Monaco, August 3, 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 financial results for the
quarter ended June 30, 2017.
Highlights
· |
Completed the dropdown of
the GasLog Greece to GasLog Partners LP ("GasLog Partners" or the
"Partnership") for $219.0 million on May 3, 2017. |
|
|
· |
Announced and, post the
quarter end, closed the dropdown of the GasLog Geneva to GasLog
Partners for $211.0 million. In May 2017, GasLog Partners
successfully completed an equity offering of 5,750,000 preference
units raising net proceeds of $138.8 million, which were partially
used to fund the dropdown of the GasLog Geneva. |
|
|
· |
Successfully completed the
repurchase of the outstanding NOK bonds maturing in April 2018 at a
price of 103.0% of par value for total consideration of NOK 424.4
million ($70.8 million at the swapped rate under the associated
cross currency swaps ("CCS")). |
|
|
· |
Prepaid $150.0 million of
the junior tranche of the credit agreement entered into in February
18, 2016 (the "Five Vessel Refinancing"), originally due in April
2018. |
|
|
· |
The Front-End Engineering
and Design ("FEED") study for the Alexandroupolis floating storage
regasification unit ("FSRU") project in Greece is underway and is
expected to be completed in the third quarter. |
|
|
· |
Revenues of $129.9 million
(Q2 2016: $114.5 million), Profit of $6.9 million (Q2 2016: $3.3
million) and Loss per share of $0.12(1) (Q2 2016: loss per share of
$0.13), for the quarter ended June 30, 2017. |
|
|
· |
Adjusted Profit(2) of
$14.4 million (Q2 2016: $12.9 million), EBITDA(2) of $87.4 million
(Q2 2016: $73.2 million), Adjusted EBITDA(2) of $87.4 million (Q2
2016: $73.7 million) and Adjusted Loss per share(2) of $0.03(1) (Q2
2016: Adjusted Loss per share of $0.01) for the quarter ended June
30, 2017. |
|
|
· |
Quarterly dividend of
$0.14 per common share payable on August 24, 2017. |
|
|
(1) Earnings/Loss per share ("EPS") and Adjusted EPS are net of
the profit attributable to the non-controlling interest of $14.4
million and the dividend on preferred stock of $2.5 million for the
quarter ended June 30, 2017 ($11.2 million and $2.5 million,
respectively, for the quarter ended June 30, 2016).
(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: "GasLog had a
stronger quarter with record revenues as a result of high uptime
across our chartered fleet and improving earnings on our spot
vessels.
Since the end of the first quarter, we have completed the
dropdown of the GasLog Greece and announced and completed the
dropdown of the GasLog Geneva to GasLog Partners. These two
transactions show our continued ability to recycle liquidity from
the Partnership to GasLog, which we can then use to repay debt and
grow our business.
Towards the end of the quarter, we repurchased the outstanding
2018 Norwegian bond meaning that GasLog now has no material debt
maturities until 2019. With the increased dropdown activity,
improving spot rates, a growing fleet and largely amortising debt,
we expect the Company's leverage to continue to fallthrough 2017
and beyond.
We continue to make progress with our FSRU strategy where we are
actively involved in a number of projects. In particular, the FEED
study for the Alexandroupolis project in Greece, should be
completed later in the third quarter. As a shareholder of Gastrade
S.A. ("Gastrade"), we are advancing discussions with potential
off-takers, with both the Greek and Bulgarian national energy
companies expected to play a major role. We expect Gastrade to take
a final investment decision in early 2018.
In the short-term market, spot rates continue to be low.
However, we are seeing a return to a more seasonal market pattern
as well as round-trip economics on many spot charters, both of
which suggest a tightening shipping market. With five vessels
currently trading in the spot market through The Cool Pool Limited
(the "Cool Pool"), we continue to have significant upside to an
improvement in this market. We expect that increased LNG supply and
demand, coupled with historically low new vessel orders, should
lead to an upturn in the LNG shipping market, from which GasLog is
very well positioned to benefit."
Amendment of the GasLog Skagen Seasonal Charter Party
Agreement
On April 28, 2017, the Group signed an amendment to the GasLog
Skagen seasonal time charter agreement, pursuant to which the
seasonal charter of the vessel was replaced by a continuous time
charter for a duration of 2.4 years ending in August 2019. The
amended continuous charter will cover the same total number of
fixed days as the previous seasonal charter and will eliminate
redelivery risk at the beginning and end of each seasonal period.
In addition, the amended charter will provide assurance of fixed
revenues through August 2019.
Completion of GasLog Partners' Preference
Units Equity Offering and Dropdown of the GasLog Geneva
On May 15, 2017, GasLog Partners completed a public offering of
5,750,000 8.625% Series A Cumulative Redeemable Perpetual Fixed to
Floating Rate Preference Units (the "Partnership's Series A
Preference Units") (including 750,000 units issued upon the
exercise in full by the underwriters of their option to purchase
additional Partnership's Series A Preference Units), liquidation
preference $25.00 per unit, at a price to the public of $25.00 per
preference unit. The gross proceeds of the offering were $143.8
million and the net proceeds after deducting underwriting
discounts, commissions and other offering expenses were $138.8
million. The Series A Preference Units are listed on the New York
Stock Exchange under the symbol "GLOP PR A". The initial
distribution on the Series A Preference Units will be payable on
September 15, 2017. A portion of the proceeds from the public
offering were used to partially finance the acquisition from GasLog
of 100% of the ownership interest in GAS-thirteen Ltd., the entity
that owns the GasLog Geneva, for an aggregate purchase price of
$211.0 million, which includes $1.0 million for positive net
working capital balances transferred with the vessel. The
acquisition closed on July 3, 2017.
