Monaco, February 17, 2017, 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 unaudited financial results
for the quarter and the year ended December 31, 2016.
Highlights
· |
GasLog was awarded a
seven-year charter by a subsidiary of Centrica plc(1), 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. |
|
|
· |
Delivery of the GasLog
Gibraltar on October 31, 2016, on time and on budget. The vessel
has commenced its seven-year charter to a subsidiary of Royal Dutch
Shell plc ("Shell"). |
· |
In December 2016, GasLog
entered into a sale and purchase agreement ("SPA") to acquire a
twenty percent (20%) shareholding in Gastrade S.A. ("Gastrade"), a
private limited company licensed to develop an independent natural
gas system offshore Alexandroupolis in Northern Greece utilizing a
floating storage and regasification unit ("FSRU") along with other
fixed infrastructure. The acquisition closed on February 9,
2017. |
|
|
· |
Keppel Shipyard Limited
("Keppel") has begun ordering long lead items ("LLIs") required for
the conversion of a GasLog or GasLog Partners LP ("GasLog Partners"
or the "Partnership") LNG carrier to a FSRU. |
|
|
· |
Completed the dropdown of
the GasLog Seattle to GasLog Partners for $189.0 million. |
|
|
· |
Post quarter end, GasLog
Partners successfully completed an equity offering of 3,750,000
common units raising net proceeds of $75.5 million. |
· |
Revenues of $126.5 million
(Q4 2015: $107.5 million), Profit of $46.4 million (Q4 2015: $18.2
million) and Earnings per share(2) of $0.36 (Q4 2015: $0.04), for
the quarter ended December 31, 2016. |
|
|
· |
Adjusted Profit(3) of
$18.9 million (Q4 2015: $14.0 million), EBITDA(3) of $84.8 million
(Q4 2015: $68.0 million), Adjusted EBITDA(3) of $85.4 million (Q4
2015: $69.2 million) and Adjusted Earnings per share(2)(3) of $0.02
(Q4 2015: Adjusted Loss per share of $0.02) for the quarter ended
December 31, 2016. |
|
|
· |
Quarterly dividend of
$0.14 per common share payable on March 16, 2017. |
(1) Pioneer Shipping Limited, a wholly owned
subsidiary of Centrica plc ("Centrica").
(2) Earnings/Loss per share ("EPS") and Adjusted EPS are
negatively affected by the profit attributable to the
non-controlling interest of $15.1 million and the dividend on
preferred stock of $2.5 million for the quarter ended December 31,
2016 ($12.7 million and $2.5 million, respectively, for the quarter
ended December 31, 2015).
(3)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: "GasLog had a
strong final quarter of the year and despite the market volatility
in 2016, continued to execute on its strategy throughout the
year.
We signed a seven-year charter with Centrica, a leading European
energy company and a new customer for GasLog. We made encouraging
progress on our FSRU strategy both through signing a SPA to acquire
a 20% interest in Gastrade, a company that is developing a FSRU
project in Northern Greece, and securing long-lead items for a FSRU
vessel conversion. We took delivery of the GasLog Gibraltar on time
and on budget and it immediately commenced a seven-year charter to
Shell. Finally, we announced and completed the dropdown of the
GasLog Seattle to GasLog Partners, demonstrating the effectiveness
of our master limited partnership ("MLP") as a cost-efficient
funding vehicle for GasLog.
Looking forward, we expect to drop down another vessel into
GasLog Partners in the first half of 2017, providing GasLog with
additional capital. This, along with all the achievements of 2016,
places the Company in a strong position to take advantage of
opportunities we expect to arise as the LNG shipping market supply
and demand balance continues to tighten. We remain confident that
2017 will be a productive year for GasLog and its
shareholders."
Charter Party Agreement with Centrica and Newbuilding
Order
In October 2016, 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.Delivery of the GasLog Gibraltar
On October 31, 2016, GasLog took delivery of the GasLog
Gibraltar, a LNG carrier of 174,000 cbm with tri-fuel diesel
electric ("TFDE") propulsion constructed by Samsung. The vessel is
chartered out to Methane Services Limited ("MSL"), a subsidiary of
Shell, from delivery until 2023.
Agreement for a FSRU Project with Gastrade
In December 2016, GasLog entered into a SPA to acquire a twenty
percent (20%) shareholding in Gastrade, a private limited company
licensed to develop an independent natural gas system offshore
Alexandroupolis in Northern Greece utilizing a FSRU along with
other fixed infrastructure. GasLog, as well as being a shareholder,
will provide operations and maintenance ("O&M") services for
the FSRU through an O&M agreement. Gastrade is currently in
discussions with a number of additional potential investors,
including DEPA, the Greek state owned gas company, Bulgarian Energy
Holding ("BEH"), the holding company of the Bulgarian Ministry of
Energy and major gas suppliers and targets to take final investment
decision ("FID") by the end of 2017 with the FSRU scheduled to be
operational by the end of 2019. The acquisition closed on February
9, 2017.
Order of FSRU LLIs for LNG Carrier Conversion
Keppel, the world's leading shipyard for FSRU conversions, has
begun ordering LLIs required for the FSRU conversion of a GasLog or
GasLog Partners LNG carrier. The LLIs will take approximately 12
months to deliver at a total cost of around $16 million. Ordering
the LLIs reduces the time necessary to convert an LNG carrier from
between 18-20 months to 6-8 months once the LLIs are delivered.
