GasLog Ltd. and its subsidiaries (“GasLog”, “Group” or “Company”)
(NYSE: GLOG), an international owner, operator and manager of
liquefied natural gas (“LNG”) carriers, today reported its
financial results for the quarter ended September 30, 2018.
Highlights
• |
Record Revenues of $158.4 million (Q3 2017: $131.2 million), Profit
of $39.3 million (Q3 2017: $24.2 million) and Earnings per share of
$0.19(1) (Q3 2017: Earnings per share of $0.03) for the quarter
ended September 30, 2018. |
|
|
• |
Record EBITDA(2) of $114.0 million (Q3 2017: $89.6 million), record
Adjusted EBITDA(2) of $114.2 million (Q3 2017: $89.7 million),
Record Adjusted Profit(2) of $32.3 million (Q3 2017: $21.1 million)
and Adjusted Earnings per share(2) of $0.11(1) (Q3 2017: Adjusted
Loss per share of $0.00) for the quarter ended September 30,
2018. |
|
|
• |
Highest ever net pool performance from our vessels trading in the
spot market under the LNG carrier pooling agreement (the “Cool
Pool”) following a significant increase in LNG shipping spot rates
during the third quarter. |
|
|
• |
Signed two seven-year charter parties with a wholly owned
subsidiary of Cheniere Energy, Inc. (“Cheniere”), for two newbuild
LNG carriers. The vessels, 174,000 cubic meter (“cbm”) LNG carriers
with dual fuel two stroke engine propulsion (“LP-2S”) and GTT Mark
III Flex Plus containment systems, were ordered from Samsung Heavy
Industries Co., Ltd. (“Samsung”) and are scheduled for delivery in
late 2020. |
|
|
• |
Post-quarter end, announced the sale of the Methane Becki Anne to
GasLog Partners LP (“GasLog Partners” or the “Partnership”) for
$207.4 million, with attached multi-year charter to a subsidiary of
Royal Dutch Shell plc (“Shell”). |
|
|
• |
Continued success of the Partnership’s At-The-Market Common Equity
Offering Programme (“ATM Programme”) with net proceeds of $54.0
million raised during the quarter pursuant primarily to an
agreement for the sale of 2,250,000 common units to funds managed
by Tortoise Capital Advisors, L.L.C. (“Tortoise”), and total net
proceeds of $121.4 million raised since inception of the
programme. |
|
|
• |
Quarterly dividend of $0.15 per common share payable on November
21, 2018, 7.1% higher than the third quarter of 2017. |
|
|
(1) Earnings/(loss) per share (“EPS”) and Adjusted EPS are net
of the profit attributable to the non-controlling interests of
$21.0 million and the dividend on preferred stock of $2.5 million
for the quarter ended September 30, 2018 ($18.9 million and $2.5
million, respectively, for the quarter ended September 30,
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: “The LNG shipping
market tightened considerably in the third quarter, driving
headline spot rates to multi-year highs and delivering a record
result for our ships operating in the Cool Pool. This, together
with the contribution of our three newbuild vessels delivered
earlier in 2018, produced another set of record quarterly results
for GasLog. With further strengthening of spot rates in October, we
anticipate another significant increase in our spot earnings during
the fourth quarter of 2018, despite the time lag for headline rates
to manifest themselves in spot vessel earnings. Spot rate strength
means our six open vessels are creating significant incremental
cash flow which should allow us to consider increasing our returns
to shareholders.
During the quarter, we announced two newbuild orders backed by
seven-year charters with Cheniere, meaning we continue to be on
track for our target to more than double consolidated run-rate
EBITDA over the 2017-2022 period.
With the LNG carrier orderbook now essentially fixed until early
2021 and continuing strong growth in demand for LNG, our highly
regarded LNG shipping platform means we are well positioned to
benefit from the increased level of tender activity we are seeing
from both new and existing customers. We are increasingly confident
in the near-term outlook for LNG shipping markets and in our
ability to secure new multi-year charters for our open ships on
attractive terms.
I am also pleased to announce further progress on the
Alexandroupolis Floating Storage Regasification Unit (“FSRU”)
project. During the quarter, Gastrade S.A. (“Gastrade”) launched
the tenders for the procurement of the FSRU vessel and associated
pipeline infrastructure. Following regulatory approvals, the market
test to solicit interest in committing to take throughput capacity
in the project has also been launched. DEPA, the Greek state
natural gas utility, and Bulgarian Energy Holding (“BEH”) continue
to work towards formalisation of their respective shareholdings in
Gastrade. These recent developments are encouraging and advance the
project towards Final Investment Decision (“FID”), which is
targeted for the first half of 2019.”
