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 June 30, 2015.
Highlights
- Agreement with BG Group plc (“BG
Group”) to charter three newbuildings for approximately 10-year
charters at attractive rates with an option to charter an
additional six newbuildings.
- Announced the completion of the
dropdown of three vessels to GasLog Partners LP (“GasLog Partners”)
for $483.0 million – the recommended increase by GasLog Partners’
management in the Partnership’s distribution exceeds the 25%
incentive distribution rights (“IDR”) threshold.
- Completed public offering of 8.75%
Series A Preference Shares including full exercise of underwriters
“greenshoe” option, raising net proceeds of $110.7 million.
- Further increased customer portfolio
through short-term charters.
- Quarterly dividend of $0.14 per common
share payable on August 20, 2015.
- Earnings per share (“EPS”) of $0.07 (Q2
2014: $0.02), EBITDA(1) of $66.5 million (Q2 2014: $46.5 million)
and Profit of $16.7 million (Q2 2014: $3.5 million) for the quarter
ended June 30, 2015.
- Adjusted EPS(1) of $0.00(2) (Q2 2014:
$0.15), Adjusted EBITDA(1) of $64.5 million (Q2 2014: $46.6
million) and Adjusted Profit(1) of $10.9 million (Q2 2014: $13.6
million) for the quarter ended June 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 definition and reconciliation of these
measures 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.(2) For the calculation
of Adjusted EPS, the Profit for the period of $16.7 million was
offset by the Profit attributable to the non-controlling interest
of $8.5 million, the dividend on preferred stock of $2.3 million
and the adjustments of $5.8 million related to non-cash gain on
swaps and foreign exchange gains.
CEO Statement
Paul Wogan, Chief Executive Officer, commented “GasLog continued
to execute on its long-term business strategy in the second
quarter. We added $845.0 million of long-term contracted revenue
from the transaction we announced with a subsidiary of BG Group in
April 2015. This agreement places three of our four open
newbuildings on approximately ten-year charters at attractive
rates. We also dropped down three vessels into GasLog Partners for
an aggregate price of $483.0 million. At the recommended
distribution increase by GasLog Partners management, the
distribution will move into the 25% IDR split less than 18 months
after GasLog Partners’ initial public offering (“IPO”). This
results in greater incremental cashflow for the GP holding,
enhancing GasLog’s sum of the parts valuation.
Despite a challenging short-term market, we have been active
during the quarter and have placed our vessels on a number of
short-term fixtures adding a number of excellent new customers. We
believe that GasLog remains well positioned to continue growing
into attractive future markets for LNG shipping and with seven of
its eight undelivered vessels on long-term contracts of between
seven and ten years, we have a solid financial and operational
platform on which we can continue to build.”
Dividend Declaration
On August 5, 2015, the board of directors declared a quarterly
cash dividend of $0.14 per common share payable on August 20, 2015
to shareholders of record as of August 17, 2015.
Agreement with BG Group
On April 21, 2015, GasLog and GasLog Partners announced the
agreement to charter to Methane Services Limited (“MSL”), a
subsidiary of BG Group, 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.
Completion of GasLog Partners Dropdown
Transaction
On July 1, 2015, GasLog completed the sale of three LNG
carriers, the Methane Alison Victoria, the Methane Shirley
Elisabeth and the Methane Heather Sally to GasLog Partners for
$483.0 million including $3.0 million of positive net working
capital. To partially fund the acquisition, GasLog Partners
launched and completed an equity offering of 7,500,000 common units
and issued 153,061 general partner units to GasLog. The proceeds
were used to partially finance the acquisition from GasLog of 100%
of the ownership interests in GAS-nineteen Ltd., GAS-twenty Ltd.
and GAS-twenty one Ltd., the entities that each own one of the
three 145,000 cbm LNG carriers mentioned above.
As part of the transaction, GasLog Partners will recommend to
its Board an increase in distribution of approximately 10%. This
takes the distribution through the 25% incentive distribution right
(“IDR”) threshold, resulting in GasLog receiving a greater amount
of future incremental cashflows at GasLog Partners.
Issuance of 4.6 million Series A
Cumulative Redeemable Perpetual Preference Shares (the “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 (including
600,000 shares issued upon the exercise in full by the underwriters
of their option to purchase additional Series A Preference Shares),
par value $0.01 per share, liquidation preference $25.00 per share,
which was priced at $25.00 per share. 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”.
