Monaco, November 3, 2016, 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, 2016.
Highlights
· |
Post quarter-end, GasLog
was awarded a seven-year charter by a subsidiary of Centrica plc
("Centrica"), commencing in 2019 and entered into a contract with
Samsung Heavy Industries Co. Ltd. ("Samsung") for the purchase of
one 180,000 cubic meters capacity ("cbm") newbuilding from the
shipyard for delivery in the second quarter of 2019. |
|
|
· |
Successfully chartered
GasLog's only open newbuilding to Total Gas & Power Chartering
Limited ("Total") for a period of seven years, commencing in
2018. |
|
|
· |
Delivery of the GasLog
Geneva and the GasLog Gibraltar on September 30, 2016 and October
31, 2016, respectively, on time and on budget. Both vessels have
commenced their seven-year charters to a subsidiary of Royal Dutch
Shell plc ("Shell"). |
|
|
· |
Post quarter-end,
completed the dropdown of GasLog Seattle to GasLog Partners LP
("GasLog Partners") for $189.0 million. In August, GasLog Partners
launched and completed an equity offering of 2,750,000 common units
raising net proceeds of $52.3 million, which have been used to
partially fund the dropdown of GasLog Seattle. |
|
|
· |
Completed debt refinancing
of $1.05 billion with a number of international banks, extending
the maturity of six existing credit facilities to 2021. |
|
|
· |
Revenues of $120.7 million
(Q3 2015: $105.8 million), Loss of $16.4 million (Q3 2015: profit
of $4.9 million) and Loss per share of $0.39(1) (Q3 2015: a loss of
$0.12), for the quarter ended September 30, 2016. |
|
|
· |
Adjusted Profit(2) of
$19.5 million (Q3 2015: $10.8 million), EBITDA(2) of $80.8 million
(Q3 2015: $65.7 million), Adjusted EBITDA(2) of $81.1 million (Q3
2015: $65.7 million) and Adjusted Earnings per share(2) of $0.05(1)
(Q3 2015: Adjusted Loss per share of $0.05) for the quarter ended
September 30, 2016. |
|
|
· |
Quarterly dividend of
$0.14 per common share payable on November 24, 2016. |
(1) Earnings/Loss per share ("EPS") and Adjusted EPS are
negatively affected by the profit attributable to the
non-controlling interest of $12.6 million and the dividend on
preferred stock of $2.5 million for the quarter ended September 30,
2016 ($12.2 million and $2.5 million, respectively, for the quarter
ended September 30, 2015).
(2) 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.
CEO Statement
Paul Wogan, Chief Executive Officer, stated: "In recent weeks,
GasLog added Total and Centrica as long-term customers. We are
delighted to broaden our customer base with two leaders in the
global energy sector and we look forward to building these
relationships as they develop their own LNG businesses.
In September and October, we took delivery of two newbuildings,
the GasLog Geneva and the GasLog Gibraltar, both of which have now
commenced seven year charters with Shell. GasLog has a further five
newbuildings on order, all of which have firm contracts of between
seven and ten years.
In August, GasLog Partners successfully raised $53.6 million of
common equity, which has been used to partially fund the dropdown
of GasLog Seattle. With the Total and Centrica charters, GasLog now
has 13 eligible vessels for dropdown, providing a strong pipeline
of growth for GasLog Partners and the opportunity to continue to
recycle capital into GasLog."
Charter Party Agreement with Centrica and
Newbuilding Order
Post quarter-end, GasLog entered into a time charter party
agreement with a subsidiary of Centrica for a period of seven
years, commencing in 2019. In conjunction with this new charter
award, GAS-twenty eight Ltd. entered into a shipbuilding contract
with Samsung for the construction of one LNG carrier (180,000 cbm).
The vessel is expected to be delivered in the second quarter of
2019.
Charter Party Agreement with Total
On July 11, 2016, GasLog entered into a time
charter party agreement with Total to charter Hull No. 2801 for a
period of seven years, commencing in mid-2018 at a date to be
finalized ahead of the commencement of the charter. The vessel is
currently under construction at Hyundai Heavy Industries Co., Ltd.
("Hyundai") in South Korea and is due to be delivered in 2018.
Delivery of the GasLog Geneva and the GasLog
Gibraltar
On September 30, 2016 and October 31, 2016, GasLog took delivery
of the GasLog Geneva and the GasLog Gibraltar, respectively, two
LNG carriers of 174,000 cbm each with tri-fuel diesel electric
propulsion constructed by Samsung. The vessels are chartered out to
Methane Services Limited ("MSL"), a subsidiary of Shell, from their
delivery until 2023.
