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Teekay Corporation Q3 2015 Earnings Report

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TEEKAY TEEKAY TEEKAY CORPORATION Q3-2015 EARNINGS PRESENTATION November 6, 2015


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Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: expectations for future dividend increases by Teekay Parent and distribution increases by its daughter entities; the daughter entities’ current and future growth projects, including the impact of these projects on Teekay Parent’s cash flows and dividend; the stability and growth of Teekay Parent free cash flow ;the stability and growth of Teekay LNG and Teekay Offshore’s cash flows; Teekay LNG and Teekay Offshore’s expected future revenues; the total cost and timing for the delivery of newbuilding projects and timing of commencement of associated time-charter contracts; vessel drydocks, including the timing and the number of vessels to be drydocked; and the anticipation of becoming net debt free. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in production of, or demand for oil, petroleum products, LNG and LPG, either generally or in particular regions; greater or less than anticipated levels of newbuilding orders or greater or less than anticipated rates of vessel scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; changes in the offshore production of oil or demand for shuttle tankers, FSOs, FPSOs, UMS, and towage vessels; changes in oil production and the impact on the Company’s tankers and offshore units; fluctuations in global oil prices; trends in prevailing charter rates for the Company’s vessels and offshore unit contract renewals; the potential for early termination of long-term contracts and inability of the Company to renew or replace long-term contracts or complete existing contract negotiations; delays in commencement of operations of FPSO and FSO units at designated fields; changes in the Company's expenses; the Company and its publicly-traded subsidiaries’ future capital expenditure requirements and the inability to access and secure financing for such requirements; the amount of future cash distributions by the Company’s daughter entities to the Company; failure of the respective Board of Directors of the general partners of Teekay Offshore and Teekay LNG to approve future cash distribution increases; failure by the Company’s Board of Directors to approve future dividend increases; conditions in the United States capital markets; and other factors discussed in Teekay's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2014 and Form 6-K for the quarter ended June 30, 2015. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based. 2


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Recent Teekay Parent Highlights • Teekay Parent generated free cash flow1 of $59.8 million, or $0.82 per share, in Q3-15, an increase of 21% from Q2-15 ○ Strong coverage ratio of 1.49x • On July 1st, completed the dropdown sale of the Knarr FPSO to Teekay Offshore for $1.26 billion ○ Increased dividend by 75% to $0.55 per share in Q2-15 ($2.20 per share annualized) ○ Reduced Teekay Parent’s net debt by approximately $900 million • Targeting average of 15 to 20% annual dividend growth over next three years 1) See the Q3-15 earnings release for explanations and reconciliations of this non-GAAP financial measure to the most directly comparable financial measure under GAAP. 3


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Recent Daughter Highlights Teekay LNG Partners • • Declared Q3-15 distribution of $0.70 per unit – $26.4M to Teekay Parent Exmar LPG JV took delivery of fifth of 12 mid-size LPG carrier newbuildings, which subsequently commenced a 10-year charter contract with Potash Corp. Teekay Offshore Partners • Declared Q3-15 distribution of $0.56 per unit, an increase of 4% from the previous quarter – $29.8M to Teekay Parent • • Teekay Offshore’s Navion Hispania commenced operations for East Coast Canada Completed $185 million long-term debt financing for the four ALP newbuilding towage vessels Teekay Tankers • • • Declared Q3-15 dividend of $0.03 per share – $1.2M to Teekay Parent • Teekay Tankers’ dividend policy to be reviewed in December 2015 Generated strong Q3-15 Free Cash Flow of $0.44 per share Completed delivery of 12 Suezmax tankers in late Q3-15 / early Q4-15, well-timed for upcoming strong winter rally 4


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Teekay Parent at a Positive Inflection Point Teekay Parent on Path to Becoming Net Debt1 Free ($mm) $1,400 • $1,461 $1,343 $1,200 Teekay Offshore’s acquisition of the Voyageur Spirit, Cidade de Itajai, Petrojarl I and Knarr FPSO units delevered Teekay Parent’s balance sheet • $1,600 With the intended sale of Teekay Parent’s remaining assets, Teekay Parent will be on track to be near net debt free $983 $1,000 $800 $652 $600 $400 $200 $0 2012 2013 2014 Q3-2015 Teekay Parent’s Growing Free Cash Flow1 ($mm) $200 $186 $175 • $150 $125 $100 $86 $75 Growing free cash flow from the restart of the Banff FPSO and the Knarr FPSO dropdown sale, increasing General Partner and Limiter Partner cash flows from our two MLPs and strong spot tanker rates $50 $25 $21 -$11 $0 -$25 2012 2013 2014 LTM Sept 30, 2015 1. Net Debt and Free Cash Flow are non-GAAP financial measures used by certain investors to measure the financial performance of shipping companies. Please refer to our earnings releases for reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures. 5


