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 December 31, 2012.
Highlights
• First quarterly dividend of $0.11 per common share was
paid on December 17, 2012 and second quarterly dividend of another
$0.11 per common share is payable on March 25, 2013. • Delivery of
GasLog Shanghai on January 28, 2013 ahead of schedule. • Contracted
2 LNG newbuildings at Samsung Heavy Industries for delivery in
2016. Vessels chartered out to BG Group for minimum 10 years with
charterer’s option to extend the terms of the charter at specified
rates. • For the fourth quarter, GasLog reports Revenue of $18.3
million, EBITDA(1) of $8.5 million, Adjusted EBITDA(1) of $7.6
million, Profit of $2.7 million and Adjusted Profit(1) of $1.8
million. • For full year 2012, GasLog reports Revenue of $68.5
million, EBITDA(1) of $27.8 million, Adjusted EBITDA(1) of $34.0
million, Profit of $4.2 million and Adjusted Profit(1) of $10.5
million. • EPS of $0.04 and $0.07 for the fourth quarter of 2012
and the year ended December 31, 2012, respectively and Adjusted
EPS(1) of $0.03 and $0.18 for the fourth quarter of 2012 and the
year ended December 31, 2012, respectively.
CEO Statement
Mr. Paul Wogan, Chief Executive Officer, stated “We are pleased
today to release our fourth quarter 2012 results, which reflect a
continued solid performance and 100% utilization of our existing
fleet. Following the dividend paid in the fourth quarter, we are
today announcing the payment of a dividend of 11 cents per share,
to be paid in the first quarter.
At the beginning of February 2013, we announced an order for 2
additional LNG carriers, and their concurrent 10-year charter to a
subsidiary of BG. We believe the combination of price and charter
terms make this transaction an attractive investment for GasLog and
our shareholders. These orders include four additional priced
options with similar payment terms, which we believe, are at
attractive prices. The transaction reflects our ability to leverage
our high quality technical platform and customer relations and we
expect the same combination of factors will continue to allow us to
take advantage of growth in the LNG trade. We also took delivery of
the GasLog Shanghai ahead of schedule, the first of five LNG
carriers to be delivered to GasLog in 2013. Upon delivery the
vessel commenced her charter with BG. In addition to the three
fully-owned ships on the water, we now have 9 LNG carriers on
order.
Concluding these two firm ten year charters allows us to be
opportunistic in placing our unfixed new buildings into shorter
term charters. We believe that this, along with the new seasonal
component for one of our new buildings, gives us the optionality
and flexibility to capture incremental value from our portfolio. In
addition, Gaslog's new management team will continue to focus on
optimising its capital structure.”
Dividend Declaration
On February 26, 2013, the Board of Directors declared a
quarterly cash dividend of $0.11 per common share payable on March
25, 2013 to stockholders of record as of March 11, 2013.
Delivery of GasLog
Shanghai
On January 28, 2013, GasLog took delivery of the GasLog
Shanghai, an LNG carrier of 155,000 cubic meters capacity with
tri-fuel diesel electric propulsion constructed by Samsung Heavy
Industries Co. Ltd. The vessel is chartered out to a subsidiary of
BG Group plc from delivery until 2018 with charterer’s option to
extend the terms of the charter at specified rates.
Loan Drawdown
On January 18, 2013, GasLog through its subsidiary GAS-three
Ltd. drew down $136.25 million from the facilities agreement
arranged by DnB Bank ASA and The Export-Import Bank of Korea for
the financing of GasLog Shanghai.
Financial Summary
For the three-month-period:
Revenues were $18.3 million (which eliminates $1.5 million of
intercompany revenue) for the quarter ended December 31, 2012
($17.8 million for the quarter ended December 31, 2011). The
increase is mainly attributable to additional revenues in the
vessel management segment from external customers of $0.5
million.
Vessel operating and supervision costs were $4.3 million for the
quarter ended December 31, 2012 ($3.8 million for the quarter ended
December 31, 2011). The increase is mainly attributable to an
increase in new employees hired to fulfill the planned new
requirements from our existing customers and an increase in crew
expenses in the vessel ownership segment.
