GasLog Ltd. (“GasLog”) (NYSE: GLOG), an international
owner, operator and manager of liquefied natural gas (“LNG”)
carriers, today reported its financial results for the quarter
ended September 30, 2012.
Highlights
• For the third quarter, GasLog reports Adjusted EBITDA(1) of $9.7
million, Adjusted Profit(1) of $4.0 million and Profit of $2.9
million. • Adjusted EPS(1) of $0.06 and EPS of $0.05 for the third
quarter of 2012. • Quarterly dividend of $0.11 per common share is
payable on December 17, 2012. • Continued strong fundamentals for
the LNG industry. • 100% utilization of GasLog Savannah and GasLog
Singapore during the third quarter of 2012. •
The eight LNG newbuildings are on schedule
and within budget.
• 62% of the floating interest rate exposure on our fully funded
debt program has been hedged at a weighted average interest rate of
approximately 4.3% (including margin) as of September 30, 2012.
Chairman & CEO
Statement
Mr. Peter G. Livanos, Chairman and Chief Executive Officer,
stated “We are pleased with our third quarter results, which
exceeded internal expectations, reflecting lower general and
administrative expenses. We are announcing today our first dividend
as a public company. The 11 cents per share, as earlier promised,
will be paid in the fourth quarter. The strong revenue reflects the
continued 100% utilization of our existing fleet. Our construction
program at Samsung Heavy Industries is on time and on budget. The
first ships are currently undergoing outfitting and will be
delivered in the first quarter of 2013. Concurrently with the
delivery to us by the shipyard they will commence their charters to
the BG group. We see additional new requirements for LNG ships
emerging that support our optimism regarding our 2 open vessels. We
are studying a number of alternative financial structures,
including an MLP, that we feel could be beneficial to our growth
aspirations and shareholder value. We believe our high quality
technical platform and customer relations positions us well to take
advantage of the growth in the LNG trade.”
Dividend Declaration
On November 20, 2012, the Board of Directors declared a
quarterly cash dividend of $0.11 per common share payable on
December 17, 2012 to stockholders of record as of December 3,
2012.
Financial Summary
Revenues were $16.9 million (which eliminates $1.2 million of
intercompany revenue) for the quarter ended September 30, 2012
($15.9 million for the quarter ended September 30, 2011). The
increase is attributable to an increase in revenues in the vessel
management segment from external customers of $0.9 million and an
increase in revenues in the vessel ownership segment of $0.1
million, with GasLog’s existing fleet performing at 100%
utilization.
Vessel operating and supervision costs were $3.6 million for the
quarter ended September 30, 2012 ($3.1 million for the quarter
ended September 30, 2011). The increase is mainly attributable to
an increase in employee costs related to new employees hired to
fulfill the planned new requirements from our existing customers
and an increase in technical maintenance and crew expenses in the
vessel ownership segment.
General and administrative expenses were $2.9 million for the
quarter ended September 30, 2012 ($3.0 million for the quarter
ended September 30, 2011).
Financial costs were $2.9 million for the quarter ended
September 30, 2012 ($2.3 million for the quarter ended September
30, 2011). The increase is primarily a result of increased interest
expense as a result of swapping floating rate interest for fixed
rate interest in connection with the outstanding indebtedness
related to the vessel GasLog Savannah.
Profit for the period was $2.9 million for the quarter ended
September 30, 2012 ($4.6 million for the quarter ended September
30, 2011). This decrease is mainly attributable to a $1.5 million
increase in non-cash loss on interest rate swaps, largely resulting
from mark-to-market valuations and to the aforementioned
factors.
Adjusted Profit(1) was $4.0 million for the quarter ended
September 30, 2012 ($4.8 million for the quarter ended September
30, 2011), after excluding the effects of the net loss on interest
rate swaps and foreign exchange gains.
Adjusted EBITDA(1) was $9.7 million for the quarter ended
September 30, 2012 ($10.3 million for the quarter ended September
30, 2011).
Adjusted EPS(1) was $0.06 for the quarter ended September 30,
2012 ($0.12 for the quarter ended September 30, 2011). EPS was
$0.05 for the quarter ended September 30, 2012 ($0.12 for the
quarter ended September 30, 2011). The decrease in Adjusted EPS(1)
and EPS is attributable to the decrease in Adjusted Profit(1) and
Profit and the increase in the weighted average number of shares
following the completion of the IPO and the concurrent private
placement.