On June 19, 2015, the board of directors declared the initial
dividend on the Series A Preference Shares of $0.510417 per share
or $2.35 million in the aggregate payable on July 1, 2015 to
holders of record as of June 30, 2015. GasLog paid the declared
dividend to the transfer agent in June 2015.
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”). The GasLog Salem is currently operating in the
spot market and has been active since delivery with a number of
different charterers.
Financial Summary
In millions of U.S. dollars except per share data
For the three months ended June 30, 2014
June 30, 2015 Revenues $ 73.2 $ 104.4 Profit $
3.5 $ 16.7 Adjusted Profit(1) $ 13.6 $ 10.9 EBITDA(1) $ 46.5 $ 66.5
Adjusted EBITDA(1) $ 46.6 $ 64.5 EPS $ 0.02 $ 0.07 Adjusted EPS(1)
$ 0.15 $ 0.00
There were 1,464 operating days for the quarter ended June 30,
2015, as compared to 976 operating days for the quarter ended June
30, 2014. The increase in operating days resulted from the new
vessel deliveries and on-the-water vessel acquisitions during 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,
the Methane Becki Anne and the Methane Julia Louise were acquired
on March 31, 2015 and the GasLog Salem was delivered on April 30,
2015.
Profit was $16.7 million for the quarter ended June 30, 2015
($3.5 million for the quarter ended June 30, 2014). This increase
is mainly attributable to the increase in operating days and the
increase in gain on swaps, partially offset by the increase in
financial costs due to the increase in average outstanding debt
related to vessel deliveries and acquisitions.
Adjusted Profit(1) was $10.9 million for the quarter ended June
30, 2015 ($13.6 million for the quarter ended June 30, 2014)
adjusted for the effects of the write-off of unamortized loan fees,
the non-cash gain/loss on swaps and the foreign exchange
gains/losses.
EBITDA(1) was $66.5 million for the quarter ended June 30, 2015
($46.5 million for the quarter ended June 30, 2014). The increase
in EBITDA is attributable to the increase in revenues from the
increased fleet, partially offset by the associated increase in
vessel operating and supervision costs.
Adjusted EBITDA(1) was $64.5 million for the quarter ended June
30, 2015 ($46.6 million for the quarter ended June 30, 2014).
EPS was $0.07 for the quarter ended June 30, 2015 ($0.02 for the
quarter ended June 30, 2014). The increase in EPS is attributable
to the increase in Profit partially offset by the increase in
Profit attributable to non-controlling interest and the dividend on
preferred stock.
Adjusted EPS(1) was $0.00 for the quarter ended June 30, 2015
($0.15 for the quarter ended June 30, 2014). The decrease in
Adjusted EPS is attributable to the decrease in Adjusted Profit,
the increase in Profit attributable to non-controlling interest and
the dividend on preferred stock.
Revenues were $104.4 million for the quarter ended June 30, 2015
($73.2 million for the quarter ended June 30, 2014).
Vessel operating and supervision costs were $29.9 million for
the quarter ended June 30, 2015 ($19.1 million for the quarter
ended June 30, 2014).
Depreciation of fixed assets was $27.3 million for the quarter
ended June 30, 2015 ($15.9 million for the quarter ended June 30,
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.
General and administrative expenses were $8.3 million for the
quarter ended June 30, 2015 ($8.0 million for the quarter ended
June 30, 2014). The increase derives mainly from the increase in
legal fees and other professional services related to increased
audit and other professional services including the Partnership’s
requirements of being a public company, and the increase in
personnel related expenses related to the growth of the Group,
partially offset by the increase in net foreign exchange gains.
Financial costs were $24.2 million for the quarter ended June
30, 2015 ($17.7 million for the quarter ended June 30, 2014). The
increase is mainly attributable to an increase of $7.7 million in
interest expense deriving from higher weighted average outstanding
debt and realized loss on cash flow hedges. An analysis of
financial costs is set forth below.
(
All amounts expressed in thousands of U.S. dollars)
For the three months ended June 30,
2014 June 30, 2015 Financial costs
Amortization of deferred loan issuance costs and premium including
the write-off of the unamortized loan fees $ 4,615 $ 3,053 Interest
expense on loans and realized loss on cash flow hedges 10,328
18,064 Interest expense on bond and realized loss on cross-currency
swaps 2,279 2,825 Other financial costs, net 447 304
Total $ 17,669 $ 24,246
Gain on swaps was $1.6 million for the quarter ended June 30,
2015 ($9.6 million loss for the quarter ended June 30, 2014). An
analysis of gain/loss on swaps is set forth below.
