Höegh Autoliners ASA: Third quarter results and proposed cash dividend

24 Oct 2024 07:30 CEST

Oslo, 24 October 2024: Höegh Autoliners ("Höegh Autoliners" or the "Company",
ticker code: HAUTO) reported another solid financial performance in the third
quarter of 2024. The gross revenue was USD 349 million/NOK 3,738 million,
operating profit (EBITDA) was USD 177 million/NOK 1,898 million, and net profit
after tax was USD 193 million/NOK 2,063 million.

Highlights of the quarter

• Operating profit (EBITDA) of USD 177 million and net profit after tax of USD
193 million.
• Gross freight rate increased by 5% compared to Q2 2024 to USD 101.5 per cbm.
• Delivery of the first Aurora Class vessel, Höegh Aurora in August.
• Höegh New York agreed to be sold for USD 61 million. Will be delivered to new
owners within Q1 2025.
• Höegh Kobe and Höegh Chiba sold for USD 119 million with a booked accounting
gain of USD 52 million. Both vessels were debt free.
• Q2 2024 dividend of USD 127 million paid in August 2024.
• Proposed dividend for Q3 2024 of USD 245 million subject to resolution by an
the extraordinary general meeting (see separate notice).

In order to increase the Company’s dividend capacity and keep distributing
dividend in accordance with the Company's dividend policy, an extraordinary
general meeting will be called for the purpose of approving an interim balance
sheet, the proposed Q3 dividend and a reduction in the share capital. See
separate notice regarding the extraordinary general meeting.


Andreas Enger, CEO of Höegh Autoliners, comments: “Höegh Autoliners continued to
deliver solid results for the third quarter of 2024.While net rates continued to
increase, the Red Sea rerouting, together with periodic vessel maintenance,
negatively impacted the capacity available for transporting cargo. In September,
the Company announced the sale of a 19 year-old vessel – Höegh New York, to
further optimize the fleet and take advantage of the heated charter market. In
the same quarter, we also took delivery of Höegh Aurora – one of the largest and
most environmentally friendly vessels on the water today. This marks a new
chapter for the Company, taking us one step close to our net zero emission goal
in 2040. Creating value for our shareholders remains a primary focus for Höegh
Autoliners, and the Board of Directors has proposed for the extraordinary
general meeting on November 20 to approve a dividend of USD 245 million for Q3
to be paid in December. I would like to extend my heartfelt gratitude to all
our employees, partners and customers for your unwavering support and confidence
in our vision.”


Outlook
The general market remains strong, and we do not expect that to change much for
the last three months of 2024. We have secured more cargo under long term
contracts, securing freight rates at high levels also for this period. Capacity
has been a constraint both for us and the general market. With both Höegh Aurora
and Höegh Borealis now in operation, we expect our lifting capacity to increase
somewhat in Q4. The deliveries of newbuilds to other operators as well, will
gradually take away some of the pressure seen in our industry.
The geopolitical and macro economic situation in the world continues to be
challenging, but we do not foresee that to change the market dynamics or impact
the results in Q4. We expect an EBITDA result for Q4 in line with the last nine
months run rate.

Please find attached the Q3 2024 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 watch the webcast:
https://investors.hoeghautoliners.com/investors/reports-and-other-resources/webc
asts-and-videos/default.aspx


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

My Linh Vu, Head of Finance, Treasury and IR
my.linh.vu@hoegh.com
ir@hoegh.com
+47 486 48 086

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

630263_Ho¨egh Autoliners _Q3_2024.pdf