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 September 30,
2019.
Highlights
• |
On August 27, 2019, signed a
10-year time charter to provide an LNG floating storage unit
(“FSU”) for a gas-fired power project being developed in Panama.
The time charter is expected to be fulfilled through the conversion
of the GasLog Singapore and to commence in late 2020. |
• |
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 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. |
• |
Exited the Cool Pool (the “Cool
Pool”) and assumed commercial control of the vessels operating in
the LNG carrier spot market. |
• |
Revenues of $165.6 million,
Profit of $8.9 million and Loss per share of ($0.20)(1) for the
three-month period ended September 30, 2019 ($158.4 million, $39.3
million and Earnings per share of $0.19, respectively, for the
three-month period ended September 30, 2018). |
• |
EBITDA(2) of $114.2 million,
Adjusted EBITDA(2) of $115.0 million, Adjusted Profit(2) of $25.5
million and Adjusted Earnings per share(2) of $0.01(1) for the
three-month period ended September 30, 2019 ($114.1 million, $114.2
million, $32.3 million and $0.11, respectively, for the three-month
period ended September 30, 2018). |
• |
Quarterly dividend of $ 0.15 per
common share payable on November 21, 2019. |
|
|
(1) Earnings/(loss) per share (“EPS”) and Adjusted EPS is net of
the profit attributable to non-controlling interests of $22.4
million and the dividend on preferred stock of $2.5 million for the
quarter ended September 30, 2019 ($21.0 million and $2.5 million,
respectively, for the quarter ended September 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: “A recovery in the
LNG shipping spot market during the third quarter of 2019, as well
as the continued contribution of our newbuild vessels with
long-term contracts, allowed GasLog to generate solid year-on-year
growth in Revenues and EBITDA for 2019 year-to-date. Our two ships
on charter to Gunvor Group Ltd. (“Gunvor”) have delivered strong
performances under their market-linked charters, underpinned by
their 100% utilization. Based on the tightening spot LNG shipping
market since the end of the third quarter and the accompanying rise
in freight rates, we expect to deliver a further uplift in our
financial performance during the fourth quarter. Elsewhere, we are
making good progress towards the financing of our newbuild
programme.
A key focus for GasLog is to enhance the earnings and cash flow
visibility of our tri-fuel diesel electric (“TFDE”) and steam
turbine propulsion (“Steam”) vessels. I am therefore pleased to
report that we signed a ten-year charter during the quarter for one
of our TFDEs to act as an FSU for a power project being developed
in Panama. In tandem with these commercial successes, we continue
to focus on our market-leading operations and safety record, and I
am very proud that the crew of the Methane Alison Victoria was
recently selected as “Crew of the Year” at the prestigious IHS
Safety at Sea 2019 awards.
We have been predicting a tighter LNG shipping market, as
increasing United States (“U.S.”) LNG output combines with a
seasonal uptick in demand for gas, resulting in rising demand for
shipping and higher utilization of the global fleet. These
underlying trends in the LNG commodity and shipping markets point
towards a structurally tighter market through 2020 and into 2021.
We believe this will positively impact our efforts to secure term
business for several of our on-the-water vessels. As we benefit
from these positive trends we will continue to look for
opportunities to reward our shareholders.”
LNG Market Update and Outlook
According to Wood Mackenzie, global LNG supply totaled 90
million tonnes (“mt”) in the third quarter of 2019, a 2% increase
from the second quarter and 11% growth year-on-year. During the
third quarter, growth from new U.S. projects (Cameron, Corpus
Christi Train 2 and Freeport) and the ramp-up of the Prelude
project in Australia offset continued underperformance from plants
in Indonesia and Malaysia and maintenance activities at PNG LNG,
Sakhalin-2, Peru LNG and Sabine Pass. Compared to the third
quarter, supply is expected to grow by 6%, to 95 mt, in the fourth
quarter of 2019, principally reflecting a full quarter of
production from the U.S. projects mentioned above, as well as
initial production from the Elba Island facility. For 2019, Wood
Mackenzie estimates annual LNG supply at 364 mt, which represents
12% growth over 2018. Supply is expected to grow by a further 7% in
2020 with the addition of further trains at the Cameron, Freeport
and Yamal LNG (Russia) projects.
During the third quarter, the Calcasieu Pass project (10 million
tonnes per annum, or “mtpa”) in the U.S. and Arctic LNG-2 reached a
Final Investment Decision (“FID”). Arctic LNG-2, at 19.8 mtpa of
nameplate capacity, is the single largest project sanction in the
history of the LNG industry. Combined with projects approved
earlier in the year, 2019 has set a record for LNG FIDs, totaling
63 mtpa year-to-date and surpassing the 2005 record of 46 mtpa. In
addition, the 2.1 mtpa Woodfibre LNG project in Canada is expected
to reach FID by the end of 2019, while ExxonMobil recently awarded
engineering contracts for the 15.2 mtpa Rovuma LNG project ahead of
an expected FID in 2020. In total, Wood Mackenzie expects 115 mtpa
of new capacity to commence production between 2020 and 2024.