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Teekay Parent Free Cash Flow (FCF) Q3-15 vs. Q2-15 ($’000’s, except per share amounts) GPCO LP Distributions GP Distributions Other dividends Total Daughter Distributions Less: Corporate G&A Teekay Parent GPCO Cash Flow Q3-15 39,045 17,168 1,212 57,425 Q2-15 30,465 13,948 881 45,294 (3,628) 53,797 (4,139) 41,155 OPCO CFVO Net Interest expense Dry-docking expense Teekay Parent OPCO Cash Flow Q3-15 19,731 (13,656) (46) 6,029 Q2-15 37,151 (28,635) (208) 8,308 Teekay Parent Free Cash Flow Teekay Parent Free Cash Flow per share Declared dividend per share Coverage Ratio Teekay weighted average outstanding shares 59,826 0.82 0.55 1.49x 72,706,285 49,463 0.68 0.55 1.24x 72,697,121 6


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Summary • Teekay Parent’s cash flow supported by stable and growing cash flows received from our two MLPs: ○ Strong operating track record ○ TGP and TOO have a contract portfolio of $11.3 billion and $8.2 billion, respectively, with no direct exposure to commodity prices ○ Continued growth in offshore oil production and LNG ○ New approach to future growth • Financial flexibility ○ Continued access to diverse sources of capital ○ Teekay Parent on the path to becoming near net debt free by end of 2017 7


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Appendix 8


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Consolidated Adjusted Statement of Income Q3-15 vs. Q2-15 ($’000’s, except per share amounts) Net revenues Q3-15 Adjusted* 578,172 Vessel operating expenses (216,356) Time charter hire expense (43,021) Depreciation and amortization General and administrative expenses Income from vessel operations Net interest expense (130,812) (33,146) 154,837 (91,711) Q2-15 Comments Adjusted* 569,786 Increase mainly due a full quarter of operations on the Arendal Spirit which commenced operations in early-June, acquisition of the ship-to-ship transfer business by TNK and recognition of S&P fees received from TIL; partially offset by a decrease in revenue from planned shut-down for the Foinaven FPSO, unscheduled off-hire for the Piranema Spirit FPSO and lower results from the shuttle fleet as a result of seasonally lower CoA days and lower average rates. (203,704) Increase primarily related to TNK’s Suezmax acquisitions and ship-to-ship transfer business in Q3-15, Arendal Spirit full quarter of operations and the delivery of two towing and offshore installation vessels in late-May and early-July. (30,333) Increase primarily due to in-chartering of three vessels for the East Coast of Canada contract and additional in-chartered tankers in TNK delivered in Q2-15. (128,199) Increase mainly from deliveries of towage, offshore installation vessels and conventional tankers in Q2-15 and Q3-15. (35,415) Decrease in G&A primarily as a result of lower legal fees. 172,135 (91,521) Consistent with the prior quarter. Equity Income 19,863 23,113 Decrease primarily due to increased losses in Sevan Marine from lower activity Income tax expense (8,284) (753) Increase in income tax expense primarily due to the Q2-15 recognition of tax Other - net Net income Less: Net income attributable to non-controlling interest Net income attributable to shareholders of Teekay Corp. Basic earnings per share (164) 74,541 (71,708) 2,833 0.04 and reduced income in TIL from lower average spot rates. losses and additional freight taxes recognized in Q3-15. 294 103,268 (83,562) Decrease primarily due to lower earnings in TOO. 19,706 0.27 * See slides 11 and 12 to this presentation for the Consolidated Adjusted Statement of (Loss) Income for Q3-15 and Consolidated Adjusted Statement of Income for Q2-15. 9