General and administrative expenses were $6.0 million for the
quarter ended December 31, 2012 ($6.3 million for the quarter ended
December 31, 2011). The decrease is mainly attributable to an
increase in net foreign exchange gains, a decrease in
equity-settled compensation expense, partially offset by an
increase in employee costs, legal and professional fees and travel
expenses, in line with GasLog’s planned growth.
Financial costs were $2.8 million for the quarter ended December
31, 2012 ($2.7 million for the quarter ended December 31, 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 $2.7 million for the quarter ended
December 31, 2012 ($0.3 million loss for the quarter ended December
31, 2011). This increase is mainly attributable to a recognition of
a net gain on interest rate swaps of $0.2 million in Q4 2012 as
opposed to a net loss on interest rate swaps in Q4 2011 and to the
aforementioned factors.
Adjusted Profit(1) was $1.8 million for the quarter ended
December 31, 2012 ($2.1 million for the quarter ended December 31,
2011), after excluding the effects of the net gain/loss on interest
rate swaps and net foreign exchange gains.
EBITDA(1) was $8.5 million for the quarter ended December 31,
2012 ($5.6 million for the quarter ended December 31, 2011).
Adjusted EBITDA(1) was $7.6 million for the quarter ended
December 31, 2012 ($8.0 million for the quarter ended December 31,
2011).
EPS was $0.04 for the quarter ended December 31, 2012 ($0.01
loss for the quarter ended December 31, 2011). The increase in EPS
is attributable to the increase in profit partially offset by the
increase in the weighted average number of shares following the
completion of the IPO and the concurrent private placement.
Adjusted EPS(1) was $0.03 for the quarter ended December 31,
2012 ($0.05 for the quarter ended December 31, 2011).
For the year:
Revenues were $68.5 million (which eliminates $4.8 million of
intercompany revenue) for the year ended December 31, 2012 ($66.5
million for the year ended December 31, 2011). The increase is
mainly attributable to an increase in revenues in the vessel
management segment from external customers of $1.5 million.
Vessel operating and supervision costs were $14.6 million for
the year ended December 31, 2012 ($12.9 million for the year ended
December 31, 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 $20.4 million for the
year ended December 31, 2012 ($16.0 million for the year ended
December 31, 2011). The increase is mainly attributable to an
increase in personnel expenses, directors’ fees, travel expenses,
and legal and professional expenses, with such increases generally
in line with GasLog’s planned growth and compliance requirements of
being a public company.
Financial costs were $11.7 million for the year ended December
31, 2012 ($9.6 million for the year ended December 31, 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 year was $4.2 million for the year ended December
31, 2012 ($13.7 million for the year ended December 31, 2011). This
decrease is mainly attributable to an increase in net loss on
interest rate swaps of $4.1 million and to the aforementioned
factors.
Adjusted Profit(1) was $10.5 million for the year ended December
31, 2012 ($16.3 million for the year ended December 31, 2011),
after excluding the effects of the net loss on interest rate swaps
and net foreign exchange gains.
EBITDA(1) was $27.8 million for the year ended December 31, 2012
($36.1 million for the year ended December 31, 2011).
Adjusted EBITDA(1) was $34.0 million for the year ended December
31, 2012 ($38.7 million for the year ended December 31, 2011).
EPS was $0.07 for the year ended December 31, 2012 ($0.36 for
the year ended December 31, 2011). The decrease in EPS is
attributable to the decrease in profit and the increase in the
weighted average number of shares following the completion of the
IPO and the concurrent private placement.
Adjusted EPS(1) was $0.18 for the year ended December 31, 2012
($0.42 for the year ended December 31, 2011).