Dropdown of the GasLog Seattle
On November 1, 2016, GasLog Partners acquired from GasLog 100%
of the ownership interest in GAS-seven Ltd., the entity that owns
the GasLog Seattle, for an aggregate purchase price of $189.0
million, including $1.0 million of positive net working capital.
The acquisition was partially financed with proceeds from the
public offering completed by GasLog Partners in August 2016.
GasLog Partners Equity Offering
On January 27, 2017, GasLog Partners completed an equity
offering of 3,750,000 common units at a price to the public of
$20.50 per common unit. The Partnership plans to use the net
proceeds from the public offering for general partnership purposes,
which may include future acquisitions, debt repayment, capital
expenditures and additions to working capital. We estimate that the
net proceeds from this offering will be $75.5 million (excluding
$1.6 million from the sale of general partner units to GasLog to
maintain its 2.0% interest in the Partnership).
Chief Financial Officer Transition
In January 2017, Simon Crowe, GasLog and GasLog Partners' Chief
Financial Officer ("CFO") informed the board of directors of his
intention to step down from the position of CFO in March 2017. As
GasLog's CFO for four years and GasLog Partners' CFO since its
inception, Mr. Crowe has been instrumental in supporting the
Company's growth, with a focus on the balance sheet and capital
structure. His numerous successful financing activities have put
GasLog and GasLog Partners in a strong financial position.
On February 1, 2017, GasLog and GasLog Partners announced that
the board of directors had appointed Alastair Maxwell as CFO with
an expected effective date in early March 2017.
Dividend Declaration
On November 17, 2016, the board of directors declared a dividend
on the Series A Preference Shares of $0.546875 per share, or $2.5
million in the aggregate, payable on January 3, 2017 to holders of
record as of December 30, 2016. GasLog paid the declared dividend
to the transfer agent on December 30, 2016.
On February 16, 2017, the board of directors declared a
quarterly cash dividend of $0.14 per common share payable on March
16, 2017 to shareholders of record as of March 6, 2017.
Financial Summary
In
thousands of U.S. dollars, except per share data
|
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2015 |
|
December 31, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
Revenues |
|
|
107,521 |
|
|
126,481 |
|
|
415,078 |
|
|
466,059 |
|
Profit |
|
|
18,235 |
|
|
46,426 |
|
|
53,668 |
|
|
28,051 |
|
Adjusted Profit(1) |
|
|
13,979 |
|
|
18,853 |
|
|
55,895 |
|
|
57,495 |
|
EBITDA(1) |
|
|
68,009 |
|
|
84,756 |
|
|
262,170 |
|
|
301,023 |
|
Adjusted EBITDA(1) |
|
|
69,212 |
|
|
85,406 |
|
|
262,969 |
|
|
302,386 |
|
Profit/(loss)
attributable to the owners of GasLog |
|
|
5,526 |
|
|
31,322 |
|
|
10,829 |
|
|
(21,486 |
) |
EPS, basic |
|
|
0.04 |
|
|
0.36 |
|
|
0.04 |
|
|
(0.39 |
) |
Adjusted EPS(1) |
|
|
(0.02 |
) |
|
0.02 |
|
|
0.07 |
|
|
(0.03 |
) |
(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 2,078 and 7,439 operating days for the quarter and
the year ended December 31, 2016, respectively, as compared to
1,701 and 6,097 operating days for the quarter and the year ended
December 31, 2015, respectively. The increase in operating days
resulted mainly from the acquisitions of the Methane Becki Anne and
the Methane Julia Louise on March 31, 2015 and the deliveries of
the GasLog Salem, the GasLog Greece, the GasLog Glasgow, the GasLog
Geneva and the GasLog Gibraltar on April 30, 2015, March 29, 2016,
June 30, 2016, September 30, 2016 and October 31, 2016,
respectively, combined with fewer off-hire days due to scheduled
drydockings.
Profit was $46.4 million and $28.1 million for the quarter and
the year ended December 31, 2016, respectively ($18.2 million and
$53.7 million for the quarter and the year ended December 31, 2015,
respectively). The increase in profit for the quarter is mainly
attributable to the increased profit from operations mainly due to
the higher number of operating days, as well as increased
unrealized gain from swaps' mark to market valuations in the fourth
quarter of 2016. The decrease in profit for the year 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 credit agreement entered
into in July 2016 (the "Legacy Facility Refinancing") 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, 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 $18.9 million and $57.5 million for the
quarter and the year ended December 31, 2016, respectively ($14.0
million and $55.9 million for the quarter and the year ended
December 31, 2015, respectively), adjusted for the effects of the
non-cash gain/(loss) on swaps, the write-off of unamortized loan
fees, as well as the net foreign exchange losses.
Profit/(loss) attributable to the owners of GasLog was a profit
of $31.3 million and a loss of $21.5 million for the quarter and
the year ended December 31, 2016, respectively (profit of $5.5
million and $10.8 million for the quarter and the year ended
December 31, 2015, respectively). The increase in profit
attributable to the owners of GasLog for the quarter and the
decrease for the year resulted mainly from the respective movements
in profit mentioned above.
EBITDA(1) was $84.8 million and $301.0 million for the quarter
and the year ended December 31, 2016, respectively ($68.0 million
and $262.2 million for the quarter and the year ended December 31,
2015, respectively).
Adjusted EBITDA(1) was $85.4 million and $302.4 million for the
quarter and the year ended December 31, 2016, respectively ($69.2
million and $263.0 million for the quarter and the year ended
December 31, 2015, respectively).
EPS was earnings of $0.36 and a loss of $0.39 for the quarter
and the year ended December 31, 2016, respectively (earnings of
$0.04 for both the quarter and the year ended December 31, 2015).
