Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — Norden — Q1 2012 Earnings Presentation
21 slides from Dampskibsselskabet Norden A/s's earnings presentation, May 15, 2012
Slide 1: NORDEN Results 1st quarter of 2012
NORDEN RESULTS 1st quarter of 2012 Hellerup, p, Denmark 15 May 2012 NORDEN 1st quarter of 2012 results | 1 Our business is global tramp shipping
Slide 2: Agenda
AGENDA f Group highlights f Financial highlights f Market conditions f Full year financial guidance f Q&A NORDEN 1st quarter of 2012 results | 2 Our business is global tramp shipping
Slide 3: Q1 Highlights
Q1 HIGHLIGHTS EBITDA (USDm) Key messages Settlements 62 f Strong EBITDA in both Dry 50 Cargo and Tankers 48 40 36 f EBITDA was 34% higher than in Q1 2011 ((excl. settlements)) Q f Impairment of USD 300m reflects decline in vessel values Q1 2011 Q Q2 2011 Q Q3 2011 Q Q4 2011 Q Q1 2012 Q f Continued s
Slide 4: Q1 Financials
Q1 FINANCIALS Comments USDm Q1 2011 Q4 2011 Q1 2012 Y/Y % Q/Q % CM II Group 61 74 63 3% -15% f High coverage contributed positively O/A Group G -14 14 -12 12 -13 13 -7% 7% 8% to Dry Cargo earnings EBITDA Group 48 62 50 4% -20% f Continued improved p EBITDA D Cargo Dry C 44 60 40 -9% 9% -33% 33% Tank
Slide 5: Fleet Values
FLEET VALUES f Theoretical NAV of USD 1.8 bn. - DKK 237 per share f NAV decreased by 8% primarily due to declining vessel values Value development (DKK per share) Total theoretical NAV (USDm) 127 1,759 275 290 249 258 612 -189 246 237 79 1,141 840 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Net Asset Va
Slide 6: Dry Cargo Market
DRY CARGO MARKET Comments Dry bulk deliveries (Mill. DWT) f Record high vessel deliveries in 60 50 50% 40% Q1 – 30m DWT 40 30% 30 f YTD 43% of planned orders 20 20% 10% were not delivered 10 - 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 f Scrapping exceeded 2011 2012 2013 expectations - 8m DWT Planned de
Slide 7: Tanker Market
TANKER MARKET Comments Product tanker fleet development (Mill. DWT) f Market is re-balancing after 8 4% 6 major delivery years 4 3% 2% 2 f Net clean tanker vessel - 1% 0% deliveries expected p to be 2-3 % -2 2 -1% 1% in 2012-2015 -4 -2% 2011 2012 2013 2014 2015 f Rates realised in line with Deliveri
Slide 8: 2012 Full Year Guidance
2012 FULL YEAR GUIDANCE Outlook Key assumptions USDm Dry Cargo Tanker Total f Guidance based on current EBITDA 85-125 24-45 110-150 capacity and coverage Profit from - vessel sales f Only known and confirmed vessell sales l are iincluded l d d iin EBIT before 20-60 impairment guidance CAPEX 140-160
Slide 9: Forward Looking Statements
This presentation contains certain forward-looking statements reflecting the management’s present judgment of future events and financial results. Statements relating to the remainder of 2012 and subsequent years are subject to uncertainty, and NORDEN’s actual results may therefore differ from the p
Slide 10: Thank you for your attention
THANK YOU OU FOR O YOUR OU ATTENTION O Mobile version of NORDEN’s website. Scan and add to home screen. Or go to m.ds-norden.com Dampskibsselskabet NORDEN A/S 52, Strandvejen DK-2900 Hellerup Denmark Phone: +45 3315 0451 www ds norden com www.ds-norden.com NORDEN 1st quarter of 2012 results | 10 Our
Slide 11: Back Up
BACK UP FORWARD LOOKING STATEMENTS NORDEN 1st quarter of 2012 results | 11 Our business is global tramp shipping
