GasLog Ltd. Reports Financial Results for the
Quarter and the Year Ended December 31, 2017
MONACO, February 16, 2018, 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, 2017.
Highlights of the Quarter and the
Year
|
|
· |
Revenues of $135.8 million
(Q4 2016: $126.5 million), Profit of $29.7 million (Q4 2016: $46.4
million) and Earnings per share(1) of $0.08 (Q4 2016: $0.36) for
the quarter ended December 31, 2017. |
· |
EBITDA(2) of $89.7 million
(Q4 2016: $84.8 million), Adjusted EBITDA(2) of $89.7 million (Q4
2016: $85.4 million), Adjusted Profit(2) of $21.4 million (Q4 2016:
$18.9 million) and Adjusted Loss per share(1)(2) of $0.02 (Q4 2016:
Adjusted Earnings per share of $0.02) for the quarter ended
December 31, 2017. |
· |
Revenues of $525.2 million
(2016: $466.1 million), Profit of $84.2 million (2016: $28.1
million) and Earnings per share(1) of $0.07 (2016: Loss per share
of $0.39), for the year ended December 31, 2017. |
· |
EBITDA(2) of $355.9
million (2016: $301.0 million), Adjusted EBITDA(2) of $356.0
million (2016: $302.4 million), Adjusted Profit(2) of $78.7 million
(2016: $57.5 million) and Adjusted Loss per share(1)(2) of $0.00
(2016: Adjusted Loss per share of $0.03) for the year ended
December 31, 2017. |
· |
Completed the drop-down of
the Solaris to GasLog Partners LP ("GasLog Partners" or the
"Partnership") for $185.9 million on October 20, 2017. |
· |
As previously announced,
confirmed the order for a 180,000 cubic meter ("cbm") GTT Mark III
Flex Plus LNG carrier with dual-fuel two-stroke engine propulsion
("LP-2S") from Samsung Heavy Industries Co., Ltd. ("Samsung") which
is scheduled to be delivered in the third quarter of 2019. |
· |
Quarterly dividend of
$0.14 per common share payable on March 15, 2018. |
Post Quarter-end Highlights
· |
Delivery of the GasLog
Houston on January 8, 2018 and commencement of a short-term time
charter agreement with a major LNG producer. |
· |
Amendment of the charter
of the GasLog Hong Kong to Total Gas & Power Chartering Limited
("Total"), a wholly owned subsidiary of Total S.A., such that the
charter will commence on delivery of the vessel in March 2018 and
expire in 2025. |
· |
GasLog Partners completed
a public offering of 8.200% Series B Cumulative Redeemable
Perpetual Fixed to Floating Rate Preference Units (the "Series B
Preference Units"), raising net proceeds of $111.0 million. |
· |
GasLog Partners prepaid
the outstanding $29.8 million of the junior tranche of the credit
agreement entered into on February 18, 2016 (the "Five Vessel
Refinancing"), due in April 2018. |
(1) Earnings/Loss per share ("EPS") and Adjusted EPS are net of
the profit attributable to the non-controlling interests of $20.8
million and the dividend on preferred stock of $2.5 million for the
quarter ended December 31, 2017 ($15.1 million and $2.5 million,
respectively, for the quarter ended December 31, 2016) and net of
the profit attributable to the non-controlling interests of $68.7
million and the dividend on preferred stock of $10.1 million for
the year ended December 31, 2017 ($49.5 million and $10.1 million,
respectively, for the year ended December 31, 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 definitions and reconciliations
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 posted
another strong quarter, achieving record quarterly and annual
results for revenues and EBITDA due to improved earnings from our
spot fleet and a strong uptime performance from our ships on
charter, including our 2016 newbuild deliveries. We recently took
delivery of the GasLog Houston, our first on the water vessel with
LP-2S propulsion, and immediately placed her on a short-term
charter with a major LNG producer.
The 2017-2018 winter saw a significant increase in demand for
LNG. In particular, China's demand exceeded expectations as a
result of cold weather and changes in energy and environmental
policy. This strong demand from Asia pulled in LNG supply from
multiple sources including the U.S., resulting in a significant
tightening in the LNG shipping market which led to spot rates
reaching multi-year highs. While we may see a seasonal moderation
in spot rates as we exit the Northern Hemisphere winter, GasLog
remains well positioned to benefit from the anticipated longer term
market recovery through our five vessels currently trading in the
spot market through the Cool Pool Limited (the "Cool Pool") and the
GasLog Houston prior to the start of her long-term charter to Shell
at the end of 2018.
We are also encouraged by signs of continued LNG demand growth
which will likely support development of new liquefaction capacity
in the U.S. and elsewhere. For example, subsidiaries of Cheniere
Energy Inc. ("Cheniere") have recently announced contracts to
supply Trafigura and China National Petroleum Corporation ("CNPC").
Combined with the progress made by other projects globally, we have
increasing confidence that new projects will take final investment
decisions ("FID") in the next 12-18 months, many of which will
require incremental shipping capacity.
We continue to grow our fleet through the order of a newbuild
LNG carrier from Samsung. The vessel is currently unchartered but
is expected to deliver into a stronger LNG shipping market in the
third quarter of 2019. The Alexandroupolis Floating Storage and
Regasification Unit ("FSRU") project continues to move forward,
with the Operation and Maintenance agreement nearing finalization,
and negotiations with DEPA and Bulgarian Energy Holding ("BEH")
regarding equity participation progressing well. FID is expected in
late 2018."
LNG Market Update and Outlook
The fourth quarter of 2017 witnessed the start-up of Chevron's
Wheatstone LNG project in Australia, Novatek's Yamal Train 1 in
Russia, and Dominion's Cove Point project in the United States,
building on the momentum in the expansion of global liquefaction
capacity seen throughout 2017. In total, over 30 million tonnes per
annum ("mtpa") of new nameplate capacity came online in 2017, an
increase of 11% over 2016. Looking ahead, Ichthys, Wheatstone Train
2, Cameroon LNG, Elba Island, Prelude and Yamal Train 2 are
expected to begin production this year adding a further
approximately 25 mtpa of nameplate capacity, a projected increase
of 9% over 2017.
