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1 Investor Presentation October 2010
2 Essar Group Global Outreach Algoma Steel, Canada Essar Power Gujarat Gujarat Aegis BPO, Vadinar Gurgaon Power Essar Power MP Vadinar Mahan Raniganj Essar Steel Oil & Gas blocks, Essar Energy Refinery, Essar Energy Minnesota Steel Project, US Trinity Coal Mine Niger ria Global Supplies FZE (UAE) Kenya Petroleum Essar Telecom East Africa, Kenya Madagascar Mozambique Coal Mine Vietnam Vadinar Oil Terminal EBTL Hazira EBTL Salaya Mumbai Aries Coal Mine Indonesia PT Essar Indonesia Australia Chakla Ashok Karkata Jharkhand Essar Power Jharkhand Hazira Steel Complex, Gujarat Essar Communications Essar Power Essar Projects Essar Shipping & Logistics Sales office Coal block 20 Countries, 5 continents, 60,000 people, US$14bn revenues (FY08 09) 1
3 Essar Group one of India s large est industrial houses Essar Group Essar Energy Plc* Oil & Gas Power Steel Ports & Shipping Projects Communi- -cations Services 2,132 MMBOE reserves 18MMTPA capacity at Jamnagar Being enhanced to 11,470 MW by 2014 Under Construction: 8450MW 1,300 retail outlets Under Development: 1800MW Integrated company spanning the oil & gas value chain 450 MT coal reserves Over a decade s experience in the Indian power industry 14 MMTPA capacity 1.4 billion tonnes of iron ore reserves 7 MTPA Pellet plant 188.6MT coal reserves in West Virginia Integrated, global steel producer 76 MTPA of port capacity going upto 158 by 2013 Fleet of 25 vessels 13 rigs including one semisubmersible 12 ships and 2 Jack Up rigs on order International logistics provider to steel, oil refining and power sect tors Fully geared to execute turnkey EPC projects in India and overseas 2 nd largest equipment bank in India Leading EPC contractor with 40 years track record Vodafone Essar 109 mn subscribers GSM services in Kenya, Uganda & Congo 14% stake in Indus Towers The Mobile Store 1,225 retail outlets Significant player in the Indian telecom sector 40,000+ employees globally 32,000+ seats 42 global locations Provider of multi-channel CRM solutions to blue-chip clients Source: Company information * Listed on London Stock Exchange Capacities stated represent gross capacity 2
4 ESPLL Demerger Pre Demerger Post Demerger Promoters Public Promoters 83.7% 16.3% 83.7% Public 83.7% Essar Shipping Ports & Logistics Limited Essar Ports 16.3% Essar Shipping (Shipping, Oilfields Services, Logistics) 3
5 Demerger Update emerger Sche eme D ESPLL to be renamed as Essar Ports, w hile resulting company to be called Essar Shippingi Share Capital to be split in the ratio 2:1. For every three shares of ESPLL held, the shareholders to get two shares of Essar Ports and one share of Essar Shipping Process Upd date NSE and BSE approval obtained High Court application made calling for Shareholder s meeting. Meeting scheduled for 30 th November 2010 Way Forwa ard Post approval by Shareholders, petition to be filed with the High Court for approval of demerger scheme Company to announce record date to determine entitlement of members for receiving shares of both the companies 4
6 Essar Ports 5
7 Essar Ports Simultaneous berthing of two Panamax ships at Hazira Port L&T s project cargo being unloaded at Hazira Port Simultaneous loading operations ongoing at Berths A & B at Vadinar Port 6
8 Indian Port Story Strong Investment Case Projected Total Cargo Traffic Growth Emerging Trends Million Tonnes % 10% 9.10% 8.00% 8.00% 9% 7.40% 8% 951 7% % 719 5% 4% 3% 2% 1% 0% GDP Growth Rate % Indian economy to continue with 8-9% GDP growth rate Import and Export to continue rising in line with GDP growth Strong demand drivers to ensure long term steady cargo Upcoming projects consisting of major coastal power plants, refineries, steel plants etc. to meet the requirements of a growing economy Mn. tonne es Total Port Traffic (Major + Minor Ports) Capacity Utilization at Major Ports GDP Growth Rate The capacity utilisation of over 90% in India is significantly higher than the international norm of 70% Consistently high capacity utilization levels at major ports has created a definite need for new / larger ports Higher berth occupancy leads to longer waiting and turnaround time hence need for adding significantly large capacities Private sector has assumed a dominant role in new ports capacity additions since 1999 Almost 67% of the expenditure in 11th plan is expected to come from private sector Significant capacity addition seen as coming from the private sector 7