Completion of GasLog Partners' Equity
Offering and Dropdown of GasLog Seattle
On August 5, 2016, GasLog Partners completed an equity offering
of 2,750,000 common units and issued 56,122 general partner units
to its general partner (in order for GasLog to retain its 2.0%
general partner interest in GasLog Partners) at a public offering
price of $19.50 per unit, raising net proceeds of $52.3 million
(after excluding $1.1 million from the sale of the general partner
units to GasLog). Proceeds from the public offering were
subsequently used to partially finance the acquisition from GasLog
of 100% of the ownership interest in GAS-seven Ltd., the entity
that owns GasLog Seattle, for an aggregate purchase price of $189.0
million, including $1.0 million of positive net working capital.
The acquisition closed on November 1, 2016.
Debt Refinancing
On July 19, 2016, GasLog entered into a credit
agreement to refinance the existing indebtedness on eight of its
on-the-water vessels of up to $1.05 billion (the "Legacy Facility
Re-financing") with a number of international banks. It is
comprised of a five-year facility of up to $950.0 million and a
revolving credit facility of up to $100.0 million. The vessels
covered by the Legacy Facility Re-financing are the GasLog
Savannah, the GasLog Singapore, the GasLog Skagen, the GasLog
Seattle, the Solaris, the GasLog Saratoga, the GasLog Salem and the
GasLog Chelsea. Citibank N.A, Credit Suisse AG and Nordea Bank AB
were mandated lead arrangers to the transaction.
On July 25, 2016, $950.0 million and $11.6
million under the term loan facility and the revolving credit
facility, respectively, of the Legacy Facility Re-financing were
drawn to refinance the aggregate existing indebtedness of $959.9
million of GAS-one Ltd., GAS-two Ltd., GAS-six Ltd., GAS-seven
Ltd., GAS-eight Ltd., GAS-nine Ltd., GAS-ten Ltd. and GAS-fifteen
Ltd.
Swaps' Termination and New Swap
Agreements
In July 2016, the Group terminated interest rate swap agreements
with an aggregate notional value of $874.9 million, associated with
the six legacy facilities that were re-financed by the Legacy
Facility Re-financing. Concurrently, GasLog entered into new
interest rate swap agreements with a notional value of $870.0
million in aggregate, maturing between 2020 and 2022.
Dividend Declaration
On September 14, 2016, the board of directors declared a
dividend on the Series A Preference Shares of $0.546875 per share,
or $2.5 million in aggregate, payable on October 3, 2016 to holders
of record as of September 30, 2016. GasLog paid the declared
dividend to the transfer agent on September 30, 2016.
On November 2, 2016, the board of directors declared a quarterly
cash dividend of $0.14 per common share payable on November 24,
2016 to shareholders of record as of November 14, 2016.
Financial Summary
In thousands of U.S. dollars except per share
data |
|
For the three months ended |
|
|
|
September 30, 2015 |
|
|
September 30, 2016 |
|
Revenues |
|
$ |
105,791 |
|
|
$ |
120,727 |
|
Profit/(loss) |
|
$ |
4,880 |
|
|
$ |
(16,423 |
) |
Adjusted Profit(1) |
|
$ |
10,791 |
|
|
$ |
19,529 |
|
Loss attributable to
the owners of GasLog |
|
$ |
(7,279 |
) |
|
$ |
(29,046 |
) |
EBITDA(1) |
|
$ |
65,673 |
|
|
$ |
80,782 |
|
Adjusted EBITDA(1) |
|
$ |
65,683 |
|
|
$ |
81,097 |
|
EPS |
|
$ |
(0.12 |
) |
|
$ |
(0.39 |
) |
Adjusted EPS(1) |
|
$ |
(0.05 |
) |
|
$ |
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 1,927 operating days for the quarter ended September
30, 2016, as compared to 1,568 operating days for the quarter ended
September 30, 2015. The increase in operating days resulted mainly
from the deliveries of the GasLog Greece, the GasLog Glasgow and
the GasLog Geneva on March 29, 2016, June 30, 2016 and September
30, 2016, respectively.
There was a loss of $16.4 million for the quarter ended
September 30, 2016 ($4.9 million profit for the quarter ended
September 30, 2015). This decrease in profit is mainly attributable
to the increased financial costs derived mainly from the write-off
of unamortized fees associated with the six legacy facilities that
were refinanced by the Legacy Facility Re-financing and the
recycling of accumulated loss from equity to the statement of
profit or loss related to the swap agreements that were terminated
in July 2016. These factors were partially offset by a net increase
in profit from operations resulting mainly from the increase in
operating days mitigated by a lower daily hire rate affected by the
vessels operating in the spot market.
