Ocean Yield ASA — Q1 2023 Earnings Presentation
11 slides from Ocean Yield ASA's earnings presentation, May 25, 2023
Slide 1: Q1 2023 Presentation
Q1 2023 PRESENTATION 25th May 2023
Slide 2: An Active Quarter for Ocean Yield
AN ACTIVE QUARTER FOR OCEAN YIELD • EBITDA of USD 58.1 million and EBITDA adjusted for finance lease effects of USD 87.4 million • Net profit of USD 23.0 million for Q1 2023 • The quarter ended with a strong balance sheet, with an equity ratio of 30.5% and USD 113 million in cash • During the quarte
Slide 3: AHTS Transaction with Viking
AHTS TRANSACTION WITH VIKING • 5-year bareboat charters with Viking Supply Ships AB for Far Senator and Normand Statesman - The two 2013 built AHTS vessels are currently employed in a pool operated by Solstad Offshore ASA • Charterer will have purchase options during the charters • An obligation to
Slide 4: Portfolio Update
PORTFOLIO UPDATE • Vessel swap - The 2015-built vessels Interlink Sagacity and Interlink Priority with long-term charters to Interlink, were replaced with the 2017-built vessels Interlink Celerity and Interlink Fortuity in the charter agreements. There were no other changes to commercial terms of th
Slide 5: Long-Term Charters Secure Stable Cash Flow
LONG-TERM CHARTERS SECURE STABLE CASH FLOW EBITDA backlog1 per year EBITDA backlog2 per segment EBITDA backlog 2 per client (USDm) Product & Oil service Chemical Car carriers 417 428 396 405 8% 8% 3% 18% 342 Gas carriers 11% 26% Crude 18 clients 15% tankers 18% Dry bulk 13% 26% 7% 7% 2023 2024 2025
Slide 6: Financial Snapshot
FINANCIAL SNAPSHOT Adjusted EBITDA1 Q1 2023 Key financials USD million 87.4 82.8 75.8 77.0 USD 58.1m USD 87.4m 73.6 67.6 68.4 EBITDA Adjusted EBITDA 64.8 66.1 62.9 54.7 USD 23.0m USD 0.0m Net profit Quarterly dividend USD 113.2m 30.5% Cash Equity ratio Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2020 2021
Slide 7: Income Statement
INCOME STATEMENT INCOME STATEMENT Q4 Q1 Amounts in USD million 2022 2023 Operating revenues 17.5 18.8 Finance lease revenues 32.4 33.7 Income from investments in associates 3.9 5.4 Other revenue 1.6 3.2 Total revenues and other income 55.4 61.0 Total operating expenses (3.6) (2.9) Depreciation and a
Slide 8: Balance Sheet
BALANCE SHEET BALANCE SHEET Q4 Q1 Q4 Q1 Amounts in USD million 2022 2023 2022 2023 ASSETS EQUITY AND LIABILITIES Common equity 581 591 Vessels and equipment 532 503 Hybrid capital 125 86 Investments in associates 190 188 Total equity 706 677 Finance lease receivables 1,114 1,090 Restricted cash depo
Slide 9: Financing Initiatives
FINANCING INITIATIVES • Repurchase of NOK 750 million bond loan OCY05 in cash • Issuance of new NOK 750 million, 4-year senior unsecured bond loan at NIBOR + 395 bps • Partial repayment of outstanding bonds to proactively manage upcoming debt maturities - As per quarter end, the company held USD 39.
Slide 10: Outlook
OUTLOOK 1 Ocean Yield has a robust financial position and access to financing remains strong 2 The portfolio is well performing and the counterparty credit quality is solid 3 Actively looking at new growth opportunities
Slide 11: Company Contacts
COMPANY CONTACTS: Eirik Eide, CFO +47 24 13 01 91 eirik.eide@oceanyield.no Karl Fredrik Schjøtt-Pedersen, SVP Finance & IR +47 24 13 01 39 Karl.pedersen@oceanyield.no www.oceanyield.no/IR