Global LNG demand was 87 mt in the third quarter of 2019,
compared with 78 mt in the third quarter of 2018, an increase of
10%, according to Poten. European imports accounted for much of the
growth, rising 8 mt year-over-year (or approximately 100%), while
demand from Northeast Asia (Japan, China, South Korea and Taiwan)
was approximately flat. For the twelve months ending September 30,
2019, LNG demand was 351 mt, compared with 308 mt for the twelve
months ending September 30, 2018, an increase of 14%. Demand from
Europe was particularly strong, growing by 36 mt, or 105%, while
China’s demand growth was also noteworthy, rising 11 mt, or
22%.
The global gas market remains well-supplied, given the
combination of ample inventories following higher-than-average
temperatures in the 2018/19 winter and LNG supply growth so far
this year. This has resulted in further inventory builds, notably
in Europe where storage is currently at 98% of capacity, according
to Gas Infrastructure Europe, and sustained pressure on gas
pricing, with European and U.K. gas prices recently touching their
lowest levels since 2009. Similarly, Asian LNG prices are currently
c.40% below 2018 levels. However, the combination of low gas prices
and rising carbon prices have improved the competitiveness of gas
as a fuel for power generation compared to coal, particularly in
Europe. During the third quarter of 2019, gas-fired power
generation in Europe increased 31% year-on-year, accounting for 21%
of total power generation compared to 16% a year earlier, according
to Bloomberg. Notably, Spain’s gas demand for power in September
was up 128% year-on-year, as gas accounted for 27% of the power
mix, with coal at just 2%, according to Spain’s national grid
operator Enagás. A similar trend in the Netherlands has prompted
German utility company RWE AG to re-commission a 1.1 gigawatt
(“GW”) gas-fired power plant by 2020.
A deteriorating macroeconomic outlook, particularly in China,
could present a near-term headwind for LNG demand by reducing
natural gas consumption growth. However, the long-term fundamentals
for gas and LNG demand growth remain very attractive, underpinned
by continued energy demand growth and the significantly better
emissions profile of gas versus coal. The most recent example of
this was a proposal by the South Korean government to address air
pollution by significantly reducing coal-fired power generation
from December 2019 to March 2020. In addition, Wood Mackenzie
recently forecast that Europe’s gas import dependency and call on
LNG imports will continue to grow, due to falling domestic
production in many countries and declining pipeline flows from
North Africa and Central Asia, as well as potential limits on
Russia’s share of European gas imports.
Headline spot rates for TFDE LNG carriers (“LNGCs”), as reported
by Clarksons, averaged approximately $64,000 per day in the third
quarter of 2019, a 31% increase over the second quarter of 2019 but
below the $82,000 per day in the third quarter of 2018. Low gas
pricing during the quarter kept the arbitrage window between the
Atlantic and Pacific basins closed, resulting in reduced demand for
spot fixtures and lower average voyage distances. According to
Poten, there were 75 spot (single voyage and multi-month) fixtures
in the third quarter of 2019, compared to 84 and 81 in the second
quarter of 2019 and the third quarter of 2018, respectively.
However, longer-term (over 181 days according to Poten) fixture
activity remained healthy in the third quarter, totaling 24
fixtures compared to 19 and 12 fixtures in the second quarter of
2019 and the third quarter of 2018, respectively. Furthermore,
according to Poten data, there have been at least 178 spot fixtures
(defined as up to six months in duration) for Steam vessels since
the beginning of 2017, implying continuing demand for Steam vessels
in the short-term charter market.
Clarksons currently assesses headline spot rates for TFDE and
Steam LNG carriers at $140,000 per day and $100,000 per day,
respectively. These figures represent significant increases of 128%
and 138%, respectively, since mid-September, with prompt vessel
availability falling as new supply projects such as Cameron and
Freeport ramp up and as the market anticipates a seasonal increase
in LNG commodity and vessel demand ahead of the Northern Hemisphere
winter. As a result, prompt vessel availability, as reported by
Poten, has declined in recent weeks to fewer than three vessels
across all basins, the lowest levels since December 2018. With high
gas inventories in Europe and Asia, charterers are either
slow-steaming vessels and/or utilizing LNG carriers as floating
storage until regasification capacity and winter demand and price
signals emerge.
Poten currently estimates the one-year time charter rate for
TFDE and Steam LNG carriers at $84,000 per day and $50,000 per day,
respectively, although the current term charter market for
on-the-water ships, and Steams in particular, has limited liquidity
for charters greater than one year. We continue to anticipate that
the ongoing LNG shipping market tightening should persist through
at least early 2021, which may result in further term charter
opportunities for on-the-water vessels as their existing charters
expire.
As of October 28, 2019, the LNG fleet and orderbook (excluding
floating storage and regasification units (“FSRUs”)) and vessels
with capacity below 100,000 cbm) stood at 507 and 110 vessels,
respectively, as estimated by Poten, with the orderbook
representing 22% of the on-the-water fleet, unchanged from the
beginning of 2019. Out of the LNGCs in the current orderbook, 68,
or 62%, are chartered on multi-year contracts. There have been 37
vessels ordered thus far in 2019, including 13 during the third
quarter, compared to a total of 63 in 2018, suggesting that the
pace of newbuild ordering continues to moderate.
