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 three-month period ended June 30, 2019.
Highlights
• |
Delivery of the GasLog Warsaw on
July 31, 2019, a 180,000 cubic meter (“cbm”) Mark III Flex Plus
carrier with low pressure dual fuel two-stroke (“X-DF”) propulsion.
The vessel was immediately delivered into a new charter with a
wholly-owned subsidiary of Cheniere Energy Inc. (“Cheniere”) for
the period prior to the commencement of her long-term charter with
a subsidiary of Endesa S.A. (“Endesa”) in May 2021. |
• |
Closed a follow-on issue of $75.0
million aggregate principal value of the 8.875% senior unsecured
notes due 2022 (the “8.875% Senior Notes”) priced at 102.5% of par
with a yield to maturity of 7.89%. |
• |
Exited the Cool Pool (the “Cool
Pool”) to assume commercial control of the vessels operating in the
LNG carrier spot market and subsequently signed two time charter
agreements with a subsidiary of Gunvor Group Ltd. (“Gunvor”) for
the GasLog Shanghai and the GasLog Salem for three and a half years
and up to nine months, respectively. |
• |
Amended the Partnership Agreement
to eliminate GasLog’s incentive distribution rights (“IDRs”),
effective June 30, 2019, in order to reduce the cost of capital of
GasLog Partners LP (“GasLog Partners” or the “Partnership”) and to
simplify the Group’s financial structure and reporting. |
• |
Completed the sale of the GasLog
Glasgow to GasLog Partners for $214.0 million, with attached
multi-year charter to a subsidiary of Royal Dutch Shell plc
(“Shell”). |
• |
Revenues of $154.3 million, Loss
of ($10.5) million and Loss per share of ($0.35)(1) for the
three-month period ended June 30, 2019 ($132.8 million, $14.2
million and ($0.08), respectively, for the three-month period ended
June 30, 2018). |
• |
EBITDA(2) of $106.8 million,
Adjusted EBITDA(2) of $107.0 million, Adjusted Profit(2) of $20.5
million and Adjusted Earnings per share(2) of $0.03(1) for the
three-month period ended June 30, 2019 ($92.6 million, $92.9
million, $14.8 million and ($0.07), respectively, for the
three-month period ended June 30, 2018). |
• |
Quarterly dividend of $0.15 per
common share payable on August 22, 2019. |
|
|
(1) Earnings/(loss) per share (“EPS”) and Adjusted EPS is net of
the profit attributable to non-controlling interests of $15.5
million and the dividend on preferred stock of $2.5 million for the
quarter ended June 30, 2019 ($17.8 million and $2.5 million,
respectively, for the quarter ended June 30, 2018).
(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: “GasLog’s revenues
from our year-on-year fleet expansion and our time charter earnings
supported our financial performance against a back drop of
relatively weak LNG shipping rates in the second quarter, further
validating our strategy of maximising our fleet’s multi-year
charter coverage. We continued to execute on this strategy during
the quarter by withdrawing our vessels from the Cool Pool,
subsequently chartering the GasLog Shanghai and the GasLog Salem to
Gunvor for three and a half years and up to nine months,
respectively, securing full utilisation for these vessels.
During the second quarter, we continued to source attractive
financing to fund our committed newbuild programme. We closed the
financing of the GasLog Warsaw, which delivered earlier this week
into a multi-month charter with Cheniere that covers the whole of
the available period before the vessel commences her eight-year
charter with Endesa, in May 2021. We also raised gross proceeds of
$76.9 million through tapping our existing U.S. dollar bonds at a
premium to par. Finally, we improved GasLog Partners’ cost of
capital by eliminating the incentive distribution rights. This
increased our stake in the Partnership and simplified both our
corporate structure and the investment case for our investors.
We are seeing increasing customer interest in multi-month and
multi-year charters, underpinning the long-term growth prospects
for LNG and supporting our view that the second quarter weakness in
LNG shipping markets is temporary. We expect shipping availability
to tighten during the second half of 2019 and beyond based on new
LNG supply additions, predominantly from the U.S. and almost all of
which is secured by long-term off-take contracts, and continued
global growth in LNG demand. This underpins our confidence in the
outlook for our business and our ambition to deliver enhanced
returns to shareholders.”
LNG Market Update and Outlook
Global LNG demand was 86 million tonnes (“mt”) in the second
quarter, compared with 74 mt in the second quarter of 2018, an
increase of 16%. Higher European imports (up 110% year-on-year)
accounted for most of the growth, while demand from Northeast Asia
(Japan, China, South Korea and Taiwan) was flat year-on-year,
according to Poten. Natural gas prices were at multi-year lows in
the second quarter of 2019 as the leveling off in demand growth
from key LNG consumers in Northeast Asia coupled with elevated
inventories and new LNG supply depressed LNG prices in Asia and
Europe. However, low European gas prices and rising carbon prices
have incentivized coal-to-gas switching in power generation, with
Platts reporting that Germany’s and Italy’s gas-fired power
generation has increased 54% and 37%, respectively, in 2019 to
date. Global LNG demand for 2019 is estimated at 351 mt, an
increase of over 37 mt, or 12%, over 2018, according to Wood
Mackenzie.
