Ocean Yield ASA — Q3 2014 Earnings Presentation
14 slides from Ocean Yield ASA's earnings presentation, Nov 10, 2014
Slide 1: Third Quarter 2014 Presentation
Third Quarter 2014 Presentation 10 November 2014
Slide 2: Third Quarter 2014 highlights
Third Quarter 2014 highlights Increased quarterly dividend to USD 0.1375 per share – Increase of 0.75 cents or 5.8% versus Q2 – USD 0.55 per share annualized, representing a yield of 8.7% p.a. EBITDA was USD 54.2 million compared to USD 55.6 million for the third quarter 2013 – Negatively impacted b
Slide 3: Attractive and diversified portfolio of oil service and industrial shipping assets
Attractive and diversified portfolio of oil service and industrial shipping assets Oil service assets Industrial shipping and other assets Floating Production Car Carriers (PCTCs) Storage Offloading (FPSO) 2x 8,500 CEU newbuilds 2x 6,500 CEU Dhirubhai-1 2x 4,900 CEU Subsea Equipment Liquefied Ethyle
Slide 4: All vessels on long term charter with USD 2.2 billion in contracted EBITDA
All vessels on long term charter with USD 2.2 billion in contracted EBITDA Unit Type Built Counterparty 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Höegh XS1462F PCTC 2016 Höegh Autoliners Höegh XSI462E PCTC 2016 Höegh Autoliners Wayfarer OCV 2010 AKOFS Off. / Akastor
Slide 5: Strong sector diversification
Strong sector diversification Contracted EBITDA per segment* AHTS Seismic 10.0 % 0.3 % Gas 14.3 % Subsea 36.2 % Car Carriers 19.6 % FPSO 19.7 % *Per end Q3 2014. EBITDA as reported, incl. mob. fees. Figures are based on management’s estimates regarding operating expenses on the Dhirubhai-1 which may
Slide 6: Aker Wayfarer – Modification and contract extension
Aker Wayfarer – Modification and contract extension Background: AKOFS Offshore awarded a 5+5 year contract with Petrobras to provide subsea services offshore Brazil. Upgrade: Investment of USD 89-98m to become a Deepwater Subsea Equipment Support Vessel, allowing it to install and retrieve subsea tr
Slide 7: Successful delivery of our fourth car carrier
Successful delivery of our fourth car carrier Vessel: Höegh Jeddah Delivery: 5th of September 2014 Yard: DSME Mangalia, Romania Capacity: 6,500 car equivalent units Charterer: Höegh Autoliners Term: 12 year “hell & high water” bareboat contract Other: Sister vessel to Höegh Jacksonville that was del
Slide 8: Development in EBITDA and net profit
Development in EBITDA and net profit EBITDA per quarter (USDm) 55.6 52.7 53.2 55.4 54.2 Q3 EBITDA was 48.8 50.6 38.1 39.4 USD 57.1m, adjusted for non- Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 recurring items. 2012 2013 2014 Net profit** per quarter (USDm) Committed 28.6 projects will 26.5 24.5 17.1 19.9 19.1 17.1
Slide 9: Adjusted Net Profit and Dividend per share
Adjusted Net Profit and Dividend per share Dividend yield Adj. Net profit per share, annualized basis (USD)** 0.74 0.64 0.76 0.78 0.78 8.7%* p.a Pay-out ratio on Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 adjusted Q3 EPS Dividend per share, annualized basis (USD) 70% +15% 0.48 0.49 0.50 0.52 0.55 Adjus
Slide 10: P&L
P&L Income statement Comments 3rd Quarter 3rd Quarter Jan - Sep Jan - Sep Amounts in USD million 2014 2013 2014 2013 Other operating expenses: Includes a USD 2.9 million Operating revenues 65.4 61.8 187.2 178.4 non-recurring provision in Vessel operating expenses (3.7) (3.7) (10.8) (11.5) connection
Slide 11: Net profit after tax adjusted for non-recurring items
Net profit after tax adjusted for non-recurring items Adjustments Comments 2nd Quarter 3rd Quarter Amounts in USD million 2014 2014 Profit after tax 17.1 24.5 - One-off adjustment to Financial Income - - - One-off adjustment to Financial Expenses 5.9 1.6 Relates to repurchase of bonds - Foreign exch
Slide 12: Balance sheet
Balance sheet Balance sheet 30 September 30 September 30 September 30 September Amounts in USD million 2014 2013 Amounts in USD million 2014 2013 ASSETS Total Equity 710.0 687.8 Vessels and equipment 1 194.6 1 304.0 Interest-bearing loans 858.7 803.8 Intangible assets 38.3 38.3 Deferred tax liabilit
Slide 13: Strategy and outlook
Strategy and outlook Increased quarterly dividend by 5.8% to 13.75 cents per share Substantial capacity to further increase dividends – Committed investments of USD 1.2bn since establishment, of which USD 430m committed YTD, which secures strong earnings growth over the next few years – Strong balan
Slide 14: November 14 Third Quarter 2014
November 14 Third Quarter 2014 14