FSU Panama Power Project
On August 27, 2019, GasLog signed a 10-year time charter with
Sinolam LNG Terminal, S.A. (“Sinolam LNG”) for the provision of an
LNG FSU to a gas-fired power project being developed in Panama.
The time charter is expected to be fulfilled through the
conversion of the GasLog Singapore, a 155,000 cbm TFDE LNG carrier
built in 2010. The required modifications are such that, as well as
being FSU ready, the vessel will still be able to trade as an LNG
carrier following the conversion work. The conversion will take
place in conjunction with the vessel’s scheduled 5-year dry-docking
and special survey in the third quarter of 2020, enabling both time
and cost synergies. The charter commences on delivery of the FSU in
Panama, which is scheduled for late 2020.
Since September 2016, the GasLog Singapore has been trading in
the LNG carrier spot market. The FSU contract is for a fixed
period, thereby delivering 100% utilization for the duration of the
charter. The FSU will also incur lower operating expenses than if
the vessel was trading as an LNG carrier, with GasLog estimating
that the charter will generate approximately $20 million of EBITDA
per annum over its 10-year life.
The FSU will receive, store and send out LNG to a gas-fired
power plant currently being developed near Colón, Panama, by
Sinolam Smarter Energy LNG Power Company, a subsidiary of private
Chinese investment group Shanghai Gorgeous Investment Development
Company. The power project has signed long-term power purchase
agreements with leading Panamanian utility companies as well as a
15-year LNG sale and purchase agreement with Royal Dutch Shell plc
(“Shell”).
Delivery of the GasLog
Warsaw
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.
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 at that time. Following
expiry of their commitments, GasLog vessels were withdrawn from the
Cool Pool in June and July 2019.
Retirement of Director
Mr. William Friedrich retired from the board of GasLog,
effective November 5, 2019. Mr. Friedrich has been a director
since October 2011 and was Chairman of the Company’s HSSE Committee
from 2016 until his retirement.
Dividend Declaration
On September 17, 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 October 1, 2019 to
holders of record as of September 30, 2019. GasLog paid the
declared dividend to the transfer agent on October 1, 2019.
On November 5, 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 November 21, 2019 to shareholders of record
as of November 15, 2019.
Financial Summary
In thousands of U.S. dollars except per share
data |
|
For the three months ended |
|
|
|
September 30, 2018 |
|
|
September 30, 2019 |
|
Revenues |
|
$ |
158,398 |
|
|
$ |
165,586 |
|
Profit for the period |
|
$ |
39,261 |
|
|
$ |
8,889 |
|
Adjusted Profit(1) |
|
$ |
32,251 |
|
|
$ |
25,528 |
|
EBITDA(1) |
|
$ |
114,085 |
|
|
$ |
114,156 |
|
Adjusted EBITDA(1) |
|
$ |
114,248 |
|
|
$ |
115,034 |
|
Profit/(loss) attributable to
the owners of GasLog |
|
$ |
18,214 |
|
|
$ |
(13,545 |
) |
EPS, basic |
|
$ |
0.19 |
|
|
$ |
(0.20 |
) |
Adjusted EPS(1) |
|
$ |
0.11 |
|
|
$ |
0.01 |
|
(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 2,296 revenue operating days (including 10 days in
the Cool Pool) for the quarter ended September 30, 2019, as
compared to 2,302 revenue operating days (including 545 days in the
Cool Pool) for the quarter ended September 30, 2018. The decrease
in revenue operating days resulted from the unscheduled
dry-dockings on three vessels and the increased unchartered days
from the vessels operating in the spot market, partially offset by
the increased revenue operating days from the delivery of the
GasLog Gladstone on March 15, 2019 and the delivery of the GasLog
Warsaw on July 31, 2019.
Following the exit from the Cool Pool, management allocates
vessel revenues to two categories: (a) variable rate charters (“VR
Revenues”) and (b) fixed rate charters (“FR Revenues”). The
variable rate charter category contains vessels operating in the
LNG carrier spot and short-term market or those which have a
variable rate of hire across the charter period. The vessels
currently in this category are the GasLog Savannah, the GasLog
Singapore, the GasLog Shanghai, the GasLog Skagen, the GasLog
Saratoga, the GasLog Salem and the GasLog Chelsea.
Revenues were $165.6 million for the quarter ended September 30,
2019 ($158.4 million for the quarter ended September 30, 2018). The
increase was mainly driven by the delivery of the GasLog Gladstone
on March 15, 2019 and the delivery of the GasLog Warsaw on July 31,
2019, partially offset by a decrease mainly from our vessels
operating in the spot and short-term market including the impact of
the unscheduled drydockings of the GasLog Savannah, the GasLog
Singapore and the GasLog Chelsea and from the expiration of the
initial time charters of the GasLog Shanghai, the GasLog Santiago
and the GasLog Sydney.
