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 September 30, 2015.
Highlights
• Financing of $1.3 billion for the eight vessel newbuilding
program, signed on October 16, 2015. • Launched the LNG
Carrier pool agreement with Dynagas Ltd. (“Dynagas”) and Golar LNG
Ltd. (“Golar”), the “Cool Pool” for GasLog’s 3 vessels currently
operating in the spot market, on October 1, 2015. •
Completion of the dropdown of three vessels to GasLog Partners LP
(“GasLog Partners”) for $483.0 million on July 1, 2015. •
Quarterly dividend of $0.14 per common share payable on November
19, 2015. • EBITDA(1) of $65.7 million (Q3 2014: $68.7
million), Profit of $4.9 million (Q3 2014: $31.0 million) and
earnings/(loss) per share (“EPS”) of $(0.12) (Q3 2014: $0.32), for
the quarter ended September 30, 2015. • Adjusted EBITDA(1)
of $65.7 million (Q3 2014: $68.7 million), Adjusted Profit(1) of
$10.8 million (Q3 2014: $26.7 million) and Adjusted EPS(1) of
$(0.05)(2) (Q3 2014: $0.26) for the quarter ended September 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 Adjusted Profit for the period of $10.8
million was negatively affected by the Profit attributable to the
non-controlling interest of $12.2 million and the dividend on
preferred stock of $2.5 million.
CEO Statement
Paul Wogan, Chief Executive Officer, commented “GasLog continued
to execute on its long-term strategy during the quarter. Our
contracted vessels performed strongly and we have been pleased by
the performance of the Cool Pool in its initial weeks of operation.
GasLog also completed its largest financing to date, raising $1.3
billion to fund its eight vessel newbuild program. The lenders were
a combination of new and existing lenders along with the Korean
export credit agencies. This financing demonstrates the banks’
strong appetite to lend to high quality companies with good assets
and strong contracts. As the vessels deliver over the next four
years, it is anticipated that the equity component of the
newbuilding program will be funded by cash on GasLog’s balance
sheet and operational cash flow.”
Dividend Declaration
On September 18, 2015, the board of directors declared a
dividend on the Series A Preference Shares of $0.546875 per share
or $2.52 million in the aggregate payable on October 1, 2015 to
holders of record as of September 30, 2015. GasLog paid the
declared dividend to the transfer agent on September 29, 2015.
On November 4, 2015, the board of directors declared a quarterly
cash dividend of $0.14 per common share payable on November 19,
2015 to shareholders of record as of November 16, 2015.
Financing of Eight
Newbuildings
On October 16, 2015, GasLog entered into a debt financing
agreement with 14 international banks for up to $1.3 billion to
partially finance the delivery of our eight newbuildings expected
to be delivered in 2016, 2018 and 2019. The financing is the
largest in GasLog’s history and has a tenor of up to 12 years with
an amortization profile of 15 years from vessels’ delivery. The
final commitments were more than two times oversubscribed from a
combination of new and existing lending institutions. The financing
was backed by the Export Import Bank of Korea (“KEXIM”) and the
Korea Trade Insurance Corporation (“K-Sure”), who are either
directly lending or providing cover for over 60% of the facility.
Seven of the eight newbuildings with contracts are eligible for
future dropdown into GasLog Partners.
Cool Pool Agreement with Dynagas and
Golar
On October 1, 2015, GasLog, Dynagas and Golar established the
Cool Pool to market their vessels, which are currently operating in
the LNG shipping spot market.
The Cool Pool allows the participating owners to optimize the
operation of the pool vessels through improved scheduling ability,
cost efficiencies and common marketing. The objective of the Cool
Pool is to serve the transportation requirements of a rapidly
growing LNG shipping market by providing customers with reliable,
yet flexible, and innovative solutions to meet their increasingly
complex shipping requirements.
The Cool Pool will initially consist of 14 modern, high quality
and essentially equivalent vessels powered by fuel efficient Tri
Fuel Diesel Electric (“TFDE”) propulsion technology. The three
owners’ initial vessels eligible for participation in the Cool Pool
will be as follows: GasLog: three vessels; Dynagas: three vessels;
and Golar: eight vessels. Each vessel owner will continue to be
fully responsible for the manning and technical management of their
respective vessels.
GasLog Savannah Contract
Extension
Post quarter end, GasLog was informed by BG Group of their
intention to declare the extension option on the contract of the
GasLog Savannah by a further twelve months plus a number of
optional periods out to 2023. The charter extension will be done at
rates in line with the current market rates, which will increase
during each option period to rates in line with those of our
existing contracted fleet.
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 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.
Following the completion of the transaction, GasLog Partners’
board approved an increase in distribution of 10%. This takes the
distribution into the 25% incentive distribution right (“IDR”)
threshold, resulting in GasLog receiving a greater amount of future
incremental cashflows of GasLog Partners.
