GasLog Ltd. Reports Financial Results for the Quarter Ended December 31, 2012
GasLog Ltd. Reports Financial Results for the Quarter Ended December 31,
2012
Business Wire
MONACO -- February 27, 2013
GasLog Ltd. (“GasLog”) (NYSE: GLOG), an international owner, operator and
manager of liquefied natural gas (“LNG”) carriers, today reported its
financial results for the quarter ended December 31, 2012.
Highlights
First quarterly dividend of $0.11 per common share was paid on December 17,
• 2012 and second quarterly dividend of another $0.11 per common share is
payable on March 25, 2013.
• Delivery of GasLog Shanghai on January 28, 2013 ahead of schedule.
Contracted 2 LNG newbuildings at Samsung Heavy Industries for delivery in
• 2016. Vessels chartered out to BG Group for minimum 10 years with
charterer’s option to extend the terms of the charter at specified rates.
For the fourth quarter, GasLog reports Revenue of $18.3 million, EBITDA^(1)
• of $8.5 million, Adjusted EBITDA^(1) of $7.6 million, Profit of $2.7 million
and Adjusted Profit^(1) of $1.8 million.
For full year 2012, GasLog reports Revenue of $68.5 million, EBITDA^(1) of
• $27.8 million, Adjusted EBITDA^(1) of $34.0 million, Profit of $4.2 million
and Adjusted Profit^(1) of $10.5 million.
EPS of $0.04 and $0.07 for the fourth quarter of 2012 and the year ended
• December 31, 2012, respectively and Adjusted EPS^(1) of $0.03 and $0.18 for
the fourth quarter of 2012 and the year ended December 31, 2012,
respectively.
CEO Statement
Mr. Paul Wogan, Chief Executive Officer, stated “We are pleased today to
release our fourth quarter 2012 results, which reflect a continued solid
performance and 100% utilization of our existing fleet. Following the dividend
paid in the fourth quarter, we are today announcing the payment of a dividend
of 11 cents per share, to be paid in the first quarter.
At the beginning of February 2013, we announced an order for 2 additional LNG
carriers, and their concurrent 10-year charter to a subsidiary of BG. We
believe the combination of price and charter terms make this transaction an
attractive investment for GasLog and our shareholders. These orders include
four additional priced options with similar payment terms, which we believe,
are at attractive prices. The transaction reflects our ability to leverage our
high quality technical platform and customer relations and we expect the same
combination of factors will continue to allow us to take advantage of growth
in the LNG trade. We also took delivery of the GasLog Shanghai ahead of
schedule, the first of five LNG carriers to be delivered to GasLog in 2013.
Upon delivery the vessel commenced her charter with BG. In addition to the
three fully-owned ships on the water, we now have 9 LNG carriers on order.
Concluding these two firm ten year charters allows us to be opportunistic in
placing our unfixed new buildings into shorter term charters. We believe that
this, along with the new seasonal component for one of our new buildings,
gives us the optionality and flexibility to capture incremental value from our
portfolio. In addition, Gaslog's new management team will continue to focus on
optimising its capital structure.”
Dividend Declaration
On February 26, 2013, the Board of Directors declared a quarterly cash
dividend of $0.11 per common share payable on March 25, 2013 to stockholders
of record as of March 11, 2013.
Delivery of GasLog Shanghai
On January 28, 2013, GasLog took delivery of the GasLog Shanghai, an LNG
carrier of 155,000 cubic meters capacity with tri-fuel diesel electric
propulsion constructed by Samsung Heavy Industries Co. Ltd. The vessel is
chartered out to a subsidiary of BG Group plc from delivery until 2018 with
charterer’s option to extend the terms of the charter at specified rates.
Loan Drawdown
On January 18, 2013, GasLog through its subsidiary GAS-three Ltd. drew down
$136.25 million from the facilities agreement arranged by DnB Bank ASA and The
Export-Import Bank of Korea for the financing of GasLog Shanghai.
Financial Summary
For the three-month-period:
Revenues were $18.3 million (which eliminates $1.5 million of intercompany
revenue) for the quarter ended December 31, 2012 ($17.8 million for the
quarter ended December 31, 2011). The increase is mainly attributable to
additional revenues in the vessel management segment from external customers
of $0.5 million.
Vessel operating and supervision costs were $4.3 million for the quarter ended
December 31, 2012 ($3.8 million for the quarter ended December 31, 2011). The
increase is mainly attributable to an increase in new employees hired to
fulfill the planned new requirements from our existing customers and an
increase in crew expenses in the vessel ownership segment.
