GasLog Ltd. and its subsidiaries (“GasLog” or “Group” or
“Company”) (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, 2015.
Highlights
- On March 31, 2015, successfully
completed the acquisition of two on-the-water vessels from Methane
Services Limited (“MSL”), a subsidiary of BG Group plc (“BG Group”)
for $460.0 million, with time charters back to MSL for an average
of 10 years.
- Post-quarter end, agreement with BG
Group to charter three newbuildings, revise the duration of three
existing charter party agreements and option to charter an
additional 6 newbuildings.
- Post-quarter end, successfully
completed a public offering of 4.6 million shares of 8.75% Series A
Cumulative Redeemable Perpetual Preference Shares (the “Series A
Preference Shares”), raising net proceeds of $110.7 million.
- Quarterly dividend of $0.14 per common
share payable on May 21, 2015.
- Earnings per share (“EPS”) of $0.05 (Q1
2014: $0.09), EBITDA(1) of $62.0 million (Q1 2014: $34.3 million)
and Profit of $13.9 million (Q1 2014: $6.3 million) for the quarter
ended March 31, 2015.
- Adjusted EPS(1) of $0.13 (Q1 2014:
$0.13), Adjusted EBITDA(1) of $63.6 million (Q1 2014: $34.3
million) and Adjusted Profit(1) of $20.2 million (Q1 2014: $9.6
million) for the quarter ended March 31, 2015.
- Delivery of GasLog Salem on April 30,
2015.
(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
Paul Wogan, Chief Executive Officer, stated: “Against a back
drop of weak overall energy markets, the first quarter of 2015 saw
us take delivery of the Methane Becki Anne and the Methane Julia
Louise, bringing our consolidated fleet to 27 vessels. We continued
to make further positive progress in the weeks after quarter end,
announcing a transaction with BG Group to charter up to nine
newbuildings, three of which are firm and will be satisfied by our
currently uncontracted newbuilds. The transaction adds a
significant amount of fixed-rate revenue and adds to the potential
pipeline of dropdowns for GasLog Partners LP (“GasLog Partners”),
which we believe will further enhance the sum of the parts
valuation of GasLog. Also after quarter end, Royal Dutch Shell plc
(“Royal Dutch Shell”) affirmed their belief in the long term future
of the LNG business with its offer to buy BG Group and we look
forward to being a key supplier to this new industry leading
entity.”
Dividend Declaration
On May 5, 2015, the board of directors declared a quarterly cash
dividend of $0.14 per common share payable on May 21, 2015 to
shareholders of record as of May 18, 2015.
Issuance of 4.6 million Series A
Preference Shares
On April 7, 2015, GasLog completed a public offering of 4.6
million shares of 8.75% Series A Preference Shares, par value $0.01
per share, liquidation preference $25.00 per share and priced at
$25.00 per share, including 600,000 shares issued upon the exercise
in full by the underwriters of their option to purchase additional
Series A Preference Shares. The net proceeds from the offering
after deducting underwriting discounts, commissions and other
offering expenses were $110.7 million. The Series A Preference
Shares are listed on the New York Stock Exchange under the symbol
“GLOG PR A”.
Agreement with BG Group
On April 21, 2015, GasLog and GasLog Partners announced the
agreement to charter to MSL three newbuildings and an option for
MSL to elect, within 2015 to charter an additional six
newbuildings. The details of that transaction are set out in the
Press Release dated April 21, 2015, which was attached as an
exhibit to our report on Form 6-K/A furnished to the SEC on April
24, 2015. Additionally, on April 20, 2015, the lenders to the
GasLog Partners’ facility agreement unanimously approved, subject
only to final documentation, such changes to the facility agreement
as are required to reflect the referenced changes to these
charters.
Delivery of GasLog Salem
On April 30, 2015, GasLog took delivery of the GasLog Salem, an
LNG carrier of 155,000 cubic meters capacity with tri-fuel diesel
electric propulsion constructed by Samsung Heavy Industries Co.