Financial Summary
In thousands of U.S. dollars except per share data
For the three months ended September 30, 2014
September 30, 2015 Revenues 99,411
105,791 Profit 31,002 4,880 Adjusted Profit(1) 26,673 10,791
Profit/(loss) attributable to the owners of GasLog 25,499 (7,279 )
EBITDA(1) 68,667 65,673 Adjusted EBITDA(1) 68,701 65,683 EPS 0.32
(0.12 ) Adjusted EPS(1) 0.26 (0.05 )
(1) Adjusted Profit, EBITDA, Adjusted EBITDA 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.
There were 1,568 operating days for the quarter ended September
30, 2015, as compared to 1,371 operating days for the quarter ended
September 30, 2014. The increase in operating days resulted from
the new vessel deliveries and on-the-water vessel acquisitions
during the previous periods. Specifically, we took delivery of the
GasLog Saratoga on December 16, 2014, we acquired the Methane Becki
Anne and the Methane Julia Louise on March 31, 2015 and we took
delivery of the GasLog Salem on April 30, 2015.
Profit was $4.9 million for the quarter ended September 30, 2015
($31.0 million for the quarter ended September 30, 2014). This
decrease is mainly attributable to the increase in loss on swaps,
increased financial costs derived from higher average outstanding
debt, increased depreciation and operating expenses due to the
increased fleet and decreased daily hire rate resulting from the
vessels operating in the current weak spot market.
Adjusted Profit(1) was $10.8 million for the quarter ended
September 30, 2015 ($26.7 million for the quarter ended September
30, 2014) adjusted for the effects of the non-cash gain/loss on
swaps and the foreign exchange gains/losses.
Loss attributable to the owners of GasLog was $7.3 million
($25.5 million profit for the quarter ended September 30, 2014).
The decrease in profit attributable to the owners of GasLog
resulted from the decrease in profit mentioned above and the
increase in profit attributable to the non-controlling interest
(GasLog Partners’ third party owners).
EBITDA(1) was $65.7 million for the quarter ended September 30,
2015 ($68.7 million for the quarter ended September 30, 2014). The
decrease in EBITDA is mainly attributable to the increase in vessel
operating costs resulting from the increased technical maintenance
expenses for repairs that were undertaken during the drydockings of
two of our vessels and the increase in unchartered days.
Adjusted EBITDA(1) was $65.7 million for the quarter ended
September 30, 2015 ($68.7 million for the quarter ended September
30, 2014).
EPS was a $(0.12) loss per share for the quarter ended September
30, 2015 ($0.32 earnings per share for the quarter ended September
30, 2014). The decrease in EPS is attributable to the decrease in
Profit, the dividend on preferred stock and the increase in Profit
attributable to non-controlling interest which rose to reflect the
increased profit at GasLog Partners following the most recent
dropdown transaction mentioned above.
Adjusted EPS(1) was a $(0.05) loss per share for the quarter
ended September 30, 2015 ($0.26 earnings per share for the quarter
ended September 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 $105.8 million for the quarter ended September 30,
2015 ($99.4 million for the quarter ended September 30, 2014),
being somewhat impacted by the current weak spot market.
Vessel operating and supervision costs were $29.6 million for
the quarter ended September 30, 2015 ($20.9 million for the quarter
ended September 30, 2014).
Depreciation of fixed assets was $28.2 million for the quarter
ended September 30, 2015 ($21.4 million for the quarter ended
September 30, 2014).
The increase in revenues, vessel operating and supervision costs
and depreciation of fixed assets was mainly attributable to the
increase in operating days from our increased fleet discussed
above. The vessel operating and supervision costs were further
affected by the increased technical maintenance expenses for
repairs that were undertaken during the drydockings of two of our
vessels and the increase in the unchartered days.
General and administrative expenses were $10.9 million for the
quarter ended September 30, 2015 ($10.3 million for the quarter
ended September 30, 2014).
Financial costs were $24.5 million for the quarter ended
September 30, 2015 ($17.7 million for the quarter ended September
30, 2014). The increase is mainly attributable to an increase of
$5.5 million in interest expense deriving from higher weighted
average outstanding debt and realized loss on cash flow hedges and
an increase in the amortization of deferred loan fees of $1.3
million. An analysis of financial costs is set forth below.
(
All amounts expressed in thousands of U.S. dollars)
For the three months ended September 30,
2014 September 30, 2015 Financial costs
Amortization of deferred loan issuance costs
and premium 1,873 3,168 Interest expense on loans and realized loss
on cash flow hedges 12,786 18,240 Interest expense on bond and
realized loss on cross-currency swaps 2,856 2,856 Other financial
costs, net 216 219
Total 17,731
24,483
Loss on swaps was $8.2 million for the quarter ended September
30, 2015 ($1.4 million gain for the quarter ended September 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 September 30,
2014 September 30, 2015 (Gain)/loss on swaps
Realized loss on interest rate swaps held for
trading 2,958 2,327 Unrealized (gain)/loss on interest rate swaps
held for trading (5,227 ) 5,538 Recycled loss of cash flow hedges
reclassified to profit or loss in relation to derivatives no longer
designated as hedges 915 364 Ineffective portion on cash flow
hedges (51 ) (1 )
Total (1,405
) 8,228
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 September
30, 2015 (including the seven of the eight 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 $3.8 billion (2) on September 30, 2015, including the eight
vessels owned by GasLog Partners and excluding the vessels
operating in the spot market.