Global LNG supply totaled 87 mt in the second quarter of 2019,
an increase of 13 mt or 17% over the second quarter of 2018,
principally driven by new supply additions in the U.S., Australia
and Russia, according to Poten. Wood Mackenzie estimates that 2019
supply will be 365 mt, or 38 mt (12%), higher year-on-year as
2018’s supply additions continue to ramp up production and new
projects begin production in the U.S. and Australia. The second
quarter also saw significant additions to future supply growth as
Cheniere reached a final investment decision (“FID”) on Sabine Pass
Train 6 while Anadarko Petroleum took FID on Mozambique LNG (Area
1), in aggregate representing 17 mt of new liquefaction capacity
according to Wood Mackenzie. In 2019, nearly 34 mt of new
liquefaction capacity has reached FID to date.
Headline spot rates for tri-fuel diesel electric (“TFDE”) LNG
carriers (“LNGCs”) averaged approximately $49,000 per day in the
second quarter of 2019, compared to $58,000 per day in the second
quarter of 2018, as reported by Clarksons. The year-over-year
decline in headline TFDE spot rates is primarily attributed to the
low global natural gas prices referenced above, which limited
opportunities for inter-basin LNG trading, start-up delays of new
liquefaction projects, particularly in the U.S., as well as fleet
growth. Despite these headwinds, 18 charters greater than 6 months
in duration were fixed during the second quarter of 2019, compared
with 20 in the first quarter and 24 in the second quarter of 2018.
Poten currently estimates the one-year time charter rate for TFDE
LNGCs at $85,000 per day as compared with their headline spot rates
of $60,000 per day, which may indicate a potentially tightening
shipping market in the quarters ahead as customers look to secure
their shipping ahead of the seasonally strong winter months and
through 2020.
We expect multi-month and multi-year chartering activity and
shipping rates to increase from current levels during the second
half of 2019 and into 2020, with the magnitude and duration
dependent on the pace and location of demand growth, the continued
ramp-up in new LNG supply additions and cooling and heating demand
during the Northern Hemisphere summer and winter, respectively. In
2021 and beyond, we continue to see a balanced market for LNG
shipping relative to supply and demand for the LNG commodity.
As of July 11, 2019, the LNG fleet and orderbook (excluding
floating storage and regasification units (“FSRUs”) and vessels
with capacity below 100,000 cbm) stood at 498 and 109 vessels
respectively, as estimated by Poten. Of the LNGCs in the orderbook,
63, or 58%, are chartered on multi-year contracts. There have been
25 vessels ordered thus far in 2019, including nine during the
second quarter, and against a total of 63 for all of 2018,
suggesting the pace of newbuild ordering has declined.
Cool Pool Exit
On June 6, 2019, GasLog entered into a termination agreement
with the Cool Pool and Golar LNG Ltd. (“Golar”), whereby GasLog
assumed commercial control of its six vessels operating in the LNG
carrier spot market through the Cool Pool. As of June 30, 2019,
four of the GasLog vessels had exited the Cool Pool while the
remaining two vessels were withdrawn in July 2019.
Financing and Delivery of the GasLog
Warsaw
On June 25, 2019, GasLog entered into a loan
agreement with ABN AMRO BANK N.V. and Oversea-Chinese Banking
Corporation Limited for the financing of the GasLog Warsaw, a
180,000 cbm Mark III Flex Plus carrier with X-DF propulsion
constructed by Samsung Heavy Industries Co., Ltd. (“Samsung”). The
agreement provides for a single tranche of $129.5 million that was
drawn on July 25, 2019 and is repayable in 28 equal quarterly
installments of $1.6 million each and a final balloon payment of
$84.2 million payable concurrently with the last quarterly
installment in June 2026. The loan bears interest at the London
Interbank Offered Rate (“LIBOR”) plus a margin.
On July 31, 2019, GasLog took delivery of the
GasLog Warsaw. Upon delivery, the vessel immediately commenced a
time charter with Cheniere until May 2021, when the vessel is
contracted to commence an eight-year time charter with Endesa.
Bond Issuance
On May 16, 2019, GasLog closed a follow-on issue
of $75.0 million aggregate principal amount of the 8.875% Senior
Notes priced at 102.5% of par with a yield to maturity of 7.89%.
The gross proceeds from this offering were $76.9 million, including
a $1.9 million premium, while the net proceeds, after deducting the
underwriting discount and offering expenses, were $75.4 million.
GasLog plans to use these proceeds to partially fund its committed
newbuild program and for general corporate purposes, including
working capital.
Amendment of the Partnership
Agreement
On June 24, 2019, the Partnership Agreement was
amended to eliminate the IDRs in exchange for the issuance by the
Partnership to GasLog of 2,532,911 common units and 2,490,000 Class
B units (of which 415,000 are Class B-1 units, 415,000 are Class
B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4
units, 415,000 are Class B-5 units and 415,000 are Class B-6
units), issued on June 30, 2019. Class B units have all of the
rights and obligations attached to the common units, except for
voting rights and participation in distributions until such time as
GasLog exercises its right to convert the Class B units to common
units. The Class B units will become eligible for conversion on a
one-for-one basis into common units at GasLog’s option on July 1,
2020, July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2024 and
July 1, 2025 for the Class B-1 units, Class B-2 units, Class B-3
units, Class B-4 units, Class B-5 units and the Class B-6 units,
respectively. Following the IDR elimination, the allocation of
GasLog’s profit to non-controlling interests is based on the
revised distribution policy for available cash stated in the
Partnership Agreement as amended, effective June 30, 2019, and
under which 98.0% of the available cash is distributed to the
common unitholders and 2.0% is distributed to the general
partner.
