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 March 31,
2018.
Highlights
| • |
Record quarterly
Revenues of $138.5 million (Q1 2017: $128.3 million). Profit of
$42.5 million (Q1 2017: $23.4 million) and Earnings per share of
$0.21(1) (Q1 2017: $0.08) for the quarter ended March 31,
2018. |
| |
|
| • |
Record quarterly
EBITDA(2) of $95.9 million (Q1 2017: $89.1 million) and Adjusted
EBITDA(2) of $95.5 million (Q1 2017: $89.3 million). Adjusted
Profit(2) of $25.3 million (Q1 2017: $21.9 million) and Adjusted
Loss per share(2) of $0.01(1) (Q1 2017: Adjusted Earnings per share
of $0.06) for the quarter ended March 31, 2018. |
| |
|
| • |
7.1% increase in the
quarterly dividend to $0.15 per common share payable on May 24,
2018. |
| |
|
| • |
Delivery of the GasLog
Houston on January 8, 2018 and, post quarter-end, completion of a
short-term time charter agreement with a major LNG producer. The
vessel is scheduled to commence a multi-year time charter with a
subsidiary of Royal Dutch Shell plc (“Shell”) in December
2018. |
| |
|
| • |
Delivery of the GasLog
Hong Kong on March 20, 2018 and the GasLog Genoa on March 29, 2018,
two 174,000 cubic meters (“cbm”) LNG carriers with low pressure
dual-fuel two-stroke engine propulsion (“LP-2S”) and commencement
of their time charter agreements with Total Gas & Power
Chartering Limited (“Total”), a wholly owned subsidiary of Total
S.A., and Shell, respectively. |
| |
|
| • |
Ordered two 180,000 cbm
newbuild LNG carriers from Samsung Heavy Industries Co., Ltd.
(“Samsung”) with LP-2S propulsion, with scheduled delivery in the
second quarter of 2020. |
| |
|
| • |
Announced and, post
quarter-end, completed the sale of the GasLog Gibraltar to GasLog
Partners LP (“GasLog Partners” or the “Partnership”) for $207.0
million. Part of the consideration was satisfied by the private
issuance of $45.0 million of common units in GasLog Partners to
GasLog. |
| |
|
| • |
On February 23, 2018,
GasLog signed the Operation and Maintenance (“O&M”) agreement
for the provision of related services to the Alexandroupolis
floating storage and regasification unit (“FSRU”) project (the
“Alexandroupolis Project”). |
| |
|
| • |
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 gross proceeds of $115.0
million and net proceeds of $111.2 million. |
| |
|
(1) Earnings/(loss) per share (“EPS”) and Adjusted EPS are net
of the profit attributable to the non-controlling interests of
$23.2 million and the dividend on preferred stock of $2.5 million
for the quarter ended March 31, 2018 ($14.6 million and $2.5
million, respectively, for the quarter ended March 31, 2017).
(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 the 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: “I am pleased to
report another record quarter of revenues and EBITDA for GasLog,
driven by the initial contribution of our 2018 newbuild deliveries
and the stronger performance of the vessels operating in the LNG
carrier pooling arrangement (the “Cool Pool”). On the back of our
improving financial performance, our strong balance sheet and our
confidence in the long-term prospects for the company, I am
delighted to announce a 7.1% increase in our quarterly dividend to
$0.15 per share.
During the quarter, we continued to execute on our business
plan, taking delivery of three newbuilds, the GasLog Houston, the
GasLog Genoa and the GasLog Hong Kong, all on time and on budget.
Due to their fuel efficient engines and low boil-off rate, these
vessels will have highly competitive unit freight costs. We also
continued to execute on our long-term growth strategy, recycling
capital through the drop-down of the GasLog Gibraltar to GasLog
Partners and ordering two newbuild LNG carriers for delivery in the
second quarter of 2020. In addition, GasLog Partners announced two
charter agreements with a new customer, simultaneously meeting key
objectives of increasing the Partnership’s contracted revenues and
diversifying its customer base.
During the quarter, global LNG supply continued to increase,
with Wood Mackenzie forecasting 9% growth in volumes during 2018.
Although no new supply projects have yet taken a final investment
decision (“FID”) in 2018, several major projects continue to make
progress and we remain confident that additional liquefaction
capacity will be sanctioned in 2018 and 2019.
As expected, LNG carrier spot rates experienced a seasonal
decline from the multi-year highs of Q4 2017. However, headline
spot rates remain higher year-on-year, and there are signs that
rates have bottomed out as buyers now look to source supply for
cooling demand in the Northern Hemisphere summer and heating demand
in the Southern Hemisphere winter. We expect rates to strengthen in
the second half of this year.
The Alexandroupolis Project continues to make good progress and
we signed the O&M agreement during the quarter. Negotiations
with the Greek national gas utility, DEPA, and Bulgarian Energy
Holding ("BEH") regarding equity participation in Gastrade S.A.
(“Gastrade”) are ongoing and, as noted in the Press Release of May
3, 2018 issued by Gastrade and DEPA, the Managing Directors of DEPA
and Gastrade reached agreement regarding the future reservation of
capacity in the terminal by DEPA. In addition, BEH confirmed its
intention to speed up the respective negotiations for the
completion of its own participation in the project. FID is still
expected in the fourth quarter of 2018."