Adjusted Profit(1) was $19.5 million for the quarter ended
September 30, 2016 ($10.8 million for the quarter ended September
30, 2015) adjusted for the effects of the non-cash loss on swaps,
the write-off of unamortized loan fees, as well as the net foreign
exchange losses.
Loss attributable to the owners of GasLog was $29.0 million
($7.3 million for the quarter ended September 30, 2015). The
increase in loss attributable to the owners of GasLog resulted
mainly from the increase in loss mentioned above.
EBITDA(1) was $80.8 million for the quarter ended September 30,
2016 ($65.7 million for the quarter ended September 30, 2015).
Adjusted EBITDA(1) was $81.1 million for the quarter ended
September 30, 2016 ($65.7 million for the quarter ended September
30, 2015).
EPS was a $0.39 loss for the quarter ended
September 30, 2016 (a loss of $0.12 for the quarter ended September
30, 2015). The increase in loss per share is mainly attributable to
the decrease in profit.
Adjusted EPS(1) was $0.05 for the quarter ended
September 30, 2016 (a loss of $0.05 for the quarter ended September
30, 2015).
Revenues were $120.7 million for the quarter ended September 30,
2016 ($105.8 million for the quarter ended September 30, 2015). The
increase was mainly driven by the new deliveries in our fleet
(GasLog Greece, GasLog Glasgow, GasLog Geneva), increased revenues
from vessels operating in the spot market and fewer off-hire days
due to drydocking (no drydockings in the third quarter of 2016 as
opposed to one for the same period in 2015).
Vessel operating and supervision costs were $26.8 million for
the quarter ended September 30, 2016 ($25.6 million for the quarter
ended September 30, 2015).
Voyage expenses and commissions were $4.2 million for the
quarter ended September 30, 2016 ($4.0 million for the quarter
ended September 30, 2015).
Depreciation was $31.4 million for the quarter ended September
30, 2016 ($28.2 million for the quarter ended September 30,
2015).
The increase in revenues, vessel operating and supervision costs
and depreciation was mainly attributable to the increase in
operating and ownership days from our increased fleet as discussed
above.
General and administrative expenses were $9.3 million for the
quarter ended September 30, 2016 ($10.9 million for the quarter
ended September 30, 2015). The decrease is mainly attributable to a
decrease in legal fees and other professional services related
mainly to consultancy fees charged in 2015.
Financial costs were $46.1 million for the quarter ended
September 30, 2016 ($24.5 million for the quarter ended September
30, 2015). 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, 2015 |
|
September 30, 2016 |
|
|
Financial
costs |
|
|
|
|
|
|
|
|
|
|
|
Amortization and write-off of deferred loan fees |
|
|
$ |
3,168 |
|
$ |
20,889 |
|
|
Interest
expense on loans and realized loss on cash flow hedges |
|
|
|
18,240 |
|
|
18,731 |
|
|
Interest
expense on bond and realized loss on cross-currency swaps |
|
|
|
2,856 |
|
|
3,034 |
|
|
Finance
lease charge |
|
|
|
- |
|
|
2,785 |
|
|
Other
financial costs |
|
|
|
219 |
|
|
655 |
|
|
Total |
|
|
|
|
$ |
24,483 |
|
$ |
46,094 |
|
|
For the quarter ended September 30, 2016, an amount of $18.2
million of unamortized loan fees associated with the six legacy
facilities that were refinanced by the Legacy Facility Re-financing
is included in Amortization and write-off of deferred loan
fees.
Loss on swaps was $19.9 million for the quarter ended September
30, 2016 ($8.2 million for the quarter ended September 30, 2015).
An analysis of loss on swaps is set forth below.
(All amounts
expressed in thousands of U.S. dollars) |
|
|
|
For the three months ended |
|
|
|
|
|
|
|
September 30, 2015 |
|
September 30, 2016 |
|
|
Loss on
swaps |
|
|
|
|
|
|
|
|
|
|
|
Realized
loss on interest rate swaps held for trading |
|
|
$ |
2,327 |
|
$ |
184 |
|
|
Unrealized
loss on interest rate swaps held for trading |
|
|
|
5,538 |
|
|
2,509 |
|
|
Recycled
loss of cash flow hedges reclassified to profit or loss in relation
to derivatives no longer designated as hedges |
|
|
|
364 |
|
|
17,238 |
|
|
Ineffective
portion on cash flow hedges |
|
|
|
(1 |
) |
|
- |
|
|
Total |
|
|
|
|
$ |
8,228 |
|
$ |
19,931 |
|
|
Contracted Charter Revenues
GasLog's contracted charter revenues are estimated to increase
from $412.5 million for the fiscal year 2015 to $476.9 million for
the fiscal year 2017, based on contracts in effect as of September
30, 2016, without including any extension options. As of September
30, 2016, the total future firm contracted revenue stood at $3.51
billion (1), including the nine vessels owned by GasLog Partners
but excluding the vessels operating in the spot market. This
increases to $3.69 billion with the inclusion of the recently
awarded Centrica charter.