General and administrative expenses were $6.0 million for the quarter ended
December 31, 2012 ($6.3 million for the quarter ended December 31, 2011). The
decrease is mainly attributable to an increase in net foreign exchange gains,
a decrease in equity-settled compensation expense, partially offset by an
increase in employee costs, legal and professional fees and travel expenses,
in line with GasLog’s planned growth.
Financial costs were $2.8 million for the quarter ended December 31, 2012
($2.7 million for the quarter ended December 31, 2011). The increase is
primarily a result of increased interest expense as a result of swapping
floating rate interest for fixed rate interest in connection with the
outstanding indebtedness related to the vessel GasLog Savannah.
Profit for the period was $2.7 million for the quarter ended December 31, 2012
($0.3 million loss for the quarter ended December 31, 2011). This increase is
mainly attributable to a recognition of a net gain on interest rate swaps of
$0.2 million in Q4 2012 as opposed to a net loss on interest rate swaps in Q4
2011 and to the aforementioned factors.
Adjusted Profit^(1) was $1.8 million for the quarter ended December 31, 2012
($2.1 million for the quarter ended December 31, 2011), after excluding the
effects of the net gain/loss on interest rate swaps and net foreign exchange
gains.
EBITDA^(1) was $8.5 million for the quarter ended December 31, 2012 ($5.6
million for the quarter ended December 31, 2011).
Adjusted EBITDA^(1) was $7.6 million for the quarter ended December 31, 2012
($8.0 million for the quarter ended December 31, 2011).
EPS was $0.04 for the quarter ended December 31, 2012 ($0.01 loss for the
quarter ended December 31, 2011). The increase in EPS is attributable to the
increase in profit partially offset by the increase in the weighted average
number of shares following the completion of the IPO and the concurrent
private placement.
Adjusted EPS^(1) was $0.03 for the quarter ended December 31, 2012 ($0.05 for
the quarter ended December 31, 2011).
For the year:
Revenues were $68.5 million (which eliminates $4.8 million of intercompany
revenue) for the year ended December 31, 2012 ($66.5 million for the year
ended December 31, 2011). The increase is mainly attributable to an increase
in revenues in the vessel management segment from external customers of $1.5
million.
Vessel operating and supervision costs were $14.6 million for the year ended
December 31, 2012 ($12.9 million for the year ended December 31, 2011). The
increase is mainly attributable to an increase in employee costs related to
new employees hired to fulfill the planned new requirements from our existing
customers and an increase in technical maintenance and crew expenses in the
vessel ownership segment.
General and administrative expenses were $20.4 million for the year ended
December 31, 2012 ($16.0 million for the year ended December 31, 2011). The
increase is mainly attributable to an increase in personnel expenses,
directors’ fees, travel expenses, and legal and professional expenses, with
such increases generally in line with GasLog’s planned growth and compliance
requirements of being a public company.
Financial costs were $11.7 million for the year ended December 31, 2012 ($9.6
million for the year ended December 31, 2011). The increase is primarily a
result of increased interest expense as a result of swapping floating rate
interest for fixed rate interest in connection with the outstanding
indebtedness related to the vessel GasLog Savannah.
Profit for the year was $4.2 million for the year ended December 31, 2012
($13.7 million for the year ended December 31, 2011). This decrease is mainly
attributable to an increase in net loss on interest rate swaps of $4.1 million
and to the aforementioned factors.
Adjusted Profit^(1) was $10.5 million for the year ended December 31, 2012
($16.3 million for the year ended December 31, 2011), after excluding the
effects of the net loss on interest rate swaps and net foreign exchange gains.
EBITDA^(1) was $27.8 million for the year ended December 31, 2012 ($36.1
million for the year ended December 31, 2011).
Adjusted EBITDA^(1) was $34.0 million for the year ended December 31, 2012
($38.7 million for the year ended December 31, 2011).
EPS was $0.07 for the year ended December 31, 2012 ($0.36 for the year ended
December 31, 2011). The decrease in EPS is attributable to the decrease in
profit and the increase in the weighted average number of shares following the
completion of the IPO and the concurrent private placement.
Adjusted EPS^(1) was $0.18 for the year ended December 31, 2012 ($0.42 for the
year ended December 31, 2011).
Operating Results
The following tables highlights certain financial information for GasLog’s two segments, the vessel ownership
segment and the vessel management segment, for the quarters and years ended December 31, 2012 and 2011. A
presentation of Unaudited Interim Financial Information is attached as Exhibit I.
