Ocean Yield ASA — Q1 2020 Earnings Presentation
14 slides from Ocean Yield ASA's earnings presentation, May 6, 2020
Slide 1: Q1 2020 Presentation
Q1 2020 PRESENTATION 6th May 2020
Slide 2: Q1 2020 Financial Highlights
Q1 2020 FINANCIAL HIGHLIGHTS • Declared Q1 2020 dividend of USD 5 cents per share - Declared cash dividends for 27 consecutive quarters • EBITDA was USD 56.4m vs. Q4* of USD 55.9m - EBITDA adjusted for finance leases was USD 81.7m vs. Q4* of USD 79.2m • Net profit after tax was USD -1.6m vs. Q4* of
Slide 3: Recent Events
RECENT EVENTS • Vessels with long-term charter - Acquisition of three modern dry bulk carriers with long-term bareboat charters to Scorpio Bulkers for a total consideration of USD 62.8m - Notice of declaration of purchase option on one chemical tanker - An arbitration tribunal decided that Okeanis E
Slide 4: Impact of COVID-19 and Reduced Oil Price
IMPACT OF COVID-19 AND REDUCED OIL PRICE • Operations - Limited impact on operations as most of the vessels are on hell and high water bareboat contracts • Charterers - Improved counterparty risk for the tanker segment - Increased counterparty risk for certain segments - No renegotiations of any cha
Slide 5: Vessels with Long-Term Charters
VESSELS WITH LONG-TERM CHARTERS EBITDA1 BACKLOG OF USD 3.4 BILLION FLEET2 Product / chemical 20 6% 4% Dry bulk 16 17 % 3% 7% Container vessels 10 4% 2% Avg. remaining 4% 3% charter tenor of 2% Crude 9 10.3 years 4% 2% 3% 1% 8% Car carriers 6 4% 3% 6% 12 % 5% Oil-service 4 Gas carriers 3 Total 68 1)
Slide 6: FPSO Dhirubhai-1
FPSO DHIRUBHAI-1 • Sale - Several opportunities are being evaluated, but the Covid-19 pandemic and the low oil price may contribute to further delays in final investment decisions • Demobilization in India - The decommissioning work at the MA-field in India has been completed within the provisions •
Slide 7: Connector / FAR Senator & FAR Statesman
CONNECTOR / FAR SENATOR & FAR STATESMAN • Connector - Time-charter contract with Ocean Installer ▪ Commencement in early March ▪ Duration of about 175 days ▪ Subsea installation work in South China Sea - Net loss of USD 5.1m in Q1 2020 due to lay-up in January and February. - Expect higher revenues
Slide 8: Adjusted EBITDA and Net Profit
ADJUSTED EBITDA AND NET PROFIT EBITDA ADJUSTED FOR FINANCE LEASES (USDM) ADJUSTED NET PROFIT (USDM) * Comparative information has been re-presented due to a discontinued operation. 2018 figures have not been restated.
Slide 9: Income Statement
INCOME STATEMENT INCOME STATEMENT * Comparative information has been re-presented due to a discontinued operation
Slide 10: Adjusted EBITDA and Net Profit
ADJUSTED EBITDA AND NET PROFIT ADJUSTMENTS * Comparative information has been re-presented due to a discontinued operation
Slide 11: Balance Sheet
BALANCE SHEET BALANCE SHEET Q4 Qu Q4 Qu Amounts in USD million 2019 2020 2019 2020 ASSETS EQUITY AND LIABILITIES Common equity 738 685 Vessels and equipment 1,054 895 Hybrid capital 125 125 Investments in associates 178 163 Non-controlling interests 13 12 Finance lease receivables 1,484 1,475 Total
Slide 12: Capex and Financing Overview
CAPEX AND FINANCING OVERVIEW CAPEX AND EXPECTED FINANCING AS PER Q1 2020 53 COMMENTS • Remaining capex per Q1 2020 relate to one dry bulk vessel on charter to Scorpio Bulkers that was delivered to the company in April and one newcastlemax dry bulk vessel. • Potential scrubber financing on five vesse
Slide 13: Summary
SUMMARY • Impact of COVID-19 and low oil price - Limited direct impact on the adjusted net profit in Q1 2020 - Improved counterparty risk for the tanker segment - Increased counterparty risk for certain segments - May have a negative effect on the demand for our oil-service vessels without long-term
Slide 14: Investor Relations
INVESTOR RELATIONS Marius Magelie, SVP Finance & Investor Relations +47 24 13 01 82 mm@oceanyield.no www.oceanyield.no/IR