Costamare Inc. · NYSE:CMRE
Costamare — Q4 2019 Earnings Presentation
14 slides from Costamare's earnings presentation, Jan 29, 2020
Slide 1: Fourth Quarter 2019 Financial Results Conference Call
Fourth Quarter 2019 Financial Results Conference Call January 29, 2020
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain “forward-looking statements” (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that the
Slide 3: Highlights (1/4)
Highlights (1/4) Financial Performance ➢ Q4 2019 ▪ Net Income of $35.9m (82% increase vs Q4 2018). ▪ Earnings per Share of $0.24 (118% increase vs Q4 2018). ▪ Adjusted Net Income(1) of $38.4m (189% increase vs Q4 2018). ▪ Adjusted Earnings per Share(1) of $0.32 (167% increase vs Q4 2018). ➢ ΥΕ 2019
Slide 4: Highlights (2/4)
Highlights (2/4) Fleet Renewal ➢ Acquisition of four Panamax size sister containerships with an average age of 11 years. More specifically: ▪ Vela (2009-built, 4,258 TEU capacity). ▪ JPO Virgo (2009-built, 4,258 TEU capacity). ▪ Volans (2010-built, 4,258 TEU capacity). ▪ Vulpecula (2010-built, 4,258
Slide 5: Highlights (3/4)
Highlights (3/4) Strong Balance Sheet ➢ Estimated Leverage(1) of 41% (as of December 31, 2019). ➢ No substantial balloon payments over the next 12 months. ➢ Never restructured any debt obligations or requested covenant waivers / debt deferral payments. New Financing Arrangements ➢ Signing of 4 finan
Slide 6: Highlights (4/4)
Highlights (4/4) Staggered Charter Maturities ➢ 18 ships larger than 5,000 TEUs coming off charter over the next 12 months. ➢ Currently positive supply and demand dynamics for larger vessels due to: ▪ Scrubber retrofits leading to a reduction in supply. ▪ Further consolidation and upsizing of liner
Slide 7: Q4 2019 Income Statement Snapshot
Q4 2019 Income Statement Snapshot Q4 2019 RESULTS Q4 2018 Q4 2019 % Change Ownership Days 5,505 5,447 (1.1%) Average Number of Vessels 59.8 59.2 (1.0%) Voyage Revenues 106,153 124,468 17.3% Net Interest and Finance Costs (*) 18,924 18,828 (0.5%) Adjusted Net Income Available to Common Stockholders(*
Slide 8: Prudent Capital Structure
Prudent Capital Structure LEVERAGE RATIO(1) NET DEBT / ADJUSTED EBITDA(2)(3) 60% (' 000 US$) 2019 NET INCOME 98,999 55% 54% Net Interest and Finance Costs 85,658 51% Depreciation and Amortization 122,410 50% 45% 46% EBITDA 307,067 43% 45% ADJUSTED EBITDA(2) 344,419 41% 40% Total Debt and Finance Lea
Slide 9: High Quality and Stable Cash Flows
High Quality and Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) Other As of January 28, 2020, contracted revenues of 1% approximately $2.2Bn(1)(2) 1% 9% TEU-weighted average remaining time charter duration for the fleet is about 3.5 years(1)(2) 27% 12% 24% 26% Notes 1.Based on contra
Slide 10: Market Environment (1/2)
Market Environment (1/2) Charter Rates 12m Timecharter Rates 30,000 25,000 ▪ Charter rates for larger ships have been rising. 20,000 ▪ Recent medium to long term charter agreements for 15,000 larger tonnage. 10,000 5,000 8,500 5,600 4,000 2,500 1,700 TEU capacity Source: Alphaliner - December 2019 O
Slide 11: Market Environment (2/2)
Market Environment (2/2) Idle Fleet % of Fleet 9% 8% 7% ▪ Effective idle fleet at low levels. 6% 6.1% 5% ▪ Positive supply / demand dynamics for post-panamax 4% Scrubbers Installation tonnage. 3% Effect on Idle Fleet (1) 2% 1.5% 1% 0% Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oc
Slide 12: Q&A
Q&A 12
Slide 13: Appendix – I
Appendix – I Net Income to Adj. Net Income Available to Common Stockholders and Adj. EPS Reconciliations– EBITDA and Adjusted EBITDA Definitions Three-month period ended December 31, Note: Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after
Slide 14: Appendix – II
Appendix – II EBITDA to Adjusted EBITDA Reconciliation for 2019 (' 000 US$) 2019 NET INCOME 98,999 Interest and Finance Costs 89,007 Interest Income (3,349) Depreciation 113,462 Amortization 8,948 EBITDA 307,067 (Gain) Loss on sale of vessels / Assets held for sale 22,122 Impairment Loss 3,042 G&A n