In thousands of Vessel Ownership Vessel Management
Unallocated/Eliminations Total
U.S. Dollars Segment Segment
Three Months Ended December,
2011 2012 2011 2012 2011 2012 2011 2012
Revenue from
external $ 14,149 $ 14,147 $ 3,647 $ 4,150 — — $ 17,796 $ 18,298
customers
Profit/(loss) $ 3,201 $ 5,679 $ 1,089 $ 1,057 $ (4,624 ) $ (4,059 ) $ (334 ) $ 2,678
Adjusted $ 5,690 $ 5,354 $ 1,007 $ 1,144 $ (4,640 ) $ (4,744 ) $ 2,058 $ 1,754
Profit/(loss)^(1)
EBITDA^(1) $ 9,013 $ 11,634 $ 1,149 $ 1,153 $ (4,598 ) $ (4,244 ) $ 5,564 $ 8,543
Adjusted $ 11,502 $ 11,309 $ 1,068 $ 1,240 $ (4,615 ) $ (4,930 ) $ 7,956 $ 7,619
EBITDA^(1)
EPS – basic and (0.01 ) 0.04
diluted
Adjusted EPS^(1)
– basic and 0.05 0.03
diluted
In thousands of Vessel Ownership Vessel Management
Unallocated/Eliminations Total
U.S. Dollars Segment Segment
Years Ended December,
2011 2012 2011 2012 2011 2012 2011 2012
Revenue from
external $ 55,756 $ 56,281 $ 10,714 $ 12,261 — — $ 66,471 $ 68,542
customers
Profit/(loss) $ 20,950 $ 15,578 $ 2,363 $ 1,173 $ (9,590 ) $ (12,530 ) $ 13,723 $ 4,221
Adjusted $ 23,624 $ 22,327 $ 2,295 $ 1,269 $ (9,597 ) $ (13,138 ) $ 16,322 $ 10,457
Profit/(loss)^(1)
EBITDA^(1) $ 43,102 $ 39,652 $ 2,550 $ 1,541 $ (9,512 ) $ (13,412 ) $ 36,140 $ 27,781
Adjusted $ 45,776 $ 46,400 $ 2,482 $ 1,637 $ (9,519 ) $ (14,020 ) $ 38,738 $ 34,017
EBITDA^(1)
EPS – basic and 0.36 0.07
diluted
Adjusted EPS^(1)
– basic and 0.42 0.18
diluted
^(1) EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are non-GAAP
financial measures, and should not be used in isolation or as a substitute for
GasLog’s financial results presented in accordance with IFRS. For definitions
and reconciliations of these measurements to the most directly comparable
financial measures calculated and presented in accordance with IFRS, please
refer to Exhibit II at the end of this press release.
Contracted Charter Revenues
GasLog’s contracted charter revenues are estimated to increase from $56
million for the fiscal year 2012 to $234 million for the fiscal year 2016,
based on contracts in effect as of today for the ten ships in GasLog’s owned
fleet for which time charters have been secured, including contracts for seven
newbuildings that are scheduled to be delivered on various dates in 2013, 2014
and 2016 and for GasLog Shanghai delivered in January 2013.
Liquidity and Financing
As of December 31, 2012, GasLog had cash and cash equivalents of $111.0
million and short-term investments in time deposits of $104.7 million.
As of December 31, 2012, GasLog had an aggregate of $255.7 million of
indebtedness outstanding under two credit agreements (before netting
unamortized deferred loan issuance costs of $1.4 million), of which $26.5
million is repayable within one year.
GasLog’s commitments as of December 31, 2012 for capital expenditures are
related to the eight LNG carriers on order, which have a gross aggregate
contract price of approximately $1.55 billion. As of December 31, 2012, the
total remaining balance of the contract prices of the eight newbuildings on
order (GasLog Shanghai is included) was $1.34 billion, for which there are
$1.13 billion of undrawn credit facilities and $215.7 million in cash, cash
equivalents and short-term investments as of December 31, 2012, which includes
proceeds from GasLog’s IPO and concurrent private placement completed on April
4, 2012.
Interest Rate Swaps
As of December 31, 2012, GasLog has entered into fifteen interest rate swap
agreements for a total notional amount of $862.9 million. This is in relation
to the outstanding indebtedness of $255.7 million and the new loan agreements
of $1.13 billion in the aggregate that will be drawn by GasLog through its
subsidiaries upon delivery of the newbuildings. In total 62.3% of GasLog’s
expected floating interest rate exposure has been hedged at a weighted average
interest rate of approximately 4.3% (including margin) as of December 31,
2012. During the fourth quarter of 2012, GasLog recognized a gain of $0.2
million on interest rate swaps, primarily attributable to the gain from the
mark-to-market valuation of six interest rate swaps agreements signed in 2012
which do not qualify for hedge accounting. During the year ended December 31,
2012, GasLog recognized a loss of $6.8 million on interest rate swaps,
primarily attributable to a $4.6 million loss from the mark-to-market of six
interest rate swaps agreements signed in 2012 which do not qualify for hedge
accounting and a $2.1 million loss recognized at the inception of four
interest rate swaps agreements signed in 2012 and designated as cash flow
hedging instruments.