LNG Market Update and Outlook
Global LNG production continued to grow in Q1 2018, registering
a 10% year-on-year increase and a 2% increase over Q4 2017 as
measured by Wood Mackenzie. The ramp-up of the Yamal project in
Russia has outperformed expectations, the first commercial cargo
from Cove Point in the United States was exported in April and
legacy liquefaction capacity operated at high utilization to take
advantage of the high prices caused by strong demand growth partly
driven by the cold Northern Hemisphere winter. However, new supply
growth was partly offset by several plant outages, principally at
PNG LNG following an earthquake in late February, and shorter
outages of other projects in Malaysia, Russia and Peru.
While a number of projects expected onstream in 2018 have
experienced delays, Wood Mackenzie currently expects that some 29
million tonnes per annum (“mtpa”) of capacity will enter commercial
service between Q2 and Q4 2018, underpinning the forecasted 2018
supply of 325 mtpa, or 9% growth over 2017. Among the projects
which Wood Mackenzie expects onstream in 2018 are Wheatstone Train
2 (Q2), Ichthys (Q3) and Prelude (Q4) in Australia, Cameroon
floating LNG (Q2) and the second train at Yamal (Q4). A further 51
mtpa is forecast by Wood Mackenzie to come onstream over the
2019-2021 period. These estimates reflect recent news flow on the
expected commissioning dates of the Ichthys, Freeport and Prelude
projects.
According to Wood Mackenzie, in Q1 2018, 10 mtpa of long-term
supply contracts were agreed, bringing the total volume of
long-term supply contracts signed since the beginning of 2017 to 37
mtpa, demonstrating strengthening interest from LNG buyers and
potential support for sanctioning of further liquefaction capacity.
Also during the first quarter, a number of potential new projects
continued to make good progress towards FID, including projects in
the United States such as Corpus Christi Train 3, in Canada
(boosted by British Columbia tax relief proposals) and in
Mozambique (the Area 1 project), as well as the announcement by the
PNG LNG partners of reaching an agreement on plans to double
exports from Papua New Guinea’s LNG facility to 16 mtpa.
LNG market participants continue to forecast significant growth
in LNG demand. Consensus compound annual growth rate in LNG demand
of 6% is forecast over the 2017-2025 period. Based upon Wood
Mackenzie’s forecasts of supply either onstream or under
construction, this suggests the market may be short of LNG as soon
as 2020, reiterating the need for further LNG supply projects to be
sanctioned in the near-term. LNG continues to be seen as an
attractive way to diversify energy imports, with Germany being the
most recent country to articulate plans to develop LNG import
infrastructure.
As measured by Poten, tonne miles in Q1 2018 were 18% higher
year on year, continuing the significant growth trend seen in 2017.
Structural changes in the LNG market, such as fragmentation of
market participants, the increasing market share of portfolio
suppliers such as Shell, Total and BP plc and commodity traders,
and a move away from destination clauses in supply contracts are
all increasing the amount of LNG traded and bode well for further
increases in tonne miles.
Headline spot TFDE LNG shipping rates as reported by Clarksons
have exhibited seasonal weakness in recent months, declining to
$38,000 per day in late April from approximately $80,000 per day at
the beginning of the year. The decline has been more rapid than
expected and exacerbated by a number of one-off factors, including
the unplanned downtime at LNG facilities mentioned above, delays in
the commissioning of new liquefaction supply and the delivery of 18
newbuild LNG carriers during the first quarter of 2018.
Nonetheless, current spot rates of $42,000 are 40% ahead of levels
from a year ago. While the market may continue to be affected by
seasonal factors driving LNG supply and demand, and there may be
further delays to the commissioning of new liquefaction projects
currently under construction, we remain optimistic that a
tightening shipping market, driven by the positive outlook for LNG
demand growth and the evolving LNG shipping market, will result in
spot rates improving from current levels over time.
This positive outlook and the perceived requirement for new
ships have resulted in 18 firm newbuild LNG carrier orders so far
in 2018, of which two are GasLog vessels. Based on our analysis of
expected LNG demand, between 35 and 62 additional LNG carriers will
be needed by the end of 2022 and potentially as many as 117 vessels
by 2025 to satisfy projected market growth.
New Charter Agreements
GasLog Partners entered into agreements with a
new customer for two new charters plus options for an additional
two charters, exercisable by the charterer. The agreements include
an approximately three-and-a-half-year charter for the GasLog
Santiago, a 155,000 cbm tri-fuel diesel electric (“TFDE”) LNG
carrier built in 2013, commencing in either August or September
2018 at the Partnership’s option, and a one-year charter for a
145,000 cbm steam-powered (“Steam”) vessel (either the 2006-built
Methane Jane Elizabeth or the 2007-built Methane Alison Victoria as
nominated by the Partnership) commencing in either November or
December 2019 at the Partnership’s option. The charterer has
options to extend the first charter for up to an additional seven
years and the second charter for up to an additional four years,
both at escalating rates.
