Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q1 2013 Earnings Presentation
24 slides from Euroseas's earnings presentation, May 17, 2013
Slide 1: Earnings Presentation, Three Months Ended March 31, 2013
Earnings Presentation Three Months Ended March 31, 2013 Earnings Presentation May 17, 2013
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may re
Slide 3: 2013 First Quarter Overview
2013 First Quarter Overview Financial Highlights First Quarter 2013: Net Revenues: $ 10.9 million Net loss: $ (4.6) million, or, ($0.10)/share, basic & diluted Adj. Net income(1): $ (4.6) million, or, ($0.10)/share, basic & diluted Adj. EBITDA(1): $ (0.1) million Dividend declared: $ 0.015 / share,
Slide 4: Dividend Declaration
Dividend Declaration $0.5 25% Declared the 31st consecutive $0.4 20% dividend of $0.015 per share for the quarterly dividend annualized yield first quarter of 2013 $0.3 15% Annualized yield of about 5.4% based on the closing share price of $0.2 10% $1.12 on 05/15/2013 $0.1 5% $0.0 0% Page 4
Slide 5: Current Fleet (not including Euromar vessels)
Current Fleet (not including Euromar vessels) Size Year Acquisition Name Type DWT TEU Built Year Pantelis Panamax 74,020 - 2000 2009 Eleni P Panamax 72,119 - 1997 2009 Irini Panamax 69,734 - 1988 2002 Aristides NP Panamax 69,268 - 1993 2006 Monica P Handymax 46,667 - 1998 2009 Maersk Noumea Intermed
Slide 6: Euromar Joint Venture
Euromar Joint Venture Size Year Name Type DWT TEU Built Remaining $43.75m of the original CAP EGMONT (1) Intermediate 41,850 3,091 2007 capital commitment have been EM ASTORIA Intermediate 35,600 2,788 2004 contributed: CMA-CGM TELOPEA Intermediate 37,180 2,785 2007 MAERSK NAIROBI Intermediate 34,
Slide 7: Market Overview
Market Overview
Slide 8: World Economic Growth
World Economic Growth World economy still expected to grow at about 3.3% in 2013 Growth modestly revised downwards by IMF (0.2% lower) Stock market optimism does not seem supported by economic growth expectations Some positives: The US economy continues to improve even at a slower than desir
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2009 2010 2011 2012 2013F (*) 2014F (*) 2015F (*) USA -2.6 (-1.6) 2.8 (2.7) 1.8 (3.0) 2.2(1.8) 1.9(2.0) 3.0(3.0) 3.4 Eurozone -4.1 (-2.0) 1.8 (1.0) 1.4 (1.5) -0.6 (-0.5) .-0.3(-0.2) 1.1(1.1) 1.5 Japan -6.3 (-2.6) 4.3 (1.7) -0.6 (1.7) 2.0(1.7
Slide 10: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook m dw t For delivery in 13/14/15+(as of m dwt 52% 11% of the fleet is Apr-13): 200 over 20 yrs old 160 Cape 143/63/39 180 Panamax 387/172/32 140 H’max 278/85/15 160 87.2 Handies 223/123/39 120 140 Delivered 2013
Slide 11: Containership Age Profile & Orderbook Delivery Schedule
Containership Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook For delivery in 13/14/15+(as mmteu of Apr-13): m TEU 2.2 Ppmx 166/105/65 6.8 38.5 % 6.4 2.0 Pmx 3000+ 21/0/2 6.0 2-3000 21/9/1 5.6 31.3% 1.8 1-2000 39/14/1 5.2 1.6 11.3% 100-999 11/0/0 4.8 3.2 9.4%
Slide 12: Outlook Summary
Outlook Summary Drybulk Market Drybulk trade growth expectations have been negatively affected by slower world growth and, possibly, a bigger slowdown of Chinese growth; since two thirds of dry bulk demand is generated in Asia . Significant deliveries are projected in 2013 which are expected to
Slide 13: Chartering, Operations & Investment Strategy
Chartering, Operations & Investment Strategy
Slide 14: Vessels Employment Chart – Bulkers
Vessels Employment Chart – Bulkers Coverage: 48% in 2013 and 4% 2014 (Eleni P days not counted) Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ELENI P $16,500 Spot Pool IRINI $14,000 $9,500 $6,150 MONICA P $12,375 PANTELIS $11,20
Slide 15: Vessels Employment Chart – Containerships
Vessels Employment Chart – Containerships Coverage (as of May 1‘13): Abt 46% in 2013 and 3% in 2014 (based on min durations) 2013 2014 Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q2 Q3 Q4 Q1 Q2 Q3 Q4 ANKING IDLE OEL BENGAL $6,950 KUO HSIUNG $6,725 MAERSK NOU
Slide 16: Fleet Management & Operational Performance
Fleet Management & Operational Performance Daily costs per vessel (1) 10,000 Operational fleet utilization rate in excess of 98.5% 9,000 over last 5 years 8,000 Outstanding safety and environmental record 7,000 6,000 For 2013Q1, operational fleet utilization 98.7% $ / day 5,000 and commercial
Slide 17: Market Snapshot – Investment Opportunities
Market Snapshot – Investment Opportunities 1-Year Time Charter Rate 90,000 80,000 Panamax 75,000 dwt 70,000 Containership 1700 teu 60,000 50,000 40,000 30,000 20,000 ? 10,000 ? 0 2001- 2002- 2003- 2004- 2005- 2006- 2007- 2008- 2009- 2010- 2011- 2012- 01 01 01 01 01 01 01 01 01 01 01 01 Page 17
Slide 18: Financial Overview
Financial Overview
Slide 19: Financial Highlights: 1st Quarter 2012 and 2013
Financial Highlights: 1st Quarter 2012 and 2013 First Quarter (in million USD except per share change (4) amounts) 2012 2013 % Net Revenues $13.9 $10.9 -21.7% Net Income / Loss -$9.0 -$4.6 Loss on Sale of Vessel $8.6 $0.0 Unrealized & Realized (gain) / loss, $0.2 $0.0 derevatives & investments Amort
Slide 20: Fleet Data for 1st Quarter of 2012 and 2013
Fleet Data for 1st Quarter of 2012 and 2013 Fleet Statistics First Quarter 2012 2013 (unaudited) (unaudited) Number of vessels 15.92 15.00 Utilization Rate (%) Overall 87.1% 98.1% Commercial 87.6% 99.3% Operational 99.4% 98.7% Averages in $/day/vessel Time Charter Equivalent (TCE) $ 11,258 $ 8,718 O
Slide 21: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Schedule – As of 03/31/2013 Cash Flow Breakeven $30 Two facilities were extended for a 2 year period as well as » Cash Flow Breakeven - rough $25 their balloon payments of $5m originally due in 2013 estimate for next 12 months: $20 $/day million 3.7 OPEX $ 5,810
Slide 22: Balance Sheet & Other Data
Balance Sheet & Other Data Cash @ March 31, 2013: $ 35.9m $25.3m unrestricted – and about $10.6m of restricted funds and retention accounts Cash per share amounts to about $0.79 (versus yesterday’s share price of $1.24) Debt: $59.5m as of March 31, 2013 Debt to Capitalization ratio about 2
Slide 23: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 11 Cante
Slide 24: Appendix
Appendix Please refer to the Company’s press release of May 17, 2013 for financial statements and reconciliation of Adjusted EBITDA and “Operating” EPS to Net Income and Cash Flow from Operations, as well as Reconciliation of Net Income to Adjusted Net Income Page 24