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, 2013.
Highlights
• EBITDA(1) of $43.8 million (Q4 2012: $8.6 million),
earnings per share (“EPS”) of $0.34 (Q4 2012: $0.04) and Profit of
$21.4 million (Q4 2012: $2.7 million) for the fourth quarter.
• Adjusted EBITDA(1) of $39.7 million (Q4 2012: $7.6
million), Adjusted EPS(1) of $0.28 (Q4 2012: $0.03) and Adjusted
Profit(1) of $17.4 million (Q4 2012: $1.8 million) for the fourth
quarter. • Quarterly dividend of $0.12 per common share
payable on March 25, 2014. •
Delivery of GasLog Chelsea in October, and
active throughout the quarter, delivering above expectations in
current market conditions.
•
Delivery of GasLog Seattle in December and
the commencement of her multi-year charter to a subsidiary of Royal
Dutch Shell plc.
•
Agreement to purchase three LNG carriers from a subsidiary of BG
Group plc. (“BG Group”) for $468 million with time charters back to
BG Group for six years. • The transaction will be fully
financed by a $325.5 million committed loan and $199.4 million in
net proceeds from our public offering and private placement of
common shares completed on January 22, 2014. • Our master
limited partnership (“MLP”) subsidiary confidentially submitted
draft registration statement on Form F-1 to the U.S. Securities and
Exchange Commission (“SEC”) for an initial public offering of its
units. (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.
CEO Statement
Mr. Paul Wogan, Chief Executive Officer, stated “I am delighted
to report a strong final quarter of 2013, which concludes a
successful year for GasLog. In 2013, we have grown our fleet both
through ship acquisitions and the exercise of newbuilding options
and I am particularly pleased that whilst delivering this growth,
we have also executed on our existing business plan. Through 2013,
we have increased our backlog of contracted revenue significantly,
broadened our financial platform in the capital markets, increased
our dividend and entered the spot market, where we have won a
number of contracts with new customers. All this has been achieved
with 100% utilization of our contracted fleet, and with an
excellent safety record. With the delivery of the GasLog Seattle in
December, we took delivery of five newbuildings in total this year,
all of which commenced multi-year charters to subsidiaries of
either Shell or BG. The acquisition of the GasLog Chelsea in
October and the subsequent charters to highly reputable
counterparties means that we now have eight vessels on the water,
compared to two at the beginning of the year. This exposure to the
spot market is a small part of our total fleet but our presence in
this developing sector continues to enhance our reputation with new
and existing customers.
After the end of the quarter, there were two very important
developments for GasLog. Firstly, we announced our intention to
make a confidential submission to the SEC of a draft registration
statement for an MLP, which has now taken place. Secondly, we
announced the proposed $468m acquisition and charter back of three
ships from BG Group, and completed an equity offering to fund part
of the acquisition. We have talked in the past about potential
industry consolidation in LNG shipping and this accretive
transaction along with our acquisition of the GasLog Chelsea are
great examples of our ability to take advantage of these
opportunities. We will look to grow our fleet further through
value-accretive opportunities that fit within GasLog’s disciplined
growth strategy and ultimately deliver value for our
shareholders.”
Dividend Declaration
On February 27, 2014, the Board of Directors declared a
quarterly cash dividend of $0.12 per common share payable on March
25, 2014 to shareholders of record as of March 10, 2014.
Agreement for three LNG Carriers from
BG Group
In January 2014, GasLog signed an agreement with Methane
Services Ltd. (“MSL”), an affiliate of BG Group, to purchase three
LNG carriers from MSL’s fleet and to charter those ships back to
MSL for six-year initial terms (the “BG Group transaction”). MSL
also has the option to extend the term of the time charters for two
of the ships for a period of either three or five years at its
election. The ships to be acquired will be nominated by MSL from an
agreed group of six sister ships built at Samsung Heavy Industries
Co. Ltd. (“Samsung”) in 2006 and 2007. GasLog supervised the
construction of all six ships and has provided technical management
for them since delivery. The aggregate cost to GasLog for the ships
is expected to be approximately $468 million. Each LNG carrier to
be acquired is a modern, steam powered vessel and has a cargo
capacity of 145,000 cubic meters.
