Costamare Inc. · NYSE:CMRE
Costamare — Q2 2013 Earnings Presentation
16 slides from Costamare's earnings presentation, Jul 25, 2013
Slide 1: Second Quarter 2013 Financial Results Conference Call
Second Quarter 2013 Financial Results Conference Call July 25, 2013
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: Recent Transactions
Recent Transactions On June 3 and June 25, 2013, the Company took delivery of the 8,827 TEU newbuild containership vessels Valor and Value, which were both built by Sungdong Shipbuilding and Marine Engineering in Deliveries South Korea. Upon delivery, both vessels commenced their long-term time ch
Slide 4: Recent Transactions under the Framework Agreement
Recent Transactions under the Framework Agreement Pursuant to the Framework Agreement with York Capital Management (“York”) we acquired three second hand vessels, which were subsequently chartered. The Company participated in each of these three vessel acquisitions by investing in 49% of the share
Slide 5: Income Statement
Income Statement Q2 2013 RESULTS 2Q 2012 2Q 2013 % Change Ownership Days 4,225 4,456 5.5% Average Number of Vessels 46.4 49.0 5.6% Voyage Revenues $ 96,045 $ 100,030 4.2% EBITDA(*) $60,568 $70,486 16.4% D&A $(21,856) $(23,586) 7.9% Net Interest and Finance Costs $(17,565) $(16,344) (7.0%) Net Income
Slide 6: High Quality Cash Flows- Strong Relationships
High Quality Cash Flows- Strong Relationships Revenue Contribution (Vessels in the water)(1)(2)(3) Top 20 Largest Operated Containership Fleets (4) APM-Maersk Other MSC 0.3% CMA CGM 2.4% Evergreen COSCO 6.1% Hapag-Lloyd APL 11.5% Hanjin CSCL 34.3% MOL OOCL NYK Line 16.4% Hamburg Süd Yang Ming PIL K
Slide 7: Cash Flow Stability and Built-in Growth
Cash Flow Stability and Built-in Growth Newbuilds EBITDA ($MM) Contribution (4)(5) As of July 24, 2013, contracted revenues of approximately $2.7Bn(1)(2)(3) TEU-weighted average remaining time charter durations for the fleet is 4.8 years(1)(2)(3) Contract Coverage(1)(2)(3) Significant built-in
Slide 8: Small Re-chartering Risk for 2013
Small Re-chartering Risk for 2013 $ Millions EBITDA Sensitivity Based on Re-Chartering Discount 350 300 0,8 1,4 2,0 2,7 3,4 4,1 250 Contracted 200 EBITDA including EBITDA 150 from re- 294,3 chartering at existing 100 contracted rates 50 0 100% 90% 80% 70% 60% 50% 40% Re-chartering discount of ships
Slide 9: Balance Sheet Management
Balance Sheet Management Debt Repayment Schedule as of June 30, 2013 (US$ thousands)(1) 2013 2014 2015 2016 2017 2018 2019 2020 2021 $ 90,669 $ 209,541 $ 211,445 $ 201,343 $ 241,704 $ 569,518 $ 50,691 $ 97,858 $ 66,850 Smooth amortization schedule minimizes re-financing risk Distributable cash f
Slide 10: Container Shipping Industry
Container Shipping Industry Supply / Demand Dynamics Idle Fleet Year-Over-Year Growth (%) Time Charter Index TEU Idle %of feet 20% 200 1.600.000 14% 180 1.400.000 15% 12% 160 1.200.000 10% 10% 140 1.000.000 8% 120 800.000 5% 6% 100 600.000 400.000 4% 0% 80 200.000 2% -5% 60 0 0% 40 16/1/2009 16/3/20
Slide 11: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 12: Appendix
Costamare Inc. APPENDIX
Slide 13: Net Income to Adjusted Net Income and Adjusted EPS Reconciliation
Appendix Net Income to Adjusted Net Income and Adjusted EPS Reconciliation Year ended December 31, Three-month period ended (Expressed in thousands of U.S. dollars, June 30, 2011 2012 except share and per share data) (Expressed in thousands of U.S. dollars, 2012 2013 except share and per share data)
Slide 14: Net Income to EBITDA and Adjusted EBITDA Reconciliation
Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Year ended December 31, Three-month period ended (Expressed in thousands of U.S. June 30, 2011 2012 dollars) (Expressed in thousands of U.S. 2012 2013 Net Income $ 87,592 $ 81,129 dollars) Interest and finance costs 75,441 74,734 Net I
Slide 15: Assumptions for 2013 – 2014 Projected Newbuild Revenues and EBITDA
Appendix Assumptions for 2013 – 2014 Projected Newbuild Revenues and EBITDA 9 newbuild vessels delivered in 2013; 1 newbuild vessel delivered in 2014 Delivery dates per current shipyard schedules Utilization of 364 days per year Operating expenses per current estimates Management fees per
Slide 16: Reconciliation of 2012 Adjusted EBITDA to Cash Flow per Share
Appendix Reconciliation of 2012 Adjusted EBITDA to Cash Flow per Share Year ended December 31, (Expressed in thousands of U.S. dollars, 2012 except share and per share data) Adjusted EBITDA $ 253,097 Interest Income 1,495 Interest & Finance Cost (74,734) Dry-dockings and special survey costs (11,171