LNG Market Update and Outlook
LNG demand growth was strong and broad-based during the first
nine months of 2018, growing 7% over the same period of 2017,
according to data from Poten. LNG demand growth was led by China
which grew approximately 42% year-over-year or nearly 11 million
tonnes per annum (“mtpa”) as the country continued to grow its
natural gas usage as a percentage of its total energy consumption.
Moreover, demand from South Korea, India, Pakistan and Taiwan grew
by 14%, 20%, 63%, and 8%, respectively, or a combined total of
approximately 10 mtpa. The outlook for future demand growth
continues to be robust, with over 6% per annum projected for
2018-2023, and with more than two-thirds of this demand growth
coming from countries in South East Asia and Europe, according to
estimates from Wood Mackenzie.
LNG supply grew by 8% year-over-year during the third quarter of
2018 and increased by 5% from the second quarter of 2018, according
to estimates from Wood Mackenzie. Supply growth was driven by the
start-up of Yamal Train 2 as well as the ramp-up of production from
Wheatstone Train 2, Cameroon FLNG and Cove Point. In addition, the
Ichthys LNG project in Australia began operations in October 2018
while Yamal Train 3 (Russia) and Corpus Christi Train 1 (United
States, or “U.S.”) are expected to begin production by year end,
underpinning Wood Mackenzie’s capacity growth estimate of 8% for
this year. Looking ahead, an additional 44 mtpa of LNG production
capacity (or 14%) is anticipated in 2019, primarily as a result of
the start-up of new liquefaction facilities in the U.S. such as
Freeport and Cameron.
In October 2018, Shell and its project partners (Petronas,
PetroChina, Mitsubishi and KOGAS) announced FID on the first phase
of the LNG Canada project located in British Columbia on Canada’s
Pacific coast. The project is the first LNG project sanctioned in
Canada and this first phase targets a total of 14 mtpa of capacity.
In addition, Qatar Petroleum announced its intention to add a
fourth liquefaction train of 8 mtpa of capacity to its expansion
plans, taking its total planned LNG production capacity to 110 mtpa
by the middle of the next decade.
Headline spot shipping rates for TFDE LNG carriers as reported
by Clarksons averaged $82,000 in the third quarter of 2018,
compared to $42,000 in the third quarter of 2017. Rates continued
to exhibit counter-seasonal strength through the third quarter of
2018, rising to $95,000 per day in late September from $78,000 per
day at the beginning of the quarter. Since the end of the third
quarter, spot rates have continued to increase, now assessed at
$150,000 and equal to the record high as reported by Clarksons in
July of 2012. Inter-basin trading of LNG continued to support
activity in the spot market and 76 fixtures were reported during
the third quarter of 2018, bringing the total number of fixtures
from January through September of this year to 255, an increase of
9% over the same period in 2017. According to Poten, charter
durations have also increased, rising by nearly 50% this year to 43
days, compared with 29 days in 2017, with many multi-month or
multi-voyage charters fixed in recent months. A natural outcome of
this positive dynamic is that the number of ships available for
charter has been reduced and, as such, near-term spot fixture
activity may decline relative to the record levels seen earlier in
2018.
Looking ahead, in our view, strong LNG demand, new sources of
supply coming onstream and limited availability of shipping
capacity over the near-term are combining to create the potential
for the recent strength in LNG shipping spot rates to be sustained
through at least early 2019. While we may see a seasonal moderation
in spot rates during the first half of 2019, we do not expect this
to be as pronounced as was the case in early 2018.
According to Poten, 41 newbuild LNG carriers have been ordered
so far in 2018, taking the total orderbook for LNG carriers to 96
vessels of which 65% are backed by long-term charters.
Notwithstanding recent order activity, we believe the LNG shipping
fleet is set to experience very high levels of utilisation in the
near-term based on our current supply and demand projections and
the build time of approximately two and a half years for new LNG
carriers. We continue to believe that further shipping capacity
will be needed over and above the current orderbook to satisfy
projected demand from 2021 onwards. However, following the increase
in newbuild ordering in 2018, we believe that a more measured pace
of shipping capacity additions is needed in the future as a result
of the time required to complete the construction and commissioning
of new LNG production capacity, particularly if these projects
experience delays in their completion.
Additional Vessels and New Charter
Agreements
On August 20, 2018, GasLog announced the order of two 174,000
cbm LNG carriers (Hull Nos. 2300 and 2301) with LP-2S propulsion
and GTT Mark III Flex Plus containment systems from Samsung
scheduled to be delivered in late 2020. The vessels will be
chartered to Cheniere for a firm period of seven years. GasLog has
also negotiated with Cheniere an option for the charter of one or
two additional newbuild vessels.
