Ocean Yield ASA — Q2 2023 Earnings Presentation
11 slides from Ocean Yield ASA's earnings presentation, Aug 24, 2023
Slide 1: Q2 2023 Presentation
Q2 2023 PRESENTATION 24th August 2023
Slide 2: Quarterly Highlights
QUARTERLY HIGHLIGHTS Continued strong earnings USD 86.5m USD 27.7m Adj. EBITDA Net profit Robust financial position 31.1% USD 115.9m Equity ratio Cash position Key financials High earnings visibility USD 3.9bn 9.8 years Adj. EBITDA backlog Average charter tenor Inaugural sustainability-linked lease
Slide 3: Four Product Tankers with Inaugural Sustainability-Linked Lease
FOUR PRODUCT TANKERS WITH INAUGURAL SUSTAINABILITY-LINKED LEASE TRANSACTION HIGHLIGHTS SUSTAINABILITY COUNTERPARTY 4x LR1 product tankers Sustainability-linked lease ✓ Variable element linked to actual carbon 2026 & 2027 emissions, incentivising the charterer to Delivery BBB-/BBB-/Ba1 Credit ratings
Slide 4: Portfolio Update
PORTFOLIO UPDATE NEWCASTLEMAX NEWBUILDINGS VESSELS SOLD OPTIONS EXERCISED ▪ Final transaction scope for the ▪ Höegh Trapper, Hafnia Turquoise ▪ Purchase options were declared Newcastlemax transaction will be and STI Steadfast were delivered for Navig8 Precision (held in 50% eight or nine vessels to
Slide 5: Long-Term Charters Secure Stable Cash Flow
LONG-TERM CHARTERS SECURE STABLE CASH FLOW EBITDA BACKLOG1 PER YEAR (USDM) EBITDA BACKLOG2 PER SEGMENT EBITDA BACKLOG2 PER CLIENT Oil service Product & Chemical Car carriers 453 Gas carriers 429 8% 6% 412 401 1% 11% 364 25% Crude 25% tankers 18 clients 25% 14% Containers 7% 25% 7% 12% 2024 2025 2026
Slide 6: Financial Snapshot
FINANCIAL SNAPSHOT ADJUSTED EBITDA1 Q2 2023 KEY FINANCIALS USD million 87.4 86.5 75.8 73.6 77.0 82.8 USD 59.1m USD 86.5m 67.6 66.1 68.4 EBITDA Adjusted EBITDA 62.9 64.8 54.7 USD 27.7m USD 0.0m Net profit Quarterly dividend USD 115.9m 31.1% Cash Equity ratio Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2
Slide 7: Income Statement
INCOME STATEMENT INCOME STATEMENT Q1 Q2 Amounts in USD million 2023 2023 Operating revenues 18.8 16.5 Finance lease revenues 33.7 33.6 Income from investments in associates 5.4 5.0 Other revenue 3.2 6.8 Total revenues and other income 61.0 61.8 Total operating expenses (2.9) (2.7) Depreciation and a
Slide 8: Balance Sheet
BALANCE SHEET BALANCE SHEET Q1 Q2 Q1 Q2 Amounts in USD million 2023 2023 2023 2023 ASSETS EQUITY AND LIABILITIES Common equity 591 620 Vessels and equipment 503 464 Hybrid capital 86 44 Investments in associates 188 192 Total equity 677 664 Finance lease receivables 1,090 1,053 Restricted cash depos
Slide 9: Financing Initiatives
FINANCING INITIATIVES Refinancings and ▪ Refinanced and upsized four existing loan facilities during and after the quarter upsizing ▪ USD 74 million of positive liquidity effect from upsizings New loan ▪ Signed new loan agreements for financing of the two LEG vessels to commence agreements charter w
Slide 10: Outlook
OUTLOOK 1 Ocean Yield has a robust financial position and access to financing remains strong 2 The portfolio is well performing and the counterparty credit quality is solid 3 Actively looking at new growth opportunities
Slide 11: Company Contacts
COMPANY CONTACTS: Eirik Eide, CFO +47 24 13 01 91 eirik.eide@oceanyield.no Karl Fredrik Schjøtt-Pedersen, SVP Finance & IR +47 24 13 01 39 Karl.pedersen@oceanyield.no www.oceanyield.no/IR