Ltd. (“Samsung”).
Acquisition and Financing of two LNG
carriers
On March 31, 2015, GasLog completed the acquisition of two
170,000 cbm tri-fuel diesel electric LNG carriers from MSL for an
aggregate cost of $460.0 million and chartered those vessels back
to MSL for initial terms of 9 and 11 years. MSL has unilateral
options to extend the term of the time charters for both ships for
a period of either three or five years. The vessels acquired are
the 2010-built Methane Becki Anne and Methane Julia Louise. GasLog
supervised the construction of both vessels for BG Group and has
provided technical management for the ships since delivery.
On March 25, 2015, in connection with the aforementioned
acquisition, GasLog, through its vessel-owning subsidiaries
GAS-twenty six Ltd. and GAS-twenty seven Ltd. entered into a senior
secured term loan facility of up to $325.0 million with ABN Amro
Bank N.V., Commonwealth Bank of Australia, Credit Agricole
Corporate and Investment Bank, Deutsche Bank AG Filiale
Deutschlandgeschäft, DNB Bank ASA, London Branch and ING Bank N.V.,
London Branch, and a subordinated term loan facility of up to
$135.0 million with ABN Amro Bank N.V., Credit Agricole Corporate
and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft
and DNB Bank ASA, London Branch.
GasLog Partners and GasLog have agreed that GasLog Partners will
have the option, exercisable at any time within 36 months after
March 31, 2015, to purchase the Methane Becki Anne and the Methane
Julia Louise each at their fair market value, as determined under
the omnibus agreement. This agreement supersedes the provision
under the omnibus agreement that would otherwise have required
GasLog to offer to GasLog Partners, within 30 days of the
completion of the vessels acquisition, an opportunity to purchase
such vessels at the acquisition price paid plus certain
administrative costs, and would have allowed GasLog Partners 30
days to respond to such offer.
Financial Summary
In millions of U.S. dollars except per share data
For the three months ended March 31, 2014
March 31, 2015 Revenues $ 57.1 $ 97.3 Profit $
6.3 $ 13.9 Adjusted Profit(1) $ 9.6 $ 20.2 EBITDA(1) $ 34.3 $ 62.0
Adjusted EBITDA(1) $ 34.3 $ 63.6 EPS $ 0.09 $ 0.05 Adjusted EPS(1)
$ 0.13 $ 0.13
There were 1,354 operating days for the quarter ended March 31,
2015, as compared to 688 operating days for the quarter ended March
31, 2014. The increase in operating days resulted from the new
vessel deliveries and on-the-water vessel acquisitions over the
period. Specifically, the Solaris was delivered on June 30, 2014,
the Methane Rita Andrea, the Methane Jane Elizabeth, the Methane
Lydon Volney, the Methane Shirley Elisabeth, the Methane Heather
Sally, and the Methane Alison Victoria were acquired in April and
June 2014, the GasLog Saratoga was delivered on December 16, 2014
and the Methane Becki Anne and the Methane Julia Louise were
acquired on March 31, 2015.
Profit was $13.9 million for the quarter ended March 31, 2015
($6.3 million for the quarter ended March 31, 2014). This increase
is mainly attributable to the increase in operating days, partially
offset by the increase in finance costs due to the increase in
average outstanding debt related to vessel deliveries and
acquisitions.
Adjusted Profit(1) was $20.2 million for the quarter ended March
31, 2015 ($9.6 million for the quarter ended March 31, 2014)
adjusted for the effects of the non-cash loss on swaps and the
foreign exchange losses. The increase in Adjusted Profit was mainly
attributable to the significant growth in our fleet in 2014,
partially offset by the increase in general and administrative
expenses and the increase in finance costs due to the increase in
average outstanding debt.
