Ocean Yield ASA — Q2 2022 Earnings Presentation
12 slides from Ocean Yield ASA's earnings presentation, Aug 25, 2022
Slide 1: Q2 2022 Presentation
Q2 2022 PRESENTATION 25th August 2022
Slide 2: A Solid Quarter for Ocean Yield
A SOLID QUARTER FOR OCEAN YIELD • EBITDA of USD 45.3 million and EBITDA adjusted for finance lease effects of USD 73.6 million • Net profit of USD 24.6 million and adjusted net profit USD 23.0 million • Stable performance with 96% of the book values employed on long-term charters • Counterparty risk
Slide 3: Investment in Two Gas Carriers
INVESTMENT IN TWO GAS CARRIERS • Acquired two 36,000 cbm newbuilding ethylene gas carriers (LEG) • Vessels will be built at Jiangsu Yangzi-Mitsui Shipbuilding in China and designed with a tri- fuel propulsion system and can operate with gas a fuel • Expected delivery in December 2024 and April 2025
Slide 4: Investment in Two Newbuilding Container Vessels
INVESTMENT IN TWO NEWBUILDING CONTAINER VESSELS • Agreed to acquire two 5,500 TEU newbuilding container vessels • Vessels under construction at HJ Shipbuilding, Korea (prev. Hanjin Heavy) and designed to be able to operate with Methanol as fuel • Delivery expected in May and November 2023 • Upon del
Slide 5: Vessel Deliveries & Sales
VESSEL DELIVERIES & SALES • Delivery of two Suezmax tankers - The suezmax crude tankers Nordic Harrier and Nordic Hunter were delivered from Samsung Heavy Industries in Korea in Q2 - Upon delivery, the vessels commenced 10-year bareboat charters to Nordic American Tankers Ltd., a crude tanker compan
Slide 6: Long-Term Charters Secures Stable Cash Flow
LONG-TERM CHARTERS SECURES STABLE CASH FLOW EBITDA backlog1 per year EBITDA backlog1 per segment Top 5 clients (USDm) Car carriers Oil service Gas carriers 366 356 347 332 5% 7% 18% 296 12% 182 Containers 31% Crude 19 15% tankers clients 26% 8% 7% 12% 7% 8% 2023 2024 2025 2026 2027 Q3-Q4 '22 Dry bul
Slide 7: Financial Snapshot
FINANCIAL SNAPSHOT Adjusted net profit1) Q2 2022 Key financials USD million $45.3m $73.6m 24.3 EBITDA Adjusted EBITDA 23.6 23.0 21.9 21.5 21.4 21.0 19.4 19.7 $23.0m $20.0m Adjusted net profit Quarterly dividend $150.3m 29.9% Cash Equity ratio Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q
Slide 8: Income Statement
INCOME STATEMENT INCOME STATEMENT Q1 Q2 Amounts in USD million 2022 2022 Operating revenues 16.6 17.7 Finance lease revenues 22.0 23.7 Income from investments in associates 5.2 4.4 Other revenue - 1.4 Total revenues and other income 43.8 47.1 Total operating expenses (2.8) (1.8) Depreciation and amo
Slide 9: Adjusted EBITDA and Net Profit
ADJUSTED EBITDA AND NET PROFIT ADJUSTMENTS Q1 Q2 Amounts in USD million 2022 2022 EBITDA 41.1 45.3 Repayment on finance lease receivables 27.4 28.2 EBITDA adjusted for finance lease effects 68.4 73.6 Net profit (loss) for the period 22.1 24.6 Termination of swaps in Box Holdings Expenses related to
Slide 10: Balance Sheet
BALANCE SHEET BALANCE SHEET Q1 Q2 Q1 Q2 Amounts in USD million 2022 2022 2022 2022 ASSETS EQUITY AND LIABILITIES Common equity 538 571 Vessels and equipment 518 488.7 Hybrid capital 125 125 Investments in associates 194 174.3 Total equity 663 696 Finance lease receivables 1 285 1 297 Restricted cash
Slide 11: Outlook
OUTLOOK 1 Ocean Yield is in a robust financial position and access to financing remains strong 2 The portfolio remains well performing and the counterparty credit quality is solid 3 Actively but selectively looking at new growth opportunities
Slide 12: Company Contacts
COMPANY CONTACTS: Andreas Røde, CEO +47 24 13 42 45 andreas.rode@oceanyield.no Eirik Eide, CFO +47 24 13 01 91 eirik.eide@oceanyield.no www.oceanyield.no/IR