New Charter Agreements
As announced on June 14, 2019, GasLog Partners entered into a
three-and-a-half-year time charter agreement with Gunvor for the
GasLog Shanghai. The charter commenced on June 24, 2019 and has a
variable rate of hire within an agreed range during the charter
period. In addition, GasLog has entered into a time charter
agreement for a period of up to nine months with Gunvor for the
GasLog Salem. The charter commenced on June 27, 2019 and also has a
variable rate of hire within an agreed range during the charter
period.
Completion of the Sale of the GasLog
Glasgow
On April 1, 2019, GasLog completed the sale of
100% of the ownership interest in GAS-twelve Ltd., the entity that
owns the GasLog Glasgow, to GasLog Partners for an aggregate
purchase price of $214.0 million, which includes $1.0 million for
positive net working capital.
Dividend Declaration
On May 10, 2019, 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 July 1, 2019 to holders of
record as of June 28, 2019. GasLog paid the declared dividend to
the transfer agent on June 28, 2019.
On July 31, 2019, the board of directors declared a quarterly
cash dividend of $0.15 per common share, or $12.1 million in the
aggregate, payable on August 22, 2019 to shareholders of record as
of August 12, 2019.
Financial Summary
In thousands of U.S. dollars except per share
data |
|
For the three months ended |
|
|
|
June 30, 2018 |
|
|
June 30, 2019 |
|
Revenues |
|
$ |
132,824 |
|
|
$ |
154,251 |
|
Profit/(loss) for the
period |
|
$ |
14,212 |
|
|
$ |
(10,512 |
) |
Adjusted Profit(1) |
|
$ |
14,788 |
|
|
$ |
20,485 |
|
EBITDA(1) |
|
$ |
92,564 |
|
|
$ |
106,825 |
|
Adjusted EBITDA(1) |
|
$ |
92,947 |
|
|
$ |
107,043 |
|
Loss attributable to the
owners of GasLog |
|
$ |
(3,620 |
) |
|
$ |
(25,998 |
) |
EPS, basic |
|
$ |
(0.08 |
) |
|
$ |
(0.35 |
) |
Adjusted EPS(1) |
|
$ |
(0.07 |
) |
|
$ |
0.03 |
|
(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 2,409 operating days for the quarter ended June 30,
2019, as compared to 2,249 operating days for the quarter ended
June 30, 2018. The increase in operating days resulted mainly from
the delivery of the GasLog Gladstone on March 15, 2019, the
operation for the full quarter of the GasLog Houston and the
decreased drydocking days as compared to the respective period in
2018.
Revenues were $154.3 million for the quarter ended June 30, 2019
($132.8 million for the quarter ended June 30, 2018). The increase
was mainly driven by the operation for the full quarter of the
GasLog Houston in the quarter ended June 30, 2019 and the delivery
of the GasLog Gladstone on March 15, 2019. Revenues from vessels
operating in the spot market also increased due to their increased
number and utilization and to the higher day rates achieved,
combined with decreased off-hire days due to scheduled
dry-dockings. The impact of these factors was partially offset by
the expiration of the initial time charters of the GasLog Shanghai,
the GasLog Santiago and the GasLog Sydney.
GasLog recognized gross revenues and gross voyage expenses and
commissions of $12.8 million and $3.4 million, respectively, from
the operation of its vessels in the Cool Pool during the quarter
ended June 30, 2019 ($5.0 million and $2.2 million for the quarter
ended June 30, 2018, respectively). Net pool allocation was a
positive $2.7 million for the quarter ended June 30, 2019 (positive
$7.0 million for the quarter ended June 30, 2018). The variances
were attributable to the movement in the adjustment of the net pool
results generated by the GasLog vessels in accordance with the pool
distribution formula for the total fleet of the pool. The increase
in GasLog’s total net pool performance during the quarter ended
June 30, 2019 compared to the quarter ended June 30, 2018 was
driven mainly by the increase in the number of GasLog vessels
operating in the Cool Pool. GasLog’s total net pool performance is
presented below:
|
|
|
|
For the three months ended |
|
|
|
|
|
June 30, 2018 |
|
|
June 30, 2019 |
|
Amounts in thousands
of U.S. Dollars |
|
|
|
|
|
|
|
|
Pool gross revenues (included
in Revenues) |
|
|
|
5,047 |
|
|
12,776 |
|
Pool gross voyage expenses and
commissions (included in Voyage expenses and commissions) |
|
|
|
(2,165 |
) |
|
(3,355 |
) |
GasLog’s adjustment for net
pool allocation (included in Net pool allocation) |
|
|
|
6,958 |
|
|
2,658 |
|
GasLog’s total net
pool performance |
|
|
|
9,840 |
|
|
12,079 |
|
Voyage expenses and commissions were $5.9 million for the
quarter ended June 30, 2019 ($4.6 million for the quarter ended
June 30, 2018). The increase resulted mainly from the increased
bunkers consumption of the vessels operating in the spot
market.
