Ocean Yield ASA — Q2 2024 Earnings Presentation
11 slides from Ocean Yield ASA's earnings presentation, Aug 20, 2024
Slide 1: Q2 2024 Presentation
Q2 2024 PRESENTATION 20th August 2024
Slide 2: Quarterly Highlights
QUARTERLY HIGHLIGHTS Continued strong financial results USD 96.6m USD 24.3m Adj. EBITDA Net profit Robust financial position 34.9% USD 246.4m Equity ratio Available liquidity Key financials High earnings visibility1 USD 4.7bn 10.1 years Adj. EBITDA backlog Average charter tenor Investment in LNG por
Slide 3: France LNG Shipping: Purchase of 34% Economic Interest in 12x LNG Carriers
FRANCE LNG SHIPPING: PURCHASE OF 34% ECONOMIC INTEREST IN 12X LNG CARRIERS ON CHARTER TO IG COUNTERPARTIES TRANSACTION HIGHLIGHTS SIMPLIFIED STRUCTURE CHART STRONG PARTNERS 12x LNG Carriers 34% Ocean Yield 68%1 Economic interest 2020-2027 Geogas LNG NYK Built 50% 50% France LNG 10/14 years Shipping
Slide 4: Long Term Cash Flow to Strong Counterparties
LONG TERM CASH FLOW TO STRONG COUNTERPARTIES EBITDA BACKLOG1 BY SEGMENT (USDM) EBITDA BACKLOG1 BY CLIENT EBITDA BACKLOG1 IMPACT Oil service Car carriers Product & Chemical Gas carriers USD 4.7 USD 0.8 European billion billion 10% IG (3) 22 % 26% USD 3.9 3% billion Dry bulk 17% USD 20 4.7bn clients 5
Slide 5: Portfolio Update
PORTFOLIO UPDATE VESSELS SOLD OPTIONS EXERCISED ▪ Bulk Seoul and Höegh Jacksonville were delivered to ▪ Purchase option was declared for Navigator Aurora their new owners during the quarter during the quarter ▪ Poliegos was delivered to its new owner after quarter end
Slide 6: Financial Snapshot
FINANCIAL SNAPSHOT ADJUSTED EBITDA1 Q2 2024 KEY FINANCIALS USD million 96.8 96.6 USD 58.5m USD 96.6m 87.4 86.5 88.2 82.8 77.0 79.0 68.4 73.6 EBITDA Adjusted EBITDA 64.8 66.1 54.7 USD 24.3m USD 0.0m Net profit Quarterly dividend USD 246.4m 34.9% Available liquidity Equity ratio Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 7: Income Statement
INCOME STATEMENT INCOME STATEMENT Q1 Q2 Amounts in USD million 2024 2024 Operating revenues 20.4 22.3 Finance lease revenues 36.3 33.4 Income from investments in associates 4.9 4.8 Other revenue 1.6 3.2 Total revenues and other income 63.2 63.7 Total operating expenses (4.1) (5.3) Depreciation and a
Slide 8: Balance Sheet
BALANCE SHEET BALANCE SHEET Q1 Q2 Q1 Q2 Amounts in USD million 2024 2024 2024 2024 ASSETS EQUITY AND LIABILITIES Vessels and equipment 534 486 Common equity 648 668 Newbuildings 69 78 Hybrid capital 105 104 Investments in associates 191 193 Total equity 753 772 Finance lease receivables 1,064 997 Re
Slide 9: Financing Initiatives During and After Quarter End
FINANCING INITIATIVES DURING AND AFTER QUARTER END ▪ Refinanced one VLCC and three Suezmax vessels During the quarter ▪ The refinancings were done at attractive terms and total USD 15m of positive liquidity effect ▪ Refinanced one offshore construction vessel, two product tankers and two After quart
Slide 10: Outlook
OUTLOOK 1 Ocean Yield has a robust financial position and access to financing remains strong 2 Continued investments in future proof vessels with long term charters to strong counterparties 3 Increased diversification providing stable and long-term earnings visibility
Slide 11: Company Contacts
COMPANY CONTACTS: Andreas Røde, CEO +47 98 22 85 62 andreas.rode@oceanyield.no Eirik Eide, CFO +47 95 00 89 21 eirik.eide@oceanyield.no Karl Fredrik Schjøtt-Pedersen, SVP Finance & IR +47 95 13 23 35 karl.pedersen@oceanyield.no www.oceanyield.no/investor-relations