EBITDA(1) was $62.0 million for the quarter ended March 31, 2015
($34.3 million for the quarter ended March 31, 2014). The increase
in EBITDA is attributable to the increase in revenues from the
larger fleet, partially offset by the increase in vessel operating
and supervision costs associated with the increase in the average
number of vessels in our fleet and the increase in general and
administrative expenses.
Adjusted EBITDA(1) was $63.6 million for the quarter ended March
31, 2015 ($34.3 million for the quarter ended March 31, 2014). The
increase in Adjusted EBITDA was attributable to the increase in
EBITDA and the increase in net foreign exchange losses.
EPS was $0.05 for the quarter ended March 31, 2015 ($0.09 for
the quarter ended March 31, 2014). The decrease in EPS is
attributable to the decrease in Profit attributable to owners of
the Group, as a result of the Profit allocated to non-controlling
shareholders following the completion of GasLog Partners initial
public offering (“IPO”) in May 2014 and the increase in the
weighted average number of shares resulting from the equity
offerings and the private placement completed in the first half of
2014.
Adjusted EPS(1) was $0.13 for the quarter ended March 31, 2015
($0.13 for the quarter ended March 31, 2014). The increase in
Adjusted EPS is attributable to the increase in Adjusted Profit,
after deducting the Profit allocated to non-controlling
shareholders, partially offset by the increase in the weighted
average number of shares resulting from the equity offerings and
the private placement completed in the first half of 2014.
Revenues were $97.3 million for the quarter ended March 31, 2015
($57.1 million for the quarter ended March 31, 2014).
Vessel operating and supervision costs were $24.6 million for
the quarter ended March 31, 2015 ($16.9 million for the quarter
ended March 31, 2014).
Depreciation of fixed assets was $22.7 million for the quarter
ended March 31, 2015 ($11.2 million for the quarter ended March 31,
2014).
The increase in revenues, vessels operating and supervision
costs and depreciation of fixed assets was mainly attributable to
the increase in operating days from our increased fleet discussed
above. However, daily revenue decreased mainly due to the lower
daily charter rate of the vessels acquired in 2014. In addition,
daily operating costs decreased mainly due to the main engine
overhauling of three vessels in the first quarter of 2014 and the
decrease of the bunkers consumed by a vessel trading in the spot
market.
General and administrative expenses were $11.2 million for the
quarter ended March 31, 2015 ($6.3 million for the quarter ended
March 31, 2014). The increase was mainly attributable to the
increase in personnel expenses related to the growth of the Group,
the increase in legal and professional fees, such as audit and
other professional services, the increase in non-cash stock based
compensation expense, the increase in travel and accommodation
expenses related to the Group’s expansion in London and New York
and the increase in costs attributable to GasLog Partners being a
publicly listed company.
Financial costs were $18.5 million for the quarter ended March
31, 2015 ($11.7 million for the quarter ended March 31, 2014). The
increase is mainly attributable to an increase of $6.7 million in
interest expense deriving from higher average outstanding debt and
realized loss on cash flow hedges. An analysis of financial costs
is as follows:
(
All amounts expressed in thousands of U.S. dollars)
For the three months ended March 31,
2014 March 31, 2015 Financial costs
Amortization of deferred loan issuance costs and premium $ 1,224 $
1,946 Interest expense on loans and realized loss on cash flow
hedges 8,116 13,558 Interest expense on bond and realized loss on
cross-currency swaps 1,542 2,794 Other financial costs, net
806 230
Total $ 11,688 $
18,528
Loss on swaps was $7.0 million for the quarter ended March 31,
2015 ($5.1 million loss for the quarter ended March 31, 2014). An
analysis of loss on swaps is as follows:
(
All amounts expressed in thousands of U.S. dollars)
For the three months ended March 31,
2014 March 31, 2015 Loss on swaps Realized
loss on interest rate swaps held for trading $ 1,935 $ 2,197
Unrealized loss on interest rate swaps held for trading 2,772 4,509
Recycled loss of cash flow hedges
reclassified to profit or loss in relation toderivatives no longer
designated as hedges
413 284 Ineffective portion on cash flow hedges
(5)
) (11 )
Total $ 5,115 $
6,979
(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 $321.0 million for the fiscal year 2014 to $483.8 million for
the fiscal year 2017, based on contracts in effect as of March 31,
2015 (including the four LNG carriers on order for which we have
secured time charters), but without including any extension
options. The total future firm contracted revenue stands at $3.1
billion at March 31, 2015. After giving effect to the agreement
with BG Group mentioned above for the chartering of three
newbuildings on order and the revision of the charter party
agreements of three vessels, future firm contracted revenue
increases to $4 billion(2). These amounts include the five vessels
now owned by GasLog Partners.
