GasLog Ltd. Reports Financial Results for the Quarter Ended December 31, 2013

  GasLog Ltd. Reports Financial Results for the Quarter Ended December 31,
  2013

Business Wire

MONACO -- February 28, 2014

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, 2013.

Highlights

      EBITDA^(1) of $43.8 million (Q4 2012: $8.6 million), earnings per share
•   (“EPS”) of $0.34 (Q4 2012: $0.04) and Profit of $21.4 million (Q4 2012:
      $2.7 million) for the fourth quarter.
      
      Adjusted EBITDA^(1) of $39.7 million (Q4 2012: $7.6 million), Adjusted
•     EPS^(1) of $0.28 (Q4 2012: $0.03) and Adjusted Profit^(1) of $17.4
      million (Q4 2012: $1.8 million) for the fourth quarter.
      
•     Quarterly dividend of $0.12 per common share payable on March 25, 2014.
      
•     Delivery of GasLog Chelsea in October, and active throughout the
      quarter, delivering above expectations in current market conditions.
      
•     Delivery of GasLog Seattle in December and the commencement of her
      multi-year charter to a subsidiary of Royal Dutch Shell plc.
      
      Agreement to purchase three LNG carriers from a subsidiary of BG Group
•     plc. (“BG Group”) for $468 million with time charters back to BG Group
      for six years.
      
      The transaction will be fully financed by a $325.5 million committed
•     loan and $199.4 million in net proceeds from our public offering and
      private placement of common shares completed on January 22, 2014.
      
      Our master limited partnership (“MLP”) subsidiary confidentially
•     submitted draft registration statement on Form F-1 to the U.S.
      Securities and Exchange Commission (“SEC”) for an initial public
      offering of its units.

      
         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
^(1)     accordance with International Financial Reporting Standards (“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.
         

CEO Statement

Mr. Paul Wogan, Chief Executive Officer, stated “I am delighted to report a
strong final quarter of 2013, which concludes a successful year for GasLog. In
2013, we have grown our fleet both through ship acquisitions and the exercise
of newbuilding options and I am particularly pleased that whilst delivering
this growth, we have also executed on our existing business plan. Through
2013, we have increased our backlog of contracted revenue significantly,
broadened our financial platform in the capital markets, increased our
dividend and entered the spot market, where we have won a number of contracts
with new customers. All this has been achieved with 100% utilization of our
contracted fleet, and with an excellent safety record. With the delivery of
the GasLog Seattle in December, we took delivery of five newbuildings in total
this year, all of which commenced multi-year charters to subsidiaries of
either Shell or BG. The acquisition of the GasLog Chelsea in October and the
subsequent charters to highly reputable counterparties means that we now have
eight vessels on the water, compared to two at the beginning of the year. This
exposure to the spot market is a small part of our total fleet but our
presence in this developing sector continues to enhance our reputation with
new and existing customers.

After the end of the quarter, there were two very important developments for
GasLog. Firstly, we announced our intention to make a confidential submission
to the SEC of a draft registration statement for an MLP, which has now taken
place. Secondly, we announced the proposed $468m acquisition and charter back
of three ships from BG Group, and completed an equity offering to fund part of
the acquisition. We have talked in the past about potential industry
consolidation in LNG shipping and this accretive transaction along with our
acquisition of the GasLog Chelsea are great examples of our ability to take
advantage of these opportunities. We will look to grow our fleet further
through value-accretive opportunities that fit within GasLog’s disciplined
growth strategy and ultimately deliver value for our shareholders.”

Dividend Declaration

On February 27, 2014, the Board of Directors declared a quarterly cash
dividend of $0.12 per common share payable on March 25, 2014 to shareholders
of record as of March 10, 2014.