Commencement of GasLog Partners'
"At-The-Market" Common Equity Offering Programme ("ATM
Programme")
On May 16, 2017, GasLog Partners commenced an ATM Programme
under which the Partnership may, from time to time, raise equity
through the issuance and sale of new common units having an
aggregate offering price of up to $100.0 million in accordance with
the terms of an equity distribution agreement entered into on the
same date. Citigroup Global Markets Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC
and Morgan Stanley & Co. LLC have agreed to act as sales
agents. From establishment of the ATM Programme through June 30,
2017, GasLog Partners issued and received payment for 410,877
common units at a weighted average price of $22.68 per common unit
for total net proceeds of $8.8 million, after broker commissions of
$0.2 million and other expenses of $0.3 million. In the period from
July 1, 2017 through July 6, 2017, GasLog Partners issued and
received payment for an additional 94,367 common units at a
weighted average price of $22.91 per unit for net proceeds of $2.1
million, after broker commissions of $0.03 million. The issuance of
these units fulfilled contractual commitments entered into on or
before June 30, 2017.
Financing Transactions
On April 5, 2017, GasLog used $150.0 million of the proceeds
from the offering of the 8.875% senior unsecured notes due in 2022
(the "8.875% Senior Notes") issued in March 2017 to prepay
partially borrowings outstanding under the junior tranche of the
Five Vessel Refinancing, originally due in April 2018.
On June 27, 2017, GasLog completed the repurchase of the
outstanding NOK bonds maturing in April 2018, at a price of 103.0%
of par value for total consideration of NOK 424.4 million ($70.8
million at the swapped rate under the associated CCS).
On July 3, 2017, GasLog repaid $41.6 million of the revolving
credit facility of the credit agreement of up to $1.1 billion
entered into on July 19, 2016 (the "Legacy Facility
Refinancing").
End of GasLog Partners' Subordination
Period
On May 16, 2017, the subordination period of the GasLog
Partners' subordinated units held by GasLog expired and
consequently all 9,822,358 subordinated units of GasLog Partners
converted into common units of GasLog Partners on a one-for-one
basis and now participate pro rata with all other outstanding
common units in distributions of available cash.
Dividend Declaration
On May 4, 2017, 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 July 3, 2017 to holders of record
as of June 30, 2017. GasLog paid the declared dividend to the
transfer agent on July 3, 2017.
On August 2, 2017, the board of directors declared a quarterly
cash dividend of $0.14 per common share, or $11.3 million in
aggregate, payable on August 24, 2017 to shareholders of record as
of August 14, 2017.
Financial Summary
In thousands of U.S. dollars except per share
data |
|
For the three months ended |
|
|
|
June 30, 2016 |
|
|
June 30, 2017 |
|
Revenues |
|
$ |
114,474 |
|
|
$ |
129,930 |
|
EBITDA(1) |
|
$ |
73,228 |
|
|
$ |
87,409 |
|
Adjusted EBITDA(1) |
|
$ |
73,670 |
|
|
$ |
87,352 |
|
Profit for the
period |
|
$ |
3,346 |
|
|
$ |
6,904 |
|
Adjusted Profit(1) |
|
$ |
12,923 |
|
|
$ |
14,419 |
|
Loss attributable to
the owners of GasLog |
|
$ |
(7,864 |
) |
|
$ |
(7,515 |
) |
EPS, basic |
|
$ |
(0.13 |
) |
|
$ |
(0.12 |
) |
Adjusted EPS(1) |
|
$ |
(0.01 |
) |
|
$ |
(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 2,081 operating days for the quarter ended June 30,
2017, as compared to 1,793 operating days for the quarter ended
June 30, 2016. The increase in operating days resulted mainly from
the deliveries of the GasLog Glasgow, the GasLog Geneva and the
GasLog Gibraltar on June 30, 2016, September 30, 2016 and October
31, 2016, respectively.
Revenues were $129.9 million for the quarter ended June 30, 2017
($114.5 million for the quarter ended June 30, 2016). The increase
was mainly driven by the new deliveries in our fleet (the GasLog
Glasgow, the GasLog Geneva and the Gaslog Gibraltar), increased
revenues from vessels operating in the spot market in both periods
and fewer off-hire days due to dry-docking (no dry-dockings in the
second quarter of 2017 as opposed to one for the same period in
2016).
Vessel operating and supervision costs were $29.8 million for
the quarter ended June 30, 2017 ($28.0 million for the quarter
ended June 30, 2016). The increase was mainly driven by the new
deliveries in our fleet (the GasLog Glasgow, the GasLog Geneva and
the GasLog Gibraltar).
