Exhibit
|
|
Description
|
99.1
|
Press Release dated April 28, 2015
|
DHT Holdings, Inc.
|
|||
(Registrant)
|
|||
Date: April 30, 2015
|
By:
|
/s/ Eirik Ubøe | |
Name: Eirik Ubøe | |||
Title: Chief Financial Officer | |||
Q1 2015
|
Q4 2014
|
Q3 2014
|
Q2 2014
|
Q1 2014
|
2014
|
2013
|
|
Net Revenue1
|
73.5
|
47.3
|
21.8
|
14.5
|
17.9
|
101.5
|
61.6
|
EBITDA
|
51.0
|
25.6
|
5.8
|
1.6
|
7.6
|
40.6
|
27.2
|
Net Income1
|
23.2
|
28.52
|
(7.1)
|
(8.1)
|
(0.5)
|
12.9
|
(4.1)
|
EPS3
|
0.25
|
0.31
|
(0.10)
|
(0.12)
|
(0.01)
|
0.18
|
(0.24)
|
Interest bearing debt
|
654.4
|
661.3
|
640.7
|
204.4
|
205.4
|
661.3
|
156.4
|
Cash
|
176.5
|
166.7
|
134.4
|
146.2
|
220.0
|
166.7
|
126.1
|
Dividend4
|
0.15
|
0.05
|
0.02
|
0.02
|
0.02
|
0.11
|
0.08
|
Fleet (dwt)5
|
6,709,560
|
6,709,560
|
6,709,560
|
4,499,720
|
4,179,670
|
6,709,560
|
1,776,349
|
Spot exposure6
|
61.5%
|
61.4%
|
61.0%
|
61.3%
|
44.2 %
|
58.2%
|
69.8%
|
Unscheduled off hire5
|
0.13%
|
0.15%
|
0.53%
|
0.29%
|
1.69%
|
0.55%
|
0.61%
|
Scheduled off hire5
|
0%
|
0%
|
3.7%
|
3.3%
|
4.6%
|
2.4%
|
1.13%
|
● | EBITDA for the quarter of $51.0 million. Net income for the quarter of $23.2 million ($0.25 per share). |
● | The Company’s VLCCs operating in the spot market achieved time charter equivalent earnings of $60,300 per day in the first quarter of 2015. |
● | The Company will pay a dividend of $0.15 per common share for the quarter payable on May 22, 2015 for shareholders of record as of May 13, 2015. |
● | In April the Company entered into firm commitments, subject to final documentation, for the debt financing of the last two of its six newbuildings ordered at Hyundai Heavy Industries (“HHI”). The financing equals about 50% of the contract prices with an average margin above Libor of about 2.2%. |
● | A total of $290.4 million, in financing, equal to about 50% of the contract prices, has now been secured for the six newbuildings with an average margin above Libor of 2.4%. The six newbuildings are now fully funded with previously raised equity and the committed debt financing. |
● | In April the Company entered into firm commitment, subject to final documentation, for the refinancing of the Samco Scandinavia with a margin above Libor of 2.1875%. |
● | During the first quarter the Company entered into the following time charters: The VLCC DHT Chris (built 2001) has been chartered to a major commodity house for a period of about 10 months from February 2015 at a rate of $45,000 per day. The two Aframax vessels, the DHT Sophie (built 2003) and the DHT Cathy (built 2004), have been chartered to an oil major for a period of 24 months from April/May 2015 at a rate of $22,500 per day. The Suezmax DHT Target (built 2001) has been chartered to an oil major for a period of 12 months from March 2015 at a rate of $30,000 per day. |
