GasLog Ltd. and its subsidiaries (“GasLog”, “Group” or “Company”)
(NYSE: GLOG), an international owner, operator and manager of
liquefied natural gas (“LNG”) carriers, today reported its
financial results for the quarter ended September 30, 2020.
Highlights
| • |
Delivery of the GasLog
Westminster on July 15, a 180,000 cubic meter (“cbm”) LNG carrier
with dual fuel medium speed propulsion (“X-DF”) and commencement of
its seven-year time charter agreement with Centrica Plc.
(“Centrica”). |
| • |
Refinanced all debt to mature in
2021 with four new credit facilities representing a total of
approximately $1.1 billion, strengthening the balance sheet and
delivering $30.2 million of incremental liquidity to the
Group. |
| • |
Post-quarter end, completed the
sale-and-leaseback of the GasLog Hong Kong, with CMB Financial
Leasing Co. Ltd. (“CMBFL”), one of China’s largest lessors,
releasing $26.4 million of incremental liquidity to GasLog and
extending the repayment profile to 21 years. |
| • |
Repaid approximately $86.0
million of debt, bringing total debt repayment (excluding
prepayments for refinanced facilities) to approximately $193.0
million through the first nine-months of 2020. |
| • |
Contracted time charter revenues
of approximately $164.1 million for the fourth quarter of 2020,
representing 95% charter coverage, based on signed contracts until
November 10, 2020. |
| • |
Quarterly Revenues of $156.7
million, Profit of $10.1 million and Loss per share1 of ($0.03) for
the three-month period ended September 30, 2020. |
| • |
Quarterly Adjusted EBITDA1 of
$102.1 million, Adjusted Profit1 of $13.0 million and Adjusted Loss
per share1 of $(0.01) for the three-month period ended September
30, 2020. |
| • |
Quarterly dividend of $0.05 per
common share payable on November 30, 2020. |
| |
|
Chairman and CEO Statements
Peter G. Livanos, Chairman of GasLog, stated:
“GasLog progressed on several strategic initiatives during the
third quarter, a testament to the resiliency of our business model.
Our fully contracted newbuilding program continues to deliver on
time and on budget, operating and overhead expenses have been
reduced considerably with an eye toward further improvement and the
Group’s liquidity has been further bolstered following a
sale-and-leaseback with a leading Chinese lessor.”
Paul Wogan, Chief Executive Officer, stated:
“Our fleet continued to deliver high levels of service and
reliability to our customers during the third quarter. We markedly
increased the change over our crews but given the ongoing COVID-19
restrictions we continue to work with the authorities and through
industry bodies to see how we can improve this situation for all
seafarers.
During the third quarter, we refinanced all the
Group’s debt maturing in 2021 and took delivery of the GasLog
Westminster. This progress has continued in the fourth quarter and
in October we completed the sale-and-leaseback of the GasLog Hong
Kong. This transaction increased our available liquidity, improved
the vessel’s average annual free cash flow over the term of the
agreement and opened up a new source of capital as this was our
first financial transaction with a mainland Chinese counterparty.
In addition, we expect to take delivery of the GasLog Georgetown
later this month, the first of four vessels to be delivered into
multi-year charters with Cheniere Energy Inc. (“Cheniere”).”
Dividend Declarations
On September 16, 2020, 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, 2020 to
holders of record as of September 30, 2020. GasLog paid the
declared dividend to the transfer agent on October 1, 2020.
On November 9, 2020, the board of directors declared a quarterly
cash dividend of $0.05 per common share, or $4.0 million in the
aggregate, payable on November 30, 2020 to shareholders of record
as of November 20, 2020.
Financial Summary
| Amounts
in thousands of U.S. dollars except per share
data |
|
For the three months ended |
|
| |
|
September 30, 2019 |
|
|
September 30, 2020 |
|
| Revenues |
|
$ |
165,586 |
|
|
$ |
156,729 |
|
| Profit for the period |
|
$ |
8,889 |
|
|
$ |
10,116 |
|
| Adjusted EBITDA1 |
|
$ |
115,034 |
|
|
$ |
102,111 |
|
| Adjusted Profit1 |
|
$ |
25,528 |
|
|
$ |
13,019 |
|
| Loss attributable to the
owners of GasLog |
|
$ |
(13,545 |
) |
|
$ |
(354 |
) |
| EPS, basic |
|
$ |
(0.20 |
) |
|
$ |
(0.03 |
) |
| Adjusted EPS1 |
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
There were 2,528 revenue operating days for the quarter ended
September 30, 2020, as compared to 2,296 revenue operating days for
the quarter ended September 30, 2019. The increase in revenue
operating days was mainly driven by the increased operating days
from the deliveries of the GasLog Windsor on April 1, 2020, the
GasLog Wales on May 11, 2020, the GasLog Westminster on July 15,
2020 and the full operation of the GasLog Warsaw delivered on July
31, 2019, partially offset by the increased off-hire days for
scheduled dry-dockings.
