d'Amico International Shipping S.A. · MIL:DIS
d'Amico International Shipping — FY2011 Earnings Presentation
27 slides from d'Amico International Shipping's earnings presentation, Feb 23, 2012
Slide 1: FY 2011 Results Presentation
FY 2011 Results Presentation d’Amico International Shipping February 23rd, 2012
Slide 2: Agenda
Agenda Highlights Marco Fiori, CEO Financial Results Alberto Mussini, CFO Product Tanker Market & Outlook Marco Fiori, CEO Appendix d’Amico International Shipping 1
Slide 3: Highlights
Highlights Marco Fiori, CEO d’Amico International Shipping 2
Slide 4: Highlights: Events
HIGHLIGHTS Events Fleet evolution – GLENDA (JV with Glencore) new building plan completed: 3 remaining vessels delivered. DIS redelivery of 4 chartered-in vessels. In Jan.’12 M/T Freja Hafnia, MR vessel built in 2006, was delivered to d’Amico Tankers Ltd. for a 1y TC period Fleet employment/Coverage
Slide 5: Highlights: Key figures
HIGHLIGHTS. Key figures Net loss – US$ 1.2m in Q4’11 and US$ 21.0m in FY’11, positively influenced by the capital gain realized on the sale of M/T High Century but negatively impacted by the unrealized FX loss derived from the US$ conversion of the JPY debt. This result was mainly driven by the TCE
Slide 6: Highlights: Fleet profile
HIGHLIGHTS. Fleet profile DIS Fleet2 December 31st, 2011 MR Handy Total % Owned 16.0 3.0 19.0 54% Time chartered-in 13.0 3.0 16.0 46% TOTAL 29.0 6.0 35.0 100% Flexible, young and double-hull fleet – 71% IMO classed, with an average age of 5.9 years (industry 9.4 years1). Fully in compliance with ver
Slide 7: Financial Results
Financial Results Alberto Mussini, CFO d’Amico International Shipping 6
Slide 8: Financial Results: FY 2011 results
FINANCIAL RESULTS. FY 2011 results (US$ million) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q4 2010 FY 2011 FY 2010 TCE Earnings 47.9 48.3 45.6 45.2 48.9 187.0 199.3 EBITDA 5.6 8.3 6.8 10.3 4.2 31.0 30.4 EBITDA Margin 12% 17% 15% 23% 9% 17% 15% EBIT (3.0) (0.9) (3.1) 1.0 (4.0) (6.0) (2.0) Net Profit (Loss) (4.
Slide 9: Financial Results: Key Operating Measures
FINANCIAL RESULTS. Key Operating Measures Key Operating Measures Q1 2011 Q2 2011 Q3 2011 Q4 2011 FY 2011 FY 2010 N. Of vessel 38.6 38.2 37.1 35.3 37.3 39.7 Fleet contact coverage 47.4% 48.9% 48.0% 48.0% 48.1% 45.5% Daily TCE Earnings (US$/d) 14,328 14,687 14,164 13,869 14,265 15,291 Daily TCE Spot (
Slide 10: Financial Results: Net Debt
FINANCIAL RESULTS. Net Debt (US$ million) Dec. 31st, 2011 Sept. 30th, 2011 Jun. 30th, 2011 Dec. 31st, 2010 Bank debts 305.0 295.2 301.5 307.5 Cash/Current fin.assets (65.5) (70.8) (69.8) (76.5) Net debt 239.6 247.6 231.8 231.0 Net debt of US$ 239.6m at the end of 2011 vs. US$ 231.0m of 2010. The sli
Slide 11: Product Tanker Market & Outlook
Product Tanker Market & Outlook Marco Fiori, CEO d’Amico International Shipping 10
Slide 12: Market Overview: Earnings & vessels price
MARKET OVERVIEW. Earnings & vessels price Average Rates for MR1 Product Asset Values 2011 - 2011 Tankers (US$) 18,000 14,000 dollars/day 10,000 6,000 2,000 -2,000 Spot 1 Year 3 Year 5 year Average returns for MR product tankers remained relatively flat throughout the year. There were two periods of
Slide 13: Supply: Slippage & Net fleet growth
SUPPLY. Slippage & Net fleet growth The MR order book has not reflected actual deliveries. Following cancellations, conversions and deferrals, the forecasted net growth is considerably reduced Slippage, cancellations and conversions in 2009 / 2010 ran at about 25-30% and about 35% in 2011, so we can
Slide 14: Demand: Growth
DEMAND. Growth Global oil demand is forecast to climb to 89.9 million b/d in 2012, a gain of 830,000 b/d on the year. Growth has been curtailed as the economic growth rate, that underpins the global oil demand outlook, has been reduced to 3.3% From a refined product perspective, global demand growth