Delivery of the GasLog Houston, the
GasLog Hong Kong and the GasLog Genoa
On January 8, 2018, GasLog took delivery of the GasLog Houston,
a 174,000 cbm LNG carrier with LP-2S propulsion constructed by
Hyundai Heavy Industries Co., Ltd. (“Hyundai”). The vessel
completed a short-term charter to a major LNG producer and is
currently available in the spot market until the commencement of
her multi-year charter party with a subsidiary of Shell, from the
end of 2018 until April 2028.
On March 20, 2018, GasLog took delivery of the
GasLog Hong Kong, a 174,000 cbm LNG carrier with LP-2S propulsion
constructed by Hyundai. The vessel was originally scheduled to
commence a multi-year charter with Total in December 2018 ending in
2025. However, the commencement of the charter was brought forward
to delivery from the yard, thus increasing the period of the
charter to Total. Whilst the charter hire rate for this additional
initial period is lower than that which GasLog will enjoy for the
period from December 2018 to 2025, delivery of the vessel straight
into charter from the yard together with the additional charter
hire resulted in significant operational efficiencies for
GasLog.
On March 29, 2018, GasLog took delivery of the
GasLog Genoa, a 174,000 cbm LNG carrier with LP-2S propulsion
constructed by Samsung. The vessel commenced her charter party
agreement with Shell upon delivery until 2027.
Additional Vessels
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) to be
delivered in the third quarter of 2019 is currently without
charter.
On March 9, 2018, GasLog entered into a shipbuilding contract
with Samsung for the construction of a 180,000 cbm GTT Mark III
Flex Plus LNG Carrier with LP-2S propulsion (Hull No. 2274) that is
scheduled to be delivered in the second quarter of 2020 and is
currently without charter.
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 $111.2 million. The Series B Preference
Units are listed on the New York Stock Exchange under the symbol
“GLOP PR B”.
Sale of the GasLog
Gibraltar
On April 16, 2018, GasLog entered into a share purchase
agreement for the sale to GasLog Partners of 100% of the ownership
interest in GAS-fourteen Ltd., the entity that owns the GasLog
Gibraltar, for an aggregate purchase price of $207.0 million, which
includes $1.0 million for positive net working capital balances
transferred with the entity. GasLog Partners financed the
acquisition with cash on hand, $45.0 million of new privately
placed common units issued to GasLog (1,858,975 common units at a
price of $24.21 per unit), and the assumption of the GasLog
Gibraltar’s outstanding indebtedness of $143.6 million. The sale
closed on April 26, 2018.
Alexandroupolis Project
update
On February 23, 2018, GasLog entered into an agreement to
provide O&M services to the Alexandroupolis Project. In
addition, Gastrade is currently in discussions with a number of
additional potential investors, including DEPA, the Greek
state-owned gas company, and BEH, the holding company of the
Bulgarian Ministry of Energy, and targets to take FID by the end of
2018 with the FSRU currently scheduled to be operational by the end
of 2020. Following a trilateral meeting between DEPA, BEH and
Gastrade, the Managing Directors of DEPA and Gastrade reached
agreement regarding the future reservation of capacity in the
terminal by DEPA. In addition, BEH confirmed its intention to speed
up the respective negotiations for the completion of its own
participation in the project.
GasLog Partners’ At-the-Market Common
Units 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 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.
Since the commencement of the ATM Programme through March 31,
2018, 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. No issuances of common units were
made under the ATM Programme in the first quarter of 2018. As of
March 31, 2018, the cumulative net proceeds were $61.2 million.
Dividend Declaration
On March 8, 2018, 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 April 2, 2018 to holders of
record as of March 29, 2018. GasLog paid the declared dividend to
the transfer agent on March 29, 2018.
On May 3, 2018, the board of directors declared a quarterly cash
dividend of $0.15 per common share, or $12.1 million in the
aggregate, payable on May 24, 2018 to shareholders of record as of
May 14, 2018.
Financial Summary
|
In thousands of U.S. dollars except per share
data |
|
For the three months ended |
|
| |
|
March 31, 2017 |
|
|
March 31, 2018 |
|
| Revenues |
|
$ |
128,285 |
|
|
$ |
138,478 |
|
| EBITDA(1) |
|
$ |
89,069 |
|
|
$ |
95,880 |
|
| Adjusted EBITDA(1) |
|
$ |
89,338 |
|
|
$ |
95,526 |
|
| Profit for the
period |
|
$ |
23,392 |
|
|
$ |
42,541 |
|
| Adjusted Profit(1) |
|
$ |
21,922 |
|
|
$ |
25,289 |
|
| Profit attributable to
the owners of GasLog |
|
$ |
8,752 |
|
|
$ |
19,304 |
|
| EPS, basic |
|
$ |
0.08 |
|
|
$ |
0.21 |
|
| Adjusted EPS(1) |
|
$ |
0.06 |
|
|
$ |
(0.01 |
) |
(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 2,163 operating days for the quarter ended March 31,
2018, as compared to 2,070 operating days for the quarter ended
March 31, 2017. The increase in operating days resulted mainly from
the deliveries of the GasLog Houston, the GasLog Hong Kong and the
GasLog Genoa on January 8, 2018, March 20, 2018 and March 29, 2018,
respectively.