Management allocates vessel revenues to two categories: (a)
variable rate charters and (b) fixed rate charters. The variable
rate charter category contains vessels operating in the LNG carrier
spot and short-term market, defined as those with initial firm
periods of twelve months or less, excluding option periods, or
those which have a variable rate of hire across the charter period.
The vessels in this category during the third quarter of 2020 were
the GasLog Savannah, the GasLog Singapore, the GasLog Shanghai, the
GasLog Sydney, the GasLog Skagen, the GasLog Saratoga, the GasLog
Salem, the GasLog Chelsea, the Methane Rita Andrea and the Methane
Alison Victoria.
Revenues were $156.7 million for the quarter ended September 30,
2020 ($165.6 million for the quarter ended September 30, 2019). The
decrease was attributable to a decrease of $23.7 million from the
vessels owned by GasLog’s subsidiary, GasLog Partners LP (“GasLog
Partners” or the “Partnership”) mainly due to the expiration of the
initial multi-year time charters of the Methane Jane Elizabeth, the
Methane Alison Victoria, the Methane Rita Andrea, the Methane
Shirley Elisabeth and the 18-month time charter of the GasLog
Sydney. Revenues from the GasLog 100% owned fleet increased by
$21.8 million due to the deliveries of the GasLog Windsor, the
GasLog Wales and the GasLog Westminster on April 1, 2020, May 11,
2020 and July 15, 2020, respectively, and the operation for the
full three-month period of the GasLog Warsaw, delivered on July 31,
2019, partially offset by a decrease of $3.4 million from vessels
operating in the spot market in both periods .
For the quarter ended September 30, 2020, 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,
2020 |
|
| Amounts in thousands
of U.S. dollars |
|
|
|
Variable rate charters |
|
|
Fixed rate charters |
|
| Available days (*) |
|
|
|
741 |
|
|
1,886 |
|
| Revenue operating
days(**) |
|
|
|
653 |
|
|
1,875 |
|
| Revenues |
|
|
|
19,741 |
|
|
136,988 |
|
| Voyage expenses and
commissions |
|
|
|
(3,238 |
) |
|
(1,921 |
) |
(*) 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 practical ability for
chartering opportunities. (**) Revenue operating days represent
total available days after deducting off-charter days.
Profit for the period was $10.1 million for the quarter ended
September 30, 2020 (profit of $8.9 million for the quarter ended
September 30, 2019). The favorable movement in non-cash
marked-to-market valuations of our derivative financial instruments
in the third quarter of 2020 and the decrease in finance costs, was
partially offset by a decrease in profit from operations, that was
affected by the restructuring costs and the foreign exchange
losses.
Adjusted EBITDA1 was $102.1 million for the quarter ended
September 30, 2020 ($115.0 million for the quarter ended September
30, 2019). The decrease in Adjusted EBITDA is mainly attributable
to the decrease in revenues of $8.9 million, as discussed above and
the increase in vessel operating and supervision costs of $5.4
million mainly due to the increased fleet from the newbuilding
deliveries and the unfavorable movement of the Euro (“EUR”)/U.S.
Dollar (“USD”) exchange rate in the third quarter of 2020 as
compared to the prior quarter.
Adjusted Profit1 was $13.0 million for the quarter ended
September 30, 2020 ($25.5 million for the quarter ended September
30, 2019), adjusted for the effects of the non-cash gain on
derivatives, the write-off of unamortized loan fees due to the debt
refinancing, the restructuring costs, the foreign exchange losses,
net and the net unrealized foreign exchange gains on cash and
bonds.
Loss attributable to the owners of GasLog was $0.4 million for
the quarter ended September 30, 2020 ($13.5 million loss for the
quarter ended September 30, 2019). The decrease in loss
attributable to the owners of GasLog resulted from the decrease in
profit attributable to the non-controlling interests
(non-controlling unitholders of GasLog Partners) following the
decrease in the Partnership’s profit and the increase in profit for
the period.
