Ocean Yield ASA — Q1 2024 Earnings Presentation
10 slides from Ocean Yield ASA's earnings presentation, May 16, 2024
Slide 1: Q1 2024 Presentation
Q1 2024 PRESENTATION 16th May 2024
Slide 2: Quarterly Highlights
QUARTERLY HIGHLIGHTS Continued strong financial results USD 96.8m USD 23.2m Adj. EBITDA Net profit Robust financial position 32.4% USD 215.3m Equity ratio Available liquidity Key financials High earnings visibility USD 4.1bn 10.1 years Adj. EBITDA backlog Average charter tenor Vessels delivered 1x 1
Slide 3: Portfolio Update
PORTFOLIO UPDATE DELIVERIES / CHARTERS OPTIONS EXERCISED VESSELS SOLD ▪ Zim CedarDanube was delivered was delivered from the14- and commenced ▪ Purchase options were declared for ▪ Navig8 Prestige JKB (held in 50% owned year sustainability-linked yard bareboat time and commenced seven-year Mineral Q
Slide 4: Backlog as per Quarter End
BACKLOG AS PER QUARTER END EBITDA BACKLOG1 PER YEAR (USDM) EBITDA BACKLOG2 PER SEGMENT EBITDA BACKLOG2 PER CLIENT Car carriers Oil service 464 456 2% 435 434 Gas carriers 6% Crude 397 tankers 9% 29% 25% Product & Chemical 11% 18 clients 14% 7% 21% 21% 11% 12% Dry bulk Containers 2024 2025 2026 2027
Slide 5: Financial Snapshot
FINANCIAL SNAPSHOT ADJUSTED EBITDA1 Q1 2024 KEY FINANCIALS USD million 96.8 USD 59.1m USD 96.8m 87.4 86.5 88.2 82.8 77.0 79.0 68.4 73.6 EBITDA Adjusted EBITDA 64.8 66.1 62.9 54.7 USD 23.2m USD 0.0m Net profit Quarterly dividend USD 119.4m 32.4% Cash Equity ratio Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 6: Income Statement
INCOME STATEMENT INCOME STATEMENT Q4 Q1 Amounts in USD million 2023 2024 Operating revenues 16.8 20.4 Finance lease revenues 34.3 36.3 Income from investments in associates 5.8 4.9 Other revenue 2.9 1.6 Total revenues and other income 59.8 63.2 Total operating expenses (4.4) (4.1) Depreciation and a
Slide 7: Balance Sheet
BALANCE SHEET BALANCE SHEET Q4 Q1 Q4 Q1 Amounts in USD million 2023 2024 2023 2024 ASSETS EQUITY AND LIABILITIES Vessels and equipment 453 534 Common equity 622 648 Newbuildings 96 69 Hybrid capital 30 105 Investments in associates 188 191 Total equity 652 753 Finance lease receivables 1,110 1,064 R
Slide 8: Financing Initiatives During and After Quarter End
FINANCING INITIATIVES DURING AND AFTER QUARTER END New loan agreements ▪ Signed two new loan agreements for financing of two Newcastlemax newbuildings ▪ Issued new USD 75 million perpetual callable hybrid bond, carrying a coupon of Hybrid bond issue SOFR + 5.35% p.a. ▪ The perpetual callable hybrid
Slide 9: Outlook
OUTLOOK 1 Ocean Yield has a robust financial position and access to financing remains strong 2 Actively monitoring the performance of the underlying shipping markets when evaluating new opportunities 3 Selectively pursuing growth with new and existing partners
Slide 10: Company Contacts
COMPANY CONTACTS: Andreas Røde, CEO +47 98 22 85 62 andreas.rode@oceanyield.no Eirik Eide, CFO +47 95 00 89 21 eirik.eide@oceanyield.no Karl Fredrik Schjøtt-Pedersen, SVP Finance & IR +47 95 13 23 35 karl.pedersen@oceanyield.no www.oceanyield.no/investor-relations