Ardmore Shipping Corporation · NYSE:ASC
Ardmore Shipping — FY2013 Earnings Presentation
22 slides from Ardmore Shipping's earnings presentation, Feb 13, 2014
Slide 1: Year-end and Fourth Quarter 2013 Earnings Presentation
ARDMORE SHIPPING CORP. Year-end and Fourth Quarter 2013 Earnings Presentation February 13, 2014
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shippi
Slide 3: Agenda
Agenda Highlights Fleet Development Product and Chemical Markets Financial Performance Summary Appendix 3
Slide 4: Highlights
Highlights 4
Slide 5: Highlights
Highlights 2013 EBITDA $9.5 million (adjusted $10.8 million) and net loss $3.8 million (adjusted $2.4 million), reflecting charter market conditions, partially delivered fleet, IPO costs, and one-time repositioning costs on a vessel (1) A transformational year for Ardmore in which we completed t
Slide 6: Fleet Development
Fleet Development 6
Slide 7: Delivery Schedule and Newbuilding Progress
Delivery Schedule and Newbuilding Progress Ardmore Seavanguard (S-5119) scheduled to deliver on February 14, 2014 onto TC with Vitol Group Fukuoka Hull N-2062 keel laying completed January 21, 2014, and scheduled for delivery November 2014 52% of fleet in operation from February 14, 2014(1) Sc
Slide 8: High Quality Customers & Diversified Employment Strategy
High Quality Customers & Diversified Employment Strategy Employment Profile 2014 2015 Vessel 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Ardmore Seavaliant TIME CHARTER OPEN Ardmore Seaventure TIME CHARTER OPEN Ardmore Seavantage TIME CHARTER TIME CHARTER OPTION Ardmore Seamariner TIME CHARTER OPEN Ardmore Seatrader TI
Slide 9: Ardmore Seamariner
Ardmore Seamariner Commentary Acquired in October 2013 for ~$20.5 million through Mitsubishi Corporation of Japan Delivered in early January 2014 to Ardmore Entered directly into shipyard for intermediate survey and Eco-mod upgrades Chartered to a major oil trader for 90 days at a rate of $1
Slide 10: Product and Chemical Markets
Product and Chemical Markets 10
Slide 11: Product Tanker Market
Product Tanker Market Commentary One Year Timecharter Rates (Inflation Adjusted) - $/Day TC rates continue to improve: ~$1,500 higher than $30,000 $28,000 prior year $26,000 $24,000 Atlantic basin impacted by cold weather in U.S. $22,000 $20,000 leading to reduced exports from U.S. Gulf to Europ
Slide 12: Chemical Tanker Market
Chemical Tanker Market Commentary Confirmed Petrochemical Expansion in U.S. Rates continue to improve: Company Project Capacity - Tons/Year Location Start-Up − Pool rates $11,485 / day in Dec’13 vs $9,320 in Chevron Philips New cracker 1.5 m Texas 1Q 2017 Sep’13 Dow Chemical New cracker World-scal
Slide 13: Financial Performance
Financial Performance 13
Slide 14: Financial – Income Statement
Financial – Income Statement Income Statement Data INCOME STATEMENT DATA Twelve months ended Three months ended $ millions, unless otherwise stated Dec 31, 2013 Dec 31, 2012 Dec 31, 2013 Dec 31, 2012 Revenue 35.9 25.2 9.6 5.7 EBITDA(1) 9.5 5.1 1.5 1.0 Net loss (3.8) (4.5) (1.7) (1.4) Proforma net lo
Slide 15: Financial – Rates Continue to Improve
Financial – Rates Continue to Improve Time Charter Equivalent ($ / day) (2) For every $1,000/day increase in rates(1): 2012 2013 Existing Rates Operating Income ($mln) EPS Full Fleet $7.62 $0.42 $17,000 $16,207 $15,838 $16,000 $15,000 $14,620 $14,000 $13,732 $13,294 $13,000 $12,276 $12,000 $11,000 $
Slide 16: Financial – Balance Sheet
Financial – Balance Sheet Selected Balance Sheet Data BALANCE SHEET DATA $ millions, unless otherwise stated Dec 31, 2013 Dec 31, 2012 Cash 56.9 15.3 Receivables, Inventories and Other Assets 9.1 7.7 Vessels, Instalment Payments & Drydock 292.0 157.0 Total Assets 358.0 180.0 Payables and Accruals 6.
Slide 17: Financial – Financing and Debt
Financial – Financing and Debt Commitment letter for a senior debt facility for $172 million to finance eight vessels under construction: − Up to 65% of contract price − Rate improved from last financing − Covenants in line with existing facilities − Accordion option subject to lenders’ approval
Slide 18: Summary
Summary 18
Slide 19: Summary
Summary 2013 a transformational year for Ardmore: IPO, acquisitions, commercial relationships Results reflect improvement in charter market conditions and a growing operating fleet, partially offset by Ardmore Centurion positioning for upgrades and IPO costs. We estimate our annual earnings wo
Slide 20: Appendices
Appendices I. Ardmore Fleet II. Non-GAAP Measures 20
Slide 21: Our Fleet
Our Fleet Name Size (DWT) Ship Type Fuel Type Year of Delivery Built In Operation: ARDMORE SEAVANTAGE 49,997 Product IMO 3 Eco-Design 2014 SPP, Korea ARDMORE SEAVALIANT 49,998 Product IMO 3 Eco-Design 2013 SPP, Korea ARDMORE SEAVENTURE 49,998 Product IMO 3 Eco-Design 2013 SPP, Korea ARDMORE SEAMARIN
Slide 22: Non-GAAP Measures
Appendix Non-GAAP Measures(1) EBITDA & Adjusted EBITDA Twelve months ended Three months ended Dec 31, 2013 Dec 31, 2012 Dec 31, 2013 Dec 31, 2012 Net loss $ (3,842,603) (4,539,093) (1,692,684) (1,383,216) Interest income (6,059) (4,713) (1,548) (1,757) Interest expense and finance costs 3,464,006 2,