Sale of the Methane Becki
Anne
On October 25, 2018, GasLog Partners announced an agreement with
GasLog to purchase 100% of the ownership interest in GAS-twenty
seven Ltd., the entity that owns the Methane Becki Anne. The vessel
is currently on a multi-year time charter with a subsidiary of
Shell through March 2024 and Shell has a unilateral option to
extend the term of the time charter for a period of either three or
five years.
The aggregate sale price will be $207.4 million, which includes
$1.0 million for positive net working capital balances to be
transferred with the entity. GasLog Partners expects to finance the
acquisition with cash on hand, plus the assumption of the Methane
Becki Anne’s outstanding indebtedness of $93.9 million. The sale is
expected to close in November 2018.
GasLog Partners’ 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.
In the third quarter of 2018, GasLog Partners issued and
received payment for an additional 2,293,775 common units at a
weighted average price of $23.68 per common unit for total gross
proceeds of $54.3 million and net proceeds of $54.0 million. The
aforementioned units included 2,093,775 common units which were
purchased by funds managed by Tortoise, a leading energy
infrastructure investor.
In the period from October 1, 2018 through October 29, 2018,
GasLog Partners issued and received payment for an additional
259,104 common units at a price of $24.06 per unit for gross and
net proceeds of $6.2 million.
Since the commencement of the ATM Programme through October 29,
2018, GasLog Partners has issued and received payment for a total
of 5,291,304 common units, with cumulative gross proceeds of $123.4
million at a weighted average price of $23.33 per unit. As of
October 29, 2018, the cumulative net proceeds were $121.4
million.
Alexandroupolis Project
Update
The Alexandroupolis FSRU project in Northern Greece continued to
move forward in the third quarter. In September 2018, Gastrade
issued Invitations for Expression of Interest (“IEOI”) for the
supply of the FSRU and the pipeline infrastructure which will
connect the FSRU vessel with the Greek natural gas transmission
system. Following regulatory approvals, Gastrade launched the first
phase of the market test in late October. During this phase
interested parties, including DEPA, the Greek state natural gas
utility, and BEH, are invited to submit proposals for offtake
capacity from the Alexandroupolis project.
DEPA and BEH continue to work towards the formalisation of their
respective shareholdings in Gastrade.
The launch of the FSRU and pipeline tenders by Gastrade, as well
as the market test, are, we believe, significant milestones and
advance the project towards FID, which is targeted for the first
half of 2019.
Dividend Declarations
On September 13, 2018, the board of directors declared a
dividend on the Series A Preference Shares of $0.546875 per share,
or $2.5 million in aggregate, payable on October 1, 2018 to holders
of record as of September 28, 2018. GasLog paid the declared
dividend to the transfer agent on September 28, 2018.
On October 31, 2018, the board of directors declared a quarterly
cash dividend of $0.15 per common share, or $12.1 million in
aggregate, payable on November 21, 2018 to shareholders of record
as of November 12, 2018.
Financial Summary
Amounts
in thousands of U.S. dollars except per share
data |
|
For the three months
ended |
|
|
|
September 30,
2017 |
|
|
September 30,
2018 |
|
Revenues |
|
$ |
131,242 |
|
|
$ |
158,398 |
|
EBITDA(1) |
|
$ |
89,603 |
|
|
$ |
114,085 |
|
Adjusted EBITDA(1) |
|
$ |
89,692 |
|
|
$ |
114,248 |
|
Profit for the period |
|
$ |
24,228 |
|
|
$ |
39,261 |
|
Adjusted Profit(1) |
|
$ |
21,111 |
|
|
$ |
32,251 |
|
Profit attributable to the owners of GasLog |
|
$ |
5,335 |
|
|
$ |
18,214 |
|
EPS, basic |
|
$ |
0.03 |
|
|
$ |
0.19 |
|
Adjusted EPS(1) |
|
$ |
(0.00 |
) |
|
$ |
0.11 |
|
(1) 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 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 2,302 operating days for the quarter ended September
30, 2018, as compared to 2,116 operating days for the quarter ended
September 30, 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, partially offset by certain non-operating days
for the vessels not operating under a time charter and the off-hire
days for the dry-docking of the GasLog Skagen.
Revenues were $158.4 million for the quarter ended September 30,
2018 ($131.2 million for the quarter ended September 30, 2017). The
increase was mainly driven by the new deliveries in our fleet (the
GasLog Houston, the GasLog Hong Kong and the GasLog Genoa) and the
increased revenues from vessels operating in the spot market,
partially offset by a decrease due to the expiration of the initial
time charters of the GasLog Shanghai, the GasLog Santiago and the
GasLog Sydney and the increase in off-hire days due to
dry-dockings.