● | DHT has a fleet of 20 VLCCs (including six VLCCs under construction at HHI), two Suezmaxes and two Aframaxes as well as a 50% ownership in Goodwood Ship Management. Of the 18 vessels currently in operation, nine are on fixed rate time charters and nine have spot market exposure. For more details on the fleet, please refer to our web site: http://dhtankers.com/index.php?name=About_DHT%2FFleet.html. |
Q1 2015
|
Q4 2014
|
Q3 2014
|
Q2 2014
|
Q1 2014
|
2014
|
2013
|
||||||||||||||||||||||
Reconciliation of Net Revenue and EBITDA
|
||||||||||||||||||||||||||||
Shipping revenues
|
95,635
|
72,853
|
34,067
|
19,368
|
24,500
|
150,789
|
87,012
|
|||||||||||||||||||||
Voyage expenses
|
(22,175
|
)
|
(25,570
|
)
|
(12,253
|
)
|
(4,873
|
)
|
(6,638
|
)
|
(49,333
|
)
|
(25,400
|
)
|
||||||||||||||
Net Revenue
|
73,460
|
47,283
|
21,815
|
14,495
|
17,863
|
101,455
|
61,612
|
|||||||||||||||||||||
Vessel operating expenses
|
(15,020
|
)
|
(14,712
|
)
|
(10,414
|
)
|
(10,094
|
)
|
(7,541
|
)
|
(42,761
|
)
|
(24,879
|
)
|
||||||||||||||
Profit /( loss), sale of vessel
|
-
|
-
|
-
|
-
|
-
|
-
|
(669
|
)
|
||||||||||||||||||||
General and administrative expenses
|
(7,435
|
)
|
(6,968
|
)
|
(5,569
|
)
|
(2,793
|
)
|
(2,731
|
)
|
(18,062
|
)
|
(8,827
|
)
|
||||||||||||||
EBITDA
|
51,005
|
25,603
|
5,832
|
1,607
|
7,590
|
40,632
|
27,236
|
ASSETS
|
Note
|
March 31, 2015
|
December 31, 2014
|
|||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
$
|
176,446
|
166,684
|
|||||||||
Accounts receivable and accrued revenues
|
9
|
29,996
|
28,708
|
|||||||||
Prepaid expenses
|
1,328
|
972
|
||||||||||
Bunkers, lube oils and consumables
|
10,283
|
15,906
|
||||||||||
Total current assets
|
$
|
218,054
|
212,271
|
|||||||||
Non-current assets
|
||||||||||||
Vessels and time charter contracts
|
6
|
$
|
968,567
|
988,168
|
||||||||
Advances for vessels under construction
|
6
|
194,147
|
174,496
|
|||||||||
Other property, plant and equipment
|
517
|
463
|
||||||||||
Investment in associated company
|
2,743
|
2,697
|
||||||||||
Total non-current assets
|
$
|
1,165,974
|
1,165,825
|
|||||||||
Total assets
|
$
|
1,384,028
|
1,378,095
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||
Current liabilities
|
||||||||||||
Accounts payable and accrued expenses
|
$
|
19,996
|
29,999
|
|||||||||
Derivative financial liabilities
|
3,596
|
3,518
|
||||||||||
Current portion long term debt
|
5
|
31,330
|
31,961
|
|||||||||
Deferred shipping revenues
|
4,649
|
2,428
|
||||||||||
Total current liabilities
|
$
|
59,570
|
67,906
|
|||||||||
Non-current liabilities
|
||||||||||||
Long term debt
|
5
|
$
|
623,119
|
629,320
|
||||||||
Derivative financial liabilities
|
5,763
|
6,019
|
||||||||||
Total non-current liabilities
|
$
|
628,882
|
635,339
|
|||||||||
Total liabilities
|
$
|
688,452
|
703,245
|
|||||||||
Stockholders' equity
|
||||||||||||
Stock
|
7.8
|
$
|
929
|
925
|
||||||||
Additional paid-in capital
|
7.8
|
873,522
|
873,522
|
|||||||||
Accumulated deficit
|
(185,413
|
)
|
(204,011
|
)
|
||||||||
Translation differences
|
(388
|
)
|
(296
|
)
|
||||||||