(
All amounts expressed in thousands of U.S. dollars)
For the three months ended June 30,
2014 June 30, 2015 Loss/(gain) on swaps
Realized loss on interest rate swaps held for trading $
2,760 $ 2,158 Unrealized loss/(gain) on interest rate swaps held
for trading 4,703 (4,079 ) Recycled loss of cash flow hedges
reclassified to profit or loss in relation to derivatives no longer
designated as hedges 1,912 283 Ineffective portion on cash flow
hedges 207 —
Total $ 9,582
$ (1,638 )
(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 June 30,
2015 (including the seven 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 $3.9
billion(2) on June 30, 2015, including the eight vessels 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 June 30, 2015, GasLog had $422.0 million of cash and cash
equivalents, of which $101.1 million was held in time deposits and
the remaining balance in current accounts. Moreover, as of June 30,
2015, GasLog had $3.0 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 June 30, 2015,
GasLog had $46.0 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 June 30, 2015, GasLog had an aggregate of $2.4 billion of
indebtedness outstanding under eleven credit facilities, of which
$597.7 million is repayable within one year, including $42.2
million under the revolving credit facility. As of June 30, 2015,
GasLog had $126.9 million outstanding under the NOK bond agreement
that is payable in June 2018.
As of June 30, 2015, there was an undrawn amount of $7.8 million
under the revolving facility of GAS-two Ltd. which is available to
be drawn under certain conditions.
As of June 30, 2015, GasLog’s commitments for capital
expenditures are related to the eight LNG carriers on order, which
have a gross aggregate contract price of approximately $1.6
billion. As of June 30, 2015, the total remaining balance of the
contract prices of the eight newbuildings was $1.5 billion. We will
be required to procure additional financing in order to fund the
remaining installment payments for our eight newbuildings, expected
to be delivered to us in 2016, 2018 and 2019, to the extent such
installment payments are not funded with cash generated by our
operations or equity offering proceeds. Accordingly, we are
currently in discussions to arrange financing for the acquisition
of such newbuildings, for seven of which we have already secured
long-term time charters with MSL.
GasLog has hedged 43.8% of its expected floating interest rate
exposure at a weighted average interest rate of approximately 4.6%
(including margin) as of June 30, 2015.
Future Deliveries
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 Q1 2018 Hull No. 2800
Q1 2018 Hull No. 2801 Q1 2018 Hull No. 2131 Q1
2019
Our subsidiaries that own the vessels expected to be delivered
in 2016 have signed seven to ten year time charters with MSL at
attractive rates. Our subsidiaries that own the three vessels
expected to be delivered in 2018 have entered into 9.5 year time
charters with MSL at similar rates. GasLog currently has one
newbuilding on order that is not fixed on a long-term contract.
GasLog Partners has options and other certain acquisition rights
under which it may acquire additional LNG carriers from us.
LNG Market Update and
Outlook
There have been a number of positive developments that should
support long-term growth in the LNG sector despite a current
weakness in the LNG spot market. The 13.5 million tonnes per annum
(“mtpa”) Cheniere-led Corpus Christi project received US Department
of Energy approval in May and final investment decision (”FID”) was
taken shortly thereafter. Corpus Christi is the fifth U.S. project
to enter the construction phase and will contribute to a
significant ramp up in LNG supply through the remainder of this
decade. The Cheniere-led Sabine Pass project announced that it had
taken FID on a fifth train (4.5 mtpa) after the quarter end, adding
to the 18 million tonnes currently under construction at the site.
Also during the quarter, Shell placed a multi-billion dollar order
for three floating LNG vessels from Samsung, which we believe
further supports our positive outlook for future LNG supply and
demand dynamics. Post quarter end, Kinder Morgan said it would buy
the 49 percent stake that it does not already own in the Elba
Liquefaction Co from Shell. Kinder Morgan says it expects to spend
an additional $630 million on the Elba terminals bringing the total
investment in the project to $2.1 billion.
