Costamare Inc. · NYSE:CMRE
Costamare — Q3 2014 Earnings Presentation
12 slides from Costamare's earnings presentation, Nov 3, 2014
Slide 1: Third Quarter 2014 Financial Results Conference Call
Third Quarter 2014 Financial Results Conference Call November 3, 2014
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain “forward-looking statements” (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that the
Slide 3: Recent Transactions
Recent Transactions The Company sold the 1987-built, 3,152TEU containership Akritas for demolition, for a sale price of $7.3 million. The vessel was delivered to her buyers in September, 2014. The company recorded an accounting gain of approximately $1.8 million from the sale. Vessel Pursuant to
Slide 4: Recent Transactions
Recent Transactions The Company entered into the following charter agreements: Agreed to charter the 1991-built, 3,351TEU containership Karmen to Evergreen for a period of minimum one and maximum three months, starting from August 21, 2014, at a daily rate of $7,500. Subsequently, we agreed to ext
Slide 5: Income Statement
Income Statement Q3 2014 RESULTS 3Q 2013 3Q 2014 % Change Ownership Days 4,696 5,058 7.7% Average Number of Vessels 51.0 55.0 7.8% Voyage Revenues $ 110,134 $ 124,726 13.2% EBITDA(*) $ 69,495 $94,136 35.5% Depreciation & Amortization $ 25,775 $ 30,063 16.6% Net Interest and Finance Costs $ 22,776 $
Slide 6: High Quality Stable Cash Flows - Strong Relationships
High Quality Stable Cash Flows- Strong Relationships Revenue Contribution (All Vessels)(1)(2) As of October 30, 2014, Other 0.2% contracted revenues of 0.8% approximately $2.4Bn(1)(2) 2.6% 9.1% TEU-weighted average remaining time charter duration 36.2% for the fleet is about 5.0 19.4% years(1)(2
Slide 7: Small Re-chartering Risk going forward
Small Re-chartering Risk going forward EBITDA EBITDA Sensitivity Based on Re-Chartering Discount Sensitivity 100% 0,5% 1,1% 1,6% 2,2% 2,8% 90% 80% Contracted 70% EBITDA for the next 60% twelve months(*), including 50% EBITDA from 100% re- 40% chartering at existing contracted 30% rates 20% 10% 0% 0%
Slide 8: Balance Sheet Management
Balance Sheet Management Debt Repayment Schedule as of September 30, 2014 (US$ thousands)(1) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $50,105 $ 206,458 $ 199,793 $ 242,812 $ 574,633 $ 78,300 $ 248,544 $ 87,464 $ 22,117 $ 23,730 $ 83,222 Smooth amortization schedule minimizes re-finan
Slide 9: Container Shipping Industry
50 0 150 250 100 200 300 1000 1050 1100 1150 1200 850 900 950 CCFI Jan-03 Jan-13 Jun-03 Feb-13 Charter Index Nov-03 Mar-13 Apr-04 Sep-04 Apr-13 Feb-05 May-13 Jul-05 Jun-13 Dec-05 Source: AXS-Alphaliner Jul-13 May-06 Aug-13 Oct-06 Mar-07 Sep-13 Aug-07 Oct-13 Jan-08 Nov-13 Jun-08 Dec-13 Source: Shangh
Slide 10: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 11: Net Income to Adjusted Net Income and Adjusted EPS Reconciliation
Appendix Net Income to Adjusted Net Income and Adjusted EPS Reconciliation Nine-month period ended Three-month period ended September 30, September 30, (Expressed in thousands of U.S. dollars, 2013 2014 2013 2014 except share and per share data) Net Income $ 76,235 $ 84,287 $ 20,944 $ 37,074 Distrib
Slide 12: Net Income to EBITDA and Adjusted EBITDA Reconciliation
Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Nine-month period ended Three-month period ended September 30, September 30, (Expressed in thousands of U.S. 2013 2014 2013 2014 dollars) Net Income $ 76,235 $ 84,287 $ 20,944 $ 37,074 Interest and finance costs 56,923 75,601 22,815 27