(2) Contracted revenue calculations assume: (a) 365 revenue days
per annum, with 30 off-hire days when the ship undergoes scheduled
drydocking; (b) all LNG carriers on order are delivered on
schedule; and (c) no exercise of any option to extend the terms of
charters.
Liquidity and Capital
Resources
As of March 31, 2015, GasLog had $171.6 million of cash and cash
equivalents, of which $83.3 million was held in time deposits and
the remaining balance in current accounts. Moreover, as of March
31, 2015, GasLog had $20.1 million held in time deposits with an
initial duration of more than three months but less than a year
that have been classified as short-term investments. As of March
31, 2015, GasLog had $24.6 million in restricted cash in relation
to cash held in blocked accounts in order to comply with the
covenants under two of its credit facilities.
As of March 31, 2015, GasLog had an aggregate of $2.2 billion of
indebtedness outstanding under 11 credit agreements, of which
$121.8 million is repayable within one year, including $42.2
million under the revolving credit facility. As of March 31, 2015,
GasLog had $124.3 million outstanding under the NOK bond agreement
that is payable in June 2018.
As of March 31, 2015, there is an undrawn amount of $7.8 million
under the revolving facility of GAS-two Ltd. which is available to
be drawn under certain conditions. In addition, there is a loan
facility with an aggregate undrawn amount of $146.0 million
available that was used to finance a portion of the contract price
of the GasLog Salem upon its delivery.
As of March 31, 2015, GasLog’s commitments for capital
expenditures are related to the eight LNG carriers on order and the
GasLog Salem delivered on April 30, 2015, which have a gross
aggregate contract price of approximately $1.8 billion. As of March
31, 2015, the total remaining balance of the contract prices of the
eight newbuildings and the GasLog Salem was $1.6 billion, which
will be funded with cash balances, cash from operations, proceeds
from the issuance of the Series A Preference Shares, existing
undrawn debt and other financings we may enter into.
GasLog has hedged 44% of its expected floating interest rate
exposure at a weighted average interest rate of approximately 4.6%
(including margin) as of March 31, 2015.
Fleet Update
GasLog has six newbuildings on order at Samsung, and two
newbuildings on order at Hyundai Heavy Industries Co., Ltd. Our
vessels presently under construction are on schedule and within
budget. The expected delivery dates are as follows:
Hulls Delivery date Hull No. 2072 Q1
2016 Hull No. 2073 Q2 2016 Hull No. 2102 Q3 2016 Hull
No. 2103 Q4 2016 Hull No. 2130 Q3 2017 Hull No. 2131
Q4 2017 Hull No. 2800 Q3 2017 Hull No. 2801 Q4
2017
GasLog Partners has options and other certain acquisition rights
under which it may acquire additional LNG carriers from us. This
includes options to purchase up to 12 LNG carriers from us within
36 months after each such vessel’s acceptance by its charterer (or,
in the case of certain vessels, 36 months after the closing of the
GasLog Partners initial public offering), in each case at fair
market value as determined pursuant to the omnibus agreement.
