 5-YEAR CAGR 5.83% Source: MARINA Source: Philippine Statistics Authority | | 6 CHELSEA LOGISTICS CORP. 2016 ANNUAL REPORT BETTER SHIPPING. BETTER LOGISTICS. BETTER LIFE. 7 PHILIPPINE HIGHLIGHTS Impressive Philippine GDP Growth, one of the highest in Southeast Asia PH CITIES IN TOP 100 IMPRESSIVE GDP GROWTH OUTSOURCING DESTINATIONS 8 7 Manila Cebu Davao Sta. Rosa 6 5 4 3 Bacolod Iloilo Baguio Metro City City City Clark 2 1 0 :2014 :2014 :2014 :2014 :2015 :2015 :2015 :2016 Q1 Q2 Q3 Q4 Q1 Q2:2015 Q3 Q4 Q1 Source: Philippine Statistics Authority DUTERTE’S 10 POINT ECONOMIC AGENDA: ON THE RIGHT TRACK Institutions 7 Innovation 6 Infrastructure 26.9Billion 5 Business sophistication 4 Macroeconomic environment OFW remittances spike GDP GROWTH 3 hits record high in 2016 exceeding 2 Government target Health and primary education Market size 1 $7.93 Billion Higher education and training Technological readiness Good market efficiency Financial market development Labor market efficiency The Philippines’ FDI inflow hit record Emerging and Developing Asia Philippines high in 2016 at $7.93 billion Source: World Economic Forum Breaking Boundaries, Broadening Horizons The Philippines is poised to deliver another milestone With the Philippines as the current ASEAN chairman, increase in growth, brought about by increasing consumer the country is in the economic spotlight for increased spending, spiking OFW remittances, an expanding BPO trade with allies and new trading partners in other industry, and a record-high foreign direct investments. emerging economies. Trade and tourism will Next to solid economic and social fundamentals, the steadily become growth drivers for the country. current diversification of trade ties and relationships brings bright opportunities here and abroad. Chelsea Logistics Corp. will seize these growth opportunities to provide Better Shipping, Better Developments in rural and urban areas and robust public Logistics, Better Life for a stronger Philippines. spending, especially in infrastructure and social services, will bring many opportunities for the Company and the industry. | | 6 CHELSEA LOGISTICS CORP. 2016 ANNUAL REPORT BETTER SHIPPING. BETTER LOGISTICS. BETTER LIFE. 7 MESSAGE FROM THE CHAIRMAN 2016 WAS A BREAKOUT YEAR FOR THE PHILIPPINES Chelsea Logistics is well-positioned to capitalize on domestic shipping opportunities. DENNIS A. UY Chairman | | 8 CHELSEA LOGISTICS CORP. 2016 ANNUAL REPORT BETTER SHIPPING. BETTER LOGISTICS. BETTER LIFE. 9 The Philippines continues to be one of the fastest growing Chelsea Shipping celebrated its 10th anniversary in July economies in the world amid a global slowdown and rising 2016. In 2006, it acquired its first tanker, M/T Chelsea Denise, geopolitical uncertainties. Over the last seven years, our primarily to serve the requirements of affiliate Phoenix Gross Domestic Product (GDP) expansion has outpaced Petroleum Philippines, Inc. In the last decade, Chelsea that of other ASEAN economies, and real growth has Shipping’s fleet steadily grew and this year, it acquired averaged 6.3% — the fastest in four decades. three more vessels: M/T Chelsea Charlize, M/T Chelsea Endurance and M/T Chelsea Dominance. Domestic consumption remains a cornerstone of the economy, fuelled by a young population, steady remittance Its fleet of 15 tankers makes Chelsea Shipping the largest streams from Overseas Filipino Workers (OFWs) and a by tonnage in the Philippines, with operations nationwide robust Business Process Outsourcing (BPO) sector. The and around Southeast Asia. CSC is among the top five Bangko Sentral ng Pilipinas’ Consumer Confidence Index petroleum tanker owners in the country, serving Phoenix clocked in at a record 9.2% for 2016. Petroleum, other fuel companies, and marine and aviation accounts. As we approach the one-year mark of President Rodrigo R. Duterte’s administration, we are starting to see the In December 2016, Chelsea Logistics purchased Trans- changes laid out in his 10-Point Socioeconomic Agenda.
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