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Q4 2015 Outlook – Teekay Consolidated Income Statement Item Q4 2015 Outlook (expected changes from Q3 2015) » Teekay Parent:  » $17m increase from the recognition of annual operational tariff revenue and increased production from the Foinaven FPSO  $3m decrease from S&P fees recognized in Q3-15 in relation to Tanker Investments’ vessel acquisitions Teekay Offshore:  $6m increase from the Q3-15 temporary shut-down of the Piranema FPSO for repairs » » Net Revenues  $4m increase from the shuttle tanker fleet due to a higher number of CoA days expected in Q4-15 Teekay LNG – expected to increase by $3m due to the recognition of annual profit share on a conventional tanker Teekay Tankers:  $11m increase from fixed-rate charters included in the Suezmax fleet acquisition and new time-charter out contracts  Increase of approximately 500 net spot revenue days in TNK due to the Suezmax fleet acquisitions, net of dry dockings and new time-charter out contracts  Approximately 40% of Q4-15 spot revenue days for Aframaxes and Suezmaxes fixed at $26,100/day and $33,000/day, respectively, compared to $32,300/day and $34,800/day, respectively, in Q3-15 Vessel Operating Expenses (OPEX)  Teekay Tankers – Increase of $12m primarily from the Suezmax fleet acquisition Time-charter Hire Expense  Teekay Offshore – Decrease of $5m due to expiration of an in-charter related to East Coast Canada CoA Depreciation & Amortization  Teekay Tankers – Increase of $6m due to full quarter of operations from its newly acquired Suezmax fleet General & Administrative  Expected range of $33m - $34m on a consolidated basis Net Interest Expense   Teekay Tankers – Increase of $3.5m due to Suezmax fleet acquisition Teekay Parent – Increase in net interest expense due to $2m of interest income recognized on shareholder loans in Q3-15 Equity Income  Expected to increase by $5m on a consolidated basis primarily due to increased earnings expected in TIL Income Tax Expense  Expected to be approximately $2m on a consolidated basis Non-controlling Interest Expense  Expected to increase by $33m to $35m from higher forecasted results in Teekay Tankers and Teekay Offshore 10


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Consolidated Adjusted Statement of (Loss) Income Q3-15 (in thousands of US dollars, except per share amounts) As Reported Revenues Voyage expenses Net revenues Vessel operating expenses Time charter hire expenses Depreciation and amortization General and administrative expenses Asset impairments Restructuring charges Three Months Ended September 30, 2015 Reclass for Realized Gains/ Appendix A Losses Items (1) on Derivatives (2) As Adjusted 611,617 (29,935) 581,682 (3,510) (3,510) - 608,107 (29,935) 578,172 (213,656) (43,021) (130,812) (29,022) (3,994) (1,000) 3,994 (2,700) (3,124) - (216,356) (43,021) (130,812) (33,146) - (516) (5,824) 154,837 Income from vessel operations 161,177 Interest expense Interest income Realized and unrealized losses on derivative instruments Equity income Income tax expense Foreign exchange loss Other - net (62,450) 2,161 1,058 - (32,480) - (93,872) 2,161 (109,667) 14,995 (2,450) (20,218) (164) 76,987 4,868 (5,834) 14,594 - 32,680 5,624 - 19,863 (8,284) (164) (16,616) 91,157 - 74,541 4,381 (76,089) - (71,708) (12,235) 15,068 - 2,833 Net (loss) income Less: Net income attributable to non-controlling interests NET (LOSS) INCOME ATTRIBUTABLE TO STOCKHOLDERS OF TEEKAY CORP. Basic (loss) earnings per share (0.17) 1 Please refer to Appendix A in the Q3-15 earnings release for a description of Appendix A items. 2 Please refer to footnote (2) to the Summary Consolidated Statements of (Loss) Income in the Q3-15 earnings release. 0.04 11


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Consolidated Adjusted Statement of Income Q2-15 (in thousands of US dollars, except per share amounts) As Reported Revenues Voyage expenses Net revenues Three Months Ended June 30, 2015 Reclass for Realized Gains/ Appendix A Losses Items (1) on Derivatives (2) As Adjusted 592,797 (23,890) 568,907 879 879 - 593,676 (23,890) 569,786 (201,370) (30,333) (128,199) (33,730) (500) 742 500 (742) (2,334) (1,685) - (203,704) (30,333) (128,199) (35,415) - Income from vessel operations 175,517 637 (4,019) 172,135 Interest expense Interest income Realized and unrealized gains on derivative instruments Equity income Income tax expense Foreign exchange loss Other - net (62,388) 1,199 - (30,332) - (92,720) 1,199 63,752 39,901 (753) (1,604) (389) (94,332) (16,788) (2,167) 683 30,580 3,771 - 23,113 (753) 294 Net income Less: Net income attributable to non-controlling interests NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF TEEKAY CORP. 215,235 (111,967) - 103,268 (149,323) 65,761 - (83,562) 65,912 (46,206) - 19,706 Vessel operating expenses Time charter hire expenses Depreciation and amortization General and administrative expenses Asset impairments Restructuring reversals Basic earnings per share 0.91 1 Please refer to Appendix A in the Q2-15 earnings release for a description of Appendix A items. 2 Please refer to footnote (2) to the Summary Consolidated Statements of Income (Loss) in the Q2-15 earnings release. 0.27 12


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