Net pool allocation was $3.9 million for the quarter ended
September 30, 2018 ($2.0 million for the quarter ended September
30, 2017). The increase was attributable to the movement in the
adjustment of the net pool results generated by the GasLog vessels
in accordance with the pool distribution formula. GasLog recognized
gross revenues and gross voyage expenses and commissions of $25.9
million and $2.1 million, respectively, from the operation of its
vessels in the Cool Pool during the quarter ended September 30,
2018 (September 30, 2017: $8.0 million and $2.5 million,
respectively). The increase in GasLog’s total net pool performance
compared to the quarter ended September 30, 2017 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:
Amounts in thousands of U.S. Dollars |
For the three months
ended |
|
|
|
September 30,
2017 |
|
September 30,
2018 |
|
Pool gross revenues (included in Revenues) |
|
$ |
8,146 |
|
$ |
25,947 |
|
Pool gross voyage expenses and commissions (included in Voyage
expenses and commissions) |
|
|
(2,480 |
) |
|
(2,066 |
) |
GasLog’s adjustment for net pool allocation (included in Net pool
allocation) |
|
|
2,041 |
|
|
3,882 |
|
GasLog’s total net pool performance |
|
$ |
7,707 |
|
$ |
27,763 |
|
Voyage expenses and commissions were $6.8 million for the
quarter ended September 30, 2018 ($4.0 million for the quarter
ended September 30, 2017). The increase resulted mainly from the
increased bunkers consumed during certain unchartered and off-hire
periods.
Vessel operating and supervision costs were $31.9 million for
the quarter ended September 30, 2018 ($29.6 million for the quarter
ended September 30, 2017). The increase was mainly attributable to
the deliveries of the GasLog Houston, the GasLog Hong Kong and the
GasLog Genoa, and their subsequent operations in our fleet for the
full third quarter in 2018.
General and administrative expenses were $9.9 million for the
quarter ended September 30, 2018 ($10.0 million for the quarter
ended September 30, 2017).
Depreciation was $39.3 million for the quarter ended September
30, 2018 ($34.4 million for the quarter ended September 30, 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. Financial
costs were $43.9 million for the quarter ended September 30, 2018
($34.7 million for the quarter ended September 30, 2017). The
increase was attributable to the increased weighted average debt
outstanding as a result of the debt drawdowns for the vessels
delivered in 2018 and 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.
(Amounts in thousands of U.S. dollars) |
For the three months
ended |
|
|
|
September 30,
2017 |
|
September 30,
2018 |
|
Financial costs |
|
|
|
|
|
|
|
Amortization of deferred loan/bond issuance costs |
|
$ |
(2,898 |
) |
$ |
(3,239 |
) |
Interest expense on loans |
|
|
(21,100 |
) |
|
(30,068 |
) |
Interest expense on bonds and realized loss on cross-currency swaps
(“CCS”) |
|
|
(7,526 |
) |
|
(7,526 |
) |
Finance lease charge |
|
|
(2,731 |
) |
|
(2,641 |
) |
Other financial costs |
|
|
(454 |
) |
|
(434 |
) |
Total |
|
$ |
(34,709 |
) |
$ |
(43,908 |
) |
Gain on derivatives was $7.4 million for the quarter ended
September 30, 2018 ($3.1 million gain for the quarter ended
September 30, 2017). The increase in gain on derivatives in the
third quarter of 2018, as compared to the third quarter of 2017, is
mainly attributable to an increase of $3.8 million in gain from
mark-to-market valuation of our derivative financial instruments
carried at fair value through profit or loss, derived mainly from
the higher LIBOR yield curve which was used to estimate the present
value of the estimated future cash flows compared to the agreed
fixed interest rates, and a net increase of $0.3 million in
realized gain on derivatives. An analysis of gain on derivatives is
set forth below.
(Amounts in thousands of U.S. dollars) |
For the three months
ended |
|
|
|
September 30,
2017 |
|
September 30,
2018 |
|
Gain on derivatives |
|
|
|
|
|
|
|
Realized (loss)/gain on interest rate swaps held for trading |
|
$ |
(1,815 |
) |
|
$ |
675 |
|
Realized gain/(loss) on forward foreign exchange contracts held for
trading |
|
|
1,746 |
|
|
|
(480 |
) |
Unrealized gain on derivative financial instruments held for
trading |
|
|
3,206 |
|
|
|
6,975 |
|
Ineffective portion of cash flow hedges |
|
|
— |
|
|
|
198 |
|
Total |
|
$ |
3,137 |
|
|
$ |
7,368 |
|
There was a profit of $39.3 million for the quarter ended
September 30, 2018 ($24.2 million profit for the quarter ended
September 30, 2017). This increase in profit is mainly attributable
to the increase in profit from operations due to the factors
mentioned above and the increase in gain on derivatives, partially
offset by the increase in financial costs.