As of September 30, 2020, GasLog had $173.5 million of cash and
cash equivalents. In addition, an amount of $48.3 million was held
as cash collateral with respect to our derivative instruments and
is included in Other non-current assets and Prepayments and other
current assets, which has been reduced to $33.5 million as of
November 6, 2020. As of September 30, 2020, GasLog had an aggregate
of $3.5 billion of indebtedness outstanding under its credit
facilities and bond agreements, of which $221.7 million was
repayable within one year, and $198.1 million of lease liabilities,
of which $9.7 million was payable within one year. Post-quarter
end, GasLog completed the sale-and-leaseback of the GasLog Hong
Kong, with CMBFL, releasing $26.4 million of incremental liquidity
to GasLog.
As of September 30, 2020, the total remaining balance of the
contract prices of the four LNG carriers on order was $641.0
million, which GasLog expects to fund under the facility signed on
December 12, 2019 with 13 international banks to provide debt
funding for its current newbuilding program (the “Newbuilding
Facility”), cash balances and cash from operations. As of September
30, 2020, there was undrawn available capacity of $601.6 million
under the Newbuilding Facility.
As of September 30, 2020, GasLog’s current assets totaled $241.8
million, while current liabilities totaled $425.6 million,
resulting in a negative working capital position of $183.8 million.
Current liabilities include $52.3 million of unearned revenue in
relation to hires received in advance of September 30, 2020 (which
represents a non-cash liability that will be recognized as revenue
in October as the services are rendered). Taking into account
current and expected volatile commercial and financial market
conditions, we anticipate that our primary sources of funds over
the next twelve months will be available cash, cash from operations
and existing borrowings, including the credit agreements entered
into on July 16, 2020 and July 30, 2020, which refinanced in full
the debt maturities due in 2021, as well as the sale-and-leaseback
transaction we concluded in October 2020 that released incremental
liquidity of $26.4 million. We believe that these anticipated
sources of funds will be sufficient to meet our liquidity needs and
to comply with our banking covenants for at least twelve months
from the end of the reporting period.
Finally, the Partnership announced today that its cost of
capital remains elevated and there continues to be a high degree of
COVID-19-related uncertainty in the near-term LNG and LNG shipping
markets. By the end of 2020, all five of the Partnership’s Steam
vessels will have ended their initial multi-year time charters with
subsidiaries of Royal Dutch Shell plc (“Shell”), while three
additional tri-fuel diesel electric vessel (“TFDE”) vessels will
conclude their multi-year charters next year. Although the
Partnership has been successful in finding continued employment for
certain of its available vessels, term employment to date has been
concluded at current market rates which are below those achieved
during the initial charters. Given these factors, combined with the
Partnership’s capital allocation strategy, which is focused on
deleveraging, the Partnership decided to decrease the common unit
distribution to $0.01 per common unit beginning with the third
quarter of 2020. This action will further strengthen the
Partnership’s balance sheet, lower the fleet’s breakeven, reduce
its cost of capital and further enhance its competitive
positioning.
1 Earnings/(loss) per share (“EPS”) and Adjusted EPS are net of
the profit attributable to non-controlling interests of $10.5
million and the dividend on preferred stock of $2.5 million for the
quarter ended September 30, 2020 ($22.4 million and $2.5 million,
respectively, for the quarter ended September 30, 2019). 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.
Contracted Charter Revenues
As of September 30, 2020, the total future firm contracted
revenue stood at $3.6 billion2, including $0.8 billion2 from the 15
vessels currently owned by GasLog Partners.
2 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.
Alexandroupolis Project UpdateOn November 4,
2020, Gastrade S.A. (“Gastrade) announced the signing of the
agreement of the acquisition of 20% of its share capital by DESFA
S.A. (“DESFA), the operator of the National Natural Gas
Transmission System in Greece. Through this participation Gastrade
expects to gain additional expertise in managing and operating gas
infrastructure and to maximize the synergies between the existing
DESFA assets and the Alexandroupolis LNG Terminal, which together
will strengthen the gas supply and offer energy independence in
Greece and the Southeast European region.
LNG Market Update and Outlook
LNG demand was 84 million tonnes (“mt”) in the third quarter of
2020, according to Poten, compared to 88 mt in the third quarter of
2019, or a decrease of approximately 4%. Although demand declined
globally in the third quarter of 2020, compared to the third
quarter of 2019, it also varied regionally. For example, Chinese
LNG demand was 17 mt in the third quarter of 2020, an increase of
13% or approximately 2 mt. In addition, Indian demand was 7 mt, an
increase of 13% or approximately 1 mt. These increases were
balanced by declines in Europe, the Middle East, Japan, South
Korea, North America and South America, which in aggregate saw
their demand decline by over 6 mt in the third quarter.
