GasLog Ltd. and its subsidiaries (“GasLog”, “Group” or “Company”)
(NYSE: GLOG), an international owner, operator and manager of
liquefied natural gas (“LNG”) carriers, today reported its
financial results for the three-month period and the year ended
December 31,
2019.
Key Events and Financial Performance
• |
Quarterly Revenues, Loss,
Adjusted Profit(2), Adjusted EBITDA(2), Loss per share(1) and
Adjusted Earnings per share(1)(2) of $182.3 million, ($119.9)
million, $38.5 million, $129.2 million, ($0.65) and $0.14,
respectively. |
• |
Record annual Revenues of $668.6
million. Loss, Adjusted Profit(2), record Adjusted EBITDA(2), Loss
per share(1) and Adjusted Earnings per share(1)(2) of ($115.6)
million, $113.0 million, $461.2 million, ($1.37) and $0.29,
respectively. |
• |
Special dividend of $0.38 per
common share paid on December 31, 2019. |
• |
In December 2019 signed an Export
Credit Agency-backed debt financing of $1.1 billion with 13
international banks to provide the debt funding for its current
newbuilding program (the “Newbuilding Facility”). |
• |
In December 2019, amended the
covenants on its existing bank facilities to align them with the
improved terms of the Newbuilding Facility and the GasLog Warsaw
facility concluded earlier in 2019. |
• |
In November 2019, successfully
issued NOK 900.0 million of senior unsecured bonds due November
2024 (“NOK 2024 Bonds”), in part through exchanging NOK 316.0
million of the existing NOK 750.0 million of senior unsecured bonds
due May 2021 (“NOK 2021 Bonds”) and, in December 2019, announced a
call of the remaining NOK 2021 Bonds, subsequently completed in
January 2020. |
• |
Implemented a plan to relocate
GasLog’s senior management and more of its employees to the
Piraeus, Greece office, to enhance execution and efficiency and to
reduce overheads. |
• |
As of December 31, 2019,
recognized an impairment loss of $162.1 million on its six steam
turbine propulsion (“Steam”) vessels built in 2006 and 2007,
including five GasLog Partners LP (“GasLog Partners” or the
“Partnership”) vessels and one GasLog directly owned vessel, due to
negative market conditions. |
• |
Quarterly dividend of $0.15 per
common share payable on March 12, 2020. |
|
|
(1) Earnings/(loss) per share (“EPS”) and Adjusted EPS are net
of the profit/(loss) attributable to the non-controlling interests
of ($69.7) million and the dividend on preferred stock of $2.5
million for the quarter ended December 31, 2019 ($16.6 million and
$2.5 million, respectively, for the quarter ended December 31,
2018) and net of the profit/(loss) attributable to the
non-controlling interests of ($15.0) million and the dividend on
preferred stock of $10.1 million for the year ended December 31,
2019 ($78.7 million and $10.1 million, respectively, for the year
ended December 31, 2018).
(2) 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: “2019 represented
another year of excellent execution for GasLog. We took delivery of
two newbuild LNG carriers and signed long-term charters with the
principal LNG shipping entity of JERA Co., Inc (“JERA”) and a
subsidiary of Endesa S.A. (“Endesa”), both new customers for
GasLog. We also chartered two on-the-water vessels to Gunvor Group
Ltd. (“Gunvor”) and secured up to 10 years employment for one of
our vessels as a floating storage unit. Record revenues and
continued cost control delivered record annual Adjusted EBITDA. We
also successfully completed a new debt facility for our
newbuildings delivering in 2020 and 2021, refinanced existing debt,
tapped our USD bonds at a premium to par and secured significant
improvements to our debt covenants. These successes and our
positive business outlook allowed us to declare a $0.38 per common
share special dividend in the fourth quarter of 2019.
However, while spot rates for LNG carriers improved in 2018 and
2019 compared to prior years, the term charter market for
on-the-water vessels has not developed as anticipated, resulting in
reduced expectations for future vessel utilization and earnings,
for the five Steam vessels owned by GasLog Partners and our one
GasLog directly owned Steam vessel after the expiry of their
current term charters. This led us to recognize an impairment loss
of $162.1 million with respect to the Group’s six Steam vessels,
five of which are owned by the Partnership.
In light of the reduced expectations for Steam vessel
utilization and earnings, GasLog Partners will focus its capital
allocation on debt repayment, prioritizing balance sheet strength
for 2020. As such, the Partnership expects to reduce its quarterly
common distribution to $0.125 per unit for the first quarter of
2020 from $0.561 per unit for the fourth quarter of 2019. The
reduced distribution will lower the Partnership’s cash flow
break-even rates across its fleets and improve its competitive
positioning. While our commitment to the Partnership remains
strong, no further drop-downs are required to fund GasLog’s
committed newbuilding program delivering in 2020 and 2021.
Our charter-backed newbuilding program is on time and budget.
The seven vessels due to deliver by the third quarter of 2021 are
expected to contribute an additional $145.0 million of annualized
EBITDA(3) to GasLog on a fully delivered basis. As a result, we
have high visibility on the growth in contracted revenues through
2022 from the vessels directly owned by GasLog. As we continue to
execute on our efficiency improvements and cost reductions, we will
continue to look for further opportunities to enhance shareholder
returns, on top of the special dividends paid in 2018 and
2019.”
————————————————(3) EBITDA, which represents earnings before
depreciation, amortization, financial income and costs, gain/loss
on derivatives and taxes, is a non-GAAP financial measure. Please
refer to Exhibit II for guidance on the underlying assumptions used
to derive EBITDA.
LNG Market Update and Outlook
LNG demand, as estimated by Wood Mackenzie, is expected to have
increased by 11% to 351 million tonnes (“mt”), in 2019, from 316 mt
in 2018. European demand accounted for most of the growth,
increasing over 31 mt (61%) year-over-year. European demand was
driven by a combination of declining domestic production, continued
coal-to-gas switching for power generation, and inventory
restocking. In North Asia, demand from Japan, South Korea and
Taiwan declined by approximately 8 mt or 6%, while demand from
China increased by 7 mt or 13%. Wood Mackenzie forecasts global LNG
demand growth of over 90 mt between 2019 and 2025, a compound
annual growth of approximately 4%. This growth is expected to be
broad-based, with South East Asia (excluding India) accounting for
approximately 46% and China, Latin America and India expected to
account for 27%, 11% and 10%, respectively.
Wood Mackenzie estimates 2019 LNG supply of 364 mt, a 38 mt
increase (12%) over 2018. During the year, new production started
in the United States (Cameron Train 1, Corpus Christi LNG Train 2
and Freeport LNG Train 1) and Australia (Prelude). Supply from
existing liquefaction facilities in Australia, Russia, Nigeria and
Abu Dhabi also increased while downtime and/or underperformance at
existing facilities in Equatorial Guinea, Indonesia and Malaysia
partially offset these gains. Based on Wood Mackenzie’s current
forecasts, 2020 is anticipated to be another strong year for LNG
production growth, with supply expected to increase by 26 mt to 390
mt, a 7% increase on 2019. This includes new production from Elba
Island, Cameron and Freeport LNG in the United States, Yamal in
Russia and the continued ramp-up of projects which were brought
onstream in 2019.
During 2019, six new LNG liquefaction projects with a combined
capacity of approximately 79 million tonnes per annum (“mtpa”)
reached Final Investment Decision (“FID”), a record year for the
sanctioning of new LNG projects and underpinning further LNG supply
growth during the next decade. Projects which reached FID include
Golden Pass (16 mtpa), Calcasieu Pass (10 mtpa) and Sabine Pass
Train 6 (4.5 mtpa) in the United States, Mozambique LNG (12.9 mtpa)
in Mozambique, Arctic LNG-2 in Russia (19.8 mtpa) and Nigeria LNG
Train 7 (8 mtpa including debottlenecking of existing trains) in
Nigeria. Wood Mackenzie anticipates at least another 50 mtpa of new
LNG capacity will reach FID during 2020.
