Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — FY2020 Earnings Presentation
17 slides from Dampskibsselskabet Norden A/s's earnings presentation, Mar 4, 2021
Slide 1: Presentation of FY & Q4 2020 Results
PRESENTATION OF FY & Q4 2020 RESULTS Copenhagen, Denmark, 4 March 2021
Slide 2: Agenda for Today
AGENDA FOR TODAY 01. Group Results 02. Business unit performance & Market outlook • Asset Management • Dry Operator • Tanker Operator 04. Guidance for 2021 05. Final words and Q&A 2 PRESENTATION OF ANNUAL RESULTS 2020
Slide 3: Highlights Full-Year & Q4 2020
01. HIGHLIGHTS FULL-YEAR & Q4 2020 3 PRESENTATION OF ANNUAL RESULTS 2020
Slide 4: Business Update
01. HIGHLIGHTS FULL-YEAR AND Q4 2020 BUSINESS UPDATE Best group result in 10 years Adjusted Group Result 2016-2020 • Adjusted Result FY 2020: USD 106 million (FY 2019: USD 23 million) 120 106 100 • EBITDA: USD 343 million / Cash flow from operations: 396 USD million 80 60 • Improved return on equity
Slide 5: Business Unit Performance and Market Outlook
02. BUSINESS UNIT PERFORMANCE AND MARKET OUTLOOK 5 PRESENTATION OF ANNUAL RESULTS 2020
Slide 6: Capitalised on Solid Asset Trading Opportunities
02. ASSET MANAGEMENT CAPITALISED ON SOLID ASSET TRADING OPPORTUNITIES Asset Management Adjusted Result FY 2020 USD 29 million Adjusted Result by quarter 12 11 • EBIT: FY2020 USD 35.7 million / Q4: USD -6.6 million 10 • Q4 Adjusted Result: USD 5 million 8 7 USD million • Moving exposure from Tankers
Slide 7: Dry and Tanker Market in Q4 2020
02. ASSET MANAGEMENT DRY AND TANKER MARKET IN Q4 2020 Dry cargo continues to regain strength Very challenging tanker market • Upward trend on dry cargo asset and period rates in Q4 • Tanker asset prices and period rates remained stable at low levels following decline in previous quarters • 1-year T/
Slide 8: Market Outlook, Dry Cargo
02. ASSET MANAGEMENT MARKET OUTLOOK, DRY CARGO Dry cargo demand is rebounding Supply growth continues to slow down • Degree of country-wide lockdowns / reopening economies will • Supply growth in 2021 and 2022 is expected to remain at low continue to influence commodity demand levels of 2-2.5% per y
Slide 9: Market Outlook, Tanker
02. ASSET MANAGEMENT MARKET OUTLOOK, TANKER Slow and long recovery for oil demand Low order books continue to provide support • Product tanker market in 2021 to be held back by a crude tanker • Product tanker orders below 7% of fleet – lowest level in 25 years market suffering under greatly reduced
Slide 10: Outstanding Result Through Active Management
02. DRY OPERATOR OUTSTANDING RESULT THROUGH ACTIVE MANAGEMENT Adjusted Result full-year 2020 USD 59 million • Q4: Adjusted Result of USD 27 million • Increased average Adjusted Result per vessel day to USD 559 • Outstanding result combined with record high activity: • Average fleet size of 294 vesse
Slide 11: A Polarised Year: Peak 1H Rates, Tough 2H Market
02. TANKER OPERATOR A POLARISED YEAR: PEAK 1H RATES, TOUGH 2H MARKET Adjusted Result full-year 2020 USD 18 million • Q4: Adjusted Result of USD -11 million • Average Adjusted Result of USD 406 per vessel day in 2020 • 1st half of 2020: Benefitting from peak rates and strong market • Average fleet si
Slide 12: 2021 Guidance and Final Words
03. 2021 GUIDANCE AND FINAL WORDS 12 PRESENTATION OF ANNUAL RESULTS 2020
Slide 13: 2021 Guidance
03. 2021 GUIDANCE NORDEN expects lower earnings in 2021, with an annual Adjusted Result between USD 20 to 60 million. Asset Management Dry Operator Tanker Operator • Expects lower Adjusted Result in 2021 • Expects Adjusted Result below the record • Expects Adjusted Result which is much weaker result
Slide 14: Substantial Value Beyond Asset Values
03. FINAL WORDS SUBSTANTIAL VALUE BEYOND ASSET VALUES Asset Management Dry Operator Tanker Operator Active management of cyclical Providing efficient global transport Providing efficient global transport market exposure within dry cargo solutions to customers and active solutions to and active manag
Slide 15: Best Result in 10 Years
03. FINAL WORDS BEST RESULT IN 10 YEARS • NORDEN generated an outstanding result of 106 million USD: - Best group result in 10 years - Record high activity levels and positive results across all three business units • Volatile 2020 validated the strength and resilience of our business model • Asset
Slide 16: Forward Looking Statements
03. FINAL WORDS – DISCLAIMER FORWARD LOOKING STATEMENTS This presentation contains certain forward-looking statements reflecting the management’s present judgment of future events and financial results. Statements relating to 2020 and subsequent years are subject to uncertainty, and NORDEN’s actual
Slide 17: Thank You For Your Attention
THANK YOU FOR YOUR ATTENTION Dampskibsselskabet NORDEN A/S 52, Strandvejen DK-2900 Hellerup Denmark Phone: +45 3315 0451 www.ds-norden.com Connect with us 17 PRESENTATION OF ANNUAL RESULTS 2020
Dampskibsselskabet NORDEN — FY2020 Earnings Presentation on 6ix