For the quarter ended September 30, 2019, an analysis of revenue
operating days, revenues and voyage expenses and commissions per
category of charter is presented below:
|
|
|
|
|
|
|
|
|
|
For the three months endedSeptember 30,
2019 |
|
Amounts in thousands
of U.S. Dollars |
|
|
|
Variable rate charters |
|
|
Fixed rate charters |
|
Available days (*) |
|
|
|
|
495 |
|
|
|
1,926 |
|
|
Revenue operating
days(**) |
|
|
|
|
360 |
|
|
|
1,926 |
|
|
Revenues |
|
|
|
$ |
21,056 |
|
|
$ |
144,002 |
|
|
Voyage expenses and
commissions |
|
|
|
$ |
(3,216 |
) |
|
$ |
(3,386 |
) |
|
(*) Available days represent total calendar days in the period
after deducting off-hire days where vessels are undergoing
dry-dockings and unavailable days, i.e. days before and after a
dry-docking where the vessel has limited ability for chartering
opportunities. (**) Revenue operating days represent total
available days after deducting unchartered days.
In addition, GasLog recognized gross revenues and gross voyage
expenses and commissions of $0.3 million and $0.1 million,
respectively, from the operation of its vessels in the Cool Pool
during the quarter ended September 30, 2019 (September 30, 2018:
$25.9 million and $2.1 million, respectively). Net pool performance
decreased due to all of GasLog’s vessels exiting the Cool Pool by
July 8, 2019.
Voyage expenses and commissions were $6.7 million for the
quarter ended September 30, 2019 ($6.8 million for the quarter
ended September 30, 2018).
Vessel operating and supervision costs were $33.8 million for
the quarter ended September 30, 2019 ($31.9 million for the quarter
ended September 30, 2018). The increase in vessel operating and
supervision costs is mainly attributable to an increase of $1.5
million from the deliveries of the GasLog Gladstone on March 15,
2019 and the GasLog Warsaw on July 31, 2019, and an increase of
$1.7 million in scheduled technical maintenance costs related to
engine maintenance and costs related to dry-dockings in the three
months ended September 30, 2019, partially offset by a decrease of
$0.5 million in vessel taxes and $0.9 million from the favorable
movement of the EUR/USD exchange rate, which decreased by an
average of 5.0% in the three months ended September 30, 2019, as
compared to the same period in 2018. Daily operating costs per
vessel decreased from $13,890 per ownership day (excluding the
Solaris managed by Shell) for the three-month period ended
September 30, 2018 to $13,777 per ownership day (excluding the
Solaris managed by Shell) for the three-month period ended
September 30, 2019. Ownership days represent total calendar days
for our owned and bareboat fleet.
General and administrative expenses were $11.3 million for the
quarter ended September 30, 2019 ($9.9 million for the quarter
ended September 30, 2018). The increase is mainly attributable to
an increase of $1.2 million in employee costs offset by a $0.5
million favorable movement of the EUR/USD exchange rate and an
increase of $0.3 million in legal and professional expenses. Daily
general and administrative expenses per vessel increased from
$4,146 per ownership day (as defined above) for the quarter ended
September 30, 2018 to $4,449 per ownership day for the quarter
ended September 30, 2019.
Depreciation was $43.2 million for the quarter ended September
30, 2019 ($39.3 million for the quarter ended September 30, 2018).
The increase resulted mainly from an increase of $2.5 million from
the delivery of the GasLog Gladstone on March 15, 2019 and the
GasLog Warsaw on July 31, 2019, and an increase of $0.7 million
from the depreciation of the right-of-use assets deriving from the
implementation of IFRS 16 Leases.
Financial costs were $46.5 million for the quarter ended
September 30, 2019 ($43.9 million for the quarter ended September
30, 2018). The increase was mainly attributable to an increase of
$2.4 million in interest expense on loans, bonds and cash flow
hedges, due 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 |
|
|
|
|
|
|
|
September 30, 2018 |
|
September 30, 2019 |
|
|
Financial
costs |
|
|
|
|
|
|
|
|
|
|
|
Amortization and
write-off of deferred loan/bond issuance costs/premium |
|
|
$ |
(3,239 |
) |
$ |
(3,265 |
) |
|
Interest expense
on loans |
|
|
|
(30,068 |
) |
|
(30,833 |
) |
|
Interest expense
on bonds and realized loss on cross-currency swaps |
|
|
|
(7,526 |
) |
|
(9,190 |
) |
|
Lease charge |
|
|
|
(2,641 |
) |
|
(2,636 |
) |
|
Other financial
costs |
|
|
|
(434 |
) |
|
(537 |
) |
|
Total |
|
|
|
|
$ |
(43,908 |
) |
$ |
(46,461 |
) |
|
Loss on derivatives was $16.8 million for the quarter ended
September 30, 2019 ($7.4 million gain for the quarter ended
September 30, 2018). The loss on derivatives in the third quarter
of 2019, as compared to the gain in the third quarter of 2018, is
mainly attributable to a decrease of $22.9 million in gain from
mark-to-market valuation of our derivative financial instruments
carried at fair value through profit or loss, derived mainly from
changes in the London Interbank Offered Rate (“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 |
|
|
|
|
|
|
|
September 30, 2018 |
|
September 30, 2019 |
|
|
Gain/(loss) on
derivatives |
|
|
|
|
|
|
|
|
|
|
|
Realized gain on
derivatives held for trading |
|
|
$ |
675 |
|
$ |
446 |
|
|
Realized loss on
forward foreign exchange contracts held for trading |
|
|
|
(480 |
) |
|
(1,443 |
) |
|
Unrealized
gain/(loss) on derivative financial instruments held for
trading |
|
|
|
6,975 |
|
|
(15,897 |
) |
|
Ineffective
portion of cash flow hedges |
|
|
|
198 |
|
|
136 |
|
|
Total |
|
|
|
|
$ |
7,368 |
|
$ |
(16,758 |
) |
|
Profit was $8.9 million for the quarter ended September 30, 2019
(profit of $39.3 million for the quarter ended September 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 third quarter of 2019 and an increase in
financial costs, combined with decreased profit from operations,
due to the factors mentioned above.