In the LNG shipping spot market, tri-fuel diesel electric vessel
(“TFDE”) headline rates, as reported by Clarksons, averaged $70,000
per day in 2019, a 23% decrease on 2018 levels. Low gas prices
during much of 2019 limited the arbitrage opportunities for
transporting LNG between the Atlantic and Pacific basins. However,
the market balance remains tight, as evidenced by the quick run up
in TFDE rates in the fourth quarter of 2019 when they reached a
peak of $140,000 per day in November, following a marked decrease
in spot ship availability. While headline spot rates in the first
quarter of 2020 to date have fallen from their peaks in the fourth
quarter of 2019, current headline rates are in line with or above
the comparable dates of recent years. According to Poten, 57 term
charters between 6 months and 7 years were reported in 2019, a
decrease of 22% over 2018, of which 25 were for TFDE vessels and 12
were for Steam vessels. The term charter market for Steam vessels
continues to be significantly less liquid than that for TFDEs.
Clarksons currently assesses headline spot rates for TFDE and
Steam LNG carriers at $65,000 per day and $43,500 per day,
respectively. While the short-term outlook for TFDE vessel demand
through the second half of 2020 and into early 2021 is supportive,
given continued growth in LNG supply, the very weak current prices
and forward curves for natural gas in the key markets of North Asia
and Europe are likely to result in shorter average voyage distances
and lower shipping requirements, as there is limited scope for
inter-basin arbitrage trading. The recent coronavirus outbreak has
also introduced uncertainty regarding demand for LNG over the
near-term, particularly in China. In addition, spot rates are
likely to be prone to further periods of seasonality and volatility
similar to those seen during 2019.
As of February 4, 2020, the orderbook totals 118 dedicated LNG
carriers (>100,000 cbm), following 48 newbuilding orders in
2019, according to estimates from Poten. This represents 22% of the
on the water fleet, approximately in line with the beginning of
2019. Of these, 74 vessels (or 63%) have multi-year charters.
Dividend Declaration
On November 14, 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 January 2, 2020 to holders of
record as of December 31, 2019. GasLog paid the declared dividend
to the transfer agent on December 30, 2019.
On December 14, 2019, the board of directors declared a special
dividend of $0.38 per common share, or $30.7 million in the
aggregate, which was paid on December 31, 2019.
On February 5, 2020, the board of directors declared a quarterly
cash dividend of $0.15 per common share, or $12.1 million in the
aggregate, payable on March 12, 2020 to shareholders of record as
of March 2, 2020.
Impairment Loss on Vessels
As of December 31, 2019, a number of increasingly strong
negative indicators caused the Group to recognize a non-cash
impairment loss on its six Steam vessels, five of which are owned
by GasLog Partners. Such indicators include the difference between
ship broker estimates of the fair market values and the carrying
values of the Steam vessels, the lack of liquidity in the market
for term employment for Steam vessels and reduced expectations for
the estimated rates at which such term employment could be secured
over the remaining economic life of these vessels, which may be at
materially lower levels than the rates earned prior to the expiry
of their multi-year charters with Shell. The redelivery of the
Methane Alison Victoria in January 2020, which is currently trading
in the spot market, and the scheduled redeliveries of the other
five Steam vessels prior to the end of 2020, which may also operate
in the spot market rather than under term charters, together with
the continued addition of larger and more fuel efficient LNG
carriers to the global fleet, are the principal factors which
caused the Group to recognize a non-cash impairment loss of $162.1
million in aggregate in the three and twelve months ended December
31, 2019 for the five Steam vessels owned by the Partnership, the
Methane Rita Andrea, the Methane Jane Elizabeth, the Methane Alison
Victoria, the Methane Shirley Elisabeth and the Methane Heather
Sally, and the one Steam vessel owned by GasLog, the Methane Lydon
Volney.
New Financing
On December 12, 2019, GasLog entered into a loan agreement for
an amount of $1,052.8 million with 13 international banks, with
Citibank N.A. London Branch and DNB Bank ASA, London Branch acting
as agents on behalf of the other finance parties, to finance the
delivery of the seven newbuildings scheduled to be delivered in
2020 and 2021. The financing is backed by the Export Import Bank of
Korea (“KEXIM”) and the Korea Trade Insurance Corporation
(“K-Sure”), who are either directly lending or providing cover for
over 60% of the facility.
Covenant Amendments
In December 2019, GasLog achieved improvements to the financial
and non-financial covenants across the entirety of its bank debt,
most notably decreasing minimum liquidity requirements from 3.0% of
total indebtedness, or 4% if dividends are paid, to a flat amount
of $75.0 million which will be applicable upon repayment of our
U.S. dollar bonds maturing in March 2022, which have a minimum
liquidity requirement of 2.5% of total indebtedness. The covenants
are now aligned with the terms of the Newbuilding Facility and the
GasLog Warsaw facility concluded earlier in 2019.
NOK Bonds
On November 21, 2019, GasLog completed the issuance of NOK 900.0
million (equivalent to $98.6 million) of NOK 2024 Bonds in the
Norwegian bond market. The NOK 2024 Bonds mature in November 2024
and have a coupon of 6.25% over the three-month Norwegian Interbank
Offered Rate (“NIBOR”). The proceeds from the issuance were used in
part to repurchase and cancel NOK 316.0 million (or $34.6 million)
of the outstanding NOK 2021 Bonds at a price of 104.75% of par
value. The outstanding balance of the NOK 2021 Bonds, after the
partial repurchase, amounted to NOK 434.0 million (equivalent to
$49.2 million). On January 31, 2020, GasLog completed the
repurchase of the outstanding balance of the NOK 2021 Bonds at a
price of 104.0% of par value plus accrued interest, for a total
consideration of NOK 451.4 million ($54.4 million).
Restructuring Costs
In November 2019, GasLog announced plans to
relocate more of its employees including several members of senior
management to the Piraeus, Greece office, home of our operational
platform, in order to enhance execution, efficiency and operational
excellence and to reduce overheads. As a result, the Monaco office
will reduce the already limited number of employees, whilst the
London office will focus primarily on chartering activities and
company secretarial duties. The offices in Singapore, Korea and the
U.S. will be unaffected by the changes. For the quarter and the
year ended December 31, 2019, the Group has recognized total
restructuring costs of $4.7 million, the majority of which will be
paid in 2020.
Financial Summary
Amounts
in thousands of U.S. dollars |
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
Revenues |
|
$ |
188,644 |
|
$ |
182,253 |
|
$ |
618,344 |
|
$ |
668,637 |
|
Profit/(loss) |
|
$ |
30,384 |
|
$ |
(119,889 |
) |
$ |
126,398 |
|
$ |
(115,613 |
) |
Adjusted Profit(1) |
|
$ |
62,517 |
|
$ |
38,474 |
|
$ |
134,845 |
|
$ |
113,000 |
|
Adjusted EBITDA(1) |
|
$ |
145,026 |
|
$ |
129,209 |
|
$ |
447,747 |
|
$ |
461,226 |
|
Profit/(loss) attributable to
the owners of GasLog |
|
$ |
13,785 |
|
$ |
(50,171 |
) |
$ |
47,683 |
|
$ |
(100,661 |
) |
EPS, basic |
|
$ |
0.14 |
|
$ |
(0.65 |
) |
$ |
0.47 |
|
$ |
(1.37 |
) |
Adjusted EPS(1) |
|
$ |
0.54 |
|
$ |
0.14 |
|
$ |
0.57 |
|
$ |
0.29 |
|
(1) 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 2,465 revenue operating days and 9,518 revenue
operating days (including 1,063 days in the LNG carrier pooling
agreement (the “Cool Pool”) for the quarter and the year ended
December 31, 2019, respectively, as compared to 2,317 revenue
operating days (including 552 days in the Cool Pool) and 9,030
revenue operating days (including 2,046 days in the Cool Pool) for
the quarter and year ended December 31, 2018. The quarterly
increase in revenue operating days was mainly driven by the
increased operating days from the delivery of the GasLog Gladstone
on March 15, 2019 and the delivery of the GasLog Warsaw on July 31,
2019, and the decreased unchartered days from the vessels operating
in the spot market, partially offset by the increased off-hire days
for dry-dockings. The year-on-year increase in revenue operating
days was mainly driven by the increased operating days from the
delivery of the GasLog Gladstone on March 15, 2019 and the delivery
of the GasLog Warsaw on July 31, 2019, and the full operation in
the year ending December 31, 2019 of the GasLog Houston, the GasLog
Hong Kong and the GasLog Genoa, which were delivered on January 8,
2018, March 20, 2018 and March 29, 2018, respectively. The above
increases were partially offset by the increased unavailable days
(i.e. days before and after a dry-docking where the vessel has
limited ability for chartering opportunities) and increased
unchartered days from the vessels operating in the spot market.