Slide 15: Demand / Supply Balance
DEMAND / SUPPLY “BALANCE” Tonne mile demand1 Crude Distillation Additions and Expansions1 14 12 1000 million barrels per day 10 800 8 600 6 400 4 200 2 0 0 2012 2013 2014 2015 2016 -200 -2 OECD North America OECD Europe OECD Pacific FSU Non-OECD Europe China -4 Other Asia Latin America Middle East T
Slide 16: Outlook: DIS's response
OUTLOOK. DIS’s response Guidance Subtle changes in sea-borne Product trade have increased tonne-mile demand. With the expectation of prolonged product dislocation, an improvement in the product tanker utilisation is expected to continue The supply of ships will also be reduced as net forward growth
Slide 17: d'Amico International Shipping disclaimer
D’AMICO INTERNATIONAL SHIPPING This document does not constitute or form part of any offer to sell or issue, or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of d’Amico International Shipping S.A. (or the “Company”), nor shall
Slide 18: Appendix
Appendix d’Amico International Shipping 17
Slide 19: DIS' Shareholdings Structure
DIS’SHAREHOLDINGS STRUCTURE Key Information on DIS’ Shares 2 3 1 d'Amico International SA 65.66 % 2 d'Amico International Shipping S.A. 3.39 % 3 Others 28.72 % 1 4 Kairos Partners SGR SpA 2.23 % 4 Listing Market Borsa Italiana, STAR No. of shares 149,949,907 Market Cap1 € 85,5 million Shares Repurch
Slide 20: Financial Results: Income Statement
FINANCIAL RESULTS . Income Statement Q4 2011 Q4 2010 (US$ million) FY 2011 FY 2010 45.2 48.9 TCE ERANINGS 187.0 199.3 (20.8) (26.3) Time charter hire costs (89.8) (102.3) (13.3) (14.5) Other direct operating costs (53.4) (53.4) (4.5) (5.5) General and administrative costs (19.3) (18.8) 0.5 1.6 Other
Slide 21: Financial Results: Statement of financial position
FINANCIAL RESULTS . Statement of financial position (US$ thousand) As at 30 Dec. ‘11 As at 31 Dec. ‘10 ASSETS Non current assets 547,634 544,282 Current assets 122,603 165,235 Total assets 670,237 709,518 LIABILITIES & SHAREHOLDERS’ EQUITY Shareholders’ equity 315,481 333,106 Non current liabilities
Slide 22: Fleet Employment and Partnerships
FLEET EMPLOYMENT AND PARTNERSHIPS December 31st, 2011 DIS Fleet Employment and Partnerships DIS Vessels Total Pool Vessels Direct 20.5 High Pool 8.0 11.0 GLENDA Int. Management (Pool) 6.5 11.0 TOTAL 35.0 d’Amico International Shipping 21
Slide 23: d'Amico's Group Structure
D’AMICO’S GROUP STRUCTURE DIS benefits from the support of d’Amico Società di Navigazione S.p.A. d’Amico International Shipping 22
Slide 24: DIS' Current Fleet Overview
DIS’CURRENT FLEET OVERVIEW MR Fleet Owned Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest1 IMO Classified 3 GLENDA Meryl 47,000 2011 Hyundai MIPO, South Korea Liberia Lloyds 50% IMO III 3 GLENDA Melissa 47,000 2011 Hyundai MIPO, South Korea Liberia Lloyds 50% IMO III 3
Slide 25: DIS' Current Fleet Overview (cont'd)
DIS’CURRENT FLEET OVERVIEW (CONT’D) Handy Fleet Owned Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest1 IMO Classified Cielo di Salerno 36,032 2002 STX, South Korea Liberia RINA and ABS 100% IMO Cielo di Parigi 36,032 2001 STX, South Korea Liberia RINA and ABS 100% IMO
Slide 26: DIS' New Building Program
DIS’NEW BUILDING PROGRAM Estimated tonnage Name of vessel / Hull Number MR/Handysize Estimated delivery date Builder, Country Flag2 Classification Society Interest1 (dwt) Owned 2012 2307 - HIGH tbn 52,000 MR Mar-12 Hyundai MIPO, South Korea Liberia Intention RINA or ABS 100% 2308 - HIGH tbn 52,000 M
Slide 27: Thank you
Thank you A) 1 LLoovice
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