GasLog Partners also has a right of first offer from us to
purchase any other LNG carriers with cargo capacities greater than
75,000 cbm engaged in ongoing LNG transportation under charters of
five full years or more that we own or acquire (the “Five Year Vessels”) either at their acquisition
cost plus certain break up costs (in the case of a newly acquired
Five Year Vessel) or at their fair market value (in the case of a
previously owned vessel that becomes a Five Year Vessel). The three
newbuildings to be chartered under the agreement signed with BG
Group on April 21, 2015, as well as the additional six newbuildings
which may be chartered at BG Group’s election, will each qualify as
a Five Year Vessel upon commencement of its charter, and we will be
required to offer to GasLog Partners an opportunity to purchase
each vessel at fair market value within 30 days of the commencement
of its charter. Generally, GasLog Partners must exercise this right
of first offer within 30 days following the notice from us that the
vessel has been acquired or has become a Five Year Vessel.
LNG Market Update
We continue to believe the medium- to long-term outlook for LNG
shipping demand is positive, despite the decline in prices and spot
charter rates over the last six months. There are a number of new
projects in progress that have firm off-take agreements, secured
financing or are under construction, and we expect a number of
these to come online in 2015, which will materially increase global
LNG production capacity. The projects that have reached final
investment decision (“FID”) stage, but are yet to start production,
represent over 120 million tons per annum (“mtpa”) of new LNG
capacity, and we currently expect that these facilities will come
online even if the current low commodity price environment
continues. By the end of 2019, we forecast that the number of ships
needed for LNG production from new and existing terminals will be
greater than the current global on-the-water fleet and
orderbook.
Recently, there have been several encouraging LNG project
developments which highlights the viability of many LNG projects in
the current market conditions. Cameron LNG announced initiation of
a Federal Energy Regulatory Commission pre-filing review for the
planned expansion of its existing facility from 15 mtpa to 25 mtpa.
Freeport LNG announced the financing and construction of its third
LNG train with a capacity of 5 mtpa. Chevron announced a sale and
purchase agreement with SK LNG Trading for 4.15 million tons of LNG
over a five-year period commencing in 2017 from its Gorgon project,
which has a capacity of 16 mtpa. Additionally, in the United States
and Australia, several projects are scheduled to complete
construction and commence LNG production later this year. Sabine
Pass Trains (capacity 18 mtpa), Gorgon (capacity 15.6 mtpa),
Gladstone (capacity 7.8 mtpa) and Australia Pacific (capacity 9
mtpa) are all projected to come online in 2015.
We remain positive on the medium- to long-term demand for LNG
carriers.
Royal Dutch Shell Planned Acquisition
of BG Group
On April 8, 2015, Royal Dutch Shell and BG Group agreed that,
subject to the satisfaction of certain conditions, Royal Dutch
Shell would acquire the entire issued and to be issued share
capital of BG Group. MSL, a subsidiary of BG Group, is currently
one of our major customers, although GasLog has existing charters
with Royal Dutch Shell as well. From a contractual perspective, our
charters will continue unaffected, should the acquisition take
place.
Conference Call
GasLog will host a conference call to discuss its results for
the first quarter of 2015 at 8:30 a.m. ET (1:30 p.m. London Time)
on Wednesday, May 6, 2015. Paul Wogan, Chief Executive Officer and
Simon Crowe, Chief Financial Officer, will review the Company’s
operational and financial performance for the period. Management's
presentation will be followed by a Q&A session.
The dial-in numbers for the conference call are as follows:
+1 646 254 3364 (New York, NY)+44 (0) 20 3427 1908 (London,
UK)+33 (0) 1 76 77 22 29 (Paris, France)Passcode for the call is
8113389
A live webcast of the conference call will also be available on
the investor relations page of the Company’s website at
http://www.gaslogltd.com/investor-relations.
For those unable to participate in the conference call, a replay
will also be available from 12:30 p.m. EDT (5:30 p.m. London Time)
on Wednesday, May 6, 2015 until 6:59 p.m. EDT (11:59 p.m. London
Time) on Wednesday, May 13, 2015.