While the short-term market for LNG shipping remains challenging
due to the current oversupply of vessels, we expect that the
increase in liquefaction in the second half of the year will lead
to increasing fleet utilization which in turn will start to improve
spot vessel earnings. The second 4 mtpa train at BG’s Curtis
project has just started production and a number of other major
Australian projects, such as Gorgon, Australia Pacific and
Gladstone are scheduled to start production. We also anticipate the
Angola project, which was shut down for refurbishment, to be
operational in the coming months. Sabine Pass, the first of the US
projects expected online is also due to export LNG by the end of
the year marking the start of a major wave in U.S. exports.
Conference Call
GasLog will host a conference call to discuss its results for
the second quarter of 2015 at 8:30 a.m. ET (1:30 p.m. London Time)
on Thursday, August 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 3360 (New York, NY)+44 (0) 20 3364 5721 (London, UK)+33 (0)
1 76 77 22 27 (Paris, France)+852 3071 3094 (Hong Kong, Hong
Kong)Passcode for the call is 9033722
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 Thursday, August 6, 2015 until 6:59 p.m. EDT (11:59 p.m. London
Time) on Wednesday, August 13, 2015.
The replay dial-in numbers are as follows:+1 347 366 9565 (New
York, NY)+44 (0) 20 3427 0598 (London, UK)+33 (0) 1 74 20 28 00
(Paris, France)+852 3011 4669 (Hong Kong, Hong Kong)Replay passcode
is 9033722
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, 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:
- continued low prices for crude oil and
petroleum products
- 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 June 30,
2015(Amounts expressed in thousands of U.S. Dollars)
December 31, 2014 June 30,
2015 Assets Non-current
assets Goodwill 9,511 9,511 Investment in associate 6,603 6,718
Deferred financing costs 6,120 — Other non-current assets 5,785
15,516 Derivative financial instruments 1,174 471 Tangible fixed
assets 2,809,517 3,442,912 Vessels under construction
142,776 144,902
Total non-current assets
2,981,486 3,620,030 Current assets
Trade and other receivables 14,317 16,972 Dividends receivable and
amounts due from related parties 1,869 810 Inventories 4,953 8,069
Prepayments and other current assets 4,443 3,631 Restricted cash
22,826 46,016 Short-term investments 28,103 3,000 Cash and cash
equivalents 211,974 421,982
Total current
assets 288,485 500,480 Total
assets 3,269,971 4,120,510
Equity and liabilities Equity Preferred stock — 46
Share capital 810 810 Contributed surplus 923,470 1,034,080
Reserves (12,002 ) (10,617 ) Treasury shares (12,576 ) (12,491 )
Retained earnings 29,689 17,384
Equity
attributable to owners of the Group 929,391
1,029,212 Non-controlling interest 323,646
501,151
Total equity 1,253,037
1,530,363 Current liabilities Trade accounts payable
9,668 14,961 Ship management creditors 1,285 1,168 Amounts due to
related parties 181 159 Derivative financial instruments 16,149
15,880 Other payables and accruals 57,647 67,686 Borrowings—current
portion 116,431 588,154
Total current
liabilities 201,361 688,008
Non-current liabilities Derivative financial instruments
35,751 43,929 Borrowings—non-current portion 1,778,845 1,857,106
Other non-current liabilities 977 1,104
Total
non-current liabilities 1,815,573
1,902,139 Total equity and liabilities
3,269,971 4,120,510
Unaudited condensed consolidated statements of profit or
lossFor the three and six months ended June 30, 2014 and
June 30, 2015(Amounts expressed in thousands of U.S.
