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 March 31, 2013.
Highlights
• Delivery of GasLog Shanghai and GasLog
Santiago ahead of schedule with concurrent delivery to the
charterer. • Quarterly dividend of $0.11 per common share is
payable on June 11, 2013. • For the first quarter, GasLog reports
Profit of $5.9 million, EBITDA(1) of $13.9 million and EPS of
$0.09. • GasLog accepted an offer letter of $160 million for the
refinancing of an existing loan facility and general corporate
purposes.
CEO Statement
Mr. Paul Wogan, Chief Executive Officer, stated “This has been a
good quarter for GasLog. We continued to execute on the business
plan that we outlined at the time of our IPO with the delivery of
two newbuildings on budget and ahead of schedule. All four vessels
in the fleet achieved 100% utilization. We announced the further
growth of our fleet with the order of two newbuildings at Samsung
for 10-year charter to a subsidiary of BG Group plc. We continue to
be excited about opportunities both to optimize our capital
structure and utilize our platform for further accretive
growth.”
Dividend Declaration
On May 14, 2013, the Board of Directors declared a quarterly
cash dividend of $0.11 per common share payable on June 11, 2013 to
stockholders of record as of May 28, 2013.
Delivery of GasLog Shanghai and GasLog
Santiago ahead of schedule
On January 28, 2013 and March 25, 2013, GasLog took delivery of
the GasLog Shanghai and the GasLog Santiago, respectively, two LNG
carriers of 155,000 cubic meters capacity with tri-fuel diesel
electric propulsion constructed by Samsung Heavy Industries Co.
Ltd. The vessels are chartered out to a subsidiary of BG Group plc
from delivery until 2018 with charterer’s option to extend the
terms of the charters at specified rates.
Financial Summary
Revenues were $21.8 million for the quarter ended March 31, 2013
($16.6 million for the quarter ended March 31, 2012). The increase
is mainly attributable to the delivery of the two newbuildings.
Vessel operating and supervision costs were $4.9 million for the
quarter ended March 31, 2013 ($3.5 million for the quarter ended
March 31, 2012). The increase is mainly attributable to the vessel
operating costs of the two newbuildings and an increase in
technical maintenance expenses due to the planned intermediate
surveys on the two vessels delivered in 2010.
Depreciation of fixed assets was $4.2 million for the quarter
ended March 31, 2013 ($3.2 million for the quarter ended March 31,
2012). The increase is mainly attributable to the depreciation of
the two newbuildings.
General and administrative expenses were $6.6 million for the
quarter ended March 31, 2013 ($5.2 million for the quarter ended
March 31, 2012). The increase is mainly attributable to an increase
in employee related expenses, in line with GasLog’s planned growth
and an increase in net foreign exchange losses, partially offset by
a decrease in equity-settled compensation expense.
Financial costs and gain on interest rate swaps, net were $0.7
million for the quarter ended March 31, 2013 ($2.9 million for the
quarter ended March 31, 2012). The decrease is attributable to an
increase of $3.1 million in unrealized gain on interest rate swaps
partially offset by an increase of $0.9 million in other financial
costs.
Profit was $5.9 million for the quarter ended March 31, 2013
($2.2 million for the quarter ended March 31, 2012). This increase
is mainly attributable to the delivery of the two newbuildings as
well as the other factors mentioned above.
EPS was $0.09 for the quarter ended March 31, 2013 ($0.06 for
the quarter ended March 31, 2012). The increase in EPS is
attributable to the increase in profit partially offset by the
increase in the weighted average number of shares.
EBITDA(1) was $13.9 million for the quarter ended March 31, 2013
($8.4 million for the quarter ended March 31, 2012).
Adjusted Profit(1) was $3.2 million for the quarter ended March
31, 2013 ($2.1 million for the quarter ended March 31, 2012), after
excluding the effects of the unrealized gain on interest rate swaps
and foreign exchange losses.
Adjusted EPS(1) was $0.05 for the quarter ended March 31, 2013
($0.05 for the quarter ended March 31, 2012).
Adjusted EBITDA(1) was $11.3 million for the quarter ended March
31, 2013 ($8.3 million for the quarter ended March 31, 2012).
(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 International Financial Reporting
Standards (“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.
For a detailed discussion of GasLog’s financial results for the
quarter ended March 31, 2013, please refer to the Financial Report
for the Three Months Ended March 31, 2013, furnished on Form 6-K to
the United States Securities and Exchange Commission (the “Q1
6-K”).
http://www.gaslogltd.com/investor-relations/sec-filings
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 six newbuildings that are
scheduled to be delivered on various dates in 2013, 2014 and 2016.
For further details please refer to the Q1 6-K.
Liquidity and Financing
As of March 31, 2013, GasLog had cash and cash equivalents of
$63 million and short-term investments in time deposits of $72.3
million.
As of March 31, 2013, GasLog had an aggregate of $521.2 million
of indebtedness outstanding under three credit agreements, of which
$130.7 million is repayable within one year. GasLog has accepted an
offer letter for a term loan facility of $110 million and a
revolving credit facility of up to $50 million for the purpose of
refinancing an existing facility of an outstanding amount of $105.6
million, presented under current debt, and for general corporate
purposes. In addition there are three loan facilities with an
aggregate undrawn amount of $856 million that will be used to
partially finance the delivery of six newbuildings.