Agreement for three LNG Carriers from BG Group

In January 2014, GasLog signed an agreement with Methane Services Ltd.
(“MSL”), an affiliate of BG Group, to purchase three LNG carriers from MSL’s
fleet and to charter those ships back to MSL for six-year initial terms (the
“BG Group transaction”). MSL also has the option to extend the term of the
time charters for two of the ships for a period of either three or five years
at its election. The ships to be acquired will be nominated by MSL from an
agreed group of six sister ships built at Samsung Heavy Industries Co. Ltd.
(“Samsung”) in 2006 and 2007. GasLog supervised the construction of all six
ships and has provided technical management for them since delivery. The
aggregate cost to GasLog for the ships is expected to be approximately $468
million. Each LNG carrier to be acquired is a modern, steam powered vessel and
has a cargo capacity of 145,000 cubic meters.

Equity Offering

On January 22, 2014, GasLog completed a follow-on public offering of
10,925,000 common shares (the “Public Offering”), including 1,425,000 common
shares issued upon the exercise in full by the underwriters of their option to
purchase additional shares. The public offering price was $15.75 per share.
The Company also sold 2,317,460 common shares at the public offering price in
a concurrent private placement to certain of its directors and officers and
one of its major shareholders (the “Private Placement”). The net proceeds from
the Public Offering and the Private Placement, after deducting underwriting
discounts and other offering expenses, were $199.4 million.

Proposed Initial Public Offering of MLP

In January 2014, the Board of Directors authorized GasLog to make a
confidential submission to the SEC of a draft registration statement on Form
F-1 for an initial public offering of units in a MLP to be formed to own
certain of GasLog’s LNG carriers with multi-year charters. The proceeds of the
offering will principally be used to reduce indebtedness. Completion of the
initial public offering is subject to further Board authorization as well as
completion of the SEC review process.

Delivery of GasLog Seattle

On December 9, 2013, GasLog took delivery of the GasLog Seattle, an LNG
carrier of 155,000 cubic meters capacity with tri-fuel diesel electric
propulsion constructed by Samsung. The vessel is chartered out to a subsidiary
of Royal Dutch Shell plc. from its delivery until 2020, with charterer’s
option to extend the terms of the charter at specified rates.

Delivery of GasLog Chelsea

On October 4, 2013, GasLog took delivery of the GasLog Chelsea, a 2010-built
153,600 cubic meters LNG Carrier from STX Pan Ocean LNG Pte. Ltd., a Singapore
based company, at a purchase price of $160 million. The vessel is operating in
the spot market.

New Financing

In connection with the acquisition of the three ships from MSL, GasLog
obtained commitments from Citibank for $325.5 million of debt financing with a
two year maturity and a short-term bridge loan facility for up to $100.0
million. As a result of the funds raised from the Public Offering and the
concurrent Private Placement, the bridge loan facility was cancelled.

Financial Summary


                            For the three months  For the year
In millions of U.S. dollars  Q4 2012    Q4 2013   Q4 2012  Q4 2013
except per share numbers
EBITDA^(1)                   8.6        43.8      27.8     119.4
Adjusted EBITDA^(1)          7.6        39.7      34.0     101.6
Profit                       2.7        21.4      4.3      56.9
Adjusted Profit^(1)          1.8        17.4      10.5     39.1
EPS^(1)                      0.04       0.34      0.07     0.91
Adjusted EPS^(1)             0.03       0.28      0.18     0.62


For the three-months and year ended December 31:

Profit was $21.4 million and $56.9 million for the quarter and the year ended
December 31, 2013, respectively ($2.7 million and $4.3 million for the quarter
and the year ended December 31, 2012, respectively). This increase is mainly
attributable to the delivery of the GasLog Shanghai, the GasLog Santiago, the
GasLog Sydney, the GasLog Skagen, and the GasLog Seattle on January 28, 2013,
March 25, 2013, May 30, 2013, July 25, 2013, and December 9, 2013,
respectively, and the commencement upon delivery of their charter party
agreements. The GasLog Chelsea, delivered on October 4, 2013 also contributed
to these profit numbers and has operated on the spot market since delivery.