Further out, the long-term outlook for the LNG market remains
positive as witnessed by Cheniere's recent sale and purchase
agreements with Trafigura under which it agreed to supply 1 mtpa of
LNG over 15 years beginning in 2019 and with CNPC under which it
agreed to supply 1.2 mtpa of LNG for up to 25 years commencing in
2018. Tohoku Electric has contracted to purchase 0.2 mtpa from Area
1 in Mozambique. While only one FID was made last year (ENI's 3.4
mtpa Coral FLNG), various sources project a shortfall of LNG by
between 2021 and 2023, implying the need for additional project
sanctions over the next 1-3 years.
Demand for LNG in 2017 was stronger than expected, growing an
estimated 12% over 2016. More specifically, Chinese demand grew by
44% year-on-year, overtaking South Korea as the world's second
largest consumer of LNG as the country seeks to introduce more
natural gas into its energy mix. Elsewhere in Asia, demand from
Japan remained steady while South Korea and Taiwan grew 10% and
14%, respectively. Strong seasonal demand from Asia drove spot LNG
prices to over $11/million British thermal units ("mmbtu") in early
2018 widening the west-east arbitrage window for sending Atlantic
Basin LNG into Asia, expanding tonne miles and driving incremental
demand for LNG shipping capacity.
In the LNG shipping spot market, tri-fuel diesel electric
("TFDE") headline rates, as reported by Clarksons, rose through the
end of the fourth quarter, reaching a peak of $82,000 per day in
late December, an increase of 82% from the same time in 2016. While
headline rates have fallen in recent weeks to approximately $73,000
per day, this improvement in rates, combined with only ten newbuild
orders last year, gives us confidence in the sustainability of the
current market recovery. While we expect there to be seasonality in
both LNG prices and LNG shipping spot rates during 2018, the
longer-term outlook for LNG shipping day rates remains
positive.
It may take time before the strength in the spot market observed
this winter translates into the multi-year charter market as we are
in the early stages of the recovery. However, we are observing
increasing levels of tendering activity for charters ranging from
multi-month to multi-year. In addition, some off-takers for LNG
projects scheduled to begin production over the next two years have
yet to secure their shipping requirements. We expect a number of
vessels for these projects to be sourced from vessels currently
operating in the short-term market, but also expect the coming
increase in LNG supply to require additional LNG carriers beyond
those currently on the water and in the orderbook.
Delivery of the GasLog Houston
On January 8, 2018, GasLog took delivery of the GasLog Houston,
a LNG carrier of 174,000 cbm with LP-2S propulsion constructed by
Hyundai Heavy Industries Co., Ltd. ("Hyundai"). The vessel is
currently on a short-term charter to a major LNG producer and
thereafter will trade in the short-term market until the
commencement of its multi-year charter party with a subsidiary of
Shell, from the end of 2018 until April 2028.
GasLog Partners' Issuance of Series B Preference
Units
On January 17, 2018, GasLog Partners completed a public offering
of 4,600,000 8.200% Series B Preference Units (including 600,000
units issued upon the exercise in full by the underwriters of their
option to purchase additional Series B Preference Units),
liquidation preference $25.00 per unit, at a price to the public of
$25.00 per preference unit. The net proceeds from the offering
after deducting underwriting discounts, commissions and other
offering expenses were $111.0 million. The Series B Preference
Units are listed on the New York Stock Exchange under the symbol
"GLOP PR B". The initial distribution on the Series B Preference
Units will be payable on March 15, 2018.
Additional Vessel
On January 12, 2018, GasLog entered into a shipbuilding contract
with Samsung for the construction of a 180,000 cbm GTT Mark III
Flex LNG Carrier with LP-2S propulsion (Hull No. 2213) that is
scheduled to be delivered in the second quarter of 2020. This
vessel will now be the vessel to be chartered to Pioneer Shipping
Limited, a wholly owned subsidiary of Centrica plc ("Centrica") for
an initial period of approximately seven years, as previously
announced on October 20, 2016. The 180,000 cbm GTT Mark III
Flex Plus LNG Carrier with LP-2S propulsion (Hull No. 2212) as
referenced in the highlights and to be delivered in the third
quarter of 2019 is currently without charter.
Drop-down of the Solaris to GasLog
Partners
On September 19, 2017, GasLog entered into a share purchase
agreement for the drop-down to GasLog Partners of 100% of the
ownership interest in GAS-eight Ltd., the entity that owns the
Solaris, for an aggregate purchase price of $185.9 million, which
includes outstanding debt of $116.5 million and $1.0 million for
the positive net working capital balance transferred with the
entity. The acquisition closed on October 20, 2017.
GasLog Partners' At-the-market Common Equity
Offering Programme (the "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 value 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. On November 3, 2017, the size of the ATM Programme was
increased to $144.0 million and UBS Securities LLC was included as
a sales agent. During the fourth quarter of 2017, GasLog Partners
issued and received payment for 385,520 common units at a weighted
average price of $23.31 per common unit for total gross proceeds of
$9.0 million and net proceeds of $8.5 million, after broker
commissions of $0.1 million and other expenses of $0.4 million.
Since the commencement of the ATM Programme through December 31,
2017, GasLog Partners has issued and received payment for a total
of 2,737,405 common units, with cumulative gross proceeds of $62.9
million, at a weighted average price of $22.97 per unit,
representing a discount of 0.5% to the volume weighted average
trading price of GasLog Partners' common units on the days on which
new common units were issued. Cumulative net proceeds have been
$61.2 million.
Financing Transactions
On January 5, 2018, GasLog, through GasLog Partners, prepaid
$29.8 million of the junior tranche of the Five Vessel Refinancing,
which would have been due in April 2018.