Revenues were $138.5 million for the quarter ended March 31,
2018 ($128.3 million for the quarter ended March 31, 2017). The
increase was mainly driven by the increased revenues from vessels
operating in the spot market and the new deliveries in our fleet
(the GasLog Houston, the GasLog Hong Kong and the GasLog
Genoa).
Net pool allocation was $8.7 million for the quarter ended March
31, 2018 ($0.8 million for the quarter ended March 31, 2017). The
increase was attributable to the movement in allocation of the net
pool results in accordance with the applicable profit sharing
terms. GasLog recognized gross revenues and gross voyage expenses
and commissions of $13.4 million and $3.5 million, respectively,
from the operation of its vessels in the Cool Pool during the
quarter ended March 31, 2018 (March 31, 2017: $7.4 million and $1.4
million, respectively). The increase in GasLog’s total net pool
performance was driven by higher spot rates and higher utilization
achieved by all vessels trading in the Cool Pool. GasLog’s total
net pool performance is presented below:
| |
|
|
|
For the three months ended |
|
| |
|
|
|
March 31, 2017 |
|
|
March 31, 2018 |
|
| Amounts in
thousands of U.S. Dollars |
|
|
|
|
|
|
|
|
| Pool gross revenues
(included in Revenues) |
|
|
|
7,355 |
|
|
13,405 |
|
| Pool gross voyage
expenses and commissions (included in Voyage expenses and
commissions) |
|
|
|
(1,380 |
) |
|
(3,538 |
) |
| GasLog’s adjustment for
net pool allocation (included in Net pool allocation) |
|
|
|
828 |
|
|
8,653 |
|
| GasLog’s Total
net pool performance |
|
|
|
6,803 |
|
|
18,520 |
|
Vessel operating and supervision costs were $34.3 million for
the quarter ended March 31, 2018 ($27.5 million for the quarter
ended March 31, 2017). The increase was mainly attributable to the
deliveries of the GasLog Houston, the GasLog Hong Kong and the
GasLog Genoa, as well as increased scheduled technical maintenance
costs related to engine maintenance, intermediate surveys and
certifications and crew wages, all of which were affected by the
unfavorable movement of the Euro (“EUR”)/U.S. dollar (“USD”)
exchange rate (we have entered into forward foreign exchange
contracts to economically hedge part of this exposure and the
associated realized gains are recorded in Gain on swaps, which is
discussed below).
Voyage expenses and commissions were $5.3 million for the
quarter ended March 31, 2018 ($2.9 million for the quarter ended
March 31, 2017). The increase resulted from the increased bunkers
consumption of the vessels operating in the spot market and the
higher cost of bunkers as a result of the increase in oil
prices.
Depreciation was $35.5 million for the quarter ended March 31,
2018 ($33.7 million for the quarter ended March 31, 2017). The
increase resulted from the deliveries of the GasLog Houston, the
GasLog Hong Kong and the GasLog Genoa on January 8, 2018, March 20,
2018 and March 29, 2018, respectively.
General and administrative expenses were $12.0 million for the
quarter ended March 31, 2018 ($10.1 million for the quarter ended
March 31, 2017). The increase is mainly attributable to an increase
in employee costs, which were mainly affected by the unfavorable
movement of the USD against the EUR and the British pound (“GBP”)
(we have entered into forward foreign exchange contracts to
economically hedge part of this exposure and the associated
realized gains are recorded in Gain on swaps, which is discussed
below).
Financial costs were $36.6 million for the quarter ended March
31, 2018 ($32.5 million for the quarter ended March 31, 2017). The
increase was mainly attributable to the increased weighted average
interest rate deriving from the upward movement of the USD London
Interbank Offered Rate (“LIBOR”) rates. An analysis of the
financial costs is set forth below.
| (All amounts
expressed in thousands of U.S. dollars) |
|
|
|
For the three months ended |
|
|
|
|
|
|
|
|
March 31, 2017 |
|
March 31, 2018 |
|
|
| Financial
costs |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of deferred loan issuance costs and premium |
|
|
$ |
(3,459 |
) |
$ |
(2,912 |
) |
|
| Interest
expense on loans |
|
|
|
(22,482 |
) |
|
(23,197 |
) |
|
| Interest
expense on bonds and realized loss on cross-currency swaps |
|
|
|
(3,520 |
) |
|
(7,473 |
) |
|
| Finance
lease charge |
|
|
|
(2,714 |
) |
|
(2,628 |
) |
|
| Other
financial costs |
|
|
|
(349 |
) |
|
(387 |
) |
|
|
Total |
|
|
|
|
$ |
(32,524 |
) |
$ |
(36,597 |
) |
|
Gain on swaps was $17.8 million for the quarter ended March 31,
2018 ($0.2 million gain for the quarter ended March 31, 2017). The
increase in gain on swaps in the first quarter of 2018, as compared
to the first quarter of 2017, is mainly attributable to an increase
of $14.9 million in gain from mark-to-market valuation of our
derivative financial instruments carried at fair value through
profit or loss, an increase of $1.5 million in realized gain on
forward foreign exchange contracts held for trading and a decrease
of $1.5 million in realized loss on interest rate swaps held for
trading. The $16.3 million gain from mark-to-market valuation of
our interest rate swaps in the first quarter of 2018 was
attributable to the fact that the LIBOR yield curve, which was used
to estimate the present value of the estimated future cash flows,
was higher than the contracted fixed interest rates resulting in a
decrease in derivative liabilities from interest rate swaps held
for trading as compared to December 31, 2017. An analysis of gain
on swaps is set forth below.