Dollars, except per share data)
For the three months ended
For the six months ended June 30, 2014 June
30, 2015 June 30, 2014 June 30, 2015
Revenues 73,236 104,440 130,307
201,766 Vessel operating and supervision costs (19,116 ) (29,947 )
(36,061 ) (54,570 ) Depreciation of fixed assets (15,873 ) (27,274
) (27,063 ) (49,969 ) General and administrative expenses (7,992 )
(8,339 ) (14,255 ) (19,498 )
Profit from operations
30,255 38,880 52,928 77,729
Financial costs (17,669 ) (24,246 ) (29,357 ) (42,774 ) Financial
income 69 86 151 149 (Loss)/gain on swaps (9,582 ) 1,638 (14,697 )
(5,341 ) Share of profit of associate 393 343 790 790
Total
other expenses, net (26,789 ) (22,179
) (43,113 ) (47,176 )
Profit for the
period 3,466 16,701 9,815 30,553
Attributable to: Owners of the Group 1,476 8,240 7,825 12,582
Non-controlling interest 1,990 8,461 1,990 17,971
3,466
16,701 9,815 30,553 Earnings per share –
basic and diluted 0.02 0.07 0.10
0.13
Unaudited condensed consolidated statements of cash
flowsFor the six months ended June 30, 2014 and June 30,
2015(Amounts expressed in thousands of U.S. Dollars)
For the six
months ended June 30, 2014 June 30, 2015 Cash
flows from operating activities: Profit for the period 9,815
30,553 Adjustments for: Depreciation of fixed assets 27,063 49,969
Share of profit of associate (790 ) (790 ) Financial income (151 )
(149 ) Financial costs 29,357 42,774 Unrealized loss on swaps and
ineffective portion of cash flow hedges 7,677 419 Recycled loss of
cash flow hedges reclassified to profit or loss in relation to
derivatives no longer designated as hedges 2,325 567 Unrealized
foreign exchange losses/(gains) on cash and cash equivalents and
short-term investments 127 (427 ) Expense recognized in respect of
equity-settled share-based payments 724 1,274
76,147 124,190 Movements in working capital 13,655
(10,244 )
Cash provided by operations
89,802 113,946 Interest paid (28,058 )
(35,985 )
Net cash provided by operating activities
61,744 77,961 Cash flows from
investing activities: Payments for tangible fixed assets and
vessels under construction (1,156,797 ) (679,129 ) Dividends
received from associate 970 1,675 Purchase of short-term
investments (8,907 ) (18,592 ) Maturity of short-term investments
5,150 44,007 Financial income received 149 136
Net
cash used in investing activities (1,159,435
) (651,903 ) Cash flows from
financing activities: Proceeds from bank loans and bonds
884,473 606,000 Bank loan repayments (113,991 ) (39,824 ) Payment
of loan issuance costs (10,662 ) (5,166 ) Proceeds from public
offering and private placement (net of underwriting discounts and
commissions) 310,240 — Proceeds from GasLog Partners’ public
offering (net of underwriting discounts and commissions) 189,129
172,875 Proceeds from issuance of preferred stock (net of
underwriting discounts and commissions) — 111,378 Payment of equity
raising costs (4,287 ) (1,045 ) Purchase of treasury shares (474 )
— Movement in restricted cash — (23,190 ) Dividends paid
(18,852 ) (37,193 )
Net cash provided by financing
activities 1,235,576 783,835
Effects of exchange rate changes on cash and cash equivalents
(127 ) 115
Increase in cash and cash
equivalents 137,758 210,008 Cash
and cash equivalents, beginning of the period 103,798
211,974
Cash and cash equivalents, end of the period
241,556 421,982
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 write-off of unamortized
loan fees, 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, foreign exchange gains/losses and write-off of unamortized
loan fees, 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, foreign exchange gains/losses and
write-off of unamortized loan fees, 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 June 30,
2014 June 30, 2015 Profit for the period
3,466 16,701 Depreciation of fixed assets 15,873
27,274 Financial costs 17,669 24,246 Financial income (69 ) (86 )
Loss/(gain) on swaps 9,582 (1,638 )
EBITDA
46,521 66,497 Foreign exchange
losses/(gains), net 81 (2,002 )
Adjusted
EBITDA 46,602 64,495
Reconciliation of Adjusted Profit to Profit:
(Amounts expressed in thousands of U.S. Dollars)
For the three months ended June 30,
2014 June 30, 2015 Profit for the period
3,466 16,701 Write-off of unamortized loan
fees 3,262 — Non-cash loss/(gain) on swaps 6,821 (3,796 ) Foreign
exchange losses/(gains), net 81 (2,002 )
Adjusted
Profit 13,630 10,903
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 June 30,
2014 June 30, 2015 Profit for the period
attributable to owners of the Group 1,476
8,240 Less: Dividend on preferred stock — (2,348 )
Profit for the period available to owners of the Group used in EPS
calculation 1,476 5,892 Weighted average number of
shares outstanding, basic 80,133,785 80,496,499
EPS 0.02 0.07 Profit for the
period available to owners of the Group used in EPS calculation
1,476 5,892 Plus: Write-off of unamortized loan fees 3,262 —
Non-cash loss/(gain) on swaps 6,821 (3,796 ) Foreign exchange
losses/(gains), net 81 (2,002 ) Adjusted Profit
attributable to owners of the Group 11,640 94
Weighted average number of shares outstanding, basic
80,133,785 80,496,499
Adjusted EPS 0.15
0.00
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150806005613/en/
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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