DHT Holdings, Inc. · NYSE:DHT
DHT — Q4 2020 Earnings Presentation
15 slides from DHT's earnings presentation, Feb 9, 2021
Slide 1: Fourth Quarter 2020 Results
FOURTH QUARTER 2020 RESULTS February 9, 2021
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particul
Slide 3: 2020 in Perspective
2020 2020 IN PERSPECTIVE ▪ $450.4m of EBITDA ▪ $286.9m of adjusted net income* DHT adjusted net income* 2015-2020 USDm 350 300 286.9 250 200 150 101.7 100 90.7 83.5 50 13.0 0 -50 - 38.2 -100 2015 2016 2017 2018 2019 2020 *Adjusted for gain/loss on derivatives and impairments/reversal of impairments
Slide 4: P&L Highlights
Q4’20 Financials P&L HIGHLIGHTS Q4 2020 Q4 2019 2020 2019 $ Thousands, except per share Revenues on TCE basis $ 77 724 $ 141 695 $ 550 475 $ 347 568 Vessel Operating Expenses $ (22 144) $ (21 874) $ (82 188) $ (78 327) G&A $ (4 472) $ (3 523) $ (17 890) $ (14 789) Impairment Charge $ (7 640) $ - $ (
Slide 5: Balance Sheet Highlights
Q4’20 Financials BALANCE SHEET HIGHLIGHTS As per As per $ Thousands 31.12.2020 31.12.2019 Cash $ 68 641 $ 67 356 ▪ Total liquidity of $238.9m Other Current Assets $ 49 638 $ 150 930 • Cash: $68.6m • RCF availability: $170.3m Vessels $ 1 493 705 $ 1 601 096 Other Assets $ 10 005 $ 7 836 Total Assets
Slide 6: Q4'20 Cash Flow Highlights
Q4’20 Financials Q4’20 CASH FLOW HIGHLIGHTS 140 120 16.8 6.2 100 51.1 34.2 80 1.4 10.1 60 1.2 35.3 25.8 40 75.1 68.6 20 0 30/09/20 EBITDA Debt Cash interest Dividend Maintenance Scrubber Prepayment Change in Net Other 31/12/20 Cash Balance repayment CapEx CapEx long-term working Cash Balance debt ca
Slide 7: Capital Allocation
Q4’20 Financials CAPITAL ALLOCATION Dividends ▪ $0.05 per share for 4Q20 ▪ For full year 2020: $176 million or $1.08 per share ▪ Cash dividend for the 44th consecutive quarter Debt Reduction ▪ In 4Q20: Prepaid all regular 2022 instalments under the Nordea facility - $25.8 million ▪ During 2020: Redu
Slide 8: Vessel Acquisitions
Business Update VESSEL ACQUISITIONS ▪ Acquired two VLCCs built 2016 at DSME for a total of $136 million • Quality vessels, Eco-design with scrubber and BWTS installed ▪ Plan “DHT style” debt financing of $37.5 million per ship • Equity portion from available liquidity ▪ Robust financial metrics: ✓ R
Slide 9: Accelerated Dry Docking Program
Business Update ACCELERATED DRY DOCKING PROGRAM ▪ Accelerated dry docking program to take advantage of softer market conditions • Without disturbing subsequent special survey due dates ▪ Five vessels drydocked in Q4’20 • Including positioning ▪ In total, 180 days scheduled off hire recorded (incl. 1
Slide 10: TC Coverage 2021
Business Update TC COVERAGE 2021 100 % 90 % 80 % 42 % 70 % 73 % 77 % 60 % 84 % 50 % 40 % 30 % 58 % 20 % 27 % 23 % 10 % 16 % 0% Q1 Q2 Q3 Q4 Fixed % Spot % Thus far in the first quarter of 2021, 75% of the available days have been booked at an average rate of $34,800 per day on a discharge-to-discharg
Slide 11: Cash Break Even
Business Update CASH BREAK EVEN Estimated Cash Break Even H1’21 Estimated Cash Break Even H2’21 USDm USDm 100 100 90 90 VLCC Maintenance 80 Maintenance 80 CapEx CapEx $4,000/d 70 70 Cash G&A VLCC 60 Cash G&A 60 Debt repayment $14,100/d Debt repayment 50 Cash interest 50 Cash interest VLCC VLCC 40 $1
Slide 12: Cash Break Even Put in Perspective
Business Update CASH BREAK EVEN PUT IN PERSPECTIVE USD/day 100 000 98 323 97 152 90 000 80 000 70 000 64 914 64 846 62 558 58 795 60 000 55 440 52 453 53 145 50 000 41 488 41 364 38 829 40 000 33 797 30 015 30 000 28 434 23 293 21 187 18 263 18 621 17 794 20 000 15 561 14 100 10 000 4 000 0 2000 200
Slide 13: Managing the Cycles
Business Update MANAGING THE CYCLES USD/day 140 000 120 000 100 000 SIGNIFICANT DIVIDENDS, BOND SIGIFICANT DIVIDENDS, 80 000 BUY-BACKS, TC CONTRACTS AND TC CONTRACTS AND DEBT PREPAYMENTS DEBT PREPAYMENTS 60 000 40 000 ACQUIRED 16 ACQUIRED 13 ACQUIRED VLCCs VLCCs 2 VLCCs 20 000 0 February 9, 2021 13
Slide 14: Summary
Business Update SUMMARY ✓ Profitable quarter ✓ Strong balance sheet ✓ Low cash break-even ✓ Challenging near term market outlook ✓ We will continue to pursue fleet renewal opportunities February 9, 2021 14
Slide 15: Q&A
Q&A February 9, 2021 15