The increase in earnings per share for the quarter and decrease in
earnings per share for the year are mainly attributable to the
respective movements in profit attributable to the owners of GasLog
discussed above.
Adjusted EPS(1) was earnings of $0.02 and a loss of $0.03 for
the quarter and the year ended December 31, 2016, respectively (a
loss of $0.02 and earnings of $0.07 for the quarter and the year
ended December 31, 2015, respectively).
Revenues were $126.5 million and $466.1 million for the quarter
and the year ended December 31, 2016, respectively ($107.5 million
and $415.1 million for the quarter and the year ended December 31,
2015, respectively). The increase in revenues was mainly driven by
the new vessel deliveries and on-the-water vessel acquisitions
during the previous periods and fewer off-hire days due to
scheduled drydockings.
Vessel operating and supervision costs were $29.4 million and
$112.6 million for the quarter and the year ended December 31,
2016, respectively ($24.6 million and $98.6 million for the quarter
and the year ended December 31, 2015, respectively).
Voyage expenses and commissions were $2.5 million and $15.2
million for the quarter and the year ended December 31, 2016,
respectively ($4.1 million and $14.3 million for the quarter and
the year ended December 31, 2015, respectively).
Depreciation was $33.9 million and $123.0 million for the
quarter and the year ended December 31, 2016, respectively ($28.5
million and $106.6 million for the quarter and the year ended
December 31, 2015, respectively).
The increases in vessel operating and supervision costs and
depreciation were mainly attributable to the increase in ownership
days from our increased fleet as discussed above.
General and administrative expenses were $10.3 million and $38.6
million for the quarter and the year ended December 31, 2016,
respectively ($10.9 million and $41.3 million for the quarter and
the year ended December 31, 2015, respectively). The year-on-year
decrease is mainly attributable to a decrease in legal and
professional expenses partially offset by an increase in all other
expenses.
Financial costs were $30.6 million and $137.3 million for the
quarter and the year ended December 31, 2016, respectively ($24.7
million and $92.0 million for the quarter and the year ended
December 31, 2015, respectively). An analysis of financial costs is
set forth below:
(All
amounts expressed in thousands of U.S. dollars) |
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2015 |
|
December 31, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
Financial
costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and
write-off of deferred loan and bond issuance costs and premium |
|
|
(3,188 |
) |
|
(2,895 |
) |
|
(11,355 |
) |
|
(35,141 |
) |
Interest expense on
loans and realized loss on cash flow hedges |
|
|
(18,391 |
) |
|
(21,474 |
) |
|
(68,253 |
) |
|
(76,495 |
) |
Interest expense on
bond and realized loss on cross-currency swaps |
|
|
(2,856 |
) |
|
(3,033 |
) |
|
(11,331 |
) |
|
(11,723 |
) |
Finance lease
charge |
|
|
- |
|
|
(2,795 |
) |
|
- |
|
|
(9,367 |
) |
Loss arising on bond
repurchase at a premium |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,120 |
) |
Other financial
costs |
|
|
(264 |
) |
|
(363 |
) |
|
(1,017 |
) |
|
(2,470 |
) |
Total |
|
|
(24,699 |
) |
|
(30,560 |
) |
|
(91,956 |
) |
|
(137,316 |
) |
For the year ended December 31, 2016, an amount of $18.2 million
of unamortized loan fees associated with the six legacy facilities
that were refinanced by the Legacy Facility Refinancing is included
in Amortization and write-off of deferred loan and bond issuance
costs and premium.
Gain on swaps was $26.0 million for the quarter ended December
31, 2016 and loss on swaps was $13.4 million for the year ended
December 31, 2016 (a gain of $3.2 million and a loss of $10.3
million for the quarter and the year ended December 31, 2015,
respectively). An analysis of gain/(loss) on swaps is set forth
below. The increase in gain on swaps in the fourth quarter of 2016
as compared to the fourth quarter of 2015 is mainly attributable to
an increase of $22.4 million in gain from mark-to-market valuation
of our interest rate swaps carried at fair value through profit or
loss. The $28.2 million gain from mark-to-market valuation of our
interest rate swaps in the fourth quarter of 2016 derived from the
fact that the London Interbank Offered Rate ("LIBOR") yield curve,
which was used to estimate the present value of the estimated
future cash flows, was higher than the agreed fixed interest rates
resulting in a decrease in derivative liabilities from interest
rate swaps held for trading as compared to September 30, 2016.
(All
amounts expressed in thousands of U.S. dollars) |
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2015 |
|
December 31, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
Gain/(loss) on
swaps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized loss on
interest rate swaps held for trading |
|
|
(2,222 |
) |
|
(2,258 |
) |
|
(8,904 |
) |
|
(8,435 |
) |
Unrealized gain/(loss)
on interest rate swaps held for trading |
|
|
5,819 |
|
|
28,223 |
|
|
(149 |
) |
|
18,530 |
|
Recycled loss of cash
flow hedges reclassified to profit or loss in relation to
derivatives no longer designated as hedges |
|
|
(359 |
) |
|
- |
|
|
(1,290 |
) |
|
(23,514 |
) |
Ineffective portion on
cash flow hedges |
|
|
(1 |
) |
|
- |
|
|
11 |
|
|
- |
|
Total |
|
|
3,237 |
|
|
25,965 |
|
|
(10,332 |
) |
|
(13,419 |
) |
Contracted Charter Revenues
GasLog's contracted charter revenues are estimated to increase
from $444.5 million for the fiscal year 2016 to $486.5 million for
the fiscal year 2019, based on contracts in effect as of December
31, 2016, without including any extension options. As of December
31, 2016, the total future firm contracted revenue stood at $3.57
billion(1), including the nine vessels owned by GasLog Partners but
excluding the vessels operating in the spot market.