| (All amounts
expressed in thousands of U.S. dollars) |
|
|
|
For the three months ended |
|
|
|
|
|
|
|
|
March 31, 2017 |
|
March 31, 2018 |
|
|
| Gain on
swaps |
|
|
|
|
|
|
|
|
|
|
|
| Realized
loss on interest rate swaps held for trading |
|
|
$ |
(2,151 |
) |
$ |
(613 |
) |
|
| Realized
gain on forward foreign exchange contracts held for trading |
|
|
|
— |
|
|
1,486 |
|
|
| Unrealized
gain on derivative financial instruments held for trading |
|
|
|
2,315 |
|
|
17,161 |
|
|
| Ineffective
portion of cash flow hedges |
|
|
|
— |
|
|
(263 |
) |
|
|
Total |
|
|
|
|
$ |
164 |
|
$ |
17,771 |
|
|
Profit was $42.5 million for the quarter ended March 31, 2018
($23.4 million for the quarter ended March 31, 2017). This increase
in profit is mainly attributable to the positive movement in
mark-to-market valuations of our derivative financial instruments
in the first quarter of 2018, the increased profit from operations
mainly due to the higher number of operating days due to the
vessels’ deliveries in the first quarter of 2018 and the increased
contribution of our vessels operating in the spot market, partially
offset by the increase in finance costs.
Adjusted Profit(1) was $25.3 million for the quarter ended March
31, 2018 ($21.9 million for the quarter ended March 31, 2017)
adjusted for the effects of the non-cash gain on swaps and the net
foreign exchange gains/losses.
Profit attributable to the owners of GasLog was $19.3 million
for the quarter ended March 31, 2018 ($8.8 million for the quarter
ended March 31, 2017). The increase in profit attributable to the
owners of GasLog resulted mainly from the respective movements in
profit mentioned above, partially offset by the increased amount
allocated to third parties as a result of the GasLog Partners’
equity offerings in January 2017, its ATM Programme initiated in
May 2017, the issuances of the Series A Preference Units in May
2017 and the Series B Preference Units in January 2018, and the
sale of three vessels.
EBITDA(1) was $95.9 million for the quarter ended March 31, 2018
($89.1 million for the quarter ended March 31, 2017). The increase
in EBITDA was driven by the increases in revenues and the increase
in the net pool allocation, partially offset by the increases in
vessel operating expenses and in the general and administrative
expenses as discussed above.
Adjusted EBITDA(1) was $95.5 million for the quarter ended March
31, 2018 ($89.3 million for the quarter ended March 31, 2017).
EPS was $0.21 for the quarter ended March 31,
2018 ($0.08 for the quarter ended March 31, 2017). The increase in
earnings per share is mainly attributable to the respective
movements in profit attributable to the owners of GasLog discussed
above.
Adjusted EPS(1) was a loss of $0.01 for the
quarter ended March 31, 2018 (earnings of $0.06 for the quarter
ended March 31, 2017), adjusted for the effects of the non-cash
gain on swaps and the net foreign exchange gains/losses.
(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 $523.7 million for
the fiscal year 2019, based on contracts in effect as of March 31,
2018, without including any extension options. As of March 31,
2018, the total future firm contracted revenue stood at $3.1
billion(1), including the 13 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 and ten additional off-hire days for the enhancements
of three vessels; (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 March 31, 2018, GasLog had $349.1 million of cash and cash
equivalents, of which $234.4 million was held in time deposits and
the remaining balance in current accounts. Moreover, as of March
31, 2018, 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 and $4.9
million in restricted cash which consisted of guarantees held for
vessels with respect to the enhancement of their operational
performance.
As of March 31, 2018, GasLog had an aggregate of $3.0 billion of
indebtedness outstanding under its credit facilities and bond
agreements, of which $182.4 million was repayable within one year,
and a $211.7 million finance lease liability related to the sale
and leaseback of the Methane Julia Louise, of which $6.4 million
was repayable within one year.
As of March 31, 2018, GasLog, through GasLog Partners, had
prepaid in full the outstanding $29.8 million of the junior tranche
of the Five Vessel Refinancing, which would have been due in April
2018.
As of March 31, 2018, there was undrawn available capacity of
$100.0 million under the revolving credit facility of the credit
agreement of up to $1.1 billion entered into on July 19, 2016 (the
“Legacy Facility Refinancing”).
As of March 31, 2018, the total remaining balance of the
contract prices of the four LNG carriers on order was $719.8
million that GasLog expects to be funded with the $165.8 million
undrawn capacity under the financing agreement entered into on
October 16, 2015, as well as cash balances, cash from operations
and borrowings under new and existing debt agreements.
As of March 31, 2018, GasLog’s current assets totaled $406.6
million while current liabilities totaled $282.4 million, resulting
in a positive working capital position of $124.2 million.
GasLog has hedged 45.8% of its expected floating interest rate
exposure on its outstanding debt (excluding the finance lease
liability) as of March 31, 2018.
