Ocean Yield ASA — Q3 2022 Earnings Presentation
12 slides from Ocean Yield ASA's earnings presentation, Nov 24, 2022
Slide 1: Q3 2022 Presentation
Q3 2022 PRESENTATION 24th November 2022
Slide 2: A Solid Quarter for Ocean Yield
A SOLID QUARTER FOR OCEAN YIELD • Stable performance from existing charters • EBITDA of USD 48.8 million and EBITDA adjusted for finance lease effects of USD 77.0 million • Net profit of USD 23.4 million • The quarter ended with a strong balance sheet, with an equity ratio of 31% and USD 122 million
Slide 3: Investments in Newbuilding Container Vessels
INVESTMENTS IN NEWBUILDING CONTAINER VESSELS • During the quarter and post quarter end, Ocean Yield agreed to acquire two 5,500 TEU newbuild container vessels • The vessels are currently under construction at HJ Shipbuilding in Korea and designed to be able to operate with methanol as fuel • Upon de
Slide 4: Portfolio Update
PORTFOLIO UPDATE • Charter extension & amendment - Charters for four 3,800 TEU feeder container vessels on charters to CMB have been extended and increased by USD 30 million in total - Corresponding bank loan facility has been increased • Vessels sold during the quarter - Dry bulk vessel La Fresnais
Slide 5: Long-Term Charters Secures Stable Cash Flow
LONG-TERM CHARTERS SECURES STABLE CASH FLOW EBITDA backlog1 per year EBITDA backlog2 per segment Top 5 clients (USDm) Car carriers Oil service 379 379 Gas carriers 370 350 5% 7% 18% 300 13% Crude 18 Containers 31% 15% tankers clients 26% 8% 7% 11% 8% 8% Dry bulk 2023 2024 2025 2026 2027 Product & Ch
Slide 6: Financial Snapshot
FINANCIAL SNAPSHOT Adjusted net profit1 Q3 2022 Key financials USD million 24.3 23.6 23.0 23.1 $48.8m $77.0m 21.9 21.5 21.4 21.0 EBITDA Adjusted EBITDA 19.4 19.7 $23.1m $20.0m Adjusted net profit Quarterly dividend $121.9m 31.0% Cash Equity ratio Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2020 2020 2021 202
Slide 7: Income Statement
INCOME STATEMENT INCOME STATEMENT Q2 Q3 Amounts in USD million 2022 2022 Operating revenues 17.7 17.1 Finance lease revenues 23.7 28.3 Income from investments in associates 4.4 4.4 Other revenue 1.4 1.2 Total revenues and other income 47.1 51.1 Total operating expenses (1.8) (2.3) Depreciation and a
Slide 8: Adjusted EBITDA and Net Profit
ADJUSTED EBITDA AND NET PROFIT ADJUSTMENTS Q2 Q3 Amounts in USD million 2022 2022 EBITDA 45.3 48.8 Repayment on finance lease receivables 28.2 28.3 EBITDA adjusted for finance lease effects 73.6 77.0 Net profit (loss) for the period 24.6 23.4 Foreign exchange gains/losses (18.7) (11.0) Change in fai
Slide 9: Balance Sheet
BALANCE SHEET BALANCE SHEET Q2 Q3 Q2 Q3 Amounts in USD million 2022 2022 2022 2022 ASSETS EQUITY AND LIABILITIES Common equity 571 587 Vessels and equipment 489 512 Hybrid capital 125 125 Investments in associates 174 191 Total equity 696 712 Finance lease receivables 1,297 1,175 Restricted cash dep
Slide 10: Financing Initiatives
FINANCING INITIATIVES • During second half of 2022, Ocean Yield has refinanced and upsized three existing loan facilities - Currently USD 90 million of loan facilities are available and undrawn - In addition, process is ongoing for upsizing of an additional two facilities, giving a positive liquidit
Slide 11: 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 Selectively looking at new growth opportunities
Slide 12: 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