Voyage expenses and commissions were $2.8 million for the
quarter ended June 30, 2017 ($3.3 million for the quarter ended
June 30, 2016).
Depreciation was $34.5 million for the quarter ended June 30,
2017 ($29.5 million for the quarter ended June 30, 2016). The
increase resulted from the increase in the average number of
vessels in our fleet.
General and administrative expenses were $10.2 million for the
quarter ended June 30, 2017 ($10.4 million for the quarter ended
June 30, 2016). The decrease is mainly attributable to a decrease
in foreign exchange differences and employee costs partially offset
by an increase in legal and professional fees.
Financial costs were $37.1 million for the quarter ended June
30, 2017 ($31.5 million for the quarter ended June 30, 2016). The
increase is mainly attributable to the increased average debt
outstanding as a result of the debt drawdowns for the new vessels
delivered in 2016 and the increased weighted average interest rate.
An analysis of financial costs is set forth below.
(All amounts
expressed in thousands of U.S. dollars) |
|
|
|
For the three months ended |
|
|
|
|
|
|
|
June 30, 2016 |
|
June 30, 2017 |
|
|
Financial
costs |
|
|
|
|
|
|
|
|
|
|
|
Amortization and write-off of deferred loan/bond issuance costs and
premium |
|
|
$ |
5,330 |
|
$ |
2,978 |
|
|
Interest
expense on loans and realized loss on cash flow hedges |
|
|
|
17,977 |
|
|
21,099 |
|
|
Interest
expense on senior unsecured notes and realized loss on CCS |
|
|
|
2,831 |
|
|
8,451 |
|
|
Finance
lease charge |
|
|
|
2,720 |
|
|
2,722 |
|
|
Loss
arising on NOK bond repurchase at a premium |
|
|
|
2,120 |
|
|
1,459 |
|
|
Other
financial costs |
|
|
|
505 |
|
|
369 |
|
|
Total |
|
|
|
|
$ |
31,483 |
|
$ |
37,078 |
|
|
Loss on swaps was $9.7 million for the quarter ended June 30,
2017 ($9.0 million for the quarter ended June 30, 2016). An
analysis of loss on swaps is set forth below. The increase in loss
on swaps in the second quarter of 2017 as compared to the second
quarter 2016 is mainly attributable to an increase of $2.1 million
in loss from mark-to-market valuation of our derivative financial
instruments carried at fair value through profit or loss, partially
offset by the $1.6 million decrease in loss that was reclassified
from equity to the statement of profit or loss. The $3.5 million
loss from mark-to-market valuation of our derivative financial
instruments in the second quarter 2017 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 lower than the contracted fixed interest rates resulting
in an increase in derivative liabilities from derivative financial
instruments held for trading as compared to March 31, 2017.
(All amounts
expressed in thousands of U.S. dollars) |
|
|
|
For the three months ended |
|
|
|
|
|
|
|
June 30, 2016 |
|
June 30, 2017 |
|
|
Loss on
swaps |
|
|
|
|
|
|
|
|
|
|
|
Realized
loss on derivative financial instruments held for trading |
|
|
$ |
1,740 |
|
$ |
1,865 |
|
|
Unrealized
loss on derivative financial instruments held for trading |
|
|
|
1,372 |
|
|
3,487 |
|
|
Recycled
loss of cash flow hedges reclassified to profit or loss |
|
|
|
5,927 |
|
|
4,368 |
|
|
Total |
|
|
|
|
$ |
9,039 |
|
$ |
9,720 |
|
|
There was a profit of $6.9 million for the quarter ended June
30, 2017 ($3.3 million profit for the quarter ended June 30, 2016).
This increase in profit is mainly attributable to the increased
profit from operations mainly due to the higher number of operating
days, partially offset by the increase in financial costs and loss
on swaps.
Adjusted Profit(1) was $14.4 million for the quarter ended June
30, 2017 ($12.9 million for the quarter ended June 30, 2016)
adjusted for the effects of the non-cash loss on swaps, the
write-off of unamortized bond fees and premium, as well as the net
foreign exchange gains.
Loss attributable to the owners of GasLog was $7.5 million ($7.9
million for the quarter ended June 30, 2016). The decrease in loss
attributable to the owners of GasLog resulted mainly from the
respective movements in profit mentioned above, which was partially
offset by the increased amount allocated to third parties as a
result of GasLog Partners' equity offerings in August 2016, January
2017 and May 2017 and the associated dropdown of two vessels.
EBITDA(1) was $87.4 million for the quarter ended June 30, 2017
($73.2 million for the quarter ended June 30, 2016).
Adjusted EBITDA(1) was $87.4 million for the quarter ended June
30, 2017 ($73.7 million for the quarter ended June 30, 2016).
Loss per share was $0.12 for the quarter ended
June 30, 2017 (a loss of $0.13 for the quarter ended June 30,
2016).
Adjusted Loss per share(1) was $0.03 for the
quarter ended June 30, 2017 (a loss of $0.01 for the quarter ended
June 30, 2016).