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 in
this category during 2019 were the GasLog Savannah, the GasLog
Singapore, the GasLog Shanghai, the GasLog Skagen, the GasLog
Saratoga, the GasLog Salem and the GasLog Chelsea.
Revenues were $182.3 million and $668.6 million for the quarter
and the year ended December 31, 2019, respectively ($188.6 million
and $618.3 million for the quarter and the year ended December 31,
2018, respectively). The decrease for the quarter ended December
31, 2019 as compared to the quarter ended December 31, 2018 was
mainly driven by a decrease from our vessels operating in the spot
and short-term market, including the impact of the unscheduled
dry-dockings of the GasLog Savannah, the GasLog Singapore and the
GasLog Chelsea and from the expiration of the initial time charters
of the GasLog Sydney, the GasLog Saratoga and the Methane Jane
Elizabeth, partially offset by the delivery of the GasLog Gladstone
on March 15, 2019 and the delivery of the GasLog Warsaw on July 31,
2019. The year-on-year increase resulted mainly from the full
operation of the GasLog Houston, the GasLog Hong Kong and the
GasLog Genoa (which were delivered on January 8, 2018, March 20,
2018 and March 29, 2018, respectively) and the deliveries of the
GasLog Gladstone on March 15, 2019 and the GasLog Warsaw on July
31, 2019. In addition, there was an increase from our vessels
operating in the spot and short-term market including the impact of
the unscheduled dry-dockings of the GasLog Savannah, the GasLog
Singapore and the GasLog Chelsea which was partially offset by a
decrease from the expiration of the initial time charters of the
GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog
Skagen, the GasLog Saratoga and the Methane Jane Elizabeth.
For the quarter and year ended December 31, 2019, an analysis of
revenue operating days, revenues and voyage expenses and
commissions per category of charter is presented below:
Amounts
in thousands of U.S. dollars |
|
For the three months ended December 31, 2019 |
|
For the year ended December 31,
2019 |
|
|
Variable rate charters |
|
Fixed rate charters |
|
Variable rate charters |
|
Fixed rate charters |
|
Available days (*) |
|
|
622 |
|
|
1,871 |
|
|
1,150 |
|
|
7,487 |
|
Revenue operating
days(**) |
|
|
594 |
|
|
1,871 |
|
|
968 |
|
|
7,487 |
|
Revenues |
|
|
42,767 |
|
|
139,486 |
|
|
64,334 |
|
|
604,303 |
|
Voyage expenses and
commissions |
|
|
(1,483 |
) |
|
(2,849 |
) |
|
(4,760 |
) |
|
(19,012 |
) |
(*) 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 $45.3 million and $8.1 million,
respectively, from the operation of its vessels in the Cool Pool
during the year ended December 31, 2019 (December 31, 2018: $102.3
million and $10.2 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 $4.3 million and $23.8
million for the quarter and the year ended December 31, 2019,
respectively ($3.6 million and $20.4 million for the quarter and
the year ended December 31, 2018, respectively). The increase for
the quarter and year ended December 31, 2019 as compared to the
quarter and year ended December 31, 2018 was primarily attributable
to the increase in bunkers’ consumption of the vessels operating in
the spot market.
Vessel operating and supervision costs were $39.5 million and
$139.7 million for the quarter and the year ended December 31,
2019, respectively ($29.1 million and $128.1 million for the
quarter and the year ended December 31, 2018, respectively). The
increase in vessel operating and supervision costs for the quarter
ended December 31, 2019 as compared to the quarter ended December
31, 2018 is mainly attributable to the deliveries of the GasLog
Gladstone and the GasLog Warsaw on March 15, 2019 and July 31,
2019, respectively, the increase in scheduled technical maintenance
costs related to engine maintenance and costs during dry-dockings,
including expenses associated with the preparation for compliance
with the International Maritime Organization (“IMO”) 2020
regulations, as well as one-off returns in vessel taxes in the
fourth quarter of 2018 (which did not occur in the fourth quarter
of 2019) and increased insurance costs. The year-on-year increase
was mainly attributable to the 2018 and 2019 vessel deliveries,
increased scheduled technical and maintenance costs related to
engine maintenance and costs related to dry-dockings, including
expenses associated with the preparation for compliance with the
IMO 2020 regulations, the increase in insurance costs, partially
offset by the favorable movement of the EUR/USD exchange rate.
Daily operating costs per vessel increased from $12,661 per
ownership day (excluding the Solaris which is managed by Shell) for
the quarter ended December 31, 2018 to $15,917 per ownership day
(excluding the Solaris which is managed by Shell) for the
three-month period ended December 31, 2019. Daily operating cost
per vessel was affected by the increases described above. Daily
operating costs per vessel increased from $14,306 per ownership day
(as defined below) for the year ended December 31, 2018 to $14,595
per ownership day (as defined below) for the year ended December
31, 2019. Ownership days represent total calendar days for our
owned and bareboat fleet.
General and administrative expenses were $14.5 million and $47.4
million for the quarter and the year ended December 31, 2019,
respectively ($9.7 million and $42.0 million for the quarter and
the year ended December 31, 2018, respectively). The quarterly and
year-on year increase was mainly affected by the restructuring
costs of $4.7 million that occurred in the fourth quarter of 2019.
Excluding the effect of the abovementioned restructuring costs,
general and administrative expenses did not materially change for
the quarter ending December 31, 2019 as compared to the quarter
ending December 31, 2018, whereas there was a slight increase of
$0.6 million for the year ending December 31, 2019 as compared to
the year ending December 31, 2018. Daily general and administrative
expenses per vessel, excluding the effect of the restructuring
costs, decreased from $4,060 per ownership day (as defined above)
for the quarter ended December 31, 2018 to $3,809 per ownership day
(as defined above) for the quarter ended December 31, 2019. Daily
general and administrative expenses per vessel excluding the effect
of the restructuring costs decreased from $4,507 per ownership day
(as defined above) for the year ended December 31, 2018 to $4,297
per ownership day (as defined above) for the year ended December
31, 2019.
Depreciation was $43.9 million and $168.0 million for the
quarter and the year ended December 31, 2019, respectively ($39.5
million and $153.2 million for the quarter and the year ended
December 31, 2018, respectively). The quarterly and year-on-year
increase resulted mainly from the delivery of the GasLog Gladstone
on March 15, 2019 and the GasLog Warsaw on July 31, 2019, and an
increase from the depreciation of the right-of-use assets deriving
from the implementation of IFRS 16 Leases. The year-on-year
increase resulted mainly from the delivery of the GasLog Gladstone
on March 15, 2019 and the GasLog Warsaw on July 31, 2019, the full
operation in the year ending December 31, 2019 of the GasLog
Houston, the GasLog Hong Kong and the GasLog Genoa following their
delivery on January 8, 2018, March 20, 2018 and March 29, 2018,
respectively, and the increase from the depreciation of the
right-of-use assets deriving from the implementation of IFRS 16
Leases.
Financial costs were $51.6 million and $190.5 million for the
quarter and the year ended December 31, 2019, respectively ($44.1
million and $166.6 million for the quarter and the year ended
December 31, 2018, respectively). The quarterly increase was mainly
attributable to the $3.9 million unrealized foreign exchange losses
on cash and bond included in other financial costs and the $2.1
million loss arising from the bond repurchases at premium to par.
