Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Q1 2013 Earnings Presentation
14 slides from Odfjell Se Class A's earnings presentation, May 7, 2013
Slide 1: First Quarter 2013 Results
First Quarter 2013 Results Oslo – 7 May 2013 Agenda • Highlights • Financials • Operational review • Market update and prospects • Summary • Q&A session 2 1
Slide 2: Highlights
Highlights Highlights Annual EBITDA – actual ownership • EBITDA of USD 27 million reflects a 350 300 slightly better chemical tanker market 250 USD mill and higher terminal earnings 200 150 • Final agreements entered into with 100 50 Lindsay Goldberg post quarter to 0 03 04 05 06 07 08 09 10 11 12 1
Slide 3: Income statement - First quarter 2013
Financials Income statement - First quarter 2013 USD mill 1Q13 4Q12 Gross revenue 291 296 Voyage expenses (122) (130) TC expenses (44) (43) Operating expenses (68) (72) General and administrative expenses (32) (35) Operating result before depr. (EBITDA) 27 17 Depreciation (31) (34) Capital gain/loss
Slide 4: Balance sheet – 1Q 2013
Financials Quarterly figures - from continued operation (previous quarters restated) USD mill Operating Result (EBIT) 15 12 11 • Negative EBIT of USD 6 million 10 8 5 2 • Stable net interest 0 • Net loss 1Q13 of USD 13 million USD mill -5 ‐1 ‐5 ‐6 -10 -15 -20 -25 ‐23 ‐25 -30 2011 2012 2013 Net Finan
Slide 5: Possible conversion of current share structure; Debt development
Financials Possible conversion of current share structure • Odfjell has for historical reasons held two shares classes – class A and class B • The Board has initiated an evaluation of the legal and regulatory issues related to a possible conversion of current structure of class A and class B shares
Slide 6: Capital expenditure programme – Odfjell's share
Financials Capital expenditure programme – Odfjell’s share In USD mill Per1Q13 2014 2015 2016 2017 Daewoo, 1 x 75,000 DWT 13 Hyundai Mipo, 4 x 46,000 DWT 16 110 2nd hand purchase 30 Docking 20 27 27 27 Terminals1) 140 83 51 24 2 Total 219 220 78 51 2 1) Planned not commited From the naming ceremony
Slide 7: Income statement – 1Q13 tank terminals; Results per segment
Financials Income statement – 1Q13 tank terminals USD mill 1Q13 4Q12 Gross revenue 35 34 Operating expenses (19) (21) General and administrative expenses (7) (9) Operating result before depr. (EBITDA) 9 5 Depreciation (9) (9) Operating result (EBIT) (1) (5) Net finance 2 1 Taxes 2 3 Net result 3 0 1
Slide 8: Tank terminals EBITDA – by geographical segment
Financials Tank terminals EBITDA – by geographical segment EBITDA YTD 2013 10 8 • In Europe EBITDA improved from last 8 6 5 quarter 4 4 • The remaining geographical segments USD mill 2 0 -2 deliver stable results -4 -6 -8 -10 ‐8 Europe North Asia Middle East America EBITDA Tank Terminals by 1Q13 4Q1
Slide 9: Fleet development – last 12 months
Operational review Fleet development - last 12 months Fleet additions DWT Built Tanks Transaction May 2013 Bow Engineer 30,086 2006 Coated Purchase March 2013 UACC Messila 45,352 2012 Coated 1 year TC March 2013 Bow Nangang 9,000 2013 Stainless New delivery March 2013 Chembulk Sydney 14,271 2005 Sta
Slide 10: NOCT chemical tanker pool; Tank terminal development
Operational review NOCT chemical tanker pool • 1 June 2013 Odfjell Tankers (Odfjell) and National Chemical Carriers will dissolve their pool of 40,000 to 45,000 dwt coated tankers • Result of different strategies related to trading of the NOCT vessels • 13 of 18 vessels owned by NCC • Odfjell is pos
Slide 11: Tank terminal capacity; Final agreements with Lindsay Goldberg
Operational review Tank terminal capacity Total capacity in CBM (incl. related parties): Current capacity 5,310,459 Ongoing expansions 447,291 1 800 1 600 1 400 1 200 Cubic Metres`000 1 000 800 600 400 200 0 Mineral oil storage Chemical storage Ongoing expansions * Odfjell’s ownership share in the r
Slide 12: Market update - chemical tankers
Market update and prospects Market update - chemical tankers • Chemical tanker market improved • Contracts renewed at higher rates • Time charter results up by 8% compared to fourth quarter • Stronger spot activity • Contract coverage at 54%, expected to increase further due to NOCT discontinuation
Slide 13: Prospects; Summary
Market update and prospects Prospects • World economy remains uncertain • Bunker prices and supply/demand balance continue to develop favourably • Anticipate no upturn for the chemical tanker market this year • Expecting to see improved results in our tank terminal business as the performance of the
Slide 14: Company representatives; Thank you
Company representatives Terje Iversen – CFO, Odfjell SE Email: [email protected] Phone: [email protected] IR – contact: Tom A. Haugen – VP Finance, Odfjell SE Email: [email protected] Phone: +47 905 96 944 27 Q&A session Thank you For more information please visit our webpage at