(1) 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, 2016, GasLog had $244.7 million of cash and
cash equivalents, of which $156.8 million was held in time deposits
and the remaining balance in current accounts.
As of September 30, 2016, GasLog had an aggregate of $2.57
billion of indebtedness outstanding under its credit facilities and
bond agreements, of which $143.5 million was repayable within one
year, and a $222.1 million finance lease liability related to the
sale and leaseback of the Methane Julia Louise, of which $5.9
million was repayable within one year.
As of September 30, 2016, there was undrawn available capacity
of $88.4 million under the revolving credit facility of the Legacy
Facility Re-financing entered into on July 19, 2016.
As of September 30, 2016, GasLog's commitments for capital
expenditures are related to the five LNG carriers on order and the
GasLog Gibraltar delivered on October 31, 2016, which have a gross
aggregate contract price of approximately $1.23 billion. As of
September 30, 2016, the total remaining balance of the contract
prices of the aforementioned newbuildings was $1.11 billion that
GasLog expects to be funded with the $824.7 million undrawn
capacity under the financing agreement entered into on October 16,
2015, as well as cash balances, cash from operations and borrowings
under new debt agreements.
As of September 30, 2016, GasLog's current assets totalled
$269.0 million while current liabilities totalled $246.7 million,
resulting in a positive working capital position of $22.3
million.
GasLog has hedged 39.9% of its expected floating interest rate
exposure on its outstanding debt (excluding the finance lease
liability) at a weighted average interest rate of approximately
4.6% (including margin) as of September 30, 2016.
Future Deliveries
GasLog has three newbuildings on order at Samsung and two
newbuildings on order at Hyundai. Our vessels presently under
construction are on schedule and within budget. The expected
delivery dates are as follows:
Hulls |
Delivery date |
Shipyard |
Hull No. 2130 |
Q1 2018 |
Samsung |
Hull No. 2800 |
Q1 2018 |
Hyundai |
Hull No. 2801 |
Q1 2018 |
Hyundai |
Hull No. 2131 |
Q1 2019 |
Samsung |
Hull No. 2212 |
Q2 2019 |
Samsung |
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.
Our subsidiary that owns the remaining vessel expected to be
delivered in 2018 entered into a seven-year time charter with Total
in July 2016. Finally, our subsidiary that owns the last vessel
expected to be delivered in 2019 entered into a seven-year time
charter with a subsidiary of Centrica in October 2016.
LNG Market Update and Outlook
Our demand outlook for LNG carriers with long-term charters
remains positive. We continue to see a number of tenders for
multi-year charters for vessels, which we expect will be used to
transport volumes from new liquefaction facilities due to commence
production over the coming years. We believe that these new LNG
volumes will create demand for additional ships over and above
those available in the market today.
In the third quarter, there were several announcements
highlighting LNG supply and demand growth as well as increased
demand for LNG carriers. Cheniere announced the substantial
completion of Sabine Pass Train 2 with a production capacity of 4.5
million tonnes per annum ("mtpa") and commissioning cargoes from
this facility are now being transported. Angola LNG's 5.2 mtpa
facility and the Chevron-operated 15.6 mtpa Gorgon project
restarted production. The Canadian government gave conditional
approval for Pacific NorthWest LNG's 12.0 mtpa project. BP
announced Final Investment Decision ("FID") for the Tangguh
Expansion Project, which will add 3.8 mtpa of capacity to the
existing facility, bringing total capacity to 11.4 mtpa. However,
during the quarter, Shell delayed FID for the 15.0 mtpa Lake
Charles LNG project and Exxon Mobil announced it will no longer
invest in the proposed 20.0 mtpa Alaska LNG project.
On the demand side, Pakistan announced the purchase of its
second floating storage re-gasification unit ("FSRU"). The country
is expected to continue to increase its LNG imports to counter
declining indigenous production. Bangladesh announced agreements
for the construction and operation of the country's first LNG
import terminal, which will be a floating facility. Both projects
continue a trend of new importing nations selecting FSRUs, which
are typically quicker to market and more flexible than land-based
terminals. We expect FSRUs to be an important link to the supply
and to facilitate the creation of additional demand in both new and
existing markets.