Adjusted Profit(1) was $25.5 million for the quarter ended
September 30, 2019 ($32.3 million for the quarter ended September
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 $13.5 million for
the quarter ended September 30, 2019 ($18.2 million profit for the
quarter ended September 30, 2018). The decrease in profit
attributable to the owners of GasLog resulted mainly from the
respective movements in profit mentioned above.
EBITDA(1) was $114.2 million for the quarter ended September 30,
2019 ($114.1 million for the quarter ended September 30, 2018).
Adjusted EBITDA(1) was $115.0 million for the quarter ended
September 30, 2019 ($114.2 million for the quarter ended September
30, 2018).
EPS was a loss of $0.20 for the quarter ended
September 30, 2019 (earnings of $0.19 for the quarter ended
September 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 $0.01 for the quarter ended
September 30, 2019 (earnings of $0.11 for the quarter ended
September 30, 2018), adjusted for the effects of the non-cash
loss/gain 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 September 30, 2019, the total future firm minimum
contracted revenue stood at $4.1 billion(1), including the 15
vessels currently owned by GasLog Partners.
(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 September 30, 2019, GasLog had $183.6 million of cash and
cash equivalents, of which $112.8 million was held in time deposits
and the remaining balance in current accounts. In addition, as of
September 30, 2019, GasLog had $24.0 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 $354.4 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 and July 2019, GasLog drew down $165.8
million and $129.5 million to partially finance the deliveries of
the GasLog Gladstone and the GasLog Warsaw, respectively.
On May 16, 2019, GasLog closed a follow-on issue of the 8.875%
senior unsecured notes due 2022 (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 September 30, 2019, GasLog had an aggregate of $3.1
billion of indebtedness outstanding under its credit facilities and
bond agreements, of which $207.6 million was repayable within one
year, and $207.5 million of lease liabilities, of which $9.3
million was payable within one year.
As of September 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 $2.0 million under the 2019 Partnership
Facility.
As of September 30, 2019, the total remaining balance of the
contract prices of the seven LNG carriers on order was $1,131.6
million, which GasLog expects to be funded with cash balances, cash
from operations and borrowings under new debt agreements.
As of September 30, 2019, GasLog’s current assets totaled $247.1
million, while current liabilities totaled $309.2 million,
resulting in a negative working capital position of $62.1 million.
GasLog has hedged 44.4% of its expected floating interest rate
exposure on its outstanding debt (excluding the lease liability) as
of September 30, 2019.
Future Deliveries
As of November 6, 2019, GasLog has seven newbuildings on order
at Samsung which are on schedule and within budget:
LNG Carrier |
|
Expected Delivery |
|
Shipyard |
|
Cargo Capacity (cbm) |
|
Charterer |
|
Propulsion |
|
Estimated Charter Expiration(1) |
|
|
Hull No. 2213 |
|
Q2 2020 |
|
Samsung |
|
180,000 |
|
Centrica(2) |
|
X-DF |
|
2027 |
Hull No. 2274 |
|
Q2 2020 |
|
Samsung |
|
180,000 |
|
JERA(3) |
|
X-DF |
|
2032 |
Hull No. 2262 |
|
Q3 2020 |
|
Samsung |
|
180,000 |
|
Centrica(2) |
|
X-DF |
|
2027 |
Hull No. 2300 |
|
Q4 2020 |
|
Samsung |
|
174,000 |
|
Cheniere(4) |
|
X-DF |
|
2027 |
Hull No. 2301 |
|
Q4 2020 |
|
Samsung |
|
174,000 |
|
Cheniere(4) |
|
X-DF |
|
2027 |
Hull No. 2311 |
|
Q2 2021 |
|
Samsung |
|
180,000 |
|
Cheniere(4) |
|
X-DF |
|
2028 |
Hull No. 2312 |
|
Q3 2021 |
|
Samsung |
|
180,000 |
|
Cheniere(4) |
|
X-DF |
|
2028 |
____________(1)
Charter expiration to be determined based upon actual date of
delivery. (2) The vessel is chartered
to Pioneer Shipping Limited, a wholly owned subsidiary of Centrica.