Business Update
As of December 31, 2012, the eight ships under construction at Samsung Heavy
Industries were on schedule and within budget. GasLog Shanghai was delivered
on January 28, 2013 and four ships under construction are also scheduled for
delivery in 2013.
The two ships in GasLog’s fleet as of December 31, 2012, currently on
multi-year charters to a subsidiary of BG Group plc, performed without any
off-hire during the quarter ended December 31, 2012, thereby achieving full
utilization for the period.
As of December 31, 2012, two of the newbuildings remain uncommitted and GasLog
continued to hold options for two additional LNG carriers at Samsung Heavy
Industries.
In February 2013, GasLog announced the ordering of two 174,000 cubic meters
LNG carriers from Samsung Heavy Industries. The ships are scheduled to be
delivered in the first half of 2016, and will each commence a 10 year firm
charter to a subsidiary of BG Group plc., with charterer’s option to extend
the duration of the charter at specified rates. GasLog also agreed to modify
and extend the current charter to a subsidiary of BG Group, for Hull Number
2017, scheduled for delivery in Q3 2013. Under the new arrangement the ship
will deliver into an eight year charter in which the first three years remain
as previously contracted. The subsequent five years are a seasonal charter
under which the ship is committed to BG Group for seven consecutive months
each year for which it will pay a fixed monthly charter hire and available to
accept other charters for the remaining five months. In connection with this
transaction, GasLog now has increased the number of options held from 2 to 4
additional LNG carriers at Samsung Heavy Industries.
LNG Industry Update
GasLog believes the current supply and demand dynamics of the LNG industry are
positive for LNG shipping. There continues to be progress on new LNG
production projects, and the new volumes and potentially greater voyage
distances should create increased requirements for LNG carriers.
The fourth quarter of 2012 saw the release of the US Department of Energy
–commissioned study which suggested that exports of natural gas from the USA
would be net beneficial to the nation. This was viewed as highly supportive of
plans to construct LNG export facilities in the US. In addition to the already
under-construction production trains at Cheniere Energy’s Sabine Pass
facility, there are over a dozen prospective export projects. Many plan to
produce relatively large volumes of LNG, and based on the sales agreements
signed so far, voyage distances are expected to be great; therefore strong
demand for new LNG carriers may be expected. In Australia, the construction
continues apace of the many new LNG trains that will see Australia rival Qatar
as the world’s number one LNG exporter. In East Africa, we have seen further
progress on initial plans to develop LNG export capacity.
We have seen some older technology ships continue to experience idle time.
However, on a historical basis LNG shipping rates remain very firm, and we
expect this firmness to be reflected in the longer-term charter market.
GasLog believes the robust development of new LNG supply projects and growing
global demand for natural gas is likely to drive the need for more LNG
carriers. LNG project developers are typically large multinational oil and gas
companies with exacting standards for safety and reliability. In addition, we
continue to expect a preference for the latest technology in ship design and
propulsion. GasLog believes first class charterers will continue to engage
experienced LNG shipowners to provide high quality LNG carriers for multi-year
charter requirements.
Outlook
GasLog believes the strong fundamentals of the LNG industry will provide
significant growth opportunities for GasLog’s high quality LNG shipping
operations. Focus in the near term will be on delivering the growth of the
business, through the on-time delivery of the newbuilding fleet, while
ensuring full utilization of the existing ships. GasLog expects that its
strategy of leveraging its established platform and customer relationships
will aid in qualifying for charter possibilities for the two uncommitted
newbuildings and the options it holds for four additional newbuildings.
GasLog’s experience and track record may also allow GasLog to explore
possibilities for industry consolidation of new entrants and to be flexible to
adjust to market developments.
Conference Call
GasLog will host a conference call at 8:30 a.m. Eastern Time (1:30 p.m. London
Time) on Wednesday, February 27, 2013 to discuss the fourth quarter 2012
results. The dial-in number is 1-646-254-3360 (New York, NY) and +44 (0) 203
478 5300 (London, UK), passcode is 7885234. A live webcast of the conference
call will also be available on the investor relations page of GasLog’s website
at http://www.gaslogltd.com/investor-relations.