Contracted Charter Revenues
GasLog's contracted charter revenues are estimated to increase
from $444.5 million for the fiscal year 2016 to $486.8 million for
the fiscal year 2019, based on contracts in effect as of June 30,
2017, without including any extension options. As of June 30, 2017,
the total future firm contracted revenue stood at $3.32 billion
(1), including the eleven vessels currently 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
dry-docking; (b) all LNG carriers on order are delivered on
schedule; and (c) no exercise of any option to extend the terms of
charters.
Liquidity and Capital Resources
As of June 30, 2017, GasLog had $414.3 million of cash and cash
equivalents, of which $110.5 million was held in time deposits and
the remaining balance in current accounts. In addition, as of June
30, 2017, GasLog had $10.0 million held in time deposits with an
initial duration of more than three months but less than a year
that have been classified as short-term investments.
As of June 30, 2017, GasLog had an aggregate of $2.66 billion of
indebtedness outstanding under its credit facilities and bond
agreements (net of unamortized deferred loan fees), of which $219.9
million was repayable within one year, and a $217.0 million finance
lease liability related to the sale and leaseback of the Methane
Julia Louise, of which $6.1 million was repayable within one
year.
On April 5, 2017, GasLog prepaid $150.0 million of borrowings
outstanding under the junior tranche of the Five Vessel Refinancing
that subsidiaries of GasLog and GasLog Partners entered into on
February 18, 2016, using part of the proceeds from the offering of
the 8.875% Senior Notes.
On June 27, 2017, GasLog completed the repurchase of the
outstanding NOK bonds maturing in April 2018, at a price of 103.0%
of par value for total consideration of NOK 424.4 million ($70.8
million at the swapped rate under the associated CCS).
As of June 30, 2017, there was undrawn available capacity of
$58.4 million under the revolving credit facility of the Legacy
Facility Refinancing. On July 3, 2017, GasLog repaid $41.6 million
of the revolving credit facility of the Legacy Facility Refinancing
increasing the undrawn available capacity to $100.0 million.
As of June 30, 2017, GasLog's principal commitments for capital
expenditures are related to the five LNG carriers on order, which
have a gross aggregate contract price of approximately $1.0
billion. As of June 30, 2017, the total remaining balance of the
contract prices of the aforementioned newbuildings was $899.1
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,
cash from future dropdowns, if any, and borrowings under new and
existing debt agreements.
As of June 30, 2017, GasLog's current assets totalled $451.7
million while current liabilities totalled $335.6 million,
resulting in a positive working capital position of $116.1
million.
GasLog has hedged 51.3% of its expected floating interest rate
exposure on its outstanding debt (excluding the finance lease
liability) as of June 30, 2017.
Future Deliveries
GasLog has three newbuildings on order at Samsung Heavy
Industries Co. Ltd. ("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 |
The GasLog wholly owned subsidiaries that will own the vessels
upon delivery have contracted charters as set out below:
- 9.5 year time charters for two vessels expected to be delivered
in 2018 and one vessel expected to be delivered in 2019, each such
time charter having been contracted by Methane Services Limited
("MSL");
- a seven-year time charter for the remaining vessel expected to
be delivered in 2018, having been contracted in July 2016 by Total
Gas & Power Chartering Limited ("Total"), a wholly owned
subsidiary of Total plc; and
- a seven-year time charter in for the last vessel expected to be
delivered in 2019, having been contracted in October 2016 by
Pioneer Shipping Limited, a wholly owned subsidiary of Centrica
plc. ("Centrica").
Such time charters to commence at or around delivery of the
relevant hull, with the exception of Hull No. 2800, whose charter
is expected to commence in Q1 2019.
LNG Market Update and Outlook
During the quarter, there was continued momentum in the start-up
of new LNG liquefaction capacity with the fourth train at Sabine
Pass commencing commercial production. Later this year, Wheatstone
in Australia and Cove Point on the east coast of the U.S. are
expected to start production. In total, Wood Mackenzie estimates
that projects with approximately 28 million tonnes per annum
("mtpa") of nameplate capacity will come online in 2017. In
addition, Shell's 3.2 mtpa floating liquefaction facility "Prelude"
departed Samsung en route to the Browse Basin, offshore
Australia.
Sabine Pass shipped 48 cargoes in the second quarter of 2017,
around four times as many as the same period in 2016, demonstrating
the significant ramp-up of the facility as new trains have come
online. Since start-up, the facility has shipped LNG to over 20
different countries, which include most recently Thailand,
Pakistan, Taiwan, Poland and the UK. The diversity in cargo
destinations has meant that the average distance travelled for U.S.
cargoes has been 7,500 nautical miles, approximately double the
global long-term average, which is positive for shipping
demand.
Some off-takers from projects currently under development have
yet to secure all of their shipping requirements, leading to
increased tender activity in the medium and longer term charter
markets. These tenders include requirements for both newbuilds and
on-the-water vessels with the latter being positive in terms of
absorbing the current oversupply in the spot market.
Growing LNG supply has to date been met by increased demand in
both new and existing markets. For example, Japan and South Korea,
the two largest LNG importing nations, have increased their LNG
imports in the first half of 2017 by 10% and 18%, respectively,
versus the same period in 2016. The new South Korean President Moon
Jae-in has committed to cease electricity production from some
existing coal-fired power plants, to halt construction of new coal
and nuclear power plants and not to extend the lifespan of ageing
nuclear reactors, all of which are expected to drive future LNG
demand in the country.