Adjusted Profit(1) was $32.3 million for the quarter ended
September 30, 2018 ($21.1 million for the quarter ended September
30, 2017) adjusted for the effects of the non-cash gain on
derivatives and the net foreign exchange losses.
Profit attributable to the owners of GasLog was $18.2 million
for the quarter ended September 30, 2018 ($5.3 million profit for
the quarter ended September 30, 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
issuances under the GasLog Partners’ ATM Programme, the preference
unit issuance in January 2018 and the sale of three vessels to
GasLog Partners.
EBITDA(1) was $114.0 million for the quarter ended September 30,
2018 ($89.6 million for the quarter ended September 30, 2017). The
increase in EBITDA was driven by the increase in revenues and net
pool performance, partially offset by the increase in vessel
operating expenses and voyage expenses and commissions as discussed
above.
Adjusted EBITDA(1) was $114.2 million for the quarter ended
September 30, 2018 ($89.7 million for the quarter ended September
30, 2017).
Earnings per share was $0.19 for the quarter
ended September 30, 2018 (earnings of $0.03 for the quarter ended
September 30, 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 Earnings per share(1) was $0.11 for the
quarter ended September 30, 2018 (a loss of $0.00 for the quarter
ended September 30, 2017), adjusted for the effects of the non-cash
gain on derivative financial instruments and the net foreign
exchange 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 year 2017 to $548.0 million for the
year 2019, based on contracts in effect as of September 30, 2018,
without including any extension options. As of September 30, 2018,
the total future firm contracted revenue stood at $3.4 billion (1),
including the 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 (every five years); (b) all LNG carriers on order are
delivered on schedule; and (c) no exercise of any option to extend
the terms of charters.
Liquidity and Capital Resources
As of September 30, 2018, GasLog had $293.9 million of cash and
cash equivalents, of which $142.3 million was held in time deposits
and the remaining balance in current accounts. Moreover, as of
September 30, 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.
As of September 30, 2018, GasLog had an aggregate of $2.9
billion of indebtedness outstanding under its credit facilities and
bond agreements, of which $182.7 million was repayable within one
year, and a $208.0 million finance lease liability related to the
sale and leaseback of the Methane Julia Louise, of which $6.6
million was repayable within one year.
As of September 30, 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 September 30, 2018, the total remaining balance of the
contract prices of the seven LNG carriers on order was $1.2 billion
which 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, borrowings
under new debt agreements and proceeds from the issuance of new
equity by GasLog Partners, if any.
As of September 30, 2018, GasLog’s current assets totaled $355.3
million, while current liabilities totaled $303.9 million,
resulting in a positive working capital position of $51.4 million.
As of September 30, 2018, GasLog maintains a total interest rate
swap notional amount at $1.2 billion after terminations, extensions
and the signing of the new agreements. GasLog has hedged 47.5% of
its expected floating interest rate exposure on its outstanding
debt (excluding the finance lease liability) as of September 30,
2018.