Dividend Declaration
On November 16, 2017, 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 2, 2018 to holders of
record as of December 29, 2017. GasLog paid the declared dividend
to the transfer agent on December 29, 2017.
On February 15, 2018, the board of directors declared a
quarterly cash dividend of $0.14 per common share payable on March
15, 2018 to shareholders of record as of March 5, 2018.
Financial Summary
In
thousands of U.S. dollars, except per share data
|
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
Revenues |
|
|
126,481 |
|
|
135,772 |
|
|
466,059 |
|
|
525,229 |
|
EBITDA(1) |
|
|
84,756 |
|
|
89,655 |
|
|
301,023 |
|
|
355,902 |
|
Adjusted EBITDA(1) |
|
|
85,406 |
|
|
89,666 |
|
|
302,386 |
|
|
356,048 |
|
Profit |
|
|
46,426 |
|
|
29,685 |
|
|
28,051 |
|
|
84,209 |
|
Adjusted Profit(1) |
|
|
18,853 |
|
|
21,438 |
|
|
57,495 |
|
|
78,724 |
|
Profit/(loss)
attributable to the owners of GasLog |
|
|
31,322 |
|
|
8,934 |
|
|
(21,486 |
) |
|
15,506 |
|
EPS, basic |
|
|
0.36 |
|
|
0.08 |
|
|
(0.39 |
) |
|
0.07 |
|
Adjusted EPS(1) |
|
|
0.02 |
|
|
(0.02 |
) |
|
(0.03 |
) |
|
(0.00 |
) |
(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 2,050 and 8,317 operating days for the quarter and
the year ended December 31, 2017, respectively (2,078 and 7,439
operating days for the quarter and the year ended December 31,
2016, respectively). The decrease in operating days in the fourth
quarter of 2017 as compared to the fourth quarter of 2016 resulted
mainly from the increased off-hire days due to a scheduled
dry-docking and repairs partially offset by an increase from the
delivery of the GasLog Gibraltar on October 31, 2016. The
year-on-year increase in operating days resulted mainly from the
deliveries of the GasLog Greece, the GasLog Glasgow, the GasLog
Geneva and the GasLog Gibraltar on March 29, 2016, June 30, 2016,
September 30, 2016 and October 31, 2016, respectively, combined
with fewer off-hire days due to scheduled dry-dockings and
repairs.
Revenues were $135.8 million and $525.2 million for the quarter
and the year ended December 31, 2017, respectively ($126.5 million
and $466.1 million for the quarter and the year ended December 31,
2016, respectively). The increase in revenues in the fourth quarter
of 2017, as compared to the fourth quarter of 2016 was mainly
attributable to the increased revenues from vessels operating in
the spot market, while the year-on-year increase in revenues was
mainly driven by the full operation of the GasLog Greece, the
GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltar and
increased revenues from vessels operating in the spot market.
Vessel operating and supervision costs were $35.6 million and
$122.5 million for the quarter and the year ended December 31,
2017, respectively ($29.4 million and $112.6 million for the
quarter and the year ended December 31, 2016, respectively). The
increase in vessel operating and supervision costs for the quarter
and the year ended December 31, 2017 was mainly driven by the
increase in ownership days due to the full operation of the 2016
deliveries and an increase in crew wages and technical maintenance
expenses.
Voyage expenses and commissions were $1.3 million and $8.2
million for the quarter and the year ended December 31, 2017,
respectively ($2.5 million and $15.2 million for the quarter and
the year ended December 31, 2016, respectively). The decrease
resulted mainly from the movement in net allocation of the Cool
Pool results.
Depreciation was $34.6 million and $137.2 million for the
quarter and the year ended December 31, 2017, respectively ($33.9
million and $123.0 million for the quarter and the year ended
December 31, 2016, respectively). The increase resulted from the
increase in the average number of vessels in our fleet.
General and administrative expenses were $9.6 million and $39.9
million for the quarter and the year ended December 31, 2017,
respectively ($10.3 million and $38.6 million for the quarter and
the year ended December 31, 2016, respectively). The decrease in
general and administrative expenses in the fourth quarter of 2017
as compared to the fourth quarter of 2016 was mainly attributable
to the decrease of foreign exchange losses, while the year-on-year
increase was mainly driven by an increase in employee costs and
share-based compensation expense, partially offset by the decrease
of foreign exchange losses.