Equity Offering
On January 22, 2014, GasLog completed a follow-on public
offering of 10,925,000 common shares (the “Public Offering”),
including 1,425,000 common shares issued upon the exercise in full
by the underwriters of their option to purchase additional shares.
The public offering price was $15.75 per share. The Company also
sold 2,317,460 common shares at the public offering price in a
concurrent private placement to certain of its directors and
officers and one of its major shareholders (the “Private
Placement”). The net proceeds from the Public Offering and the
Private Placement, after deducting underwriting discounts and other
offering expenses, were $199.4 million.
Proposed Initial Public Offering of
MLP
In January 2014, the Board of Directors authorized GasLog to
make a confidential submission to the SEC of a draft registration
statement on Form F-1 for an initial public offering of units in a
MLP to be formed to own certain of GasLog’s LNG carriers with
multi-year charters. The proceeds of the offering will principally
be used to reduce indebtedness. Completion of the initial public
offering is subject to further Board authorization as well as
completion of the SEC review process.
Delivery of GasLog
Seattle
On December 9, 2013, GasLog took delivery of the GasLog Seattle,
an LNG carrier of 155,000 cubic meters capacity with tri-fuel
diesel electric propulsion constructed by Samsung. The vessel is
chartered out to a subsidiary of Royal Dutch Shell plc. from its
delivery until 2020, with charterer’s option to extend the terms of
the charter at specified rates.
Delivery of GasLog
Chelsea
On October 4, 2013, GasLog took delivery of the GasLog Chelsea,
a 2010-built 153,600 cubic meters LNG Carrier from STX Pan Ocean
LNG Pte. Ltd., a Singapore based company, at a purchase price of
$160 million. The vessel is operating in the spot market.
New Financing
In connection with the acquisition of the three ships from MSL,
GasLog obtained commitments from Citibank for $325.5 million of
debt financing with a two year maturity and a short-term bridge
loan facility for up to $100.0 million. As a result of the funds
raised from the Public Offering and the concurrent Private
Placement, the bridge loan facility was cancelled.
Financial Summary
For the three months For the
year
In millions of U.S.
dollarsexcept per share numbers
Q4 2012 Q4 2013 Q4 2012
Q4 2013 EBITDA(1) 8.6 43.8 27.8
119.4 Adjusted EBITDA(1) 7.6 39.7 34.0
101.6 Profit 2.7 21.4 4.3 56.9
Adjusted Profit(1) 1.8 17.4 10.5 39.1
EPS(1) 0.04 0.34 0.07 0.91 Adjusted
EPS(1) 0.03 0.28 0.18 0.62
For the three-months and year ended December 31:
Profit was $21.4 million and $56.9 million for the quarter and
the year ended December 31, 2013, respectively ($2.7 million and
$4.3 million for the quarter and the year ended December 31, 2012,
respectively). This increase is mainly attributable to the delivery
of the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the
GasLog Skagen, and the GasLog Seattle on January 28, 2013, March
25, 2013, May 30, 2013, July 25, 2013, and December 9, 2013,
respectively, and the commencement upon delivery of their charter
party agreements. The GasLog Chelsea, delivered on October 4, 2013
also contributed to these profit numbers and has operated on the
spot market since delivery.
EPS was $0.34 and $0.91 for the quarter and the year ended
December 31, 2013, respectively ($0.04 and $0.07 for the quarter
and the year ended December 31, 2012, respectively). The increase
in EPS is attributable to the increase in profit.
EBITDA(1) was $43.8 million and $119.4 million for the quarter
and the year ended December 31, 2013, respectively ($8.6 million
and $27.8 million for the quarter and the year ended December 31,
2012, respectively).
Adjusted Profit(1) was $17.4 million and $39.1 million for the
quarter and the year ended December 31, 2013, respectively ($1.8
million and $10.5 for the quarter and the year ended December 31,
2012, respectively), after excluding the effects of the unrealized
gain/(loss) on swaps and foreign exchange gains.
