Ocean Yield ASA — Q1 2014 Earnings Presentation
13 slides from Ocean Yield ASA's earnings presentation, May 9, 2014
Slide 1: First Quarter 2014 Presentation
First Quarter 2014 Presentation 9th May 2014
Slide 2: First quarter 2014 highlights
First quarter 2014 highlights Declared quarterly dividend of 12.50 cents per share – Increase of 0.25 cents versus last quarter – USD 0.50 per share annualized (Dividend yield of 7.8% p.a.) – Payout ratio of 59% of net result after tax – Payable on or about 26th of May 2014 EBITDA was USD 53.2 milli
Slide 3: Liquified Ethylene Gas Carriers – 3 newbuilds
Liquified Ethylene Gas Carriers – 3 newbuilds Vessel: 3 Liquified Ethylene Gas (LEG) Carriers newbuilds Yard cost: ~USD 243 million (total for the three vessels) Yard: Sinopacific Offshore & Engineering, China Delivery: August/October/December 2016 Charter: «Hell and High water» bareboat charter Ter
Slide 4: Höegh PCTCs 4900 – 2 x 2010 built
Höegh PCTCs 4900 – 2 X 2010 built Vessel and charter Vessel: Höegh Beijing and Höegh Xiamen Type: PCTC’s, 4900 car capacity Investment: ~USD 90 million Charter: «Hell and High water» bareboat charter Built: 2010 Yard: Xiamen Shipbuilding Industry Co. Ltd Charterer: Höegh Autoliners Shipping AS Chart
Slide 5: USD 1.1 billion in committed investments to date and USD 2.1 billion in EBITDA backlog
USD 1.1 billion in committed investments to date and USD 2.1 billion in EBITDA backlog Committed investments (USDm) Total EBITDA backlog* 315 333 130 210 130 USD 2.1 billion Q3 2012 Q4 2012 Q1 2013 Q3 2013 Q2 2014 Total EBITDA backlog per quarter (USD billion) Average duration* +107% 2.1 1.8 1.7 1.0
Slide 6: Development in key financials
Development in key financials EBITDA per quarter (USDm) Dividend Yield +37% 48.8 50.6 55.6 52.7 53.2 38.8 38.1 39.4 7.8%* p.a Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q1 Quarterly Dividend Net profit per quarter (USDm) payable in Q2 2014 +144% 28.6 19.9 19.1 26.5 12.5 Cents 17
Slide 7: P&L
P&L Income statement Comments Operating Expenses: Lower than budgeted in Q1 related 1st Quarter 1st Quarter Jan - Dec to the FPSO Dhirubhai-1 Amounts in USD million 2014 2013 2013 Depreciation: Lower depreciation on FPSO as Operating revenues 59.7 56.6 239.0 certain equipment has been Vessel operati
Slide 8: Net profit after tax adjusted for non-recurring items
Net profit after tax adjusted for non-recurring items Adjustments Comments 1st Quarter Amounts in USD million 2014 Profit after tax 28.6 - One-off adjustment to Financial Income 11.5 AMSC bonds: Reclassification of fair value adjustments previously reported in other comprehensive income - One-off ad
Slide 9: Balance sheet
Balance sheet Balance sheet 31 March 31 March 31 March 31 March Amounts in USD million 2014 2013 Amounts in USD million 2014 2013 Total equity 710.2 546.8 ASSETS Vessels and equipment 1 263.4 1 241.0 Interest-bearing debt 760.5 800.9 Intangible assets 38.3 38.3 Deferred tax liabilities 0.6 0.6 Defer
Slide 10: USD 2.1 billion in contracted EBITDA
USD 2.1 billion in contracted EBITDA* Unit Counterparty Contract type 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Firm period ends Dhirubhai‐1 Reliance Bareboat / O&M Sep‐18 Wayfarer Aker Solutions Bareboat Sep‐20 Lewek Connector EMAS/Ezra Holding Bareboat Oct‐22 Höegh
Slide 11: Ocean Yield – Summary and outlook
Ocean Yield – Summary and outlook Declared increased quarterly dividend of 12.50 cents per share Steady performance of the FPSO Dhirubhai We have passed USD 1.1 billion in committed new investments with the Höegh and the Hartmann transactions announced yesterday totalling USD 333 million Current EBI
Slide 12: Q&A session
Q&A session May 14 First Quarter 2014 12
Slide 13: Slide 13