FY2017 ResultsFebruary 26, 2018

2

Our background & development

Year 1996 1999 2001 2002 2005 2009 2010 2012 2013 2014 2015 2016 2017

No. of vessels (units) 2 4 4 5 4 3 4 6 5 5 6 7 10

Total deadweight (DWT) 3,814 10,245 13,861 16,791 14,266 11,440 16,203 23,781 18,876 18,876 23,699 33,641 82,981

No. of trucks (units) 5 43 100 150

Loading quantity (liters) 0.23 1.94 4.50 5.40

1996 1998 1999 2001 2002 2003 2005 20162014

Established AMA with registered capital of 1MB

Registered capital increased to 12 MB

Registered capital increased to 60 MB

• Started International marine transportation (“Myanmar route”)

• Registered capital increased to 100 MB

Expanded service route to “Vietnam”

• Expanded service route to “the Philippines”

• Registered capital increased to 110 MB

Overall revenues came from International transportation

Established AMAL with registered capital of 5 MB

• Transformed to Public Company Limited and listed in MAI on 22 December

• Registered capital increased to 215.8 MB• AMAL’s registered capital increased to

190 MB

No. of tankers & tanker trucks

• AMA provides transport service of palm oil and vegetable oils for the world class producers and traders.

• Expert of liquid product transportation which more than 20 years experience

• Several routes in SEA, East Asia, and South Asia

• AMA Logistics (“AMAL”) provides the service on inland liquid carrier by tank trucks, mainly loading diesel B100 and gasoline.

• Various routes in Thailand with strong business alliances

• Newcomer with a dynamical move

Revenue structure 2016 2017

MB % MB %

International liquid logistic services

Service income 667.91 69.25 1,058.69 70.55

Demurrage charge 34.60 3.59 39.08 2.60

Total revenue from tankers 702.51 72.84 1,097.77 73.15

Domestic land logistic services

Service income 261.94 27.16 402.88 26.85

Total revenue from tank trucks 261.94 27.16 402.88 26.85

Total revenue from services 964.45 100.00 1,500.65 100.00

3

Our business portfolio

4

Palm oil industry

Source: The Oil Palm, a project of the Malaysian Palm Oil Council (MPOC)Remark: red color represents the countries the produce palm

Global source of production and exporter of palm

Palm oil production growth has been highest in Indonesia and Malaysia, and the spike is expected to continue.

-

10

20

30

40

Indonesia Malaysia Thai Columbia Nigeria

Mton

Major palm oil production countries

2012 2013 2014 2015 2016 2017

Source: www.indexmundi.com

5

Our competitive advantage

Source: www.indexmundi.com

-

10

20

30

40

50

2012 2013 2014 2015 2016 2017

Mton

Palm oil exporters

Other Papua New GuineaBenin GuatemalaMalaysia Indonesia

• AMA provides the medium tankers which are suitable for SEA due to the shallow watercourse.

• AMA provides the service in the areas where they are the center of production and consumption of the world.

-

10

20

30

40

50

2012 2013 2014 2015 2016 2017

Mton

Palm oil importers

India Europe China

Pakistan Others

Service provider No. of Vessels DWT Market share

in SEA (%)

Raffles, Singapore 9 105,886 27.37%

AMA Marine PLC 5 21,005 5.43%

Megaports, Singapore 2 10,468 2.71%

Thai Ship owner 3 7,820 2.02%Samuraya Layer Sentosa -Medan, Indonesia 1 4,718 1.22%

Thai Ship owner 1 3,911 1.01%

Thai Ship owner 1 2,998 0.77%

Tien Thanh, Vietnam 1 2,952 0.76%

Others 25 227,123 58.71%

Total 48 386,881 100.00%

6

A leader of the palm oil transportation

The service provider of vegetable oil transportation in SEA

“An International Company Exporting

Consumption Oils and Other Oils”

“The Joint Venture Companies between Kuala Lumpur Kepong Berhad,

registered company in The Stock Exchange of Malaysia and PT Astra

Agro Lestari, registered company in The Stock Exchange of Indonesia”

“The Leading Agriculture Business in Asia.

The World Biggest Manufacturer and

Distributor Palm Oil”

AMA operates the business on marine transportation. We provide liquid transportation services by the standard tankers.• Presently, we have 11 tankers.• We mainly deliver vegetable oil.• Our service routes are SEA, East Asia, and South

Asia.

