Costamare Inc. · NYSE:CMRE
Costamare — Q1 2014 Earnings Presentation
12 slides from Costamare's earnings presentation, Apr 30, 2014
Slide 1: First Quarter 2014 Financial Results Conference Call
First Quarter 2014 Financial Results Conference Call April 30, 2014
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 March 14 and April 28, the Company took delivery of the 9,403 TEU newbuild containership vessels MSC Ajaccio and MSC Amalfi, both built by Shanghai Jiangnan Changxing Heavy Deliveries Industry in China. Upon delivery, both vessels commenced their long term charters with MSC.
Slide 4: Recent Transactions: New Chartering Arrangements
Recent Transactions The Company entered into the following charter agreements: Agreed to extend the charter of the 5,928 TEU 2003-built Venetiko with PIL for a period of minimum 11 and maximum 15 months starting from April 20, 2014, at a daily rate of $12,250. Agreed to extend the charter of the
Slide 5: Income Statement
Income Statement Q1 2014 RESULTS 1Q 2013 1Q 2014 % Change Ownership Days 4,221 4,775 13.1% Average Number of Vessels 46.9 53.1 13.2% Voyage Revenues $ 91,536 $ 114,898 25.5% EBITDA(*) $ 64,022 $72,995 14.0% Depreciation & Amortization $ 21,932 $ 27,516 25.5% Net Interest and Finance Costs $ 17,355 $
Slide 6: High Quality Stable Cash Flows - Strong Relationships
High Quality Stable Cash Flows- Strong Relationships Revenue Contribution (All Vessels)(1)(2) As of April 29, 2014, contracted Other 0.3% revenues of approximately 1.3% $2.7Bn(1)(2) 3.1% 9.6% TEU-weighted average remaining time charter duration 35.1% for the fleet is about 5.0 20.2% years(1)(2)
Slide 7: Small Re-chartering Risk for 2014
Small Re-chartering Risk for 2014 EBITDA EBITDA Sensitivity Based on Re-Chartering Discount Sensitivity Contracted EBITDA for the remaining 9 months of 2014, including EBITDA from re- chartering at existing contracted rates Re-chartering discount of ships coming out of charter in 2014 Solid revenu
Slide 8: Balance Sheet Management
Balance Sheet Management Debt Repayment Schedule as of March 31, 2014 (US$ thousands)(1)(2) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $152,941 $209,165 $199,751 $242,436 $582,245 $78,014 $247,813 $86,292 $20,455 $16,651 $54,798 Smooth amortization schedule minimizes re-financing risk
Slide 9: Container Shipping Industry
100 150 200 250 300 0 50 CCFI 1.000 1.200 1.100 600 700 800 900 Jan-00 Jun-00 Nov-00 Apr-01 Charter Index Sep-01 Feb-02 Jul-02 Dec-02 May-03 Oct-03 Source: AXS-Alphaliner Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Source: Shanghai Shipping Exchange Jul-07 Box Rates Dec-07 Charter Rates
Slide 10: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 11: 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 March 31, (Expressed in thousands of U.S. dollars, 2013 2014 except share and per share data) Net Income $ 24,735 $ 19,833 Distributed earnings allocated to Preferred Stock - (2,606) Net Income availa
Slide 12: Net Income to EBITDA and Adjusted EBITDA Reconciliation
Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Three-month period ended March 31, (Expressed in thousands of U.S. 2013 2014 dollars) Net Income $ 24,735 $ 19,833 Interest and finance costs 17,564 25,796 Interest income (209) (150) Depreciation 19,882 25,208 Amortization of prepaid