(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 September 30, 2015, GasLog had $318.9 million of cash and
cash equivalents, of which $209.9 million was held in time deposits
and the remaining balance in current accounts. Moreover, as of
September 30, 2015, GasLog had $50.0 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
September 30, 2015, GasLog had $62.0 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 September 30, 2015, GasLog had an aggregate of $2.4
billion of indebtedness outstanding under eleven credit facilities,
of which $621.4 million is repayable within one year, including
$42.2 million under the revolving credit facility. GasLog is
currently engaged in constructive discussions with a number of
lending institutions around the re-financing of the indebtedness
that falls due in 2016. As of September 30, 2015, GasLog had $117.9
million outstanding under the NOK bond agreement that is payable in
June 2018.
As of September 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 September 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 September 30, 2015, the total remaining balance of
the contract prices of the eight newbuildings was $1.5 billion,
which will be partially financed by the $1.3 billion financing
signed in October 2015.
GasLog has hedged 44.4% of its expected floating interest rate
exposure at a weighted average interest rate of approximately 4.6%
(including margin) as of September 30, 2015.
Future Deliveries
GasLog has six newbuildings on order at Samsung Heavy Industries
Co., Ltd., 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 Methane
Services Limited (“MSL”), a subsidiary of BG Group plc, at
attractive rates. Our subsidiaries that own two of the vessels
expected to be delivered in 2018 and one vessel expected to be
delivered in 2019 have entered into 9.5 year time charters with MSL
at similar rates. GasLog currently has one newbuilding on order
that is not currently fixed on a long-term contract.
LNG Market Update and
Outlook
There have been a number of positive developments within the LNG
sector despite weaker LNG prices. The Santos-backed Gladstone
facility shipped its first gas cargo earlier this month with Korean
Gas taking the first commissioning cargo. BG’s Curtis Train 2 also
started up during the period following the successful launch of its
first train at the end of 2014.The first cargo was shipped on a
GasLog vessel. The Australia Pacific project, backed by Origin,
ConocoPhillips and Sinopec, is also expected to come online by the
end of 2015. Chevron indicated first LNG from its Gorgon project
may be delayed to early 2016 due to non-market related issues.
In the US, those projects that have taken final investment
decision (“FID”) continue to make positive progress with Sabine
Pass, the first US LNG export project, expected to start up by the
end of 2015. After the quarter end, there was also news of the new
$11 billion “G2” project in Louisiana, which is intending to file
for Federal Energy Regulatory Commission approval, having already
received Department of Environment approval to export gas to
countries with free-trade agreements with the US. The project will
have a nameplate capacity of 14 million tonnes per annum.
We expect LNG liquefaction projects that are under construction,
have firm offtake agreements and committed financing to come online
even in a lower oil and gas price environment. Projects that have
reached FID stage, but are yet to start production represent over
100 million tonnes per annum of new LNG capacity.
Henry Hub is currently trading below $3 per million British
Thermal Units, making US natural gas an attractively-priced fuel
source for countries and companies looking to diversify away from
dirtier fossil fuels such as oil and coal and often to comply with
newly introduced carbon emission targets. With the price of LNG
declining over the last year, particularly in Asia, we are seeing
new demand centers emerging and growing requirements from existing
importing nations looking to take advantage of cheaper gas, such as
India. The number of importing countries is expected to rise
rapidly as the next wave of LNG supply starts to enter the
market.
We remain confident for the long-term supply and demand outlook
for LNG and also remain confident for the LNG shipping market,
despite the current weak spot market.
Conference Call
GasLog will host a conference call to discuss its results for
the third quarter of 2015 at 8:30 a.m. ET (1:30 p.m. London Time)
on Thursday, November 5, 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
855 537 5839 (New York, NY)+44 (0) 20 3107 0289 (London, UK)+33 (0)
1 70 80 71 53 (Paris, France)+852 3011 4522 (Hong Kong, Hong
Kong)Passcode for the call is 44953430
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 2:00 p.m. EDT (7:00 p.m. London Time)
on Thursday, November 5, 2015 until 11:59 p.m. EDT (4:59 a.m.
London Time) on Thursday, November 12, 2015.
The replay dial-in numbers are as follows:+1 855 859 2056 (New
York, NY)+44 (0) 20 3107 0235 (London, UK)+33 (0) 1 70 80 71 79
(Paris, France)+852 3011 4541 (Hong Kong, Hong Kong)Replay passcode
is 44953430
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151105005779/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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