DHT HOLDINGS, INC. FOURTH QUARTER 2021 RESULTS
February 8, 2022
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 particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward- looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 25, 2021.
The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements.
February 8, 2022 | 2 |
Q4'21 Financials
BALANCE SHEET HIGHLIGHTS
As per | ||
$ Thousands | 31.12.2021 | |
Cash | $ | 60,658 |
Other current assets | $ | 71,314 |
Vessels* | $ | 1,468,218 |
Other assets | $ | 9,172 |
Total assets | $ | 1,609,362 |
Current portion of long-term debt | $ | 9,792 |
Other liabilities | $ | 39,704 |
Long-term debt | $ | 512,507 |
Equity | $ | 1,047,359 |
Total equity and liabilities | $ | 1,609,362 |
As per | |
31.12.2020 | |
$ | 68,641 |
$ | 49,638 |
$ | 1,493,705 |
$ | 10,005 |
$ | 1,621,989 |
$ | 3,396 |
$ | 63,090 |
$ | 446,562 |
$ | 1,108,940 |
$ | 1,621,989 |
Total liquidity of $239 million
▪ | Cash | $ | 60.7 million |
▪ | RCF availability | $ | 178.7 million |
Interest bearing debt to total assets
- Marked to market: 30%
Net debt per vessel as of 31.12.2021
- $17.8 million
*Including advances for vessels and vessel upgrades
February 8, 2022 | 3 |
Q4'21 Financials
P&L HIGHLIGHTS
Q4 2021 | 2021 | ||||
$ Thousands, except per share | |||||
Revenues on TCE basis | $ | 49,268 | $ | 203,448 | |
Vessel operating expenses | $ | (19,927) | $ | (77,807) | |
G&A | $ | (1,920) | $ | (16,565) | |
EBITDA | $ | 32,032 | $ | 113,688 | |
Interest expenses | $ | (6,297) | $ | (25,727) | |
Net Income / (loss) after tax | $ | (2,895) | $ | (11,507) | |
EPS | $ | (0.02) | $ | (0.07) | |
Average TCE Q4 2021
- $21,500 per day
Average TCE FY 2021
- $22,200 per day
- The Q4 2021 result includes a $4.5 million non-cash gain related to interest rate derivatives
- Received $4.6 million as a cash distribution of equity from The Norwegian Shipowner's Mutual
War Risk Insurance Association - Thus far in the first quarter of 2022, 69% of the available days have been booked at an average rate of $19,900* per day on a discharge-to-discharge basis
*Not including any potential profit splits on time charters
February 8, 2022 | 4 |
Q4'21 Financials
Q4 2021 CASH FLOW HIGHLIGHTS
Cash Bridge Q4 2021
100 | 32.0 | -3.1 | |||||||||
-5.7 | |||||||||||
90 | -3.0 | -3.3 | |||||||||
-11.5 | |||||||||||
80 | |||||||||||
70 | -2.7 | -7.6 | |||||||||
60 | 1.2 | ||||||||||
50 | |||||||||||
40 | |||||||||||
30 | 64.5 | 60.7 | |||||||||
20 | |||||||||||
10 | |||||||||||
0 | |||||||||||
30/09/21 | EBITDA | Debt | Cash interest | Share | Dividend | Maintenance | Scrubber | Change in | Net Other | 31/12/21 | |
Cash Balance | repayment | buyback | CapEx | CapEx | working | Cash Balance | |||||
capital | |||||||||||
February 8, 2022 | 5 |
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DHT Holdings Inc. published this content on 08 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2022 13:11:03 UTC.
