Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Odfjell Se B — Q2 2024 Earnings Presentation
27 slides from Odfjell Se Class A's earnings presentation, Aug 21, 2024
Slide 1: Second quarter/ First half 2024 report
Second quarter/ First half 2024 report August 20, 2024
Slide 2: Highlights – 2Q24
2Q24 Odfjell Group Second quarter / First half 2024 report Highlights – 2Q24 Key figures, USD mill • Odfjell´s strong performance on safety continues with high operational (USD mill, unaudited) 3Q23 4Q23 1Q24 2Q24 2Q23 YTD24 efficiency and no significant incidents during the quarter. Time charter ea
Slide 3: Result development
2Q24 Odfjell Group Result development Profit & Loss Balance sheet & cash flow In 2Q24, Odfjell reported time charter earnings of USD 215 mill, an Odfjell’s cash balance end 2Q24 was USD 141 mill and undrawn funds increase of USD 20 mill compared to 1Q24. Average freight rates for on bank facilities
Slide 4: Chemical Tankers
2Q24 Odfjell Group Chemical Tankers The second quarter saw continued healthy volumes with increased Odfjell took delivery of the 26,000 dwt Bow Jaguar in the quarter, with nominations under our contracts. This meant that contract cargo increased two additional sister vessels to be delivered in 2024.
Slide 5: Tank Terminals
2Q24 Odfjell Group Tank Terminals 2Q24 Operations and Financial Results Capital expenditure & expansions Our terminal in Antwerp ended the quarter with an average commercial At Noord Natie Odfjell Antwerp Terminal, the construction of Tankpit-R is occupancy rate above 99 percent, in line with previo
Slide 6: Sustainability
2Q24 Odfjell Group Sustainability Odfjell’s CII* development Carbon intensity and IMO baseline, Odfjell-controlled fleet Previous Q/Q change Same q. last 2Q24 YTD 24** quarter year Controlled fleet 7.1 7.1 - 7.0 7.1 Operated fleet 7.3 7.5 ⇘ 7.4 7.4 15.00 - 53.0% We observe a stable development in ou
Slide 7: Prospects
2Q24 Odfjell Group Prospects Market outlook Despite some new orders for chemical tankers during the quarter, the Macroeconomic indicators keep pointing in different directions, and while total orderbook is still at modest levels, with long lead times and a growth is expected to continue in all regio
Slide 8: Statement of Responsibility
Statement of Responsibility We confirm that, to the best of our knowledge, the condensed set of financial statements for the first six months of 2024, which have been prepared in accordance with IAS 34 Interim Financial Statements, as adopted by the European Union, gives a true and fair view of the
Slide 9: Interim financial information – Odfjell Group
2Q24 Odfjell Group Interim financial information – ODFJELL GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method) (USD mill) Note 1Q24 2Q24 2Q23 YTD24 YTD23 FY23 Gross revenue 1, 2 305.6 330.3 299.8 635.8 602.7 1,194.0 Voyage expenses 1, 2 (104.5) (107.4) (108.1) (211.9) (22
Slide 10: Consolidated Statement of Comprehensive Income
2Q24 Odfjell Group CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method) (USD mill) Note 1Q24 2Q24 2Q23 YTD24 YTD23 FY23 Net other comprehensive income to be reclassified to profit or loss in subsequent periods: Net changes in cash-flow hedges (2.9) 0.7 2.7 (2.2) (3.0) (2.6
Slide 11: Consolidated Statement of Financial Position
2Q24 Odfjell Group CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method) (USD mill) Note 31.03.24 30.06.24 30.06.23 31.12.23 Deferred tax assets 2.4 2.7 2.2 2.6 Ships 4 1,265.1 1,256.4 1,263.1 1,279.4 Property, plant and equipment 4 7.8 8.2 7.7 7.6 Right of use assets 7 254.4
Slide 12: Consolidated Statement of Changes in Equity
2Q24 Odfjell Group CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Figures based on equity method Exchange Cash-flow Pension OCI Paid in Retained Total other (USD mill) rate hedge remeasure associates Total equity equity equity equity differences reserves -ment and JVs Equity as per January 1, 2023 199.
Slide 13: Key Figures
2Q24 Odfjell Group KEY FIGURES IN Figures based on equity method 1Q24 2Q24 2Q23 YTD24 YTD23 FY23 PROFITABILITY Earnings per share (USD) – basic/diluted 0.86 1.12 0.67 1.97 1.26 2.57 1) Return on equity 34.0% 43.3% 29.3% 39.0% 27.3% 27.2 % 3) Adjusted return on equity 34.0% 43.3% 29.3% 39.0% 27.3% 26
Slide 14: Consolidated Cash Flow Statement
2Q24 Odfjell Group CONSOLIDATED CASH FLOW STATEMENT Figures based on equity method (USD mill) 1Q24 2Q24 2Q23 YTD24 YTD23 FY23 Profit before income taxes 68.9 88.8 55.8 157.7 103.7 209.9 Taxes paid in the period (0.9) (1.1) (3.3) (2.0) (4.3) (6.6) Depreciation, impairment and capital (gain) loss fixe
Slide 15: Notes to the Interim Consolidated Financial Statements
2Q24 Odfjell Group NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1 – Accounting principles Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company’s address is Conrad Mohrs veg 29, Bergen, Norway.
