Höegh Autoliners ASA: Fourth quarter results and distribution of dividends

09 Feb 2023 07:30 CET

Highlights of the quarter

Höegh Autoliners ASA ("Höegh Autoliners" or the "Company", ticker code: HAUTO)
reported strongest quarterly financial results ever for the last quarter of
2022: Operating profit (EBITDA) of USD 156 million (up 37% Q-o-Q), net profit
after tax of USD 118 million (up 28% Q-o-Q).

Volume development was flat while net rate increasing to a new high level of USD
68.3 per CBM (up 9% Q-o-Q). Net rate improvement was a result of continuous
repricing of contract volumes and strong spot market.

During the fourth quarter of 2022, the Company declared purchase option for two
vessels currently on bareboat charter: Höegh Trapper and Höegh St. Petersburg
for USD 53.2 million and USD 29.7 million respectively. Ownership of Höegh St.
Petersburg was transferred in December 2022, and the Company expects to take
delivery of Höegh Trapper during the second quarter of 2023. Höegh Autoliners
also successfully raised USD 130 million at favourable terms to finance the
purchase option of the two abovementioned vessels and Höegh Tracer.

Andreas Enger, CEO of Höegh Autoliners, comments:
“We are proud to wrap up 2022 with a very strong fourth quarter and increase
dividends to
shareholders to a new high level. The strong financial results further
strengthen Höegh Autoliners’
leading position in the sector. We continue to offer our customers the greenest
transportation
options, and according to the 2022 IMO standard, around 50% of our fleet
received a CII score of A or B. Thank you to all our seafarers, onshore
employees, partners, and customers for yet another strong and eventful quarter.
As we continue sailing for sustainability, the future looks both bright and
green
for Höegh Autoliners.”

The Board of Directors has approved a cash dividend of USD 44 million (USD 0.231
per share) for the fourth quarter of 2022, representing an increase of 120% from
Q3 dividend of USD 20 million. The dividend represents 40% of net profit after
tax adjusted for extraordinary items. Detailed information about the dividend
payment will follow in a separate stock exchange notice.


Outlook

Höegh Autoliners expects the general market for transportation of cars and HH/BB
to be strong in 2023. Very few newbuilds will be delivered and the general
expectation is that deep-sea transport volumes will increase compared to 2022.
Höegh Autoliners is well positioned in the segment with a stable fleet and
well-balanced trade systems. The contract portfolio is gradually renewed at
higher rates and the Company also has available capacity to benefit from the
strong spot market. The Company is in a strong financial position following the
IPO, the refinancing of the mortgage debt and the strong cash generation through
2022. Q1 2023 has started well, and we expect to report another strong quarter.
The general global macro situation is closely monitored and especially a
potential recession scenario with continued high interest rates that could
negatively impact the demand for the Company’s services.

Please find attached the Q4 2022 report. The results will also be presented by
CEO Andreas Enger and CFO Per Øivind Rosmo at 08:30 CET today. The presentation
will be held in English, and a recorded version of the webcast together with the
presentation will be made available on our website soon after the webcast ends.
Link to the webcast:
https://players.brightcove.net/2866239767001/experience_63d79c4ac57fca0025c8ac59
/share.html

For further information, please contact
Andreas Enger, CEO
andreas.enger@hoegh.com
+47 901 31 228

Per Øivind Rosmo, CFO
per.oivind.rosmo@hoegh.com
+ 47 400 39 938

Investor Relations
ir@hoegh.com

Media contact:
Camilla Knappskog, Head of Communications
camilla.knappskog@hoegh.com
+47 926 66 156

About Höegh Autoliners:

Höegh Autoliners is a leading global provider of RoRo (Roll On Roll Off)
transportation services delivering cars, high and heavy and breakbulk cargoes
across the world. The Company operates around 40 RoRo vessels in global trade
systems and makes about 3 000 port calls each year. Our purpose is to develop
innovative solutions for greener and more sustainable deep sea transportation.
We are on a path to a zero emissions future and are working closely with
customers and partners to achieve this. Höegh Autoliners has its head office in
Oslo, Norway and employs around 390 people in its 16 offices worldwide and
around 1 170 seafarers.

This statement contains certain forward-looking statements concerning future
events. Forward-looking statements are statements that are not historical facts
and may be identified by words such as "anticipate", "believe", "continue",
"estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Actual events may differ
significantly from any anticipated development due to a number of factors,
including without limitation, changes in investment levels and need for the
Company's services, changes in the general economic, political and market
conditions in the markets in which the Company operates, the Company's ability
to attract, retain and motivate qualified personnel, changes in the Company's
ability to engage in commercially acceptable acquisitions and strategic
investments, and changes in laws and regulation and the potential impact of
legal proceedings and actions. Such risks, uncertainties, contingencies and
other important factors include, but are not limited to, the possibility that we
will determine not to, or be unable to, issue any equity securities, and could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

581786_Hoegh_Rapport_Q4-22_080223.pdf