Future Deliveries
GasLog has four newbuildings on order at Samsung which are on
schedule and within budget:
|
LNG Carrier |
|
Year Built(1) |
|
Shipyard |
|
Cargo Capacity (cbm) |
|
Charterer |
|
Propulsion |
|
Estimated Charter Expiration(2) |
|
|
| 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 |
| Hull No. 2274 |
|
Q2
2020 |
|
Samsung |
|
180,000 |
|
— |
|
LP-2S |
|
— |
____________(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 first quarter of 2018 at 8:30 a.m. EDT (1:30 p.m. BST) on
Friday, May 4, 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: 8579499
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. EDT (5:00 p.m. BST) on
Friday, May 4, 2018 until 12:00 p.m. EDT (5:00 p.m. BST) on Friday,
May 11, 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: 8579499
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 fleet
consists of 29 LNG carriers (25 ships on the water and four 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. Following the closing of the GasLog
Gibraltar acquisition, GasLog’s consolidated fleet includes 13 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, 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, including LNG; • 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 February
28, 2018 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 Relations
Phone: +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, 2017 and March 31,
2018(Amounts expressed in thousands of U.S.
Dollars)
| |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
March 31, 2018 |
|
|
Assets |
|
|
|
|
|
|
|
|
| Non-current
assets |
|
|
|
|
|
|
|
|
| Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
| Investment in
associates |
|
|
|
20,800 |
|
|
20,393 |
|
| Deferred financing
costs |
|
|
|
17,519 |
|
|
3,946 |
|
| Other non-current
assets |
|
|
|
428 |
|
|
2,089 |
|
| Derivative financial
instruments |
|
|
|
16,012 |
|
|
32,358 |
|
| Tangible fixed
assets |
|
|
|
3,772,566 |
|
|
4,393,288 |
|
| Vessels under
construction |
|
|
|
166,655 |
|
|
60,746 |
|
| Vessel held under
finance lease |
|
|
|
214,329 |
|
|
212,427 |
|
| Total
non-current assets |
|
|
|
4,217,820 |
|
|
4,734,758 |
|
| Current
assets |
|
|
|
|
|
|
|
|
| Trade and other
receivables |
|
|
|
10,706 |
|
|
13,094 |
|
| Dividends receivable
and other amounts due from related parties |
|
|
|
8,666 |
|
|
5,735 |
|
| Derivative financial
instruments |
|
|
|
2,199 |
|
|
7,195 |
|
| Inventories |
|
|
|
6,839 |
|
|
10,992 |
|
| Prepayments and other
current assets |
|
|
|
4,569 |
|
|
5,480 |
|
| Short-term
investments |
|
|
|
— |
|
|
10,000 |
|
| Restricted cash |
|
|
|
— |
|
|
4,915 |
|
| Cash and cash
equivalents |
|
|
|
384,092 |
|
|
349,147 |
|
| Total current
assets |
|
|
|
417,071 |
|
|
406,558 |
|
| Total
assets |
|
|
|
4,634,891 |
|
|
5,141,316 |
|
| Equity and
liabilities |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
| Preference shares |
|
|
|
46 |
|
|
46 |
|
| Share capital |
|
|
|
810 |
|
|
810 |
|
| Contributed
surplus |
|
|
|
911,766 |
|
|
897,950 |
|
| Reserves |
|
|
|
18,347 |
|
|
20,414 |
|
| Treasury shares |
|
|
|
(6,960 |
) |
|
(7,022 |
) |
| (Accumulated
deficit)/retained earnings |
|
|
|
(5,980 |
) |
|
13,514 |
|
| Equity
attributable to owners of the Group |
|
|
|
918,029 |
|
|
925,712 |
|
| Non-controlling
interests |
|
|
|
845,105 |
|
|
958,682 |
|
| Total
equity |
|
|
|
1,763,134 |
|
|
1,884,394 |
|
| Current
liabilities |
|
|
|
|
|
|
|
|
| Trade accounts
payable |
|
|
|
11,526 |
|
|
13,523 |
|
| Ship management
creditors |
|
|
|
2,394 |
|
|
1,877 |
|
| Amounts due to related
parties |
|
|
|
35 |
|
|
— |
|
| Derivative financial
instruments |
|
|
|
1,815 |
|
|
— |
|
| Other payables and
accruals |
|
|
|
93,418 |
|
|
78,137 |
|
| Borrowings, current
portion |
|
|
|
179,367 |
|
|
182,444 |
|
| Finance lease
liability, current portion |
|
|
|
6,302 |
|
|
6,392 |
|
| Total current
liabilities |
|
|
|
294,857 |
|
|
282,373 |
|
| Non-current
liabilities |
|
|
|
|
|
|
|
|
| Borrowings, non-current
portion |
|
|
|
2,368,189 |
|
|
2,767,970 |
|
| Finance lease
liability, non-current portion |
|
|
|
207,126 |
|
|
205,263 |
|
| Other non-current
liabilities |
|
|
|
1,585 |
|
|
1,316 |
|
| Total
non-current liabilities |