Future Deliveries
GasLog has seven 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 |
|
— |
Hull No. 2262 |
|
Q3 2020 |
|
Samsung |
|
180,000 |
|
Centrica |
|
LP-2S |
|
2027 |
Hull No. 2300 |
|
Q4 2020 |
|
Samsung |
|
174,000 |
|
Cheniere |
|
LP-2S |
|
2027 |
Hull No. 2301 |
|
Q4 2020 |
|
Samsung |
|
174,000 |
|
Cheniere |
|
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 third quarter of 2018 at 8:30 a.m. EDT (12:30 p.m. GMT) on
Thursday, November 1, 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:
+1 855 253 8928 (USA) +44 20 3107 0289 (United Kingdom) +33 1 70
80 71 53 (France)+852 3011 4522 (Hong Kong)
Conference ID: 1259929
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
of the webcast will be available on 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 32 LNG carriers (25 ships on the water and seven
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 currently
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 at such time, 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 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, 2017 and September 30,
2018(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
|
|
|
|
December 31,
2017 |
|
September 30,
2018 |
|
Assets |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Goodwill |
|
9,511 |
|
|
9,511 |
|
Investment in associates |
|
20,800 |
|
|
21,123 |
|
Deferred financing costs |
|
17,519 |
|
|
4,324 |
|
Other non-current assets |
|
428 |
|
|
1,812 |
|
Derivative financial instruments |
|
16,012 |
|
|
35,403 |
|
Tangible fixed assets |
|
3,772,566 |
|
|
4,353,523 |
|
Vessels under construction |
|
166,655 |
|
|
111,534 |
|
Vessel held under finance lease |
|
214,329 |
|
|
208,699 |
|
Total non-current assets |
|
4,217,820 |
|
|
4,745,929 |
|
Current assets |
|
|
|
|
|
|
Trade and other receivables |
|
10,706 |
|
|
17,068 |
|
Dividends receivable and other amounts due from related
parties |
|
8,666 |
|
|
14,191 |
|
Derivative financial instruments |
|
2,199 |
|
|
8,478 |
|
Inventories |
|
6,839 |
|
|
7,159 |
|
Prepayments and other current assets |
|
4,569 |
|
|
4,593 |
|
Short-term investments |
|
— |
|
|
10,000 |
|
Cash and cash equivalents |
|
384,092 |
|
|
293,854 |
|
Total current assets |
|
417,071 |
|
|
355,343 |
|
Total assets |
|
4,634,891 |
|
|
5,101,272 |
|
Equity and liabilities |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Preference shares |
|
46 |
|
|
46 |
|
Share capital |
|
810 |
|
|
810 |
|
Contributed surplus |
|
911,766 |
|
|
883,314 |
|
Reserves |
|
18,347 |
|
|
20,134 |
|
Treasury shares |
|
(6,960 |
) |
|
(4,424 |
) |
(Accumulated deficit)/retained earnings |
|
(5,980 |
) |
|
13,470 |
|
Equity attributable to owners of the Group |
|
918,029 |
|
|
913,350 |
|
Non-controlling interests |
|
845,105 |
|
|
1,007,686 |
|
Total equity |
|
1,763,134 |
|
|
1,921,036 |
|
Current liabilities |
|
|
|
|
|
|
Trade accounts payable |
|
11,526 |
|
|
12,841 |
|
Ship management creditors |
|
2,394 |
|
|
1,840 |
|
Amounts due to related parties |
|
35 |
|
|
69 |
|
Derivative financial instruments |
|
1,815 |
|
|
1,315 |
|
Other payables and accruals |
|
93,418 |
|
|
98,567 |
|
Borrowings, current portion |
|
179,367 |
|
|
182,709 |
|
Finance lease liability, current portion |
|
6,302 |
|
|
6,579 |
|
Total current liabilities |
|
294,857 |
|
|
303,920 |
|
Non-current liabilities |
|
|
|
|
|
|
Borrowings, non-current portion |
|
2,368,189 |
|
|
2,673,414 |
|
Finance lease liability, non-current portion |
|
207,126 |
|
|
201,402 |
|
Other non-current liabilities |
|
1,585 |
|
|
1,500 |
|
Total non-current liabilities |
|
2,576,900 |
|
|
2,876,316 |
|
Total equity and liabilities |
|
4,634,891 |
|
|
5,101,272 |
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit or
lossFor the three and nine months ended
September 30, 2017 and
2018(Amounts expressed in thousands of U.S.
Dollars, except per share data)
|
For the three months
ended |
|
For the nine months
ended |
|
|
September
30, 2017 |
|
September
30, 2018 |
|
September
30, 2017 |
|
September
30, 2018 |
|
Revenues |
|
131,242 |
|
|
158,398 |
|
|
389,457 |
|
|
429,700 |
|
Net pool allocation |
|
2,041 |
|
|
3,882 |
|
|
3,361 |
|
|
19,493 |
|
Voyage expenses and commissions |
|
(3,980 |
) |
|
(6,828 |
) |
|
(10,171 |
) |
|
(16,743 |
) |
Vessel operating and supervision costs |
|
(29,569 |
) |
|
(31,948 |
) |
|
(86,891 |
) |
|
(98,964 |
) |
Depreciation |
|
(34,447 |
) |
|
(39,341 |
) |
|
(102,606 |
) |
|
(113,683 |
) |
General and administrative expenses |
|
(9,988 |
) |
|
(9,917 |
) |
|
(30,213 |
) |
|
(32,282 |
) |
Profit from operations |
|
55,299 |
|
|
74,246 |
|
|
162,937 |
|
|
187,521 |
|
Financial costs |
|
(34,709 |
) |
|
(43,908 |
) |
|
(104,311 |
) |
|
(122,505 |
) |
Financial income |
|
644 |
|
|
1,057 |
|
|
1,779 |
|
|
3,367 |
|
Gain/(loss) on derivatives |
|
3,137 |
|
|
7,368 |
|
|
(6,585 |
) |
|
26,306 |
|
Share of (loss)/profit of associates |
|
(143 |
) |
|
498 |
|
|
704 |
|
|
1,325 |
|
Total other expenses, net |
|
(31,071 |
) |
|
(34,985 |
) |
|
(108,413 |
) |
|
(91,507 |
) |
Profit for the period |
|
24,228 |
|
|
39,261 |
|
|
54,524 |
|
|
96,014 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Group |
|
5,335 |
|
|
18,214 |
|
|
6,572 |
|
|
33,898 |
|
Non-controlling interests |
|
18,893 |
|
|
21,047 |
|
|
47,952 |
|
|
62,116 |
|
|
|
24,228 |
|
|
39,261 |
|
|
54,524 |
|
|
96, 014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per share –
basic |
|
0.03 |
|
|
0.19 |
|
|
(0.01 |
) |
|
0.33 |
|
Earnings/(loss) per share –
diluted |
|
0.03 |
|
|
0.19 |
|
|
(0.01 |
) |
|
0.32 |
|
Unaudited condensed consolidated statements of cash
flowsFor the nine months ended
September 30, 2017 and
2018(Amounts expressed in thousands of U.S.