Other reserves
|
6,926
|
4,712
|
||||||||||
Total stockholders equity
|
$
|
695,576
|
674,851
|
|||||||||
Total liabilities and stockholders' equity
|
$
|
1,384,028
|
1,378,095
|
|||||||||
1Q 2015
|
1Q 2014
|
|||||||||||
Note
|
Jan. 1 - Mar. 31 2015
|
Jan. 1 - Mar. 31 2014
|
||||||||||
Shipping revenues
|
$
|
95,635
|
24,500
|
|||||||||
Operating expenses
|
||||||||||||
Voyage expenses
|
(22,175
|
)
|
(6,638
|
)
|
||||||||
Vessel operating expenses
|
(15,020
|
)
|
(7,541
|
)
|
||||||||
Depreciation and amortization
|
6
|
(19,640
|
)
|
(7,000
|
)
|
|||||||
Reversal of impairment charges
|
6
|
-
|
-
|
|||||||||
Profit /( loss), sale of vessel
|
-
|
-
|
||||||||||
General and administrative expense
|
(7,435
|
)
|
(2,731
|
)
|
||||||||
Total operating expenses
|
$
|
(64,271
|
)
|
(23,911
|
)
|
|||||||
Operating income
|
$
|
31,365
|
590
|
|||||||||
Share of profit from associated companies
|
82
|
-
|
||||||||||
Interest income
|
42
|
29
|
||||||||||
Interest expense
|
(8,507
|
)
|
(1,201
|
)
|
||||||||
Fair value gain/(loss) on derivative financial instruments
|
179
|
(0
|
)
|
|||||||||
Other financial income/(expenses)
|
151
|
104
|
||||||||||
Profit/(loss) before tax
|
$
|
23,312
|
(478
|
)
|
||||||||
Income tax expense
|
(88
|
)
|
-
|
|||||||||
Net income/(loss) after tax
|
$
|
23,224
|
(478
|
)
|
||||||||
Attributable to the owners of parent
|
$
|
23,224
|
(478
|
)
|
||||||||
Basic net income/(loss) per share
|
0.25
|
(0.01
|
)
|
|||||||||
Diluted net income/(loss) per share
|
0.23
|
(0.01
|
)
|
|||||||||
Weighted average number of shares (basic)
|
92,608,451
|
57,076,565
|
||||||||||
Weighted average number of shares (diluted)
|
111,323,807
|
57,147,201
|
||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||||||||
Profit for the period
|
$
|
23,224
|
(478
|
)
|
||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to income statement:
|
||||||||||||
Remeasurement of defined benefit obligation (loss)
|
-
|
-
|
||||||||||
Total
|
$
|
-
|
-
|
|||||||||
Items that may be reclassified to income statement:
|
||||||||||||
Exchange gain (loss) on translation of foreign currency
|
||||||||||||
denominated associate and subsidiary
|
(92
|
)
|
-
|
|||||||||
Total
|
$
|
(92
|
)
|
-
|
||||||||
Other comprehensive income
|
$
|
(92
|
)
|
-
|
||||||||
Total comprehensive income for the period
|
$
|
23,132
|
(478
|
)
|
||||||||
Attributable to the owners of parent
|
$
|
23,132
|
(478
|
)
|
Q1 2015
|
Q1 2014
|
|||||||||||
Note
|
Jan. 1 - Mar. 31, 2015
|
Jan. 1 - Mar. 31, 2014
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income / (loss)
|
23,224
|
(478
|
)
|
|||||||||
Items included in net income not affecting cash flows:
|
||||||||||||
Depreciation
|
6
|
19,640
|
7,088
|
|||||||||
Amortization of debt issuance costs
|
1,710
|
-
|
||||||||||
Fair value (gain) / loss on derivative financial instruments
|
(179
|
)
|
-
|
|||||||||
Compensation related to options and restricted stock
|
2,218
|
(971
|
)
|
|||||||||