The replay dial-in numbers are as follows:+1-347-366-9565 (New
York, NY)+44 (0) 203-427-0598 (London, UK)+33 (0) 1 74 20 28 00
(Paris, France)Replay passcode is 8113389
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. GasLog’s fully-owned fleet includes 22 LNG carriers
(including 14 ships in operation and 8 LNG carriers on order) and
GasLog has four LNG carriers operating under its technical
management for third parties. GasLog Partners LP, a master limited
partnership formed by GasLog, owns a further five LNG carriers.
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
All statements in this press release that are not statements of
historical fact are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that the Company expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to the Company’s operations, cash flows,
financial position, liquidity and cash available for dividends or
distributions, plans, strategies and business prospects (including
the “GasLog 40:17 Vision”), and changes and trends in the Company’s
business and the markets in which it operates. 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 the
Company’s expectations and projections. Accordingly, you should not
unduly rely on any forward-looking statements. Factors that might
cause future results and outcomes to differ include:
- LNG shipping market conditions and
trends, including spot and long-term charter rates, ship values,
factors affecting supply and demand of LNG and LNG shipping and
technological advancements;
- our ability to enter into time charters
with new and existing customers;
- changes in the ownership of our
charterers;
- our customers’ performance of their
obligations under our time charters;
- changing economic conditions and the
differing pace of economic recovery in different regions of the
world;
- our future financial condition,
liquidity and cash available for dividends and distributions;
- our ability to obtain financing to fund
capital expenditures, acquisitions and other corporate activities,
the ability of our lenders to meet their funding obligations, and
our ability to meet the restrictive covenants and other obligations
under our credit facilities;
- our ability to enter into shipbuilding
contracts for newbuildings 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 newbuildings 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 maximize the use of our
ships, including the re-employment or disposal of ships not under
time charter commitments;
- environmental and regulatory
conditions, including changes in laws and regulations or actions
taken by regulatory authorities;
- requirements imposed by classification
societies;
- 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;
- potential liability from future
litigation; and
- other risks and uncertainties described
in the Company’s Annual Report on Form 20-F filed with the SEC on
March 26, 2015. Copies of the Annual Report, as well as subsequent
filings, are available online at http://www.sec.gov.
The Company does not undertake to update any forward-looking
statements as a result of new information or future events or
developments except as may be required by law.
EXHIBIT I - Unaudited Interim Financial Information
Unaudited condensed consolidated statements of financial
positionAs of December 31, 2014 and March 31,
2015(Amounts expressed in thousands of U.S. Dollars)
December 31, 2014 March 31, 2015
Assets Non-current assets Goodwill
9,511 9,511 Investment in associate 6,603 6,375 Deferred financing
costs 6,120 5,802 Other non-current assets 5,785 20,688 Derivative
financial instruments 1,174 — Tangible fixed assets 2,809,517
3,253,235 Vessels under construction 142,776 174,946
Total non-current assets 2,981,486
3,470,557 Current assets Trade and other receivables
14,317 13,846 Dividends receivable and due from related parties
1,869 1,472 Inventories 4,953 4,046 Prepayments and other current
assets 4,443 4,261 Short-term investments 28,103 20,102 Restricted
cash 22,826 24,633 Cash and cash equivalents 211,974
171,613
Total current assets 288,485
239,973 Total assets 3,269,971