Vessel operating and supervision costs were $33.4 million for
the quarter ended June 30, 2019 ($32.7 million for the quarter
ended June 30, 2018). The increase in vessel operating and
supervision costs is mainly attributable to an increase in the
average number of vessels in the three months ended June 30, 2019,
partially offset by the favorable movement of the EUR/USD exchange
rate. Daily operating costs per vessel decreased from $14,375 per
day for the three-month period ended June 30, 2018 to $14,099 per
day for the three-month period ended June 30, 2019.
General and administrative expenses increased by 7.7%, or $0.8
million, from $10.4 million during the three-month period ended
June 30, 2018 to $11.2 million during the three-month period ended
June 30, 2019. The increase is mainly attributable to an increase
of $0.4 million in employee costs and an increase of $0.4 million
in legal and professional expenses.
Following the implementation of IFRS 16 Leases on January 1,
2019, the Group’s leases on vessel equipment, office equipment and
properties are recognized as a right-of-use asset and a
corresponding liability on the date when the leased assets are
available for use by the Group. Each lease payment is allocated
between the liability and the finance cost. The finance cost is
charged to profit or loss over the lease period to produce a
constant periodic rate of interest on the remaining balance of the
liability for each period. The right-of-use asset is depreciated
over the shorter of the asset's useful life and the lease term on a
straight-line basis. Historically, the respective expenses were
included in Vessel operating and supervision costs ($0.3 million
for the three months ended June 30, 2018) and General and
administrative expenses ($0.3 million for the three months ended
June 30, 2018).
Depreciation was $41.4 million for the quarter ended June 30,
2019 ($38.8 million for the quarter ended June 30, 2018). The
increase resulted mainly from an increase of $1.6 million from the
delivery of the GasLog Gladstone on March 15, 2019 and an increase
of $0.6 million from the depreciation of the right-of-use assets
deriving from the implementation of IFRS 16 mentioned above.
Financial costs were $46.9 million for the quarter ended June
30, 2019 ($42.0 million for the quarter ended June 30, 2018). The
increase was mainly attributable to the increased weighted average
interest rate deriving from the upward movement of the LIBOR and to
the increased weighted average outstanding indebtedness. An
analysis of the financial costs is presented below:
(All amounts expressed
in thousands of U.S. dollars) |
|
|
|
For the three months ended |
|
|
|
|
|
|
|
June 30, 2018 |
|
June 30, 2019 |
|
|
Financial
costs |
|
|
|
|
|
|
|
|
|
|
|
Amortization and
write-off of deferred loan/bond issuance costs/premium |
|
|
$ |
(3,232 |
) |
$ |
(3,224 |
) |
|
Interest expense
on loans |
|
|
|
(28,066 |
) |
|
(32,383 |
) |
|
Interest expense
on bonds and realized loss on cross-currency swaps |
|
|
|
(7,442 |
) |
|
(8,256 |
) |
|
Lease charge |
|
|
|
(2,634 |
) |
|
(2,635 |
) |
|
Other financial
costs |
|
|
|
(626 |
) |
|
(399 |
) |
|
Total |
|
|
|
|
$ |
(42,000 |
) |
$ |
(46,897 |
) |
|
Loss on derivatives was $30.8 million for the quarter ended June
30, 2019 ($1.2 million gain for the quarter ended June 30, 2018).
The increase in loss on derivatives in the second quarter of 2019,
as compared to the second quarter of 2018, is mainly attributable
to an increase of $30.9 million in loss from mark-to-market
valuation of our derivative financial instruments carried at fair
value through profit or loss, derived mainly from changes in the
LIBOR curve. An analysis of gain/(loss) on derivatives is presented
below:
(All amounts expressed
in thousands of U.S. dollars) |
|
|
|
For the three months ended |
|
|
|
|
|
|
|
June 30, 2018 |
|
June 30, 2019 |
|
|
Gain/(loss) on
derivatives |
|
|
|
|
|
|
|
|
|
|
|
Realized gain on
derivatives held for trading |
|
|
$ |
1,003 |
|
$ |
1,226 |
|
|
Realized
gain/(loss) on forward foreign exchange contracts held for
trading |
|
|
|
357 |
|
|
(1,246 |
) |
|
Unrealized
gain/(loss) on derivative financial instruments held for
trading |
|
|
|
74 |
|
|
(30,781 |
) |
|
Ineffective
portion of cash flow hedges |
|
|
|
(267 |
) |
|
2 |
|
|
Total |
|
|
|
|
$ |
1,167 |
|
$ |
(30,799 |
) |
|
Loss was $10.5 million for the quarter ended June 30, 2019
(profit of $14.2 million for the quarter ended June 30, 2018). This
decrease in profit is mainly attributable to the unfavorable
movement in mark-to-market valuations of our derivative financial
instruments in the second quarter of 2019 and the increase in
finance costs, partially offset by the increased profit from
operations, due to the factors mentioned above.
Adjusted Profit(1) was $20.5 million for the quarter ended June
30, 2019 ($14.8 million for the quarter ended June 30, 2018)
adjusted for the effects of the non-cash loss/gain on derivatives
and the net foreign exchange losses.
Loss attributable to the owners of GasLog was $26.0 million for
the quarter ended June 30, 2019 ($3.6 million loss for the quarter
ended June 30, 2018). The increase in loss attributable to the
owners of GasLog resulted mainly from the respective movements in
profit mentioned above, partially offset by the decreased amount
allocated to third parties following the decreased Partnership’s
profit.