(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 December 31, 2016, GasLog had $227.0 million of cash and
cash equivalents, of which $58.3 million was held in time deposits
and the remaining balance in current accounts. Moreover, as of
December 31, 2016, GasLog had $18.0 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 December 31, 2016, GasLog had an aggregate of $2.65
billion of indebtedness outstanding under its credit facilities and
bond agreements, of which $147.45 million was repayable within one
year, and a $220.4 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 December 31, 2016, there was undrawn available capacity of
$88.4 million under the revolving credit facility of the Legacy
Facility Refinancing entered into on July 19, 2016.
As of December 31, 2016, GasLog's commitments for capital
expenditures are related to the five LNG carriers on order, which
have a gross aggregate contract price of approximately $1.04
billion. As of December 31, 2016, the total remaining balance of
the contract prices of the aforementioned newbuildings was $946.9
million that GasLog expects to be funded with the $664.0 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 December 31, 2016, GasLog's current assets totalled $270.3
million while current liabilities totalled $262.8 million,
resulting in a positive working capital position of $7.5
million.
GasLog has hedged 37.8% 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 December 31, 2016.
Our Fleet
Owned Fleet
The following table presents information about our wholly owned
vessels and their associated time charters as of February 17,
2017:
|
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
1 |
GasLog Savannah |
|
2010 |
|
155,000 |
|
Spot
Market (3) |
|
TFDE |
|
N/A |
|
N/A |
2 |
GasLog Singapore |
|
2010 |
|
155,000 |
|
Spot
Market (3) |
|
TFDE |
|
N/A |
|
N/A |
3 |
GasLog Skagen |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
April
2021(4) |
|
2026-2031 |
4 |
GasLog Chelsea |
|
2010 |
|
153,600 |
|
Spot
Market(3) |
|
TFDE |
|
N/A |
|
N/A |
5 |
Solaris |
|
2014 |
|
155,000 |
|
Shell |
|
TFDE |
|
June
2021 |
|
2026-2031 |
6 |
GasLog Saratoga |
|
2014 |
|
155,000 |
|
Spot
Market(3) |
|
TFDE |
|
N/A |
|
N/A |
7 |
Methane Lydon
Volney |
|
2006 |
|
145,000 |
|
Shell |
|
Steam |
|
October 2020 |
|
2023-2025 |
8 |
Methane Becki Anne |
|
2010 |
|
170,000 |
|
Shell |
|
TFDE |
|
March
2024 |
|
2027-2029 |
9 |
GasLog Salem |
|
2015 |
|
155,000 |
|
Spot
Market(3) |
|
TFDE |
|
N/A |
|
N/A |
10 |
GasLog Greece |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
March
2026 |
|
2031 |
11 |
GasLog Glasgow |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
June
2026 |
|
2031 |
12 |
GasLog Geneva |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
September 2023 |
|
2028-2031 |
13 |
GasLog Gibraltar |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
October 2023 |
|
2028-2031 |
The following table presents information about GasLog Partners'
fleet and their associated time charters as of February 17,
2017:
|
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
1 |
GasLog Shanghai |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
May
2018 |
|
- |
2 |
GasLog Santiago |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
July
2018 |
|
- |
3 |
GasLog Sydney |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
September 2018(5) |
|
2021-2026 |
4 |
GasLog Seattle |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
December 2020 |
|
2025-2030 |
5 |
Methane Rita
Andrea |
|
2006 |
|
145,000 |
|
Shell |
|
Steam |
|
April
2020 |
|
2023-2025 |
6 |
Methane Jane
Elizabeth |
|
2006 |
|
145,000 |
|
Shell |
|
Steam |
|
October 2019 |
|
2022-2024 |
7 |
Methane Shirley
Elisabeth |
|
2007 |
|
145,000 |
|
Shell |
|
Steam |
|
June
2020 |
|
2023-2025 |
8 |
Methane Alison
Victoria |
|
2007 |
|
145,000 |
|
Shell |
|
Steam |
|
December 2019 |
|
2022-2024 |
9 |
Methane Heather
Sally |
|
2007 |
|
145,000 |
|
Shell |
|
Steam |
|
December 2020 |
|
2023-2025 |
Bareboat Vessel
|
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
1 |
Methane Julia
Louise(6) |
|
2010 |
|
170,000 |
|
Shell |
|
TFDE |
|
March
2026 |
|
2029-2031 |
____________
(1) |
Indicates the expiration of the initial term. |
(2) |
The period shown reflects
the expiration of the minimum optional period and the maximum
optional period. The charterer of the GasLog Skagen has unilateral
options to extend the term of the charter for up to ten years, on a
seasonal charter basis. The charterer of the GasLog Seattle and the
Solaris has unilateral options to extend the term of the time
charter for periods ranging from five to ten years, provided that
the charterer provides us with advance notice of declaration of any
option in accordance with the terms of the applicable charter. The
charterer of the Methane Lydon Volney has a unilateral option to
extend the term for a period of either three or five years at its
election. In addition, the charterer of the Methane Shirley
Elisabeth, the Methane Heather Sally and the Methane Alison
Victoria has a unilateral option to extend the term of two of the
related time charters for a period of either three or five years at
its election. The charterers of the GasLog Shanghai, the GasLog
Santiago and the GasLog Sydney have the option to extend the
charters for two consecutive periods of three or four years each
plus or minus 30 days, and each charter extension and the length
thereof is to be nominated by charterers at least 18 months before
the end of each current charter period and shall follow in direct
continuation of the then preceding period. No such nominations have
been made in respect of the GasLog Shanghai and the GasLog
Santiago. The charterer of the Methane Rita Andrea and the Methane
