Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Rickmers Maritime — FY2009 Earnings Presentation
25 slides from Singapore Exchange's earnings presentation, Feb 8, 2010
Slide 1: Rickmers Maritime 4Q2009/FY2009 Financial Results
Rickmers Maritime 4Q2009/FY2009 Financial Results 8 February 2010 1
Slide 2: Disclaimer
Disclaimer • This presentation should be read in conjunction with Rickmers Maritime’s Fourth Quarter/Full Year 2009 financial statements for the period ended 31 December 2009, posted on the SGXNet on 8 February 2010. • This presentation may contain forward-looking statements that involve risks and u
Slide 3: Agenda
1 Financial Highlights 2 Financial Performance 3 Business Review 4 Outlook 5 Q&A 3
Slide 4: Financial Highlights
Financial Highlights Financial Highlights 4TH QUARTER FULL YEAR in US$ million 1 October - 31 December 1 January - 31 December (except as otherwise stated) 2009 2008 % Change 2009 2008 % Change Charter Revenue 38,129 29,560 29% 146,280 102,112 43% Cash Flow from Operating Activities 27,593 23,114 19
Slide 5: Financial Highlights FY2009
Financial Highlights FY2009 • Charter revenue posted a 43% increase to US$146.28 million due to revenue contribution from 3 new vessels - MOL Destiny, MOL Devotion and Hanjin Newport • Operating cash flow up 44% to US$112.09 million • Income available for distribution registered healthy gain of 36%
Slide 6: Distribution
Distribution • Distribution of 0.57 US cents to be paid on 16 March 2010 • Total distribution for 4Q2009 will amount to US$2.41 million • Cash retention efforts continue amidst challenges in the container shipping industry and outstanding financing issues faced by the Trust • Whilst discussions with
Slide 7: Financial Performance
1 Financial Highlights 2 Financial Performance 3 Business Review 4 Outlook 5 Q&A 7
Slide 8: Financial Performance - Income Statement
Financial Performance Income Statement - Group 4TH QUARTER FULL YEAR 1 October - 31 December 1 January - 31 December Increase / Increase / 2009 2008 2009 2008 (Decrease) (Decrease) US$'000 US$'000 % US$'000 US$'000 % Charter Revenue 38,129 29,560 29 146,280 102,112 43 Other income 8,336 2,335 257 15
Slide 9: Financial Performance - Cash Flow and Balance Sheet
Financial Performance Cash Flow Highlights Major Balance Sheet Items 4Q2009 FY2009 As at 31 December 2009 Group 1 October - 1 January - US$'000 31 December 31 December US$'000 US$'000 Total assets 1,264,595 Cash flow from: Total non-current assets 1,149,249 Operating activities 27,593 112,088 Total
Slide 10: Financial Performance - Revenue and Net Asset Value
Financial Performance US$'000 Revenue Strong revenue growth: 40,000 Revenue grew 5x Quarterly revenue grew 5 30,000 since IPO times since IPO from US$7.33 million in 2Q2007 20,000 to US$38.13 million in 10,000 4Q2009 0 2Q2007 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009 Net
Slide 11: Distribution
Distribution Distribution Payout US$'000 Income Available for Distribution Distribution Distribution Payout 20,000 15,000 10,000 5,000 91% 81% 86% 74% 69% 68% 60% 46% 13% 13% 14% 0 2Q2007 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009 • Distribution for 4Q2009: 0.57 US cents p
Slide 12: Gearing
Gearing US$’000 Total Unitholders' Funds + Debt Debt Gearing [Debt/(Total Unitholders' Funds + Debt)] 1,200,000 1,000,000 800,000 600,000 400,000 200,000 12% 37% 44% 48% 52% 60% 69% 68% 68% 66% 0 2Q2007 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009 • Gearing fell to 66% at en
Slide 13: Update on Credit Facilities
Update on Credit Facilities US$360m term • Loan maturing in 2017 loan secured at • Starts amortising in 2012 at US$6 million per quarter IPO • Interest rate of 70-90 basis points above US$ LIBOR Credit facilities • US$415.9 million* has been drawn down to finance 6 x up to 4,250 TEU vessels US$627.5
Slide 14: Update on Financing
Update on Financing • Formation of Finance Committee Formed on 11 January 2010 and comprises all four Independent Directors Role to oversee the restructuring of RM’s loans and to resolve any conflicts or potential conflicts of interest that may arise during the course of the loans restructuring • Si
Slide 15: Business Review
1 Financial Highlights 2 Financial Performance 3 Business Review 4 Outlook 5 Q&A 15
Slide 16: Business Review
Business Review 1) Kaethe C. Rickmers (formerly “Maersk Djibouti”) Maersk re-delivered Kaethe C. Rickmers on 1 February 2010 The vessel is currently on a single voyage charter to re-position it to Asia for its first dry-docking, scheduled in March 2010 in China Whilst the container market is slowly
Slide 17: Business Review
Business Review 3) 4 x 13,100 TEU Vessels On-going discussions with various stakeholders for a resolution Payment of deposit amounting to US$40 million (US$10 million for each of the 4 vessels) have been temporarily postponed 4) All charterers paying according to agreed terms 17
Slide 18: Fleet Performance
Fleet Performance Fleet Performance 4Q2009 4Q2008 FY2009 FY2008 Vessel Ownership Days 1472.0 1154.0 5662.0 4003.0 Operating Days 1471.8 1147.4 5654.1 3994.5 Off Hire Days 0.2 6.6 7.9 8.5 Fleet Utilisation (%) 99.99 99.43 99.86 99.79 • Only 0.2 off-hire days in 4Q2009 and 7.9 for FY2009 • Charter rev
Slide 19: Stable and Growing Charter Revenue
Stable and Growing Charter Revenue Breakdown of Revenue by Charterers FY2008 – US$102.11 million FY2009 – US$146.28 million Maersk – 6% Maersk – 8% Hanjin Shipping – 5% Italia Marittima – 19% MOL – 10% Italia Marittima – 27% MOL – 32% 43% CMA CGM (incl ANL) – 55% CMA CGM (incl ANL) – 38% • Healthy y
Slide 20: Vessels on Long-term Charters till 2020
Vessels on Long-term Charters till 2020 Name / Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Kaethe C. Rickmers Ital Fastosa Ital Festosa ANL Warringa ANL Windarra Ital Fiducia CMA CGM Azure ANL Warrain CMA CGM Jade CMA CGM Onyx Hanjin Newport Hanjin Milan
Slide 21: Outlook
1 Financial Highlights 2 Financial Performance 3 Business Review 4 Outlook 5 Q&A 21
Slide 22: Challenges
Challenges Liquidity Re-financing of US$130 million Top-Up Facility maturing April 2010 Financing of existing orderbook Asset Deflation Value-to-Loan (VTL) ratios on the current loans Financing of existing orderbook Counterparty Risk Despite early signs of recovery, the container liner industry cont
Slide 23: Outlook
Outlook • Container volumes on most major trade lanes continued its slow recovery leading to slight improvement in freight rates • While consensus is building within the industry that the worst is over, business conditions continue to be challenging and consequently, the Trust’s counterparty risks r
Slide 24: Q&A
1 Financial Highlights 2 Financial Performance 3 Business Review 4 Outlook 5 Q&A 24
Slide 25: Thank you
Thank you For more information, please contact: ir@rickmers-maritime.com 25