Global LNG supply was approximately 86 mt in the third quarter
of 2020, a decrease of over 3 mt, or 4%, over the third quarter of
2019, according to Poten. Supply from the United States (“U.S.”)
decreased by approximately 2 mt or 18%, the result of an estimated
112 cargoes cancelled by customers of U.S. export facilities as
well as unplanned outages at Cameron LNG following damage to its
power supply caused by Hurricane Laura in late August. In addition,
supply from Australia declined by nearly 2 mt or 7%, due in part to
unplanned maintenance at Gorgon LNG. Looking ahead, approximately
104 mt of new LNG capacity is currently under construction and
scheduled to come online from 2021-2026.
In the LNG shipping spot market, TFDE headline rates, as
reported by Clarksons, averaged $41,000 per day in the third
quarter of 2020, a decrease from the average of $66,000 in the
third quarter of 2019. Headline spot rates for Steam vessels
averaged $28,000 per day in the third quarter of 2020, a decrease
from the average of $43,000 per day in the third quarter of 2019.
Headline spot rates in the third quarter were negatively impacted
by declines in LNG demand as well as unplanned outages at
facilities in the U.S. and Australia as noted above.
Clarksons currently assesses headline spot rates for TFDE and
Steam LNG carriers at $105,000 per day and $78,000 per day,
respectively. Early indications are for LNG demand to grow in the
fourth quarter of 2020, relative to the third quarter of 2020, as
demand in October was 2% higher than September, according to Poten.
This demand growth has been reflected in the increasing headline
spot rates for LNG carriers observed in recent weeks. However,
taking into account the impact of the COVID-19 pandemic on the
global economy, the forecast growth of the global LNG carrier fleet
and expected seasonal trading patterns, there is continued
potential for volatility in the spot and short-term markets over
the near and medium-term.
As of November 4, 2020, Poten estimates that the orderbook
totals 118 dedicated LNG carriers (>100,000 cbm), representing
22% of the on-the-water fleet. Of these, 83 vessels (or 70%) have
multi-year charters. 28 LNG carriers have been ordered
year-to-date, all for long-term business with no vessels ordered on
a speculative basis.
Conference Call GasLog and GasLog Partners will
host a joint conference call to discuss their results for the third
quarter of 2020 at 8.30 a.m. EST (3.30 p.m. EET) on Tuesday,
November 10, 2020. Senior management of GasLog and GasLog Partners
will review the operational and financial performance of the
companies. The presentation of each company’s third quarter results
will be followed by separate Q&A sessions for each company.
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: 2961797
A live webcast of the conference call will be available on the
Investor Relations page of the GasLog website
(http://www.gaslogltd.com/investors).
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 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, 18 (14 on the water
and four on order) are owned by GasLog, two have been sold to a
subsidiary of Mitsui & Co. Ltd. and to CMBFL, respectively, and
leased back by GasLog under long-term bareboat charters 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 charter hire rates, vessel utilization 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;
- disruption to the LNG, LNG shipping and financial markets
caused by global shutdown as a result of the COVID-19
pandemic;
- fluctuations in prices for crude oil, petroleum products and
natural gas;
- 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 debt and equity financing on acceptable
terms 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;
- the impact of environmental liabilities on us and the shipping
industry, including climate change;
- our ability to retain key employees and the availability of
skilled labour, ship crews and management;
- potential disruption of shipping routes due to accidents,
diseases, pandemics, 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 6, 2020 and
Quarterly Reports on Form 6-K filed with the SEC on May 7, 2020 and
August 5, 2020, 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 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 with respect to emissions of air pollutants and
greenhouse gases, as well as future changes in such requirements or
other 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 and sale-and-leaseback facilities, the
provisions of Bermuda law and such other factors as our board of
directors may deem relevant.
Contacts:
Joseph NelsonHead 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, 2019 and September 30,
2020(Amounts expressed in thousands of U.S.