The year-on-year increase was mainly attributable to an increase of
$15.8 million in interest expense on loans, bonds and cash flow
hedges, due to the increased weighted average outstanding
indebtedness, the $4.2 million unrealized foreign exchange losses
on cash and bond included in other financial costs and the $2.1
million loss arising from the bond repurchases at premium to par.
An analysis of the financial costs is set out below:
(All
amounts expressed in thousands of U.S. dollars)
|
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
Financial
costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and write-off of
deferred loan/ bond issuance costs/premium |
|
$ |
(3,210 |
) |
$ |
(3,504 |
) |
$ |
(12,593 |
) |
$ |
(14,154 |
) |
Interest expense on loans |
|
|
(30,269 |
) |
|
(29,012 |
) |
|
(111,600 |
) |
|
(122,819 |
) |
Interest expense on bonds and
realized loss on cross-currency swaps (“CCS”) |
|
|
(7,588 |
) |
|
(9,678 |
) |
|
(30,029 |
) |
|
(34,607 |
) |
Lease charge |
|
|
(2,617 |
) |
|
(2,606 |
) |
|
(10,520 |
) |
|
(10,506 |
) |
Loss arising on bond
repurchases at a premium |
|
|
— |
|
|
(2,119 |
) |
|
— |
|
|
(2,119 |
) |
Other financial costs |
|
|
(438 |
) |
|
(4,697 |
) |
|
(1,885 |
) |
|
(6,276 |
) |
Total |
|
$ |
(44,122 |
) |
$ |
(51,616 |
) |
$ |
(166,627 |
) |
$ |
(190,481 |
) |
Gain on derivatives was $12.4 million for the quarter ended
December 31, 2019 and loss on derivatives was $55.4 million for the
year ended December 31, 2019 ($32.4 million and $6.1 million loss
for the quarter and the year ended December 31, 2018,
respectively). The gain on derivatives in the quarter ending
December 31, 2019, as compared to the loss in the quarter ending
December 31, 2018, was mainly attributable to a decrease of $45.9
million in loss from mark-to-market valuation of our derivative
financial instruments carried at fair value through profit or loss.
The gain on derivatives in the quarter ending December 31, 2019
derived mainly from increases in the London Interbank Offered Rate
(“LIBOR”) curve. The year-on-year increase in loss on derivatives
is mainly attributable to an increase of $46.1 million in loss from
mark-to-market valuation of our derivative financial instruments
carried at fair value through profit or loss derived mainly from
decreases in the LIBOR curve. An analysis of (loss)/gain on
derivatives is set out below:
(All
amounts expressed in thousands of U.S. dollars)
|
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
(Loss)/gain on
derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain/(loss) on
derivatives held for trading |
|
$ |
828 |
|
$ |
(243 |
) |
$ |
1,893 |
|
$ |
3,164 |
|
Realized (loss)/gain on
forward foreign exchange contracts held for trading |
|
|
(1,122 |
) |
|
(142 |
) |
|
241 |
|
|
(3,707 |
) |
Unrealized (loss)/gain on
derivative financial instruments held for trading |
|
|
(32,132 |
) |
|
13,778 |
|
|
(7,922 |
) |
|
(54,050 |
) |
Recycled loss of cash flow
hedges reclassified to profit or loss |
|
|
— |
|
|
(697 |
) |
|
— |
|
|
(697 |
) |
Ineffective portion of cash
flow hedges |
|
|
43 |
|
|
(336 |
) |
|
(289 |
) |
|
(151 |
) |
Total |
|
$ |
(32,383 |
) |
$ |
12,360 |
|
$ |
(6,077 |
) |
$ |
(55,441 |
) |
Loss was $119.9 million and $115.6 million for the quarter and
the year ended December 31, 2019, respectively ($30.4 million and
$126.4 million profit for the quarter and the year ended December
31, 2018, respectively). The quarterly decrease in profit to a loss
was mainly attributable to an impairment loss on Steam vessels of
$162.1 million recognized in the fourth quarter of 2019 and due to
the factors mentioned above, partially offset by the mark-to-market
gains on derivatives in the quarter ending December 31, 2019 as
compared to losses in the quarter ending December 31, 2018. The
year-on-year decrease in profit was mainly attributable to an
impairment loss on vessels of $162.1 million recognized in the
fourth quarter of 2019 and due to the factors mentioned above, the
increase in mark-to-market losses on derivatives and the increase
in financial costs (as described above).
Adjusted Profit(1) was $38.5 million and $113.0 million for the
quarter and the year ended December 31, 2019, respectively ($62.5
million and $134.8 million for the quarter and the year ended
December 31, 2018, respectively) adjusted for the effects of the
write-off and accelerated amortization of unamortized loan and bond
fees and premium, foreign exchange losses, unrealized foreign
exchange losses on cash and bond, impairment loss on vessels,
restructuring costs and non-cash gain/loss on derivatives.
Loss attributable to the owners of GasLog was $50.2 million and
$100.7 million for the quarter and the year ended December 31,
2019, respectively ($13.8 million and $47.7 million profit for the
quarter and the year ended December 31, 2018, respectively). The
decrease in profit to loss attributable to the owners of GasLog
resulted mainly from the respective movements in profit mentioned
above.
Adjusted EBITDA(1) was $129.2 million and $461.2 million for the
quarter and the year ended December 31, 2019, respectively ($145.0
million and $447.7 million for the quarter and the year ended
December 31, 2018, respectively).
EPS was a loss of $0.65 and $1.37 for the
quarter and the year ended December 31, 2019, respectively
(earnings of $0.14 and $0.47 for the quarter and the year ended
December 31, 2018, respectively). The decrease in earnings per
share to loss per share is mainly attributable to the respective
movements in profit attributable to the owners of GasLog discussed
above.
Adjusted Earnings per share(1) was $0.14 and $0.29 for the
quarter and the year ended December 31, 2019, respectively
(earnings of $0.54 and $0.57 for the quarter and the year ended
December 31, 2018, respectively), adjusted for the effects of the
write-off and accelerated amortization of unamortized loan and bond
fees and premium, foreign exchange losses, unrealized foreign
exchange losses on cash and bond, impairment loss on vessels,
restructuring costs and non-cash gain/loss on derivatives.
(1) Adjusted Profit, 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
The following table summarizes GasLog’s
(including the vessels contributed or sold to GasLog Partners)
contracted charter revenues and contract cover after December 31,
2019:
|
Contracted Charter Revenues and Days from Time
Charters |
|
For the Year Ending December 31, |
|
|
2020 |
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
2024 ‑
2032 |
Total |
|
(in millions of U.S. dollars, except days and
percentages) |
Contracted time charter
revenues(1) |
$ |
570.7 |
|
$ |
553.6 |
|
$ |
541.0 |
|
$ |
511.3 |
|
$ |
1,775.6 |
|
$ |
3,952.2 |
|
Total contracted days(1) |
|
8,109 |
|
|
7,581 |
|
|
7,269 |
|
|
6,692 |
|
|
23,762 |
|
|
53,413 |
|
Total available days(2) |
|
10,720 |
|
|
12,234 |
|
|
12,775 |
|
|
12,535 |
|
|
113,250 |
|
|
161,514 |
|
Total unfixed days(3) |
|
2,611 |
|
|
4,653 |
|
|
5,506 |
|
|
5,843 |
|
|
89,488 |
|
|
108,101 |
|
Percentage of total contracted
days/total available days |
|
75.6 |
% |
|
62.0 |
% |
|
56.9 |
% |
|
53.4 |
% |
|
21.0 |
% |
|
33.1 |
% |
(1)
Reflects time charter revenues and contracted days for our wholly
owned vessels, the 15 vessels owned by the Partnership, the
bareboat vessel and the seven newbuildings on order for which we
have secured time charters. Does not include charter revenues for
the Methane Nile Eagle, in which we hold a 25.0% minority interest.
Contracted revenue calculations assume: (a) 365 revenue days
per annum, with 30 off‑hire days when the vessel undergoes
scheduled dry‑docking (every five years); (b) all LNG carriers
on order are delivered on schedule; and (c) no exercise of any
option to extend the terms of charters. For time charters that give
the charterer the option to set the charter hire rate at prevailing
market rates during an initial portion of the time charter’s term,
revenue calculations assume that the charterer does not elect such
option. Revenue calculations for such charters include an estimate
of the amount of the operating cost component and the management
fee component. For time charters that are based on a variable rate
of hire within an agreed range during the charter period, the lower
end of the range is used for this calculation.