Share of profit in associated companies
|
(82
|
)
|
-
|
|||||||||
Unrealized currency translation lossess / (gains)
|
36
|
-
|
||||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable and accrued revenues
|
9
|
(1,288
|
)
|
2,813
|
||||||||
Prepaid expenses
|
(356
|
)
|
(1,072
|
)
|
||||||||
Accounts payable and accrued expenses
|
(9,998
|
)
|
6,821
|
|||||||||
Deferred shipping revenues
|
2,221
|
-
|
||||||||||
Prepaid charter hire
|
-
|
500
|
||||||||||
Bunkers, lube oils and consumables
|
5,623
|
(4,611
|
)
|
|||||||||
Net cash provided by operating activities
|
42,769
|
10,091
|
||||||||||
Cash flows from investing activities:
|
||||||||||||
Investment in vessels
|
(44
|
)
|
(100,882
|
)
|
||||||||
Investment in vessels under construction
|
(19,651
|
)
|
(77,158
|
)
|
||||||||
Investment in property, plant and equipment
|
(144
|
)
|
-
|
|||||||||
Net cash used in investing activities
|
(19,839
|
)
|
(178,040
|
)
|
||||||||
Cash flows from financing activities
|
||||||||||||
Issuance of stock
|
7,8
|
-
|
215,889
|
|||||||||
Cash dividends paid
|
8
|
(4,626
|
)
|
(1,385
|
)
|
|||||||
Issuance of long term debt
|
5
|
-
|
47,361
|
|||||||||
Repayment of long-term debt
|
5
|
(8,542
|
)
|
-
|
||||||||
Net cash provided by/(used) in financing activities
|
(13,168
|
)
|
261,865
|
|||||||||
Net increase/(decrease) in cash and cash equivalents
|
9,762
|
93,917
|
||||||||||
Cash and cash equivalents at beginning of period
|
166,684
|
126,065
|
||||||||||
Cash and cash equivalents at end of period
|
176,446
|
219,982
|
||||||||||
Specification of items included in operating activities:
|
||||||||||||
Interest paid
|
8,807
|
880
|
||||||||||
Interest received
|
47
|
29
|
Common Stock
|
Preferred Stock
|
|||||||||||||||||||||||||||||||||||||||
Paid-in
|
Paid-in
|
|||||||||||||||||||||||||||||||||||||||
Additional
|
Additional
|
Retained
|
Translation
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||
Note
|
Shares
|
Amount
|
Capital
|
Shares
|
Amount
|
Capital
|
Earnings
|
Differences
|
Reserves
|
Equity
|
||||||||||||||||||||||||||||||
Balance at January 1, 2014
|
29,040,975
|
$
|
290
|
$
|
447,393
|
97,579
|
$
|
1
|
$
|
44,634
|
(210,683
|
)
|
$ |
$
|
3,118
|
$
|
284,753
|
|||||||||||||||||||||||
Net income/(loss) after tax
|
(478
|
)
|
(478
|
)
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income
|
-
|
|||||||||||||||||||||||||||||||||||||||
Total comprehensive income
|
(478
|
)
|
-
|
(478
|
)
|
|||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
(1,385
|
)
|
(1,385
|
)
|
||||||||||||||||||||||||||||||||||||
Issue of stock
|
30,300,000
|
303
|
215,583
|
-
|
215,886
|
|||||||||||||||||||||||||||||||||||
Exchange of preferred stock
|
9,757,900
|
98
|
44,537
|
(97,579
|
)
|
(1
|
)
|
(44,634
|
)
|
-
|
||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
317,506
|
3
|
(971
|
)
|
(968
|
)
|
||||||||||||||||||||||||||||||||||
Balance at March 31, 2014
|
69,416,381
|
$
|
694
|
$
|
707,513
|