Financial costs were $34.9 million and $139.2 million for the
quarter and the year ended December 31, 2017, respectively ($30.6
million and $137.3 million for the quarter and the year ended
December 31, 2016, respectively). The increase in financial costs
in the fourth quarter of 2017 as compared to the fourth quarter of
2016 was mainly attributable to the increased average debt
outstanding as a result of the U.S. bond offering completed in
March 2017 and the increased weighted average interest rate. The
year-on-year increase in financial costs was mainly driven by the
increased average debt outstanding as a result of the debt
drawdowns for the new vessels delivered in 2016 the U.S. bond
offering and the increased weighted average interest rate,
partially offset by the write-off of $18.2 million of unamortized
loan issuance costs associated with re-financing which occurred
during 2016. 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, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
Financial
costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and
write-off of deferred loan and bond issuance costs and premium |
|
|
2,895 |
|
|
3,063 |
|
|
35,141 |
|
|
12,398 |
|
Interest expense on
loans and realized loss on cash flow hedges |
|
|
21,474 |
|
|
21,132 |
|
|
76,495 |
|
|
85,813 |
|
Interest expense on
bonds and realized loss on cross-currency swaps |
|
|
3,033 |
|
|
7,588 |
|
|
11,723 |
|
|
27,085 |
|
Finance lease
charge |
|
|
2,795 |
|
|
2,708 |
|
|
9,367 |
|
|
10,875 |
|
Loss arising on bond
repurchase at a premium |
|
|
- |
|
|
- |
|
|
2,120 |
|
|
1,459 |
|
Other financial
costs |
|
|
363 |
|
|
379 |
|
|
2,470 |
|
|
1,551 |
|
Total |
|
|
30,560 |
|
|
34,870 |
|
|
137,316 |
|
|
139,181 |
|
Gain on swaps was $8.6 million and $2.0 million for the quarter
and the year ended December 31, 2017, respectively (a gain of $26.0
million and a loss of $13.4 million for the quarter and the year
ended December 31, 2016, respectively). The decrease in gain on
swaps in the fourth quarter of 2017 as compared to the fourth
quarter of 2016 was mainly attributable to a decrease of $19.7
million in gain from mark-to-market valuation of our derivative
financial instruments carried at fair value through profit or loss,
partially offset by a decrease of $2.4 million in realized loss on
derivative financial instruments held for trading. The year-on-year
increase in gain on swaps was mainly driven by the decrease of
$19.1 million in recycled loss that was reclassified from equity to
the statement of profit or loss relating to the cumulative loss
from the period that the hedges of the interest rate swaps
terminated in July 2016 were effective and the decrease of $4.3
million in realized loss on derivative financial instruments held
for trading, partially offset by the decrease of $8.0 million in
gain from mark-to-market valuation of our derivative financial
instruments carried at fair value through profit or loss. An
analysis of (gain)/loss on swaps is set forth below:
(All
amounts expressed in thousands of U.S. dollars) |
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
(Gain)/loss on
swaps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized loss/(gain) on
interest rate swaps held for trading |
|
|
2,258 |
|
|
(139 |
) |
|
8,435 |
|
|
4,112 |
|
Unrealized gain on
interest rate swaps held for trading |
|
|
(28,223 |
) |
|
(8,536 |
) |
|
(18,530 |
) |
|
(10,570 |
) |
Recycled loss of cash
flow hedges reclassified to profit or loss |
|
|
- |
|
|
- |
|
|
23,514 |
|
|
4,368 |
|
Ineffective portion on
cash flow hedges |
|
|
- |
|
|
65 |
|
|
- |
|
|
65 |
|
Total |
|
|
(25,965 |
) |
|
(8,610 |
) |
|
13,419 |
|
|
(2,025 |
) |
Profit was $29.7 million and $84.2 million for the quarter and
the year ended December 31, 2017, respectively ($46.4 million and
$28.1 million for the quarter and the year ended December 31, 2016,
respectively). The decrease in profit in the fourth quarter of 2017
as compared to the fourth quarter of 2016 was mainly attributable
to the decrease in gain on swaps and the increase in financial
costs, partially offset by the increase in profit from operations
due to the factors mentioned above. The year-on-year increase was
mainly driven by the increase in profit from operations due to the
factors mentioned above and the increase in gain on swaps.
Adjusted Profit(1) was $21.4 million and $78.7 million for the
quarter and the year ended December 31, 2017, respectively ($18.9
million and $57.5 million for the quarter and the year ended
December 31, 2016, respectively), adjusted for the effects of the
non-cash gain/loss on swaps, the write-off and accelerated
amortization of unamortized loan/bond fees and premium, as well as
the net foreign exchange losses.
Profit attributable to the owners of GasLog was $8.9 million and
$15.5 million for the quarter and the year ended December 31, 2017,
respectively (profit of $31.3 million and loss of $21.5 million for
the quarter and the year ended December 31, 2016, respectively).
The decrease in profit attributable to the owners of GasLog in the
fourth quarter of 2017, as compared to the fourth quarter of 2016
resulted mainly from the respective movement in profit mentioned
above and the increased amount allocated to third parties as a
result of GasLog Partners' equity offerings in January and May
2017, its ATM Programme initiated in May 2017 and the drop-down of
four vessels. The year-on-year increase in profit attributable to
the owners of GasLog for the year resulted mainly from the
respective movement in profit mentioned above, 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 its ATM Programme initiated in May 2017, and the
associated drop-down of four vessels.
EBITDA(1) was $89.7 million and $355.9 million for the quarter
and the year ended December 31, 2017, respectively ($84.8 million
and $301.0 million for the quarter and the year ended December 31,
2016, respectively). The increases in EBITDA were driven by the
increases in revenues and the decreases in voyage expenses,
partially offset by the increases in vessel operating expenses and
the movements in the general administrative expenses as discussed
above.
Adjusted EBITDA(1) was $89.7 million and $356.0 million for the
quarter and the year ended December 31, 2017, respectively ($85.4
million and $302.4 million for the quarter and the year ended
December 31, 2016, respectively).
Earnings per share was $0.08 and $0.07 for the quarter and the
year ended December 31, 2017, respectively (earnings of $0.36 and a
loss of $0.39 per share for the quarter and the year ended December
31, 2016, respectively).
Adjusted Loss per share(1) was $0.02 and $0.00 per share for the
quarter and the year ended December 31, 2017, respectively
(earnings of $0.02 and a loss of $0.03 per share for the quarter
and the year ended December 31, 2016, respectively).
(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.
Contracted Charter Revenues
GasLog's contracted charter revenues are estimated to increase
from $486.0 million for the fiscal year 2017 to $498.3 million for
the fiscal year 2019, based on contracts in effect as of December
31, 2017, without including any extension options. As of December
31, 2017, the total future firm contracted revenue stood at $3.1
billion(1), including the twelve 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
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 December 31, 2017, GasLog had $384.1 million of cash and
cash equivalents, of which $189.9 million was held in time deposits
and the remaining balance in current accounts.
As of December 31, 2017, GasLog had an aggregate of $2.5 billion
of indebtedness outstanding under its credit facilities and bond
agreements, of which $179.4 million was repayable within one year,
and a $213.4 million finance lease liability related to the sale
and leaseback of the Methane Julia Louise, of which $6.3 million
was repayable within one year.
As of December 31, 2017, there was undrawn available capacity of
$100.0 million under the revolving credit facility of the Legacy
Facility Refinancing entered into on July 19, 2016.