Jane Elizabeth may extend either or both of these charters for one
extension period of three or five years, and each charter requires
that the charterer provide us with advance notice of its exercise
of any extension option. The charterer of the Methane Becki Anne
and the Methane Julia Louise has a unilateral option to extend the
term of the time charters for a period of either three or five
years at its election. The charterer of the GasLog Greece and the
GasLog Glasgow has the right to extend the charters for a period of
five years at the charterer's option. The charterer of the GasLog
Geneva has the right to extend the charter by two additional
periods of five and three years, respectively, provided that the
charterer provides us with advance notice of declaration. |
(3) |
Vessels operating in the
spot market that participate in The Cool Pool Limited. |
(4) |
Time charter provides for
full employment for three years and a subsequent five year seasonal
charter under which the ship is employed for seven months and
available to accept other charters for five months. |
(5) |
Pursuant to the agreement
signed with MSL on April 21, 2015, with respect to the GasLog
Sydney, whose charter was shortened by eight months under such
agreement, if MSL does not exercise the charter extension options
for the GasLog Sydney, and GasLog Partners does not enter into a
third-party charter for the GasLog Sydney, GasLog and GasLog
Partners intend to enter into a bareboat or time charter
arrangement that is designed to guarantee the total cash
distribution from the vessel for any period of charter
shortening. |
(6) |
On February 24, 2016,
GasLog's subsidiary, GAS-twenty six Ltd., completed the sale and
leaseback of the Methane Julia Louise with Lepta Shipping Co. Ltd.
("Lepta Shipping") has the right to on-sell and lease back
the vessel. The vessel was sold to Lepta Shipping for a total
consideration approximately equivalent to its current book value.
GasLog has leased back the vessel under a bareboat charter from
Lepta Shipping for a period of up to 20 years. GasLog has the
option to re-purchase the vessel on pre-agreed terms no earlier
than the end of year ten and no later than the end of year 17 of
the bareboat charter. The vessel remains on its eleven-year-
charter with MSL, a subsidiary of Shell. |
Future Deliveries
GasLog has three newbuildings on order at Samsung and two
newbuildings on order at Hyundai Heavy Industries Co., Ltd.
("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. 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
With a significant forecast increase in LNG supply and a growing
number of new demand centers, GasLog's demand outlook for LNG
carriers with long-term charters remains positive. We continue to
see tenders for multi-year charters for vessels, which we expect
will be used to transport volumes from new liquefaction facilities
coming online 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 fourth quarter, there were several announcements that
highlighted continued growth of LNG supply and shipping
demand. BP committed to purchase 100% of the LNG produced by
ENI's Coral South Floating LNG ("FLNG") facility. The facility
is expected to be installed offshore Mozambique and to have a
capacity of approximately 3.3 million tonnes per annum
("mtpa"). This commitment allowed ENI to authorize development
of the project. BP also announced an investment of approximately $1
billion to develop gas reserves offshore Mauritania and Senegal and
to create a new LNG hub in Africa. PETRONAS' 1.2 mtpa
Malaysian FLNG facility was one of eight LNG liquefaction projects
that successfully came online in 2016 (others include Sabine Pass,
Australia Pacific, Gladstone and Gorgon). Total announced a $207
million investment in Tellurian's Driftwood LNG project. Finally,
the rising LNG supply in the quarter was slightly offset by a
supply outage at Chevron's Gorgon facility where Train 1 was shut
down for maintenance.
During the quarter, there were also several announcements for
new FSRUs. These projects continue the trend of new and
existing importing nations selecting FSRUs, which are typically
quicker to market and more flexible than land-based terminals.
Global Energy Infrastructure Limited signed a 20-year FSRU
charter for its LNG import project in Port Qasim, Pakistan. This
will be the third FSRU in Port Qasim, demonstrating the growing
demand in the region. The CI-GNL (Ivory Coast LNG) consortium led
by Total was awarded the rights to build and operate a 3 mtpa FSRU
in the Ivory Coast. The Brazilian gas-to-power Porto de Sergipe
Project took FID. In connection with the FID, the project's
sponsor entered into a 25-year FSRU charter agreement. Also in the
quarter, Turkey chartered its first FSRU, the GDF Suez Neptune,
from the French utility company Engie. There were seven new FSRU
awards during the year, a significant increase on previous years,
demonstrating the growing demand for offshore re-gasification
infrastructure. This compares to around 20 existing FSRU projects
in operation around the world today.
In the shorter-term shipping market in the fourth quarter,
brokers reported that spot rates in the Atlantic Basin increased to
approximately $45,000 per day, with one end-of-year fixture
reported above $50,000. The catalyst was greater ton-mile demand
with many cargoes going from the U.S. to Asia through the Panama
Canal. Spot charter terms have also improved with round trip
economics now seen on some short term voyages. In the Pacific
Basin, reported rates were lower at around $38,000 per day than the
Atlantic, largely due to the greater availability of vessels during
the period.
