AbanOffshore

Operationalperformanceinline
May27,2011
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ke[almehLapllndla.com
+912266322246
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dhrushll[haverlpllndla.com
+912266322232
8aLlna Accumulate
rlce 8s338
1araeLrlce 8s630
lmplledupslde 20.8
Sensex 18,043
(PricesasonMay26,2011)
Tradingdata
MarkeLCap.(8sbn) 23.4
Shareso/s(m) 43.3
3MAva.uallvvalue(8sm) 826.3

Majorshareholders
romoLers 33.81
lorelan 7.07
uomesLlclnsL. 4.31
ubllc&CLher 34.81

StockPerformance
(%) 1M 6M 12M
AbsoluLe (19.9) (19.3) (21.3)
8elaLlve (12.2) (13.8) (31.4)

rlceerformance(8lC:A8An.8C,88:A8Anln)

Source: Bloomberg
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Resultsbroadlyinline:AbanCffshore(Aban)reporLedrevenuesof8s8,987mln
llne wlLh our esLlmaLes, a arowLh of 13.3 CoC, however, down 12 ?o?.
L8l1uAmaralnsweresllahLlvbelowesLlmaLesaL37.3lnC4l?11comparedLo
64.6lnC4l?10and66.4lnC3l?11.
Powever,reporLedA1wasaheadofesLlmaLesonaccounLofareporLedaalnof
8s448monsaleoflLs30sLakelnvenLureurllllna(!vwhlchownedLhedrlllshlp
ueep venLure). We had esLlmaLed a loss Lo Lhe Lune of 8s217m. Powever, on
accounLofaprobabledlrecLad[usLmenLlnLhebalancesheeL,LheLa/cshowsa
resulLanLaaln.Ad[usLlnaforLheoneLlmeaalnandLhewrlLeoffof8s116mon
dlmlnuLlonlnvalueofnorwealansubsldlarv,A1camelnaL8s1,183m,up37
CoCbuLdown37.7?o?.
Fleet status: 8eLLer sequenLlal operaLlonal performance Lhls quarLer was on
accounL of Lwo rlas, Aban ll and Aban vll (drv docked ln C3 l?11), belna
operaLlonal. Aban Abraham, whlch was Lo commence lLs charLer bv Lhe end of
C4l?11,hasnoLveLsLarLed.uurlnaLhequarLer,LwooflLsolderasseLs(Abanlll
&Abanlv)havebaaaedlonaLermcharLersfromCnCCofLhreevearseach.As
expecLed, Lhese asseLs have been placed aL subsLanLlallv lower dav raLes of
uS$60,000/dav compared Lo uS$160,000/dav on Lhelr earller conLracLs.
AlLhouahweexpecLhlaheruLlllzaLlonlevelsforAbansfleeLlnl?12,lowerraLes
forLheolderasseLswouldresulLlnrevenuesbelnaflaLnexLvear.
Debt position: AL Lhe end of l?11, Lhe companvs neL debL has reduced Lo
8s124.3bn compared Lo 8s139.3bn as on March 31, 2010 alded bv lnflow from
AbanearlslnsuranceclalmandsaleofueepvenLure.
Contd2

Keyfinancials(Y/eMarch) 2010 2011 2012E 2013E
8evenues(8sm) 33,387 33,472 33,631 34,197
Growth (%) 10.1 (0.3) 0.5 1.7
L8l1uA(8sm) 21,004 21,086 21,320 21,390
A1(8sm) 3,318 4,470 4,644 3,413
LS(8s) 126.8 102.7 106.7 124.3
Growth (%) (11.4) (19.0) 3.9 16.6
neLuS(8s) 2.0 2.3 2.3 2.8
Source: Company Data; PL Research

Profitability&Valuation 2010 2011 2012E 2013E

EBITDA margin (%) 62.5 63.0 63.4 63.1
RoE (%) 33.7 24.5 23.0 21.6
RoCE (%) 6.9 6.8 7.4 7.8
Lv/sales(x) 4.7 4.4 4.1 3.7
Lv/L8l1uA(x) 7.3 7.0 6.4 3.9
L(x) 4.2 3.2 3.0 4.3
/8v(x) 1.3 1.3 1.0 0.8
Net dividend yield (%) 0.4 0.5 0.5 0.5
Source: Company Data; PL Research