As of December 31, 2017, GasLog's total commitments for capital
expenditures are related to four LNG carriers on order and the
GasLog Houston which was delivered in 2018, which have a gross
aggregate contract price of approximately $1.0 billion. As of
December 31, 2017, the total remaining balance of the contract
prices of the aforementioned newbuildings was $882.6 million which
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 equity offerings in relation to drop-downs to the
Partnership, if any, and borrowings under new and existing debt
agreements.
As of December 31, 2017, GasLog's current assets totaled $417.1
million while current liabilities totaled $294.9 million, resulting
in a positive working capital position of $122.2 million.
GasLog has hedged 53.9% of its expected floating interest rate
exposure on its outstanding debt (excluding the finance lease
liability) as of December 31, 2017.
Our Fleet
Owned Fleet
The following table presents information about our wholly owned
vessels and their associated time charters as of February 16,
2018:
|
|
|
|
|
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 |
|
- |
|
- |
2 |
GasLog Singapore |
|
2010 |
|
155,000 |
|
Spot
Market (3) |
|
TFDE |
|
- |
|
- |
3 |
GasLog Skagen(5) |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
August
2019(4) |
|
- |
4 |
GasLog Chelsea |
|
2010 |
|
153,600 |
|
Spot
Market(3) |
|
TFDE |
|
- |
|
- |
5 |
GasLog Saratoga |
|
2014 |
|
155,000 |
|
Spot
Market(3) |
|
TFDE |
|
- |
|
- |
6 |
Methane Lydon
Volney |
|
2006 |
|
145,000 |
|
Shell |
|
Steam |
|
October 2020 |
|
2023-2025 |
7 |
Methane Becki Anne |
|
2010 |
|
170,000 |
|
Shell |
|
TFDE |
|
March
2024 |
|
2027-2029 |
8 |
GasLog Salem(5) |
|
2015 |
|
155,000 |
|
Spot
Market(3) |
|
TFDE |
|
- |
|
- |
9 |
GasLog Glasgow |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
June
2026 |
|
2031 |
10 |
GasLog Gibraltar |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
October 2023 |
|
2028-2031 |
11 |
GasLog Houston |
|
2018 |
|
174,000 |
|
Shell |
|
LP-2S |
|
April
2028 |
|
2031-2034 |
The following table presents information about GasLog Partners'
fleet and their associated time charters as of February 16,
2018:
|
|
|
|
|
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 |
|
- |
4 |
GasLog Seattle |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
December 2020 |
|
2025-2030 |
5 |
Solaris |
|
2014 |
|
155,000 |
|
Shell |
|
TFDE |
|
June
2021 |
|
2026-2031 |
6 |
GasLog Greece |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
March
2026 |
|
2031 |
7 |
GasLog Geneva |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
September 2023 |
|
2028-2031 |
8 |
Methane Rita
Andrea |
|
2006 |
|
145,000 |
|
Shell |
|
Steam |
|
April
2020 |
|
2023-2025 |
9 |
Methane Jane
Elizabeth |
|
2006 |
|
145,000 |
|
Shell |
|
Steam |
|
October 2019 |
|
- |
10 |
Methane Shirley
Elisabeth |
|
2007 |
|
145,000 |
|
Shell |
|
Steam |
|
June
2020 |
|
2023-2025 |
11 |
Methane Alison
Victoria |
|
2007 |
|
145,000 |
|
Shell |
|
Steam |
|
December 2019 |
|
- |
12 |
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 |
|
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 charterers of the GasLog Seattle and the
Solaris have unilateral options to extend the term of the time
charters for periods ranging from five to ten years, provided that
the charterers provide us with advance notices of declaration of
any option in accordance with the terms of the applicable charter.
The charterers of the Methane Lydon Volney, the Methane Shirley
Elisabeth, the Methane Heather Sally, the Methane Rita Andrea, the
Methane Becki Anne and the Methane Julia Louise have unilateral
options to extend the term of the related time charters for a
period of either three or five years at their election, provided
that the charterers provide us with advance notices of declaration
of any option in accordance with the terms of the applicable
charter. 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. The charterer of the GasLog
Houston has the right to extend the charter by two additional
periods of three years, 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 (the "Cool
Pool"). |
(4) |
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, due to expire in April 2021, was replaced by a continuous
time charter for a period of 2.4 years ending in August 2019. |
(5) |
On December 6, 2017, a
deed of novation and amendment of the charter party agreement of
the GasLog Skagen with Shell was signed between the Group and Shell
to substitute the GasLog Salem for the GasLog Skagen in the
execution of the charter party. The substitution will take effect
after the completion of the GasLog Skagen's dry-docking in the
third quarter of 2018. |
Future Deliveries
GasLog has four newbuildings on order at Samsung and one
newbuilding on order at Hyundai. Our vessels presently under
construction are on schedule and within budget:
LNG
Carrier |
|
Year Built(1) |
|
Shipyard |
|
Cargo Capacity (cbm) |
|
Charterer |
|
Propulsion |
|
Estimated Charter Expiration(2) |
|
|
Hull No. 2130 |
|
Q1
2018 |
|
Samsung |
|
174,000 |
|
Shell |
|
LP-2S |
|
2027 |
|
|
Hull No. 2801 |
|
Q1
2018 |
|
Hyundai |
|
174,000 |
|
Total |
|
LP-2S |
|
2025 |
Hull No. 2131 |
|
Q1
2019 |
|
Samsung |
|
174,000 |
|
Shell |
|
LP-2S |
|
2029 |
Hull No. 2212 |
|
Q3
2019 |
|
Samsung |
|
180,000 |
|
- |
|
LP-2S |
|
- |
Hull No. 2213 |
|
Q2
2020 |
|
Samsung |
|
180,000 |
|
Centrica |
|
LP-2S |
|
2027 |
____________(1)
Expected delivery quarters are presented.
(2) Charter expiration to be
determined based upon actual date of delivery.
Conference Call
GasLog will host a conference call to discuss its results for
the fourth quarter of 2017 at 8:30 a.m. EST (1:30 p.m. GMT) on
Friday, February 16, 2018. 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: 7262819
A live webcast of the conference call will also be available on
the investor relations page of the Company's website at
http://www.gaslogltd.com/investor-relations.
