Ocean Yield ASA — Q4 2022 Earnings Presentation
13 slides from Ocean Yield ASA's earnings presentation, Feb 16, 2023
Slide 1: Q4 2022 Presentation
Q4 2022 PRESENTATION 16th February 2023
Slide 2: An Active Quarter for Ocean Yield
AN ACTIVE QUARTER FOR OCEAN YIELD • EBITDA of USD 51.8 million and EBITDA adjusted for finance lease effects of USD 82.8 million • EBITDA adjusted for finance lease effects for the full year 2022 was USD 301.9 million • Net profit of USD 21.1 million for Q4 2022 and USD 91.2 million for 2022 • The q
Slide 3: Investment in Newcastlemax Newbuildings
INVESTMENT IN NEWCASTLEMAX NEWBUILDINGS • During the quarter Ocean Yield agreed to acquire ten Newcastlemax newbuildings - Expected delivery between Q1 2025 and Q2 2026 • 15-year bareboat charters to CMB, with purchase obligations at end of the respective charter periods - Total consideration of up
Slide 4: Investment in Newbuilding Container Vessel
INVESTMENT IN NEWBUILDING CONTAINER VESSEL • During the quarter Ocean Yield agreed to acquire one 5,500 TEU newbuild container vessel • The vessel is currently under construction at HJ Shipbuilding in Korea and designed to be able to operate with methanol as fuel • Upon delivery, the vessel will com
Slide 5: Portfolio Update
PORTFOLIO UPDATE • Charter extension & amendment - Charters for four 3,800 TEU feeder container vessels to CMB have been extended and increased by USD 30 million in total - Corresponding bank loan facility has been increased • Vessel delivered during the quarter - The joint venture Box Holdings Inc.
Slide 6: Long-Term Charters Secure Stable Cash Flow
LONG-TERM CHARTERS SECURE STABLE CASH FLOW EBITDA backlog1 per year EBITDA backlog2 per segment Top 5 clients (USDm) Product & Oil service Chemical Car carriers 417 398 392 381 9% 6% 18% 4% 335 Gas carriers 11% 27% Crude 17 clients 15% tankers 18% Dry bulk 13% 7% 7% 26% 2023 2024 2025 2026 2027 Cont
Slide 7: Financial Snapshot
FINANCIAL SNAPSHOT Adjusted net profit1 Q4 2022 Key financials USD million 24.3 23.6 23.0 23.1 USD 51.8m USD 82.8m 21.9 22.2 21.0 21.5 21.4 EBITDA Adjusted EBITDA 19.4 19.7 USD 22.2m USD 0.0m Adjusted net profit Quarterly dividend USD 121.9m 30.3% Cash Equity ratio Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2
Slide 8: Income Statement
INCOME STATEMENT INCOME STATEMENT Q3 Q4 Amounts in USD million 2022 2022 Operating revenues 17.1 17.5 Finance lease revenues 28.3 32.4 Income from investments in associates 4.4 3.9 Other revenue 1.2 1.6 Total revenues and other income 51.1 55.4 Total operating expenses (2.3) (3.6) Depreciation and a
Slide 9: Adjusted EBITDA and Net Profit
ADJUSTED EBITDA AND NET PROFIT ADJUSTMENTS Q3 Q4 Amounts in USD million 2022 2022 EBITDA 48.8 51.8 Repayment on finance lease receivables 28.3 31.1 EBITDA adjusted for finance lease effects 77.0 82.8 Net profit (loss) for the period 23.4 21.1 Foreign exchange gains/losses (11.0) 12.6 Change in fair
Slide 10: Balance Sheet
BALANCE SHEET BALANCE SHEET Q3 Q4 Q3 Q4 Amounts in USD million 2022 2022 2022 2022 ASSETS EQUITY AND LIABILITIES Common equity 587 581 Vessels and equipment 512 532 Hybrid capital 125 125 Investments in associates 191 190 Total equity 712 706 Finance lease receivables 1,175 1,114 Restricted cash dep
Slide 11: Financing Initiatives
FINANCING INITIATIVES • During and post quarter end, Ocean Yield has refinanced and upsized five existing loan facilities - Currently USD 55 million of loan facilities are available and undrawn • During and post quarter end, financing for all three container newbuildings have been signed • In advanc
Slide 12: 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 Selectively looking at new growth opportunities
Slide 13: 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