Year to date LNG import volumes in China and India are up 27%
and 34%, respectively, with both countries looking to respond to
reduced LNG prices. In the third quarter, LNG prices in Northeast
Asia and Northwest Europe rose by 16% and 15%, respectively, making
the LNG price arbitrage for US exports more attractive.
In the shorter-term shipping market, spot rates in the third
quarter increased from multi-year lows reflecting new LNG supply
coming online and the restarts of the Gorgon and Angola LNG
projects, which removed vessel re-lets from the market. From
January to September 2016, there were approximately 210 spot
fixtures completed compared to approximately 130 for the same
period last year, an increase of around 60%. Whilst it is too early
to predict a sustained recovery, we believe that fundamentals
continue to point to a recovery in 2017 and beyond.
Conference Call
GasLog will host a conference call to discuss its results for
the third quarter of 2016 at 8:30 a.m. EDT (12:30 p.m. GMT) on
Thursday, November 3, 2016. 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 (USA) +44 20 3107 0289 (United Kingdom) +33 1 70
80 71 53 (France)+852 3011 4522 (Hong Kong)
Conference ID: 46498957
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 (6:00 p.m. GMT) on
Thursday, November 3, 2016 until 11:59 p.m. EST (4:59 a.m. GMT) on
Thursday, November 10, 2016.
The replay dial-in numbers are as follows:
+1 855 859 2056 (USA)+44 20 3107 0235 (United Kingdom) +33 1 70
80 71 79 (France)+852 3011 4541 (Hong Kong)
Replay passcode: 46498957
The replay will also be available via a webcast in the investor
relations page of the Company's website at
http://www.gaslogltd.com/investor-relations.
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 our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to the following:
- general 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;
- continued low prices for crude oil and petroleum products;
- 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;
- our future operating performance, financial condition,
liquidity and cash available for dividends and distributions;
- our ability to obtain financing to fund capital expenditures,
acquisitions and other corporate activities, funding by banks of
their financial commitments, and our ability to meet our
restrictive covenants and other obligations under our credit
facilities;
- future, pending or recent acquisitions of or orders for ships
or other assets, business strategy, areas of possible expansion and
expected capital spending or operating expenses;
- 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;
- fluctuations in currencies and interest rates;
- our ability to maintain long-term relationships with major
energy companies;
- 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;
- the expected cost of, and our ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, requirements imposed by classification societies and
standards imposed by our charterers applicable to our
business;
- 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;
- any malfunction or disruption of information technology systems
and networks that our operations rely on or any impact of a
possible cybersecurity breach; and
- other risks and uncertainties described in the Company's Annual
Report on Form 20-F filed with the SEC on March 14, 2016 and
available at http://www.sec.gov.
We undertake no obligation to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events, a change in our
views or expectations or otherwise, except as required by
applicable law. New factors emerge from time to time, and it is not
possible for us to predict all of these factors. Further, we cannot
assess the impact of each such factor on our business or the extent
to which any factor, or combination of factors, may cause actual
results to be materially different from those contained in any
forward-looking statement.
The declaration and payment of dividends are at all times
subject to the discretion of our board of directors and will depend
on, amongst other things, risks and uncertainties described above,
restrictions in our credit facilities, the provisions of Bermuda
law and such other factors as our board of directors may deem
relevant.