Adjusted EPS(1) was $0.28 and $0.62 for the quarter and the year
ended December 31, 2013, respectively ($0.03 and $0.18 for the
quarter and the year ended December 31, 2012, respectively).
Adjusted EBITDA(1) was $39.7 million and $101.6 million for the
quarter and the year ended December 31, 2013, respectively ($7.6
million and $34.0 million for the quarter and the year ended
December 31, 2012, respectively).
Revenues were $59.3 million and $157.2 million for the quarter
and the year ended December 31, 2013, respectively ($18.3 million
and $68.5 million for the quarter and the year ended December 31,
2012, respectively). The increase is mainly attributable to the
delivery of the six ships as outlined above.
Vessel operating and supervision costs were $14.2 million and
$34.9 million for the quarter and the year ended December 31, 2013,
respectively ($4.3 million and $14.6 million for the quarter and
the year ended December 31, 2012, respectively). The increase is
mainly attributable to the vessel operating costs of the six ships
delivered during 2013.
(1) See Exhibit II for a discussion and
reconciliation of these non-GAAP measures.
Contracted Charter
Revenues
GasLog’s contracted charter revenues are estimated to increase
to $352.2 million for the fiscal year 2017, based on contracts in
effect as of December 31, 2013 for the fifteen ships in GasLog’s
wholly-owned fleet for which time charters have been secured,
including the contracted revenue for the three ships that will be
acquired pursuant to the BG Group transaction and the five
newbuildings that are scheduled to be delivered on various dates in
2014, 2015 and 2016, but does not include extension options.
Liquidity and Financing
As of December 31, 2013, GasLog had cash and cash equivalents of
$103.8 million of which $28.78 million was held in time deposits.
Moreover, as of December 31, 2013, GasLog had $4.5 million held in
time deposits with an initial duration of more than three months
but less than a year which have been classified as short-term
investments.
As of December 31, 2013, GasLog had an aggregate of $1.06
billion of indebtedness outstanding under six credit agreements, of
which $104.75 million is repayable within one year. As of December
31, 2013, GasLog also had $82.23 million outstanding under its NOK
500 million bonds that are payable in June 2018.
As of December 31, 2013 there is an undrawn amount of $10.51
million from the revolving facility of GAS-two Ltd. from which
$2.68 million was drawn in January 2014. The balance is available
to be drawn under certain conditions. In addition, there is one
loan facility with an aggregate undrawn amount of $435 million
available that will be used to finance a portion of the contract
prices of three of our newbuildings upon their deliveries.
As of December 31, 2013, GasLog’s commitments for capital
expenditures are related to the seven LNG carriers on order at
Samsung, which have a gross aggregate contract price of
approximately $1.39 billion. As of December 31, 2013, the total
remaining balance of the contract prices of the seven newbuildings
was $1.27 billion and will be funded with available cash, cash from
operations, existing debt and other future financings we will seek
to secure.
Around two thirds of GasLog’s expected floating interest rate
exposure has been hedged, and the weighted average interest rate of
all existing debt is approximately 4.5% (including margin) as of
December 31, 2013.
Business Update
As of December 31, 2013 GasLog has seven newbuildings on order
at Samsung. Our vessels presently under construction are on
schedule and within budget.
The seven on-the-water ships in GasLog’s fleet, currently on
long-term charters, performed without any off-hire during the
quarter ended December 31, 2013, thereby achieving full utilization
for the period.
GasLog has secured an extension of the previously reported
options for the construction of up to six (4 priced and 2 unpriced)
additional LNG carriers (174,000 cubic meters each) from Samsung
until the end of the first quarter of 2014.
LNG Market Update and
Outlook
We believe that the long-term outlook for LNG shipping remains
very positive with several significant liquefaction projects
nearing completion and, over the coming years, a steady stream of
large projects expected to come online around the world in places
such as Australia, USA, Russia, Canada and East Africa. During the
fourth quarter of 2013, the 16mtpa Yamal project in North West
Siberia took final investment decision (“FID”) and a further
approval was given by the U.S. Department of Energy for Freeport
train 3 in the USA for exports to non-Free Trade Agreement
countries.