During the quarter, U.S. natural gas prices increased 30% to $4
per million British thermal units ("mmbtu"). However,
Northeast Asian LNG prices rose by 60% to approximately $10 per
mmbtu due to a cold start to winter in key demand centers such as
Japan, China and Korea. Destination flexibility allowed
offtakers to send more LNG cargos to Asia, which increased ton-mile
demand. For 2016 in total, there were approximately 275 short term
fixtures, an increase of more than 50% over 2015. Whilst it is too
early to predict a sustained recovery we believe that fundamentals
continue to point to a recovery, through 2017 and beyond.
Conference Call
GasLog will host a conference call to discuss its results for
the fourth quarter of 2016 at 8:30 a.m. EST (1:30 p.m. GMT) on
Friday, February 17, 2017. 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: 46501504
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. EST (7:00 p.m. GMT) on
Friday, February 17, 2017 until 11:59 p.m. EST (4:59 a.m. GMT) on
Friday, February 24, 2017.
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: 46501504
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;
- increased exposure to spot market and fluctuations in spot
charter rates;
- 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 2016(Amounts
expressed in thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
December 31, 2016 |
|
Assets |
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
Investment in associate
and joint venture |
|
|
|
6,274 |
|
|
6,265 |
|
Deferred financing
costs |
|
|
|
17,998 |
|
|
12,045 |
|
Other non-current
assets |
|
|
|
28,957 |
|
|
1,824 |
|
Derivative financial
instruments |
|
|
|
61 |
|
|
7,856 |
|
Tangible fixed
assets |
|
|
|
3,400,270 |
|
|
3,889,047 |
|
Vessels under
construction |
|
|
|
178,405 |
|
|
96,356 |
|
Vessel held under
finance lease |
|
|
|
- |
|
|
222,004 |
|
Total non-current
assets |
|
|
|
3,641,476 |
|
|
4,244,908 |
|
Current
assets |
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
16,079 |
|
|
9,256 |
|
Dividends receivable
and other amounts due from related parties |
|
|
|
1,345 |
|
|
3,065 |
|
Derivative financial
instruments |
|
|
|
- |
|
|
82 |
|
Inventories |
|
|
|
6,496 |
|
|
8,461 |
|
Prepayments and other
current assets |
|
|
|
2,519 |
|
|
4,326 |
|
Short-term
investments |
|
|
|
6,000 |
|
|
18,000 |
|
Restricted cash |
|
|
|
62,718 |
|
|
42 |
|
Cash and cash
equivalents |
|
|
|
302,988 |
|
|
227,024 |
|
Total current
assets |
|
|
|
398,145 |
|
|
270,256 |
|
Total
assets |
|
|
|
4,039,621 |
|
|
4,515,164 |
|
Equity and
liabilities |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Preference shares |
|
|
|
46 |
|
|
46 |
|
Share capital |
|
|
|
810 |
|
|
810 |
|
Contributed
surplus |
|
|
|
1,020,292 |
|
|
966,974 |
|
Reserves |
|
|
|
(8,829 |
) |
|
10,160 |
|
Treasury shares |
|
|
|
(12,491 |
) |
|
(10,861 |
) |
Retained
earnings/(accumulated deficit) |
|
|
|
1,846 |
|
|
(21,486 |
) |
Equity attributable
to owners of the Group |
|
|
|
1,001,674 |
|
|
945,643 |
|
Non-controlling
interest |
|
|
|
506,246 |
|
|
564,039 |
|
Total
equity |
|
|
|
1,507,920 |
|
|
1,509,682 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
Trade accounts
payable |
|
|
|
12,391 |
|
|
7,255 |
|
Ship management
creditors |
|
|
|
3,524 |
|
|
841 |
|
Amounts due to related
parties |
|
|
|
163 |
|
|
105 |
|
Derivative financial
instruments |
|
|
|
14,243 |
|
|
7,854 |
|
Other payables and
accruals |
|
|
|
67,084 |
|
|
93,386 |
|
Borrowings, current
portion |
|
|
|
636,987 |
|
|
147,448 |
|
Finance lease
liability, current portion |
|
|
|
- |
|
|
5,946 |
|
Total current
liabilities |
|
|
|
734,392 |
|
|
262,835 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Derivative financial
instruments |
|
|
|
58,531 |
|
|
22,485 |
|
Borrowings, non-current
portion |
|
|
|
1,737,500 |
|
|
2,504,578 |
|
Finance lease
liability, non-current portion |
|
|
|
- |
|
|
214,455 |
|
Other non-current
liabilities |
|
|
|
1,278 |
|
|
1,129 |
|
Total non-current
liabilities |
|
|
|
1,797,309 |
|
|
2,742,647 |
|
Total equity and
liabilities |
|
|
|
4,039,621 |
|
|
4,515,164 |
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit or
lossFor the three months and years ended December 31,
2015 and 2016(Amounts expressed in thousands of U.S.