No Vessels DWT Year built

Year purchased

Year remaining

1 Chao Anoma 4,763 1995 2010 7

2 Primrose 4,908 1992 2012 4

3 AMA 3,110 1994 2012 6

4 Bergprai 3,165 1993 2012 5

5 Meson 4,823 2003 2015 15

6 Meya 9,942 2007 2016 19

7 Ulaya 13,020 2009 2016 21

8 Alinya 12,999 2009 2017 21

9 Anika 13,250 2008 2017 20

10 Salina 13,001 2008 2017 20

11 Alisha 13,221 2008 2018 20

Total deadweight 96,202

7

Our marine services

Palm oil, 97%Other

vegetable oil e.g. soy bean oil,

coconut oil, 3%

Product Delivery

-

150,000

300,000

450,000

600,000

750,000

900,000

2013 2014 2015 2016 2017

Units

No. of truck registered in Thailand

Non-Public Trucks Personal Trucks

8

Growing fuel consumption from rising vehicles

-

5,000

10,000

15,000

20,000

25,000

2013 2014 2015 2016 2017

M liters

Domestic fuel consumption

Gasoline Diesel

5

43

100

150180

0

50

100

150

200

2014 2015 2016 2017 2018f

Units

No. of AMAL’s trucks

9

Gasoline, 90%

Bio-diessel (B100), 10%

Product Delivery

Efficient route management

Backhauling Management

AMAL constantly extends the service routes, including backhauling services that will continuously drive our revenues.

Biodiesel Manufacturer

4Q17Financial Performance

• the highest quarter revenues of the year, with recorded of 454.44 MB

• SG&A expenses grew up by 14.76% YoY• 32.30% gross profit margin• 19.71% net profit margin

FY2017 Financial Performance

• The highest annual profit in corporate history• EBITDA was 538.00 MB, up 66.04% YoY• Cost of administrative decreased continuously• Cost of finance surged by 25.46 MB

Balance Sheet

• D/E was at low level of 0.82• ROA was at 9.18%, compared with transportation sector

of 4.60%*• ROE was at 12.23%, compared with transportation

sector of 5.76%*

Strategy Execution

• Continue to make good progress to deliver revenue growth

• Acquire 3 tankers• Acquire 50 tank trucks

Our financial highlights

*source: SET, as of 9M1710

Total Assets Total Liabilities Total Shareholders' Equity Other Components ofEquity

2016 3,239.84 1,162.18 2,077.66 48.512017 3,755.52 1,692.85 2,062.67 (111.73)

3,239.84

1,162.18

2,077.66

48.51

3,755.52

1,692.85 2,062.67

(111.73) (500)

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Unit: MB

Statements of Financial Position (Consolidated)As at December 31, 2017

15.92%515.68

11

The bigger assets, the larger incomes

45.66%530.67

(0.72%)(14.99)

(330.32%)(160.24)

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17Service Income 181.59 230.40 265.10 287.36 324.11 335.85 386.25 454.44EBIDA 60.31 83.05 92.75 87.91 133.35 103.42 130.06 171.17GP Margin 27.44% 30.00% 32.28% 29.76% 27.67% 26.24% 25.46% 32.30%NP Margin 12.65% 18.27% 18.03% 11.94% 22.42% 11.01% 13.96% 19.71%

181.59 230.40 265.10 287.36 324.11 335.85

386.25 454.44

60.31 83.05 92.75 87.91 133.35 103.42 130.06

171.17

27.44% 30.00% 32.28% 29.76% 27.67% 26.24% 25.46%

32.30%

12.65%18.27% 18.03%

11.94% 22.42% 11.01%13.96%

19.71%

-20%

-10%

0%

10%

20%

30%

40%

-

150

300

450

600

750

900

Unit: MB

Statements of Comprehensive Income (Consolidated)

12

Continuing revenues growth

Service Income Gross Profit Net Profit2016 287.36 85.51 34.322017 454.44 146.77 89.59

287.36

85.51 34.32

454.44

146.77 89.59

-

100

200

300

400

500

Unit: MB

Statements of Comprehensive Income (Consolidated)For the three-month periods December 31, 2017

58.14%167.08

13

The largest quarterly earnings

71.64%61.26 161.04%

55.27

29.76%

32.30%

28%

30%

32%

34%

2016 2017

Gross Profit Margin

11.94%

19.71%

0%

5%

10%

15%

20%

25%

2016 2017

Net Profit Margin

Service Income Gross Profit Net Profit2016 209.56 67.60 26.142017 341.79 121.80 78.06

209.56

67.60 26.14

341.79

121.80 78.06

-

50

100

150

200

250

300

350

400

Unit: MB

Statements of Comprehensive Income (Separate)For the three-month December 31, 2017

