Costamare Inc. · NYSE:CMRE

Costamare — Q1 2012 Earnings Presentation

14 slides from Costamare's earnings presentation, May 9, 2012

  1. Slide 1: First Quarter 2012 Financial Results Conference Call

    First Quarter 2012 Financial Results Conference Call May 9, 2012

  2. Slide 2: Forward Looking Statements

    Forward Looking Statements This presentation contains certain “forward-looking statements” (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that the

  3. Slide 3: Income Statement

    Income Statement Q1 2012 RESULTS 1Q 2011 1Q 2012 % Change Ownership Days 4,099 4,227 3.1% Average Number of Vessels 45.5 46.5 2.2% Voyage Revenues $ 85,961 $ 100,031 16.4% EBITDA(*) $56,857 $66,451 16.9% D&A $(20,356) $(21,961) 7.9% Net Interest and Finance Costs $(18,553) $(19,956) 7.6% Net Income

  4. Slide 4: High Quality Cash Flows and Charter Coverage

    High Quality Cash Flows and Charter Coverage Revenue Contribution (Vessels in the water) (1)(2) Effect of re-chartering on Contracted Revenues(3) (4) $ Millions 2.1% 2.1% 8.7% 45.7% 19.6% Estimated revenues from re-chartering based on existing contracted rates  Contracted revenues of $3.1 bn (1)(2)

  5. Slide 5: Minimum Re-chartering Risk for 2012

    Minimum Re-chartering Risk for 2012 $ Millions EBITDA Sensitivity based on re-chartering discount 300 1.9 3.7 5.6 7.5 9.3 11.2 250 200 Contracted EBITDA (1)(2) 150 including EBITDA 283.1 from re- chartering 100 at existing contracted rates 50 Note 1. EBITDA = Cash Revenues – Expenses – Management Fe

  6. Slide 6: Significant Built-in growth

    Significant Built-in growth Cash Flow Per Share(1) Growth vs Current Dividend Newbuilds EBITDA ($MM) Contribution (2) 4.00 450 3.50 400 350 3.00 118.4 300 55.1 2.50 0.3 250 2.00 200 393 1.50 150 275 1.00 100 0.50 50 0 0.00 2011 Adjusted 2012 2013 2014 2011 Proforma 2012 2013 2014 EBITDA Contribution

  7. Slide 7: Balance Sheet Management

    Balance Sheet Management Debt Repayment Schedule as of March 31, 2012 (US$ thousands)(1) 2012(2) 2013 2014 2015 2016 2017 2018 $ 130,740 $ 179,067 $ 184,545 $ 161,228 $ 153,205 $ 190,747 $ 515,537  Smooth amortization schedule minimizes re-financing risk  Distributable cash flow calculated on a po

  8. Slide 8: Container Shipping Industry

    Container Shipping Industry Supply / Demand Dynamics Idle Fleet Year-Over-Year Growth (%) Time Charter Index TEU Idle %of feet 20% 200 180 1,600,000 14% 15% 1,400,000 160 12% 1,200,000 10% 140 10% 1,000,000 5% 120 8% 800,000 100 6% 0% 600,000 80 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

  9. Slide 9: Q&A

    Costamare Inc. Q&A

  10. Slide 10: Net Income to Adjusted Net Income and Adjusted EPS Reconciliation

    Appendix Net Income to Adjusted Net Income and Adjusted EPS Reconciliation Three-month period ended Twelve-month period March 31, ended March 31, (Expressed in thousands of U.S. dollars, except share and per share 2011 2012 2012 data) Net Income $ 17,948 $ 24,534 $ 94,178 Accrued charter revenue 7,9

  11. Slide 11: Net Income to EBITDA and Adjusted EBITDA Reconciliation

    Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Three-month period ended Twelve-month period ended March 31, March 31, (Expressed in thousands of U.S. 2011 2012 2012 dollars) Net Income $ 17,948 $ 24,534 $ 94,178 Interest and finance costs 18,744 20,240 76,937 Interest income (191)

  12. Slide 12: Assumptions for 2012 Projected EBITDA

    Appendix Assumptions for 2012 Projected EBITDA  2 newbuild vessels delivered end of Q4 2012  Delivery dates per current shipyard schedules  Operating expenses per current estimates  Management fees per current management agreement 12

  13. Slide 13: Assumptions for 2012 – 2014 Projected Cash Flow Per Share

    Appendix Assumptions for 2012 – 2014 Projected Cash Flow Per Share Revenue: • Based on Contracted Revenue as set forth for our current vessels under the heading “Fleet List” in the Company’s press releases dated February 1 and May 8, 2012 (assuming 364 revenue days per annum per vessel, the earliest

  14. Slide 14: Assumptions for 2011 Proforma (Fully Delivered Fleet) Adjusted EBITDA

    Appendix Assumptions for 2011 Proforma (Fully Delivered Fleet) Adjusted EBITDA 2011 Adjusted EBITDA: • 2011 Adjusted EBITDA as reconciled to 2011 Net Income in the Company’s press release dated February 1, 2012 Plus: • Contracted Revenue for our 10 newbuild vessels based on signed charters for such

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