Dollars)
| |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
September 30, 2020 |
|
| Assets |
|
|
|
|
|
|
|
|
| Non-current
assets |
|
|
|
|
|
|
|
|
| Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
| Investment in associates |
|
|
|
21,620 |
|
|
21,921 |
|
| Deferred financing costs |
|
|
|
11,592 |
|
|
9,046 |
|
| Other non-current assets |
|
|
|
24,221 |
|
|
24,653 |
|
| Derivative financial
instruments |
|
|
|
3,572 |
|
|
— |
|
| Tangible fixed assets |
|
|
|
4,427,065 |
|
|
4,881,775 |
|
| Vessels under
construction |
|
|
|
203,323 |
|
|
140,791 |
|
| Right-of-use assets |
|
|
|
206,495 |
|
|
205,126 |
|
| Total non-current
assets |
|
|
|
4,907,399 |
|
|
5,292,823 |
|
| Current
assets |
|
|
|
|
|
|
|
|
| Trade and other
receivables |
|
|
|
24,900 |
|
|
21,662 |
|
| Dividends receivable and other
amounts due from related parties |
|
|
|
573 |
|
|
417 |
|
| Derivative financial
instruments |
|
|
|
429 |
|
|
383 |
|
| Inventories |
|
|
|
8,172 |
|
|
10,408 |
|
| Prepayments and other current
assets |
|
|
|
13,475 |
|
|
35,457 |
|
| Short-term investments |
|
|
|
4,500 |
|
|
— |
|
| Cash and cash equivalents |
|
|
|
263,747 |
|
|
173,470 |
|
| Total current
assets |
|
|
|
315,796 |
|
|
241,797 |
|
| Total
assets |
|
|
|
5,223,195 |
|
|
5,534,620 |
|
| Equity and
liabilities |
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
| Preference shares |
|
|
|
46 |
|
|
46 |
|
| Share capital |
|
|
|
810 |
|
|
954 |
|
| Contributed surplus |
|
|
|
760,671 |
|
|
767,100 |
|
| Reserves |
|
|
|
16,799 |
|
|
17,054 |
|
| Treasury shares |
|
|
|
(2,159 |
) |
|
(1,379 |
) |
| Accumulated deficit |
|
|
|
(87,832 |
) |
|
(161,013 |
) |
| Equity attributable to
owners of the Group |
|
|
|
688,335 |
|
|
622,762 |
|
| Non-controlling interests |
|
|
|
961,518 |
|
|
941,952 |
|
| Total
equity |
|
|
|
1,649,853 |
|
|
1,564,714 |
|
| Current
liabilities |
|
|
|
|
|
|
|
|
| Trade accounts payable |
|
|
|
27,615 |
|
|
27,047 |
|
| Ship management creditors |
|
|
|
601 |
|
|
346 |
|
| Amounts due to related
parties |
|
|
|
200 |
|
|
180 |
|
| Derivative financial
instruments |
|
|
|
8,095 |
|
|
36,803 |
|
| Other payables and
accruals |
|
|
|
136,242 |
|
|
129,772 |
|
| Borrowings, current
portion |
|
|
|
255,422 |
|
|
221,670 |
|
| Lease liability, current
portion |
|
|
|
9,363 |
|
|
9,732 |
|
| Total current
liabilities |
|
|
|
437,538 |
|
|
425,550 |
|
| Non-current
liabilities |
|
|
|
|
|
|
|
|
| Derivative financial
instruments |
|
|
|
41,837 |
|
|
97,269 |
|
| Borrowings, non-current
portion |
|
|
|
2,891,973 |
|
|
3,250,584 |
|
| Lease liability, non-current
portion |
|
|
|
195,567 |
|
|
188,359 |
|
| Other non-current
liabilities |
|
|
|
6,427 |
|
|
8,144 |
|
| Total non-current
liabilities |
|
|
|
3,135,804 |
|
|
3,544,356 |
|
| Total equity and
liabilities |
|
|
|
5,223,195 |
|
|
5,534,620 |
|
Unaudited condensed consolidated statements of profit or
lossFor the three and nine months ended
September 30, 2019 and
2020(Amounts expressed in thousands of U.S.