For those unable to participate in the conference call, a replay will be
available from 12:30 p.m. Eastern Time (5:30 p.m. London Time) on February 27,
2013 until 12:30 p.m. Eastern Time on Wednesday March 6, 2013 (5:30 p.m.
London Time). The replay dial-in number is 1-347-366-9565 (New York) and +44
(0) 203 427 0598 (London). The replay passcode is 7885234.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG carriers.
GasLog’s fleet consists of 12 wholly-owned LNG carriers, including two ships
delivered in 2010, one ship delivered in January 2013 and nine LNG carriers on
order. In addition, GasLog currently has 12 LNG carriers operating under its
technical management for external customers. GasLog’s principal executive
offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.
GasLog’s website is http://www.gaslogltd.com.
Forward Looking Statements
This press release contains “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995. The reader is cautioned not
to rely on these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results could
vary materially from our expectations and projections. Risks and uncertainties
include, but are not limited to, general LNG and LNG shipping market
conditions and trends, including charter rates, ship values, factors affecting
supply and demand and opportunities for the profitable operations of LNG
carriers; our continued ability to enter into multi-year time charters with
our customers; our contracted charter revenue; our customers’ performance of
their obligations under our time charters and other contracts; the effect of
the worldwide economic slowdown; future operating or financial results and
future revenue and expenses; our future financial condition and liquidity; our
ability to obtain financing to fund capital expenditures, acquisitions and
other corporate activities, and funding by banks of their financial
commitments; future, pending or recent acquisitions of ships or other assets,
business strategy, areas of possible expansion and expected capital spending
or operating expenses; our ability to enter into shipbuilding contracts for
newbuilding ships and our expectations about the availability of existing LNG
carriers to purchase, as well as our ability to consummate any such
acquisitions; our expectations about the time that it may take to construct
and deliver newbuilding ships and the useful lives of our ships; number of
off-hire days, drydocking requirements and insurance costs; our anticipated
general and administrative expenses; fluctuations in currencies and interest
rates; our ability to maintain long-term relationships with major energy
companies; expiration dates and extensions of charters; our ability to
maximize the use of our ships, including the re-employment or disposal of
ships no longer under multi-year charter commitments; environmental and
regulatory conditions, including changes in laws and regulations or actions
taken by regulatory authorities; risks inherent in ship operation, including
the discharge of pollutants; availability of skilled labor, ship crews and
management; potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists; and potential liability from
future litigation. A further list and description of these risks,
uncertainties and other factors can be found in our Prospectus filed with the
Securities and Exchange Commission on April 2, 2012. Copies of the Prospectus,
as well as subsequent filings, are available online at www.sec.gov or on
request from us. We do not undertake to update any forward-looking statements
as a result of new information or future events or developments.
EXHIBIT I – Unaudited Interim Financial Information
Unaudited condensed consolidated statements of financial position
As of December 31, 2011 and 2012
(All amounts expressed in U.S. Dollars)
December 31, December 31,
2011 2012
Assets
Non-current
assets
Goodwill 9,511,140 9,511,140
Investment in 6,528,087 6,856,144
associate
Deferred 14,289,327 24,278,983
financing costs
Other non-current 871,769 4,071,071
assets
Tangible fixed 438,902,029 426,879,545
assets
Vessels under 109,069,864 217,321,572
construction
Total non-current 579,172,216 688,918,455
assets
Current assets
Trade and other 2,682,820 2,431,852
receivables
Dividends
receivable and 1,273,796 859,121
due from related
parties
Inventories 425,266 480,554
Prepayments and
other current 3,365,697 425,385
assets
Short-term — 104,674,150
investments
Cash and cash 20,092,909 110,978,315
equivalents
Total current 27,840,488 219,849,377
assets
Total assets 607,012,704 908,767
,832
Equity and
liabilities
Equity