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 $1.57 billion. As of
March 31, 2013, the total remaining balance of the contract prices
of the eight newbuildings on order was $1.4 billion, that will be
funded with available cash, cash from operations, existing debt and
other financings.
GasLog’s expected floating interest rate exposure has been
hedged at a weighted average interest rate of approximately 4.3%
(including margin) as of March 31, 2013.
Business Update
As of March 31, 2013 GasLog has eight newbuildings on order at
Samsung Heavy Industries. The six vessels presently under
construction were on schedule and within budget. Three of the
vessels under construction are scheduled to be delivered within
2013.
The four on-the-water ships in GasLog’s fleet as of March 31,
2013, currently on multi-year charters to a subsidiary of BG Group
plc, performed without any off-hire during the quarter ended March
31, 2013, thereby achieving full utilization for the period.
As of March 31, 2013 GasLog continued to hold priced options for
four additional LNG carriers at Samsung Heavy Industries Co.
Ltd.
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 first quarter of 2013 saw a decrease in the short term rates
for LNG ships. This has been attributed by observers to production
disruption at a small number of LNG plants, leading to a lack of
available spot cargoes and an availability of ships.
The long-term fundamentals for LNG production, continue to look
strong. Two export projects under construction, Sabine Pass in the
USA and Australia Pacific LNG in Australia, have both announced
they are on track to start producing either on, or slightly ahead
of schedule. More companies have signed up for prospective LNG
supply volumes from the USA. We have seen further progress offshore
East Africa and a continued expectation that this region will
become a major LNG export hub in the next decade.
We have seen some older technology ships continue to experience
idle time. However, on a historical basis LNG shipping rates remain
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. We will continue to focus 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 the strategy of leveraging its
established platform and customer relationships will aid in
qualifying for charter possibilities for the two uncommitted
newbuildings as well as the options it holds for four additional
newbuildings. GasLog’s experience and track record may also allow
GasLog to explore possibilities for industry consolidation.
Conference Call
GasLog will host a conference call at 8:30 a.m. Eastern Time
(1:30 p.m. London Time) on Wednesday, May 15, 2013 to discuss the
first quarter 2013 results. The dial-in number is 1-646-254-3363
(New York, NY) and +44 (0) 203 427 1914 (London, UK), passcode is
6771517. 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 May 15, 2013 until 6:00 p.m. Eastern Time on Tuesday May
21, 2013 (11:00 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 6771517.
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, two ships delivered in 2013
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 Annual Report filed March 28, 2013. Copies of the
Annual Report, 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, 2012 and March 31,
2013
(All amounts expressed in U.S.
Dollars)
December 31, 2012
March 31, 2013
Assets
(restated)(1)
Non-current assets Goodwill 9,511,140 9,511,140 Investment
in associate 6,856,144 6,854,378 Deferred financing costs
24,278,983 20,152,705 Other non-current assets 4,071,071 3,996,552
Tangible fixed assets 426,879,545 799,643,238 Vessels under
construction 217,321,572 180,650,572
Total non-current
assets 688,918,455 1,020,808,585 Current
assets Trade and other receivables 2,431,852 2,762,175
Dividends receivable and due from related parties 859,121 2,082,817
Inventories 480,554 912,229 Prepayments and other current assets
425,385 868,869 Short-term investments 104,674,150 72,283,350 Cash
and cash equivalents 110,978,315 63,006,246
Total current
assets 219,849,377 141,915,686 Total
assets 908,767,832 1,162,724,271 Equity and
liabilities Equity Share capital 628,632 628,632
Contributed surplus 621,879,379 614,964,431 Reserves (11,049,090 )
(8,779,073
)
Accumulated deficit (8,187,530 ) (2,294,086 )
Equity
attributable to owners of the Group 603,271,391
604,519,904 Current liabilities Trade accounts
payable 1,794,300 3,685,801 Ship management creditors 850,680
563,360 Amounts due to related parties 121,663 97,649 Derivative
financial instruments 7,144,738 7,686,087 Other payables and
accruals 15,094,483 12,227,022 Loans—current portion 25,753,343
128,550,259
Total current liabilities 50,759,207
152,810,178 Non-current liabilities Derivative
financial instruments 24,183,718 18,133,402 Loans—non-current
portion 228,514,890 385,220,527 Other non-current liabilities
2,038,626 2,040,260
Total non-current liabilities
254,737,234 405,394,189 Total equity and
liabilities 908,767,832 1,162,724,271
(1) Restated to account for the retrospective application of IAS
19 Employee Benefits.
Unaudited condensed consolidated
statements of profit or loss
For the three months ended March 31,
2012 and 2013
(All amounts expressed in U.S.
