Costamare Inc. · NYSE:CMRE

Costamare — Q1 2013 Earnings Presentation

16 slides from Costamare's earnings presentation, Apr 25, 2013

  1. Slide 1: First Quarter 2013 Financial Results Conference Call

    First Quarter 2013 Financial Results Conference Call April 25, 2013

  2. 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

  3. Slide 3: Recent Transactions

    Recent Transactions  On March 14 and April 8, 2013, the Company took delivery of the 8,827 TEU newbuild containership vessels MSC Athens and MSC Athos, which were both built by Sungdong Shipbuilding and Marine Deliveries Engineering in South Korea. Upon delivery, both vessels commenced their 10-yea

  4. Slide 4: Income Statement

    Income Statement Q1 2013 RESULTS 1Q 2012 1Q 2013 % Change Ownership Days 4,227 4,221 (0.1%) Average Number of Vessels 46.5 46.9 0.9% Voyage Revenues $ 100,031 $ 91,536 (8.5%) EBITDA(*) $66,451 $64,022 (3.7%) D&A $(21,961) $(21,932) (0.1%) Net Interest and Finance Costs $(19,956) $(17,355) (13.0%) Ne

  5. Slide 5: 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) Other 0.3% 1.0% 2.9% 6.7% 38.5% 18.3% 32.3% Owned Chartered Notes 1. Based on total contracted revenues as of April 24, 2013 2. Assumes earliest possibl

  6. Slide 6: Cash Flow Stability and Built-in Growth

    Cash Flow Stability and Built-in Growth Newbuilds EBITDA ($MM) Contribution (4)(5)  As of April 24, 2013, contracted revenues of approximately $2.8Bn(1)(2)(3)  TEU-weighted average remaining time charter durations for the fleet is 5.1 years(1)(2)(3) Cash Flow per Share Growth vs Current Dividend(3

  7. Slide 7: Small Re-chartering Risk for 2013

    Small Re-chartering Risk for 2013 $ Millions EBITDA Sensitivity based on re-chartering discount 350 300 1.1 2.2 3.4 4.5 5.6 6.7 250 Contracted 200 EBITDA including EBITDA 150 from re- 299.9 chartering at existing 100 contracted rates 50 0 100% 90% 80% 70% 60% 50% 40% Re-chartering discount of ships

  8. Slide 8: Balance Sheet Management

    Balance Sheet Management Debt Repayment Schedule as of March 31, 2013 (US$ thousands)(1) 2013 2014 2015 2016 2017 2018 2019 2020 2021 $ 125,975 $ 209,541 $ 210,319 $ 185,248 $ 224,488 $ 543,294 $ 34,201 $ 13,638 $ 66,851  Smooth amortization schedule minimizes re-financing risk  Distributable cash

  9. Slide 9: 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 12% 15% 160 1.200.000 10% 10% 140 1.000.000 8% 120 800.000 5% 6% 600.000 100 400.000 4% 0% 80 200.000 2% -5% 60 0 0% 16/1/2009 16/3/2009

  10. Slide 10: Q&A

    Costamare Inc. Q&A

  11. Slide 11: Appendix

    Costamare Inc. APPENDIX

  12. Slide 12: Net Income to Adjusted Net Income and Adjusted EPS Reconciliation

    Appendix Net Income to Adjusted Net Income and Adjusted EPS Reconciliation Three-month period ended Year ended December 31, March 31, (Expressed in thousands of U.S. dollars, 2011 2012 (Expressed in thousands of U.S. dollars, except share and per share data) 2012 2013 except share and per share data

  13. Slide 13: 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 March 31, (Expressed in thousands of U.S. 2011 2012 (Expressed in thousands of U.S. dollars) 2012 2013 dollars) Net Income $ 87,592 $ 81,129 Net Income $ 24,534 $ 24,735 Interest and fin

  14. Slide 14: 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

  15. Slide 15: 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

  16. Slide 16: Assumptions for 2013 – 2014 Projected Cash Flow per Share

    Appendix Assumptions for 2013 – 2014 Projected Cash Flow per Share Revenue: • Based on Contracted Revenue as set forth for our current vessels under the heading “Fleet List” in the Company’s press releases dated January 23 and April 24, 2013 (assuming 364 revenue days per annum per vessel, the earli

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