Operating Results
The following tables highlights certain
financial information for GasLog’s two segments, the vessel
ownership segment and the vessel management segment, for the
quarters and years ended December 31, 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 December,
2011 2012 2011 2012 2011
2012 2011 2012
Revenue from external customers $ 14,149 $ 14,147 $ 3,647 $ 4,150 —
— $ 17,796 $ 18,298 Profit/(loss) $ 3,201 $ 5,679 $ 1,089 $ 1,057 $
(4,624 ) $ (4,059 ) $ (334 ) $ 2,678 Adjusted Profit/(loss)(1) $
5,690 $ 5,354 $ 1,007 $ 1,144 $ (4,640 ) $ (4,744 ) $ 2,058 $ 1,754
EBITDA(1) $ 9,013 $ 11,634 $ 1,149 $ 1,153 $ (4,598 ) $ (4,244 ) $
5,564 $ 8,543 Adjusted EBITDA(1) $ 11,502 $ 11,309 $ 1,068 $ 1,240
$ (4,615 ) $ (4,930 ) $ 7,956 $ 7,619 EPS – basic and
diluted (0.01 ) 0.04 Adjusted EPS(1) – basic and diluted
0.05 0.03
In thousands of
U.S. Dollars
Vessel Ownership
Segment
Vessel Management
Segment
Unallocated/Eliminations Total
Years Ended December,
2011 2012 2011 2012 2011
2012 2011 2012
Revenue from external customers $ 55,756 $ 56,281 $ 10,714 $ 12,261
— — $ 66,471 $ 68,542 Profit/(loss) $ 20,950 $ 15,578 $ 2,363 $
1,173 $ (9,590 ) $ (12,530 ) $ 13,723 $ 4,221 Adjusted
Profit/(loss)(1) $ 23,624 $ 22,327 $ 2,295 $ 1,269 $ (9,597 ) $
(13,138 ) $ 16,322 $ 10,457 EBITDA(1) $ 43,102 $ 39,652 $ 2,550 $
1,541 $ (9,512 ) $ (13,412 ) $ 36,140 $ 27,781 Adjusted EBITDA(1) $
45,776 $ 46,400 $ 2,482 $ 1,637 $ (9,519 ) $ (14,020 ) $ 38,738 $
34,017 EPS – basic and diluted 0.36 0.07 Adjusted
EPS(1) – basic and diluted 0.42 0.18
(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 $234 million for the
fiscal year 2016, based on contracts in effect as of today for the
ten ships in GasLog’s owned fleet for which time charters have been
secured, including contracts for seven newbuildings that are
scheduled to be delivered on various dates in 2013, 2014 and 2016
and for GasLog Shanghai delivered in January 2013.
Liquidity and Financing
As of December 31, 2012, GasLog had cash and cash equivalents of
$111.0 million and short-term investments in time deposits of
$104.7 million.
As of December 31, 2012, GasLog had an aggregate of $255.7
million of indebtedness outstanding under two credit agreements
(before netting unamortized deferred loan issuance costs of $1.4
million), of which $26.5 million is repayable within one year.
GasLog’s commitments as of December 31, 2012 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 December 31, 2012, the total remaining balance of
the contract prices of the eight newbuildings on order (GasLog
Shanghai is included) was $1.34 billion, for which there are $1.13
billion of undrawn credit facilities and $215.7 million in cash,
cash equivalents and short-term investments as of December 31,
2012, which includes proceeds from GasLog’s IPO and concurrent
private placement completed on April 4, 2012.
Interest Rate Swaps
As of December 31, 2012, GasLog has entered into fifteen
interest rate swap agreements for a total notional amount of $862.9
million. This is in relation to the outstanding indebtedness of
$255.7 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 62.3% 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 December 31, 2012. During the fourth quarter of 2012,
GasLog recognized a gain of $0.2 million on interest rate swaps,
primarily attributable to the gain from the mark-to-market
valuation of six interest rate swaps agreements signed in 2012
which do not qualify for hedge accounting. During the year ended
December 31, 2012, GasLog recognized a loss of $6.8 million on
interest rate swaps, primarily attributable to a $4.6 million loss
from the mark-to-market of six interest rate swaps agreements
signed in 2012 which do not qualify for hedge accounting and a $2.1
million loss recognized at the inception of four interest rate
swaps agreements signed in 2012 and designated as cash flow hedging
instruments.
