Fourth Quarter / Preliminary Full Year 2014 Results Oslo – 12 February 2015 1
2 Market update and prospects Operational review Project Felix Financials Highlights Agenda • • • • •
Highlights Highlights • Chemical Tankers EBITDA of USD 30 million, compared with USD 26 million in third quarter • Odfjell chemical freight index (ODFIX) up more than 10% compared with last quarter • Time-charter result down 6% due to bunker hedging ODFIX EBITDA¹ 200 350 300 Index 1990=100 150 250 200 USD mill 100 150 100 50 50 0 0 08 09 10 11 12 13 14 15 05 06 07 08 09 10 11 12 13 14 -50 Chemical tankers Tank terminals LPG/Ethylene ¹ Proportional consolidation method according to actual historical ownership share 3
Highlights Highlights • Odfjell Terminals EBITDA of USD 2 million compared with USD 4 million in third quarter • Initiated cost-cutting and efficiency programme estimated to improve the net result by in excess of USD 100 million on a yearly basis when fully implemented within the end of 2016 Delivery of Bow Triumph in January, the last of four coated chemical tankers from the Hyundai Mipo yard in South Korea 4
Financials Income statement¹ - Fourth quarter 2014 4Q14 3Q14 USD mill Gross revenue 245 267 Voyage expenses (116) (123) TC expenses (41) (47) Operating expenses (40) (44) Share of net result from associates and JV (5) (8) General and administrative expenses (18) (24) Operating result before depr. (EBITDA) 25 19 Depreciation (20) (24) Impairment (4) - Capital gain/loss on fixed assets (0) 7 Operating result (EBIT) 0 1 Net finance (22) (9) Taxes 3 (1) Net result (18) (9) hallo ¹ Equity method 5
Financials Income statement¹ - Preliminary full year 2014 2014 2013 USD mill Gross revenue 1 053 1 027 Voyage expenses (496) (489) TC expenses (191) (164) Operating expenses (175) (189) Share of net result from associates and JV (32) (52) General and administrative expenses (93) (93) Operating result before depr. (EBITDA) 66 41 Depreciation (90) (89) Impairment (4) - Capital gain/loss on fixed assets 7 (9) Operating result (EBIT) (22) (57) Net finance (53) (46) Taxes 0 (5) Net result (75) (108) hallo ¹ Equity method 6
Financials Quarterly figures¹ USD mill EBITDA Gross Revenue 45 350 40 300 35 250 30 USD mill USD mill 25 200 20 150 15 100 10 50 5 0 0 2012 2013 2014 2012 2013 2014 • • Stable gross revenue Stable gross revenue • • EBITDA improvement continues, USD 34 million in 4Q14 compared to EBITDA improvement continues, USD 34 million in 4Q14 compared to USD 31 million in 3Q14 USD 31 million in 3Q14 ¹ Proportional consolidation method 7
Financials Quarterly figures USD mill Operating Result (EBIT )¹ 40 23 11 • • Other financial items negative USD 10 million Other financial items negative USD 10 million 20 8 5 5 0 related to unrealized loss on derivatives not treated related to unrealized loss on derivatives not treated ‐ 5 ‐ 6 -20 USD mill ‐ 15 ‐ 15 ‐ 23 ‐ 25 as hedge accounting as hedge accounting -40 -60 • • Net interest includes prior periods adjustments of Net interest includes prior periods adjustments of -80 USD 1 million USD 1 million -100 ‐ 99 -120 2012 2013 2014 Net Finance² Net Result 10 20 9 5 7 0 1 0 0 0 ‐ 2 ‐ 4 ‐ 7 ‐ 7 ‐ 8 ‐ 9 ‐ 9 ‐ 9 ‐ 9 ‐ 9 ‐ 9 ‐ 9 ‐ 9 ‐ 11 -20 ‐ 9 USD mill -5 ‐ 13 ‐ 18 ‐ 1 ‐ 22 USD mill ‐ 26 ‐ 28 -10 -40 ‐ 3 ‐ 5 ‐ 6 ‐ 39 ‐ 7 ‐ 40 ‐ 9 ‐ 15 -15 -60 ‐ 10 haallooo -20 -80 -25 -100 oooooo Net interest Other financial/currency 2012 2014 ‐ 102 2013 -120 oooo 2012 2013 2014 ¹ Proportional consolidation method ² Equity method 8
Financials Results per segment¹ 4Q14 EBITDA¹ 100% 350 90% 300 80% 250 70% 200 60% USD mill 50% 150 40% 100 30% 50 20% 0 10% 05 06 07 08 09 10 11 12 13 14 -50 0% Gross revenue EBITDA Assets Chemical tankers Tank terminals LPG/Ethylene Chemical tankers Tank terminals LPG/Ethylene 4Q14 3Q14 LPG/ LPG/ Chemical Tank Chemical Tank USD mill tankers terminals Ethylene tankers terminals Ethylene Gross revenue 247 24 4 263 23 7 EBITDA 30 2 1 26 4 1 EBIT 5 (1) 1 3 (5) 7 ¹ Proportional consolidation method 9