Demand in the first half of 2017 in emerging LNG markets such as
China (+35%) and Pakistan (+46%) has risen sharply over the same
period last year. Pakistan's Petroleum Minister said in July that
the country could import over 30 mtpa by 2022 (compared to 4.5 mtpa
currently). This, would make Pakistan the fifth-largest importer in
the world based on current levels of consumption.
Looking longer term, while final investment decisions ("FIDs")
for new liquefaction projects in the current environment continue
to be very limited, there have been a number of encouraging recent
developments: for example, ENI took FID on the 3.3 mtpa Coral South
LNG project offshore Mozambique in June 2017, with BP having signed
an agreement to purchase 100% of the LNG produced in late 2016. In
addition, at the end of this quarter, the US Department of Energy
authorized an additional 2.5 mtpa of exports from the Lake Charles
project in Louisiana, bringing total authorized exports to 17.5
mtpa. In the same month, Energy Transfer, Korean Gas Corporation
and Shell signed a memorandum of understanding to study joint
participation in this project.
Post quarter-end, Qatar Petroleum announced its intention to
increase LNG production to 100 mtpa from 77 mtpa today by doubling
the size of the new gas project in the southern sector of the North
Field over the next 5-7 years.
A number of markets that do not currently import gas are
exploring LNG as an alternative to oil and coal or to replace
declining domestic gas supply. Many countries with growing power
demand, such as Ivory Coast, South Africa, Bangladesh and Myanmar,
are looking at FSRUs as a quick-to-market, cost-effective solution
to import LNG. Other countries with FSRUs already in place, such as
Pakistan, are looking at expanding their use of FSRUs due to the
successful commissioning and effective operations of the existing
units. FSRUs continue to be the preferred route for most new import
markets as a quicker to build, more flexible and lower cost
alternative to an onshore facility. Many producers and marketers of
LNG appear to be focusing their attention on FSRUs as a key enabler
in creating new markets for their LNG.
In the shorter term LNG shipping market, tri-fuel diesel
electric ("TFDE") headline rates have increased year on year, but
remain below mid-cycle rates at around $35,000-$40,000 per day,
according to Clarksons. Whilst a recovery in spot rates, to
mid-cycle levels, is taking longer than originally anticipated, we
continue to see a greater number of fixtures in 2017 compared to
the same period in 2016 and increasing signs of seasonality, both
of which point to a tightening market. Over time, this market
tightening should be helped by the low level of new vessel orders,
which stand at 7 for 2017 year to date including four vessels
ordered for the Yamal project post quarter-end.
Conference Call
GasLog will host a conference call to discuss its results for
the second quarter of 2017 at 8:30 a.m. EDT (1:30 p.m. BST) on
Thursday, August 3, 2017. Paul Wogan, Chief Executive Officer and
Alastair Maxwell, 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:
+1 855 282 5963 (USA) +44 20 3107 0289 (United Kingdom) +33 1 70
80 71 53 (France)+852 3011 4522 (Hong Kong)
Conference ID: 51488833
A live webcast of the conference call will also be available on
the investor relations page of the Company's website at
http://www.gaslogltd.com/investor-relations.
For those unable to participate in the conference call, a replay
will also be available from 2:00 p.m. EDT (7:00 p.m. BST) on
Thursday, August 3, 2017 until 11:59 p.m. EDT (4:59 a.m. BST) on
Thursday, August 10, 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: 51488833
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.
About GasLog
GasLog is an international owner, operator and manager of LNG
carriers providing support to international energy companies as
part of their LNG logistics chain. GasLog's consolidated owned
fleet consists of 27 LNG carriers (22 ships on the water and five
on order). GasLog also has an additional LNG carrier which was sold
to a subsidiary of Mitsui & Co. Ltd. and leased back under a
long-term bareboat charter. GasLog's consolidated fleet includes
eleven LNG carriers in operation owned by GasLog Partners. GasLog's
principal executive offices are at Gildo Pastor Center, 7 Rue du
Gabian, MC 98000, Monaco. Visit GasLog's website at
http://www.gaslogltd.com.