Business Update
As of December 31, 2012, the eight ships under construction at
Samsung Heavy Industries were on schedule and within budget. GasLog
Shanghai was delivered on January 28, 2013 and four ships under
construction are also scheduled for delivery in 2013.
The two ships in GasLog’s fleet as of December 31, 2012,
currently on multi-year charters to a subsidiary of BG Group plc,
performed without any off-hire during the quarter ended December
31, 2012, thereby achieving full utilization for the period.
As of December 31, 2012, two of the newbuildings remain
uncommitted and GasLog continued to hold options for two additional
LNG carriers at Samsung Heavy Industries.
In February 2013, GasLog announced the ordering of two 174,000
cubic meters LNG carriers from Samsung Heavy Industries. The ships
are scheduled to be delivered in the first half of 2016, and will
each commence a 10 year firm charter to a subsidiary of BG Group
plc., with charterer’s option to extend the duration of the charter
at specified rates. GasLog also agreed to modify and extend the
current charter to a subsidiary of BG Group, for Hull Number 2017,
scheduled for delivery in Q3 2013. Under the new arrangement the
ship will deliver into an eight year charter in which the first
three years remain as previously contracted. The subsequent five
years are a seasonal charter under which the ship is committed to
BG Group for seven consecutive months each year for which it will
pay a fixed monthly charter hire and available to accept other
charters for the remaining five months. In connection with this
transaction, GasLog now has increased the number of options held
from 2 to 4 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 LNG production projects, and the new volumes and
potentially greater voyage distances should create increased
requirements for LNG carriers.
The fourth quarter of 2012 saw the release of the US Department
of Energy –commissioned study which suggested that exports of
natural gas from the USA would be net beneficial to the nation.
This was viewed as highly supportive of plans to construct LNG
export facilities in the US. In addition to the already
under-construction production trains at Cheniere Energy’s Sabine
Pass facility, there are over a dozen prospective export projects.
Many plan to produce relatively large volumes of LNG, and based on
the sales agreements signed so far, voyage distances are expected
to be great; therefore strong demand for new LNG carriers may be
expected. In Australia, the construction continues apace of the
many new LNG trains that will see Australia rival Qatar as the
world’s number one LNG exporter. In East Africa, we have seen
further progress on initial plans to develop LNG export
capacity.
We have seen some older technology ships continue to experience
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 four 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, February 27, 2013 to discuss
the fourth quarter 2012 results. The dial-in number is
1-646-254-3360 (New York, NY) and +44 (0) 203 478 5300 (London,
UK), passcode is 7885234. 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 February 27, 2013 until 12:30 p.m. Eastern Time on
Wednesday March 6, 2013 (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 7885234.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. GasLog’s fleet consists of 12 wholly-owned LNG carriers,
including two ships delivered in 2010, one ship delivered in
January 2013 and nine 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 with the Securities and Exchange
Commission on 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
positionAs of December 31, 2011 and 2012(All amounts
expressed in U.S. Dollars)
December 31, 2011 December 31, 2012
Assets Non-current assets Goodwill 9,511,140
9,511,140 Investment in associate 6,528,087 6,856,144 Deferred
financing costs 14,289,327 24,278,983 Other non-current assets