As GasLog stated in the final prospectus filed April 2, 2012 for
its IPO, the ramp-up of general and administrative expenses is
expected to exceed revenue growth in 2012, as GasLog’s newbuildings
will only commence delivery in 2013. Accordingly, GasLog expects
2012 profit will be lower than in 2011.
For a detailed discussion of GasLog’s financial results for the
quarter ended September 30, 2012, please refer to the Financial
Report for the Three Months and Nine Months Ended September 30,
2012, furnished on Form 6-K to the United States Securities and
Exchange Commission (the “Q3 6-K”).
http://www.gaslogltd.com/investor-relations/sec-filings
Operating Results
The following table highlights certain financial information for
GasLog’s two segments, the vessel ownership segment and the vessel
management segment, for the quarters ended September 30, 2012 and
2011. A presentation of Unaudited Interim Financial Information is
attached as Exhibit I.
In thousands of
U.S. Dollars
Vessel Ownership
Segment
Vessel Management
Segment
Unallocated/Eliminations Total Three Months
Ended September 30,
2011 2012 2011
2012 2011 2012 2011
2012
Revenue from external customers $ 14,078 $ 14,147 $ 1,840 $
2,788 — —
$
15,918 $ 16,935 Profit/(loss) $ 6,103 $ 3,802 $ 42 $ 676 $ (1,573 )
$ (1,554 ) $ 4,572 $ 2,924
Adjusted Profit(1)/(loss)
$ 6,309 $ 5,248 $ 42 $ 676 $ (1,537 ) $ (1,879 ) $ 4,814 $ 4,045
EBITDA(1) $ 11,497 $ 9,793 $ 84 $ 770 $ (1,553 ) $ (1,939 ) $
10,028 $ 8,624 Adjusted EBITDA(1) $ 11,704 $ 11,239 $ 84 $ 770 $
(1,517 ) $ (2,265 ) $ 10,271 $ 9,745
EPS – basic and diluted
0.12 0.05 Adjusted EPS(1) – basic and diluted 0.12 0.06
(1) EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS
are non-GAAP financial measures, and should not be used in
isolation or as a substitute for GasLog’s financial results
presented in accordance with IFRS. For definitions and
reconciliations of these measurements to the most directly
comparable financial measures calculated and presented in
accordance with IFRS, please refer to Exhibit II at the end of this
press release.
Contracted Charter
Revenues
GasLog’s contracted charter revenues are estimated to increase
from $56 million for the fiscal year 2012 to $211 million for the
fiscal year 2015, based on contracts in effect as of September 30,
2012 for the eight ships in GasLog’s owned fleet for which time
charters have been secured, including contracts for six
newbuildings that are scheduled to be delivered on various dates in
2013 and 2014. For further details please refer to the Q3 6-K.
Liquidity and Financing
As of September 30, 2012, GasLog had cash and cash equivalents
of $26.7 million and short-term investments in time deposits of
$211.8 million.
As of September 30, 2012, GasLog had an aggregate of $262.6
million of indebtedness outstanding under two credit agreements, of
which $24.7 million is repayable within one year.
GasLog’s current commitments for capital expenditures are
related to the eight LNG carriers on order, which have a gross
aggregate contract price of approximately $1.55 billion. As of
September 30, 2012, the total remaining balance of the contract
prices of the eight newbuildings on order was $1.36 billion, for
which there are $1.13 billion of undrawn credit facilities and
$238.5 million in cash, cash equivalents and short-term investments
as of September 30, 2012, which includes proceeds from GasLog’s IPO
and concurrent private placement completed on April 4, 2012.
Interest Rate Swaps
As of September 30, 2012, GasLog has entered into fifteen
interest rate swap agreements for a total notional amount of $865.7
million. This is in relation to the outstanding indebtedness of
$262.6 million and the new loan agreements of $1.13 billion in the
aggregate that will be drawn by GasLog through its subsidiaries
upon delivery of the newbuildings. In total 62.2% of GasLog’s
expected floating interest rate exposure has been hedged at a
weighted average interest rate of approximately 4.3% (including
margin) as of September 30, 2012. During the third quarter of 2012,
GasLog recognized a loss of $1.7 million on interest rate swaps,
primarily attributable to the loss from the mark-to-market
valuation of six interest rate swaps agreements signed in 2012
which do not qualify for hedge accounting.