|
|
|
2,576,900 |
|
|
2,974,549 |
|
| Total equity
and liabilities |
|
|
|
4,634,891 |
|
|
5,141,316 |
|
Unaudited condensed consolidated statements of profit or
lossFor the three months ended March
31, 2017 and 2018(Amounts
expressed in thousands of U.S. Dollars, except per share
data)
| |
|
|
|
|
For the three months ended |
|
| |
|
|
|
|
March 31, 2017 |
|
March 31, 2018 |
|
| Revenues |
|
|
|
|
|
|
128,285 |
|
|
138,478 |
|
| Net pool
allocation |
|
|
|
|
|
|
828 |
|
|
8,653 |
|
| Vessel operating and
supervision costs |
|
|
|
|
|
|
(27,489 |
) |
|
(34,313 |
) |
| Voyage expenses and
commissions |
|
|
|
|
|
|
(2,872 |
) |
|
(5,281 |
) |
| Depreciation |
|
|
|
|
|
|
(33,708 |
) |
|
(35,529 |
) |
| General and
administrative expenses |
|
|
|
|
|
|
(10,145 |
) |
|
(12,013 |
) |
| Profit from
operations |
|
|
|
|
|
|
54,899 |
|
|
59,995 |
|
| Financial costs |
|
|
|
|
|
|
(32,524 |
) |
|
(36,597 |
) |
| Financial income |
|
|
|
|
|
|
391 |
|
|
1,016 |
|
| Gain on swaps |
|
|
|
|
|
|
164 |
|
|
17,771 |
|
| Share of profit of
associates |
|
|
|
|
|
|
462 |
|
|
356 |
|
| Total other
expenses, net |
|
|
|
|
|
|
(31,507 |
) |
|
(17,454 |
) |
| Profit for the
period |
|
|
|
|
|
|
23,392 |
|
|
42,541 |
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
| Owners of the
Group |
|
|
|
|
|
|
8,752 |
|
|
19,304 |
|
| Non-controlling
interests |
|
|
|
|
|
|
14,640 |
|
|
23,237 |
|
|
|
|
|
|
|
|
|
23,392 |
|
|
42,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per
share – basic and diluted |
|
|
|
|
|
|
0.08 |
|
|
0.21 |
|
Unaudited condensed consolidated statements of cash
flowsFor the three months ended March
31, 2017 and
2018(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
|
For the three months ended |
|
|
|
|
|
March 31, 2017 |
|
March 31, 2018 |
|
| Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
| Profit for the
period |
|
|
|
|
|
23,392 |
|
|
42,541 |
|
| Adjustments for: |
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
|
|
|
|
33,708 |
|
|
35,529 |
|
| Share of profit of
associates |
|
|
|
|
|
(462 |
) |
|
(356 |
) |
| Financial income |
|
|
|
|
|
(391 |
) |
|
(1,016 |
) |
| Financial costs |
|
|
|
|
|
32,524 |
|
|
36,597 |
|
| Unrealized foreign
exchange gains on cash and cash equivalents |
|
|
|
|
|
(75 |
) |
|
(459 |
) |
| Unrealized gain on
derivative financial instruments held for trading including
ineffective portion of cash flow hedges |
|
|
|
|
|
(2,315 |
) |
|
(16,898 |
) |
| Share-based
compensation |
|
|
|
|
|
1,012 |
|
|
1,186 |
|
| |
|
|
|
|
|
87,393 |
|
|
97,124 |
|
| Movements in working
capital |
|
|
|
|
|
(2,472 |
) |
|
(13,692 |
) |
| Cash provided
by operations |
|
|
|
|
|
84,921 |
|
|
83,432 |
|
| Interest paid |
|
|
|
|
|
(35,413 |
) |
|
(40,154 |
) |
| Net cash
provided by operating activities |
|
|
|
|
|
49,508 |
|
|
43,278 |
|
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
| Payments for tangible
fixed assets and vessels under construction |
|
|
|
|
|
(13,293 |
) |
|
(547,021 |
) |
| Dividends received from
associate |
|
|
|
|
|
700 |
|
|
125 |
|
| Other investments |
|
|
|
|
|
(13,844 |
) |
|
— |
|
| Purchase of short-term
investments |
|
|
|
|
|
(10,000 |
) |
|
(10,000 |
) |
| Maturity of short-term
investments |
|
|
|
|
|
18,000 |
|
|
— |
|
| Restricted cash |
|
|
|
|
|
— |
|
|
(4,915 |
) |
| Financial income
received |
|
|
|
|
|
373 |
|
|
874 |
|
| Net cash used
in investing activities |
|
|
|
|
|
(18,064 |
) |
|
(560,937 |
) |
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
| Proceeds from bank
loans and bonds |
|
|
|
|
|
280,000 |
|
|
498,225 |
|
| Bank loan
repayments |
|
|
|
|
|
(52,416 |
) |
|
(83,938 |
) |
| Payment of loan
issuance costs |
|
|
|
|
|
(4,270 |
) |
|
(6,753 |
) |
| Proceeds from GasLog
Partners' public offerings (net of underwriting discounts and
commissions) |
|
|
|
|
|
78,522 |
|
|
111,544 |
|
| Payment of equity
raising costs |
|
|
|
|
|
(117 |
) |
|
(315 |
) |
| Dividends paid |
|
|
|
|
|
(27,592 |
) |
|
(34,673 |
) |
| Proceeds from stock
options exercise |
|
|
|
|
|
108 |
|
|
— |
|
| Purchase of treasury
shares |
|
|
|
|
|
— |
|
|
(62 |
) |
| Payments for finance
lease liability |
|
|
|
|
|
— |
|
|
(1,773 |
) |
| Net cash