Contacts:Simon CroweChief Financial OfficerPhone:
+44-203-388-3108
Jamie BucklandHead of Investor RelationsPhone:
+44-203-388-3116Email: ir@gaslogltd.com
EXHIBIT I - Unaudited Interim Financial Information
Unaudited condensed consolidated statements of financial
positionAs of December 31, 2015 and September 30,
2016(Amounts expressed in thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
September 30, 2016 |
|
Assets |
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
Investment in associate
and joint venture |
|
|
|
6,274 |
|
|
6,590 |
|
Deferred financing
costs |
|
|
|
17,998 |
|
|
14,019 |
|
Other non-current
assets |
|
|
|
28,957 |
|
|
4,373 |
|
Derivative financial
instruments |
|
|
|
61 |
|
|
3,084 |
|
Tangible fixed
assets |
|
|
|
3,400,270 |
|
|
3,716,521 |
|
Vessels under
construction |
|
|
|
178,405 |
|
|
125,431 |
|
Vessel held under
finance lease |
|
|
|
- |
|
|
223,932 |
|
Total non-current
assets |
|
|
|
3,641,476 |
|
|
4,103,461 |
|
Current
assets |
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
16,079 |
|
|
8,908 |
|
Dividends receivable
and due from related parties |
|
|
|
1,345 |
|
|
2,306 |
|
Inventories |
|
|
|
6,496 |
|
|
7,157 |
|
Prepayments and other
current assets |
|
|
|
2,519 |
|
|
4,404 |
|
Short-term
investments |
|
|
|
6,000 |
|
|
- |
|
Restricted cash |
|
|
|
62,718 |
|
|
1,548 |
|
Cash and cash
equivalents |
|
|
|
302,988 |
|
|
244,656 |
|
Total current
assets |
|
|
|
398,145 |
|
|
268,979 |
|
Total
assets |
|
|
|
4,039,621 |
|
|
4,372,440 |
|
Equity and
liabilities |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Preferred stock |
|
|
|
46 |
|
|
46 |
|
Share capital |
|
|
|
810 |
|
|
810 |
|
Contributed
surplus |
|
|
|
1,020,292 |
|
|
980,767 |
|
Reserves |
|
|
|
(8,829 |
) |
|
11,735 |
|
Treasury shares |
|
|
|
(12,491 |
) |
|
(11,065 |
) |
Retained
earnings/(accumulated deficit) |
|
|
|
1,846 |
|
|
(52,808 |
) |
Equity attributable
to owners of the Group |
|
|
|
1,001,674 |
|
|
929,485 |
|
Non-controlling
interest |
|
|
|
506,246 |
|
|
560,603 |
|
Total
equity |
|
|
|
1,507,920 |
|
|
1,490,088 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
Trade accounts
payable |
|
|
|
12,391 |
|
|
10,844 |
|
Ship management
creditors |
|
|
|
3,524 |
|
|
187 |
|
Amounts due to related
parties |
|
|
|
163 |
|
|
21 |
|
Derivative financial
instruments |
|
|
|
14,243 |
|
|
9,273 |
|
Other payables and
accruals |
|
|
|
67,084 |
|
|
85,646 |
|
Borrowings, current
portion |
|
|
|
636,987 |
|
|
134,907 |
|
Finance lease
liability, current portion |
|
|
|
- |
|
|
5,859 |
|
Total current
liabilities |
|
|
|
734,392 |
|
|
246,737 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Derivative financial
instruments |
|
|
|
58,531 |
|
|
32,366 |
|
Borrowings, non-current
portion |
|
|
|
1,737,500 |
|
|
2,385,873 |
|
Finance lease
liability, non-current portion |
|
|
|
- |
|
|
216,246 |
|
Other non-current
liabilities |
|
|
|
1,278 |
|
|
1,130 |
|
Total non-current
liabilities |
|
|
|
1,797,309 |
|
|
2,635,615 |
|
Total equity and
liabilities |
|
|
|
4,039,621 |
|
|
4,372,440 |
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit or
lossFor the three and nine months ended September 30,
2015 and 2016(Amounts expressed in thousands of U.S.
Dollars, except per share data)
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
|
|
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
Revenues |
|
|
|
|
|
105,791 |
|
|
120,727 |
|
|
307,557 |
|
|
339,578 |
|
Vessel operating and
supervision costs |
|
|
|
|
|
(25,566 |
) |
|
(26,821 |
) |
|
(73,981 |
) |
|
(83,242 |
) |
Voyage expenses and
commissions |
|
|
|
|
|
(4,042 |
) |
|
(4,184 |
) |
|
(10,197 |
) |
|
(12,703 |
) |
Depreciation |
|
|
|
|
|
(28,210 |
) |
|
(31,373 |
) |
|
(78,179 |
) |
|
(89,021 |
) |
General and
administrative expenses |
|
|
|
|
|
(10,900 |
) |
|
(9,273 |
) |
|
(30,398 |
) |
|
(28,362 |
) |
Profit from
operations |
|
|
|
|
|
37,073 |
|
|
49,076 |