9 Industry Outlook Ports All segments of cargoes expected to see significant volume growth Strong demand drivers to ensure long term capacity requirements 8
10 Hazira commences handling of containerized cargo 9
11 Essar Ports Amongst India s Top Ten Port Companies Cargo Handled at Top Indian Ports During (MTPA) Kandla Visakhapatnam Chennai 4. JNPT Paradip Mumbai Mormugao Kolkata Mundra 10. Essar 38* New Mangalore Tuticorin Cochin Ennore 11 Source: Indian Ports Association, Company * Consists of 30 MMT cargo handled by VOTL and 8 MMT by EBTL under O&M Agreement with Essar Steel 10
12 Hazira Port: Simultaneous Panamax Berthing 11
13 Essar Ports Vision & Strategy 1 More than 14 years experience in operating ports strong O&M capability 2 Focus on dry bulk and wet bulk cargoes 3 Capacity creation backed by long term take or pay contracts 4 Ports equipped with state of the art equipment 5 More than 40 years of Group experience in port construction strong execution capability Leading Ports Company in India 12
14 Vadinar Port: SPM Discharge Oper rations 13
15 Essar Ports Overview Operational 46 MTPA Liquid Terminal at Vadinar 30 MTPA Dry Bulk / General Cargo Terminal at Hazira Vadinar Under Construction 12 MTPA Liquid Terminal (expansion) at Vadinar. 16 MTPA Iron Ore Berth at Paradip 20 MTPA General Cargo Terminal (expansion) at Hazira 20 MTPA Dry Bulk Terminal at Salaya Salaya Hazira INDIA Paradip I (Iron ore) Paradip II (Coal) Under Development 14 MTPA Coal Terminal at Paradip Liquid id Storage Terminal (expansion) at Vadinar INDIAN OCEAN BAY of BENGAL Hinterland for Essar Ports 76 MTPA of operational Port capacity, going up to 158 MTPA by FY
16 Hazira Port: L&T Project Cargo being discharged 15
17 Essar Ports Growth Strong growth trajectory Capacity (MTPA) 1 Key highlights India s 2 nd largest private sector port operator with a 14 year track record Current investment of ~ 4600 Crore (US 1.0 Billion) which is expected to increase to ~ 8789 Crore (USD 1.85 Billion) by ports in operation, and 4 under construction FY 2011 FY 2012 FY 2013 Total cumulative FY 2011 FY 2012 FY 2013 capex (INR Crore) 6,711 8,100 8,789 Total incremental capex (INR Crore) 2,099 1, Commencement of operations for ports under construction to be phased between FY2011 and FY2013 Access to Essar Group s leading execution and EPC capabilities to support growth projects Cargo split Merchant -- 21% 24% Essar Group 100% 79% 76% 6 Financial tie up achieved for all ongoing projects Capacities stated represent gross capacity 46 MTPA current capacity at Vadinar includes: (i) 27 MTPA SPM, (ii) 7 MTPA Product Berth, (iii) 7 MTPA Road & Rail gantries, (iv) 5 MTPA of intermediate product handling capabilities. Additionally, the second Product Berth of 7 MTPA has also been commissioned at Vadinar from December 2009 (Source: Company information) 7 Long term take or pay contracts for substantial capacity under construction Incremental capacity added during the Financial Year Capacity at the beginning of the Financial Year 16
18 Vadinar Port: Infrastructure 17
19 Vadinar Port Vadinar I Vadinar II (Expansion) Liquid Storage Terminal Infrastructure SPM: Draft 32 mts Berth (305 mts): Draft 20 mts Rail & Road Gantries Crude, Product & Intermediate Tankages Berth (300 mts): Draft 20 mts Road Gantry Crude, Product & Intermediate Tankages Crude & Product Tankages Capex Rs 2,883 crores Debt: Rs 2,029 crores Equity: Rs 854 crores Rs 929 crores Debt: Rs 650 crores Equity: Rs 279 crores Rs 1,011 crores Debt: Rs 758 crores Equity: Rs 253 crores COD Operational April 2011 March 2013 Key Commercial Terms Crude: 10.5 MTPA (Rs / ton)* Product: 9.94 MTPA (Rs / ton)* Intermediate: 3.07 MTPA (Rs 89 / ton)* Crude: 5.5 MTPA (Rs / ton) Product: 5.2 MTPA (Rs / ton) Intermediate: 3.65 MTPA (Rs 89 / ton) Crude: 5.38 MTPA Product: 1.92 MTPA Handling: Rs 90 / ton Storage: Rs 145 / KL / month * Effective April 2011, in line with full commissioning of expansion project 18
