Slide 1: Fourth Quarter 2011 Financial Results Conference Call
Fourth Quarter 2011 Financial Results Conference Call February 2, 2012
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could” and “expect” and s
Slide 3: Income Statement
Income Statement Q4 2011 RESULTS 4Q 2010 4Q 2011 % Change Ownership Days 3,864 4,446 15.1% Average Number of Vessels 42.0 48.3 15.0% Voyage Revenues $ 85,687 $ 101,990 19.0% EBITDA(*) $50,001 $68,158 36.3% D&A $(20,642) $(22,711) 10.0% Net Interest and Finance Costs $(17,556) $(19,365) 10.2% Net Inc
Slide 4: High Quality Cash Flows and Charter Coverage
High Quality Cash Flows and Charter Coverage Revenue Contribution (Vessels in the water) (1)(2) Effect of re-chartering on Contracted Revenues(3) $ Millions 600 113,5 Other 126,2 0.7% 0.3% 87,1 500 2.2% 41,3 400 8.9% 300 45.9% 447,4 432,8 200 384,8 404,4 100 20.0% 0 2012 2013 2014 2015 Contracted Re
Slide 5: Minimum Re-chartering Risk for 2012
Minimum Re-chartering Risk for 2012 $ Millions EBITDA Sensitivity based on re-chartering discount Contracted EBITDA including EBITDA from re- chartering at existing contracted rates Note EBITDA = Cash Revenues – Expenses – Management Fees (See Appendix) Re-chartering rate of ships coming out of char
Slide 6: Balance Sheet Management
Balance Sheet Management Debt Repayment Schedule as of December 31, 2011 (US$ thousands)(1) 2012 2013 2014 2015 2016 2017 2018 $ 153,176 $ 162,961 $ 168,445 $ 147,379 $ 137,190 $ 179,190 $ 471,892 Smooth amortization schedule minimizes re-financing risk Distributable cash flow calculated on a po
Slide 7: Container Shipping Industry
Container Shipping Industry Supply / Demand Dynamics Idle Fleet Year-Over-Year Growth (%) Time Charter Index TEU Idle %of feet 20,00% 200 1.600.000 14,0% 180 15,00% 1.400.000 12,0% 160 1.200.000 10,0% 10,00% 140 1.000.000 8,0% 120 800.000 5,00% 6,0% 100 600.000 0,00% 4,0% 80 400.000 1998 1999 2000 2
Slide 8: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 9: Appendix: Net Income to Adjusted Net Income and Adjusted EPS Reconciliation
Appendix Net Income to Adjusted Net Income and Adjusted EPS Reconciliation Three-month period ended Year ended December 31, December 31, (Expressed in thousands of U.S. dollars, 2010 2011 2010 2011 except share and per share data) Net Income $ 81,224 $ 87,877 $ 11,803 $ 26,367 Accrued charter revenu
Slide 10: Appendix: Net Income to EBITDA and Adjusted EBITDA Reconciliation
Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Three-month period ended Year ended December 31, December 31, (Expressed in thousands of U.S. 2010 2011 2010 2011 dollars) Net Income $ 81,224 $ 87,877 $ 11,803 $ 26,367 Interest and finance costs 71,949 75,441 17,844 19,488 Interest i
Slide 11: Appendix: Assumptions for 2012 Projected EBITDA
Appendix Assumptions for 2012 Projected EBITDA 2 newbuild vessels delivered end of Q4 2012 Delivery dates per current shipyard schedules Operating expenses per current estimates Management fees per current management agreement 11