Ocean Yield ASA — Q2 2013 Earnings Presentation
15 slides from Ocean Yield ASA's earnings presentation, Aug 28, 2013
Slide 1: Second Quarter 2013 Presentation
Second Quarter 2013 Presentation 28th August 2013
Slide 2: Second quarter 2013 highlights
Second quarter 2013 highlights Consolidated EBITDA was USD 50.6 million compared to USD 38.8 million for the second quarter 2012 Consolidated Net Profit after tax was USD 19.9 million compared to USD 11.7 million for the second quarter 2012 The AHTS newbuilding “Far Statesman” was delivered to the C
Slide 3: Outcome of IPO
Outcome of IPO IPO closed on 4th of July with the shares listed on the Oslo Stock Exchange as from 5th of July The offering was oversubscribed at NOK 27 after the price per share was reduced from the initial price range 33,736,110 new shares were issued with gross proceeds of NOK 904.1 million Total
Slide 4: Development in key financials
Development in key financials EBITDA per quarter (USDm) Dividend Yield +30% 48.8 50.6 38.8 38.1 39.4 10.3%** p.a Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013* Net profit per quarter (USDm) Ambition for 2013 dividend per share +70% 19.9 17.1 11.7 12.1 11.3 0.46 USD Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Slide 5: P&L Income statement
P&L Income statement Revenues: Increased revenues as a result of delivery of “Far Pro Senator” late Q1 2013 and “Far forma Statesman” in Q2 2013 2nd 2nd 1st Quarter Quarter Quarter 1st Half 1st Half Personell expenses: Higher Amounts in USD million 2013 2013 2012 2013 2012 personnel expenses in Q2 d
Slide 6: Balance sheet
Balance sheet Balance sheet 31 31 30 June December 30 June December Amounts in USD million 2013 2012 Amounts in USD million 2013 2012 ASSETS Total equity 522.0 533.0 Vessels and equipment 1 307.3 1 157.7 Intangible assets 38.3 38.3 Interest-bearing loans 838.7 746.6 Deferred tax assets 9.7 10.1 Defe
Slide 7: Steady production on the FPSO Dhirubhai-1 and preparations to increase production on the MA-D6 field
Steady production on the FPSO Dhirubhai-1 and preparations to increase production on the MA-D6 field Steady production with 99.8% utilisation in Q2 Preparations to increase production on the MA-D6 field – Drilling of one new well and work over of one well expected this year – Preparations ongoing fo
Slide 8: Increased rates for US Jones Act product tankers giving support to the AMSC bond valuation
Increased rates for US Jones Act product tankers giving support to the AMSC bond valuation Increased demand for US Jones Act Tankers AMSC share – Long term TC rates has increased to about $70,000 per day – Very limited orderbook of new product tankers Recent newbuildings ordered at $125 million per
Slide 9: Ocean Yield – Summary and outlook
Ocean Yield – Summary and outlook Another steady quarter with increase in EBITDA and net profit Positive news flow giving support to the AMSC bond valuation and increasing likelihood of operations for the FPSO on the MA- D6 field after the end of the firm contract in September 2018 Substantial contr
Slide 10: Q&A session
Q&A session August 13 Company presentation 10
Slide 11: Appendix: USD 1.6 billion in contracted EBITDA with average charter tenor of 7.3 years
Appendix : USD 1.6 billion in contracted EBITDA with average charter tenor of 7.3 years Firm period Unit Counterparty Contract type 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ends Dhirubhai‐1 Reliance Bareboat / O&M Sep‐18 Wayfarer Aker Solutions Bareboat Sep‐20 Lewek Conn
Slide 12: Appendix: Covenant compliance in Bond Agreement
Appendix: Covenant compliance in Bond Agreement OCY Bond ISIN NO 001 065437.9 – 2012/2017 Bond price development Q2 2013 Minimum Book Equity of 25% 32.5% Minimum Cash of $ 25 Million $60.1 million EBITDA/ Interest expenses > 2.5x 6.02 x August 13 Company presentation 12
Slide 13: Appendix - Cash flow
Appendix - Cash flow Cash flow statement 1st Quarter 2nd Quarter 2nd Quarter 1st Half Investments reflects Amounts in USD million 2013 2013 2012 2013 delivery of «Far Profit before tax 17.8 19.8 11.5 37.6 Statesman» Sales losses/gains (-) and write-downs - - 3.3 - Depreciation and amortization 24.2
Slide 14: Appendix - Board composition
Appendix - Board composition Trond Brandsrud – Chairman of the Board (1958) CFO Aker ASA Previous CFO in Seadrill and more than 20 years experience from Shell Kjell Inge Røkke – Board Member (1958) Largest shareholder in Aker ASA, through TRG Holding Board member in Aker ASA, Aker BioMarine
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