20 Hazira Port 19
21 Hazira Port Hazira I Hazira II Infrastructure Berth: 550 mts Draft: 13 mts Berth: 700 mts Draft: 15 mts Capex Rs 792 crores Debt: Rs 515 crores Equity: Rs 277 crores Rs 1,300 crores Debt: Rs 878 crores Equity: Rs 422 crores COD Operational April 2012 Key Commercial Terms Raw Material: MTPA Finished Goods: 3.10 MTPA (Rs 200 / ton) Containers: 7.50 MTPA Coal: 5 MTPA Others: 2.50 MTPA (Rs 200 / ton) 20
22 Salaya and Paradip Ports Salaya Paradip 21
23 Salaya and Paradip Ports Salaya Paradip I (Iron Ore) Paradip II (Coal) Infrastructure Berth: 385 mts Draft: 14 mts Berth: 275mts Draft: 14 mts Berth: 370 mts Draft: 17 mts Capex Rs 864 crores Debt: Rs 605 crores Equity: Rs 259 crores Rs 514 crores Debt: Rs 385 crores Equity: Rs 129 crores Rs 559 crores Debt: Rs 447 crores Equity: Rs 112 crores COD December 2011 March 2011 October 2012 Key Commercial Terms Coal: 11.5 MTPA (Rs 190 / ton) Merchant: 5.5 MTPA (Rs 200 / ton) Iron Ore: MTPA (Rs 170 / ton) Coal: 14 MTPA (Rs 177 / ton) 22
24 Vadinar Port: Railway Gantry 23
25 Essar Ports Financial Performance (All figures in INR Crores) Revenue Growth: Year on Year EBITDA Growth: Year on Year H H12011 Revenue Growth 339 EBITDA Growth Highlights Liquid Cargo Dry Bulk Cargo H1FY10 H1FY11 H1FY10 H1FY11 Operating Debt 2,693 Project Debt 456 Total Debt 3,149 70% increase in Half yearly y earnings on account of commissioning of Hazira Port Consistently high EBITDA margins of around 75% reflecting strong control on costs based on experience Cargo handled to continue increasing as capacity utilization continues increasing Steady annuities based business. Sustained EBIDTA margins of 75% 24
26 Vadinar Port: Tankages 25
27 Key Investment Highlights g 1 India s 2 nd largest private port owner and one of the most experienced port operators 2 Dedicated access to Essar Projects execution capabilities 3 Strong near term earnings visibility driven by long term take or pay contracts 4 Actively bidding for upcoming PPP port projects 5 Financial tie up in place for all ongoing projects Proposed demerger to create a focussed ports company 26
28 Essar Shipping 27
29 Essar Shipping VLCC MT Smiti Semi-submersible Essar Wildcat Land Logistics Floating Crane for lighterage operations 28
30 MV Malavika Supramax bulker 29
31 Essar Shipping Overview Sea Transportation Logistics Oilfields Services Fleet of 25 vessels, DWT of 1.40 mn 2 modern Double Hull VLCCs 4 Capesize ships 2 Supramax bulk carriers 2 13,000 dwt General Cargo ships 12 new ships on order Transhipment Assets: 2 Floating Cranes 10 Articulated Barges 6 tugs Land Logistics Operates fleet of 5,000 chartered trucks Fleet of intercarting assets 1 Semi Submersible offshore rig 12 Land Rigs 2 new Jack Ups under construction All ships on long term contracts Strong client base consisting of Baosteel, SAIL, Indian Oil Corporation, Essar Steel, Provides lighterage support services and onshore & offshore logistics services Inland transportation of finished steel and Essar Oil, etc., all with long term petroleum prod ucts through trucking contracts, ensuring steady cash flows in a volatile market facilities Experienced and credible operator with more than 220 ship years of experience High operating margins Diversified mix of assets and clients across geographies Long term contracts with strong client base consisting of Schlumberger, Vietsovpetro, Prest (Petrobras), Essar Oil, etc. Experienced and credible operator with strong HSE track record Poised to cater to the growing logistics markets 30
32 Industry Outlook: Sea Transportati ion Source: Clarkson s Dry bulk markets have been improving marginally with Cape spot rates crossing USD 40,000 per day Tanker markets continue to be choppy with spot rate es not picking up despite approaching winters 31
