Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Odfjell Se B — Q1 2024 Earnings Presentation
26 slides from Odfjell Se Class A's earnings presentation, May 8, 2024
Slide 1: First quarter report 2024
First quarter report 2024 May 7, 2024
Slide 2: Quarterly report, first quarter 2024 highlights
1Q24 Odfjell Group Quarterly report, first quarter 2024 Highlights – 1Q24 Key figures, USD mill • 1Q24 was a record quarter for Odfjell driven by strong markets. The (USD mill, unaudited) 2Q23 3Q23 4Q23 1Q24 1Q23 FY23 rerouting of vessels away from the Red Sea has elevated freight rates Time charter
Slide 3: Result development
1Q24 Odfjell Group Result development Profit & Loss Balance sheet & cash flow In 1Q24, Odfjell reported time charter earnings of USD 195 mill, a Odfjell’s cash balance end 1Q24 was USD 87 mill and undrawn funds on increase of USD 13 mill compared to 4Q23. Average freight rates for bank facilities wa
Slide 4: Chemical Tankers
1Q24 Odfjell Group Chemical Tankers The first quarter of 2024 saw shifts in our trading patterns after the We renewed contracts covering 22% of estimated annual contract Houthis began targeting commercial shipping in the Red Sea at end of volume, and the rates on these contracts increased with 14%.
Slide 5: Tank Terminals
1Q24 Odfjell Group Tank Terminals 1Q24 Operations and Financial Results Capital expenditure & expansions Our terminal in Antwerp ended the quarter with an average commercial At Noord Natie Odfjell Antwerp Terminal, the construction of Tankpit-R is occupancy rate of 100 percent, in line with previous
Slide 6: Sustainability
1Q24 Odfjell Group Sustainability Sustainability reporting Carbon intensity and IMO baseline, Odfjell-controlled fleet A comprehensive ESG and Sustainability report for 2023 has been published by Odfjell and can be accessed at www.odfjell.com. Odfjell’s CII* development 1Q24 Previous Q/Q change Same
Slide 7: Prospects
1Q24 Odfjell Group Prospects Market outlook Guidance The global economy shows signs that a soft landing is within reach, and The widespread rerouting of vessels away from the southern Red Sea, the IMF has recently upgraded US and Indian growth prospects for 2024. combined with persistently reduced c
Slide 8: Interim financial information – Consolidated statement of profit or loss
1Q24 Odfjell Group Interim financial information – ODFJELL GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method) (USD mill) Note 4Q23 1Q24 1Q23 FY23 Gross revenue 1, 2 296.2 305.6 302.9 1,194.0 Voyage expenses 1, 2 (107.9) (104.5) (115.3) (436.4) Pool distribution (6.5) (6.
Slide 9: Consolidated statement of comprehensive income
1Q24 Odfjell Group CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method) (USD mill) Note 4Q23 1Q24 1Q23 FY23 Net other comprehensive income to be reclassified to profit or loss in subsequent periods: Net changes in cash-flow hedges (1.8) (2.9) (5.7) (2.6) Translation differ
Slide 10: Consolidated statement of financial position
1Q24 Odfjell Group CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method) (USD mill) Note 31.12.23 31.03.24 31.03.23 Deferred tax assets 2.6 2.4 1.9 Ships 4 1,279.4 1,265.1 1,308.9 Property, plant and equipment 4 7.6 7.8 7.6 Right of use assets 7 237.7 254.4 263.3 Investments
Slide 11: Consolidated statement of changes in equity
1Q24 Odfjell Group CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Figures based on equity method Exchange Cash-flow Pension OCI Paid in Retained Total other (USD mill) rate hedge remeasure associates Total equity equity equity equity differences reserves -ment and JVs Equity as per January 1, 2023 199.
Slide 12: Key figures
1Q24 Odfjell Group KEY FIGURES IN Figures based on equity method 4Q23 1Q24 1Q23 FY23 PROFITABILITY Earnings per share (USD) – basic/diluted 0.66 0.86 0.59 2.57 1) Return on equity 26.0% 34.0% 26.6% 27.2% 3) Adjusted return on equity 25.7% 34.0% 26.4% 26.4% 1) Return on capital employed 15.9% 19.8% 1
Slide 13: Consolidated cash flow statement
1Q24 Odfjell Group CONSOLIDATED CASH FLOW STATEMENT Figures based on equity method (USD mill) 4Q23 1Q24 1Q23 FY23 Profit before income taxes 53.3 68.9 47.9 209.9 Taxes paid in the period (0.9) (0.9) (0.9) (6.6) Depreciation, impairment and capital (gain) loss fixed assets 37.8 38.3 41.7 156.9 Change
Slide 14: Notes to the interim consolidated financial statements
1Q24 Odfjell Group NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1 – Accounting principles Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company’s address is Conrad Mohrs veg 29, Bergen, Norway.