Dollars, except per share data)
| |
|
|
|
For the three months ended |
|
For the nine months ended |
|
| |
|
|
|
September 30, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
| Revenues |
|
|
|
|
|
165,586 |
|
|
156,729 |
|
|
486,384 |
|
|
481,487 |
|
| Net pool allocation |
|
|
|
|
|
(184 |
) |
|
— |
|
|
(4,264 |
) |
|
— |
|
| Voyage expenses and
commissions |
|
|
|
|
|
(6,656 |
) |
|
(5,159 |
) |
|
(19,440 |
) |
|
(18,074 |
) |
| Vessel operating and
supervision costs |
|
|
|
|
|
(33,796 |
) |
|
(39,161 |
) |
|
(100,124 |
) |
|
(106,818 |
) |
| Depreciation |
|
|
|
|
|
(43,237 |
) |
|
(45,106 |
) |
|
(124,186 |
) |
|
(130,250 |
) |
| General and administrative
expenses |
|
|
|
|
|
(11,324 |
) |
|
(14,677 |
) |
|
(32,873 |
) |
|
(35,452 |
) |
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
(572 |
) |
| Impairment loss on
vessels |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
(22,454 |
) |
| Profit from
operations |
|
|
|
|
|
70,389 |
|
|
52,626 |
|
|
205,497 |
|
|
167,867 |
|
| Financial costs |
|
|
|
|
|
(46,461 |
) |
|
(41,103 |
) |
|
(138,865 |
) |
|
(126,101 |
) |
| Financial income |
|
|
|
|
|
1,189 |
|
|
40 |
|
|
4,357 |
|
|
685 |
|
| Loss on derivatives |
|
|
|
|
|
(16,758 |
) |
|
(2,095 |
) |
|
(67,801 |
) |
|
(86,686 |
) |
| Share of profit of
associates |
|
|
|
|
|
530 |
|
|
648 |
|
|
1,088 |
|
|
1,576 |
|
| Total other expenses,
net |
|
|
|
|
|
(61,500 |
) |
|
(42,510 |
) |
|
(201,221 |
) |
|
(210,526 |
) |
| Profit/(loss) for the
period |
|
|
|
|
|
8,889 |
|
|
10,116 |
|
|
4,276 |
|
|
(42,659 |
) |
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owners of the Group |
|
|
|
|
|
(13,545 |
) |
|
(354 |
) |
|
(50,490 |
) |
|
(73,181 |
) |
| Non-controlling interests |
|
|
|
|
|
22,434 |
|
|
10,470 |
|
|
54,766 |
|
|
30,522 |
|
| |
|
|
|
|
|
8,889 |
|
|
10,116 |
|
|
4,276 |
|
|
(42,659 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss per share – basic
and diluted |
|
|
|
|
|
(0.20 |
) |
|
(0.03 |
) |
|
(0.72 |
) |
|
(0.94 |
) |
Unaudited condensed consolidated statements of cash
flowsFor the nine months ended September
30, 2019 and
2020(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
|
For the nine months ended |
|
|
|
|
|
September 30, 2019 |
|
September 30, 2020 |
|
| Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
| Profit/(loss) for the
period |
|
|
|
|
|
4,276 |
|
|
(42,659 |
) |
| Adjustments for: |
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
|
|
|
|
124,186 |
|
|
130,250 |
|
| Impairment loss on
vessels |
|
|
|
|
|
— |
|
|
22,454 |
|
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
572 |
|
| Share of profit of
associates |
|
|
|
|
|
(1,088 |
) |
|
(1,576 |
) |
| Financial income |
|
|
|
|
|
(4,357 |
) |
|
(685 |
) |
| Financial costs |
|
|
|
|
|
138,865 |
|
|
126,101 |
|
| Unrealized foreign exchange
losses on cash and cash equivalents |
|
|
|
|
|
373 |
|
|
— |
|
| Realized foreign exchange
losses |
|
|
|
|
|
773 |
|
|
— |
|
| Unrealized loss on derivative
financial instruments held for trading including ineffective
portion of cash flow hedges |
|
|
|
|
|
67,643 |
|
|
74,638 |
|
| Share-based compensation |
|
|
|
|
|
3,728 |
|
|
4,983 |
|
| |
|
|
|
|
|
334,399 |
|
|
314,078 |
|
| Movements in working
capital |
|
|
|
|
|
(41,514 |
) |
|
(13,041 |
) |
| Cash provided by
operations |
|
|
|
|
|
292,885 |
|
|
301,037 |
|
| Interest paid |
|
|
|
|
|
(145,066 |
) |
|
(134,712 |
) |
| Net cash provided by
operating activities |
|
|
|
|
|
147,819 |
|
|
166,325 |
|
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
| Payments for tangible fixed
assets and vessels under construction |
|
|
|
|
|
(446,529 |
) |
|
(540,337 |
) |
| Proceeds from disposal of
tangible fixed assets |
|
|
|
|
|
— |
|
|
2,322 |
|
| Return of capital
expenditures |
|
|
|
|
|
10,451 |
|
|
— |
|
| Other investments |
|
|
|
|
|
(158 |
) |
|
— |
|
| Payments for right-of-use
assets |
|
|
|
|
|
(488 |
) |
|
(5,815 |
) |
| Dividends received from
associate |
|
|
|
|
|
938 |
|
|
1,325 |
|
| Purchase of short-term
investments |
|
|
|
|
|
(78,000 |
) |
|
— |
|
| Maturity of short-term
investments |
|
|
|
|
|
79,000 |
|
|
4,500 |
|
| Financial income received |
|
|
|
|
|