Business Update
As of September 30, 2012, the eight ships under construction at
Samsung Heavy Industries were on schedule and within budget. Of
these eight ships, two were launched during Q2 2012 and they are on
schedule for delivery during Q1 2013, and a third ship was launched
in Q3 2012 and is scheduled for delivery during Q2 2013. Five of
the eight ships that have now progressed to the steel cutting stage
or beyond are scheduled for delivery in 2013.
The two ships in GasLog’s existing fleet, currently on
multi-year charters to a subsidiary of BG Group plc, performed
without any off-hire during the quarter ended September 30, 2012,
thereby achieving full utilization for the period.
As of September 30, 2012, two of the newbuildings remain
uncommitted and GasLog continues to hold options for two additional
LNG carriers at Samsung Heavy Industries.
LNG Industry Update
GasLog believes the current supply and demand dynamics of the
LNG industry are positive for LNG shipping. There continues to be
progress on new production projects, and recent announcements in
the LNG industry regarding additional LNG production projects are
expected to create increased requirements for LNG carriers.
The third quarter of 2012 saw the final investment decision
("FID") by Cheniere Energy on the construction of two LNG
production trains at their Sabine Pass, Louisiana facility, for a
planned first-production as early as 2015. These volumes are set to
be the first commercial LNG exports produced in the lower-48
states, and may mark the commencement of the USA as a large future
LNG exporter. Elsewhere, a tolling agreement was signed
between the developers of Freeport LNG export project in Texas, and
Japanese buyers. There are many US-based LNG export projects
in the planning stages, all seeking to capitalize on relatively
inexpensive natural gas in the US. In Australia, the Australia
Pacific LNG project took FID on a second production train, with an
expected start-up in 2016. In East Africa, we have seen further
increases in gas reserve estimates around which LNG exports may be
developed.
We have recently seen some older technology ships experiencing
idle time. However, on a historical basis LNG shipping rates remain
very firm, and we expect this firmness to be reflected in the
longer-term charter market.
GasLog believes the robust development of new LNG supply
projects and growing global demand for natural gas is likely to
drive the need for more LNG carriers. LNG project developers are
typically large multinational oil and gas companies with exacting
standards for safety and reliability. In addition, we continue to
expect a preference for the latest technology in ship design and
propulsion. GasLog believes first class charterers will continue to
engage experienced LNG shipowners to provide high quality LNG
carriers for multi-year charter requirements.
Outlook
GasLog believes the strong fundamentals of the LNG industry will
provide significant growth opportunities for GasLog’s high quality
LNG shipping operations. Focus in the near term will be on
delivering the growth of the business, through the on-time delivery
of the newbuilding fleet, while ensuring full utilization of the
existing ships. GasLog expects that its strategy of leveraging its
established platform and customer relationships will aid in
qualifying for charter possibilities for the two uncommitted
newbuildings and the options it holds for two additional
newbuildings. GasLog’s experience and track record may also allow
GasLog to explore possibilities for industry consolidation of new
entrants and to be flexible to adjust to market developments.
Conference Call
GasLog will host a conference call at 8:30 a.m. Eastern Time
(1:30 p.m. London Time) on Wednesday, November 21, 2012 to discuss
the third quarter 2012 results. The dial-in number is
1-212-444-0895 (New York, NY) and +44 (0)207 136 6283 (London, UK),
passcode is 9524315. A live webcast of the conference call will
also be available on the investor relations page of GasLog’s
website at http://www.gaslogltd.com/investor-relations.
For those unable to participate in the conference call, a replay
will be available from 12:30 p.m. Eastern Time (5:30 p.m. London
Time) on November 21, 2012 until 12:30 p.m. Eastern Time on
Wednesday November 28, 2012 (5:30 p.m. London Time). The replay
dial-in number is 1-347-366-9565 (New York) and +44 (0) 203 427
0598 (London). The replay passcode is 9524315.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. GasLog’s fleet consists of 10 wholly-owned LNG carriers,
including two ships delivered in 2010 and eight LNG carriers on
order. In addition, GasLog currently has 12 LNG carriers operating
under its technical management for external customers. GasLog’s
principal executive offices are at Gildo Pastor Center, 7 Rue du
Gabian, MC 98000, Monaco. GasLog’s website is
http://www.gaslogltd.com.
