Orient Overseas (international) Limited · HKEX:316
Orient Overseas (international) — FY2021 Earnings Presentation
29 slides from Orient Overseas (international)'s earnings presentation, March 2022
Slide 1: 2021 Annual Results
2021 Annual Results 二零二一年全年業績
Slide 2: Disclaimer
DISCLAIMER 免責聲明 The information provided is for reference only and includes data obtained from sources provided by the 提供的信息僅供參考，包括從相關信息提供商提供的來源中獲得的數據，如有更改，恕 relevant information provider(s) and is subject to change without notice. Orient Overseas 不另行通知。東方海外（國際）有限公司（“東方海外”）及其關聯公司以及相關的信 (Internationa
Slide 3: Highlights
HIGHLIGHTS 摘要 FINANCIAL BALANCE SHEET Group Revenue Net Profit Core Business EBIT Operating Cash Flow Liquid Assets Net Cash to Equity Total Debt 集團收益 溢利 Margin 營運現金流量 速動資產 Ratio 總負債 (US$ B) (US$ M) 核心業務息稅前溢利率 (US$ M) (US$ B) 淨現金與股東權益比率 (US$ B) 7,128 (%) 8,899 7.4 0.48 3.1 16.8 44.0 8.2 3.3 2.7 12.3
Slide 4: Record High Performance
RECORD HIGH PERFORMANCE 創下業績紀錄 Outstandingly strong performance, driven by market 在市場環境的推動下業績異常出色 conditions Demand consistently outperform expectations 需求持續地強於預期 Disruption in the supply chain leading to 供應鏈中斷帶來運營挑戰 operational challenges Full deployment of capacity 部署所有運力 Ripple effect 連鎖反應 No dis
Slide 5: Dividend
DIVIDEND 股息 In line with existing Dividend Policy, the Board is 按照現行股息政策，董事會建議派發末期股息每股 recommending a final dividend of US$2.61 per share $2.61美元 In line with our intention to reward shareholders, the 跟隨我們回饋股東的意向，董事會建議派發2021年 Board is also recommending a Second Special 第二次特別股息，每股＄0.69美元 Dividend for
Slide 6: 2021 Q4 Operational Update
2021 Q4 OPERATIONAL UPDATE 二零二一年第四季度營運概要 Q4 2021 Q4 2020 Change FY 2021 FY 2020 Change 二零二一年第四季 二零二零年第四季 變動 二零二一年全年 二零二零年全年 變動 LIFTING (TEU’s) : 載貨量 （標準箱） : Trans-Pacific 太平洋航線 479,747 639,034 - 24.9% 2,073,223 2,166,452 - 4.3% Asia / Europe 亞洲／歐洲航線 418,108 429,144 - 2.6% 1,642,449 1,496,208 + 9.8%
Slide 7: Group Results Breakdown
GROUP RESULTS BREAKDOWN 集團業績明細 (US$ M) 31 Dec 2021 31 Dec 2020 (百萬美元) 截至2021年12月31日止年度 截至2020年12月31日止年度 Container Transportation and Logistics – EBIT 7,387.0 1,005.4 貨櫃運輸及物流 - 息稅前溢利 Container Transportation and Logistics – EBIT margin 44.0% 12.3% 貨櫃運輸及物流 -息稅前溢利率 Property and Investments – EBIT 10.5
Slide 8: Operating Costs 2021
OPERATING COSTS 2021 二零二一年營運成本 Per TEU 2021 / 2020 Change 2021 Proportion 每個標準箱 二零二一年/ 佔二零二一年比例 二零二零年之變動 Total Cost 25% 100% 總成本 Cargo Costs 23% 53% 貨物處理成本 Equipment and Repositioning Costs 25% 13% 貨櫃成本及空箱回流費用 Vessel and Voyage Costs (Excluding Bunker Costs) 23% 21% 船舶及航程費用（除燃油成本外） Bunker Costs 35%
Slide 9: Bunker Price
US$ 1,000 1,200 200 400 600 - 800 美元 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 Sing 380c St (M) May-20 Jun-20 Jul-20 Aug-20 Sep-20 燃油價格 Oct-20 Sing VLSFO BUNKER PRICE Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Spread Apr-21 May-21 Jun-21