871,769 4,071,071 Tangible fixed assets 438,902,029 426,879,545
Vessels under construction 109,069,864 217,321,572
Total non-current assets 579,172,216
688,918,455
Current assets Trade and other receivables 2,682,820
2,431,852 Dividends receivable and due from related parties
1,273,796 859,121 Inventories 425,266 480,554 Prepayments and other
current assets 3,365,697 425,385 Short-term investments —
104,674,150 Cash and cash equivalents 20,092,909
110,978,315
Total current assets 27,840,488
219,849,377
Total assets 607,012,704 908,767
,832
Equity and liabilities Equity Share capital
391,015 628,632 Contributed surplus 300,715,852 621,879,379
Reserves 1,744,417 (11,080,758 ) Accumulated deficit
(12,437,763 ) (8,216,944 )
Equity attributable to owners of the Group
290,413,521 603,210,309
Current liabilities Trade accounts payable 1,704,915
1,794,300 Ship management creditors 1,102,272 850,680 Amounts due
to related parties 114,069 121,663 Derivative financial instruments
3,451,080 7,144,738 Other payables and accruals 18,541,023
15,094,483 Loans—current portion 24,276,813
25,753,343
Total current liabilities 49,190,172
50,759,207
Non-current liabilities Derivative financial instruments
5,101,234 24,183,718 Loans—non-current portion 256,788,206
228,514,890 Other non-current liabilities 5,519,571
2,099,708
Total non-current liabilities 267,409,011
254,798,316
Total equity and liabilities 607,012,704
908,767,832
Unaudited condensed consolidated statements of
incomeFor the three months and the years ended December 31,
2011 and 2012(All amounts expressed in U.S. Dollars)
For the three months
ended For the year ended December 31, 2011
December 31, 2012 December 31, 2011 December 31,
2012
Revenues 17,795,934 18,297,681 66,470,819 68,542,087 Vessel
operating and supervision costs (3,764,484 ) (4,303,891 )
(12,946,061 ) (14,646,407 ) Depreciation of fixed assets (3,214,646
) (3,291,587 ) (12,827,284 ) (13,064,898 ) General and
administrative expenses (6,267,578 ) (5,977,623 )
(15,996,595 ) (20,409,504 )
Profit from operations 4,549,226
4,724,580 24,700,879 20,421,278
Financial costs (2,683,756 ) (2,822,665 ) (9,631,262 )
(11,669,562 ) Financial income 509 249,237 41,679 1,174,361
(Loss)/gain on interest rate swaps, net (2,492,735 ) 209,832
(2,725,374 ) (6,783,315 ) Share of profit of associate 292,776
316,904 1,311,970 1,078,057 Gain on disposal of subsidiaries
— — 24,786 —
Total other expense (4,883,206 )
(2,046,692 ) (10,978,201 )
(16,200,459 )
(Loss)/profit for the period/year (333,980
) 2,677,888 13,722,678
4,220,819
Attributable to: Owners of the Group (333,980 ) 2,677,888
14,039,651 4,220,819 Non-controlling interest — —
(316,973 ) —
(333,980 ) 2,677,888
13,722,678 4,220,819
Earnings per share – basic and diluted (0.01
) 0.04 0.36 0.07
Unaudited condensed consolidated statements of cash
flowFor the years ended December 31, 2011 and
2012(All amounts expressed in U.S. Dollars)
For the years ended December 31,
2011
December 31,
2012
Cash flows from operating activities: Profit for the
year 13,722,678 4,220,819 Adjustments for: Depreciation of fixed
assets 12,827,284 13,064,898 Share of profit of associate
(1,311,970 ) (1,078,057 ) Financial income (41,679 ) (1,174,361 )
Financial costs 9,631,262 11,669,562 Unrealized net foreign
exchange gains on cash and cash equivalents and short-term
investments — (627,758 ) Loss on interest rate swaps, net 2,725,374
6,783,315 Gain on disposal of subsidiaries (24,786 ) — Non-cash
employee benefits 3,991,673 3,481,090
41,519,836 36,339,508 Movements in working capital
(5,916,064 ) (276,613 )
Cash provided by operations 35,603,772
36,062,895 Interest paid (8,602,438 )
(11,144,727 )
Net cash from operating activities 27,001,334
24,918,168
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 (88,036,471 ) (110,765,495 ) Purchase of
short-term investments — (307,914,861 ) Maturity of short-term