Share capital 391,015 628,632
Contributed 300,715,852 621,879,379
surplus
Reserves 1,744,417 (11,080,758 )
Accumulated (12,437,763 ) (8,216,944 )
deficit
Equity
attributable to 290,413,521 603,210,309
owners of the
Group
Current
liabilities
Trade accounts 1,704,915 1,794,300
payable
Ship management 1,102,272 850,680
creditors
Amounts due to 114,069 121,663
related parties
Derivative
financial 3,451,080 7,144,738
instruments
Other payables 18,541,023 15,094,483
and accruals
Loans—current 24,276,813 25,753,343
portion
Total current 49,190,172 50,759,207
liabilities
Non-current
liabilities
Derivative
financial 5,101,234 24,183,718
instruments
Loans—non-current 256,788,206 228,514,890
portion
Other non-current 5,519,571 2,099,708
liabilities
Total non-current 267,409,011 254,798,316
liabilities
Total equity and 607,012,704 908,767,832
liabilities
Unaudited condensed consolidated statements of income
For the three months and the years ended December 31, 2011 and 2012
(All amounts expressed in U.S. Dollars)
For the three months ended For the year ended
December 31, December 31, December 31, December 31,
2011 2012 2011 2012
Revenues 17,795,934 18,297,681 66,470,819 68,542,087
Vessel
operating and (3,764,484 ) (4,303,891 ) (12,946,061 ) (14,646,407 )
supervision
costs
Depreciation of (3,214,646 ) (3,291,587 ) (12,827,284 ) (13,064,898 )
fixed assets
General and
administrative (6,267,578 ) (5,977,623 ) (15,996,595 ) (20,409,504 )
expenses
Profit from 4,549,226 4,724,580 24,700,879 20,421,278
operations
Financial costs (2,683,756 ) (2,822,665 ) (9,631,262 ) (11,669,562 )
Financial 509 249,237 41,679 1,174,361
income
(Loss)/gain on
interest rate (2,492,735 ) 209,832 (2,725,374 ) (6,783,315 )
swaps, net
Share of profit 292,776 316,904 1,311,970 1,078,057
of associate
Gain on
disposal of — — 24,786 —
subsidiaries
Total other (4,883,206 ) (2,046,692 ) (10,978,201 ) (16,200,459 )
expense
(Loss)/profit
for the (333,980 ) 2,677,888 13,722,678 4,220,819
period/year
Attributable
to:
Owners of the (333,980 ) 2,677,888 14,039,651 4,220,819
Group
Non-controlling — — (316,973 ) —
interest
(333,980 ) 2,677,888 13,722,678 4,220,819
Earnings per
share – basic (0.01 ) 0.04 0.36 0.07
and diluted
Unaudited condensed consolidated statements of cash flow
For the years ended December 31, 2011 and 2012
(All amounts expressed in U.S. Dollars)
For the years ended
December 31, December 31,
2011 2012
Cash flows from operating
activities:
Profit for the year 13,722,678 4,220,819
Adjustments for:
Depreciation of fixed 12,827,284 13,064,898
assets
Share of profit of (1,311,970 ) (1,078,057 )
associate
Financial income (41,679 ) (1,174,361 )
Financial costs 9,631,262 11,669,562
Unrealized net foreign
exchange gains on cash and — (627,758 )
cash equivalents and
short-term investments
Loss on interest rate 2,725,374 6,783,315
swaps, net
Gain on disposal of (24,786 ) —
subsidiaries
Non-cash employee benefits 3,991,673 3,481,090
41,519,836 36,339,508
Movements in working (5,916,064 ) (276,613 )
capital
Cash provided by operations 35,603,772 36,062,895
Interest paid (8,602,438 ) (11,144,727 )
Net cash from operating 27,001,334 24,918,168
activities
Cash flows from investing
activities:
Dividends received from 1,086,787 950,000
associate
Return of investment from 500,000 —
associate
Payments for tangible fixed
assets and vessels under (88,036,471 ) (110,765,495 )
construction
Purchase of short-term — (307,914,861 )
investments
Maturity of short-term — 204,091,159
investments
Cash transferred on (56,426 ) —
deconsolidation
Financial income received 41,679 1,017,884
Net cash used in investing (86,464,431 ) (212,621,313 )
activities
Cash flows from financing
activities:
Bank loan repayment (29,880,190 ) (27,454,542 )
Payment of loan issuance (4,757,032 ) (16,221,986 )
costs
Payments of IPO costs (1,275,447 ) (3,515,267 )
Proceeds from sale of
common shares (net of — 314,255,049
underwriting discounts and
commissions)
Dividend paid (772,000 ) (6,914,948 )
Capital contributions 92,970,575 18,662,935
Net cash from financing 56,285,906 278,811,241
activities
Effects of exchange rate
changes on cash and cash — (222,690 )
equivalents
(Decrease)/increase in cash (3,177,191 ) 90,885,406
and cash equivalents
Cash and cash equivalents, 23,270,100 20,092,909
beginning of the year
Cash and cash equivalents, 20,092,909 110,978,315
end of the year
EXHIBIT II
Non-GAAP Financial Measures:
EBITDA represents earnings before interest income and expense, taxes,
depreciation and amortization. Adjusted EBITDA represents EBITDA before
gain/loss on interest rate swaps and net foreign exchange gains/losses.