(3) The vessel is chartered to the
principal LNG shipping entity of JERA Co., Inc
(“JERA”).(4) 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 third quarter of 2019 at 8:30 a.m. EDT (1:30 p.m. GMT) on
Wednesday, November 6, 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 5819 4851 (Hong Kong)
Conference ID: 2776772
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 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 September 30,
2019(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
September 30, 2019 |
|
Assets |
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
Investment in associates |
|
|
|
20,713 |
|
|
21,531 |
|
Deferred financing costs |
|
|
|
4,576 |
|
|
26 |
|
Other non-current assets |
|
|
|
2,543 |
|
|
35,137 |
|
Derivative financial
instruments |
|
|
|
8,966 |
|
|
— |
|
Tangible fixed assets |
|
|
|
4,323,582 |
|
|
4,614,804 |
|
Vessels under
construction |
|
|
|
159,275 |
|
|
182,594 |
|
Right-of-use assets |
|
|
|
206,753 |
|
|
208,645 |
|
Total non-current
assets |
|
|
|
4,735,919 |
|
|
5,072,248 |
|
Current
assets |
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
20,244 |
|
|
24,476 |
|
Dividends receivable and other
amounts due from related parties |
|
|
|
33,395 |
|
|
509 |
|
Derivative financial
instruments |
|
|
|
6,222 |
|
|
108 |
|
Inventories |
|
|
|
7,753 |
|
|
7,702 |
|
Prepayments and other current
assets |
|
|
|
3,680 |
|
|
6,759 |
|
Short-term investments |
|
|
|
25,000 |
|
|
24,000 |
|
Cash and cash equivalents |
|
|
|
342,594 |
|
|
183,582 |
|
Total current
assets |
|
|
|
438,888 |
|
|
247,136 |
|
Total
assets |
|
|
|
5,174,807 |
|
|
5,319,384 |
|
Equity and
liabilities |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Preference shares |
|
|
|
46 |
|
|
46 |
|
Share capital |
|
|
|
810 |
|
|
810 |
|
Contributed surplus |
|
|
|
850,576 |
|
|
806,058 |
|
Reserves |
|
|
|
18,962 |
|
|
14,369 |
|
Treasury shares |
|
|
|
(3,266 |
) |
|
(2,342 |
) |
Retained earnings/(Accumulated
deficit) |
|
|
|
12,614 |
|
|
(37,661 |
) |
Equity attributable to
owners of the Group |
|
|
|
879,742 |
|
|
781,280 |
|
Non-controlling interests |
|
|
|
1,103,380 |
|
|
1,059,720 |
|
Total
equity |
|
|
|
1,983,122 |
|
|
1,841,000 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
Trade accounts payable |
|
|
|
11,890 |
|
|
22,175 |
|
Ship management creditors |
|
|
|
580 |
|
|
788 |
|
Amounts due to related
parties |
|
|
|
169 |
|
|
264 |
|
Derivative financial
instruments |
|
|
|
2,091 |
|
|
7,535 |
|
Other payables and
accruals |
|
|
|
127,450 |
|
|
61,496 |
|
Borrowings, current
portion |
|
|
|
520,550 |
|
|
207,624 |
|
Lease liability, current
portion |
|
|
|
6,675 |
|
|
9,280 |
|
Total current
liabilities |
|
|
|
669,405 |
|
|
309,162 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Derivative financial
instruments |
|
|
|
10,001 |
|
|
64,033 |
|
Borrowings, non-current
portion |
|
|
|
2,307,909 |
|
|
2,900,165 |
|
Lease liability, non-current
portion |
|
|
|
199,424 |
|
|
198,194 |
|
Other non-current
liabilities |
|
|
|
4,946 |
|
|
6,830 |
|
Total non-current
liabilities |
|
|
|
2,522,280 |
|
|
3,169,222 |
|
Total equity and
liabilities |
|
|
|
5,174,807 |
|
|
5,319,384 |
|
Unaudited condensed consolidated statements of profit or
lossFor the three and nine months ended
September 30, 2018 and
2019(Amounts expressed in thousands of U.S.