-
|
$
|
-
|
$
|
-
|
(212,546
|
)
|
$
|
-
|
$
|
2,147
|
$
|
497,809
|
||||||||||||||||||||||
Common Stock
|
Preferred Stock
|
|||||||||||||||||||||||||||||||||||||||
Paid-in
|
Paid-in
|
|||||||||||||||||||||||||||||||||||||||
Additional
|
Additional
|
Retained
|
Translation
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||
Note
|
Shares
|
Amount
|
Capital
|
Shares
|
Amount
|
Capital
|
Earnings
|
Differences
|
Reserves
|
Equity
|
||||||||||||||||||||||||||||||
Balance at January 1, 2015
|
92,510,086
|
$
|
925
|
$
|
873,522
|
-
|
$
|
-
|
$
|
-
|
(204,011
|
)
|
$
|
(296
|
)
|
$
|
4,712
|
$
|
674,851
|
|||||||||||||||||||||
Net income/(loss) after tax
|
23,224
|
23,224
|
||||||||||||||||||||||||||||||||||||||
Other comprehensive income
|
(92
|
)
|
(92
|
)
|
||||||||||||||||||||||||||||||||||||
Total comprehensive income
|
23,224
|
(92
|
)
|
23,132
|
||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
(4,626
|
)
|
(4,626
|
)
|
||||||||||||||||||||||||||||||||||||
Exchange of preferred stock
|
-
|
|||||||||||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
340,495
|
3
|
2,215
|
2,218
|
||||||||||||||||||||||||||||||||||||
Balance at March 31, 2015
|
92,850,581
|
$
|
929
|
$
|
873,522
|
-
|
$
|
-
|
$
|
-
|
(185,413
|
)
|
$
|
(388
|
)
|
$
|
6,926
|
$
|
695,576
|
|||||||||||||||||||||
Amendment to IAS 19
|
Defined Benefit Plans: Employee Contributions
|
Annual Improvements to IFRSs
|
2010 – 2012 Cycle
|
Annual Improvements to IFRSs
|
2011 – 2013 Cycle
|
USD '000
|
Preliminary fair values
|
Preliminary
|
||||||
as of acquisition date
|
fair values as of
|
|||||||
included in the fourth
|
acquisition date
|
|||||||
quarter report
|
||||||||
Assets
|
||||||||
Vessels and time charter contracts
|
580,733
|
580,733
|
||||||
Property, plant and equipment
|
18
|
18
|
||||||
Associated company
|
2,764
|
2,764
|
||||||
Accounts receivables
|
13,349
|
12,846
|
||||||
Inventories
|
6,186
|
6,186
|
||||||
Cash, bank and marketable securities
|
60,673
|
60,673
|
||||||
Total assets
|
663,723
|
663,220
|
||||||
Liabilities and equity
|
||||||||
Total shareholders' equity
|
325,158
|
324,567
|
||||||
Long-term liabilities, interest-bearing
|
276,268
|
276,268
|
||||||
Current liabilities, interest-bearing
|
51,587
|
51,587
|
||||||
Accounts payable
|
10,710
|
10,798
|
||||||
Total liabilities and equity
|
663,723
|
663,220
|
Initial consideration paid in cash
|
317,005
|
|||
Less: cash and cash equivalent balances aquired
|
(60,673
|
)
|
||
Net initial cash outflow as per March 31, 2015
|
256,332
|
|||
Total consideration
|
324,567
|
|||
Additional cash consideration
|
7,562
|
April 1 to
June 30, 2015
|
2H
2015
|
2016
|
2017
|
2018
|
Thereafter
|
Total
|
Margin
above Libor
|
|
RBS Credit Facility*
|
-
|
-
|
-
|
113.3
|
-
|
-
|
113.3
|
1.75%
|
DVB - Phoenix
|
0.6
|
1.2
|
15.9
|
-
|
-
|
-
|
17.7
|
2.75%
|
DNB - Eagle
|
0.6
|
1.3
|
22.3
|
-
|
-
|
-
|
24.1
|
2.50%
|
DNB - Hawk/Falcon
|
1.0
|
2.0
|
4.0
|
4.0
|
4.0