Dollars)
For the three months ended March 31, 2012 March
31, 2013 Revenues 16,602,387 21,776,858 Vessel operating and
supervision costs (3,488,188 ) (4,876,900 ) Depreciation of fixed
assets (3,235,208 ) (4,240,496 ) General and administrative
expenses (5,184,767 ) (6,614,660 )
Profit from
operations 4,694,224 6,044,802
Financial costs and gain on interest rate swaps, net
(2,906,447 ) (718,400 ) Financial income — 178,781 Share of profit
of associate 383,287 388,261
Total other
expense (2,523,160 )
(151,358 )
Profit for the period attributable to owners
of the Group 2,171,064 5,893,444
Earnings per share – basic and diluted 0.06
0.09
Unaudited condensed consolidated
statements of cash flow
For the three months ended March 31,
2012 and 2013
(All amounts expressed in U.S.
Dollars)
For the three months ended March 31, 2012 March
31, 2013 Cash flows from operating activities: Profit
for the period 2,171,064 5,893,444 Adjustments for: Depreciation of
fixed assets 3,235,208 4,240,496 Share of profit of associate
(383,287 ) (388,261 ) Financial income — (178,781 ) Financial costs
and gain on interest rate swaps, net 2,906,447 718,400 Unrealized
foreign exchange losses on cash and cash equivalents and short-term
investments — 939,181 Expense recognized in respect of
equity-settled share based payments 1,424,404 —
9,353,836 11,224,479 Movements in working capital (3,409,648
) (5,518,459 )
Cash provided by operations
5,944,188 5,706,020 Interest paid (2,922,981 )
(2,573,813 )
Net cash from operating activities
3,021,207 3,132,207 Cash flows from
investing activities: Dividends received from associate 950,000
750,000 Payments for tangible fixed assets and vessels under
construction (21,225,860 ) (339,736,540 ) Purchase of short-term
investments — (1,469,200 ) Maturity of short-term investments —
33,600,000 Financial income received — 114,602
Net
cash used in investing activities (20,275,860
) (306,741,138 ) Cash flows from
financing activities: Bank loan drawdown — 272,500,000 Bank
loan repayments (6,850,114 ) (6,957,682 ) Increase in advances from
related parties 3,350,050 — Payment of loan issuance costs
(8,980,335 ) (2,311,327 ) Payment of initial public offering
(“IPO”) costs (728,526 ) — Dividends paid — (6,914,948 ) Capital
contributions 18,662,935 —
Net cash from financing
activities 5,454,010 256,316,043
Effects of exchange rate changes on cash and cash
equivalents — (679,181 )
Decrease in cash and cash
equivalents (11,800,643 ) (47,972,069
) Cash and cash equivalents, beginning of the period
20,092,909 110,978,315
Cash and cash equivalents, end of
the period 8,292,266 63,006,246
EXHIBIT II
Non-GAAP Financial Measures:
EBITDA represents earnings before interest income and expense,
taxes, depreciation and amortization. Adjusted EBITDA represents
EBITDA before unrealized gain on interest rate swaps and foreign
exchange losses. Adjusted Profit and Adjusted EPS represent
earnings and earnings per share, respectively, before unrealized
gain on interest rate swaps and foreign exchange losses. EBITDA,
Adjusted EBITDA, Adjusted Profit 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 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 and
Adjusted EPS, unrealized gain on interest rate swaps and foreign
exchange 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 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 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 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:
(All amounts expressed in U.S.
Dollars)
For the three months
ended March 31, 2012 March 31, 2013
Profit for the period 2,171,064 5,893,444
Depreciation of fixed assets 3,235,208 4,240,496 Financial costs
excluding gain on interest rate swaps 3,008,430 3,957,350 Financial
income — (178,781 )
EBITDA
8,414,702 13,912,509 Unrealized gain on
interest rate swaps, net (101,983 ) (3,238,950 ) Foreign exchange
losses, net 17,996 590,299
Adjusted EBITDA
8,330,715 11,263,858
Reconciliation of Adjusted Profit to
Profit:
(All amounts expressed in U.S.
Dollars)
For the three months ended March 31,
2012
March 31, 2013
Profit for the period 2,171,064 5,893,444 Unrealized
gain on interest rate swaps, net (101,983 ) (3,238,950 ) Foreign
exchange losses, net 17,996 590,299
Adjusted
Profit for the period 2,087,077
3,244,793
Reconciliation of Adjusted Earnings Per
Share to Earnings Per Share:
(All amounts expressed in U.S.
Dollars)
Three months ended
March 31, 2012 March 31, 2013 Profit
for the period attributable to owners of the Group 2,171,064
5,893,444 Less: Earnings allocated to manager shares and
subsidiary manager shares 128,988 — Earnings
attributable to the owners of common shares used in the calculation
of basic EPS 2,042,076 5,893,444 Weighted average number of shares
outstanding, basic 36,778,378 62,863,166
EPS
0.06 0.09 Adjusted profit for
the period attributable to owners of the Group 2,087,077 3,244,793
Less: Adjusted earnings allocated to manager shares and subsidiary
manager shares 123,998 — Adjusted earnings
attributable to the owners of common shares used in the calculation
of basic EPS 1,963,079 3,244,793 Weighted average number of shares
outstanding 36,778,378 62,863,166
Adjusted EPS
0.05 0.05
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