Dht Holdings, Inc. · NYSE:DHT
Dht — Q1 2022 Earnings Presentation
12 slides from Dht's earnings presentation, May 10, 2022
Slide 1: First Quarter 2022 Results
FIRST QUARTER 2022 RESULTS May 10, 2022
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particul
Slide 3: Balance Sheet Highlights
Q1’22 Financials BALANCE SHEET HIGHLIGHTS As per $ Thousands 31.03.2022 Cash $ 58,624 Total liquidity of $235 million $ 71,528 Other current assets ▪ Cash $ 58.6 million Vessels* $ 1,438,857 ▪ RCF availability $ 176.8 million Other assets $ 9,402 Total assets $ 1,578,411 Current portion of long-term
Slide 4: P&L Highlights
Q1’22 Financials P&L HIGHLIGHTS Q1 2022 $ Thousands, except per share Revenues on TCE basis $ 38,741 Average TCE Q1 2022 Vessel operating expenses $ (18,263) ➢ $17,100 per day G&A $ (6,078) EBITDA $ 14,400 Interest expenses $ (6,164) Net Income / (loss) after tax $ (17,252) EPS $ (0.10) ▪ The Q1 202
Slide 5: Q1 2022 Cash Flow Highlights
Q1’22 Financials Q1 2022 CASH FLOW HIGHLIGHTS Cash Bridge Q1 2022 100 90 80 14.4 -1.9 -5.3 70 -3.3 -2.3 -4.5 60 1.0 50 40 30 60.7 58.6 20 10 0 31/12/21 Cash EBITDA Debt repayment Cash interest Dividend Maintenance Change in Net Other 31/03/22 Cash Balance CapEx working capital Balance May 10, 2022 5
Slide 6: Capital Allocation
Q1’22 Financials CAPITAL ALLOCATION Q1 2022: $3.3 million will be returned to shareholders Cash dividend of $0.02 per share ▪ Returning $3.3 million in cash dividends for Q1 2022 ▪ The 49th consecutive quarter with cash dividends ▪ Payable on May 26, 2022, to shareholders of record as of May 19, 202
Slide 7: G&A and Depreciation
Q1’22 Financials G&A AND DEPRECIATION ▪ Cash G&A run rate remaining quarters of 2022 of about $3.3 million per quarter ▪ Non-cash G&A run rate remaining quarters of 2022 of about $0.8 million per quarter ▪ Depreciation run rate remaining quarters of 2022 of about $31.5 million per quarter ▪ We expec
Slide 8: Sale of Older Ships
Business Update SALE OF OLDER SHIPS ▪ Entered into agreements to sell: • DHT Hawk, built 2007, $40 million • DHT Falcon, built 2006, $38 million ▪ Both vessels scheduled for delivery during Q2 2022 ▪ Expected to generate a combined profit of about $12 million ▪ Outstanding debt of about $13 million
Slide 9: Robust Cash Break Even
Business Update ROBUST CASH BREAK EVEN Estimated Cash Break Even Q2-Q4 2022 USDm $200 $150 $100 Maintenance CapEx Cash G&A Debt repayment Spot: Cash interest 8 500/d $50 15 100/d OPEX Fixed TC $- Cash Costs Cash Breakeven Rates Required Rates for Spot Ships May 10, 2022 9
Slide 10: Peer Group Leverage
Business Update PEER GROUP LEVERAGE Total Interest-Bearing Debt to Total Assets 75% 50% 25% Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 DHT Peer A Peer B Peer C May 10, 2022 10
Slide 11: Market Commentary
MARKET COMMENTARY May 10, 2022 11
Slide 12: Q&A
Q&A May 10, 2022 12