Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — First Ship Lease Trust — Q1 2014 Earnings Presentation
16 slides from Singapore Exchange's earnings presentation, May 15, 2014
Slide 1: First Ship Lease Trust Q1 FY2014 Results Presentation
First Ship Lease Trust Q1 FY2014 Results Presentation 15 May 2014 FSL Trust Management Pte. Ltd. as Trustee-Manager for FSL Trust
Slide 2: Disclaimer
Disclaimer Certain statements in this presentation may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements
Slide 3: Q1 FY2014: Financial Highlights, Recent Initiatives, Moving Forward, Outlook
Q1 FY2014: Financial Highlights Recent Initiatives Moving Forward: Charting a new course Outlook
Slide 4: Q1 FY2014: Financial Highlights
Q1 FY2014: Financial Highlights Recent Initiatives Moving Forward: Charting a new course Outlook
Slide 5: Performance Review
Q1 FY2014: Financial Highlights Performance Review Inc/(Dec) US$’000 1QFY14 1QFY13 % Revenue 22,436 23,047 (2.7) Operating profit 1,937 4,754 (59.3) Loss for the quarter (4,952) (7,067) (29.9) Net cash generated from 9,084 11,675 (22.2) operations Debt outstanding 347,296 419,545 (17.2) 1QFY14 ove
Slide 6: Revenue Breakdown
Q1 FY2014: Financial Highlights Revenue Breakdown US$ ’000 1QFY14 1QFY13 Change % Bareboat charter lease defaults by Geden for two crude oil tankers resulting in US$1.9 million loss Rentals from Bareboat charter lease defaults by OMNI Ships for two dry vessels on 13,619 17,342 (21.5) bulk carrie
Slide 7: Bareboat lease revenue backlog
Q1 FY2014: Financial Highlights Bareboat lease revenue backlog Remaining contracted revenue stood at US$174 million# as at 31 March 2014 3 Years: 2014 2015 2016 2017 2018 - 2020 51 40 34 27 22 Note: # Based on 14 vessels leased on fixed-rate bareboat charters (excludes extension and early buyout opt
Slide 8: Recent Initiatives
Q1 FY2014: Financial Highlights Recent Initiatives Moving Forward: Charting a new course Outlook
Slide 9: Vessel Disposal
Recent Initiatives Vessel Disposal Sale of Stella Fomalhaut and FSL Durban was economically sound: Saved US$3 million capital expenditure in 2014 Captured increased valuations in dry bulk sector Vessels were loss-making in 2013 Disposed off older vessels, with additional running costs Ad
Slide 10: Moving Forward: Charting a new course
Q1 FY2014: Financial Highlights Recent Initiatives Moving Forward: Charting a new course Outlook
Slide 11: Vessel portfolio with balanced exposure
Moving Forward: Charting A New Course Vessel portfolio with balanced exposure Vessels on short term employment are in markets with strong underlying fundamentals 7 containerships, Modern, high quality 11 product tankers, and diverse portfolio of 3 chemical tankers, 23 vessels 2 crude oil tankers 7 v
Slide 12: Maturity of Leases
Moving Forward: Charting A New Course Maturity of Leases Lease maturity of vessels (2014 to 2022) with average remaining lease term of five years* Vessel Type Name of vessel 2014 2015 2016 2017 2018 2019 2020 2021 2022 Cape Ferro Cape Falcon Ever Radiant Containership Ever Respect YM Eminence Vessel
Slide 13: Outlook
Q1 FY2014: Financial Highlights Recent Initiatives Moving Forward: Charting a new course Outlook
Slide 14: Outlook
Outlook FSL Trust is now stronger operationally and financially Agreed loan covenant relaxation with Lenders until 31 December 2014 Strong senior management team and Board of FSL Trustee-Manager in place to lead the Trust forward Ongoing incremental restructuring efforts to improve performan
Slide 15: Thank You
Thank You
Slide 16: Contacts
Contacts FSL Trust Management Ms. Tayalni NEDIEAN Telephone: +65 6500 9087 Email: investors@firstshiplease.com Bell Pottinger Ms. Lucy MILES Telephone: +65 6333 3449 Email: lmiles@bell-pottinger.com Mr. Jack CHONG Telephone: +65 6333 3449 Email: jchong@bell-pottinger.com
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