Adjusted Profit/(loss) and Adjusted EPS represent earnings and earnings per
share, respectively, before gain/loss on interest rate swaps and net foreign
exchange gains. EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted
EPS, which are non-GAAP financial measures, 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/(loss) 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 continue to hold our common shares. This increased comparability is
achieved by excluding the potentially disparate effects between periods of, in
the case of EBITDA and Adjusted EBITDA, interest, taxes, depreciation and
amortization and, and in the case of Adjusted EBITDA, Adjusted Profit/(loss)
and Adjusted EPS, gain/loss on interest rate swaps and net foreign exchange
gains/losses, which items are affected by various and possibly changing
financing methods, capital structure and historical cost basis and which items
may significantly affect results of operations between periods.
EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS have
limitations as analytical tools and should not be considered as alternatives
to, or as substitutes for, profit, profit from operations, earnings per share
or any other measure of financial performance presented in accordance with
IFRS. These non-GAAP financial measures exclude some, but not all, items that
affect profit, and these measures may vary among companies. In evaluating
Adjusted EBITDA, Adjusted Profit/(loss) 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/(loss) 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 EBITDA and Adjusted EBITDA to Profit/(loss) for the three
month periods ended:
(All amounts expressed in U.S. Dollars)
December 31, 2012
Vessel Vessel Unallocated/
Ownership Management Total
Eliminations
Segment segment
Profit/(loss)
for the 5,679,226 1,057,491 (4,058,829 ) 2,677,888
period
Depreciation
of fixed 3,172,734 81,129 37,724 3,291,587
assets
Financial 2,799,577 14,648 8,440 2,822,665
costs
Financial (17,563 ) 24 (231,698 ) (249,237 )
income
EBITDA 11,633,974 1,153,292 (4,244,363 ) 8,542,903
Gain on
interest rate (209,832 ) — — (209,832 )
swaps, net
Foreign
exchange (115,203 ) 86,661 (685,192 ) (713,734 )
gains, net
Adjusted 11,308,939 1,239,953 (4,929,555 ) 7,619,337
EBITDA
December 31, 2011
Vessel Vessel
Ownership Management Unallocated/ Total
Eliminations
Segment segment
Profit/(loss)
for the 3,201,109 1,088,526 (4,623,615 ) (333,980 )
period
Depreciation
of fixed 3,153,104 41,581 19,961 3,214,646
assets
Financial 2,659,385 18,877 5,494 2,683,756
costs
Financial (509 ) — — (509 )
income
EBITDA 9,013,089 1,148,984 (4,598,160 ) 5,563,913
Loss on
interest rate 2,492,735 — — 2,492,735
swaps, net
Foreign
exchange (3,362 ) (81,415 ) (16,360 ) (101,137 )
gains, net
Adjusted 11,502,462 1,067,569 (4,614,520 ) 7,955,511
EBITDA
Reconciliation of EBITDA and Adjusted EBITDA to Profit/(loss) for the years
ended:
(All amounts expressed in U.S. Dollars)
December 31, 2012
Vessel Vessel
Ownership Management Unallocated/ Total
Eliminations
Segment segment
Profit/(loss) 15,577,976 1,172,841 (12,529,998 ) 4,220,819
for the year
Depreciation
of fixed 12,617,272 313,098 134,528 13,064,898
assets
Financial 11,592,956 55,150 21,456 11,669,562
costs
Financial (136,377 ) 18 (1,038,002 ) (1,174,361 )
income
EBITDA 39,651,827 1,541,107 (13,412,016 ) 27,780,918
Loss on
interest rate 6,783,315 — — 6,783,315
swaps, net
Foreign
exchange (34,758 ) 95,960 (607,993 ) (546,791 )
gains, net
Adjusted 46,400,384 1,637,067 (14,020,009 ) 34,017,442
EBITDA
December 31, 2011
Vessel Vessel Unallocated/
Ownership Management Total
Eliminations
Segment segment
Profit/(loss) 20,949,931 2,362,698 (9,589,951 ) 13,722,678
for the year
Depreciation
of fixed 12,612,418 148,721 66,145 12,827,284
assets
Financial 9,573,023 46,540 11,699 9,631,262