Forward Looking
Statements
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
The reader is cautioned not to rely on these forward-looking
statements. These statements are based on current expectations of
future events. If underlying assumptions prove inaccurate or
unknown risks or uncertainties materialize, actual results could
vary materially from our expectations and projections. Risks and
uncertainties include, but are not limited to, general LNG and LNG
shipping market conditions and trends, including charter rates,
ship values, factors affecting supply and demand and opportunities
for the profitable operations of LNG carriers; our continued
ability to enter into multi-year time charters with our customers;
our contracted charter revenue; our customers’ performance of their
obligations under our time charters and other contracts; the effect
of the worldwide economic slowdown; future operating or financial
results and future revenue and expenses; our future financial
condition and liquidity; our ability to obtain financing to fund
capital expenditures, acquisitions and other corporate activities,
and funding by banks of their financial commitments; future,
pending or recent acquisitions of ships or other assets, business
strategy, areas of possible expansion and expected capital spending
or operating expenses; our ability to enter into shipbuilding
contracts for newbuilding ships and our expectations about the
availability of existing LNG carriers to purchase, as well as our
ability to consummate any such acquisitions; our expectations about
the time that it may take to construct and deliver newbuilding
ships and the useful lives of our ships; number of off-hire days,
drydocking requirements and insurance costs; our anticipated
general and administrative expenses; fluctuations in currencies and
interest rates; our ability to maintain long-term relationships
with major energy companies; expiration dates and extensions of
charters; our ability to maximize the use of our ships, including
the re-employment or disposal of ships no longer under multi-year
charter commitments; environmental and regulatory conditions,
including changes in laws and regulations or actions taken by
regulatory authorities; risks inherent in ship operation, including
the discharge of pollutants; availability of skilled labor, ship
crews and management; potential disruption of shipping routes due
to accidents, political events, piracy or acts by terrorists; and
potential liability from future litigation. A further list and
description of these risks, uncertainties and other factors can be
found in our Prospectus filed April 2, 2012. Copies of the
Prospectus, as well as subsequent filings, are available online at
www.sec.gov or on request from us. We
do not undertake to update any forward-looking statements as a
result of new information or future events or developments.
EXHIBIT I –
Unaudited Interim Financial Information
Unaudited condensed consolidated
statements of financial position
As of December 31, 2011 and September
30, 2012
(All amounts expressed in U.S.
Dollars)
December 31, 2011 September 30, 2012
Assets Non-current assets Goodwill 9,511,140
9,511,140 Investment in associate 6,528,087 7,289,240 Deferred
financing costs 14,289,327 21,850,352 Other non-current assets
871,769 3,845,765 Tangible fixed assets 438,902,029 430,150,396
Vessels under construction 109,069,864 196,072,310
Total non-current assets 579,172,216
668,719,203
Current assets Trade and other receivables 2,682,820
2,192,364 Dividends receivable and due from related parties
1,273,796 391,916 Inventories 425,266 493,441 Prepayments and other
current assets 3,365,697 588,390 Short-term investments —
211,799,320 Cash and cash equivalents 20,092,909
26,736,619
Total current assets
27,840,488 242,202,050 Total
assets 607,012,704 910,921,253
Equity and liabilities Equity Share capital
391,015 628,632 Contributed surplus 300,715,852 628,918,944
Reserves 1,744,417 (12,217,449 ) Accumulated deficit
(12,437,763 ) (10,894,832 )
Equity attributable to
owners of the Group 290,413,521
606,435,295
Current liabilities Trade accounts payable 1,704,915
1,011,813 Ship management creditors 1,102,272 12,510 Amounts due to
related parties 114,069 98,112 Derivative financial instruments
3,451,080 5,900,068 Other payables and accruals 18,541,023
7,186,825 Loans—current portion 24,276,813 23,999,339
Total current liabilities 49,190,172
38,208,667
Non-current liabilities Derivative financial
instruments 5,101,234 26,774,911 Loans—non-current portion
256,788,206 236,985,432 Other non-current liabilities
5,519,571 2,516,948
Total non-current
liabilities 267,409,011 266,277,291
Total equity and liabilities
607,012,704 910,921,253
Unaudited condensed consolidated
statements of income
For the three months and nine months
ended September 30, 2011 and 2012
(All amounts expressed in U.S.