3,710,530 Equity and liabilities Equity Share
capital 810 810 Contributed surplus 923,470 923,470 Reserves
(12,002 ) (16,290 ) Treasury shares (12,576 ) (12,491 ) Retained
earnings 29,689 22,761
Equity attributable to
owners of the Group 929,391 918,260
Non-controlling interests 323,646 327,002
Total
equity 1,253,037 1,245,262
Current liabilities Trade accounts payable 9,668 9,851 Ship
management creditors 1,285 437 Amounts due to related parties 181
101 Derivative financial instruments 16,149 16,797 Other payables
and accruals 57,647 65,067 Borrowings—current portion
116,431 116,451
Total current liabilities
201,361 208,704 Non-current liabilities
Derivative financial instruments 35,751 53,877
Borrowings—non-current portion 1,778,845 2,201,707 Other
non-current liabilities 977 980
Total non-current
liabilities 1,815,573 2,256,564
Total equity and liabilities 3,269,971
3,710,530
Unaudited condensed consolidated statements of profit or
lossFor the three months ended March 31, 2014 and March 31,
2015(Amounts expressed in thousands of U.S. Dollars, except
per share data)
For the three months ended March 31,
2014 March 31,
2015
Revenues 57,071 97,326 Vessel operating and
supervision costs (16,945 ) (24,623 ) Depreciation of fixed assets
(11,190 ) (22,695 ) General and administrative expenses (6,263 )
(11,159 )
Profit from operations 22,673 38,849
Financial costs (11,688 ) (18,528 ) Financial income 82 63 Loss on
swaps (5,115 ) (6,979 ) Share of profit of associate 397 447
Total other expense (16,324 ) (24,997 )
Profit for the period 6,349 13,852
Attributable to: Owners of the Group 6,349 4,342 Non-controlling
interests — 9,510
6,349 13,852 Earnings per share
– basic and diluted 0.09 0.05
Unaudited condensed consolidated statements of cash
flowsFor the three months ended March 31, 2014 and March 31,
2015(Amounts expressed in thousands of U.S. Dollars)
For the three months ended
March 31, 2014 March 31, 2015 Cash flows from
operating activities: Profit for the period 6,349 13,852
Adjustments for: Depreciation of fixed assets 11,190 22,695 Share
of profit of associate (397 ) (447 ) Financial income (82 ) (63 )
Financial costs 11,688 18,528 Unrealized loss on swaps and
ineffective portion of cash flow hedges 2,767 4,498 Recycled loss
of cash flow hedges reclassified to profit or loss in relation to
derivatives no longer designated as hedges 413 284 Unrealized
foreign exchange losses on cash and cash equivalents and short-term
investments 125 1,068 Expense recognized in respect of
equity-settled share based payments 180 498
32,233 60,913 Movements in working capital (4,939 )
(8,805 )
Cash provided by operations
27,294 52,108 Interest paid (11,246 )
(14,850 )
Net cash provided by operating activities
16,048 37,258 Cash flows from
investing activities: Payments for tangible fixed assets and
vessels under construction (10,433 ) (500,537 ) Dividends received
from associate 750 1,000 Purchase of short-term investments (2,150
) (18,592 ) Maturity of short-term investments 4,500 26,603
Financial income received 79 53
Net cash used in
investing activities (7,254 )
(491,473 ) Cash flows from financing
activities: Proceeds from bank loans 2,681 460,000 Bank loan
repayments (17,982 ) (21,580 ) Payment of loan issuance costs
(2,649 ) (4,171 ) Net proceeds from public offering and private
placement (net of underwriting discounts and commissions) 199,965 —
Payment of equity raising costs (514) (87 ) Movement in restricted
cash — (1,807 ) Dividends paid (9,133 ) (17,424 )
Net cash provided by financing activities
172,368 414,931 Effects of exchange rate
changes on cash and cash equivalents (125
) (1,077 ) Increase/(decrease) in
cash and cash equivalents 181,037
(40,361 ) Cash and cash equivalents, beginning of the
period 103,798 211,974
Cash and cash equivalents,
end of the period 284,835 171,613
EXHIBIT II
Non-GAAP Financial Measures:
EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted
EPS
EBITDA is defined as earnings before depreciation, amortization,
interest income and expense, gain/loss on swaps and taxes. Adjusted
EBITDA is defined as EBITDA before foreign exchange gains/losses.
