Hoegh Autoliners Asa · OSL:HAUTO
Hoegh Autoliners Asa — Q4 2021 Earnings Presentation
23 slides from Hoegh Autoliners Asa's earnings presentation, Feb 10, 2022
Slide 1: Quarterly Presentation Q4 2021
Quarterly Presentation Q4 2021 10.02.2022
Slide 2: Disclaimer
Disclaimer This presentation, which has been prepared by Höegh Autoliners ASA (the “Company”), includes forward-looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trend
Slide 3: A strong fourth quarter for operating performance and successful capital raising
A strong fourth quarter for operating performance and successful capital raising 1 Successful listing of the Company on Euronext growth and USD 131 million raised in new equity. 2 Newbuilding program launched for the largest and most environmentally friendly car carriers ever built. 3 General market
Slide 4: Agenda
Market & Commercial Update Capacity Update Agenda ESG Update Financial Update Outlook & Q&A
Slide 5: Market & Commercial Update
hs HOEGH AUTOLINERS Market & Commercial Update
Slide 6: Flat volumes, favourable cargo mix and increased rate
Flat volumes, favourable cargo mix and increased rate Flat and stable volumes and balanced trade Favourable HH/BB share Positive rate development, mainly driven by a systems strong market out of Asia Volume development (CBM mill) Share of HH/BB out of total volume(%) Net rate per CBM (USD per CBM) +
Slide 7: Majority of contracts are available for short-term renegotiation
Majority of contracts are available for short-term renegotiation Volumes by type of customers 2021 (cbm %) % contract renewal the next 5 years 29% Rate agreement & Spot 24% 34% 20% 20% 66% 7% Contract 2022 2023 2024 2025 2026 Notes: Only includes volumes contracted, and excludes options to extend, f
Slide 8: Ongoing recovery in FNLV deep sea shipments
Ongoing recovery in FNLV deep sea shipments Highlights Factory New Light Vehicle (FNLV) deep sea shipments (CEU mill) • Post pandemic rebound in deep sea shipments is forecast to continue by +4% 4% CAGR from 2021 to 2025. 14 14 13 13 12 12 • Vehicle sale growth is supported by pent-up demand, extrem
Slide 9: Q4 H&H demand improvement expected to continue in 2022
Q4 H&H demand improvement expected to continue in 2022 Construction equipment Mining equipment • Shipments of main construction equipment types continued to recover • Q4 shipments of mining equipment continued to reflect general mining throughout 2021 and shipments from Asia were particularly strong
Slide 10: Capacity Update
hs HOEGH AUTOLINERS Capacity Update
Slide 11: Fleet has been fully utilised since Q1 2021; short-term capacity reduced in Q4
Höegh Autoliners´ fleet has been fully utilised since Q1 2021. Use of short-term capacity reduced in Q4 Fleet development in # of vessels SALE 42 46 40 45 44 43 42 41 41 41 • Höegh Masan (4,300 CEU/1998 built) sold for 2 4 6 USD 12.5m in Q4 2021 with expected delivery 3 1 1 1 to new Owners Q1 2022.
Slide 12: A tight tonnage market expected to remain with limited net fleet growth
A tight tonnage market expected to remain with limited net fleet growth in coming years Net Fleet Growth (PCTC) Time Charter Rates (1Y) • Minimal fleet growth expected in 2022-2024 period. • Charter rates on the rise for 16 consecutive months and at a 13-year high. • Yard capacity to deliver PCTC ve
Slide 13: ESG Update
m) ia Ww 2 a ° = 5) =< = 6 wi 0 = ESG Update
Slide 14: Höegh Autoliners continued to reduce the fleet's carbon intensity throughout 2021
Höegh Autoliners continued to reduce the fleet’s carbon intensity throughout 2021 Highlights Fleet’s Efficient Ratio reported in 2021 5,91 6,0 • Höegh Autoliners reports Annual Efficient Ratio (AER) – a carbon intensity 5,51 5,43 5,42 metric in accordance with the Poseidon Principles. 5,0 • Apart fr
Slide 15: Financial Update
hs HOEGH AUTOLINERS Financial Update
Slide 16: Höegh Autoliners delivered strong operating performance in Q4 2021
Höegh Autoliners delivered strong operating performance in Q4 2021 Revenue Adj. EBITDA Net profit 29 140 24 22 271 229 203 79 48 51 14 2020 Q4 2021 Q3 2021 Q4 2020 Q4 2021 Q3 2021 Q4 -9 2020 Q4 2021 Q3 2021 Q4 Revenue (USD mill) EBITDA margin (%) Adj. EBITDA (USD mill) Net profit (USD mill) Net inte
Slide 17: Substantial improvement in Q4 EBITDA
Substantial improvement in Q4 EBITDA Highlights Adjusted EBITDA Q-o-Q Margin = 22% • Continuing top line improvement compared to third quarter mainly due to significant higher net Adj. EBITDA Q3 2021 51 rates. Net freight revenues 34 • Higher bunker prices further mitigated with higher bunker compen
Slide 18: EBITDA continued to improve throughout 2021
EBITDA continued to improve throughout 2021 Highlights Adjusted EBITDA Y-o-Y • Net freight revenue: USD 110M from volume Margin = 22% increase and USD 70M from rate increase. Adj. FY 2020 EBITDA 165 • Bunker expenses: USD 38M from increased Net freight revenues 180 activities and USD 29M from higher
Slide 19: IPO proceeds substantially strengthened the cash balance
IPO proceeds substantially strengthened the cash balance Highlights Cash development Cash from financing activities: Cash balance end 2020 115 • IPO proceeds of USD 128M received in Q4. • Loan repayment of USD 84.5M and interest payments of USD 14M. Cash from operating activities 160 • Lease payment
Slide 20: Robust balance sheet following recent equity raise and refinancing of bank loan facility
Robust balance sheet following recent equity raise and refinancing of bank loan facility Highlights Balance Sheet Value Adjusted Equity Q4 1 653 • Balance sheet strengthened with the injection of 1 653 30 138 102 USD 131M equity from the IPO. 228 275 • Net debt of USD 491m and NIBD/EBITDA of 879 229
Slide 21: Outlook & Q&A
HOEGH AUTOLINERS Outlook & Q&A
Slide 22: Höegh Autoliners expects continued solid performance amid market uncertainties
Höegh Autoliners expects continued solid performance amid market uncertainties Strong market with tight supply/demand balance expected to continue in 2022. Further repricing potential anticipated. COVID-19 related restrictions, semiconductor shortages, tight tonnage situation, fuel price volatility
Slide 23: Thank you
Thank you www.hoeghautoliners.com