Dollars, except per share data)
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
|
|
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
Revenues |
|
|
|
|
|
158,398 |
|
|
165,586 |
|
|
429,700 |
|
|
486,384 |
|
Net pool allocation |
|
|
|
|
|
3,882 |
|
|
(184 |
) |
|
19,493 |
|
|
(4,264 |
) |
Voyage expenses and
commissions |
|
|
|
|
|
(6,828 |
) |
|
(6,656 |
) |
|
(16,743 |
) |
|
(19,440 |
) |
Vessel operating and
supervision costs |
|
|
|
|
|
(31,948 |
) |
|
(33,796 |
) |
|
(98,964 |
) |
|
(100,124 |
) |
Depreciation |
|
|
|
|
|
(39,341 |
) |
|
(43,237 |
) |
|
(113,683 |
) |
|
(124,186 |
) |
General and administrative
expenses |
|
|
|
|
|
(9,917 |
) |
|
(11,324 |
) |
|
(32,282 |
) |
|
(32,873 |
) |
Profit from
operations |
|
|
|
|
|
74,246 |
|
|
70,389 |
|
|
187,521 |
|
|
205,497 |
|
Financial costs |
|
|
|
|
|
(43,908 |
) |
|
(46,461 |
) |
|
(122,505 |
) |
|
(138,865 |
) |
Financial income |
|
|
|
|
|
1,057 |
|
|
1,189 |
|
|
3,367 |
|
|
4,357 |
|
Gain/(loss) on
derivatives |
|
|
|
|
|
7,368 |
|
|
(16,758 |
) |
|
26,306 |
|
|
(67,801 |
) |
Share of profit of
associates |
|
|
|
|
|
498 |
|
|
530 |
|
|
1,325 |
|
|
1,088 |
|
Total other expenses,
net |
|
|
|
|
|
(34,985 |
) |
|
(61,500 |
) |
|
(91,507 |
) |
|
(201,221 |
) |
Profit for the
period |
|
|
|
|
|
39,261 |
|
|
8,889 |
|
|
96,014 |
|
|
4,276 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Group |
|
|
|
|
|
18,214 |
|
|
(13,545 |
) |
|
33,898 |
|
|
(50,490 |
) |
Non-controlling interests |
|
|
|
|
|
21,047 |
|
|
22,434 |
|
|
62,116 |
|
|
54,766 |
|
|
|
|
|
|
|
39,261 |
|
|
8,889 |
|
|
96,014 |
|
|
4,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
share – basic |
|
|
|
|
|
0.19 |
|
|
(0.20 |
) |
|
0.33 |
|
|
(0.72 |
) |
Earnings/(loss) per
share –diluted |
|
|
|
|
|
0.19 |
|
|
(0.20 |
) |
|
0.32 |
|
|
(0.72 |
) |
Unaudited condensed consolidated statements of cash
flowsFor the nine months ended September
30, 2018 and
2019(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
For the nine months ended |
|
|
|
|
September 30, 2018 |
|
September 30, 2019 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
|
96,014 |
|
|
4,276 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
113,683 |
|
|
124,186 |
|
Share of profit of
associates |
|
|
|
|
|
(1,325 |
) |
|
(1,088 |
) |
Financial income |
|
|
|
|
|
(3,367 |
) |
|
(4,357 |
) |
Financial costs |
|
|
|
|
|
122,505 |
|
|
138,865 |
|
Unrealized foreign exchange
losses on cash and cash equivalents |
|
|
|
|
|
137 |
|
|
373 |
|
Realized foreign exchange
losses |
|
|
|
|
|
— |
|
|
773 |
|
Unrealized (gain)/loss on
derivative financial instruments held for trading including
ineffective portion of cash flow hedges |
|
|
|
|
|
(23,878 |
) |
|
67,643 |
|
Share-based compensation |
|
|
|
|
|
3,865 |
|
|
3,728 |
|
|
|
|
|
|
|
307,634 |
|
|
334,399 |
|
Movements in working
capital |
|
|
|
|
|
(18,246 |
) |
|
(41,514 |
) |
Cash provided by
operations |
|
|
|
|
|
289,388 |
|
|
292,885 |
|
Interest paid |
|
|
|
|
|
(116,771 |
) |
|
(145,066 |
) |
Net cash provided by
operating activities |
|
|
|
|
|
172,617 |
|
|
147,819 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Payments for tangible fixed
assets and vessels under construction |
|
|
|
|
|
(618,565 |
) |
|
(446,529 |
) |
Return of capital
expenditures |
|
|
|
|
|
— |
|
|
10,451 |
|
Other investments |
|
|
|
|
|
(136 |
) |
|
(158 |
) |
Payments for right-of-use
assets |
|
|
|
|
|
(36 |
) |
|
(488 |
) |
Dividends received from
associate |
|
|
|
|
|
869 |
|
|
938 |
|
Purchase of short-term
investments |
|
|
|
|
|
(46,000 |
) |
|
(78,000 |
) |
Maturity of short-term
investments |
|
|
|
|
|
36,000 |
|
|
79,000 |
|
Financial income received |
|
|
|
|
|
3,237 |
|
|
4,523 |
|
Net cash used in
investing activities |
|
|
|
|
|
(624,631 |
) |
|
(430,263 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds from bank loans and
bonds |
|
|
|
|
|
498,225 |
|
|
807,180 |
|
Bank loan repayments |
|
|
|
|
|
(180,792 |
) |
|
(519,379 |
) |
Payment of loan issuance
costs |
|
|
|
|
|
(7,363 |
) |
|
(11,269 |
) |
Proceeds from GasLog Partners’
public common unit offerings (net of underwriting discounts and
commissions) |
|
|