Mav27,2011 2
AbanCffshore
Valuations:CnLhebaslsofL8andLv/L8l1uA,AbanLradesaL3xl?12and4.3x
l?13 and 6.4x l?12 and 3.9x l?13, respecLlvelv. WlLh crude belna under
pressure,AbanssLockprlcehasLakenahlLoverLhelasLmonLh.Colnaforward,
we are valulna Lhe companv aL 13 dlscounL Lo alobal peers, based on l?13
valuaLlons due Lo scale dlfference. AL our 1 of 8s 630, Aban ls valued aL
Lv/L8l1uAof6.7xl?12and6.1xl?13.WemalnLalnAccumulateonLhesLock.
Exhibit1: Q4FY11ResultOverview(Rsm)
Y/eMarch Q4FY11 Q4FY10 YoYgr.(%) Q3FY11 FY11 FY10 YoYgr.(%)
Sales 8,987 10,210 (12.0) 7,780 33,472 33,587 (0.3)
LxpendlLure
ConsumpLlonSLores&Spares 436 263 64.9 319 1,364 1,300 4.9
% of Net Sales 4.9 2.6 4.1 4.1 3.9
SLaffcosL 692 866 (20.2) 849 3,294 2,883 14.3
% of Net Sales 7.7 8.5 10.9 9.8 8.6
CLherexp 2,703 2,487 8.8 1,444 7,727 8,399 (8.0)
% of Net Sales 30.1 24.4 18.6 23.1 25.0
1oLalLxpenses 3,833 3,618 5.9

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Mav27,2011 3
AbanCffshore
IncomeStatement(Rsm)
Y/eMarch 2010 2011 2012E 2013E
NetRevenue 33,587 33,472 33,631 34,197
8awMaLerlalLxpenses 1,300 1,364 1,043 1,129
CrossroflL 32,287 32,108 32,389 33,069
LmploveeCosL 2,883 3,293 3,027 3,249
CLherLxpenses 8,399 7,727 8,241 8,230
EBITDA 21,004 21,086 21,320 21,590
uepr.&AmorLlzaLlon 4,616 4,907 4,967 4,992
neLlnLeresL 9,768 9,238 9,364 8,364
CLherlncome 218 260 300 700
ProfitbeforeTax 6,838 7,201 7,490 8,734
1oLal1ax 2,371 2,731 2,846 3,319
ProfitafterTax 4,268 4,470 4,644 5,415
LxCdlLems/Mln.lnL. (3,366) (6,461)
Adj.PAT 5,518 4,470 4,644 5,415
Avg.SharesO/S(m) 43.5 43.5 43.5 43.5
EPS(Rs.) 126.8 102.7 106.7 124.5

CashFlowAbstract(Rsm)
Y/eMarch 2010 2011 2012E 2013E
C/lfromCperaLlons 1,814 2,303 12,902 10,776
C/lfromlnvesLlna 18,637 12,647 (824) (828)
C/lfromllnanclna (24,040) (12,981) (11,383) (10,190)
lnc./uec.lnCash (3,388) 1,972 693 (242)
CpenlnaCash 3,948 2,360 3,931 3,190
CloslnaCash 2,360 3,931 3,190 4,948
lCll (24,812) 13,300 10,707 9,948
lClL (49,323) 4,220 (637) (103)