|
|
114,802 |
|
|
126,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial costs |
|
|
|
|
|
(24,483 |
) |
|
(46,094 |
) |
|
(67,257 |
) |
|
(106,756 |
) |
Financial income |
|
|
|
|
|
128 |
|
|
193 |
|
|
277 |
|
|
519 |
|
Loss on swaps |
|
|
|
|
|
(8,228 |
) |
|
(19,931 |
) |
|
(13,569 |
) |
|
(39,384 |
) |
Share of profit of
associate |
|
|
|
|
|
390 |
|
|
333 |
|
|
1,180 |
|
|
996 |
|
Total other
expenses, net |
|
|
|
|
|
(32,193 |
) |
|
(65,499 |
) |
|
(79,369 |
) |
|
(144,625 |
) |
Profit/(loss) for
the period |
|
|
|
|
|
4,880 |
|
|
(16,423 |
) |
|
35,433 |
|
|
(18,375 |
) |
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Group |
|
|
|
|
|
(7,279 |
) |
|
(29,046 |
) |
|
5,303 |
|
|
(52,808 |
) |
Non-controlling
interest |
|
|
|
|
|
12,159 |
|
|
12,623 |
|
|
30,130 |
|
|
34,433 |
|
|
|
|
|
|
|
4,880 |
|
|
(16,423 |
) |
|
35,433 |
|
|
(18,375 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
share - basic and diluted |
|
|
|
|
|
(0.12 |
) |
|
(0.39 |
) |
|
0.01 |
|
|
(0.75 |
) |
Unaudited condensed consolidated statements of cash
flowsFor the nine months ended September 30, 2015
and 2016(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
For the nine months ended |
|
|
|
|
September 30, 2015 |
|
September 30, 2016 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the
period |
|
|
|
|
|
35,433 |
|
|
(18,375 |
) |
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
78,179 |
|
|
89,021 |
|
Share of profit of
associate |
|
|
|
|
|
(1,180 |
) |
|
(996 |
) |
Financial income |
|
|
|
|
|
(277 |
) |
|
(519 |
) |
Financial costs |
|
|
|
|
|
67,257 |
|
|
106,756 |
|
Unrealized foreign
exchange (gains)/losses on cash and cash equivalents and short-term
investments |
|
|
|
|
|
(234 |
) |
|
128 |
|
Unrealized loss on
interest rate swaps held for trading including ineffective portion
of cash flow hedges |
|
|
|
|
|
5,956 |
|
|
9,693 |
|
Recycled loss of cash
flow hedges reclassified to profit or loss |
|
|
|
|
|
931 |
|
|
23,514 |
|
Share-based
compensation |
|
|
|
|
|
2,059 |
|
|
2,835 |
|
|
|
|
|
|
|
188,124 |
|
|
212,057 |
|
Movements in working
capital |
|
|
|
|
|
(14,184 |
) |
|
28,792 |
|
Cash provided by
operations |
|
|
|
|
|
173,940 |
|
|
240,849 |
|
Interest paid |
|
|
|
|
|
(56,426 |
) |
|
(58,296 |
) |
Net cash provided by
operating activities |
|
|
|
|
|
117,514 |
|
|
182,553 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Payments for tangible
fixed assets and vessels under construction |
|
|
|
|
|
(699,502 |
) |
|
(576,784 |
) |
Dividends received from
associate |
|
|
|
|
|
1,675 |
|
|
1,413 |
|
Return of contributed
capital from associate |
|
|
|
|
|
- |
|
|
137 |
|
Purchase of short-term
investments |
|
|
|
|
|
(68,592 |
) |
|
(1,500 |
) |
Maturity of short-term
investments |
|
|
|
|
|
47,007 |
|
|
7,500 |
|
Financial income
received |
|
|
|
|
|
239 |
|
|
523 |
|
Net cash used in
investing activities |
|
|
|
|
|
(719,173 |
) |
|
(568,711 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and bonds |
|
|
|
|
|
606,000 |
|
|
2,113,621 |
|
Proceeds from sale and
finance leaseback |
|
|
|
|
|
- |
|
|
217,000 |
|
Bank loans and bonds
repayments |
|
|
|
|
|
(73,434 |
) |
|
(1,966,018 |
) |
Payment of loan
issuance costs |
|
|
|
|
|
(6,779 |
) |
|
(35,484 |
) |
Proceeds from GasLog
Partners' public offerings (net of underwriting discounts and
commissions) |
|
|
|
|
|
172,875 |
|
|
52,731 |
|
Proceeds from issuance
of preferred stock (net of underwriting discounts and
commissions) |
|
|
|
|
|
111,378 |
|
|
- |
|
Payment of equity
raising costs |
|
|
|
|
|
(1,776 |
) |
|
(245 |
) |
Payment for cross
currency swaps' termination/modification |
|
|
|
|
|
- |
|
|
(31,986 |
) |
Payment for bond
re-purchase at a premium |
|
|
|
|
|
- |
|
|
(2,120 |
) |
Payment for interest
rate swaps' termination |
|
|
|
|
|
- |
|
|
(30,296 |
) |
Proceeds from entering
into interest rate swaps |
|
|
|
|
|
- |
|
|
25,465 |
|
(Increase)/decrease in