Slide 12: A Leading Global Tramp Operator
A LEADING GLOBAL TRAMP OPERATOR Dry cargo Capesize Post-Panamax Panamax Handymax Handysize Total active fleet 182 44 Dry Cargo Tanker Tanker MR Handysize f One of the most modern fleets in our industry f Global network of offices and port captains f Pools in Dry Cargo (Handysize, Post Panamax) and T
Slide 13: Asset Light Business Model
ASSET LIGHT BUSINESS MODEL f Active fleet can quickly be adjusted to demand and market conditions f Fleet employment based on portfolio view f Significant asset upside through purchase options Flexible fleet Coverage and customer focus Capacity Employment f Sale and purchase f Customer relations Con
Slide 14: Last 5 Years Performance
LAST 5 YEARS PERFORMANCE Earnings per share (USD) Return on equity 16,8 16,7 70% 47% 52 5,2 58 5,8 12% 13% 2,1 4% 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Cash flows, operations and investments Dividend yield 7 2% 7,2% Excel. Share Excel buyback of 6,2% 2% 467 541 298 160 120 -5 -57 -80 4,0
Slide 15: Financial Strength = Future Growth
FINANCIAL STRENGTH = FUTURE GROWTH Strong capital structure Net committed cash f Strong focus on cash flow USDm Q1 2012 Q4 2011 generation Adjusted Net Interest Bearing Assets* 270 240 f Cash in low-risk deposit T/C obligations** -1,735 -1,819 accounts and securities New building installments less p
Slide 16: Dry Cargo Fleet Overview
DRY CARGO FLEET OVERVIEW Post- Vessel type Capesize Panamax Handymax Handysize Total Panamax Vessel in operation as of 31st of March 2012 Owned vessels 3 4 5 4 13 29 Chartered vessels with purchase 1 3 11 18 7 40 option Total active core fleet 4 7 16 22 20 69 Chartered vessels without purchase 0 0 4
Slide 17: Tanker Fleet Overview
TANKER FLEET OVERVIEW Vessel type LR1 MR Handysize Total Vessel in operation as of 31st of March 2012 O Owned d vessels l 0 6 11 17 Chartered vessels with purchase option 0 11 0 11 Total active core fleet 0 17 11 28 Chartered Ch d vessels l without ih purchase h 2 5 9 16 option Total active fleet 2
Slide 18: Fleet Values and NAV
FLEET VALUES AND NAV Fleet values (before tax) at 31 March 2012 Calculated value of charter parties with purchase and USD million Owned (active and newbuildings) extension option Value of C arrying i Purchase P h andd h t party charter t amount/ Market C harter extension and purchase Dry Cargo Numbe
Slide 19: Coverage and Capacity – Dry Cargo
COVERAGE AND CAPACITY – DRY CARGO Capacity and coverage, Dry Cargo, at 31 March 2012 2012 2013 2014 +2015 2012 2013 2014 +2015 Gross capacity Ship days C osts for gross capacity (USD per day) C apesize 1,096 1,460 1,460 10,548 8,974 8,974 8,974 6,878 Post-Panamax 2,113 2,920 2,920 31,902 11,583 11,8
Slide 20: Coverage and Capacity – Tanker
COVERAGE AND CAPACITY – TANKER Capacity p y and coverage, g Tankers, at 31 March 2012 2012 2013 2014 +2015 2012 2013 2014 +2015 Gross capacity Ship days C osts for gross capacity (USD per day) LR-1 LR 1 408 0 0 0 11 900 11,900 0 0 0 MR 5,988 7,979 7,136 64,249 12,661 11,703 11,177 7,780 Handysize 4,
Slide 21: The Share (DNORD)
THE SHARE (DNORD) Master data Composition of shareholders f 17,660 registered shareholders Shareholder capital DKK 43 43,000,000 000 000 f Approx. 37% international Number of shares and 43,000,000 shares of ownership denomination DKK 1 f Approx. pp 57% effective free float Classes of shares 1 Voting