Dollars, except per share data)
|
|
|
|
For the three months ended |
|
For the years ended |
|
|
|
|
|
December 31, 2015 |
|
December 31, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
Revenues |
|
|
|
|
|
107,521 |
|
|
126,481 |
|
|
415,078 |
|
|
466,059 |
|
Vessel operating and
supervision costs |
|
|
|
|
|
(24,571 |
) |
|
(29,390 |
) |
|
(98,552 |
) |
|
(112,632 |
) |
Voyage expenses and
commissions |
|
|
|
|
|
(4,093 |
) |
|
(2,481 |
) |
|
(14,290 |
) |
|
(15,184 |
) |
Depreciation |
|
|
|
|
|
(28,462 |
) |
|
(33,936 |
) |
|
(106,641 |
) |
|
(122,957 |
) |
General and
administrative expenses |
|
|
|
|
|
(10,884 |
) |
|
(10,280 |
) |
|
(41,282 |
) |
|
(38,642 |
) |
Profit from
operations |
|
|
|
|
|
39,511 |
|
|
50,394 |
|
|
154,313 |
|
|
176,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial costs |
|
|
|
|
|
(24,699 |
) |
|
(30,560 |
) |
|
(91,956 |
) |
|
(137,316 |
) |
Financial income |
|
|
|
|
|
150 |
|
|
201 |
|
|
427 |
|
|
720 |
|
Gain/(loss) on
swaps |
|
|
|
|
|
3,237 |
|
|
25,965 |
|
|
(10,332 |
) |
|
(13,419 |
) |
Share of profit of
associate |
|
|
|
|
|
36 |
|
|
426 |
|
|
1,216 |
|
|
1,422 |
|
Total other
expenses, net |
|
|
|
|
|
(21,276 |
) |
|
(3,968 |
) |
|
(100,645 |
) |
|
(148,593 |
) |
Profit for the
period |
|
|
|
|
|
18,235 |
|
|
46,426 |
|
|
53,668 |
|
|
28,051 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Group |
|
|
|
|
|
5,526 |
|
|
31,322 |
|
|
10,829 |
|
|
(21,486 |
) |
Non-controlling
interest |
|
|
|
|
|
12,709 |
|
|
15,104 |
|
|
42,839 |
|
|
49,537 |
|
|
|
|
|
|
|
18,235 |
|
|
46,426 |
|
|
53,668 |
|
|
28,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
share - basic and diluted |
|
|
|
|
|
0.04 |
|
|
0.36 |
|
|
0.04 |
|
|
(0.39 |
) |
Unaudited condensed consolidated statements of cash
flowsFor the years ended December 31, 2015 and
2016(Amounts expressed in thousands of U.S. Dollars)
|
|
|
|
For the years ended |
|
|
|
|
December 31, 2015 |
|
December 31, 2016 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
Profit for the
year |
|
|
|
|
|
53,668 |
|
|
28,051 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
106,641 |
|
|
122,957 |
|
Share of profit of
associate |
|
|
|
|
|
(1,216 |
) |
|
(1,422 |
) |
Financial income |
|
|
|
|
|
(427 |
) |
|
(720 |
) |
Financial costs |
|
|
|
|
|
91,956 |
|
|
137,316 |
|
Unrealized foreign
exchange losses on cash and cash equivalents and short-term
investments |
|
|
|
|
|
518 |
|
|
1,020 |
|
Unrealized loss/(gain)
on interest rate swaps held for trading including ineffective
portion of cash flow hedges |
|
|
|
|
|
138 |
|
|
(18,530 |
) |
Recycled loss of cash
flow hedges reclassified to profit or loss |
|
|
|
|
|
1,290 |
|
|
23,514 |
|
Non-cash defined
benefit obligations |
|
|
|
|
|
26 |
|
|
(25 |
) |
Share-based
compensation |
|
|
|
|
|
2,872 |
|
|
3,869 |
|
|
|
|
|
|
|
255,466 |
|
|
296,030 |
|
Movements in working
capital |
|
|
|
|
|
(14,971 |
) |
|
39,290 |
|
Cash provided by
operations |
|
|
|
|
|
240,495 |
|
|
335,320 |
|
Interest paid |
|
|
|
|
|
(78,916 |
) |
|
(78,788 |
) |
Net cash provided by
operating activities |
|
|
|
|
|
161,579 |
|
|
256,532 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Payments for tangible
fixed assets and vessels under construction |
|
|
|
|
|
(728,446 |
) |
|
(761,513 |
) |
Dividends received from
associate |
|
|
|
|
|
1,675 |
|
|
1,413 |
|
Return of contributed
capital from associate |
|
|
|
|
|
- |
|
|
137 |
|
Other investments |
|
|
|
|
|
(55 |
) |
|
- |
|
Purchase of short-term
investments |
|
|
|
|
|
(74,592 |
) |
|
(19,500 |
) |
Maturity of short-term
investments |
|
|
|
|
|
97,007 |
|
|
7,500 |
|
Financial income
received |
|
|
|
|
|
359 |
|
|
721 |
|
Net cash used in
investing activities |
|
|
|
|
|
(704,052 |
) |
|
(771,242 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and bonds |
|
|
|
|
|
606,000 |
|
|
2,274,318 |
|
Proceeds from sale and
finance leaseback |
|
|
|
|
|
- |
|
|
217,000 |
|
Bank loan and bond
repayments |
|
|
|
|
|
(103,709 |
) |
|
(1,983,576 |
) |
Payment of loan
issuance costs |
|
|
|
|
|
(25,969 |
) |
|
(44,125 |
) |
Proceeds from GasLog
Partners' public offerings (net of underwriting discounts and
commissions) |
|
|
|
|
|
172,875 |
|
|
52,731 |
|
Proceeds from issuance
of preference shares (net of underwriting discounts and
commissions) |
|
|
|
|
|
111,378 |
|
|
- |
|
Payment of equity
raising costs |
|
|
|
|
|
(1,839 |
) |
|
(442 |
) |
Payment for cross
currency swaps' termination/modification |
|
|
|
|
|
- |
|
|
(31,986 |
) |
Payment for bond
repurchase at a premium |
|
|
|
|
|
- |
|
|
(2,120 |
) |
Payment for interest
rate swaps' termination |
|
|
|
|
|
- |
|
|
(30,296 |
) |
Proceeds from entering
into interest rate swaps |
|
|
|
|
|
- |
|
|
25,465 |
|
Dividends paid |
|
|
|
|
|
(84,527 |
) |
|
(99,207 |
) |
(Increase)/decrease in
restricted cash |
|
|
|
|
|
(39,892 |
) |
|
62,718 |
|
Payments for vessel
held under finance lease |
|
|
|
|
|
- |
|
|
(714 |
) |
Net cash provided by
financing activities |
|
|
|
|
|
634,317 |
|
|
439,766 |
|
Effects of exchange
rate changes on cash and cash equivalents |
|
|
|
|
|
(830 |
) |
|
(1,020 |
) |
Increase/(decrease)
in cash and cash equivalents |
|
|
|
|
|
91,014 |
|
|
(75,964 |
) |
Cash and cash
equivalents, beginning of the year |
|
|
|
|
|
211,974 |
|
|
302,988 |
|
Cash and cash
equivalents, end of the year |
|
|
|
|
|
302,988 |
|
|
227,024 |
|
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:(Amounts expressed in thousands of U.S.
