Slide 1: Second Quarter 2012 Financial Results Conference Call
Second Quarter 2012 Financial Results Conference Call July 25, 2012
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
Slide 3: Recent Transactions
Recent Transactions Took delivery of the 1998-built 3,842 TEU vessels Koroni and Kyparissia which commenced the charter with Evergreen replacing the vessels Genius I and Gifted. The total acquisition cost for the two vessels was approximately $24.9 million and was partly funded with debt drawn fro
Slide 4: Income Statement
Income Statement Q2 2012 RESULTS 2Q 2011 2Q 2012 % Change Ownership Days 4,432 4,225 (4.7%) Average Number of Vessels 48.7 46.4 (4.7%) Voyage Revenues $ 94,318 $ 96,045 1.8% EBITDA(*) $65,115 $60,568 (7.0%) D&A $(21,700) $(21,856) 0.7% Net Interest and Finance Costs $(17,244) $(17,565) 1.9% Net Inco
Slide 5: High Quality Cash Flows
High Quality Cash Flows Revenue Contribution (Vessels in the water) (1)(2)(3) Cash Flow Per Share(3)(4) Growth vs Current Dividend $ / Share 4,00 0,36 1.8% 3,50 4.0% 0,14 3,00 0,03 2,50 8.5% 2,00 3,45 1,50 2,81 2,66 45.2% 1,00 0,50 0,00 19.1% 2012 2013 2014 CFPS Assuming Rechartering at 100% of Curr
Slide 6: Contracted Revenues
Vessels Opening – Only a small portion of Contracted Revenue $ Millions 500 4,0% 466,9 438,1 442.9 Contracted Revenues(1)(2) for the year 450 Contracted Revenues(1)(2) for the year 3,5% Contracted Revenues(1)(2) for the year 392,2 400 3,0% 350 Contracted Revenues(1)(2) for the year 2,5% 300 250 2,0%
Slide 7: Balance Sheet Management
Balance Sheet Management Debt Repayment Schedule as of June 30, 2012 (US$ thousands)(1) 2012(2) 2013 2014 2015 2016 2017 2018 $ 77,038 $ 174,801 $ 193,463 $ 185,224 $ 162,295 $ 200,204 $ 529,451 Smooth amortization schedule minimizes re-financing risk Distributable cash flow calculated on a post
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 1.600.000 14,0% 180 15% 1.400.000 12,0% 160 1.200.000 10,0% 10% 140 1.000.000 8,0% 120 800.000 5% 6,0% 100 600.000 0% 4,0% 1998 1999 2000 2001 2002 2003 2004 2005 20
Slide 9: Q&A
Costamare Inc. Q&A
Slide 10: Appendix
Costamare Inc. APPENDIX
Slide 11: Net Income to Adjusted Net Income and Adjusted EPS Reconciliation
Appendix Net Income to Adjusted Net Income and Adjusted EPS Reconciliation Reconciliation of Net Income to Adjusted Net Income Six-month period ended June Three-month period ended 30, June 30, (Expressed in thousands of U.S. dollars, 2011 2012 2011 2012 except share and per share data) Net Income $
Slide 12: Net Income to EBITDA and Adjusted EBITDA Reconciliation
Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Reconciliation of Net Income to Adjusted EBITDA Six-month period ended June Three-month period ended 30, June 30, (Expressed in thousands of U.S. 2011 2012 2011 2012 dollars) Net Income $ 44,119 $ 45,681 $ 26,171 $ 21,147 Interest and
Slide 13: Last Twelve Months EBITDA Reconciliation
Appendix Last Twelve Months EBITDA Reconciliation 3- month period ended 6-month period 12-month period ended ended (Expressed in thousands of U.S. September 30, December 31, June 30, 2012 dollars) 2011 2011 Net Income $ 17,391 $ 26,082 $ 45,681 $ 89,154 Interest and finance costs 19,847 19,488 38,23
Slide 14: 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, May 8 and July 24, 2012 (assuming 364 revenue days per annum per vessel, the