restricted cash |
|
|
|
|
|
(39,174 |
) |
|
61,213 |
|
Dividends paid |
|
|
|
|
|
(60,388 |
) |
|
(73,746 |
) |
Payments for vessel
held under finance lease |
|
|
|
|
|
- |
|
|
(714 |
) |
Payments for finance
lease liability |
|
|
|
|
|
- |
|
|
(1,467 |
) |
Net cash provided by
financing activities |
|
|
|
|
|
708,702 |
|
|
327,954 |
|
Effects of exchange
rate changes on cash and cash equivalents |
|
|
|
|
|
(78 |
) |
|
(128 |
) |
Increase/(decrease)
in cash and cash equivalents |
|
|
|
|
|
106,965 |
|
|
(58,332 |
) |
Cash and cash
equivalents, beginning of the period |
|
|
|
|
|
211,974 |
|
|
302,988 |
|
Cash and cash
equivalents, end of the period |
|
|
|
|
|
318,939 |
|
|
244,656 |
|
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 and
accelerated amortization of unamortized loan/bond fees and premium,
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) recycled loss of cash flow hedges reclassified to
profit or loss in relation to derivatives no longer designated as
hedges and (c) 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 and accelerated amortization of
unamortized loan/bond fees and premium, divided by the weighted
average number of 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 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 and accelerated
amortization of unamortized loan/bond fees and premium, 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/(Loss):(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
For the three months ended |
|
|
|
|
|
September 30, 2015 |
|
September 30, 2016 |
|
Profit/(loss) for the
period |
|
|
|
|
|
4,880 |
|
|
(16,423 |
) |
Depreciation |
|
|
|
|
|
28,210 |
|
|
31,373 |
|
Financial costs |
|
|
|
|
|
24,483 |
|
|
46,094 |
|
Financial income |
|
|
|
|
|
(128 |
) |
|
(193 |
) |
Loss on swaps |
|
|
|
|
|
8,228 |
|
|
19,931 |
|
EBITDA |
|
|
|
|
|
65,673 |
|
|
80,782 |
|
Foreign exchange
losses, net |
|
|
|
|
|
10 |
|
|
315 |
|
Adjusted
EBITDA |
|
|
|
|
|
65,683 |
|
|
81,097 |
|
Reconciliation of Adjusted Profit to
Profit/(Loss):(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
For the three months ended |
|
|
|
|
|
September 30, 2015 |
|
September 30, 2016 |
|
Profit/(loss) for the
period |
|
|
|
|
|
4,880 |
|
|
(16,423 |
) |
Non-cash loss on
swaps |
|
|
|
|
|
5,901 |
|
|
17,422 |
|
Write-off of
unamortized loan fees |
|
|
|
|
|
- |
|
|
18,215 |
|
Foreign exchange
losses, net |
|
|
|
|
|
10 |
|
|
315 |
|
Adjusted
Profit |
|
|
|
|
|
10,791 |
|
|
19,529 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted (Loss)/Earnings Per Share to Loss
Per Share:(Amounts expressed in thousands of U.S. Dollars,
except shares and per share data)
|
|
|
|
For the three months ended |
|
|
|
|
|
September 30, 2015 |
|
September 30, 2016 |
|
Loss for the period
attributable to owners of the Group |
|
|
|
|
|
(7,279 |
) |
|
(29,046 |
) |
Plus: |
|
|
|
|
|
|
|
|
|
|
Dividend on preferred
stock |
|
|
|
|
|
(2,516 |
) |
|
(2,516 |
) |
Loss for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
(9,795 |
) |
|
(31,562 |
) |
Weighted average number
of shares outstanding, basic |
|
|
|
|
|
80,496,499 |
|
|
80,553,238 |
|
Loss per
share |
|
|
|
|
|
(0.12 |
) |
|
(0.39 |
) |
Loss for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
(9,795 |
) |
|
(31,562 |
) |
Plus: |
|
|
|
|
|
|
|
|
|
|
Non-cash loss on
swaps |
|
|
|
|
|
5,901 |
|
|
17,422 |
|
Write-off of
unamortized loan fees |
|
|
|
|
|
- |
|
|
18,215 |
|
Foreign exchange
losses, net |
|
|
|
|
|
10 |
|
|
315 |
|
Adjusted (loss)/profit
attributable to owners of the Group |
|
|
|
|
|
(3,884 |
) |
|
4,390 |
|
Weighted average number
of shares outstanding, basic |
|
|
|
|
|
80,496,499 |
|
|
80,553,238 |
|
Adjusted
(loss)/earnings per share |
|
|
|
|
|
(0.05 |
) |
|
0.05 |
|
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
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GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024