Dollars)
For the three months ended For the nine months
ended
September 30,
2011
September 30,
2012
September 30,
2011
September 30,
2012
Revenues 15,918,352 16,935,004 48,674,885 50,244,406 Vessel
operating and supervision costs (3,069,622 ) (3,629,299 )
(9,181,577 ) (10,342,516 ) Depreciation of fixed assets (3,206,858
) (3,288,480 ) (9,612,638 ) (9,773,311 ) General and administrative
expenses (2,974,548 ) (2,938,036 ) (9,729,017
) (14,431,881 )
Profit from operations 6,667,324
7,079,189 20,151,653 15,696,698
Financial costs (2,262,006 ) (2,892,817 ) (6,947,506 )
(8,846,897 ) Financial income 12,265 481,265 41,170 925,124 Loss on
interest rate swaps, net (232,639 ) (1,746,781 ) (232,639 )
(6,993,147 ) Share of profit of associate 361,845 3,138 1,019,194
761,153 Gain on disposal of subsidiaries 24,786 —
24,786 —
Total other expense (2,095,749 )
(4,155,195 ) (6,094,995 )
(14,153,767 )
Profit for the period 4,571,575
2,923,994 14,056,658 1,542,931
Attributable to: Owners of the Group 4,571,575 2,923,994
14,373,631 1,542,931 Non-controlling interest — —
(316,973 ) —
4,571,575 2,923,994
14,056,658 1,542,931
Earnings per share – basic and diluted 0.12
0.05 0.37 0.03
Unaudited condensed consolidated
statements of cash flow
For the nine months ended September 30,
2011 and 2012
(All amounts expressed in U.S.
Dollars)
For the nine months ended
September 30,
2011
September 30,
2012
Cash flows from operating activities: Profit for the
period 14,056,658 1,542,931 Adjustments for: Depreciation of fixed
assets 9,612,638 9,773,311 Share of profit of associate (1,019,194
) (761,153 ) Financial income (41,170 ) (925,124 ) Financial costs
6,947,506 8,846,897 Unrealized foreign exchange losses on cash and
cash equivalents and short-term investments — 176,657 Loss on
interest rate swaps, net 232,639 6,993,147 Gain on disposal of
subsidiaries (24,786 ) — Non-cash employee benefits
3,199,782 3,481,090
32,964,073 29,127,756 Movements in working capital
(4,378,318) (8,260,438 )
Cash provided by operations 28,585,755
20,867,318 Interest paid (6,439,928 )
(8,466,013 )
Net cash from operating activities 22,145,827
12,401,305
Cash flows from investing activities: Dividends
received from associate 1,086,787 950,000 Return of investment from
associate 500,000 — Payments for tangible fixed assets and vessels
under construction (68,536,992 ) (89,933,799 ) Increase in
short-term investments — (211,347,592 ) Cash transferred on
deconsolidation (56,426 ) — Financial income received 41,170
181,109
Net cash used in investing activities
(66,965,461 ) (300,150,282 )
Cash flows from financing activities: Bank loan
repayment (22,947,202 ) (20,554,071 ) Payment of loan issuance
costs (840,000 ) (13,827,574 ) Payments of IPO costs (42,239 )
(3,515,267 ) Proceeds from sale of common shares (net of
underwriting discounts and commissions) — 314,255,049 Dividend paid
(772,000 ) — Capital contributions 60,926,075
18,662,935
Net cash from financing activities 36,324,634
295,021,072
Effects of exchange rate changes on cash and cash
equivalents —
(628,385 )
(Decrease)/increase in cash and cash equivalents
(8,495,000 ) 6,643,710 Cash and cash
equivalents, beginning of the period 23,270,100
20,092,909
Cash and cash equivalents, end of the period
14,775,100 26,736,619
EXHIBIT II
Non-GAAP Financial Measures:
EBITDA represents earnings before interest income and expense,
taxes, depreciation and amortization. Adjusted EBITDA represents
EBITDA before loss on interest rate swaps and foreign exchange
gains/losses. Adjusted Profit/(loss) and Adjusted EPS represent
earnings and earnings per share, respectively, before loss on
interest rate swaps and foreign exchange gains/losses. EBITDA,
Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS, which are
non-GAAP financial measures, are used as supplemental financial
measures by management and external users of financial statements,
such as investors, to assess our financial and operating
performance. We believe that these non-GAAP financial measures
assist our management and investors by increasing the comparability
of our performance from period to period. We believe that including
EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS
assists our management and investors in (i) understanding and
analyzing the results of our operating and business performance,
(ii) selecting between investing in us and other investment
alternatives and (iii) monitoring our ongoing financial and
operational strength in assessing whether to continue to hold our
common shares. This increased comparability is achieved by
excluding the potentially disparate effects between periods of, in
the case of EBITDA and Adjusted EBITDA, interest, taxes,
depreciation and amortization and, and in the case of Adjusted
EBITDA, Adjusted Profit/(loss) and Adjusted EPS, loss on interest
rate swaps and foreign exchange gains/losses, which items are
affected by various and possibly changing financing methods,
capital structure and historical cost basis and which items may
significantly affect results of operations between periods.
EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS
have limitations as analytical tools and should not be considered
as alternatives to, or as substitutes for, profit, profit from
operations, earnings per share or any other measure of financial
performance presented in accordance with IFRS. These non-GAAP
financial measures exclude some, but not all, items that affect
profit, and these measures may vary among companies. In evaluating
Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS, you
should be aware that in the future we may incur expenses that are
the same as or similar to some of the adjustments in this
presentation. Our presentation of Adjusted EBITDA, Adjusted
Profit/(loss) and Adjusted EPS should not be construed as an
inference that our future results will be unaffected by the
excluded items. Therefore, the non-GAAP financial measures as
presented below may not be comparable to similarly titled measures
of other companies in the shipping or other industries.
Reconciliation of EBITDA and Adjusted EBITDA to Profit/(loss)
for the three month periods ended:(All amounts expressed in
U.S. Dollars)
September 30, 2012
Vessel Ownership
Segment
Vessel Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the period 3,801,910 676,020 (1,553,936 )
2,923,994 Depreciation of fixed assets 3,172,789 80,528 35,163
3,288,480 Financial costs 2,874,330 13,889 4,598 2,892,817
Financial income (56,241 ) — (425,024 )
(481,265)
EBITDA 9,792,788 770,437
(1,939,199 ) 8,624,026 Loss on interest
rate swaps, net 1,746,781 — — 1,746,781 Foreign exchange gains
(300,275 ) — (325,516 ) (625,791)
Adjusted EBITDA 11,239,294
770,437 (2,264,715 )
9,745,016
September 30, 2011
Vessel Ownership
Segment
Vessel Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the period 6,102,615 41,630 (1,572,670 )
4,571,575 Depreciation of fixed assets 3,153,104 36,994 16,760
3,206,858 Financial costs 2,249,640 9,774 2,592 2,262,006 Financial
income (8,016 ) (4,249 ) —
(12,265)
EBITDA 11,497,343 84,149
(1,553,318 ) 10,028,174 Loss on
interest rate swaps, net 232,639 — — 232,639 Foreign
exchange (gains)/losses (26,070 ) — 35,962
9,892
Adjusted EBITDA 11,703,912
84,149 (1,517,356 )
10,270,705
Reconciliation of Adjusted
Profit/(loss) to Profit/(loss) for the three month periods
ended:
(All amounts expressed in U.S.
Dollars)
September 30, 2012 Vessel Ownership
Segment
Vessel Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the period 3,801,910 676,020 (1,553,936 )
2,923,994 Loss on interest rate swaps, net 1,746,781 — — 1,746,781
Foreign exchange gains (300,275 ) — (325,516 )
(625,791 )
Adjusted Profit/(loss) attributable to
owners of the
Group
5,248,416 676,020
(1,879,452 ) 4,044,984
September 30, 2011 Vessel Ownership
Segment
Vessel Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the period 6,102,615 41,630 (1,572,670 )
4,571,575 Loss on interest rate swaps, net 232,639 — — 232,639
Foreign exchange (gains)/losses (26,070 ) —
35,962 9,892
Adjusted Profit/(loss) attributable to
owners of the
Group
6,309,184 41,630
(1,536,708 ) 4,814,106
Reconciliation of Adjusted Earnings Per Share to Earnings Per
Share for the three month periods ended:(All amounts
expressed in U.S. Dollars)
September 30, 2011
September 30, 2012
Profit for the period attributable to owners of the Group
4,571,575 2,923,994
Less: Earnings allocated to manager shares
and subsidiary
manager shares
379,777 —
Earnings attributable to the owners of
common shares used in the
calculation of basic EPS
4,191,798 2,923,994 Weighted average number of shares outstanding
35,853,200 62,863,166
EPS 0.12 0.05
Adjusted profit for the period attributable to owners of the
Group 4,814,106 4,044,984
Less: Adjusted earnings allocated to
manager shares and
subsidiary manager shares
399,924 —
Adjusted earnings attributable to the
owners of common shares
used in the calculation of basic EPS
4,414,182 4,044,984 Weighted average number of shares outstanding
35,853,200 62,863,166
Adjusted EPS 0.12 0.06
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