(2)
Available days represent total calendar days after deducting 30
off‑hire days when the vessel undergoes scheduled dry‑docking. The
available days for the vessels operating in the spot/short‑term
market are included.
(3)
Represents available days for ships after the expiration of
existing charters (assuming charterers do not exercise any option
to extend the terms of the charters) and the available days for the
vessels operating in the spot/short‑term market.
Other than the assumptions reflected in the footnotes to the
table, including our assumption that our newbuildings are delivered
on schedule, the table does not reflect events occurring after
December 31, 2019. The table reflects only our contracted charter
revenues for the ships in our owned fleet and bareboat fleet for
which we have secured time charters, and it does not reflect the
costs or expenses we will incur in fulfilling our obligations under
the charters, nor does it include other revenues we may earn, such
as revenues for technical management of customer-owned ships. In
particular, the table does not reflect any revenues from any
additional ships we may acquire in the future, nor does it reflect
the options under our time charters that permit our charterers to
extend the time charter terms for successive multi-year periods.
The entry into new time charter contracts for the vessels that are
operating in the spot term market and any additional ships we may
acquire, or the exercise of options extending the terms of our
existing charters, would result in an increase in the number of
contracted days and the contracted revenue for our fleet in the
future. Although the contracted charter revenues are based on
contracted charter hire rate provisions, they reflect certain
assumptions, including assumptions relating to future ship
operating costs. We consider the assumptions to be reasonable as of
the date of this report, but if these assumptions prove to be
incorrect, our actual time charter revenues could differ from those
reflected in the table. Furthermore, any contract is subject to
various risks, including performance by the counterparties or an
early termination of the contract pursuant to its terms. If the
charterers are unable or unwilling to make charter payments to us,
or if we agree to renegotiate charter terms at the request of a
charterer or if contracts are prematurely terminated for any
reason, we would be exposed to prevailing market conditions at the
time and our results of operations and financial condition may be
materially adversely affected. Please see the disclosure under the
heading “Risk Factors” in our Annual Report on Form 20-F filed with
the SEC on March 5, 2019. For these reasons, the contracted charter
revenue information presented above is not fact and should not be
relied upon as being necessarily indicative of future results and
readers are cautioned not to place undue reliance on this
information. Neither the Company’s independent auditors, nor any
other independent accountants, have compiled, examined or performed
any procedures with respect to the information presented in the
table, nor have they expressed any opinion or any other form of
assurance on such information or its achievability and assume no
responsibility for, and disclaim any association with, the
information in the table.
Liquidity and Capital Resources
As of December 31, 2019, GasLog had $263.8 million of cash and
cash equivalents, of which $149.5 million was held in time deposits
and the remaining balance in current accounts. Moreover, as of
December 31, 2019, GasLog had $4.5 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 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.
On November 21, 2019, GasLog completed the issuance of NOK 900.0
million (equivalent to $98.6 million) of NOK 2024 Bonds in the
Norwegian bond market. The NOK 2024 Bonds mature in November 2024
and have a coupon of 6.25% over three-month NIBOR. The proceeds
from the issuance were used in part to repurchase and cancel NOK
316.0 million (or $34.6 million) of the outstanding NOK 2021 Bonds
at a price of 104.75% of par value. The outstanding balance of the
NOK 2021 Bonds after the partial repurchase amounted to NOK 434.0
million (equivalent to $49.2 million). On January 31, 2020, GasLog
completed the repurchase of the outstanding balance of the NOK 2021
Bonds at a price of 104.0% of par value plus accrued interest, for
a total consideration of NOK 451.4 million ($54.4 million at the
swapped rate under the associated cross currency swaps). In
addition, GasLog paid $10.5 million for the partial exchange of the
outstanding 8.875% Senior Notes at a price of 104.75% of par value.
The exchange was completed in January 2020.
As of December 31, 2019, GasLog had an aggregate of $3.1 billion
of indebtedness outstanding under its credit facilities and bond
agreements, of which $255.4 million was repayable within one year,
and $204.9 million of lease liabilities, of which $9.4 million was
repayable within one year.
As of December 31, 2019, in addition to the $1.1 billion under
the Newbuilding Facility, 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 December 31, 2019, the total remaining balance of the
contract prices of the seven LNG carriers on order was $1.1
billion, which GasLog expects to be funded with the Newbuilding
Facility, cash balances and cash from operations.
As of December 31, 2019, GasLog’s current assets total $315.8
million, while current liabilities total $437.5 million, resulting
in a negative working capital position of $121.7 million. We
anticipate that available cash and cash flow generated from
operations will be sufficient to fund our operations, including our
working capital requirements, and to make all other required
principal and interest payments on our indebtedness during the next
12 months.
GasLog has hedged 44.2% of its expected floating interest rate
exposure on its outstanding debt (excluding the lease liability) as
of December 31, 2019.
Our Fleet
Owned Fleet
The following table presents information about our wholly owned
vessels and their associated time charters as of February 6,
2020:
|
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
1 |
GasLog Chelsea |
|
2010 |
|
153,600 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
2 |
GasLog Saratoga |
|
2014 |
|
155,000 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
3 |
GasLog Salem |
|
2015 |
|
155,000 |
|
Gunvor(3) |
|
TFDE |
|
March 2021 |
|
— |
4 |
GasLog Savannah |
|
2010 |
|
155,000 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
5 |
GasLog Skagen |
|
2013 |
|
155,000 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
6 |
Methane Lydon Volney |
|
2006 |
|
145,000 |
|
Shell |
|
Steam |
|
October 2020 |
|
— |
7 |
GasLog Warsaw |
|
2019 |
|
180,000 |
|
Cheniere |
|
X-DF(4) |
|
May 2021 |
|
— |
|
|
|
Endesa |
|
|
May 2029 |
|
2035-2041 |
8 |
GasLog Hong Kong |
|
2018 |
|
174,000 |
|
Total(5) |
|
X-DF(4) |
|
December 2025 |
|
2028 |
9 |
GasLog Genoa |
|
2018 |
|
174,000 |
|
Shell |
|
X-DF(4) |
|
March 2027 |
|
2030-2033 |
10 |
GasLog Houston |
|
2018 |
|
174,000 |
|
Shell |
|
X-DF(4) |
|
May 2028 |
|
2031-2034 |
11 |
GasLog Gladstone |
|
2019 |
|
174,000 |
|
Shell |
|
X-DF(4) |
|
January 2029 |
|
2032-2035 |
12 |
GasLog Singapore |
|
2010 |
|
155,000 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
|
|
|
Sinolam LNG(6) |
|
|
October 2030 |
|
— |
The following table presents information about GasLog Partners’
fleet and their associated time charters as of February 6,
2020:
|
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
|
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
|
1 |
Methane Alison Victoria |
|
2007 |
|
145,000 |
|
Spot Market(7) |
|
Steam |
|
— |
|
— |
|
2 |
Methane Rita Andrea |
|
2006 |
|
145,000 |
|
Shell |
|
Steam |
|
April 2020 |
|
— |
3 |
Methane Shirley Elisabeth |
|
2007 |
|
145,000 |
|
Shell |
|
Steam |
|
June 2020 |
|
— |
4 |
GasLog Sydney |
|
2013 |
|
155,000 |
|
Cheniere |
|
TFDE |
|
June 2020 |
|
2020-2021 |
5 |
Methane Jane Elizabeth |
|
2006 |
|
145,000 |
|
Trafigura(8) |
|
Steam |
|
November 2020 |
|
2021-2024 |
6 |
Methane Heather Sally |
|
2007 |
|
145,000 |
|
Shell |
|
Steam |
|
December 2020 |
|
— |
7 |
GasLog Seattle |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
June 2021 |
|
— |
8 |
Solaris |
|
2014 |
|
155,000 |
|
Shell |
|
TFDE |
|
June 2021 |
|
— |
9 |
GasLog Santiago |
|
2013 |
|
155,000 |
|
Trafigura |
|
TFDE |
|
December 2021 |
|
2022-2028 |
10 |
GasLog Shanghai |
|
2013 |
|
155,000 |
|
Gunvor(3) |
|
TFDE |
|
November 2022 |
|
— |
11 |
GasLog Geneva |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
September 2023 |
|
2028-2031 |
12 |
GasLog Gibraltar |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
October 2023 |
|
2028-2031 |
13 |
Methane Becki Anne |
|
2010 |
|
170,000 |
|
Shell |
|
TFDE |
|
March 2024 |
|
2027-2029 |
14 |
GasLog Greece |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
March 2026 |
|
2031 |
15 |
GasLog Glasgow |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
June 2026 |
|
2031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bareboat Vessel
|
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
1 |
Methane Julia Louise (9) |
|
2010 |
|
170,000 |
|
Shell |
|
TFDE |
|
March 2026 |
|
2029-2031 |
(1) Indicates the expiration of the initial
term.(2) The period shown reflects the expiration of
the minimum optional period and the maximum optional period. The
charterer of the GasLog Santiago may extend the term of this time
charter for a period ranging from one to seven years, provided that
the charterer provides us with advance notice of declaration. The
charterer of the GasLog Sydney may extend the term of this time
charter for a period ranging from six to twelve months, provided
that the charterer provides us with advance notice of declaration.