investments — 204,091,159 Cash transferred on deconsolidation
(56,426 ) — Financial income received 41,679
1,017,884
Net cash used in investing activities
(86,464,431 ) (212,621,313 )
Cash flows from financing activities: Bank loan
repayment (29,880,190 ) (27,454,542 ) Payment of loan issuance
costs (4,757,032 ) (16,221,986 ) Payments of IPO costs (1,275,447 )
(3,515,267 ) Proceeds from sale of common shares (net of
underwriting discounts and commissions) — 314,255,049 Dividend paid
(772,000 ) (6,914,948 ) Capital contributions 92,970,575
18,662,935
Net cash from financing activities 56,285,906
278,811,241
Effects of exchange rate changes on cash and cash
equivalents — (222,690 )
(Decrease)/increase in cash and cash equivalents
(3,177,191 ) 90,885,406 Cash and cash
equivalents, beginning of the year 23,270,100
20,092,909
Cash and cash equivalents, end of the year
20,092,909 110,978,315
EXHIBIT II
Non-GAAP Financial Measures:
EBITDA represents earnings before interest income and expense,
taxes, depreciation and amortization. Adjusted EBITDA represents
EBITDA before gain/loss on interest rate swaps and net foreign
exchange gains/losses. Adjusted Profit/(loss) and Adjusted EPS
represent earnings and earnings per share, respectively, before
gain/loss on interest rate swaps and net foreign exchange gains.
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, gain/loss on
interest rate swaps and net 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)
December 31, 2012
Vessel Ownership
Segment
Vessel
Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the period 5,679,226 1,057,491 (4,058,829
) 2,677,888 Depreciation of fixed assets 3,172,734 81,129 37,724
3,291,587 Financial costs 2,799,577 14,648 8,440 2,822,665
Financial income (17,563 ) 24 (231,698 )
(249,237 )
EBITDA 11,633,974 1,153,292
(4,244,363 ) 8,542,903 Gain on interest
rate swaps, net (209,832 ) — — (209,832 ) Foreign exchange gains,
net (115,203 ) 86,661 (685,192 )
(713,734 )
Adjusted EBITDA 11,308,939
1,239,953 (4,929,555 )
7,619,337
December 31, 2011
Vessel Ownership
Segment
Vessel
Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the period 3,201,109 1,088,526 (4,623,615
) (333,980 ) Depreciation of fixed assets 3,153,104 41,581 19,961
3,214,646 Financial costs 2,659,385 18,877 5,494 2,683,756
Financial income (509 ) — — (509 )
EBITDA 9,013,089 1,148,984
(4,598,160 ) 5,563,913 Loss on interest
rate swaps, net 2,492,735 — — 2,492,735 Foreign exchange gains, net
(3,362 ) (81,415 ) (16,360 ) (101,137 )
Adjusted EBITDA 11,502,462
1,067,569 (4,614,520 )
7,955,511
Reconciliation of EBITDA and Adjusted EBITDA to Profit/(loss)
for the years ended:(All amounts expressed in U.S.
Dollars)
December 31, 2012
Vessel Ownership
Segment
Vessel
Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the year 15,577,976 1,172,841 (12,529,998
) 4,220,819 Depreciation of fixed assets 12,617,272 313,098 134,528
13,064,898 Financial costs 11,592,956 55,150 21,456 11,669,562
Financial income (136,377 ) 18 (1,038,002 )
(1,174,361 )
EBITDA 39,651,827 1,541,107
(13,412,016 ) 27,780,918 Loss on
interest rate swaps, net 6,783,315 — — 6,783,315 Foreign exchange
gains, net (34,758 ) 95,960 (607,993 )
(546,791 )
Adjusted EBITDA 46,400,384
1,637,067 (14,020,009 )
34,017,442
December 31, 2011
Vessel Ownership
Segment
Vessel
Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the year 20,949,931 2,362,698 (9,589,951 )
13,722,678 Depreciation of fixed assets 12,612,418 148,721 66,145
12,827,284 Financial costs 9,573,023 46,540 11,699 9,631,262
Financial income (33,582 ) (8,097 ) —
(41,679 )
EBITDA 43,101,790 2,549,862
(9,512,107 ) 36,139,545 Loss on
interest rate swaps, net 2,725,374 — — 2,725,374 Foreign exchange
gains, net (51,565 ) (68,053 ) (6,875 )
(126,493 )
Adjusted EBITDA 45,775,599
2,481,809 (9,518,982 )
38,738,426
Reconciliation of Adjusted Profit/(loss) to Profit/(loss) for
the three month periods ended:(All amounts expressed in U.S.