costs
Financial (33,582 ) (8,097 ) — (41,679 )
income
EBITDA 43,101,790 2,549,862 (9,512,107 ) 36,139,545
Loss on
interest rate 2,725,374 — — 2,725,374
swaps, net
Foreign
exchange (51,565 ) (68,053 ) (6,875 ) (126,493 )
gains, net
Adjusted 45,775,599 2,481,809 (9,518,982 ) 38,738,426
EBITDA
Reconciliation of Adjusted Profit/(loss) to Profit/(loss) for the three month
periods ended:
(All amounts expressed in U.S. Dollars)
December 31, 2012
Vessel Vessel Unallocated/
Ownership Management Total
Eliminations
Segment segment
Profit/(loss)
for the 5,679,226 1,057,491 (4,058,829 ) 2,677,888
period
Gain on
interest rate (209,832 ) — — (209,832 )
swaps, net
Foreign
exchange (115,203 ) 86,661 (685,192 ) (713,734 )
gains, net
Adjusted
Profit/(loss)
attributable 5,354,191 1,144,152 (4,744,021 ) 1,754,322
to owners of
the Group
December 31, 2011
Vessel Vessel Unallocated/
Ownership Management Total
Eliminations
Segment segment
Profit/(loss)
for the 3,201,109 1,088,526 (4,623,615 ) (333,980 )
period
Loss on
interest rate 2,492,735 — — 2,492,735
swaps, net
Foreign
exchange (3,362 ) (81,415 ) (16,360 ) (101,137 )
gains, net
Adjusted
Profit/(loss)
attributable 5,690,482 1,007,111 (4,639,975 ) 2,057,618
to owners of
the Group
Reconciliation of Adjusted Profit/(loss) to Profit/(loss) for the years ended:
(All amounts expressed in U.S. Dollars)
December 31, 2012
Vessel Vessel Unallocated/
Ownership Management Total
Eliminations
Segment segment
Profit/(loss) 15,577,976 1,172,841 (12,529,998 ) 4,220,819
for the year
Loss on
interest rate 6,783,315 — — 6,783,315
swaps, net
Foreign
exchange gains, (34,758 ) 95,960 (607,993 ) (546,791 )
net
Adjusted
Profit/(loss)
attributable to 22,326,533 1,268,801 (13,137,991 ) 10,457,343
owners of the
Group
December 31, 2011
Vessel Vessel Unallocated/
Ownership Management Total
Eliminations
Segment segment
Profit/(loss) 20,949,931 2,362,698 (9,589,951 ) 13,722,678
for the year
Loss on
interest rate 2,725,374 — — 2,725,374
swaps, net
Foreign
exchange gains, (51,565 ) (68,053 ) (6,875 ) (126,493 )
net
Adjusted 23,623,740 2,294,645 (9,596,826 ) 16,321,559
Profit/(loss)
Non-controlling 316,973 — — 316,973
interest
Adjusted
Profit/(loss)
attributable to 23,940,713 2,294,645 (9,596,826 ) 16,638,532
owners of the
Group
Reconciliation of Adjusted Earnings Per Share to Earnings Per Share for the
three months and the years ended December 31, 2011 and 2012:
(All amounts expressed in U.S. Dollars)
For the three months ended For the year ended
December 31, December 31, December December
2011 2012 31, 2011 31, 2012
(Loss)/profit
for the
period/year (333,980 ) 2,677,888 14,039,651 4,220,819
attributable
to owners of
the Group
Less:
Earnings
allocated to
manager (25,709 ) — 1,201,919 44,798
shares and
subsidiary
manager
shares
Earnings
attributable
to the owners
of common (308,271 ) 2,677,888 12,837,732 4,176,021
shares used
in the
calculation
of basic EPS
Weighted
average
number of 36,091,510 62,863,166 35,837,732 56,093,775
shares
outstanding
EPS (0.01 ) 0.04 0.36 0.07
Adjusted
profit for
the
period/year 2,057,618 1,754,322 16,638,532 10,457,343
attributable
to owners of
the Group
Less:
Adjusted
earnings
allocated to
manager 158,393 — 1,418,874 110,990
shares and
subsidiary
manager
shares
Adjusted
earnings
attributable
to the owners
of common 1,899,225 1,754,322 15,219,658 10,346,353
shares used
in the
calculation
of basic EPS
Weighted
average
number of 36,091,510 62,863,166 35,837,732 56,093,775
shares
outstanding
Adjusted EPS 0.05 0.03 0.42 0.18
Contact:
GasLog, Monaco
Henrik Bjerregaard CFO, +377 9797 5119
or
GasLog, Monaco
Thor Knappe, +377 9797 5117
or
Solebury Communications, NYC
Ray Posadas, +1 203-428-3231
ir@gaslogltd.com
The story has been truncated,
[TRUNCATED]
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