EBITDA(1) was $106.8 million for the quarter ended June 30, 2019
($92.6 million for the quarter ended June 30, 2018). The increase
in EBITDA was mainly driven by the increase in revenues, partially
offset by the decrease in the net pool allocation and the increase
in voyage expenses and commissions as discussed above.
Adjusted EBITDA(1) was $107.0 million for the quarter ended June
30, 2019 ($92.9 million for the quarter ended June 30, 2018).
EPS was a loss of $0.35 for the quarter ended
June 30, 2019 ($0.08 loss for the quarter ended June 30, 2018). The
decrease 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 $0.03 for the quarter ended
June 30, 2019 (loss of $0.07 for the quarter ended June 30, 2018),
adjusted for the effects of the non-cash loss on derivatives 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
As of June 30, 2019, the total future firm minimum contracted
revenue stood at $3.9 billion(1), including the 15 vessels
currently owned by GasLog Partners, but excluding the vessels
operating in the spot market.
(1) Contracted revenue calculations assume: (a) 365 revenue days
per annum, with 30 off-hire days when the ship undergoes scheduled
dry-docking; (b) all LNG carriers on order are delivered on
schedule; (c) no exercise of any option to extend the terms of
charters; and (d) where charters are based on a variable rate of
hire within an agreed range during the charter period, the lower
end of the range.
Liquidity and Capital Resources
As of June 30, 2019, GasLog had $295.8 million of cash and cash
equivalents, of which $186.8 million was held in time deposits and
the remaining balance in current accounts. In addition, as of June
30, 2019, GasLog had $44.0 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.
On March 6, 2019, the respective subsidiaries of GasLog Partners
drew down $360.0 million under a new five-year amortizing revolving
credit facility entered into on February 20, 2019 (the “2019
Partnership Facility”) and prepaid in full their aggregate
outstanding debt of $354.5 million, which would have been due in
November 2019. On April 1, 2019, the Partnership drew down an
additional $75.0 million under the 2019 Partnership Facility. In
addition, in March 2019, GasLog drew down $165.8 million to
partially finance the delivery of the GasLog Gladstone and repaid
$91.2 million in accordance with the repayment terms under its loan
facilities. On May 16, 2019, GasLog closed a follow-on issue of the
8.875% Senior Notes with net proceeds of $75.4 million. GasLog
plans to use these proceeds to partially fund its committed
newbuild program and for general corporate purposes, including
working capital.
As of June 30, 2019, GasLog had an aggregate of $3.1 billion of
indebtedness outstanding under its credit facilities and bond
agreements, of which $196.6 million was repayable within one year,
and $209.6 million of lease liabilities, of which $9.1 million was
payable within one year.
As of June 30, 2019, 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”). In addition, there was unused
availability of $7.6 million under the 2019 Partnership
Facility.
As of June 30, 2019, the total remaining balance of the contract
prices of the eight LNG carriers on order was $1,315.9 million,
which GasLog expects to be funded with cash balances, cash from
operations and borrowings under new debt agreements.
As of June 30, 2019, GasLog’s current assets totaled $384.8
million, while current liabilities totaled $306.8 million,
resulting in a positive working capital position of $78.0 million.
GasLog has hedged 45.3% of its expected floating interest rate
exposure on its outstanding debt (excluding the lease liability) as
of June 30, 2019.
Future Deliveries
As of August 1, 2019, 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. 2213 |
|
Q2 2020 |
|
Samsung |
|
180,000 |
|
Centrica(3) |
|
X-DF |
|
2027 |
Hull No. 2274 |
|
Q2 2020 |
|
Samsung |
|
180,000 |
|
JERA(4) |
|
X-DF |
|
2032 |
Hull No. 2262 |
|
Q3 2020 |
|
Samsung |
|
180,000 |
|
Centrica(3) |
|
X-DF |
|
2027 |
Hull No. 2300 |
|
Q4 2020 |
|
Samsung |
|
174,000 |
|
Cheniere(5) |
|
X-DF |
|
2027 |
Hull No. 2301 |
|
Q4 2020 |
|
Samsung |
|
174,000 |
|
Cheniere(5) |
|
X-DF |
|
2027 |
Hull No. 2311 |
|
Q2 2021 |
|
Samsung |
|
180,000 |
|
Cheniere(5) |
|
X-DF |
|
2028 |
Hull No. 2312 |
|
Q3 2021 |
|
Samsung |
|
180,000 |
|
Cheniere(5) |
|
X-DF |
|
2028 |
____________(1)
Expected delivery quarters are presented.
(2) Charter expiration to be
determined based upon actual date of delivery.
(3) The vessel is chartered to
Pioneer Shipping Limited, a wholly owned subsidiary of Centrica plc
(“Centrica”). (4) The vessel is
chartered to the principal LNG shipping entity of JERA Co., Inc
(“JERA”).(5) The vessel is chartered
to a wholly owned subsidiary of Cheniere.
Conference Call
GasLog will host a conference call to discuss its results for
the second quarter of 2019 at 8:30 a.m. EDT (1:30 p.m. BST) on
Thursday, August 1, 2019. 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: 5519819
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 35 LNG carriers. Of these vessels, 19 (12 on the
water and seven on order) are owned by GasLog, one has been sold to
a subsidiary of Mitsui & Co., Ltd. and leased back to GasLog
under a long-term bareboat charter and the remaining 15 LNG
carriers are owned by the Company’s subsidiary, GasLog Partners.