The charterer of the Methane Becki Anne and the Methane Julia
Louise has unilateral options to extend the term of the related
time charters for a period of either three or five years at their
election, provided that the charterer provides us with advance
notice of declaration of any option in accordance with the terms of
the applicable charter. The charterer of the GasLog Greece and the
GasLog Glasgow has the right to extend the charters for a period of
five years at the charterer’s option. The charterer of the GasLog
Geneva and the GasLog Gibraltar has the right to extend the charter
by two additional periods of five and three years, respectively,
provided that the charterer provides us with advance notice of
declaration. The charterer of the GasLog Houston, the GasLog Genoa
and the GasLog Gladstone has the right to extend the charters by
two additional periods of three years, provided that the charterer
provides us with advance notice of declaration. The charterer of
the Methane Jane Elizabeth has the right to extend the term of this
time charter for a period ranging from one to four years, provided
that the charterer gives us advance notice of declaration. The
charterer of the GasLog Hong Kong has the right to extend the
charter for a period of three years, provided that the charterer
provides us with advance notice of declaration. Endesa has the
right to extend the charter of the GasLog Warsaw by two additional
periods of six years, provided that the charterer provides us with
advance notice of declaration.(3) The vessel is
chartered to Clearlake Shipping Pte. Ltd., a subsidiary of
Gunvor.(4) “X-DF” refers to low pressure dual fuel
two-stroke propulsion.(5) “Total” refers to Total Gas
& Power Limited – London, Meyrin-Geneva Branch, a wholly owned
subsidiary of Total S.A.(6) The vessel is currently
trading in the spot market and has been chartered to Sinolam LNG
for the provision of an FSU. The charter is expected to commence in
November 2020, after the dry-docking and conversion of the vessel
to an FSU.(7) The vessel is currently trading in the
spot market after expiration of the initial charter with Shell.
(8) In March 2018, GasLog Partners
secured a one-year charter with Trafigura for the Methane Jane
Elizabeth (as nominated by the Partnership), which is expected to
commence in November 2019. The hire rate for this charter will be
lower than the hire rate under the vessel’s multi-year charter with
Shell, which expired in October 2019. (9) On February 24,
2016, GasLog’s subsidiary, GAS-twenty six Ltd., completed the sale
and leaseback of the Methane Julia Louise with Lepta Shipping.
Lepta Shipping has the right to on-sell and lease back the vessel.
The vessel was sold to Lepta Shipping for a total consideration
approximately equivalent to its book value at the time of the sale.
GasLog has leased back the vessel under a bareboat charter from
Lepta Shipping for a period of up to 20 years. GasLog has the
option to re-purchase the vessel on pre-agreed terms no earlier
than the end of year ten and no later than the end of year 17 of
the bareboat charter. The vessel remains on its eleven-year-charter
with Methane Services Limited, a subsidiary of Shell.
Future Deliveries
As of February 6, 2020, 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
plc (“Centrica”). (3) The vessel is
chartered to the principal LNG shipping entity of
JERA.(4) The vessel is chartered to a
wholly owned subsidiary of Cheniere Energy Inc. (“Cheniere”).
Conference Call
GasLog and GasLog Partners will host a joint conference call to
discuss their results for the fourth quarter of 2019 at 8:30 a.m.
EST (1:30 p.m. GMT) on Thursday, February 6, 2020. Paul Wogan,
Chief Executive Officer of GasLog and Andrew Orekar, Chief
Executive Officer of GasLog Partners will review the operational
and financial performance of both companies. 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)
+47 2396 4173 (Oslo)
Conference ID: 2692918
A live webcast of the conference call will also be available on
the Investor Relations page of both the GasLog
(http://www.gaslogltd.com/investors) and GasLog Partners
(http://www.gaslogmlp.com/investors) websites.
For those unable to participate in the conference call, a replay
of the webcast will be available on the Investor Relations pages of
the companies’ websites as referenced above.
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 69 Akti Miaouli, 18537
Piraeus, Greece. 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, including geopolitical
events, 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
operating 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 our ability to secure employment for
such vessels as well as 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
Philip 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
2019(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
|
|
|
|
December 31, 2018 |
|
December 31, 2019 |
|
Assets |
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
Goodwill |
|
9,511 |
|
|
9,511 |
|
Investment in associates |
|
20,713 |
|
|
21,620 |
|
Deferred financing costs |
|
4,576 |
|
|
11,592 |
|
Other non-current assets |
|
2,543 |
|
|
24,221 |
|
Derivative financial
instruments |
|
8,966 |
|
|
3,572 |
|
Tangible fixed assets |
|
4,323,582 |
|
|
4,427,065 |
|
Vessels under
construction |
|
159,275 |
|
|
203,323 |
|
Right-of-use assets |
|
206,753 |
|
|
206,495 |
|
Total non-current
assets |
|
4,735,919 |
|
|
4,907,399 |
|
Current
assets |
|
|
|
|
|
|
Trade and other
receivables |
|
20,244 |
|
|
24,900 |
|
Dividends receivable and other
amounts due from related parties |
|
33,395 |
|
|
573 |
|
Derivative financial
instruments |
|
6,222 |
|
|
429 |
|
Inventories |
|
7,753 |
|
|
8,172 |
|
Prepayments and other current
assets |
|
3,680 |
|
|
13,475 |
|
Short-term investments |
|
25,000 |
|
|
4,500 |
|
Cash and cash equivalents |
|
342,594 |
|
|
263,747 |
|
Total current
assets |
|
438,888 |
|
|
315,796 |
|
Total
assets |
|
5,174,807 |
|
|
5,223,195 |
|
Equity and
liabilities |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Preference shares |
|
46 |
|
|
46 |
|
Share capital |
|
810 |
|
|
810 |
|
Contributed surplus |
|
850,576 |
|
|
760,671 |
|
Reserves |
|
18,962 |
|
|
16,799 |
|
Treasury shares |
|
(3,266 |
) |
|
(2,159 |
) |
Retained earnings/(accumulated
deficit) |
|
12,614 |
|
|
(87,832 |
) |
Equity attributable to
owners of the Group |
|
879,742 |
|
|
688,335 |
|
Non-controlling interests |
|
1,103,380 |
|
|
961,518 |
|
Total
equity |
|
1,983,122 |
|
|
1,649,853 |
|
Current
liabilities |
|
|
|
|
|
|
Trade accounts payable |
|
11,890 |
|
|
27,615 |
|
Ship management creditors |
|
580 |
|
|
601 |
|
Amounts due to related
parties |
|
169 |
|
|
200 |
|
Derivative financial
instruments |
|
2,091 |
|
|
8,095 |
|
Other payables and
accruals |
|
127,450 |
|
|
136,242 |
|
Borrowings, current
portion |
|
520,550 |
|
|
255,422 |
|
Lease liability, current
portion |
|
6,675 |
|
|
9,363 |
|
Total current
liabilities |
|
669,405 |
|
|
437,538 |
|
Non-current
liabilities |
|
|
|
|
|
|
Derivative financial
instruments |
|
10,001 |
|
|
41,837 |
|
Borrowings, non-current
portion |
|
2,307,909 |
|
|
2,891,973 |
|
Lease liability, non-current
portion |
|
199,424 |
|
|
195,567 |
|
Other non-current
liabilities |
|
4,946 |
|
|
6,427 |
|
Total non-current
liabilities |
|
2,522,280 |
|
|
3,135,804 |
|
Total equity and
liabilities |
|
5,174,807 |
|
|
5,223,195 |
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit or
lossFor the three months and years ended
December 31, 2018 and
2019(Amounts expressed in thousands of U.S.