Dollars)
|
For the nine months
ended |
|
September 30,
2017 |
|
September 30,
2018 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Profit for the period |
|
54,524 |
|
|
96,014 |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation |
|
102,606 |
|
|
113,683 |
|
Share of profit of associates |
|
(704 |
) |
|
(1,325 |
) |
Financial income |
|
(1,779 |
) |
|
(3,367 |
) |
Financial costs |
|
104,311 |
|
|
122,505 |
|
Unrealized foreign exchange (gain)/loss on cash and cash
equivalents |
|
(761 |
) |
|
137 |
|
Unrealized gain on derivative financial instruments held for
trading, including ineffective portion of cash flow hedges |
|
(2,034 |
) |
|
(23,878 |
) |
Recycled loss of cash flow hedges reclassified to profit or
loss |
|
4,368 |
|
|
— |
|
Share-based compensation |
|
3,492 |
|
|
3,865 |
|
|
|
264,023 |
|
|
307,634 |
|
Movements in working capital |
|
(5,523 |
) |
|
(18,246 |
) |
Cash provided by operations |
|
258,500 |
|
|
289,388 |
|
Interest paid |
|
(103,704 |
) |
|
(116,771 |
) |
Net cash provided by operating activities |
|
154,796 |
|
|
172,617 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
Payments for tangible fixed assets, vessels under construction and
vessel held under finance lease |
|
(69,567 |
) |
|
(618,601 |
) |
Dividends received from associate |
|
1,230 |
|
|
869 |
|
Return of contributed capital from associate |
|
59 |
|
|
— |
|
Other investments |
|
(14,125 |
) |
|
(136 |
) |
Purchase of short-term investments |
|
(37,244 |
) |
|
(46,000 |
) |
Maturity of short-term investments |
|
33,000 |
|
|
36,000 |
|
Financial income received |
|
1,654 |
|
|
3,237 |
|
Net cash used in investing activities |
|
(84,993 |
) |
|
(624,631 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from bank loans and bonds |
|
280,000 |
|
|
498,225 |
|
Bank loans and bonds repayments |
|
(371,987 |
) |
|
(180,792 |
) |
Payment of loan issuance costs |
|
(6,245 |
) |
|
(7,363 |
) |
Proceeds from GasLog Partners' public common unit offerings (net of
underwriting discounts and commissions) |
|
132,410 |
|
|
54,338 |
|
Proceeds from GasLog Partners' preference unit offering (net of
underwriting discounts and commissions) |
|
139,222 |
|
|
111,544 |
|
Payment of equity raising costs |
|
(1,216 |
) |
|
(929 |
) |
Payment for NOK bond repurchase at a premium |
|
(1,459 |
) |
|
— |
|
Payment for cross currency swaps’ termination |
|
(20,603 |
) |
|
— |
|
Purchase of treasury shares |
|
— |
|
|
(62 |
) |
Proceeds from stock options’ exercise |
|
341 |
|
|
175 |
|
Dividends paid |
|
(88,245 |
) |
|
(107,776 |
) |
Payments for finance lease liability |
|
(1,781 |
) |
|
(5,447 |
) |
Net cash provided by financing activities |
|
60,437 |
|
|
361,913 |
|
Effects of exchange rate changes on cash and cash equivalents |
|
761 |
|
|
(137 |
) |
Increase/(decrease) in cash and cash
equivalents |
|
131,001 |
|
|
(90,238 |
) |
Cash and cash equivalents, beginning of the period |
|
227,024 |
|
|
384,092 |
|
Cash and cash equivalents, end of the period |
|
358,025 |
|
|
293,854 |
|
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 derivatives 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