Financials Income statement¹ – 4Q14 chemical tankers 4Q14 3Q14 USD mill Gross revenue 247 263 Voyage expenses (117) (122) TC expenses (41) (45) Operating expenses (40) (44) General and administrative expenses 2 (18) (25) Operating result before depr. (EBITDA) 30 26 Depreciation (21) (24) Impairment (4) - Operating result (EBIT) 5 3 • • Impairment of USD 4 million related to Bow Pilot sold in January 2015 Impairment of USD 4 million related to Bow Pilot sold in January 2015 • • Change of pension schemes resulting in an income of USD 10.9 million Change of pension schemes resulting in an income of USD 10.9 million • • Provisions for severance payments of USD 5.1 million Provisions for severance payments of USD 5.1 million hhhhhh • • Realized bunkers hedging derivatives impacted the results negatively by USD 16.6 million Realized bunkers hedging derivatives impacted the results negatively by USD 16.6 million hhhhhh h ¹ Proportional consolidation method h 2 Including corporate functions 10
Financials Vessel operating expenses - chemical tankers 12,000 10,000 8,000 USD 6,000 4,000 2,000 0 05 06 07 08 09 10 11 12 13 14 USD / day, total USD/day, crew 11
Financials Bunker development Net Bunker Cost 80 70 67.7 71.6 65.3 63.0 61.3 60 16.6 2.7 50 USD mill 40 72.3 65.9 66.4 30 71.1 52.3 20 10 - (3.9) (4.2) (4.7) (3.2) (10) (1.1) (0.2) (0.7) (0.4) (20) (30) 4Q13 1Q14 2Q14 3Q14 4Q14 Bunker purchase Bunker clauses Bunker hedging Net bunker cost Platts 3.5% FOB Rotterdam 800 • Net bunker cost in 4Q14 was USD 565 per tonne • Net bunker cost in 4Q14 was USD 565 per tonne 700 600 before hedging before hedging 500 USD/mt 400 • About 50% of the 2015 exposure is hedged at • About 50% of the 2015 exposure is hedged at hallooooo 300 200 an average of USD 525 per tonne an average of USD 525 per tonne 100 oooooooo • Bunker clauses in CoAs cover about 50% of the • Bunker clauses in CoAs cover about 50% of the 0 10 11 12 13 14 15 oooooo exposure exposure 12
Financials Income statement¹ – 4Q14 tank terminals 4Q14 3Q14 USD mill Gross revenue 24 23 Operating expenses (17) (14) General and administrative expenses (5) (5) Operating result before depr. (EBITDA) 2 4 Depreciation (9) (8) Impairment (reversal) 5 - Capital gain/(loss) 0 (1) Operating result (EBIT) (1) (5) Partial reversal of impairment of USD 5 million related to Odfjell Terminal (Rotterdam) Partial reversal of impairment of USD 5 million related to Odfjell Terminal (Rotterdam) ¹ Proportional consolidation method 13
Financials Tank terminals EBITDA – by geographical segment EBITDA 2014 20 14 14 9 10 • • The tank terminal group delivered an EBITDA of USD The tank terminal group delivered an EBITDA of USD 0 USD mill 2 million in 4Q14 2 million in 4Q14 -10 -20 • • The results were in line with previous quarter The results were in line with previous quarter -30 -40 ‐ 41 -50 Europe North Asia Middle East America EBITDA Tank Terminals by 4Q14 3Q14 geographical segment Europe (7) (6) North America 3 3 Asia 3 4 Middle East 2 2 Total EBITDA 2 4 14
Financials Balance sheet¹ – 31.12.2014 USD mill - Assets Equity and liabilities Ships and newbuilding contracts Total equity 1 284 638 Other non-current assets/receivables Non-current liabilities and derivatives 84 40 Investment in associates and JV’s Non-current interest bearing debt 393 839 Total non-current assets Total non-current liabilities 1 761 880 Available-for-sale investments and cash Current portion of interest bearing debt 105 326 Other current assets Other current liabilities and derivatives 159. 188 Total current assets Total current liabilities 265 514 Assets held for sale Liabilities held for sale 7 - Total assets Total equity and liabilities 2 032 2 032 • • Cash balance of USD 105 million - excluding JV’s cash Cash balance of USD 105 million - excluding JV’s cash • • Net investment in tank terminals JV’s USD 331 million Net investment in tank terminals JV’s USD 331 million • • Unrealized loss on hedging derivatives with negative equity effect of USD 62.5 million Unrealized loss on hedging derivatives with negative equity effect of USD 62.5 million • • Entered into a total return swap in December 2014 with expiry 19 March 2015 Entered into a total return swap in December 2014 with expiry 19 March 2015 • • Equity ratio 31.4% Equity ratio 31.4% ¹ Equity method 15
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