Dht Holdings, Inc. · NYSE:DHT
Dht — Q3 2020 Earnings Presentation
10 slides from Dht's earnings presentation, Nov 10, 2020
Slide 1: Third Quarter 2020 Results
THIRD QUARTER 2020 RESULTS November 10, 2020
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: Q3'20 Financials: P&L Highlights
Q3’20 Financials P&L HIGHLIGHTS Q3 2020 YTD 2020 $ Thousands, except per share Revenues on TCE basis $ 117 506 $ 472 751 Vessel Operating Expenses $ (20 496) $ (60 044) G&A $ (4 084) $ (13 418) Impairment Charge $ (4 920) $ (4 920) EBITDA $ 92 926 $ 399 289 Interest expenses $ (8 863) $ (32 112) Net
Slide 4: Balance Sheet Highlights
Q3’20 Financials BALANCE SHEET HIGHLIGHTS As per As per $ Thousands 30.09.2020 31.12.2019 Cash $ 75,107 $ 67,356 ▪ Total Liquidity of $245m Other Current Assets $ 80,136 $ 150,930 • Cash: $75 million Vessels $ 1,520,410 $ 1,601,096 • RCF availability: $170 million Other Assets $ 10,225 $ 7,836 Total
Slide 5: Q3 Cash Flow Highlights
Q3’20 Financials Q3 CASH FLOW HIGHLIGHTS 250 16.4 9.2 200 92.9 82.0 150 3.3 100 91.9 2.2 137.7 50 45.2 75.1 0 30/06/20 Cash EBITDA Debt Cash interest Dividends Maintenance Prepayment Change in Net Other 30/09/20 Cash Balance repayment CapEx long-term working capital Balance debt, net November 10, 20
Slide 6: Capital Allocation
Q3’20 Financials CAPITAL ALLOCATION ▪ Cash dividend of $0.20 per share • Payable on November 25th to shareholders of record as of November 18th • Cash dividend for the 43rd consecutive quarter ▪ Prepaid $91.9 million in bank debt • $37.0 million under the Nordea Credit Facility • $42.2 million under
Slide 7: Managing the Cycles
Business Update MANAGING THE CYCLES $/day 140 000 120 000 100 000 80 000 SIGNIFICANT DIVIDENDS, BOND SIGIFICANT DIVIDENDS, TC BUY-BACKS, TC CONTRACTS AND CONTRACTS AND DEBT DEBT PREPAYMENTS PREPAYMENTS 60 000 40 000 ACQUIRED 13 ACQUIRED 16 VLCCs VLCCs 20 000 0 November 10, 2020 7
Slide 8: TC Coverage and Cash Break-Even
Business Update TC COVERAGE AND CASH BREAK-EVEN H1 2021 H2 2021 Time charter coverage 35% 18% Spot cash break-even* $3,400/day $16,400/day * Including following cash cost = OPEX, G&A, interest, debt amortization and maintenance capex (including BWTS) November 10, 2020 8
Slide 9: DHT Is Well Positioned
Business Update DHT IS WELL POSITIONED ▪ Total liquidity of $245 million ▪ Leverage of 30%, average net debt of $15.5 million per ship ▪ 16 ships on time charter contracts with an average fixed/base rate of $42,935/day ▪ Spot cash break-even for 2021 estimated to be $10,600/day ▪ Five unencumbered V
Slide 10: Q&A
Q&A November 10, 2020 10