Costamare Inc. · NYSE:CMRE
Costamare — Q4 2013 Earnings Presentation
13 slides from Costamare's earnings presentation, Jan 28, 2014
Slide 1: Fourth Quarter 2013 Financial Results Conference Call
Fourth Quarter 2013 Financial Results Conference Call January 28, 2014
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 We have ordered nine newbuilds with capacities between 9,000 and 14,000 TEU pursuant to our joint venture agreement with York. The newbuilds are scheduled to be delivered between the 4th quarter of 2015 and the third quarter of 2016. The Company holds an equity interest ranging
Slide 4: Recent Transactions
Recent Transactions In January 2014, the Company entered into an agreement to charter the 2010 built 8,531 TEU vessel Navarino for a period of approximately one year to MSC. The vessel is expected to be delivered to its charterers in March 2014. New Chartering Arrangements In October 2013, the C
Slide 5: Income Statement
Income Statement Q3 2013 RESULTS 4Q 2012 4Q 2013 % Change Ownership Days 4,324 4,746 9.8% Average Number of Vessels 47.0 51.6 9.8% Voyage Revenues $95,193 $112,549 18,2% EBITDA(*) $61,816 $71,116 15,0% Depreciation & Amortization $22,313 $26,749 19,9% Net Interest and Finance Costs $16,572 $17,515 5
Slide 6: High Quality Stable Cash Flows - Strong Relationships
High Quality Stable Cash Flows- Strong Relationships Revenue Contribution (Vessels in the water)(1)(2)(3) Other As of January 27, 2014, 0.3% contracted revenues of 2.2% approximately $2.8Bn(1)(2) 4.6% TEU-weighted average 12.7% remaining time charter duration 30.4% for the fleet is about 5.0 yea
Slide 7: Small Re-chartering Risk for 2014
Small Re-chartering Risk for 2014 EBITDA Sensitivity Based on Re-Chartering Discount EBITDA Sensitivity 100% 0,9% 1,9% 2,9% 3,8% 4,8% 5,7% 90% 80% 70% Contracted 60% EBITDA including 50% EBITDA 100% from re- 40% chartering at existing 30% contracted rates 20% 10% 0% 0% 10% 20% 30% 40% 50% 60% Re-cha
Slide 8: Balance Sheet Management
Balance Sheet Management Debt Repayment Schedule as of December 31, 2013 (US$ thousands)(1) 2014 2015 2016 2017 2018 2019 2020 2021 2022 $206,717 $211,445 $201,343 $243,343 $582,390 $77,340 $246,225 $83,794 $14,979 Liquidity as of December 31, 2013 (US$ millions) Cash and Cash Equivalents (2) $ 152.
Slide 9: Container Shipping Industry
Container Shipping Industry Supply / Demand Dynamics Idle Fleet Year-Over-Year Growth (%) Time Charter Index TEU Idle %of feet 20% 200 1.600.000 14% 180 15% 1.400.000 12% 160 1.200.000 10% 10% 140 1.000.000 120 8% 5% 800.000 100 6% 600.000 0% 4% 80 400.000 60 200.000 2% -5% 40 0 0% 16/1/2009 16/3/20
Slide 10: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 11: APPENDIX
Costamare Inc. APPENDIX
Slide 12: 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 December 31, (Expressed in thousands of U.S. dollars, 2012 2013 except share and per share data) Net Income $ 22,931 $ 26,852 Distributed earnings allocated to Preferred Stock - (951) Net Income avail
Slide 13: Net Income to EBITDA and Adjusted EBITDA Reconciliation
Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Three-month period ended December 31, (Expressed in thousands of U.S. 2012 2013 dollars) Net Income $ 22,931 $ 26,852 Interest and finance costs 16,894 17,610 Interest income (322) (95) Depreciation 20,151 24,800 Amortization of dry-do