GasLog’s principal executive offices are at Gildo Pastor Center, 7
Rue du Gabian, MC 98000, Monaco. Visit GasLog’s website at
http://www.gaslogltd.com.
Forward Looking Statements
All statements in this press release that are not statements of
historical fact are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that the Company expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to, the following:
- general LNG shipping market conditions and trends, including
spot and multi-year 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 multi-year charter hire rates and
vessel values;
- increased exposure to the spot market and fluctuations in spot
charter rates;
- 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;
- our ability to maintain long-term relationships and enter into
time charters with new and existing customers;
- 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;
- risks inherent in ship operation, including 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 event; and
- other risks and uncertainties described in the Company’s Annual
Report on Form 20-F filed with the SEC on March 5, 2019 and
available at http://www.sec.gov.
• our ability to maximize the use of our vessels,
including the re-deployment or disposition of vessels which are not
under multi-year charters, 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;• planned capital expenditures and availability
of capital resources to fund capital expenditures;• 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;
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, 2018 and June 30,
2019(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
June 30, 2019 |
|
Assets |
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
Investment in associates |
|
|
|
20,713 |
|
|
21,001 |
|
Deferred financing costs |
|
|
|
4,576 |
|
|
1,520 |
|
Other non-current assets |
|
|
|
2,543 |
|
|
24,028 |
|
Derivative financial
instruments |
|
|
|
8,966 |
|
|
— |
|
Tangible fixed assets |
|
|
|
4,323,582 |
|
|
4,465,279 |
|
Vessels under
construction |
|
|
|
159,275 |
|
|
185,723 |
|
Right-of-use assets |
|
|
|
206,753 |
|
|
210,606 |
|
Total non-current
assets |
|
|
|
4,735,919 |
|
|
4,917,668 |
|
Current
assets |
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
20,244 |
|
|
19,937 |
|
Dividends receivable and other
amounts due from related parties |
|
|
|
33,395 |
|
|
9,789 |
|
Derivative financial
instruments |
|
|
|
6,222 |
|
|
452 |
|
Inventories |
|
|
|
7,753 |
|
|
8,152 |
|
Prepayments and other current
assets |
|
|
|
3,680 |
|
|
6,631 |
|
Short-term investments |
|
|
|
25,000 |
|
|
44,000 |
|
Cash and cash equivalents |
|
|
|
342,594 |
|
|
295,791 |
|
Total current
assets |
|
|
|
438,888 |
|
|
384,752 |
|
Total
assets |
|
|
|
5,174,807 |
|
|
5,302,420 |
|
Equity and
liabilities |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Preference shares |
|
|
|
46 |
|
|
46 |
|
Share capital |
|
|
|
810 |
|
|
810 |
|
Contributed surplus |
|
|
|
850,576 |
|
|
820,707 |
|
Reserves |
|
|
|
18,962 |
|
|
14,174 |
|
Treasury shares |
|
|
|
(3,266 |
) |
|
(2,342 |
) |
Retained earnings/(Accumulated
deficit) |
|
|
|
12,614 |
|
|
(24,116 |
) |
Equity attributable to
owners of the Group |
|
|
|
879,742 |
|
|
809,279 |
|
Non-controlling interests |
|
|
|
1,103,380 |
|
|
1,073,189 |
|
Total
equity |
|
|
|
1,983,122 |
|
|
1,882,468 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
Trade accounts payable |
|
|
|
11,890 |
|
|
17,488 |
|
Ship management creditors |
|
|
|
580 |
|
|
782 |
|
Amounts due to related
parties |
|
|
|
169 |
|
|
79 |
|
Derivative financial
instruments |
|
|
|
2,091 |
|
|
3,783 |
|
Other payables and
accruals |
|
|
|
127,450 |
|
|
79,052 |
|
Borrowings, current
portion |
|
|
|
520,550 |
|
|
196,604 |
|
Lease liability, current
portion |
|
|
|
6,675 |
|
|
9,052 |
|
Total current
liabilities |
|
|
|
669,405 |
|
|
306,840 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Derivative financial
instruments |
|
|
|
10,001 |
|
|
46,062 |
|
Borrowings, non-current
portion |
|
|
|
2,307,909 |
|
|
2,859,358 |
|
Lease liability, non-current
portion |
|
|
|
199,424 |
|
|
200,585 |
|
Other non-current
liabilities |
|
|
|
4,946 |
|
|
7,107 |
|
Total non-current
liabilities |
|
|
|
2,522,280 |
|
|
3,113,112 |
|
Total equity and
liabilities |
|
|
|
5,174,807 |
|
|
5,302,420 |
|
Unaudited condensed consolidated statements of profit or
lossFor the three and six months ended
June 30, 2018 and
2019(Amounts expressed in thousands of U.S.