Dollars)
December 31, 2012
Vessel Ownership
Segment
Vessel
Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the period 5,679,226 1,057,491 (4,058,829
) 2,677,888 Gain on interest rate swaps, net (209,832 ) — —
(209,832 ) Foreign exchange gains, net (115,203 )
86,661 (685,192 ) (713,734 )
Adjusted Profit/(loss) attributable to owners of the
Group 5,354,191 1,144,152
(4,744,021 ) 1,754,322
December 31, 2011
Vessel Ownership
Segment
Vessel
Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the period 3,201,109 1,088,526 (4,623,615
) (333,980 ) Loss on interest rate swaps, net 2,492,735 — —
2,492,735 Foreign exchange gains, net (3,362 )
(81,415 ) (16,360 ) (101,137 )
Adjusted Profit/(loss) attributable to owners of the
Group 5,690,482 1,007,111
(4,639,975 ) 2,057,618
Reconciliation of Adjusted Profit/(loss) to Profit/(loss) for
the years ended:(All amounts expressed in U.S.
Dollars)
December 31, 2012
Vessel Ownership
Segment
Vessel
Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the year 15,577,976 1,172,841 (12,529,998
) 4,220,819 Loss on interest rate swaps, net 6,783,315 — —
6,783,315 Foreign exchange gains, net (34,758 )
95,960 (607,993 ) (546,791 )
Adjusted Profit/(loss) attributable to owners of the
Group 22,326,533 1,268,801
(13,137,991 ) 10,457,343
December 31, 2011
Vessel Ownership
Segment
Vessel
Management
segment
Unallocated/
Eliminations
Total
Profit/(loss) for the year 20,949,931 2,362,698 (9,589,951 )
13,722,678 Loss on interest rate swaps, net 2,725,374 — — 2,725,374
Foreign exchange gains, net (51,565 ) (68,053 )
(6,875 ) (126,493 )
Adjusted Profit/(loss) 23,623,740
2,294,645 (9,596,826 )
16,321,559
Non-controlling interest 316,973 — —
316,973
Adjusted Profit/(loss) attributable to owners of the
Group 23,940,713 2,294,645
(9,596,826 ) 16,638,532
Reconciliation of Adjusted Earnings Per Share to Earnings Per
Share for the three months and the years ended December 31, 2011
and 2012:(All amounts expressed in U.S. Dollars)
For the three months
ended For the year ended
December 31, 2011 December 31, 2012 December 31,
2011 December 31, 2012
(Loss)/profit for the period/year attributable to owners of
the Group (333,980 ) 2,677,888 14,039,651 4,220,819 Less: Earnings
allocated to manager shares and subsidiary manager shares
(25,709 ) — 1,201,919 44,798
Earnings attributable to the owners of common shares used in
the calculation of basic EPS (308,271 ) 2,677,888 12,837,732
4,176,021 Weighted average number of shares outstanding
36,091,510 62,863,166 35,837,732 56,093,775
EPS (0.01 ) 0.04
0.36 0.07
Adjusted profit for the period/year attributable to owners
of the Group 2,057,618 1,754,322 16,638,532 10,457,343 Less:
Adjusted earnings allocated to manager shares and subsidiary
manager shares 158,393 — 1,418,874 110,990
Adjusted earnings attributable to the owners of common
shares used in the calculation of basic EPS 1,899,225 1,754,322
15,219,658 10,346,353 Weighted average number of shares outstanding
36,091,510 62,863,166 35,837,732 56,093,775
Adjusted EPS 0.05 0.03
0.42 0.18
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
