Ocean Yield ASA — Q4 2013 Earnings Presentation
14 slides from Ocean Yield ASA's earnings presentation, Feb 25, 2014
Slide 1: Fourth Quarter 2013 Presentation
Fourth Quarter 2013 Presentation 25th February 2014
Slide 2: Fourth quarter 2013 highlights
Fourth quarter 2013 highlights Declared quarterly dividend of 12.25 cents per share – Increase of 0.25 cents versus last quarter – USD 0.49 per share annualized (Dividend yield of 8.3% p.a.) – Payout ratio of 62.0% of net result after tax – Payable on or about 10th of March 2014 EBITDA was USD 52.7
Slide 3: Full year 2013 financial highlights
Full year 2013 financial highlights EBITDA (USDm) EBITDA was USD 207.7 million compared with USD 151.4 million on a pro-forma basis for 2012 +37% 207.7 151.4 Net Profit after tax was USD 82.7 million compared with USD 44.7 million on a pro-forma basis for 2012 2012 2013 Total vessel investments of U
Slide 4: Development in key financials
Development in key financials EBITDA per quarter (USDm) Dividend Yield +36% 48.8 50.6 55.6 52.7 38.8 38.1 39.4 8.3%** p.a Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013* Q4 Quarterly Dividend Net profit per quarter (USDm) payable in Q1 2014 +126% 26.5 17.1 19.9 19.1 12.25 Cents 11.7 12.1 11
Slide 5: Increased value of American Shipping bonds
Increased value of American Shipping bonds AMSC has raised USD 162 million in new equity, substantially reducing the counterparty risk AMSC Market Cap (in USD million) Amended terms on the bond loan: +421 – Converted from NOK to USD – Interest rate changed from NIBOR + 4.75% to LIBOR + 6.00% p.a. ~4
Slide 6: Steady performance on the Dhirubhai-1
Steady performance on the Dhirubhai-1 100 % Utilisation in Q4 2013 and 99.9% for the year 2013 Reliance completed drilling of new well in December 2013 Increased production of gas as from January 2014 Work over of additional well expected to further increase production in Q1 2014 Increased gas price
Slide 7: P&L Income statement
P&L Income statement Comments Revenues: One-off Pro Forma adjustment in revenues of 3rd Quarter 4th Quarter 4th Quarter Jan - Dec Jan - Dec USD -0.5 million in 4th quarter Amounts in USD million 2013 2013 2012 2013 2012 quarter related to the Farstad vessels. Operating revenues 61.8 60.6 50.8 239.0
Slide 8: Net profit after tax adjusted for non-recurring items
Net profit after tax adjusted for non-recurring items Adjustments Comments 4th Quarter Amounts in USD million 2013 Profit after tax 26.5 - One-off adjustment to Operating Revenues (0.5) Correction related to operating lease income on Farstad vessels in Q2 and Q3 2013 - One-off adjustment to Deprecia
Slide 9: Balance sheet
Balance sheet Balance sheet 31 December 30 September 31 December 30 September Amounts in USD million 2013 2013 Amounts in USD million 2013 2013 ASSETS Total equity 703.7 687.8 Vessels and equipment 1 281.1 1 304.0 Intangible assets 38.3 38.3 Interest-bearing debt 744.8 803.8 Deferred tax assets 10.5
Slide 10: USD 1.7 billion in contracted EBITDA
USD 1.7 billion in contracted EBITDA Firm period Unit Counterparty Contract type 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 ends Dhirubhai‐1 Reliance Bareboat / O&M Sep‐18 Wayfarer Aker Solutions Bareboat Sep‐20 Lewek Connector EMAS/Ezra Holding Bareboat Oct‐22 Höegh
Slide 11: Ocean Yield – Summary and outlook
Ocean Yield – Summary and outlook Declared increased quarterly dividend of 12.25 cents per share. Expects to further increase the dividend in 2014 Increased value of the AMSC bonds is expected to have positive profit and loss effect in Q1 2014 Steady performance of the FPSO Dhirubhai. Increased prob
Slide 12: Q&A session
Q&A session February 14 Company presentation 12
Slide 13: Appendix: Covenant compliance in Bond Agreement
Appendix: Covenant compliance in Bond Agreement OCY Bond ISIN NO 001 065437.9 – 2012/2017 Q4 2013 Minimum Book Equity of 25% 42.1% Minimum Cash of $ 25 Million $132.9 million EBITDA/ Interest expenses > 2.5x 5.88 x February 14 Company presentation 13
Slide 14: Slide 14