Dollars, except per share data)
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
|
|
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
Revenues |
|
|
|
|
|
132,824 |
|
|
154,251 |
|
|
271,302 |
|
|
320,798 |
|
Net pool allocation |
|
|
|
|
|
6,958 |
|
|
2,658 |
|
|
15,611 |
|
|
(4,080 |
) |
Voyage expenses and
commissions |
|
|
|
|
|
(4,634 |
) |
|
(5,867 |
) |
|
(9,915 |
) |
|
(12,784 |
) |
Vessel operating and
supervision costs |
|
|
|
|
|
(32,703 |
) |
|
(33,358 |
) |
|
(67,016 |
) |
|
(66,328 |
) |
Depreciation |
|
|
|
|
|
(38,813 |
) |
|
(41,350 |
) |
|
(74,342 |
) |
|
(80,949 |
) |
General and administrative
expenses |
|
|
|
|
|
(10,352 |
) |
|
(11,172 |
) |
|
(22,365 |
) |
|
(21,549 |
) |
Profit from
operations |
|
|
|
|
|
53,280 |
|
|
65,162 |
|
|
113,275 |
|
|
135,108 |
|
Financial costs |
|
|
|
|
|
(42,000 |
) |
|
(46,897 |
) |
|
(78,597 |
) |
|
(92,404 |
) |
Financial income |
|
|
|
|
|
1,294 |
|
|
1,709 |
|
|
2,310 |
|
|
3,168 |
|
Gain/(loss) on
derivatives |
|
|
|
|
|
1,167 |
|
|
(30,799 |
) |
|
18,938 |
|
|
(51,043 |
) |
Share of profit of
associates |
|
|
|
|
|
471 |
|
|
313 |
|
|
827 |
|
|
558 |
|
Total other expenses,
net |
|
|
|
|
|
(39,068 |
) |
|
(75,674 |
) |
|
(56,522 |
) |
|
(139,721 |
) |
Profit/(loss) for the
period |
|
|
|
|
|
14,212 |
|
|
(10,512 |
) |
|
56,753 |
|
|
(4,613 |
) |
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Group |
|
|
|
|
|
(3,620 |
) |
|
(25,998 |
) |
|
15,684 |
|
|
(36,945 |
) |
Non-controlling interests |
|
|
|
|
|
17,832 |
|
|
15,486 |
|
|
41,069 |
|
|
32,332 |
|
|
|
|
|
|
|
14,212 |
|
|
(10,512 |
) |
|
56,753 |
|
|
(4,613 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
share – basic and diluted |
|
|
|
|
|
(0.08 |
) |
|
(0.35 |
) |
|
0.13 |
|
|
(0.52 |
) |
Unaudited condensed consolidated statements of cash
flowsFor the six months ended June
30, 2018 and
2019(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
For the six months ended |
|
|
|
|
June 30, 2018 |
|
June 30, 2019 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the
period |
|
|
|
|
|
56,753 |
|
|
(4,613 |
) |
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
74,342 |
|
|
80,949 |
|
Share of profit of
associates |
|
|
|
|
|
(827 |
) |
|
(558 |
) |
Financial income |
|
|
|
|
|
(2,310 |
) |
|
(3,168 |
) |
Financial costs |
|
|
|
|
|
78,597 |
|
|
92,404 |
|
Unrealized foreign exchange
losses on cash and cash equivalents |
|
|
|
|
|
63 |
|
|
(122 |
) |
Unrealized (gain)/loss on
derivative financial instruments held for trading including
ineffective portion of cash flow hedges |
|
|
|
|
|
(16,705 |
) |
|
51,882 |
|
Share-based compensation |
|
|
|
|
|
2,515 |
|
|
2,587 |
|
|
|
|
|
|
|
192,428 |
|
|
219,361 |
|
Movements in working
capital |
|
|
|
|
|
(1,712 |
) |
|
(37,897 |
) |
Cash provided by
operations |
|
|
|
|
|
190,716 |
|
|
181,464 |
|
Interest paid |
|
|
|
|
|
(63,914 |
) |
|
(82,691 |
) |
Net cash provided by
operating activities |
|
|
|
|
|
126,802 |
|
|
98,773 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Payments for tangible fixed
assets and vessels under construction |
|
|
|
|
|
(588,899 |
) |
|
(256,888 |
) |
Return of capital
expenditures |
|
|
|
|
|
— |
|
|
5,629 |
|
Other investments |
|
|
|
|
|
— |
|
|
(158 |
) |
Payments for right-of-use
assets |
|
|
|
|
|
(30 |
) |
|
— |
|
Dividends received from
associate |
|
|
|
|
|
500 |
|
|
538 |
|
Purchase of short-term
investments |
|
|
|
|
|
(36,000 |
) |
|
(54,000 |
) |
Maturity of short-term
investments |
|
|
|
|
|
10,000 |
|
|
35,000 |
|
Restricted cash |
|
|
|
|
|
(2,321 |
) |
|
— |
|
Financial income received |
|
|
|
|
|
2,124 |
|
|
2,960 |
|
Net cash used in
investing activities |
|
|
|
|
|
(614,626 |
) |
|
(266,919 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds from bank loans and
bonds |
|
|
|
|
|
498,225 |
|
|
677,680 |
|
Bank loan repayments |
|
|
|
|
|
(108,958 |
) |
|
(445,604 |
) |
Payment of loan issuance
costs |
|
|
|
|
|
(7,295 |
) |
|
(9,175 |
) |
Proceeds from GasLog Partners’
public common unit offerings (net of underwriting discounts and
commissions) |
|
|
|
|
|
24 |
|
|
— |
|
Proceeds from GasLog Partners’
preference unit offering (net of underwriting discounts and
commissions) |
|
|
|
|
|
111,544 |
|
|
— |
|