During the fourth quarter of 2013 short-term rates for LNG
carriers gradually decreased. However, demand for LNG remained high
as evidenced by the high prices achievable in the Far East. A lack
of available LNG cargoes in the Atlantic basin reduced demand for
short-term LNG charters and more ships became available as
newbuilds were delivered. This pressure on short-term rates is
likely to continue into Q1 2014 as open newbuilds continue to be
delivered at a faster pace than liquefaction projects come
online.
GasLog’s strategy has been to remain largely contracted over
2014 and 2015 and whilst we may see rates fall from the
historically high levels of the last few years, the make-up of our
fleet with long-term contracts to reputable counterparties largely
protects us from any near term volatility. Looking ahead, we do
expect to see significant opportunities to capture the upside in
the spot market when new liquefaction capacity begins production to
outstrip the number of ships being delivered. With the recently
announced BG Group transaction, we will significantly increase our
backlog of contracted revenue to approximately $2.5 billion, which
further improves the company’s financial flexibility and
liquidity.
The acquisition of the GasLog Chelsea and BG Group transaction
demonstrate our willingness and ability to take advantage of
attractive opportunities as they arise. Our financial flexibility
alongside our contracted revenue base allow us to look at potential
opportunities that meet our disciplined return criteria in both the
short and long-term markets going forward.
Through the delivery of our newbuilding program and the addition
of on-the-water vessels, we believe GasLog is very well placed to
take advantage of the continuing growth in the LNG industry.
Conference Call
GasLog will host a conference call at 8:30 a.m. Eastern Time
(1:30 p.m. London Time) on Friday, February 28, 2014 to discuss the
fourth quarter 2013 results. The dial-in number is +1-646-254-3365
(New York, NY) and +44 (0) 203 427 1905 (London, UK), passcode is
9828325. 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 28, 2014 until 6:59 p.m. Eastern Time on
Wednesday, March 7, 2014 (11:59 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 9828325.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. Following the acquisition of the three MSL ships,
GasLog’s fleet will include 18 wholly-owned LNG carriers, including
eleven ships in operation and seven LNG carriers on order. GasLog
currently has 12 LNG carriers, including the three ships subject to
the agreement with MSL, operating under its technical management
for third parties. GasLog’s principal executive offices are located
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 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 complete the formation of a
proposed master limited partnership; 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 Financial Information
Unaudited condensed consolidated
statements of financial positionAs of December 31, 2012 and
2013(All amounts expressed in U.S. Dollars)
2012 2013
Assets (restated)(1)
Non-current assets Goodwill
9,511,140 9,511,140 Investment in associate 6,856,144 6,326,264
Derivative financial instruments — 9,144,834 Deferred financing
costs 24,278,983 12,793,375 Other non-current assets 4,071,071
2,658,320 Tangible fixed assets 426,879,545 1,529,719,894 Vessels
under construction 217,321,572 120,295,239
Total non-current
assets 688,918,455 1,690,449,066 Current
assets Trade and other receivables 2,431,852 7,256,534
Dividends receivable and due from related parties 859,121 2,476,122
Inventories 480,554 5,935,576 Prepayments and other current assets
425,385 2,263,294 Short-term investments 104,674,150 4,500,000 Cash
and cash equivalents 110,978,315 103,797,922
Total current
assets 219,849,377 126,229,448 Total
assets 908,767,832 1,816,678,514 Equity and
liabilities Equity Share capital 628,632 628,632
Contributed surplus 621,879,379 614,964,431 Reserves (11,049,090 )
(3,428,313 ) Accumulated deficit (8,187,530 ) 27,368,310
Equity
attributable to owners of the Group 603,271,391
639,533,060 Current liabilities Trade accounts
payable 1,794,300 5,734,673 Ship management creditors 850,680
8,148,219 Amounts due to related parties 121,663 122,786 Derivative
financial instruments 7,144,738 14,235,286 Other payables and
accruals 15,094,483 30,271,660 Loans—current portion 25,753,343
100,320,398
Total current liabilities 50,759,207
158,833,022 Non-current liabilities Derivative
financial instruments 24,183,718 2,917,577 Loans—non-current
portion 228,514,890 1,014,753,538 Other non-current liabilities
2,038,626 641,317
Total non-current liabilities
254,737,234 1,018,312,432 Total equity and
liabilities 908,767,832 1,816,678,514
(1) Restated to account for the retrospective application of the
amendments to IAS 19 Employee Benefits adopted on January 1,
2013.
