Dht Holdings, Inc. · NYSE:DHT
Dht — Q3 2021 Earnings Presentation
11 slides from Dht's earnings presentation, Nov 3, 2021
Slide 1: Third Quarter 2021 Results
THIRD QUARTER 2021 RESULTS November 3, 2021
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particul
Slide 3: Q3'21 Financials: P&L Highlights
Q3’21 Financials P&L HIGHLIGHTS Q3 2021 9M 2021 $ Thousands, except per share Revenues on TCE basis $ 37 652 $ 154 180 Average TCE Q3 2021 Vessel operating expenses $ (19 240) $ (57 880) ➢ $16,300 per day G&A $ (4 420) $ (14 645) Average TCE YTD 2021 EBITDA $ 13 993 $ 81 655 ➢ $22,400 per day Intere
Slide 4: Balance Sheet Highlights
Q3’21 Financials BALANCE SHEET HIGHLIGHTS As per 30.09.2021 As per 31.12.2020 $ Thousands Cash $ 64 481 $ 68 641 Total liquidity of $245 million Other current assets $ 54 118 $ 49 638 ▪ Cash $ 64.5 million ▪ RCF availability $ 180.5 million Vessels* $ 1 488 992 $ 1 493 705 Other assets $ 10 133 $ 10
Slide 5: Q3 2021 Cash Flow Highlights
Q3’21 Financials Q3 2021 CASH FLOW HIGHLIGHTS 80 70 14.0 -1.9 29.6 -0.9 -5.4 -6.7 60 -3.3 50 -1.8 -0.1 -11.1 40 64.5 30 52.2 20 10 0 30/06/21 EBITDA Debt Cash interest Share Dividend Maintenance Scrubber Change in Net proceeds Net Other 30/09/21 Cash Balance repayment buyback CapEx CapEx working fro
Slide 6: Capital Allocation
Q3’21 Financials CAPITAL ALLOCATION In total, $10.1 million will be returned to shareholders for Q3 2021 Share buyback ▪ During Q3 2021, the Company returned $6.7 million to shareholders by purchasing 1.23 million of its own shares, equal to 0.7% of the outstanding shares, at an average price of $5.
Slide 7: Robust Cash Break Even
Business Update ROBUST CASH BREAK EVEN Estimated Cash Break Even Q4 2021 Estimated Cash Break Even H1 2022 USDm USDm $100 $100 $90 $90 $80 $80 $70 $70 Maintenance CapEx $60 $60 Cash G&A Debt repayment $50 $50 Cash interest Spot: $40 $40 10 600/d Maintenance CapEx VLCC: $30 Cash G&A Spot: $30 14 200/
Slide 8: Dry Docking Program
Business Update DRY DOCKING PROGRAM Dry docking program 2021 Q1 - Q3 Q4* Total* # vessels 10 3 13 % of fleet 38 % 12 % 50 % number of off-hire days 416 100-125 516-541 Total CAPEX YTD: ▪ $33.0 million Dry docking schedule 2022: ▪ Three vessels in total *estimates, subject to change November 3, 2021
Slide 9: Significant Upside Potential
Business Update SIGNIFICANT UPSIDE POTENTIAL Spot vs. TC employment* Estimated discretionary cash flow 2022 100% 900 4.24 4.5 90% 800 4.0 80% 700 3.5 3.01 706.4 70% $ per share per year 600 3.0 $m per year 60% 500 2.5 50% 501.1 400 1.78 2.0 40% 300 1.5 30% 295.9 200 1.0 20% 0.54 10% 100 0.5 90.3 0%
Slide 10: Summary
Business Update SUMMARY ▪ Quality fleet, strong balance sheet, best-in-class cash break even, significant operational leverage ▪ Proven ability to manage the cycles ▪ Well established capital allocation policy ▪ Global oil demand recovering, inventories back to pre-Covid levels and OPEC+ production
Slide 11: Q&A
Q&A November 3, 2021 11