4,523 |
|
|
803 |
|
| Net cash used in
investing activities |
|
|
|
|
|
(430,263 |
) |
|
(537,202 |
) |
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
| Proceeds from bank loans and
bonds |
|
|
|
|
|
807,180 |
|
|
1,678,938 |
|
| Bank loan and bond
repayments |
|
|
|
|
|
(519,379 |
) |
|
(1,318,416 |
) |
| Payment for bond repurchase at
a premium |
|
|
|
|
|
— |
|
|
(1,937 |
) |
| Payment for interest rate
swaps termination |
|
|
|
|
|
— |
|
|
(26,867 |
) |
| Proceeds from entering into
interest rate swaps |
|
|
|
|
|
— |
|
|
31,622 |
|
| Payment of loan issuance
costs |
|
|
|
|
|
(11,269 |
) |
|
(25,657 |
) |
| Payment of equity raising
costs |
|
|
|
|
|
(1,584 |
) |
|
(816 |
) |
| Proceeds from private
placement |
|
|
|
|
|
— |
|
|
36,000 |
|
| Dividends paid |
|
|
|
|
|
(119,993 |
) |
|
(74,857 |
) |
| Payment for cross currency
swaps’ termination |
|
|
|
|
|
— |
|
|
(4,051 |
) |
| Purchase of treasury shares or
GasLog Partners’ common units |
|
|
|
|
|
(23,782 |
) |
|
(2,996 |
) |
| Payments for lease
liability |
|
|
|
|
|
(7,368 |
) |
|
(8,225 |
) |
| Net cash provided by
financing activities |
|
|
|
|
|
123,805 |
|
|
282,738 |
|
| Effects of exchange rate
changes on cash and cash equivalents |
|
|
|
|
|
(373 |
) |
|
(2,138 |
) |
| Decrease in cash and
cash equivalents |
|
|
|
|
|
(159,012 |
) |
|
(90,277 |
) |
| Cash and cash equivalents,
beginning of the period |
|
|
|
|
|
342,594 |
|
|
263,747 |
|
| Cash and cash
equivalents, end of the period |
|
|
|
|
|
183,582 |
|
|
173,470 |
|
| |
|
|
|
|
|
|
|
|
|
|
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, gain/loss on disposal of
non-current assets 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, gain/loss on disposal of non-current
assets, 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, the swap optimization costs (with respect to
cash collateral amendments), gain/loss on disposal of non-current
assets, 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, gain/loss on disposal of non-current assets 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, swap optimization costs (with respect to cash
collateral amendments), gain/loss on disposal of non-current
assets, 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, gain/loss on disposal of non-current
assets, swap optimization costs (with respect to cash collateral
amendments) and restructuring costs in particular are excluded from
Adjusted EBITDA, Adjusted Profit and Adjusted EPS because
impairment of long-lived assets and gain/loss on disposal of
non-current assets, which represent the excess of their carrying
amount over the amount that is expected to be recovered from them
in the future, and swap optimization costs (with respect to cash
collateral amendments) and restructuring costs, which reflect
specific actions taken by management to improve the Group’s future
liquidity and profitability, are charges and items not considered
to be reflective of the ongoing operations of the company,
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.
Reconciliation of Profit/(Loss) 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, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
| Profit/(loss) for the
period |
|
|
|
|
|
8,889 |
|
|
10,116 |
|
|
4,276 |
|
|
(42,659 |
) |
|
| Depreciation |
|
|
|
|
|
43,237 |
|
|
45,106 |
|
|
124,186 |
|
|
130,250 |
|
|
| Financial costs |
|
|
|
|
|
46,461 |
|
|
41,103 |
|
|
138,865 |
|
|
126,101 |
|
|
| Financial income |
|
|
|
|
|
(1,189 |
) |
|
(40 |
) |
|
(4,357 |
) |
|
(685 |
) |
|
| Loss on derivatives |
|
|
|
|
|
16,758 |
|
|
2,095 |
|
|
67,801 |
|
|
86,686 |
|
|
| EBITDA |
|
|
|
|
|
114,156 |
|
|
98,380 |
|
|
330,771 |
|
|
299,693 |
|
|
| Foreign exchange losses,
net |
|
|
|
|
|
878 |
|
|
584 |
|
|
1,246 |
|
|
354 |
|
|
| Restructuring costs |
|
|
|
|
|
— |
|
|
3,147 |
|
|
— |
|
|
5,107 |
|
|
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
572 |
|
| Impairment loss on
vessels |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
22,454 |
|
|
| Adjusted
EBITDA |
|
|
|
|
|
115,034 |
|
|
102,111 |
|
|
332,017 |
|
|
328,180 |
|
|
Reconciliation of Profit/(loss) to Adjusted
Profit:(Amounts expressed in thousands of U.S.