For those unable to participate in the conference call, a replay
will also be available from 12:00 p.m. EST (5:00 p.m. GMT) on
Friday, February 16, 2018 until 11:59 p.m. EST (4:59 a.m. GMT) on
Friday, February 23, 2018.
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: 7262819
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 28 LNG carriers (23 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
twelve LNG carriers in operation owned by GasLog's subsidiary,
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, technological
advancements and opportunities for the profitable operations of LNG
carriers; · fluctuations in spot and long-term charter
hire rates and vessel values;· changes in our operating
expenses, including crew wages, maintenance, dry-docking and
insurance costs and bunker prices;· number of off-hire
days and dry-docking requirements including our ability to complete
scheduled dry-dockings on time and within budget;·
planned capital expenditures and availability of capital resources
to fund capital expenditures;· our ability to maximize
the use of our vessels, including the re-deployment or disposition
of vessels no longer under long-term time charter commitments,
including the risk that certain of our vessels may no longer have
the latest technology which may impact the rate at which we can
charter such vessels;· our ability to maintain long
term relationships and enter into time charters with new and
existing customers;· increased exposure to the spot
market and fluctuations in spot charter rates; ·
fluctuations in prices for crude oil, petroleum products and
natural gas; · changes in the ownership of our
charterers; · our customers' performance of their
obligations under our time charters and other contracts;
· our future operating performance and expenses,
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; · the time that it may take to construct and
deliver newbuildings and the useful lives of our ships;
· fluctuations in currencies and interest rates;
· the expected cost of and our ability to comply
with environmental and regulatory conditions, including changes in
laws and regulations or actions taken by regulatory authorities,
governmental organizations, classification societies and standards
imposed by our charterers applicable to our business;·
risks inherent in ship operation, including the risk of accidents,
collisions and the discharge of pollutants; · our
ability to retain key employees and the availability of skilled
labour, 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
Phil CorbettHead of Investor RelationsPhone:
+44-203-388-3116
Joseph NelsonDeputy Head of Investor RelationsPhone:
+1-212-223-0643
Email: ir@gaslogltd.com
EXHIBIT I - Unaudited Interim Financial Information
Unaudited condensed consolidated statements of financial
positionAs of December 31, 2016 and 2017(Amounts
expressed in thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
December 31, 2017 |
|
Assets |
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
Investment in
associates |
|
|
|
6,265 |
|
|
20,800 |
|
Deferred financing
costs |
|
|
|
12,045 |
|
|
17,519 |
|
Other non-current
assets |
|
|
|
1,824 |
|
|
428 |
|
Derivative financial
instruments |
|
|
|
7,856 |
|
|
16,012 |
|
Tangible fixed
assets |
|
|
|
3,889,047 |
|
|
3,772,566 |
|
Vessels under
construction |
|
|
|
96,356 |
|
|
166,655 |
|
Vessel held under
finance lease |
|
|
|
222,004 |
|
|
214,329 |
|
Total non-current
assets |
|
|
|
4,244,908 |
|
|
4,217,820 |
|
Current
assets |
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
9,256 |
|
|
10,706 |
|
Dividends receivable
and other amounts due from related parties |
|
|
|
3,065 |
|
|
8,666 |
|
Derivative financial
instruments |
|
|
|
82 |
|
|
2,199 |
|
Inventories |
|
|
|
8,461 |
|
|
6,839 |
|
Prepayments and other
current assets |
|
|
|
4,326 |
|
|
4,569 |
|
Short-term
investments |
|
|
|
18,000 |
|
|
- |
|
Restricted cash |
|
|
|
42 |
|
|
- |
|
Cash and cash
equivalents |
|
|
|
227,024 |
|
|
384,092 |
|
Total current
assets |
|
|
|
270,256 |
|
|
417,071 |
|
Total
assets |
|
|
|
4,515,164 |
|
|
4,634,891 |
|
Equity and
liabilities |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Preference shares |
|
|
|
46 |
|
|
46 |
|
Share capital |
|
|
|
810 |
|
|
810 |
|
Contributed
surplus |
|
|
|
966,974 |
|
|
911,766 |
|
Reserves |
|
|
|
10,160 |
|
|
18,347 |
|
Treasury shares |
|
|
|
(10,861 |
) |
|
(6,960 |
) |
Accumulated
deficit |
|
|
|
(21,486 |
) |
|
(5,980 |
) |
Equity attributable
to owners of the Group |
|
|
|
945,643 |
|
|
918,029 |
|
Non-controlling
interests |
|
|
|
564,039 |
|
|
845,105 |
|
Total
equity |
|
|
|
1,509,682 |
|
|
1,763,134 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
Trade accounts
payable |
|
|
|
7,255 |
|
|
11,526 |
|
Ship management
creditors |
|
|
|
841 |
|
|
2,394 |
|
Amounts due to related
parties |
|
|
|
105 |
|
|
35 |
|
Derivative financial
instruments |
|
|
|
7,854 |
|
|
1,815 |
|
Other payables and
accruals |
|
|
|
93,386 |
|
|
93,418 |
|
Borrowings, current
portion |
|
|
|
147,448 |
|
|
179,367 |
|
Finance lease
liability, current portion |
|
|
|
5,946 |
|
|
6,302 |
|
Total current
liabilities |
|
|
|
262,835 |
|
|
294,857 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Derivative financial
instruments |
|
|
|
22,485 |
|
|
- |
|
Borrowings, non-current
portion |
|
|
|
2,504,578 |
|
|
2,368,189 |
|
Finance lease
liability, non-current portion |
|
|
|
214,455 |
|
|
207,126 |
|
Other non-current
liabilities |
|
|
|
1,129 |
|
|
1,585 |
|
Total non-current
liabilities |
|
|
|
2,742,647 |
|
|
2,576,900 |
|
Total equity and
liabilities |
|
|
|
4,515,164 |
|
|
4,634,891 |
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit or
lossFor the three months and years ended December 31,
2016 and 2017(Amounts expressed in thousands of U.S.