derivatives 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 derivatives 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 derivatives, 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 derivatives, 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 nine months
ended |
|
|
September
30, 2017 |
|
September
30, 2018 |
|
September
30, 2017 |
|
September
30, 2018 |
|
Profit for the period |
|
24,228 |
|
|
39,261 |
|
|
54,524 |
|
|
96,014 |
|
|
Depreciation |
|
34,447 |
|
|
39,341 |
|
|
102,606 |
|
|
113,683 |
|
|
Financial costs |
|
34,709 |
|
|
43,908 |
|
|
104,311 |
|
|
122,505 |
|
|
Financial income |
|
(644 |
) |
|
(1,057 |
) |
|
(1,779 |
) |
|
(3,367 |
) |
|
(Gain)/loss on derivatives |
|
(3,137 |
) |
|
(7,368 |
) |
|
6,585 |
|
|
(26,306 |
) |
|
EBITDA |
|
89,603 |
|
|
114,085 |
|
|
266,247 |
|
|
302,529 |
|
|
Foreign exchange losses, net |
|
89 |
|
|
163 |
|
|
135 |
|
|
192 |
|
|
Adjusted EBITDA |
|
89,692 |
|
|
114,248 |
|
|
266,382 |
|
|
302,721 |
|
|
Reconciliation of Profit to Adjusted
Profit:(Amounts expressed in thousands of U.S.
Dollars)
|
For the three months
ended |
|
For the nine months
ended |
|
|
September
30, 2017 |
|
September
30, 2018 |
|
September
30, 2017 |
|
September
30, 2018 |
|
Profit for the period |
|
24,228 |
|
|
39,261 |
|
|
54,524 |
|
|
96,014 |
|
|
Non-cash (gain)/loss on derivatives |
|
(3,206 |
) |
|
(7,173 |
) |
|
2,334 |
|
|
(23,878 |
) |
|
Write-off of unamortized loan/bond fees and premium |
|
— |
|
|
— |
|
|
293 |
|
|
— |
|
|
Foreign exchange losses, net |
|
89 |
|
|
163 |
|
|
135 |
|
|
192 |
|
|
Adjusted Profit |
|
21,111 |
|
|
32,251 |
|
|
57,286 |
|
|
72,328 |
|
|
Reconciliation of Earnings/(Loss) Per Share to Adjusted
(Loss)/Earnings Per Share:(Amounts expressed in
thousands of U.S. Dollars, except shares and per share
data)
|
For the three months
ended |
|
For the nine months
ended |
|
|
September
30, 2017 |
|
September
30, 2018 |
|
September
30, 2017 |
|
September
30, 2018 |
|
Profit for the period attributable to owners of the
Group |
|
5,335 |
|
|
18,214 |
|
|
6,572 |
|
|
33,898 |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preference shares |
|
(2,516 |
) |
|
(2,516 |
) |
|
(7,548 |
) |
|
(7,548 |
) |
|
Profit/(loss) for the period available to owners of the Group used
in EPS calculation |
|
2,819 |
|
|
15,698 |
|
|
(976 |
) |
|
26,350 |
|
|
Weighted average number of shares outstanding, basic |
|
80,631,298 |
|
|
80,814,285 |
|
|
80,605,848 |
|
|
80,777,386 |
|
|
Earnings/(loss) per share |
|
0.03 |
|
|
0.19 |
|
|
(0.01 |
) |
|
0.33 |
|
|
Profit/(loss) for the period available to owners of the Group used
in EPS calculation |
|
2,819 |
|
|
15,698 |
|
|
(976 |
) |
|
26,350 |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash (gain)/loss on derivatives |
|
(3,206 |
) |
|
(7,173 |
) |
|
2,334 |
|
|
(23,878 |
) |
|
Write-off of unamortized loan/bond fees and premium |
|
— |
|
|
— |
|
|
293 |
|
|
— |
|
|
Foreign exchange losses, net |
|
89 |
|
|
163 |
|
|
135 |
|
|
192 |
|
|
Adjusted (loss)/profit attributable to owners of the Group |
|
(298 |
) |
|
8,688 |
|
|
1,786 |
|
|
2,664 |
|
|
Weighted average number of shares outstanding, basic |
|
80,631,298 |
|
|
80,814,285 |
|
|
80,605,848 |
|
|
80,777,386 |
|
|
Adjusted (loss)/earnings
per share |
|
(0.00 |
) |
|
0.11 |
|
|
0.02 |
|
|
0.03 |
|
|
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