Dollars)
| |
|
|
|
For the three months ended |
|
For the nine months ended |
|
| |
|
|
|
September 30, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
| Profit/(loss) for the
period |
|
|
|
|
|
8,889 |
|
|
10,116 |
|
|
4,276 |
|
|
(42,659 |
) |
|
| Non-cash loss/(gains) on
derivatives |
|
|
|
|
|
15,761 |
|
|
(5,616 |
) |
|
67,643 |
|
|
74,638 |
|
|
| Write-off and accelerated
amortization of unamortized loan/bond fees |
|
|
|
|
|
— |
|
|
4,774 |
|
|
988 |
|
|
5,090 |
|
|
| Foreign exchange losses,
net |
|
|
|
|
|
878 |
|
|
584 |
|
|
1,246 |
|
|
354 |
|
|
| Restructuring costs |
|
|
|
|
|
— |
|
|
3,147 |
|
|
— |
|
|
5,107 |
|
| Unrealized foreign exchange
losses/(gains), net on cash and bonds |
|
|
|
|
|
— |
|
|
14 |
|
|
— |
|
|
(4,036 |
) |
|
| Swap optimization costs (with
respect to cash collateral amendments) |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
3,319 |
|
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
572 |
|
| Impairment loss on
vessels |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
22,454 |
|
|
| Adjusted
Profit |
|
|
|
|
|
25,528 |
|
|
13,019 |
|
|
74,153 |
|
|
64,839 |
|
|
Reconciliation of 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, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
| Loss for the period
attributable to owners of the Group |
|
|
|
|
|
(13,545 |
) |
|
(354 |
) |
|
(50,490 |
) |
|
(73,181 |
) |
|
| Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend on preference
shares |
|
|
|
|
|
(2,516 |
) |
|
(2,516 |
) |
|
(7,547 |
) |
|
(7,547 |
) |
|
| Loss for the period
attributable to owners of the Group used in EPS calculation |
|
|
|
|
|
(16,061 |
) |
|
(2,870 |
) |
|
(58,037 |
) |
|
(80,728 |
) |
|
| Weighted average number of
shares outstanding, basic |
|
|
|
|
|
80,861,350 |
|
|
95,157,140 |
|
|
80,844,836 |
|
|
85,605,475 |
|
|
| Loss per
share |
|
|
|
|
|
(0.20 |
) |
|
(0.03 |
) |
|
(0.72 |
) |
|
(0.94 |
) |
|
| Loss for the period
attributable to owners of the Group used in EPS calculation |
|
|
|
|
|
(16,061 |
) |
|
(2,870 |
) |
|
(58,037 |
) |
|
(80,728 |
) |
|
| Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash loss/(gains) on
derivatives |
|
|
|
|
|
15,761 |
|
|
(5,616 |
) |
|
67,643 |
|
|
74,638 |
|
|
| Write-off and accelerated
amortization of unamortized loan fees/bond fees attributable to the
owners of the Group |
|
|
|
|
|
— |
|
|
3,481 |
|
|
988 |
|
|
3,797 |
|
|
| Impairment loss on vessels
attributable to the owners of the Group |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
9,688 |
|
|
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
572 |
|
| Swap optimization costs (with
respect to cash collateral amendments) |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
3,319 |
|
| Foreign exchange
losses/(gains), net |
|
|
|
|
|
878 |
|
|
584 |
|
|
1,246 |
|
|
354 |
|
|
| Unrealized foreign exchange
losses/(gains), net on cash and bonds |
|
|
|
|
|
— |
|
|
14 |
|
|
— |
|
|
(4,036 |
) |
|
| Restructuring costs |
|
|
|
|
|
— |
|
|
3,147 |
|
|
— |
|
|
5,107 |
|
| Adjusted profit/(loss)
attributable to owners of the Group |
|
|
|
|
|
578 |
|
|
(1,260 |
) |
|
11,840 |
|
|
12,711 |
|
|
| Weighted average number of
shares outstanding, basic |
|
|
|
|
|
80,861,350 |
|
|
95,157,140 |
|
|
80,844,836 |
|
|
85,605,475 |
|
|
| Adjusted
earnings/(loss) per share |
|
|
|
|
|
0.01 |
|
|
(0.01 |
) |
|
0.15 |
|
|
0.15 |
|
|
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