Adjusted Profit represents earnings before foreign exchange
gains/losses and non-cash gain/loss on swaps that includes (if any)
(a) unrealized gain/loss on swaps held for trading, (b) loss at
inception, (c) recycled loss of cash flow hedges reclassified to
profit or loss in relation to derivatives no longer designated as
hedges and (d) ineffective portion of cash flow hedges. Adjusted
EPS represents earnings attributable to owners of the Group before
non-cash gain/loss on swaps as defined above and foreign exchange
gains/losses, divided by the weighted average shares outstanding.
EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are
non-GAAP financial measures that 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, gain/loss on swaps, taxes, depreciation
and amortization, in the case of Adjusted EBITDA, foreign exchange
gains/losses and in the case of Adjusted Profit and Adjusted EPS,
non-cash gain/loss on swaps and foreign exchange gains/losses,
which items are affected by various and possibly changing financing
methods, capital structure and historical cost basis and which
items may significantly affect results of operations between
periods.
EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS have
limitations as analytical tools and should not be considered as
alternatives to, or as substitutes for, or superior to profit,
profit from operations, earnings per share or any other measure of
financial performance presented in accordance with IFRS. Some of
these limitations include the fact that they do not reflect (i) our
cash expenditures or future requirements for capital expenditures
or contractual commitments, (ii) changes in, or cash requirements
for our working capital needs and (iii) the significant interest
expense, or the cash requirements necessary to service interest or
principal payments, on our debt. Although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized will have to be replaced in the future, and EBITDA and
Adjusted EBITDA do not reflect any cash requirements for such
replacements. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted
EPS are not adjusted for all non-cash income or expense items that
are reflected in our statements of cash flows and other companies
in our industry may calculate these measures differently than we
do, limiting their usefulness as a comparative measure.
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:(Amounts expressed in thousands of U.S.
Dollars)
For the three months ended March 31,
2014
March 31, 2015 Profit for the period 6,349
13,852 Depreciation of fixed assets 11,190 22,695 Financial costs
11,688 18,528 Financial income (82 ) (63 ) Loss on swaps
5,115 6,979
EBITDA(*) 34,260
61,991 Foreign exchange losses, net 74
1,588
Adjusted EBITDA 34,334
63,579
(*)EBITDA for the three months ended March 31, 2014, differs
from the EBITDA disclosed in the press release for the first
quarter ended March 31, 2014, furnished with the SEC on May 14,
2014. The difference relates to the definition of EBITDA and
Adjusted EBITDA with respect to the reclassification of Unrealized
loss on swaps from Adjusted EBITDA to EBITDA in order to align with
the classification in the statement of profit or loss.
Reconciliation of Adjusted Profit to Profit:(Amounts
expressed in thousands of U.S. Dollars)
For the three months ended March 31,
2014
March 31, 2015 Profit for the period 6,349
13,852 Non-cash loss on swaps 3,180 4,782 Foreign exchange
losses, net 74 1,588
Adjusted Profit
9,603 20,222
Reconciliation of Adjusted Earnings Per Share to Earnings Per
Share:
(Amounts expressed in thousands of U.S. Dollars, except
shares and per share data)
For the three months ended
March 31,
2014
March 31,
2015
Profit for the period attributable to owners of the Group 6,349
4,342 Weighted average number of shares outstanding, basic
72,868,580 80,495,749
EPS 0.09
0.05 Profit for the period attributable to owners of the
Group 6,349 4,342 Plus: Non-cash loss on swaps 3,180 4,782 Foreign
exchange losses, net 74 1,588 Adjusted Profit
attributable to owners of the Group 9,603 10,712 Weighted average
number of shares outstanding, basic 72,868,580
80,495,749
Adjusted EPS 0.13
0.13
GasLog Ltd.Simon Crowe, Phone: +44-203-388-3108Chief Financial
OfficerorJamie Buckland, Phone: +44-203-388-3116Head of Investor
RelationsEmail: ir@gaslogltd.com
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