Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Rickmers Maritime — Q3 2013 Earnings Presentation
23 slides from Singapore Exchange's earnings presentation, Oct 22, 2013
Slide 1: Financial Results Presentation Third Quarter 2013
Financial Results Presentation Third Quarter 2013 22 October 2013
Slide 2: Highlights, Financial Performance, Business Review, Outlook
Highlights Financial Performance Business Review Outlook
Slide 3: Financial Highlights
Financial Highlights THIRD QUARTER NINE MONTHS In US$ million (except otherwise stated) 2013 2012 %∆ 2013 2012 %∆ Charter Revenue 36.60 36.32 1% 107.12 108.01 (1% ) Cash Flow from Operating Activities 25.88 27.63 (6% ) 76.56 79.12 (3% ) Net Profit 13.09 8.23 59% 31.52 25.38 24% Cash Flow Available f
Slide 4: Financial Performance
Highlights Financial Performance Business Review Outlook
Slide 5: Income Statement
Income Statement In US$'000 3Q2013 3Q2012 %∆ 9M2013 9M2012 %∆ Charter revenue 36,600 36,315 1 107,116 108,011 (1) Other income 1,594 1,815 (12) 4,793 5,186 (8) Other gains/(losses) - net 7 269 (97) 111 (67) NM Total income 38,201 38,399 (1) 112,020 113,130 (1) Add/(less): Depreciation (9,302) (9,387
Slide 6: Balance Sheet Highlights
Balance Sheet Highlights In US$'000 As at 30 Sep 2013 As at 31 Dec 2012 %∆ Assets Cash and cash equivalents 57,836 57,168 1 Net book value of vessels 971,927 997,178 (3) Other current and non-current assets 46,380 45,651 2 Total assets 1,076,143 1,099,997 (2) Liabilities Secured bank loans 454,808 5
Slide 7: Statement of Cash Flows
Statement of Cash Flows In US$'000 3Q2013 3Q2012 9M2013 9M2012 Cash flow from: Operating activities 25,881 27,628 76,557 79,118 Investing activities (2,006) (304) (3,716) (2,572) Financing activities (33,111) (25,775) (71,270) (76,607) Net change in cash & cash equivalents (9,236) 1,549 1,571 (61) C
Slide 8: Distribution Statement
Distribution Statement In US$'000 FY2008 FY2009 FY2010 FY2011 FY2012 9M2013 9M2012 3Q2013 3Q2012 Profit/(Loss) after tax 34,437 40,741 (28,553) 40,326 27,623 31,522 25,382 13,086 8,229 Add/(less): Non-cash adjustments and others 22,280 36,379 78,566 30,544 38,058 21,022 23,366 6,992 8,555 Interest e
Slide 9: Cash Flow Available for Distribution to Unitholders
Cash Flow Available for Distribution to Unitholders 50% 15% 9% 9% 10% 17% Cash flow available for distribution before 75,746 110,361 114,298 107,251 106,021 72,884 payment to debt capital providers (US$'000) Distribution declared (US$'000) 37,665 16,566 9,787 10,168 10,168 12,710 * DPU (US cents) 8.
Slide 10: Outstanding Bank Loans
Outstanding Bank Loans As at 30 September 2013 Loan Facility Margin above 3- Year of Face Value Carrying Amount VTL Requirement Security month US$ LIBOR Maturity US$' million US$'million in Loan Facility IPO Facility 1.75% 2017 276.4 276.1 110% Secured against the initial 10 vessels in the IPO Fleet
Slide 11: Bank Loans Repayment Profile
Bank Loans Repayment Profile Actual Estimated YTD9M 4Q FY FY FY Repayment (in US$ million) 2013 2013 2014 2015 2016 - 2021 Bank loan repayments 105.4 12.1 48.3 46.7 348.8 Depends on Excess cash repayments 8.4 0.2 Excess Cash - - Generated* Total 113.8 12.3 48.3 46.7 348.8 Excludes repayment of Conve
Slide 12: Gearing
Gearing 60% 66% 67% 63% 59% 49% >>> Interest Coverage for 3Q2013 at 3.1x Page 11 | Results Presentation
Slide 13: Successful Rights Issue
Successful Rights Issue Gross proceeds US$80.65 million As at 30 September 2013: Less: Year-to-date expenses relating to Rights Issue US$(2.18 million) Net proceeds US$78.47 million Use of net proceeds – repayment of bank loans US$72.69 million The above utilisation is in line with the intended us
Slide 14: Business Review
Highlights Financial Performance Business Review Outlook
Slide 15: Business Review: Fleet Utilisation
Business Review Fleet Utilisation 3Q2013 3Q2012 9M2013 9M2012 Number of Vessels 16 16 16 16 Vessel Ownership Days 1,472 1,456 4,368 4,384 Off-Hire Days* 1.3 3.5 11.2 63.5 Fleet Utilisation 99.9% 99.8% 99.7% 98.6% * Excluding positioning and scheduled dry-docking Page 14 | Results Presentation
Slide 16: Diversified Portfolio of Charterers
Diversified Portfolio of Charterers 3Q2013 – US$107.12 million 3Q2012 – US$108.01 million CSAV 1% Hanjin MSC 2% Hanjin MSC 1% 7% 6% Italia Italia Marittima Marittima 20% 20% MOL 32% MOL 34% CMA CGM CMA CGM 38% 39% • Charter revenue remained stable on the back of long-term charters with reputable cou
Slide 17: Container Time Charter Market
Container Time Charter Market Rickmers Maritime’s 2013 Average Daily Charter Rate: US$25,348 US$26,007 (4,400 TEU 10-year average) Source: Clarkson Research Services Page 16 | Results Presentation
Slide 18: Staggered Remaining Charter Periods
Staggered Remaining Charter Periods Name TEU Charterparty Net Daily Charter Hire 2013 2014 2015 2016 2017 2018 2019 2020 Kaethe C. Rickmers 5,060 MSC US$6,650 Ital Fastosa 3,450 Italia Marittima US$25,870 Ital Festosa 3,450 Italia Marittima US$25,870 ANL Warringa 4,250 CMA CGM US$25,000 ANL Windarra
Slide 19: Outlook
Highlights Financial Performance Business Review Outlook Financial &
Slide 20: Outlook: Future Scheduled Dry-dockings
Outlook Future Scheduled Dry-dockings 4Q2013 FY2014 No. of vessels scheduled for dry-docking 0 2 Scheduled off-hire days (Estimated ) 0 24 • Dry-docking of merchant vessels is a regulatory requirement and is carried out in 5-year intervals in order to allow maintenance of the vessels’ underwater are
Slide 21: Outlook
Outlook • For 2013, expected trade growth is projected to reach 4.7%* and growth in global container capacity is forecasted to outpace demand growth. For 2014, trade growth is projected to accelerate to 6.2%*. • However, trade growth is subject to risks from global economic developments, with downsi
Slide 22: Disclaimer
Disclaimer This presentation should be read in conjunction with Rickmers Maritime’s Financial Statements for the third quarter ended 30 September 2013, released via the SGXNET. This presentation is not and does not constitute or form part of, and is not made in connection with, any offer, invitation
Slide 23: Thank You
Thank You For more information, please visit www.rickmers-maritime.com