Forward Looking Statements
All statements in this press release that are not statements of
historical fact are "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that the Company expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to 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 and opportunities for the profitable operation of LNG
carriers;
- continued low prices for crude oil and petroleum products and
volatility in gas prices;
- 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 and other contracts;
- 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, dry-docking 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 no longer under time charter
commitments, including the risk that our vessels may no longer have
the latest technology at such time;
- 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;
- our ability to retain key employees and the 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 1, 2017 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:Alastair MaxwellChief Financial OfficerPhone:
+44-203-388-3100
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, 2016 and June 30,
2017(Amounts expressed in thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
June 30, 2017 |
|
Assets |
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
Investment in
associates |
|
|
|
6,265 |
|
|
20,432 |
|
Deferred financing
costs |
|
|
|
12,045 |
|
|
13,540 |
|
Other non-current
assets |
|
|
|
1,824 |
|
|
658 |
|
Derivative financial
instruments |
|
|
|
7,856 |
|
|
5,575 |
|
Tangible fixed
assets |
|
|
|
3,889,047 |
|
|
3,828,637 |
|
Vessels under
construction |
|
|
|
96,356 |
|
|
158,190 |
|
Vessel held under
finance lease |
|
|
|
222,004 |
|
|
218,198 |
|
Total non-current
assets |
|
|
|
4,244,908 |
|
|
4,254,741 |
|
Current
assets |
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
9,256 |
|
|
7,879 |
|
Dividends receivable
and other amounts due from related parties |
|
|
|
3,065 |
|
|
3,830 |
|
Derivative financial
instruments |
|
|
|
82 |
|
|
2,050 |
|
Inventories |
|
|
|
8,461 |
|
|
8,579 |
|
Prepayments and other
current assets |
|
|
|
4,326 |
|
|
5,029 |
|
Short-term
investments |
|
|
|
18,000 |
|
|
10,000 |
|
Restricted cash |
|
|
|
42 |
|
|
44 |
|
Cash and cash
equivalents |
|
|
|
227,024 |
|
|
414,328 |
|
Total current
assets |
|
|
|
270,256 |
|
|
451,739 |
|
Total
assets |
|
|
|
4,515,164 |
|
|
4,706,480 |
|
Equity and
liabilities |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Preference shares |
|
|
|
46 |
|
|
46 |
|
Share capital |
|
|
|
810 |
|
|
810 |
|
Contributed
surplus |
|
|
|
966,974 |
|
|
939,377 |
|
Reserves |
|
|
|
10,160 |
|
|
15,499 |
|
Treasury shares |
|
|
|
(10,861 |
) |
|
(9,197 |
) |
Accumulated
deficit |
|
|
|
(21,486 |
) |
|
(20,249 |
) |
Equity attributable
to owners of the Group |
|
|
|
945,643 |
|
|
926,286 |
|
Non-controlling
interest |
|
|
|
564,039 |
|
|
790,936 |
|
Total
equity |
|
|
|
1,509,682 |
|
|
1,717,222 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
Trade accounts
payable |
|
|
|
7,255 |
|
|
8,702 |
|
Ship management
creditors |
|
|
|
841 |
|
|
1,281 |
|
Amounts due to related
parties |
|
|
|
105 |
|
|
21 |
|
Derivative financial
instruments |
|
|
|
7,854 |
|
|
6,145 |
|
Other payables and
accruals |
|
|
|
93,386 |
|
|
93,416 |
|
Borrowings, current
portion |
|
|
|
147,448 |
|
|
219,905 |
|
Finance lease
liability, current portion |
|
|
|
5,946 |
|
|
6,120 |
|
Total current
liabilities |
|
|
|
262,835 |
|
|
335,590 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Derivative financial
instruments |
|
|
|
22,485 |
|
|
215 |
|
Borrowings, non-current
portion |
|
|
|
2,504,578 |
|
|
2,441,120 |
|
Finance lease
liability, non-current portion |
|
|
|
214,455 |
|
|
210,866 |
|
Other non-current
liabilities |
|
|
|
1,129 |
|
|
1,467 |
|
Total non-current
liabilities |
|
|
|
2,742,647 |
|
|
2,653,668 |
|
Total equity and
liabilities |
|
|
|
4,515,164 |
|
|
4,706,480 |
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit or
lossFor the three and six months ended June 30,
2016 and 2017(Amounts expressed in thousands of U.S.
Dollars, except per share data)
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
|
|
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2016 |
|
June 30, 2017 |
|
Revenues |
|
|
|
|
|
114,474 |
|
|
129,930 |
|
|
218,851 |
|
|
258,215 |
|
Vessel operating and
supervision costs |
|
|
|
|
|
(27,964 |
) |
|
(29,833 |