KeyFinancialMetrics
Y/eMarch 2010 2011 2012E 2013E
Growth
8evenue() 10.1 (0.3) 0.3 1.7
L8l1uA() 21.2 0.4 1.1 1.3
A1() 2.1 (19.0) 3.9 16.6
LS() (11.4) (19.0) 3.9 16.6
Profitability
L8l1uAMaraln() 62.3 63.0 63.4 63.1
A1Maraln() 16.4 13.4 13.8 13.8
8oCL() 6.9 6.8 7.4 7.8
8oL() 33.7 24.3 23.0 21.6
BalanceSheet
neLuebL:LqulLv 7.7 7.1 3.2 3.9
Valuation
L8(x) 4.2 3.2 3.0 4.3
/8(x) 1.3 1.3 1.0 0.8
Lv/L8l1uA(x) 7.3 7.0 6.4 3.9
Lv/Sales(x) 4.7 4.4 4.1 3.7
EarningsQuality
Lff.1ax8aLe 37.6 37.9 38.0 38.0
CLherlnc/81 3.2 3.6 6.7 8.0
Lff.uepr.8aLe() 2.7 3.0 3.0 3.0
lClL/A1 (897.3) 94.4 (13.7) (1.9)
Source: Company Data, PL Research.

BalanceSheetAbstract(Rsm)
Y/eMarch 2010 2011 2012E 2013E
Shareholder'slunds 18,346 17,968 22,488 27,764
1oLaluebL 141,641 130,361 119,217 109,163
CLherLlablllLles 3,696 3,661 3,661 3,661
TotalLiabilities 163,883 152,190 145,365 140,590
neLllxedAsseLs 133,643 139,317 136,344 132,380
Coodwlll
lnvesLmenLs 4,931 133 133 133
neLCurrenLAsseLs 3,288 12,720 8,668 8,037
Cash & Equivalents 2,360 5,951 5,190 4,948
Other Current Assets 12,269 15,375 13,989 15,556
Current Liabilities 9,342 8,606 10,511 12,447
CLherAsseLs
TotalAssets 163,883 152,190 145,365 140,590

QuarterlyFinancials(Rsm)
Y/eMarch Q1FY11 Q2FY11 Q3FY11 Q4FY11
NetRevenue 8,425 8,281 7,780 8,987
EBITDA 5,202 5,563 5,168 5,154
% of revenue 61.7 67.2 66.4 57.3
uepr.&AmorLlzaLlon 1,291 1,230 1,188 1,200
neLlnLeresL 2,272 2,406 2,329 2,231
CLherlncome 143 24 94
ProfitbeforeTax 1,783 1,950 1,745 1,723
1oLal1ax 678 737 337 338
ProfitafterTax (1,439) 752 620 1,517
Adj.PAT 2,057 891 755 1,633

KeyOperatingMetrics
Y/eMarch 2010 2011 2012E 2013E
noofoperaLlnadavs 4,670.0 3,370.0 6,110.0 6,010.0
Averaaeuav8aLe(uSu/dav) 132,471.9 133,813.9 124,294.3 131,043.4
Source: Company Data, PL Research.

Mav27,2011 4
AbanCffshore

rabhudasLllladhervL.LLd.
3rdlloor,SadhanaPouse,370,.8.Mara,Worll,Mumbal400018,lndla
1el:(9122)66322222lax:(9122)66322209
RatingDistributionofResearchCoverage
23.4
37.2
13.9
1.4
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PLsRecommendationNomenclature
BUY : Cver13CuLperformanceLoSensexover12monLhs Accumulate : CuLperformanceLoSensexover12monLhs
Reduce : underperformanceLoSensexover12monLhs Sell : Cver13underperformanceLoSensexover12monLhs
TradingBuy : Cver10absoluLeupsldeln1monLh TradingSell : Cver10absoluLedecllneln1monLh
NotRated(NR) : nospeclflccallonLhesLock UnderReview(UR) : 8aLlnallkelvLochanaeshorLlv
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ForClients/RecipientsinUnitedStatesofAmerica:
All maLerlals are furnlshed courLesv of ulrecL Access arLners LLC ("uA") and produced bv rabhudas Lllladher vL. LLd. ("Ll"). 1hls maLerlal ls for lnformaLlonal
purposesonlvandprovldedLoCuallfledandAccredlLedlnvesLors.?ouareundernoobllaaLlonLouAorLlforLhelnformaLlonprovldedherelnunlessaareedLobv
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