Payment of equity raising
costs |
|
|
|
|
|
(660 |
) |
|
(894 |
) |
Dividends paid |
|
|
|
|
|
(71,223 |
) |
|
(82,111 |
) |
Purchase of treasury
shares |
|
|
|
|
|
(62 |
) |
|
(13,673 |
) |
Proceeds from stock options’
exercise |
|
|
|
|
|
157 |
|
|
— |
|
Payments for right-of-use
assets |
|
|
|
|
|
— |
|
|
(232 |
) |
Payments for lease
liability |
|
|
|
|
|
(3,588 |
) |
|
(4,770 |
) |
Net cash provided by
financing activities |
|
|
|
|
|
418,164 |
|
|
121,221 |
|
Effects of exchange rate
changes on cash and cash equivalents |
|
|
|
|
|
(63 |
) |
|
122 |
|
Decrease in cash and
cash equivalents |
|
|
|
|
|
(69,723 |
) |
|
(46,803 |
) |
Cash and cash equivalents,
beginning of the period |
|
|
|
|
|
384,092 |
|
|
342,594 |
|
Cash and cash
equivalents, end of the period |
|
|
|
|
|
314,369 |
|
|
295,791 |
|
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 adjusted for 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, all adjustments calculated
at Group level without deduction for non-controlling interests,
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 fees/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 six months ended |
|
|
|
|
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
Profit/(loss) for the
period |
|
|
|
|
|
14,212 |
|
|
(10,512 |
) |
|
56,753 |
|
|
(4,613 |
) |
|
Depreciation |
|
|
|
|
|
38,813 |
|
|
41,350 |
|
|
74,342 |
|
|
80,949 |
|
|
Financial costs |
|
|
|
|
|
42,000 |
|
|
46,897 |
|
|
78,597 |
|
|
92,404 |
|
|
Financial income |
|
|
|
|
|
(1,294 |
) |
|
(1,709 |
) |
|
(2,310 |
) |
|
(3,168 |
) |
|
(Gain)/loss on
derivatives |
|
|
|
|
|
(1,167 |
) |
|
30,799 |
|
|
(18,938 |
) |
|
51,043 |
|
|
EBITDA |
|
|
|
|
|
92,564 |
|
|
106,825 |
|
|
188,444 |
|
|
216,615 |
|
|
Foreign exchange losses,
net |
|
|
|
|
|
383 |
|
|
218 |
|
|
29 |
|
|
368 |
|
|
Adjusted
EBITDA |
|
|
|
|
|
92,947 |
|
|
107,043 |
|
|
188,473 |
|
|
216,983 |
|
|
Reconciliation of Profit to Adjusted
Profit:(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
|
|
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
Profit/(loss) for the
period |
|
|
|
|
|
14,212 |
|
|
(10,512 |
) |
|
56,753 |
|
|
(4,613 |
) |
|
Non-cash loss/(gain) on
derivatives |
|
|
|
|
|
193 |
|
|
30,779 |
|
|
(16,705 |
) |
|
51,882 |
|
|
Write-off and accelerated
amortization of unamortized loan fees |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
988 |
|
|
Foreign exchange losses,
net |
|
|
|
|
|
383 |
|
|
218 |
|
|
29 |
|
|
368 |
|
|
Adjusted
Profit |
|
|
|
|
|
14,788 |
|
|
20,485 |
|
|
40,077 |
|
|
48,625 |
|
|
Reconciliation of (Loss)/Earnings 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 six months ended |
|
|
|
|
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
(Loss)/profit for the period
attributable to owners of the Group |
|
|
|
|
|
(3,620 |
) |
|
(25,998 |
) |
|
15,684 |
|
|
(36,945 |
) |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preference
shares |
|
|
|
|
|
(2,516 |
) |
|
(2,516 |
) |
|
(5,032 |
) |
|
(5,031 |
) |
|
(Loss)/profit for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
(6,136 |
) |
|
(28,514 |
) |
|
10,652 |
|
|
(41,976 |
) |
|
Weighted average number of
shares outstanding, basic |
|
|
|
|
|
80,801,654 |
|
|
80,847,127 |
|
|
80,758,631 |
|
|
80,836,442 |
|
|
(Loss)/earnings per
share |
|
|
|
|
|
(0.08 |
) |
|
(0.35 |
) |
|
0.13 |
|
|
(0.52 |
) |
|
(Loss)/profit for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
(6,136 |
) |
|
(28,514 |
) |
|
10,652 |
|
|
(41,976 |
) |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash loss/(gain) on
derivatives |
|
|
|
|
|
193 |
|
|
30,779 |
|
|
(16,705 |
) |
|
51,882 |
|
|
Write-off and accelerated
amortization of unamortized loan fees |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
988 |
|
|
Foreign exchange losses,
net |
|
|
|
|
|
383 |
|
|
218 |
|
|
29 |
|
|
368 |
|
|
Adjusted (loss)/profit
attributable to owners of the Group |
|
|
|
|
|
(5,560 |
) |
|
2,483 |
|
|
(6,024 |
) |
|
11,262 |
|
|
Weighted average number of
shares outstanding, basic |
|
|
|
|
|
80,801,654 |
|
|
80,847,127 |
|
|
80,758,631 |
|
|
80,836,442 |
|
|
Adjusted
(loss)/earnings per share |
|
|
|
|
|
(0.07 |
) |
|
0.03 |
|
|
(0.07 |
) |
|
0.14 |
|
|
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