Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q3 2008 Earnings Presentation
17 slides from Euroseas's earnings presentation, Nov 14, 2008
Slide 1: Three and Nine Months Ended September 30, 2008 Earnings Presentation
Three and Nine Months Ended September 30, 2008 Earnings Presentation November 14, 2008
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may re
Slide 3: 2008 Year To-Date Overview
2008 Year To-Date Overview • Financial Highlights 2008: Third Quarter Nine Months Net Revenues: $ 35.5 million $ 102.7 million Net income: $ 15.3 million $ 46.2 million Adj. EBITDA(1): $ 23.0 million $ 65.7 million • Credit Crunch & Economic Slowdown • Credit and financial crisis overwhelmed world m
Slide 4: Dividend Declaration
Dividend Declaration $0.4 20% • Declared dividend of $0.20 per share for third quarter 18% • Annualized yield of 20% (1) 16% $0.3 • Reduced from $0.32 per in second quarter 14% • Total dividends for the nine months of q u arterly d ivid en d ann u alized yield 12% 2008 are $0.83 per share, up 6% fro
Slide 5: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a.) 2006 2007 2008 2009 2010 2011-13 USA 3.3 2.5 1.6 0.6 2.0 2.5 Eurozone 3.0 2.7 1.2 0.6 1.3 2.1 Japan 2.8 1.9 0.7 0.6 1.3 2.5 China 10.5 11.2 9.8 8.5 8.7 8.4 India 9.5 9.0 7.3 6.8 7.5 7.8 Russia 7.4 8.1 7.5 6.8 6.0 6.0 Brazil 3.8 5.4 4.6 3.5 4.4 4.0
Slide 6: Drybulk Rates & Orderbook Delivery Schedule
Drybulk Rates & Orderbook Delivery Schedule Panamax Panamax Dry Bulker Dry Bulker(1) old(1) – 15yr Dry Bulk Orderbook (1) m USD $/day m dwt 70 90,000 120 8856< 80,000 110 60 100 70,000 90 50 60,000 80 61.30 "85K< 70 "=5:< 40 50,000 60 40,000 30.53 39.67 30 50 30,000 40 ;58< 22.20 20 30 :5;< 6.67 11.
Slide 7: Containership Rates & Orderbook Delivery Schedule
Containership Rates & Orderbook Delivery Schedule Handysize Containership – 1700 teu, 15 yr(1) Container Orderbook (1) m USD $/day m TEU "45:< 30 35,000 1.8 ":56< "85"< "65=< 30,000 25 0.44 0.64 1.4 "K59< 25,000 0.93 20 0.4 0.35 1.23 20,000 1.0 0.33 15 0.2 15,000 0.44 0.27 0.6 0.54 10 0.40 10,000 0.
Slide 8: Euroseas Strategy: Remains the Same
Euroseas Strategy: Remains the Same • Selectively acquire vessels • Time to renew / expand bulk carrier fleet • Difference of new to old vessel down to 20m from 70m • Continue focus on cost control • One of the lowest cost structure amongst public companies • Q3 OPEX about 6% lower than Q2 • Use lev
Slide 9: Vessels Employment Chart
Vessels Employment Chart KK<$,*E(1&/($.+$866L GREGOS Spot IRINI Spot / party fixed Dry Bulk Carriers IOANNA P. $35,500 Spot NIKOLAOS P. Spot $36,000 Spot Container Ship Vessels ARISTIDES N.P. dd $52,000 ARTEMIS $19,000 Multi-purpose Vessel KUO HSIUNG $15,800 DESPINA P Spot $15,250 OEL INTEGRITY Spot
Slide 10: Current Fleet
Current Fleet Size Year Name Type DW T TEU Built Irini Panamax 69,734 - 1988 Aristides N.P. Panamax 69,268 - 1993 Carriers Drybulk Ioanna P. Panamax 64,873 - 1984 Gregos Handysize 38,691 - 1984 Nikolaos P. Handysize 34,750 - 1984 Maersk Noumea Intermediate 34,677 2,556 2001 Tiger Bridge Intermediate
Slide 11: Financial Overview
Financial Overview
Slide 12: Financial Highlights: 3rd Quarter and Nine Months '07 and '08
Financial Highlights: 3rd Quarter and Nine Months ‘07 and ‘08 (in million USD except per Third Quarter Nine Months (4) share amounts) 2007 2008 % 2007 2008 % (4) Net Revenues $21.5 $35.5 63.3% $50.6 $102.7 131.2% Capital Gains - - - $3.4 - - Net Income $9.5 $15.3 61.8% $25.3 $46.2 82.2% Net Income e
Slide 13: Fleet Data for 3rd Quarter and Nine Months of 2007 and 2008
Fleet Data for 3rd Quarter and Nine Months of 2007 and 2008 Fleet Statistics Third Quarter Nine Months 2007 2008 2007 2008 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 12.13 16.00 10.41 15.48 Utilization Rate % 100.0% 98.0% 99.9% 98.7% Averages in usd/day/vessel Time Charter Equ
Slide 14: Rapid Debt Repayment
Rapid Debt Repayment Debt Debt Repayment Repayment Schedule Schedule –– As of 9/302008 As of 9/302008 Cash Cash Flow Flow Breakeven Breakeven » $13 m less debt repayments in 2009 $30 $13m lower debt • $2,250 / day / vessel lower cash $25 $25.6 payments in 2009 flow breakeven $20 » 2009 Cash Flow Bre
Slide 15: Balance Sheet & Other Data
Balance Sheet & Other Data » Cash @ September 30, 2008: $ 74.3m • Also restricted cash of $7.2m » Debt: $62.3 m as of September 30, 2008 • Debt to Capitalization ratio about 18% • Covenants comfortably satisfied and expected to be » About $120-125 m equity to fund growth • $70-75 m cash, plus • Abou
Slide 16: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. Aethrion Center 40, Ag. Konstantinou Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 11 Canterbu
Slide 17: Appendix
Appendix Please refer to the Company’s press release of November 13, 2008 for financial statements and reconciliation of Adjusted EBITDA and “Operating” EPS to Net Income and Cash Flow from Operations Page 17