) |
|
(56,421 |
) |
|
(57,322 |
) |
Voyage expenses and
commissions |
|
|
|
|
|
(3,256 |
) |
|
(2,827 |
) |
|
(8,519 |
) |
|
(4,871 |
) |
Depreciation |
|
|
|
|
|
(29,484 |
) |
|
(34,451 |
) |
|
(57,648 |
) |
|
(68,159 |
) |
General and
administrative expenses |
|
|
|
|
|
(10,355 |
) |
|
(10,246 |
) |
|
(19,089 |
) |
|
(20,225 |
) |
Profit from
operations |
|
|
|
|
|
43,415 |
|
|
52,573 |
|
|
77,174 |
|
|
107,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial costs |
|
|
|
|
|
(31,483 |
) |
|
(37,078 |
) |
|
(60,662 |
) |
|
(69,602 |
) |
Financial income |
|
|
|
|
|
124 |
|
|
744 |
|
|
326 |
|
|
1,135 |
|
Loss on swaps |
|
|
|
|
|
(9,039 |
) |
|
(9,720 |
) |
|
(19,453 |
) |
|
(9,722 |
) |
Share of profit of
associate |
|
|
|
|
|
329 |
|
|
385 |
|
|
663 |
|
|
847 |
|
Total other
expenses, net |
|
|
|
|
|
(40,069 |
) |
|
(45,669 |
) |
|
(79,126 |
) |
|
(77,342 |
) |
Profit/(loss) for
the period |
|
|
|
|
|
3,346 |
|
|
6,904 |
|
|
(1,952 |
) |
|
30,296 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Group |
|
|
|
|
|
(7,864 |
) |
|
(7,515 |
) |
|
(23,762 |
) |
|
1,237 |
|
Non-controlling
interest |
|
|
|
|
|
11,210 |
|
|
14,419 |
|
|
21,810 |
|
|
29,059 |
|
|
|
|
|
|
|
3,346 |
|
|
6,904 |
|
|
(1,952 |
) |
|
30,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic and diluted |
|
|
|
|
|
(0.13 |
) |
|
(0.12 |
) |
|
(0.36 |
) |
|
(0.05 |
) |
Unaudited condensed consolidated statements of cash
flowsFor the six months ended June 30, 2016
and 2017(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
For the six months ended |
|
|
|
|
June 30, 2016 |
|
June 30, 2017 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the
period |
|
|
|
|
|
(1,952 |
) |
|
30,296 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
57,648 |
|
|
68,159 |
|
Share of profit of
associate |
|
|
|
|
|
(663 |
) |
|
(847 |
) |
Financial income |
|
|
|
|
|
(326 |
) |
|
(1,135 |
) |
Financial costs |
|
|
|
|
|
60,662 |
|
|
69,602 |
|
Unrealized foreign
exchange loss/(gain) on cash and cash equivalents |
|
|
|
|
|
119 |
|
|
(538 |
) |
Unrealized loss on
derivative financial instruments held for trading |
|
|
|
|
|
9,509 |
|
|
1,172 |
|
Recycled loss of cash
flow hedges reclassified to profit or loss |
|
|
|
|
|
6,276 |
|
|
4,368 |
|
Share-based
compensation |
|
|
|
|
|
1,800 |
|
|
2,235 |
|
|
|
|
|
|
|
133,073 |
|
|
173,312 |
|
Movements in working
capital |
|
|
|
|
|
25,681 |
|
|
(5,344 |
) |
Cash provided by
operations |
|
|
|
|
|
158,754 |
|
|
167,968 |
|
Interest paid |
|
|
|
|
|
(39,467 |
) |
|
(63,853 |
) |
Net cash provided by
operating activities |
|
|
|
|
|
119,287 |
|
|
104,115 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Payments for tangible
fixed assets and vessels under construction |
|
|
|
|
|
(390,202 |
) |
|
(63,010 |
) |
Dividends received from
associate |
|
|
|
|
|
1,038 |
|
|
1,043 |
|
Return of contributed
capital from associate |
|
|
|
|
|
137 |
|
|
59 |
|
Other investments |
|
|
|
|
|
- |
|
|
(13,944 |
) |
Purchase of short-term
investments |
|
|
|
|
|
(1,500 |
) |
|
(20,000 |
) |
Maturity of short-term
investments |
|
|
|
|
|
7,500 |
|
|
28,000 |
|
Financial income
received |
|
|
|
|
|
330 |
|
|
1,126 |
|
Net cash used in
investing activities |
|
|
|
|
|
(382,697 |
) |
|
(66,726 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and bonds |
|
|
|
|
|
991,284 |
|
|
280,000 |
|
Proceeds from sale and
finance leaseback |
|
|
|
|
|
217,000 |
|
|
- |
|
Bank loans and bonds
repayments |
|
|
|
|
|
(988,562 |
) |
|
(276,158 |
) |
Payment of loan
issuance costs |
|
|
|
|
|
(21,186 |
) |
|
(6,234 |
) |
Proceeds from GasLog
Partners' common unit offerings (net of underwriting discounts and
commissions) |
|
|
|
|
|
- |
|
|
87,840 |
|
Proceeds from GasLog
Partners' preference unit offering (net of underwriting discounts
and commissions) |
|
|
|
|
|
- |
|
|
139,222 |
|
Payment of equity
raising costs |
|
|
|
|
|
- |
|
|
(336 |
) |
Payment for NOK bond
repurchase at a premium |
|
|
|
|
|
(2,120 |
) |
|
(1,459 |
) |
Payment for cross
currency swaps' termination |
|
|
|
|
|
(31,986 |
) |
|
(20,603 |
) |
Decrease in restricted
cash |
|
|
|
|
|
37,711 |
|
|
- |
|
Dividends paid |
|
|
|
|
|
(48,285 |
) |
|
(53,019 |
) |
Payments for vessel
held under finance lease |
|
|
|
|
|
(714 |
) |
|
- |
|
Payments for finance
lease liability |
|
|
|
|
|
- |
|
|
(13 |
) |
Proceeds from stock
options' exercise |
|
|
|
|
|
- |
|
|
137 |
|
