Costamare Inc. · NYSE:CMRE
Costamare — Q1 2020 Earnings Presentation
15 slides from Costamare's earnings presentation, Apr 29, 2020
Slide 1: First Quarter 2020 Financial Results Conference Call
First Quarter 2020 Financial Results Conference Call April 29, 2020
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: Highlights (1/3)
Highlights (1/3) Financial Performance ➢ Q1 2020 ▪ Net Income of $32.8m ($34.5m increase vs Q1 2019). ▪ Earnings per Share of $0.21 ($0.29 increase per share vs Q1 2019). ▪ Adjusted Net Income(1) of $32.6m (140% increase vs Q1 2019). ▪ Adjusted Earnings per Share(1) of $0.27 (125% increase vs Q1 201
Slide 4: Highlights (2/3)
Highlights (2/3) Uninterrupted Access to Commercial Bank Debt / New Financing Arrangements Since Q4 2019 we entered into new loan facilities of $165.0m. More specifically: ➢ $65.0m loan facility with a European financial institution for the refinancing of one 11,010 TEU containership and for general
Slide 5: Highlights (3/3)
Highlights (3/3) New Charter Fixtures ➢ 12 new / extended charters since Q4 2019 in a volatile market environment. Containership Market ➢ Negative market impact from the Covid-19 pandemic. ➢ Current orderbook at a low level of 10.2%(1) and expected to remain low. ➢ Total idle fleet represents 10.2%
Slide 6: Q1 2020 Income Statement Snapshot
Q1 2020 Income Statement Snapshot Q1 2020 RESULTS Q1 2019 Q1 2020 % Change Ownership Days 5,575 5,475 (1.8%) Average Number of Vessels 61.9 60.2 (2.7%) Voyage Revenues 112,974 121,404 7.5% Net Interest and Finance Costs (*) 22,098 17,820 (19.4%) Adjusted Net Income Available to Common Stockholders(*
Slide 7: Prudent Capital Structure
Prudent Capital Structure LEVERAGE RATIO(1) NET DEBT / ADJUSTED EBITDA(2)(3) 60% (' 000 US$) Q1 2020 NET INCOME 32,776 55% 54% Net Interest and Finance Costs 17,820 51% 50% Depreciation and Amortization 30,343 46% EBITDA(3) 80,939 45% 45% 43% ADJUSTED EBITDA(2) (3) 87,875 40% 40% 39% 41% 12 month Tr
Slide 8: High Quality and Stable Cash Flows
High Quality and Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) Other As of April 29, 2020, contracted revenues of approximately 1% $2.1Bn(1)(2) 1% 10% TEU-weighted average remaining time charter duration for the fleet is about 3.4 years(1)(2) 28% 11% 24% 25% Notes 1.Based on contrac
Slide 9: Market Environment (1/2)
Market Environment (1/2) Charter Rates 12m Timecharter Rates ▪ COVID-19 has negatively impacted time charter rates 35 000 30 000 in Q1 2020. 25 000 ▪ Initial blanked sailings were followed by substantial 20 000 15 000 reductions to major Far East to Europe services and 10 000 other major trade route
Slide 10: Market Environment (2/2)
Market Environment (2/2) Idle Fleet % of Fleet 10% 10.2% ▪ The inactive container fleet has increased to 10.2% ▪ Ships available for charter owned by tonnage provider 8% Scrubbers and excluding idle days due to scrubber retrofits Installation and Blank represent 1.2% of the total fleet. 5% Sailings
Slide 11: Q&A
Q&A 11
Slide 12: Appendix – I
Appendix – I Net Income to Adj. Net Income Available to Common Stockholders and Adj. EPS Reconciliations– EBITDA and Adjusted EBITDA Definitions Three-month period ended Note: Adjusted Net Income available to common stockholders and Adjusted Earnings per Share March 31, represent Net Income after ea
Slide 13: Appendix – II
Appendix – II EBITDA to Adjusted EBITDA Reconciliation for Q1 2020 and 12 Month Trailing EBITDA (Q2 2019 to Q1 2020) (' 000 US$) Q1 2020 12M Trailing EBITDA NET INCOME (' 000 US$) 32,776 (Q2 2019 - Q1 2020) Interest and Finance Costs 18,467 NET INCOME 133,429 Interest Income Interest and Finance Cos
Slide 14: Appendix III – ESG status at Costamare (1/2)
Appendix III – ESG status at Costamare (1/2) Internal governance Regulatory framework Activities IMO • SOLAS • Compliance with mandatory regulations & standards • MARPOL • Installation of Exhaust Gas Cleaning Systems (ECGS), fuel strategy including use of Low Sulphur SIP, shore power supply • IMO Ba
Slide 15: Appendix III – ESG status at Costamare (2/2)
Appendix III – ESG status at Costamare (2/2) Internal governance Regulatory framework Activities The ISM Code Compliance ILO Core Conventions Compliance Maritime Labor Convention Compliance Social Quality Safety Management System • Risk Management Compliance EU GDPR Awareness, monitoring, protection