Slide 10: Group Balance Sheet Highlights
GROUP BALANCE SHEET HIGHLIGHTS 集團資產負債表摘要 (US$ M) 31 Dec 2021 31 Dec 2020 (百萬美元) 2021年12月31日 2020年12月31日 Non-Current Assets 7,395 6,651 非流動資產 Current Assets 8,452 3,994 流動資產 Total Assets 15,847 10,645 總資產 Non-Current Liabilities 2,879 2,997 非流動負債 Current Liabilities 3,296 2,006 流動負債 Total Liabilities
Slide 11: Balance Sheet
BALANCE SHEET 資產負債表 Even stronger net cash OOIL Net Cash (Debt) to Equity position, despite 0.48 ongoing investment 0.04 即使持續進行投資,淨 -0.06 -0.12 -0.25 -0.23 現金狀況仍比之前更 -0.28 -0.32 -0.42 -0.43 -0.41 強 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 One of the strongest Net Cash (Debt) to Equity
Slide 12: Total Liquid Assets
TOTAL LIQUID ASSETS 總速動資產 (US$ M) 31 Dec 2021 31 Dec 2020 (百萬美元) 2021年12月31日 2020年12月31日 Cash and Bank Balances 7,200 3,075 現金及銀行結餘 Portfolio Investments, Bonds and Equities 170 248 債券及證券之組合投資 Total 7,370 3,323 合計 12
Slide 13: Net Cash
NET CASH 淨現金 (US$ M) 31 Dec 2021 31 Dec 2020 (百萬美元) 2021年12月31日 2020年12月31日 Liquid Assets 7,370 3,323 速動資產 Debt 2,691 3,070 負債 Net Cash 4,679 253 淨現金 13
Slide 14: Container Transport (Excluding Logistics)
CONTAINER TRANSPORT (EXCLUDING LOGISTICS) 貨櫃運輸（不包括物流） 2021 2020 Change 二零二一年 二零二零年 變動 Liftings ('000 TEU) 7,587 7,462 1.7% 載貨量（千個標準箱） Freight Revenue (US$ M) 15,681 7,461 110.2% 運費收益（百萬美元） Freight Revenue Per TEU (US$) 2,067 1,000 106.7% 每個標準箱平均運費收益（美元） Load Factor (%) 86.9 85.6 1.3% pt 運載率（%） Net O
Slide 15: Shanghai Container Freight Index
US$ 美元 0 1,000 2,000 4,000 5,000 3,000 Jan-10 Mar-10 May-10 Jul-10 1364 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 1006 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 1254 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 1078 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 1074 Nov-14 Jan-15 Mar-15 May-15 Jul-1
Slide 16: How Quickly Does Congestion Impact Rates
$1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $0 12-Mar-21 19-Mar-21 26-Mar-21 2-Apr-21 9-Apr-21 16-Apr-21 23-Apr-21 30-Apr-21 7-May-21 14-May-21 21-May-21 28-May-21 4-Jun-21 11-Jun-21 18-Jun-21 25-Jun-21 2-Jul-21 9-Jul-21 SCFI Europe (US$/TEU) Suez Canal Incident 16-Jul-21 23-Jul-21 Suez
Slide 17: Freight Revenue per TEU (US$)
FREIGHT REVENUE PER TEU (US$) 每個標準箱運費收益（美元） 2500 2000 1500 1000 500 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Revenue per TEU
Slide 18: Industry Trade Volume FY 2021
INDUSTRY TRADE VOLUME FY 2021 二零二一年度行業貿易額 Trade Route 2021 vs 2020 2020 vs 2019 2019 vs 2018 航線 Trans-Pacific EB 18.9% 4.4% (1.9%) 太平洋東行航線 Asia-Europe WB 8.3% (5.0%) 2.6% 亞洲／歐洲西行航線 Intra-Asia 8.8% (0.4%) 2.4% 亞洲區內航線 Trans-Atlantic WB 14.3% (4.0%) 3.6% 大西洋西行航線 Sources: Datamyne and CTS 18
Slide 19: Industry Trade Volume FY 2021