|
30.0
|
45.0
|
3.25%
|
Nordea/DNB/DVB syndicate
|
5.1
|
10.2
|
20.4
|
20.4
|
20.4
|
220.2
|
296.9
|
2.50%
|
Credit Agricole - Samco Scandinavia
|
1.0
|
1.9
|
36.8
|
-
|
-
|
-
|
39.7
|
1.60%
|
Convertible Note
|
150.0
|
150.0
|
||||||
Total
|
8.3
|
16.6
|
99.4
|
137.7
|
24.4
|
400.2
|
686.8
|
|
Unamortized upfront fees bank loans and fair value adjustment
|
(8.1)
|
|||||||
Difference amortized cost/notional amount convertible note
|
(24.3)
|
|||||||
Total long term debt
|
654.4
|
● | value adjusted* tangible net worth of $200 million |
● | value adjusted* tangible net worth shall be at least 25% of value adjusted total assets |
● | unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt |
● | value adjusted* tangible net worth of $150 million |
● | value adjusted* tangible net worth shall be at least 25% of value adjusted total assets |
● | unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt |
● | value adjusted* tangible net worth of $150 million |
● | value adjusted* tangible net worth shall be at least 25% of value adjusted total assets |
● | unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt |
Cost of Vessels
|
Depreciation, impairment and amortization*
|
|||
At January 1, 2015
|
$1,303,915
|
At January 1, 2015
|
$315,748
|
|
Additions
|
44
|
Depreciation and amortization expense
|
19,584
|
|
Retirement **
|
(7,085)
|
Retirement
|
(7,024)
|
|
At March 31, 2015
|
$1,296,874
|
At March 31, 2015
|
$328,307
|
|
Carrying Amount
|
||||
At January 1, 2015
|
$988,168
|
|||
At March 31, 2015
|
$968,567
|
Cost of vessels under construction
|
|
At January 1, 2015
|
$174,496
|
Additions
|
19,651
|
Disposals
|
0
|
At March 31, 2015
|
$194,147
|
Carrying Amount
|
|
At January 1, 2015
|
$174,496
|
At March 31, 2015
|
$194,147
|
Vessels under construction (USD million)
|
Mar. 31, 2015
|
Dec. 31, 2014
|
Not later than one year
|
194.9
|
164.2
|
Later than one year and not later than three years
|
187.8
|
237.9
|
Later than three years and not later than five years
|
0.0
|
0.0
|
Total
|
382.6
|
402.1
|
Common stock
|
Preferred stock
|
|||||||
Issued at March 31, 2015
|
92,850,581
|
-
|
||||||
Shares to be issued assuming conversion of convertible notes*
|
23,076,915
|
|||||||
Numbers of shares authorized for issue at March 31, 2015
|
150,000,000
|
1,000,000
|
||||||
Par value
|
$
|
0.01
|
$
|
0.01
|
Dividend payment:
|
|||||
Dividend payment as of March 31, 2015:
|
|||||
Payment date:
|
Total payment
|
Per common share
|
|||
February 19, 2015
|
$ 4.6 million
|
$
|
0.05
|
||
Total payment as of March 31, 2015:
|
$ 4.6 million
|
$
|
0.05
|
||
Dividend payment as of December 31, 2014:
|
|||||
Payment date:
|
Total payment
|
Per common share
|
|||
November 26, 2014
|
$ 1.9 million
|
$
|
0.02
|
||
September 17, 2014
|
$ 1.4 million
|
$
|
0.02
|
||
May 22, 2014
|
$ 1.4 million
|
$
|
0.02
|
||
February 13, 2014
|
$ 1.4 million
|
$
|
0.02
|
||
Total payment as of December 31, 2014:
|
$ 6.1 million
|
$
|
0.08
|