Slide 15: Note 2 – Segment information - continued
1Q24 Odfjell Group Note 2 – Segment information - continued Chemical Tankers Tank Terminals Total USD mill 4Q23 1Q24 1Q23 FY23 4Q23 1Q24 1Q23 FY23 4Q23 1Q24 1Q23 FY23 Gross revenue 295.7 305.1 302.5 1,192.2 21.0 21.8 20.6 81.6 316.6 326.9 323.0 1,273.7 Voyage expenses (107.9) (104.5) (115.3) (436.4)
Slide 16: Segment information - reconciliation of segment reporting to Group figures
1Q24 Odfjell Group Note 2 – Segment information - reconciliation of segment reporting to Group figures The following table reconciles reported revenue, EBIT, assets and liabilities in our segments to the income statement and statement of financial position. 2) 1) Chemical Tankers Tank Terminals Tota
Slide 17: Note 3 – Net interest-bearing liabilities
1Q24 Odfjell Group Note 3 – Net interest-bearing liabilities (USD mill) 31.03.2024 31.03.2023 31.12.2023 Mortgaged loans from financial institutions 493.8 436.7 527.2 Financial leases and sale-lease back 213.2 339.0 222.1 Unsecured bonds 78.9 175.7 83.3 Lease liability, right-of-use assets 265.6 274
Slide 18: Note 4 – Ships, property, plant and equipment
1Q24 Odfjell Group Note 4 – Ships, property, plant and equipment (USD mill) 4Q23 1Q24 1Q23 FY23 Net carrying amount, beginning of period 1,256.4 1,287.0 1,327.6 1,327.6 Investments in ships, property, plant and equipment 13.8 8.0 28.6 59.1 Purchase of former leased bareboat vessel (see note 7) 38.6
Slide 19: Note 5 – Investments joint ventures
1Q24 Odfjell Group Note 5 – Investments joint ventures The share of result and balance sheet items from investments in associates and joint ventures are recognized based on equity method in the interim financial statements. The figures below show our share of revenue and expenses, total assets, tota
Slide 20: Note 6 – Other financial items; Note 7 – Right-of-use assets
1Q24 Odfjell Group Note 6 – Other financial items (USD mill) 4Q23 1Q24 1Q23 FY23 Changes in fair value in derivatives 4.8 (5.2) (11.3) 13.4 Currency gains (losses) (3.5) 4.4 10.7 (11.3) Other 1.2 0.2 1.8 3.3 Total other financial items 2.5 (0.6) 1.2 5.4 Note 7 - Right-of-use assets The Odfjell Group
Slide 21: Nominal payments of time-charter hire for right of use assets
1Q24 Odfjell Group Nominal payments of time-charter hire for right of use assets not yet commenced (USD mill) 2024 2025 2026 2027 2028 Thereafter Total Nominal time-charter hire 6.3 21.3 53.8 77.0 77.2 348.2 583.8 Total 6.3 21.3 53.8 77.0 77.2 348.2 583.8 At the end of first quarter 2024, Odfjell Gr
Slide 22: Notes 8-11 – Operating expenses, interest, subsequent events
1Q24 Odfjell Group Note 8 - Operating expenses (USD mill) 4Q23 1Q24 1Q23 FY23 Operating expenses right-of-use assets (8.1) (8.2) (7.1) (30.6) Other operating expenses (42.6) (40.9) (42.5) (166.8) Total (50.6) (49.1) (49.5) (197.4) Note 9 - Interest expenses (USD mill) 4Q23 1Q24 1Q23 FY23 Interest ex
Slide 23: Fleet list by March 31, 2024
Fleet list by March 31, 2024 STAINLESS VESSEL TYPE Class CHEMICAL TANKERS DWT BUILT OWNERSHIP CBM STEEL, CBM TANKS Super-segregator POLAND Bow Sea 49 511 2006 Owned 52 244 52 244 40 Super-segregator POLAND Bow Summer 49 592 2005 Owned 52 252 52 252 40 Super-segregator POLAND Bow Saga 49 559 2007 Own
Slide 24: Fleet list – Coated and regional vessels
Coated FLUMAR Flumar Brasil 51 188 2010 Owned 54 344 0 12 Coated MIPO Bow Triumph 49 622 2014 Bareboat/ Financial lease 54 595 0 22 Coated MIPO Bow Trident 49 622 2014 Bareboat/ Financial lease 54 595 0 22 Coated MIPO Bow Tribute 49 622 2014 Owned 54 595 0 22 Coated MIPO Bow Trajectory 49 622 2014 O
Slide 25: Tank terminals and projects
STAINLESS NUMBER OF TANK TERMINALS LOCATION OWNERSHIP¹ CBM STEEL, CBM TANKS Odfjell Terminals (Houston) Inc. Houston, USA 51 % 412 415 120 812 128 Odfjell Terminals (Charleston) LLC Charleston, USA 51 % 79 243 0 9 Odfjell Terminals (Korea) Co. Ltd Ulsan, Korea 50 % 313 710 15 860 85 Noord Natie Term
Slide 26: 1Q24 Odfjell Group 23 | Page
1Q24 Odfjell Group 23 | Page