INDUSTRY TRADE VOLUME FY 2021 二零二一年度行業貿易額 Trans-Pacific EB Asia / Europe WB Intra-Asia Trans-Atlantic WB 太平洋東行航線 亞洲／歐洲西行航線 亞洲區內航線 大西洋西行航線 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 JAN 一月 16.0% (0.3%) 6.4% (4.0%) (4.1%) 9.7% 8.8% (5.8%) 2.6% 10.8% (7.6%) 17.1% FEB 二月 29.7% (8.8%) (5
Slide 20: Durability of the Current Situation
DURABILITY OF THE CURRENT SITUATION 現狀的持續性 We continue with cautious optimism re H1 2022 我們對2022上半年保持謹慎樂觀 Demand remains strong on many key tradelanes 很多主要貿易航綫的需求維持強勁 Recent drop in some spot rates were from extremely 最近的即期運費下降只是從極端高位回落，並只影 high levels, and affected short-term rates only 響短期運費 Conge
Slide 21: Uncertainties Affecting the Outlook
UNCERTAINTIES AFFECTING THE OUTLOOK 影響前景的不確定因素 Implementing lessons learned from past disruption 汲取以往供應鏈中斷的經驗 Ongoing COVID impact – multiple potential outcomes 新冠疫情的持續影響 - 多種潛在後果 Supply side 供應方面 Demand side 需求方面 Effect of oil price and inflation on demand 油價及通漲影響需求 Market reaction to any negative
Slide 22: Gross New Building Deliveries
GROSS NEW BUILDING DELIVERIES 新造船交付總量 10% 9.2% 9.1% 9% 8.3% 8% 7% 6.2% 5.9% 6% 5% 4.8% 4.6% 4.5% 4.5% 4% 3.7% 3% 2.0% 2% 1% 0% 2015 2016 2017 2018 2019 2020 2021 2022F 2023F 2024F 2025F Source: Alphaliner Monthly Monitor (Mar 2022) Projections based on orderbook as at 1 Mar 2022
Slide 23: Orderbook-to-Fleet Ratio
ORDERBOOK-TO-FLEET RATIO 訂單對船隊比率 Source: Alphaliner (Mar 2022 Monthly Monitor) 23
Slide 24: Scrapping
SCRAPPING 報廢船舶 Source: Alphaliner (Mar 2022 Monthly Monitor) 24
Slide 25: Newbuilding Programme
NEWBUILDING PROGRAMME 新船計劃 12 x 23,000 TEU 12 x 23,000 標準箱 US$ 1.9 bn investment 19 億美元投資 Delivery Q1 2023 to Q3 2024 於2023年第一季至2024年第三季交付 10 x 16,000 TEU 10 x 16,000 標準箱 US$ 1.6 bn investment 16 億美元投資 Delivery Q4 2024 to Q4 2025 於2024年第四季至2025年第四季交付 Proof of success of Dual Brand Strategy 雙品牌戰略成功的證
Slide 26: ESG
ESG 環境、社會及企業管治 ESG issues are high priority for the group 集團非常重視環境、社會及企業管治 Preparing for 2023 IMO requirements(EEDI & EEXI) 繼續因應IMO 2023 年法規（EEDI 和 EEXI） 作出規劃 Good progress in achieving our next target in 2025 & 向2025年及2030年目標進發的進度良好 2030 Achieved good gender ratio in work place 辦公室性別比例理想 Seafarers
Slide 27: Public Float
PUBLIC FLOAT 公眾持股量 Tremendous progress made since January 2021 自2021 年 1 月以來工作已取得了巨大進展 The Group was committed to address liquidity 集團從一開始就致力於解決流動性的問題 from the very start Shareholdings outside the original acquisition 非原有收購財團股東持股比例從 1.6% 上升至 group of major shareholders have increased from 大約 11.5% 1
Slide 28: Conclusion
CONCLUSION 總結 Record results in an extraordinary context 在不平常的環境下創出破紀錄的佳績 70% effective payout on a full-year basis, on highest 在史上最高溢利下，全年度派息率為70% ，股東 ever profits, market-leading investor returns 回報領先市場 Near term outlook cautiously optimistic, but multiple 短期前景謹慎樂觀，但前方有多重不確定性 uncertainties ahead S
Slide 29: Thank you
Diolch Multumesc Paldies! Faleminderit
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