|
|
|
54,338 |
|
|
— |
|
Proceeds from GasLog Partners’
preference unit offering (net of underwriting discounts and
commissions) |
|
|
|
|
|
111,544 |
|
|
— |
|
Payment of equity raising
costs |
|
|
|
|
|
(929 |
) |
|
(1,584 |
) |
Dividends paid |
|
|
|
|
|
(107,776 |
) |
|
(119,993 |
) |
Purchase of treasury shares or
GasLog Partners’ common units |
|
|
|
|
|
(62 |
) |
|
(23,782 |
) |
Proceeds from stock options’
exercise |
|
|
|
|
|
175 |
|
|
— |
|
Payments for lease
liability |
|
|
|
|
|
(5,447 |
) |
|
(7,368 |
) |
Net cash provided by
financing activities |
|
|
|
|
|
361,913 |
|
|
123,805 |
|
Effects of exchange rate
changes on cash and cash equivalents |
|
|
|
|
|
(137 |
) |
|
(373 |
) |
Decrease in cash and
cash equivalents |
|
|
|
|
|
(90,238 |
) |
|
(159,012 |
) |
Cash and cash equivalents,
beginning of the period |
|
|
|
|
|
384,092 |
|
|
342,594 |
|
Cash and cash
equivalents, end of the period |
|
|
|
|
|
293,854 |
|
|
183,582 |
|
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 nine months ended |
|
|
|
|
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
Profit for the period |
|
|
|
|
|
39,261 |
|
|
8,889 |
|
|
96,014 |
|
|
4,276 |
|
|
Depreciation |
|
|
|
|
|
39,341 |
|
|
43,237 |
|
|
113,683 |
|
|
124,186 |
|
|
Financial costs |
|
|
|
|
|
43,908 |
|
|
46,461 |
|
|
122,505 |
|
|
138,865 |
|
|
Financial income |
|
|
|
|
|
(1,057 |
) |
|
(1,189 |
) |
|
(3,367 |
) |
|
(4,357 |
) |
|
(Gain)/loss on
derivatives |
|
|
|
|
|
(7,368 |
) |
|
16,758 |
|
|
(26,306 |
) |
|
67,801 |
|
|
EBITDA |
|
|
|
|
|
114,085 |
|
|
114,156 |
|
|
302,529 |
|
|
330,771 |
|
|
Foreign exchange losses,
net |
|
|
|
|
|
163 |
|
|
878 |
|
|
192 |
|
|
1,246 |
|
|
Adjusted
EBITDA |
|
|
|
|
|
114,248 |
|
|
115,034 |
|
|
302,721 |
|
|
332,017 |
|
|
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, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
Profit for the period |
|
|
|
|
|
39,261 |
|
|
8,889 |
|
|
96,014 |
|
|
4,276 |
|
|
Non-cash (gain)/loss on
derivatives |
|
|
|
|
|
(7,173 |
) |
|
15,761 |
|
|
(23,878 |
) |
|
67,643 |
|
|
Write-off and accelerated
amortization of unamortized loan fees |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
988 |
|
|
Foreign exchange losses,
net |
|
|
|
|
|
163 |
|
|
878 |
|
|
192 |
|
|
1,246 |
|
|
Adjusted
Profit |
|
|
|
|
|
32,251 |
|
|
25,528 |
|
|
72,328 |
|
|
74,153 |
|
|
Reconciliation of Earnings/(Loss) Per Share to Adjusted
Earnings/(Loss) Per Share:(Amounts expressed in
thousands of U.S. Dollars, except shares and per share
data)
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
|
|
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
Profit/(loss) for the period
attributable to owners of the Group |
|
|
|
|
|
18,214 |
|
|
(13,545 |
) |
|
33,898 |
|
|
(50,490 |
) |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preference
shares |
|
|
|
|
|
(2,516 |
) |
|
(2,516 |
) |
|
(7,548 |
) |
|
(7,547 |
) |
|
Profit/(loss) for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
15,698 |
|
|
(16,061 |
) |
|
26,350 |
|
|
(58,037 |
) |
|
Weighted average number of
shares outstanding, basic |
|
|
|
|
|
80,814,285 |
|
|
80,861,350 |
|
|
80,777,386 |
|
|
80,844,836 |
|
|
Earnings/(loss) per
share |
|
|
|
|
|
0.19 |
|
|
(0.20 |
) |
|
0.33 |
|
|
(0.72 |
) |
|
Profit/(loss) for the period
available to owners of the Group used in EPS calculation |
|
|
|
|
|
15,698 |
|
|
(16,061 |
) |
|
26,350 |
|
|
(58,037 |
) |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash (gain)/loss on
derivatives |
|
|
|
|
|
(7,173 |
) |
|
15,761 |
|
|
(23,878 |
) |
|
67,643 |
|
|
Write-off and accelerated
amortization of unamortized loan fees |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
988 |
|
|
Foreign exchange losses,
net |
|
|
|
|
|
163 |
|
|
878 |
|
|
192 |
|
|
1,246 |
|
|
Adjusted profit attributable
to owners of the Group |
|
|
|
|
|
8,688 |
|
|
578 |
|
|
2,664 |
|
|
11,840 |
|
|
Weighted average number of
shares outstanding, basic |
|
|
|
|
|
80,814,285 |
|
|
80,861,350 |
|
|
80,777,386 |
|
|
80,844,836 |
|
|
Adjusted
earnings per share |
|
|
|
|
|
0.11 |
|
|
0.01 |
|
|
0.03 |
|
|
0.15 |
|
|
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