Dollars, except per share data)
|
For the three months ended |
|
For the years ended |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
Revenues |
|
188,644 |
|
|
182,253 |
|
|
618,344 |
|
|
668,637 |
|
Net pool allocation |
|
(1,675 |
) |
|
— |
|
|
17,818 |
|
|
(4,264 |
) |
Voyage expenses and
commissions |
|
(3,631 |
) |
|
(4,332 |
) |
|
(20,374 |
) |
|
(23,772 |
) |
Vessel operating and
supervision costs |
|
(29,120 |
) |
|
(39,538 |
) |
|
(128,084 |
) |
|
(139,662 |
) |
Depreciation |
|
(39,510 |
) |
|
(43,855 |
) |
|
(153,193 |
) |
|
(168,041 |
) |
General and administrative
expenses |
|
(9,711 |
) |
|
(14,512 |
) |
|
(41,993 |
) |
|
(47,385 |
) |
Impairment loss on
vessels |
|
— |
|
|
(162,149 |
) |
|
— |
|
|
(162,149 |
) |
Profit/(loss) from
operations |
|
104,997 |
|
|
(82,133 |
) |
|
292,518 |
|
|
123,364 |
|
Financial costs |
|
(44,122 |
) |
|
(51,616 |
) |
|
(166,627 |
) |
|
(190,481 |
) |
Financial income |
|
1,417 |
|
|
961 |
|
|
4,784 |
|
|
5,318 |
|
(Loss)/gain on
derivatives |
|
(32,383 |
) |
|
12,360 |
|
|
(6,077 |
) |
|
(55,441 |
) |
Share of profit of
associates |
|
475 |
|
|
539 |
|
|
1,800 |
|
|
1,627 |
|
Total other expenses,
net |
|
(74,613 |
) |
|
(37,756 |
) |
|
(166,120 |
) |
|
(238,977 |
) |
Profit/(loss) for the
period |
|
30,384 |
|
|
(119,889 |
) |
|
126,398 |
|
|
(115,613 |
) |
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Group |
|
13,785 |
|
|
(50,171 |
) |
|
47,683 |
|
|
(100,661 |
) |
Non-controlling interests |
|
16,599 |
|
|
(69,718 |
) |
|
78,715 |
|
|
(14,952 |
) |
|
|
30,384 |
|
|
(119,889 |
) |
|
126,398 |
|
|
(115,613 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
share – basic |
|
0.14 |
|
|
(0.65 |
) |
|
0.47 |
|
|
(1.37 |
) |
Earnings/(loss) per
share – diluted |
|
0.14 |
|
|
(0.65 |
) |
|
0.46 |
|
|
(1.37 |
) |
Unaudited condensed consolidated statements of cash
flowsFor the years ended December
31, 2018 and 2019(Amounts
expressed in thousands of U.S. Dollars)
|
For the years ended |
|
December 31, 2018 |
|
December 31, 2019 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Profit/(loss) for the
year |
|
126,398 |
|
|
(115,613 |
) |
Adjustments for: |
|
|
|
|
|
|
Depreciation |
|
153,193 |
|
|
168,041 |
|
Impairment loss on
vessels |
|
— |
|
|
162,149 |
|
Share of profit of
associates |
|
(1,800 |
) |
|
(1,627 |
) |
Financial income |
|
(4,784 |
) |
|
(5,318 |
) |
Financial costs |
|
166,627 |
|
|
190,481 |
|
Unrealized foreign exchange
losses on cash and cash equivalents |
|
329 |
|
|
— |
|
Realized foreign exchange
losses |
|
— |
|
|
773 |
|
Unrealized loss on derivative
financial instruments held for trading, including ineffective
portion of cash flow hedges |
|
8,211 |
|
|
54,201 |
|
Recycled loss of cash flow
hedges reclassified to profit or loss |
|
— |
|
|
697 |
|
Non-cash defined benefit
obligations |
|
(51 |
) |
|
— |
|
Share-based compensation |
|
5,216 |
|
|
5,447 |
|
|
|
453,339 |
|
|
459,231 |
|
Movements in working
capital |
|
(27,708 |
) |
|
30,017 |
|
Cash provided by
operations |
|
425,631 |
|
|
489,248 |
|
Interest paid |
|
(141,921 |
) |
|
(171,825 |
) |
Net cash provided by
operating activities |
|
283,710 |
|
|
317,423 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Payments for tangible fixed
assets and vessels under construction |
|
(673,787 |
) |
|
(479,618 |
) |
Return of capital
expenditures |
|
— |
|
|
10,451 |
|
Other investments |
|
(136 |
) |
|
(158 |
) |
Payments for right-of-use
assets |
|
(36 |
) |
|
(935 |
) |
Dividends received from
associate |
|
1,263 |
|
|
1,313 |
|
Purchase of short-term
investments |
|
(71,000 |
) |
|
(82,500 |
) |
Maturity of short-term
investments |
|
46,000 |
|
|
103,000 |
|
Financial income received |
|
4,697 |
|
|
5,469 |
|
Net cash used in
investing activities |
|
(692,999 |
) |
|
(442,978 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from bank loans and
bonds |
|
524,165 |
|
|
905,730 |
|
Bank loans and bond
repayments |
|
(231,753 |
) |
|
(547,751 |
) |
Payment of loan issuance
costs |
|
(7,449 |
) |
|
(25,912 |
) |
Proceeds from GasLog Partners'
public common unit offerings (net of underwriting discounts and
commissions) |
|
60,345 |
|
|
— |
|
Proceeds from GasLog Partners'
preference unit offering (net of underwriting discounts and
commissions) |
|
208,394 |
|
|
— |
|
Payment of equity raising
costs |
|
(917 |
) |
|
(1,670 |
) |
Payment for bond repurchases
at a premium |
|
— |
|
|
(46,721 |
) |
Payment for cross currency
swaps’ termination |
|
— |
|
|
(3,731 |
) |
Purchase of treasury shares or
GasLog Partners’ common units |
|
(62 |
) |
|
(26,642 |
) |
Proceeds from stock options’
exercise |
|
754 |
|
|
149 |
|
Dividends paid |
|
(178,028 |
) |
|
(193,436 |
) |
Payments for lease
liability |
|
(7,329 |
) |
|
(9,950 |
) |
Net cash provided by
financing activities |
|
368,120 |
|
|
50,066 |
|
Effects of exchange rate
changes on cash and cash equivalents |
|
(329 |
) |
|
(3,358 |
) |
Decrease in cash and
cash equivalents |
|
(41,498 |
) |
|
(78,847 |
) |
Cash and cash equivalents,
beginning of the year |
|
384,092 |
|
|
342,594 |
|
Cash and cash
equivalents, end of the year |
|
342,594 |
|
|
263,747 |
|
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, impairment loss on vessels and restructuring costs.
Adjusted Profit represents earnings before write-off and
accelerated amortization of unamortized loan fees/bond fees and
premium, foreign exchange gains/losses, unrealized foreign exchange
losses on cash and bond, impairment loss on vessels, restructuring
costs and non-cash gain/loss on derivatives that includes (if any)
(a) unrealized gain/loss on derivative financial instruments held
for trading, (b) recycled loss of cash flow hedges reclassified to
profit or loss and (c) ineffective portion of cash flow hedges.
