Ocean Yield ASA — Q3 2013 Earnings Presentation
12 slides from Ocean Yield ASA's earnings presentation, Nov 12, 2013
Slide 1: Third Quarter 2013 Presentation
Third Quarter 2013 Presentation 12th November 2013
Slide 2: Third quarter 2013 highlights
Third quarter 2013 highlights Dividend of 12.0 Cents per share declared, payable on or about December 2nd 2013. Total dividend payable is about USD 16 million EBITDA was USD 55.6 million compared to USD 38.1 million for the third quarter 2012 Net Profit after tax was USD 19.1 million compared to USD
Slide 3: Development in key financials
Development in key financials EBITDA per quarter (USDm) Dividend Yield +43% 48.8 50.6 55.6 38.8 38.1 39.4 8.8%** p.a Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013* Q3 Quarterly Dividend Net profit per quarter (USDm) payable in Q4 2013 +63% 19.9 19.1 17.1 11.7 12.1 11.3 12.0 Cents Q2 2012 Q3 2012 Q
Slide 4: Höegh PCTCs 8500 – 2 newbuilds
Höegh PCTCs 8500 – 2 newbuilds Vessel and charter Vessel: Höegh XSI462E & XSI462F Type: PCTC’s, 8500 car capacity Del. cost: ~USD 137 million Charter: «Hell and High water» bareboat charter Yard: Xiamen Shipbuilding Industry Co. Ltd Delivery: January/April 2016 Charterer: Höegh Autoliners Shipping A
Slide 5: P&L Income statement
P&L Income statement Revenues: Increased revenues Pro- as a result of full quarter with 3rd 3rd Forma revenus from “Far Statesman”, 2nd Quarter Quarter Quarter Jan - Sep Jan-Sep delivered in Q2 2013 Amounts in USD million 2013 2013 2012 2013 2012 Personell expenses: Lower Operating revenues 60.0 61.
Slide 6: Net profit after tax adjusted for non-recurring items
Net profit after tax adjusted for non-recurring items Adjustments Comments 3rd Quarter Amounts in USD million 2013 Profit after tax 19.1 - Foreign exchange gains/losses (3.3) 3.0 USD million related to agio for first half 2013, previously reported against other comprehensive income - Mark to market
Slide 7: Balance sheet
Balance sheet Balance sheet 30 September 30 June 30 September 30 June Amounts in USD million 2013 2013 Amounts in USD million 2013 2013 ASSETS Total equity 687.8 522.0 Vessels and equipment 1 304.0 1 307.3 Intangible assets 38.3 38.3 Interest-bearing loans 803.8 838.7 Deferred tax assets 7.6 9.7 Def
Slide 8: USD 1.8 billion in contracted EBITDA
USD 1.8 billion in contracted EBITDA Firm period Unit Counterparty Contract type 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 ends Dhirubhai‐1 Reliance Bareboat / O&M Sep‐18 Wayfarer Aker Solutions Bareboat Sep‐20 Lewek Connector EMAS/Ezra Holding Bareboat Oct‐22 H
Slide 9: Ocean Yield – Summary and outlook
Ocean Yield – Summary and outlook Dividend of USD 0.12 per share declared, payable on or about December 2nd 2013. Dividend yield of 8.8% at conservative payout ratio. Total dividend payable is about USD 16 million Another steady quarter with increase in EBITDA and adjusted net profit after tax USD 1
Slide 10: Q&A session
Q&A session November 13 Company presentation 10
Slide 11: Appendix: Covenant compliance in Bond Agreement
Appendix: Covenant compliance in Bond Agreement OCY Bond ISIN NO 001 065437.9 – 2012/2017 Q3 2013 Minimum Book Equity of 25% 40.6% Minimum Cash of $ 25 Million $148.7 million EBITDA/ Interest expenses > 2.5x 5.86 x November 13 Company presentation 11
Slide 12: Slide 12