Dollars)
|
|
For the three months ended |
|
For the year ended |
|
|
|
December 31, 2015 |
|
December 31, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
Profit for the
period |
|
|
18,235 |
|
|
46,426 |
|
|
53,668 |
|
|
28,051 |
|
Depreciation |
|
|
28,462 |
|
|
33,936 |
|
|
106,641 |
|
|
122,957 |
|
Financial costs |
|
|
24,699 |
|
|
30,560 |
|
|
91,956 |
|
|
137,316 |
|
Financial income |
|
|
(150 |
) |
|
(201 |
) |
|
(427 |
) |
|
(720 |
) |
(Gain)/loss on
swaps |
|
|
(3,237 |
) |
|
(25,965 |
) |
|
10,332 |
|
|
13,419 |
|
EBITDA |
|
|
68,009 |
|
|
84,756 |
|
|
262,170 |
|
|
301,023 |
|
Foreign exchange
losses, net |
|
|
1,203 |
|
|
650 |
|
|
799 |
|
|
1,363 |
|
Adjusted
EBITDA |
|
|
69,212 |
|
|
85,406 |
|
|
262,969 |
|
|
302,386 |
|
Reconciliation of Adjusted Profit to Profit:(Amounts
expressed in thousands of U.S. Dollars)
|
|
For the three months ended |
|
For the year ended |
|
|
|
December 31, 2015 |
|
December 31, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
Profit for the
period |
|
|
18,235 |
|
|
46,426 |
|
|
53,668 |
|
|
28,051 |
|
Non-cash (gain)/loss on
swaps |
|
|
(5,459 |
) |
|
(28,223 |
) |
|
1,428 |
|
|
4,984 |
|
Write-off of
unamortized loan/bond fees and premium |
|
|
- |
|
|
- |
|
|
- |
|
|
23,097 |
|
Foreign exchange
losses, net |
|
|
1,203 |
|
|
650 |
|
|
799 |
|
|
1,363 |
|
Adjusted
Profit |
|
|
13,979 |
|
|
18,853 |
|
|
55,895 |
|
|
57,495 |
|
Reconciliation of Adjusted Earnings/(Loss) Per Share to
Earnings/(Loss) Per Share:(Amounts expressed in thousands of
U.S. Dollars, except shares and per share data)
|
|
For the three months ended |
|
For the year ended |
|
|
|
December 31, 2015 |
|
December 31, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
Profit/(loss) for the
period attributable to owners of the Group |
|
|
5,526 |
|
|
31,322 |
|
|
10,829 |
|
|
(21,486 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preferred
stock |
|
|
(2,516 |
) |
|
(2,516) |
|
|
(7,379 |
) |
|
(10,063 |
) |
Profit/(loss) for the
period available to owners of the Group used in EPS
calculation |
|
|
3,010 |
|
|
28,806 |
|
|
3,450 |
|
|
(31,549 |
) |
Weighted average number
of shares outstanding, basic |
|
80,496,499 |
|
80,553,503 |
|
80,496,314 |
|
80,534,702 |
|
Earnings/(loss) per
share |
|
|
0.04 |
|
|
0.36 |
|
|
0.04 |
|
|
(0.39 |
) |
Profit/(loss) for the
period available to owners of the Group used in EPS
calculation |
|
|
3,010 |
|
|
28,806 |
|
|
3,450 |
|
|
(31,549 |
) |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash (gain)/loss on
swaps |
|
|
(5,459 |
) |
|
(28,223 |
) |
|
1,428 |
|
|
4,984 |
|
Write-off of
unamortized loan/bond fees and premium |
|
|
- |
|
|
- |
|
|
- |
|
|
23,097 |
|
Foreign exchange
losses, net |
|
|
1,203 |
|
|
650 |
|
|
799 |
|
|
1,363 |
|
Adjusted (loss)/profit
attributable to owners of the Group |
|
|
(1,246 |
) |
|
1,233 |
|
|
5,677 |
|
|
(2,105 |
) |
Weighted average number
of shares outstanding, basic |
|
80,496,499 |
|
80,553,503 |
|
80,496,314 |
|
80,534,702 |
|
Adjusted
(loss)/earnings per share |
|
|
(0.02 |
) |
|
0.02 |
|
|
0.07 |
|
|
(0.03) |
|
GasLog (NYSE:GLOG)
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