Unaudited condensed consolidated
statements of profit or lossFor the three months and the
years ended December 31, 2012 and 2013(All amounts expressed
in U.S. Dollars)
For the three months ended
For the year ended December 31, 2012
December 31, 2013 December 31, 2012
December 31, 2013 (restated)(1) (restated)(1) Revenues
18,297,681 59,337,795 68,542,087 157,239,696 Vessel operating and
supervision costs (4,303,891 ) (14,182,359 ) (14,646,407 )
(34,918,920 ) Depreciation of fixed assets (3,291,587 ) (10,304,561
) (13,064,898 ) (29,321,948 ) General and administrative expenses
(5,948,209 ) (5,667,093 ) (20,380,090 ) (21,596,924 )
Profit
from operations 4,753,994 29,183,782
20,450,692 71,401,904 Financial costs including
gain/(loss) on swaps (2,612,833 ) (8,175,414 ) (18,452,877 )
(16,353,682 ) Financial income 249,237 60,334 1,174,361 410,974
Share of profit of associate 316,904 376,174 1,078,057 1,470,120
Total other expense (2,046,692 )
(7,738,906 ) (16,200,459 )
(14,472,588 ) Profit for the period/year
2,707,302 21,444,876 4,250,233
56,929,316 Earnings per share - basic and
diluted 0.04 0.34 0.07 0.91
(1) Restated to account for the retrospective application of the
amendments to IAS 19 Employee Benefits adopted on January 1,
2013.
Unaudited condensed consolidated
statements of cash flowFor the years ended December 31, 2012
and 2013(All amounts expressed in U.S. Dollars)
For the years ended
December 31,2012
December 31,2013
(restated)(1)
Cash flows from operating
activities: Profit for the year 4,250,233 56,929,316
Adjustments for: Depreciation of fixed assets 13,064,898 29,321,948
Share of profit of associate (1,078,057 ) (1,470,120 ) Financial
income (1,174,361 ) (410,974 ) Financial costs 11,669,562
27,851,400 Unrealized loss/(gain) on swaps 6,783,315 (17,226,925 )
Non-cash employee benefits 3,481,090 492,822 Unrealized foreign
exchange gains on cash and cash equivalents and short-term
investments (627,758 ) (1,013,004 ) Non-cash defined benefit
obligations 35,844 81,396 36,404,766 94,555,859
Movements in working capital (341,871 ) 13,779,446
Cash provided by operations 36,062,895
108,335,305 Interest paid (11,144,727 )
(21,590,780 )
Net cash from operating activities
24,918,168 86,744,525 Cash flows from
investing activities: Dividends received from associate 950,000
1,640,027 Payments for tangible fixed assets and vessels under
construction (110,765,495 ) (1,038,153,383 ) Return of contributed
capital from associate — 359,973 Purchase of short-term investments
(307,914,861 ) (44,969,200 ) Maturity of short-term investments
204,091,159 145,046,500 Financial income received 1,017,884
560,516
Net cash used in investing activities
(212,621,313 ) (935,515,567 )
Cash flows from financing activities: Proceeds from bank
loans and bond — 1,026,199,965 Bank loan repayment (27,454,542 )
(142,648,971 ) Payment of loan issuance costs (16,221,986 )
(14,781,775 ) Payment of initial public offering (“IPO”) costs
(3,515,267 ) — Proceeds from sale of common shares (net of
underwriting discounts and commissions) 314,255,049 — Dividend paid
(6,914,948 ) (28,288,424 ) Capital contributions received
18,662,935 —
Net cash from financing activities
278,811,241 840,480,795 Effects of
exchange rate changes on cash and cash equivalents
(222,690 ) 1,109,854 Increase/(decrease) in
cash and cash equivalents 90,885,406 (7,180,393
) Cash and cash equivalents, beginning of the year
20,092,909 110,978,315
Cash and cash equivalents, end of
the year 110,978,315 103,797,922
(1) Restated to account for the retrospective application of the
amendments to IAS 19 Employee Benefits adopted on January 1,
2013.