Adjusted EPS represents earnings attributable to owners of the
Group before write-off and accelerated amortization of unamortized
loan/bond fees and premium, foreign exchange gains/losses,
unrealized foreign exchange losses on cash and bond, impairment
loss on vessels attributable to the owners of the Group,
restructuring costs and non-cash gain/loss on derivatives as
defined above, 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, impairment loss
on vessels and restructuring costs; and in the case of Adjusted
Profit and Adjusted EPS, write-off and accelerated amortization of
unamortized loan/bond fees and premium, foreign exchange
gains/losses, unrealized foreign exchange losses on cash and bond,
impairment loss on vessels, restructuring costs and non-cash
gain/loss on derivatives, 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. In the
current period, impairment loss on vessels and restructuring costs
in particular are excluded from Adjusted EBITDA, Adjusted profit
and Adjusted EPS because impairments of long-lived assets, which
represent the excess of their carrying amount over the amount that
is expected to be recovered from them in the future, and
restructuring costs, which reflect specific actions taken by
management to improve the Group’s future profitability, are
non-cash charges and non-recurring operating expenses,
respectively, that we believe reduce the comparability of our
operating and business performance across periods. In addition,
unrealized foreign exchange losses on cash and bond, are separately
adjusted in the current period, while in the past foreign exchange
losses on cash were included in foreign exchange gains/losses and
unrealized foreign exchange losses on bond did not exist.
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.
For the seven newbuilds delivering by the third quarter of 2021,
annualized EBITDA during the period in which all seven newbuilds
are operating under active charters is based on the following
assumptions:
- all seven newbuilds’ charters have commenced and none have
expired or been terminated;
- delivery in 2020 and 2021, respectively, and timely receipt of
charter hire specified in the charter contracts;
- utilization of 363 days per year and no drydocking; and
- vessel operating and supervision costs and charter commissions
per current internal estimates.
We consider the above assumptions to be reasonable as of the
date of this press release, but if these assumptions prove to be
incorrect, actual EBITDA for the entities owning the vessels could
differ materially from our estimates. The prospective financial
information was not prepared with a view toward public disclosure
or with a view toward complying with the guidelines established by
the American Institute of Certified Public Accountants, but, in the
view of the Company’s management, was prepared on a reasonable
basis and reflects the best currently available estimates and
judgments. However, this information is not fact and should not be
relied upon as being necessarily indicative of future results, and
readers of this press release are cautioned not to place undue
reliance on the prospective financial information.
Neither our independent auditors nor any other independent
accountants have compiled, examined, or performed any procedures
with respect to the prospective financial information contained
above, nor have they expressed any opinion or any other form of
assurance on such information or its achievability and assume no
responsibility for, and disclaim any association with, such
prospective financial information.
Reconciliation of Profit/(loss) to EBITDA and
Adjusted EBITDA:(Amounts expressed in
thousands of U.S. Dollars)
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
Profit/(loss) for the
period |
|
30,384 |
|
|
(119,889 |
) |
|
126,398 |
|
|
(115,613 |
) |
|
Depreciation |
|
39,510 |
|
|
43,855 |
|
|
153,193 |
|
|
168,041 |
|
|
Financial costs |
|
44,122 |
|
|
51,616 |
|
|
166,627 |
|
|
190,481 |
|
|
Financial income |
|
(1,417 |
) |
|
(961 |
) |
|
(4,784 |
) |
|
(5,318 |
) |
|
Loss/(gain) on
derivatives |
|
32,383 |
|
|
(12,360 |
) |
|
6,077 |
|
|
55,441 |
|
|
EBITDA |
|
144,982 |
|
|
(37,739 |
) |
|
447,511 |
|
|
293,032 |
|
|
Foreign exchange losses,
net |
|
44 |
|
|
97 |
|
|
236 |
|
|
1,343 |
|
|
Impairment loss on
vessels |
|
— |
|
|
162,149 |
|
|
— |
|
|
162,149 |
|
Restructuring costs |
|
— |
|
|
4,702 |
|
|
— |
|
|
4,702 |
|
Adjusted
EBITDA |
|
145,026 |
|
|
129,209 |
|
|
447,747 |
|
|
461,226 |
|
|
Reconciliation of Profit/(loss) to Adjusted
Profit:(Amounts expressed in thousands of U.S.
Dollars)
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
Profit/(loss) for the
period |
|
30,384 |
|
|
(119,889 |
) |
|
126,398 |
|
|
(115,613 |
) |
|
Non-cash loss/(gain) on
derivatives |
|
32,089 |
|
|
(12,745 |
) |
|
8,211 |
|
|
54,898 |
|
|
Write-off and accelerated
amortization of unamortized loan/bond fees and premium |
|
— |
|
|
288 |
|
|
— |
|
|
1,276 |
|
|
Foreign exchange losses,
net |
|
44 |
|
|
97 |
|
|
236 |
|
|
1,343 |
|
|
Impairment loss on
vessels |
|
— |
|
|
162,149 |
|
|
— |
|
|
162,149 |
|
|
Unrealized foreign exchange
losses on cash and bond |
|
— |
|
|
3,872 |
|
|
— |
|
|
4,245 |
|
|
Restructuring costs |
|
— |
|
|
4,702 |
|
|
— |
|
|
4,702 |
|
Adjusted
Profit |
|
62,517 |
|
|
38,474 |
|
|
134,845 |
|
|
113,000 |
|
|
Reconciliation of Earnings/(Loss) Per Share to Adjusted
Earnings Per Share:(Amounts expressed in thousands
of U.S. Dollars, except shares and per share data)
|
For the three months ended |
|
For the year ended |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
Profit/(loss) for the period
attributable to owners of the Group |
|
13,785 |
|
|
(50,171 |
) |
|
47,683 |
|
|
(100,661 |
) |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preference
shares |
|
(2,516 |
) |
|
(2,516 |
) |
|
(10,063 |
) |
|
(10,063 |
) |
|
Profit/(loss) for the period
available to owners of the Group used in EPS
calculation |
|
11,269 |
|
|
(52,687 |
) |
|
37,620 |
|
|
(110,724 |
) |
|
Weighted average number of
shares outstanding, basic |
|
80,838,686 |
|
|
80,864,603 |
|
|
80,792,837 |
|
|
80,849,818 |
|
|
Earnings/(loss) per
share |
|
0.14 |
|
|
(0.65 |
) |
|
0.47 |
|
|
(1.37 |
) |
|
Profit/(loss) for the period
available to owners of the Group used in EPS calculation |
|
11,269 |
|
|
(52,687 |
) |
|
37,620 |
|
|
(110,724 |
) |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash loss/(gain) on
derivatives |
|
32,089 |
|
|
(12,745 |
) |
|
8,211 |
|
|
54,898 |
|
|
Write-off and accelerated
amortization of unamortized loan/bond fees and premium |
|
— |
|
|
288 |
|
|
— |
|
|
1,276 |
|
|
Restructuring costs |
|
— |
|
|
4,702 |
|
|
— |
|
|
4,702 |
|
Impairment loss on vessels
attributable to the owners of the Group |
|
— |
|
|
67,952 |
|
|
— |
|
|
67,952 |
|
Unrealized foreign exchange
losses on cash and bond |
|
— |
|
|
3,872 |
|
|
— |
|
|
4,245 |
|
Foreign exchange losses,
net |
|
44 |
|
|
97 |
|
|
236 |
|
|
1,343 |
|
|
Adjusted profit attributable
to owners of the Group |
|
43,402 |
|
|
11,479 |
|
|
46,067 |
|
|
23, 692 |
|
|
Weighted average number of
shares outstanding, basic |
|
80,838,686 |
|
|
80,864,603 |
|
|
80,792,837 |
|
|
80,849,818 |
|
|
Adjusted
earnings per share |
|
0.54 |
|
|
0.14 |
|
|
0.57 |
|
|
0.29 |
|
|
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