33 Industry Outlook: Oilfields Services Source: Pareto Markets have been improving for both, floaters and Jack Ups Recent projections of USD 150,000 have been made in the Jack Up markets, suggesting strong recovery for high quality assets 3G Semi-submersible markets expected to recover further 32
34 VLCC MT Smiti 33
35 Essar Shipping Strong demand drivers in place 1 India s cargo growth expected to continue rising with a CAGR of 10%+ in line with GDP growth rate 2 Essar Group s cargo requirement expected to be around 75 million tons by FY Increased requirement for tonnage to cater to this demand 4 Associated logistics requirements will have to be scaled up accordingly 5 Increased E&P activity in India seen through the various NELP rounds 6 Requirement for mid water Semi-submersibles and high spec Jack-Up rigs expected to be strong 34
36 Essar Wildcat Semi Submersible Rig 35
37 Essar Shipping Financial Performance (All figures in INR Crores) Revenue Growth: Year on Year EBITDA Growth: Year on Year H H12011 Revenue Growth EBITDA Growth Logistics Oilfields Sea Transp 132 H1FY10 H1FY11 H1FY H1FY11 Logistics Oilfields Sea Transp Highlights All COA s and time charters performing as per contract Operating Debt 2,908 Project Debt 396 Corporate Debt 2,030 Year on Year Revenue increased by 17%, on account of increased inchartering Total Debt 5,334 Relatively insulated to recent Industry volatility 36
38 VLCC MT Ashna 37
39 Essar Shipping Key Investment Highlights g 1 Over three decades of experience in the shipping industry 2 Majority of fleet on long term contracts minimal exposure to spot markets 3 Significant investments made in oilfields servicess 4 Essar Wildcat has now completed 600 days of LTI free operations 5 New-buildings on order: twelve ships and two Jack Up rigs 38
40 Analyst Contacts Mr. Shailesh Sawa Director Finance Essar Shipping Ports & Logistics Limited Tel: / shailesh.sawa@essar.com Mr. Anshumali Dwivedi Head Investor Relations Essar Shipping Ports & Logistics Limited Tel: / anshumali.dwivedi@essar.com Mr. Yash Parekh Investor Relations Essar Group Tel: / yash.parekh@essar.com 39
41 Legal Disclaimer This presentation is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security of Essar Shippingi Ports & Logistics Limited it (the Company or ESPLL or Essar Shipping Ports & Logistics Limited ) and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation is not a complete description of the Company. Certain statements in this presentation contain words or phrases that are forward looking statem ments. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated by the relevant forward looking statement. Any opinion, estimate or projection herein constitutes a judgment as of the date of this presentation, and there can be no assurance that future results or events will be consistent with any such opinion, estimate or projection. The information in this presentation is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the Company. We do not have any obligation to, and do not intend to, update or otherwise revise any statements reflecting circumstances arising after the date of this presentation or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. All information contained in this presentation has been prepared solely by the Company. No information contained herein has been independently verified by anyone else. No representation or warranty (express or implied) of any nature is made nor is any responsibility or liability of any kind accepted with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty (expressed or implied) or omissions in this presentation. Neither the Company nor anyone else accepts any liability whatsoever for any loss, howsoever, arising from any use or reliance on this presentation or its contents or otherwise arising in connection therewith. This presentation may not be used, reproduced, copied, distributed, shared or disseminated in any other manner. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform them about, and observe, any such restrictions. 40
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