provided by financing activities |
|
|
|
|
|
274,235 |
|
|
482,255 |
|
| Effects of exchange
rate changes on cash and cash equivalents |
|
|
|
|
|
75 |
|
|
459 |
|
|
Increase/(decrease) in cash and cash
equivalents |
|
|
|
|
|
305,754 |
|
|
(34,945 |
) |
| Cash and cash
equivalents, beginning of the period |
|
|
|
|
|
227,024 |
|
|
384,092 |
|
| Cash and cash
equivalents, end of the period |
|
|
|
|
|
532,778 |
|
|
349,147 |
|
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, (b) recycled loss of cash
flow hedges reclassified to profit or loss and (c) ineffective
portion of cash flow hedges. Adjusted EPS represents earnings
attributable to owners of the Group before non-cash
gain/loss on swaps as defined above, foreign exchange
gains/losses and write-off and accelerated amortization of
unamortized loan/bond fees and premium, divided by the weighted
average number of shares outstanding. EBITDA, Adjusted EBITDA,
Adjusted Profit and Adjusted EPS are non-GAAP financial measures
that are used as supplemental financial measures by management and
external users of financial statements, such as investors, to
assess our financial and operating performance. We believe that
these non-GAAP financial measures assist our management and
investors by increasing the comparability of our performance from
period to period. We believe that including EBITDA, Adjusted
EBITDA, Adjusted Profit and Adjusted EPS assists our management and
investors in (i) understanding and analyzing the results of our
operating and business performance, (ii) selecting between
investing in us and other investment alternatives and (iii)
monitoring our ongoing financial and operational strength in
assessing whether to 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 |
|
|
|
|
|
|
March 31, 2017 |
|
March 31, 2018 |
|
| Profit for the
period |
|
|
|
|
|
23,392 |
|
|
42,541 |
|
| Depreciation |
|
|
|
|
|
33,708 |
|
|
35,529 |
|
| Financial costs |
|
|
|
|
|
32,524 |
|
|
36,597 |
|
| Financial income |
|
|
|
|
|
(391 |
) |
|
(1,016 |
) |
| Gain on swaps |
|
|
|
|
|
(164 |
) |
|
(17,771 |
) |
|
EBITDA |
|
|
|
|
|
89,069 |
|
|
95,880 |
|
| Foreign exchange
losses/(gains), net |
|
|
|
|
|
269 |
|
|
(354 |
) |
| Adjusted
EBITDA |
|
|
|
|
|
89,338 |
|
|
95,526 |
|
Reconciliation of Profit to Adjusted
Profit:(Amounts expressed in thousands of U.S.
Dollars)
| |
|
|
|
For the three months ended |
|
| |
|
|
|
March 31, 2017 |
|
March 31, 2018 |
|
| Profit for the
period |
|
|
|
|
|
23,392 |
|
|
42,541 |
|
| Non-cash gain on
swaps |
|
|
|
|
|
(2,315 |
) |
|
(16,898 |
) |
| Write-off and
accelerated amortization of unamortized loan fees |
|
|
|
|
|
576 |
|
|
— |
|
| Foreign exchange
losses/(gains), net |
|
|
|
|
|
269 |
|
|
(354 |
) |
| Adjusted
Profit |
|
|
|
|
|
21,922 |
|
|
25,289 |
|
| |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Earnings Per Share to Adjusted
Earnings/(Loss) Per Share to:(Amounts expressed in
thousands of U.S. Dollars, except shares and per share
data)
| |
|
|
|
For the three months ended |
|
| |
|
|
|
March 31, 2017 |
|
March 31, 2018 |
|
| Profit for the period
attributable to owners of the Group |
|
|
|
|
|
8,752 |
|
|
19,304 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
| Dividend on preference
shares |
|
|
|
|
|
(2,516 |
) |
|
(2,516 |
) |
| Profit for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
6,236 |
|
|
16,788 |
|
| Weighted average number
of shares outstanding, basic |
|
|
|
|
|
80,561,353 |
|
|
80,715,130 |
|
| Earnings per
share |
|
|
|
|
|
0.08 |
|
|
0.21 |
|
| Profit for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
6,236 |
|
|
16,788 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
| Non-cash gain on
swaps |
|
|
|
|
|
(2,315 |
) |
|
(16,898 |
) |
| Write-off and
accelerated amortization of unamortized loan fees |
|
|
|
|
|
576 |
|
|
— |
|
| Foreign exchange
losses/(gains), net |
|
|
|
|
|
269 |
|
|
(354 |
) |
| Adjusted profit/(loss)
attributable to owners of the Group |
|
|
|
|
|
4,766 |
|
|
(464 |
) |
| Weighted average number
of shares outstanding, basic |
|
|
|
|
|
80,561,353 |
|
|
80,715,130 |
|
| Adjusted
earnings/(loss) per share |
|
|
|
|
|
0.06 |
|
|
(0.01 |
) |
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