Dollars, except per share data)
|
|
|
|
For the three months ended |
|
For the years ended |
|
|
|
|
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
Revenues |
|
|
|
|
|
126,481 |
|
|
135,772 |
|
|
466,059 |
|
|
525,229 |
|
Vessel operating and
supervision costs |
|
|
|
|
|
(29,390 |
) |
|
(35,595 |
) |
|
(112,632 |
) |
|
(122,486 |
) |
Voyage expenses and
commissions |
|
|
|
|
|
(2,481 |
) |
|
(1,340 |
) |
|
(15,184 |
) |
|
(8,150 |
) |
Depreciation |
|
|
|
|
|
(33,936 |
) |
|
(34,581 |
) |
|
(122,957 |
) |
|
(137,187 |
) |
General and
administrative expenses |
|
|
|
|
|
(10,280 |
) |
|
(9,637 |
) |
|
(38,642 |
) |
|
(39,850 |
) |
Profit from
operations |
|
|
|
|
|
50,394 |
|
|
54,619 |
|
|
176,644 |
|
|
217,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial costs |
|
|
|
|
|
(30,560 |
) |
|
(34,870 |
) |
|
(137,316 |
) |
|
(139,181 |
) |
Financial income |
|
|
|
|
|
201 |
|
|
871 |
|
|
720 |
|
|
2,650 |
|
Gain/(loss) on
swaps |
|
|
|
|
|
25,965 |
|
|
8,610 |
|
|
(13,419 |
) |
|
2,025 |
|
Share of profit of
associate |
|
|
|
|
|
426 |
|
|
455 |
|
|
1,422 |
|
|
1,159 |
|
Total other
expenses, net |
|
|
|
|
|
(3,968 |
) |
|
(24,934 |
) |
|
(148,593 |
) |
|
(133,347 |
) |
Profit for the
period |
|
|
|
|
|
46,426 |
|
|
29,685 |
|
|
28,051 |
|
|
84,209 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Group |
|
|
|
|
|
31,322 |
|
|
8,934 |
|
|
(21,486 |
) |
|
15,506 |
|
Non-controlling
interests |
|
|
|
|
|
15,104 |
|
|
20,751 |
|
|
49,537 |
|
|
68,703 |
|
|
|
|
|
|
|
46,426 |
|
|
29,685 |
|
|
28,051 |
|
|
84,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
share - basic and diluted |
|
|
|
|
|
0.36 |
|
|
0.08 |
|
|
(0.39 |
) |
|
0.07 |
|
Unaudited condensed consolidated statements of cash
flowsFor the years ended December 31, 2016 and
2017(Amounts expressed in thousands of U.S. Dollars)
|
|
|
|
For the years ended |
|
|
|
|
December 31, 2016 |
|
December 31, 2017 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
Profit for the
year |
|
|
|
|
|
28,051 |
|
|
84,209 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
122,957 |
|
|
137,187 |
|
Share of profit of
associate |
|
|
|
|
|
(1,422 |
) |
|
(1,159 |
) |
Financial income |
|
|
|
|
|
(720 |
) |
|
(2,650 |
) |
Financial costs |
|
|
|
|
|
137,316 |
|
|
139,181 |
|
Unrealized foreign
exchange loss/(gain) on cash and cash equivalents |
|
|
|
|
|
1,020 |
|
|
(772 |
) |
Unrealized gain on
interest rate swaps held for trading including ineffective portion
of cash flow hedges |
|
|
|
|
|
(18,530 |
) |
|
(10,505 |
) |
Recycled loss of cash
flow hedges reclassified to profit or loss |
|
|
|
|
|
23,514 |
|
|
4,368 |
|
Non-cash defined
benefit obligations |
|
|
|
|
|
(25 |
) |
|
- |
|
Share-based
compensation |
|
|
|
|
|
3,869 |
|
|
4,565 |
|
|
|
|
|
|
|
296,030 |
|
|
354,424 |
|
Movements in working
capital |
|
|
|
|
|
39,290 |
|
|
(4,163 |
) |
Cash provided by
operations |
|
|
|
|
|
335,320 |
|
|
350,261 |
|
Interest paid |
|
|
|
|
|
(78,788 |
) |
|
(126,631 |
) |
Net cash provided by
operating activities |
|
|
|
|
|
256,532 |
|
|
223,630 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Payments for tangible
fixed assets and vessels under construction |
|
|
|
|
|
(761,513 |
) |
|
(82,352 |
) |
Dividends received from
associate |
|
|
|
|
|
1,413 |
|
|
1,315 |
|
Return of contributed
capital from associate |
|
|
|
|
|
137 |
|
|
59 |
|
Other investments |
|
|
|
|
|
- |
|
|
(14,125 |
) |
Purchase of short-term
investments |
|
|
|
|
|
(19,500 |
) |
|
(37,244 |
) |
Maturity of short-term
investments |
|
|
|
|
|
7,500 |
|
|
55,244 |
|
Financial income
received |
|
|
|
|
|
721 |
|
|
2,504 |
|
Net cash used in
investing activities |
|
|
|
|
|
(771,242 |
) |
|
(74,599 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and bonds |
|
|
|
|
|
2,274,318 |
|
|
280,000 |
|
Proceeds from sale and
finance leaseback |
|
|
|
|
|
217,000 |
|
|
- |
|
Bank loans and bonds
repayments |
|
|
|
|
|
(1,983,576 |
) |
|
(397,008 |
) |
Payment of loan
issuance costs |
|
|
|
|
|
(44,125 |
) |
|
(8,830 |
) |
Proceeds from GasLog
Partners' common unit offerings (net of underwriting discounts and
commissions) |
|
|
|
|
|
52,731 |
|
|
141,395 |
|
Proceeds from GasLog
Partners' preference unit offering (net of underwriting discounts
and commissions) |
|
|
|
|
|
- |
|
|
139,222 |
|
Payment of equity
raising costs |
|