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/loss on swaps and foreign exchange
gains. Adjusted Profit and Adjusted EPS represent earnings and
earnings per share, respectively, before unrealized gain/loss on
swaps and foreign exchange gains. 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 in the case of Adjusted EBITDA,
Adjusted Profit and Adjusted EPS, unrealized gain/loss on swaps and
foreign exchange gains, 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
For the year ended December 31, 2012
December 31, 2013 December 31, 2012
December 31, 2013 Profit for the period/year
2,707,302 21,444,876 4,250,233 56,929,316
Depreciation of fixed assets 3,291,587 10,304,561 13,064,898
29,321,948
Financial costs excluding unrealized
gain/(loss) on swaps
2,822,665 12,098,538 11,669,562 33,580,607 Financial income
(249,237 ) (60,334 ) (1,174,361 ) (410,974 )
EBITDA 8,572,317 43,787,641
27,810,332 119,420,897 Unrealized
(gain)/loss on swaps (209,832 ) (3,923,124 ) 6,783,315 (17,226,925
) Foreign exchange gains, net (713,734 ) (142,621 )
(546,791 ) (576,038 )
Adjusted EBITDA
7,648,751 39,721,896 34,046,856
101,617,934
Reconciliation of Adjusted Profit to
Profit:(All amounts expressed in U.S. Dollars)
For the three months ended For the
year ended December 31, 2012 December 31,
2013 December 31, 2012 December 31, 2013
Profit for the period/year 2,707,302 21,444,876
4,250,233 56,929,316 Unrealized (gain)/loss on swaps
(209,832 ) (3,923,124 ) 6,783,315 (17,226,925 ) Foreign exchange
gains, net (713,734 ) (142,621 ) (546,791 )
(576,038 )
Adjusted Profit 1,783,736
17,379,131 10,486,757
39,126,353
Reconciliation of Adjusted Earnings Per
Share to Earnings Per Share:(All amounts expressed in U.S.
Dollars except share numbers)
For the three months ended
For the year ended December 31, 2012
December 31, 2013 December 31, 2012
December 31, 2013
Profit for the period/year attributable
to
Owners of the Group
2,707,302 21,444,876 4,250,233
56,929,316
Less: Earnings allocated to manager
shares
and subsidiary manager shares
— — 45,110 —
Earnings attributable to the owners of
common shares used in the calculation
ofbasic EPS
2,707,302 21,444,876 4,205,123
56,929,316
Weighted average number of shares
outstanding, basic
62,863,166 62,863,166 56,093,775
62,863,166
EPS 0.04 0.34
0.07 0.91
Adjusted profit for the period/year
attributable to Owners of the Group
1,783,736 17,379,131 10,486,757 39,126,353
Less: Adjusted earnings allocated to
manager
shares and subsidiary manager shares
— — 111,302 —
Adjusted earnings attributable to the
owners
of common shares used in the calculation
ofbasic EPS
1,783,736
17,379,131 10,375,455 39,126,353
Weighted average number of shares
outstanding, basic
62,863,166 62,863,166 56,093,775
62,863,166
Adjusted EPS 0.03
0.28 0.18 0.62
GasLog, MonacoSimon Crowe, +377 9797 5115CFOorGasLog,
MonacoJamie Buckland, +377 9797 5118orSolebury Communications,
NYCRay Posadas, +1 203-428-3231ir@gaslogltd.com
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