Slide 16: Note 2 – Segment information - continued
2Q24 Odfjell Group Note 2 – Segment information - continued Chemical Tankers Tank Terminals Total USD mill 1Q24 2Q24 2Q23 YTD24 1Q24 2Q24 2Q23 YTD24 1Q24 2Q24 2Q23 YTD24 Gross revenue 305.1 329.8 299.4 634.9 21.8 22.0 20.3 43.8 326.9 351.7 319.7 678.7 Voyage expenses (104.5) (107.4) (108.1) (211.9)
Slide 17: Note 2 – Segment information - reconciliation
2Q24 Odfjell Group Note 2 – Segment information - reconciliation of segment reporting to Group figures The following table reconciles reported revenue, EBIT, assets and liabilities in our segments to the income statement and statement of financial position. 2) 1) Chemical Tankers Tank Terminals Tota
Slide 18: Note 3 – Net interest-bearing liabilities
2Q24 Odfjell Group Note 3 – Net interest-bearing liabilities (USD mill) 31.03.2024 30.06.2024 30.06.2023 31.12.2023 Mortgaged loans from financial institutions 493.8 482.4 401.2 527.2 Financial leases and sale-lease back 213.2 204.3 328.8 222.1 Unsecured bonds 78.9 79.5 169.2 83.3 Lease liability, r
Slide 19: Note 4 – Ships, property, plant and equipment
2Q24 Odfjell Group Note 4 – Ships, property, plant and equipment (USD mill) 1Q24 2Q24 2Q23 YTD24 YTD23 FY23 Net carrying amount, beginning of period 1,287.0 1,272.9 1,316.5 1,287.0 1,327.6 1,327.6 Investments in ships, property, plant and equipment 8.0 9.3 8.7 17.3 37.3 59.1 Investments in newbuildi
Slide 20: Note 5 – Investments joint ventures
2Q24 Odfjell Group Note 5 – Investments joint ventures The share of result and balance sheet items from investments in associates and joint ventures are recognized based on equity method in the interim financial statements. The figures below show our share of revenue and expenses, total assets, tota
Slide 21: Note 6 – Other financial items; Note 7 – Right-of-use assets
2Q24 Odfjell Group Note 6 – Other financial items (USD mill) 1Q24 2Q24 2Q23 YTD24 YTD23 FY23 Changes in fair value in derivatives (5.2) 1.6 (3.5) (3.6) (14.8) 13.4 Currency gains (losses) 4.4 (0.6) 4.4 3.8 15.1 (11.3) Other 0.2 (0.5) (0.7) (0.4) 1.1 3.3 Total other financial items (0.6) 0.5 0.2 (0.2
Slide 22: Nominal payments of time charter hire for right of use assets
2Q24 Odfjell Group Nominal payments of time charter hire for right of use assets not yet commenced (USD mill) 2024 2025 2026 2027 2028 Thereafter Total Nominal time charter hire 2.7 24.0 66.6 99.7 116.2 657.3 966.5 Total 2.7 24.0 66.6 99.7 116.2 657.3 966.5 At the end of second quarter 2024, Odfjell
Slide 23: Note 8 – Operating expenses; Note 9 – Interest expenses
2Q24 Odfjell Group Note 8 - Operating expenses (USD mill) 1Q24 2Q24 2Q23 YTD24 YTD23 FY23 Operating expenses right-of-use assets (8.2) (8.9) (7.5) (17.1) (14.6) (30.6) Other operating expenses (40.9) (42.1) (41.8) (83.0) (84.3) (166.8) Total (49.1) (51.0) (49.3) (100.1) (98.7) (197.4) Note 9 - Inter
Slide 24: Fleet list by June 30, 2024
Fleet list by June 30, 2024 STAINLESS VESSEL TYPE Class CHEMICAL TANKERS DWT BUILT OWNERSHIP CBM STEEL, CBM TANKS Super-segregator POLAND Bow Sea 49 511 2006 Owned 52 244 52 244 40 Super-segregator POLAND Bow Summer 49 592 2005 Owned 52 252 52 252 40 Super-segregator POLAND Bow Saga 49 559 2007 Owne
Slide 25: Chemical tanker newbuildings on order, fleet changes, gas carriers
Coated FLUMAR Flumar Brasil 51 188 2010 Owned 54 344 0 12 Coated MIPO Bow Triumph 49 622 2014 Bareboat/ Financial lease 54 595 0 22 Coated MIPO Bow Trident 49 622 2014 Bareboat/ Financial lease 54 595 0 22 Coated MIPO Bow Tribute 49 622 2014 Owned 54 595 0 22 Coated MIPO Bow Trajectory 49 622 2014 O
Slide 26: Tank terminals ownership and number of tanks
STAINLESS NUMBER TANK TERMINALS LOCATION OWNERSHIP¹ CBM STEEL, CBM OF TANKS Odfjell Terminals (Houston) Inc. Houston, USA 51 % 412 415 120 812 128 Odfjell Terminals (Charleston) LLC Charleston, USA 51 % 79 243 0 9 Odfjell Terminals (Korea) Co. Ltd Ulsan, Korea 50 % 313 710 15 860 85 Noord Natie Term
Slide 27: 2Q24 Odfjell Group 23 | Page
2Q24 Odfjell Group 23 | Page