|
|
|
|
(442 |
) |
|
(2,032 |
) |
Payment for cross
currency swaps' termination/modification |
|
|
|
|
|
(31,986 |
) |
|
(20,603 |
) |
Payment for NOK bond
repurchase at a premium |
|
|
|
|
|
(2,120 |
) |
|
(1,459 |
) |
Payment for interest
rate swaps' termination |
|
|
|
|
|
(30,296 |
) |
|
- |
|
Proceeds from entering
into interest rate swaps |
|
|
|
|
|
25,465 |
|
|
- |
|
Dividends paid |
|
|
|
|
|
(99,207 |
) |
|
(121,071 |
) |
Decrease in restricted
cash |
|
|
|
|
|
62,718 |
|
|
- |
|
Payments for vessel
held under finance lease |
|
|
|
|
|
(714 |
) |
|
- |
|
Payments for finance
lease liability |
|
|
|
|
|
- |
|
|
(3,572 |
) |
Proceeds from stock
options' exercise |
|
|
|
|
|
- |
|
|
1,223 |
|
Net cash provided by
financing activities |
|
|
|
|
|
439,766 |
|
|
7,265 |
|
Effects of exchange
rate changes on cash and cash equivalents |
|
|
|
|
|
(1,020 |
) |
|
772 |
|
(Decrease)/increase
in cash and cash equivalents |
|
|
|
|
|
(75,964 |
) |
|
157,068 |
|
Cash and cash
equivalents, beginning of the year |
|
|
|
|
|
302,988 |
|
|
227,024 |
|
Cash and cash
equivalents, end of the year |
|
|
|
|
|
227,024 |
|
|
384,092 |
|
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 purchase and/or 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 Profit to EBITDA and Adjusted
EBITDA:(Amounts expressed in thousands of U.S.
Dollars)
|
|
For the three months ended |
|
For the year ended |
|
|
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
Profit for the
period |
|
|
46,426 |
|
|
29,685 |
|
|
28,051 |
|
|
84,209 |
|
Depreciation |
|
|
33,936 |
|
|
34,581 |
|
|
122,957 |
|
|
137,187 |
|
Financial costs |
|
|
30,560 |
|
|
34,870 |
|
|
137,316 |
|
|
139,181 |
|
Financial income |
|
|
(201 |
) |
|
(871 |
) |
|
(720 |
) |
|
(2,650 |
) |
(Gain)/loss on
swaps |
|
|
(25,965 |
) |
|
(8,610 |
) |
|
13,419 |
|
|
(2,025 |
) |
EBITDA |
|
|
84,756 |
|
|
89,655 |
|
|
301,023 |
|
|
355,902 |
|
Foreign exchange
losses, net |
|
|
650 |
|
|
11 |
|
|
1,363 |
|
|
146 |
|
Adjusted
EBITDA |
|
|
85,406 |
|
|
89,666 |
|
|
302,386 |
|
|
356,048 |
|
Reconciliation of Profit to Adjusted Profit:(Amounts
expressed in thousands of U.S. Dollars)
|
|
For the three months ended |
|
For the year ended |
|
|
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
Profit for the
period |
|
|
46,426 |
|
|
29,685 |
|
|
28,051 |
|
|
84,209 |
|
Non-cash (gain)/loss on
swaps |
|
|
(28,223 |
) |
|
(8,471 |
) |
|
4,984 |
|
|
(6,137 |
) |
Write-off and
accelerated amortization of unamortized loan/bond fees and
premium |
|
|
- |
|
|
213 |
|
|
23,097 |
|
|
506 |
|
Foreign exchange
losses, net |
|
|
650 |
|
|
11 |
|
|
1,363 |
|
|
146 |
|
Adjusted
Profit |
|
|
18,853 |
|
|
21,438 |
|
|
57,495 |
|
|
78,724 |
|
Reconciliation of Earnings/(Loss) Per Share to Adjusted
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, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
Profit/(loss) for the
period attributable to owners of the Group |
|
|
31,322 |
|
|
8,934 |
|
|
(21,486 |
) |
|
15,506 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on Preference
Shares |
|
|
(2,516 |
) |
|
(2,516 |
) |
|
(10,063 |
) |
|
(10,064 |
) |
Profit/(loss) for the
period available to owners of the Group used in EPS
calculation |
|
|
28,806 |
|
|
6,418 |
|
|
(31,549 |
) |
|
5,442 |
|
Weighted average number
of shares outstanding, basic |
|
80,553,503 |
|
80,673,054 |
|
80,534,702 |
|
80,622,788 |
|
Earnings/(loss) per
share |
|
|
0.36 |
|
|
0.08 |
|
|
(0.39 |
) |
|
0.07 |
|
Profit/(loss) for the
period available to owners of the Group used in EPS
calculation |
|
|
28,806 |
|
|
6,418 |
|
|
(31,549 |
) |
|
5,442 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash (gain)/loss on
swaps |
|
|
(28,223 |
) |
|
(8,471 |
) |
|
4,984 |
|
|
(6,137 |
) |
Write-off and
accelerated amortization of unamortized loan/bond fees and
premium |
|
|
- |
|
|
213 |
|
|
23,097 |
|
|
506 |
|
Foreign exchange
losses, net |
|
|
650 |
|
|
11 |
|
|
1,363 |
|
|
146 |
|
Adjusted profit/(loss)
attributable to owners of the Group |
|
|
1,233 |
|
|
(1,829 |
) |
|
(2,105 |
) |
|
(43 |
) |
Weighted average number
of shares outstanding, basic |
|
80,553,503 |
|
80,673,054 |
|
80,534,702 |
|
80,622,788 |
|
Adjusted
earnings/(loss) per share |
|
|
0.02 |
|
|
(0.02 |
) |
|
(0.03 |
) |
|
(0.00 |
) |
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024