63.10%132.23

14

4Q2017 marine services

80.18%54.20 198.62%

51.92

32.26%

35.64%

30%

32%

34%

36%

2016 2017

Gross Profit Margin

12.48%

22.84%

5%

10%

15%

20%

25%

2016 2017

Net Profit Margin

Service Income Gross Profit Net Profit2016 77.79 17.73 8.182017 112.65 24.77 12.11

77.79

17.73 8.18

112.65

24.77 12.11

-

20

40

60

80

100

120

Unit: MB

Statements of Comprehensive Income For the three-month period December 31, 2017

44.81%34.86

15

4Q2017 inland truck services

39.71%7.04 48.04%

3.93

22.80%

21.99%

22%

22%

23%

23%

2016 2017

Gross Profit Margin

10.51%10.75%

9%

10%

11%

2016 2017

Net Profit Margin

Service Income Gross Profit Net Profit2016 964.45 290.02 147.192017 1,500.65 422.93 253.15

964.45

290.02 147.19

1,500.65

422.93 253.15

-

200

400

600

800

1,000

1,200

1,400

1,600

Unit: MB

Statements of Comprehensive Income (Consolidated)For the year ended December 31, 2017

55.60%536.20

16

Achieved profitable growth

45.83%132.91 71.99%

105.96

30.07%

28.18%

27%

28%

29%

30%

31%

2016 2017

Gross Profit Margin

15.26%

16.87%

14%

15%

16%

17%

2016 2017

Net Profit Margin

Service Income Gross Profit Net Profit2016 702.51 225.91 119.502017 1,097.77 340.33 217.95

702.51

225.91 119.50

1,097.77

340.33 217.95

-

200

400

600

800

1,000

1,200

Unit: MB

Statements of Comprehensive Income (Separate)For the year ended December 31, 2017

56.26%395.26

17

A new high profit

50.65%114.42 82.38%

98.45

32.16%

31.00%

30%

31%

32%

33%

2016 2017

Gross Profit Margin

17.01%

19.85%

14%

16%

18%

20%

22%

2016 2017

Net Profit Margin

Service Income Gross Profit Net Profit2016 261.94 63.42 27.692017 402.88 81.73 36.25

261.94

63.42 27.69

402.88

81.73 36.25 -

50

100

150

200

250

300

350

400

450

Unit: MB

Statements of Comprehensive Income For the year ended December 31, 2017

53.81%140.94

18

Gross margin dropped from low utilization rate

28.87%18.31 30.91%

8.56

24.21%

20.29%

18%

20%

22%

24%

26%

2016 2017

Gross Profit Margin

10.57%

9.00%

8%

9%

10%

11%

2016 2017

Net Profit Margin

19

2017 key financial matrixKey financial metrics (Consolidated) 2017 2016 ∆

Current Ratio 1.44 4.65 (3.21)

Quick Ratio 1.34 4.54 (3.20)

Debt to Equity Ratio 0.82 0.56 0.26

Interest Bearing Debt 0.77 0.52 0.25

Return on Assets 9.18 8.97 0.21

Return on Fixed Assets 17.80 19.81 (2.01)

Return on Equity 12.23 11.51 0.72

AMA 2017 2016 ∆

Revenue (MB) 1,097.77 702.51 56.26%

Gross Profit Margin 31.00% 32.16% (1.16%)

Net Profit Margin 19.85% 17.01% 2.84%

AMAL 2017 2016 ∆

Revenue (MB) 402.88 261.94 53.81%

Gross Profit Margin 20.29% 24.21% (3.92%)

Net Profit Margin 9.00% 10.57% (1.57%)

• Buying vessels

• Buying tank trucks

20

2018 acquisition plan

Year 2014 2015 2016 2017 1H2018 2H2018

No. of vessels (units) 5 6 8 10 11 12

Total deadweight (DWT) 18,876 23,699 46,661 82,981 96,202 ~110,000

Year 2014 2015 2016 2017 Oct-18 Nov-18

No. of tank truck (units) 5 43 100 150 160 180

Loading quantity (liters) 225,000 1,935,000 4,500,000 5,400,000 7,200,000 8,100,000

21

Looking forward

Organic growth• Expanding in tankers and tank truck’s fleet• Market penetration to other areas and

customer base

Inorganic growth• M&A• Creating value – synergy across multiple

categories

Source of funds

DebtEquity Cash

AMA Marine Public Company Limited33/4 the 9th Towers, Room #TNA02, 33rd Floor, Tower A, Rama 9 Road, Huaykwang, Bangkok 10300 ThailandTel: (662) 001-2801 Fax: (662) 001-2800website: www.amamarine.co.th

For further information and enquiries, please contact our IRTel: (662) 001-2801 # 174email: ir@amamarine.co.th, chayanin.a@amamarine.co.th

Q & A