Costamare Inc. · NYSE:CMRE
Costamare — Q4 2015 Earnings Presentation
15 slides from Costamare's earnings presentation, Jan 28, 2016
Slide 1: Fourth Quarter 2015 Financial Results Conference Call
Fourth Quarter 2015 Financial Results Conference Call January 28, 2016
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 To date, we have declared dividends in 21 consecutive quarters without any reduction. Over the past five years, we have increased the dividend 16% . On January 4, 2016, we declared a dividend for the fourth quarter ended December 31, 2015, of Dividend $0.29 per share on our
Slide 4: Recent Transactions – Chartering
Recent Transactions – Chartering The Company entered into the following chartering arrangements: Agreed to charter the 2010-built, 8,531 TEU containership Navarino with PIL for a period of minimum 11 and maximum 13 months at a daily rate of $10,500. The vessel was delivered to PIL on December 13,
Slide 5: Income Statement
Income Statement Q4 2015 RESULTS 4Q 2014 4Q 2015 % Change Ownership Days 4,982 5,023 0.8% Average Number of Vessels 54.2 54.6 0.7% Voyage Revenues $120,866 $122,276 1.2% EBITDA(*) 80,913 87,755 8.5% Depreciation & Amortization 30,436 28,858 (5.2%) Net Interest and Finance Costs 19,677 20,569 4.5% Ne
Slide 6: High Quality & Stable Cash Flows
High Quality & Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) Other As of January 27, 2016, 1.0% 0.5% 0.5% contracted revenues of 3.3% approximately $2Bn(1)(2) 7.1% TEU-weighted average remaining time charter duration 36.3% 15.9% for the fleet is about 4 years(1)(2) Significant bui
Slide 7: Consistently Strong Performance
Consistently Strong Performance Historical Financial Performance vs. Containership Time Charter Rate Index (1) $MM Index Value 600 140 120 500 100 400 80 300 60 200 40 100 20 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Adj. EBITDA Margin 62.6% 60.9% 61.1% 63.3% 71.9% 65.5% 68.2% 69.9% 70.6% Not
Slide 8: Costamare's Remaining Capex Commitments
Costamare’s Remaining Capex Commitments Remaining Capex Commitments (CMRE portion) $MM 120.0 Have already paid 50% of total yard instalments. The Company is in discussions with banks for the 100.0 financing of the remaining 50% yard instalment 80.0 86.4 60.0 10-year charter contracts with 86.4 40.0
Slide 9: Timing of Last Chartering of Ships Opening in 2016
Timing of Last Chartering of Ships Opening in 2016 1 4 Timing of Last Chartering of Ships Opening in 2016 vs Historical Charter Rate Index (1) Containership 7 Timecharter Rate Index 5 8 200 15 6 9 180 16 1 4 10 160 17 19 2 11 140 18 20 3 12 120 21 13 22 100 14 80 23 60 40 20 0 Jan-05 Jan-06 Jan-07 J
Slide 10: 2016 Re-chartering Revenue Sensitivity
2016 Re-chartering Revenue Sensitivity Revenue 2016 Revenue Sensitivity Based on Re-Chartering Discount Sensitivity 100% 0.9% 1.8% 2.6% 3.5% 4.4% 90% 5.3% 6.2% 80% Contracted 70% Renues for the next 60% twelve months(*), including 50% revenues from re- 40% chartering at existing contracted 30% rates
Slide 11: Container Shipping Industry
Container Shipping Industry Charter Rates Idle Fleet Charter Index (HRCI)(1) %of fleet 900 14% 800 12% 700 10% 600 Source: AXS-Alphaliner 8% 500 6% Source: Howe Robinson 400 4% 300 2% 0% Orderbook Orderbook/ Total Fleet 70% 60% Charter market has been under pressure 50% Idle fleet has recently i
Slide 12: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 13: Appendix - Income Statement FY2015
Appendix - Income Statement FY2015 FY 2015 RESULTS FY2014 FY2015 % Change Ownership Days 19,885 20,038 0.8% Average Number of Vessels 54.5 54.9 0.7% Voyage Revenues $483,995 $490,378 1.3% EBITDA(*) 327,459 348,719 6.5% Depreciation & Amortization 117,625 114,052 (3.0%) Net Interest and Finance Costs
Slide 14: Appendix - Net Income to Adjusted Net Income Reconciliation
Appendix Net Income to Adj. Net Income Available to Common Stockholders and Adj. EPS Reconciliation Three-month period ended Note: Adjusted Net Income available to common stockholders and Adjusted Year ended December 31, December 31, Earnings per Share represent net income after earnings allocated t
Slide 15: Appendix - Net Income to 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. 2014 2015 2014 2015 Note: EBITDA represents net income before interest and finance costs, interest dollars) income, amortization of prepaid l