Net cash provided by
financing activities |
|
|
|
|
|
153,142 |
|
|
149,377 |
|
Effects of exchange
rate changes on cash and cash equivalents |
|
|
|
|
|
(119 |
) |
|
538 |
|
(Decrease)/increase
in cash and cash equivalents |
|
|
|
|
|
(110,387 |
) |
|
187,304 |
|
Cash and cash
equivalents, beginning of the period |
|
|
|
|
|
302,988 |
|
|
227,024 |
|
Cash and cash
equivalents, end of the period |
|
|
|
|
|
192,601 |
|
|
414,328 |
|
EXHIBIT II
Non-GAAP Financial Measures:
EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted
EPS
EBITDA is defined as earnings before depreciation, amortization,
financial income and costs, 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 fees/bond fees and
premium, foreign exchange gains/losses and non-cash gain/loss on
swaps that includes (if any) (a) unrealized gain/loss on derivative
financial instruments held for trading and (b) recycled loss of
cash flow hedges reclassified to profit or loss. 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, financial
costs, 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,
financial market conditions, 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
operating 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 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 six months ended |
|
|
|
|
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2016 |
|
June 30, 2017 |
|
Profit/(loss) for the
period |
|
|
|
|
|
3,346 |
|
|
6,904 |
|
|
(1,952 |
) |
|
30,296 |
|
|
Depreciation |
|
|
|
|
|
29,484 |
|
|
34,451 |
|
|
57,648 |
|
|
68,159 |
|
|
Financial costs |
|
|
|
|
|
31,483 |
|
|
37,078 |
|
|
60,662 |
|
|
69,602 |
|
|
Financial income |
|
|
|
|
|
(124 |
) |
|
(744 |
) |
|
(326 |
) |
|
(1,135 |
) |
|
Loss on swaps |
|
|
|
|
|
9,039 |
|
|
9,720 |
|
|
19,453 |
|
|
9,722 |
|
|
EBITDA |
|
|
|
|
|
73,228 |
|
|
87,409 |
|
|
135,485 |
|
|
176,644 |
|
|
Foreign exchange
losses/(gains), net |
|
|
|
|
|
442 |
|
|
(57 |
) |
|
398 |
|
|
46 |
|
|
Adjusted
EBITDA |
|
|
|
|
|
73,670 |
|
|
87,352 |
|
|
135,883 |
|
|
176,690 |
|
|
Reconciliation of Adjusted Profit to Profit:(Amounts
expressed in thousands of U.S. Dollars)
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
|
|
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2016 |
|
June 30, 2017 |
|
Profit/(loss) for the
period |
|
|
|
|
|
3,346 |
|
|
6,904 |
|
|
(1,952 |
) |
|
30,296 |
|
|
Non-cash loss on
swaps |
|
|
|
|
|
7,299 |
|
|
7,855 |
|
|
15,785 |
|
|
5,540 |
|
|
Write-off of
unamortized loan/bond fees and premium |
|
|
|
|
|
1,836 |
|
|
(283 |
) |
|
4,882 |
|
|
293 |
|
|
Foreign exchange
losses/(gains), net |
|
|
|
|
|
442 |
|
|
(57 |
) |
|
398 |
|
|
46 |
|
|
Adjusted
Profit |
|
|
|
|
|
12,923 |
|
|
14,419 |
|
|
19,113 |
|
|
36,175 |
|
|
Reconciliation of Adjusted Loss 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 |
|
For the six months ended |
|
|
|
|
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2016 |
|
June 30, 2017 |
|
(Loss)/profit for the
period attributable to owners of the Group |
|
|
|
|
|
(7,864 |
) |
|
(7,515 |
) |
|
(23,762 |
) |
|
1,237 |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preference
shares |
|
|
|
|
|
(2,516 |
) |
|
(2,516 |
) |
|
(5,031 |
) |
|
(5,031 |
) |
|
Loss for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
(10,380 |
) |
|
(10,031 |
) |
|
(28,793 |
) |
|
(3,794 |
) |
|
Weighted average number
of shares outstanding, basic |
|
|
|
|
|
80,535,156 |
|
|
80,624,124 |
|
|
80,515,828 |
|
|
80,592,912 |
|
|
Loss per
share |
|
|
|
|
|
(0.13 |
) |
|
(0.12 |
) |
|
(0.36 |
) |
|
(0.05 |
) |
|
Loss for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
(10,380 |
) |
|
(10,031 |
) |
|
(28,793 |
) |
|
(3,794 |
) |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash loss on
swaps |
|
|
|
|
|
7,299 |
|
|
7,855 |
|
|
15,785 |
|
|
5,540 |
|
|
Write-off of
unamortized bond fees and premium |
|
|
|
|
|
1,836 |
|
|
(283 |
) |
|
4,882 |
|
|
293 |
|
|
Foreign exchange
losses/(gains), net |
|
|
|
|
|
442 |
|
|
(57 |
) |
|
398 |
|
|
46 |
|
|
Adjusted
(loss)/earnings attributable to owners of the Group |
|
|
|
|
|
(803 |
) |
|
(2,516 |
) |
|
(7,728 |
) |
|
2,085 |
|
|
Weighted average number
of shares outstanding, basic |
|
|
|
|
|
80,535,156 |
|
|
80,624,124 |
|
|
80,515,828 |
|
|
80,592,912 |
|
|
Adjusted
(loss)/earnings per share |
|
|
|
|
|
(0.01 |
) |
|
(0.03 |
) |
|
(0.10 |
) |
|
0.03 |
|
|
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