EPS was $0.34 and $0.91 for the quarter and the year ended December 31, 2013,
respectively ($0.04 and $0.07 for the quarter and the year ended December 31,
2012, respectively). The increase in EPS is attributable to the increase in
profit.

EBITDA^(1) was $43.8 million and $119.4 million for the quarter and the year
ended December 31, 2013, respectively ($8.6 million and $27.8 million for the
quarter and the year ended December 31, 2012, respectively).

Adjusted Profit^(1) was $17.4 million and $39.1 million for the quarter and
the year ended December 31, 2013, respectively ($1.8 million and $10.5 for the
quarter and the year ended December 31, 2012, respectively), after excluding
the effects of the unrealized gain/(loss) on swaps and foreign exchange gains.

Adjusted EPS^(1) was $0.28 and $0.62 for the quarter and the year ended
December 31, 2013, respectively ($0.03 and $0.18 for the quarter and the year
ended December 31, 2012, respectively).

Adjusted EBITDA^(1) was $39.7 million and $101.6 million for the quarter and
the year ended December 31, 2013, respectively ($7.6 million and $34.0 million
for the quarter and the year ended December 31, 2012, respectively).

Revenues were $59.3 million and $157.2 million for the quarter and the year
ended December 31, 2013, respectively ($18.3 million and $68.5 million for the
quarter and the year ended December 31, 2012, respectively). The increase is
mainly attributable to the delivery of the six ships as outlined above.

Vessel operating and supervision costs were $14.2 million and $34.9 million
for the quarter and the year ended December 31, 2013, respectively ($4.3
million and $14.6 million for the quarter and the year ended December 31,
2012, respectively). The increase is mainly attributable to the vessel
operating costs of the six ships delivered during 2013.

^(1) See Exhibit II for a discussion and reconciliation of these non-GAAP
measures.

Contracted Charter Revenues

GasLog’s contracted charter revenues are estimated to increase to $352.2
million for the fiscal year 2017, based on contracts in effect as of December
31, 2013 for the fifteen ships in GasLog’s wholly-owned fleet for which time
charters have been secured, including the contracted revenue for the three
ships that will be acquired pursuant to the BG Group transaction and the five
newbuildings that are scheduled to be delivered on various dates in 2014, 2015
and 2016, but does not include extension options.

Liquidity and Financing

As of December 31, 2013, GasLog had cash and cash equivalents of $103.8
million of which $28.78 million was held in time deposits. Moreover, as of
December 31, 2013, GasLog had $4.5 million held in time deposits with an
initial duration of more than three months but less than a year which have
been classified as short-term investments.

As of December 31, 2013, GasLog had an aggregate of $1.06 billion of
indebtedness outstanding under six credit agreements, of which $104.75 million
is repayable within one year. As of December 31, 2013, GasLog also had $82.23
million outstanding under its NOK 500 million bonds that are payable in June
2018.

As of December 31, 2013 there is an undrawn amount of $10.51 million from the
revolving facility of GAS-two Ltd. from which $2.68 million was drawn in
January 2014. The balance is available to be drawn under certain conditions.
In addition, there is one loan facility with an aggregate undrawn amount of
$435 million available that will be used to finance a portion of the contract
prices of three of our newbuildings upon their deliveries.

As of December 31, 2013, GasLog’s commitments for capital expenditures are
related to the seven LNG carriers on order at Samsung, which have a gross
aggregate contract price of approximately $1.39 billion. As of December 31,
2013, the total remaining balance of the contract prices of the seven
newbuildings was $1.27 billion and will be funded with available cash, cash
from operations, existing debt and other future financings we will seek to
secure.

Around two thirds of GasLog’s expected floating interest rate exposure has
been hedged, and the weighted average interest rate of all existing debt is
approximately 4.5% (including margin) as of December 31, 2013.

Business Update

As of December 31, 2013 GasLog has seven newbuildings on order at Samsung. Our
vessels presently under construction are on schedule and within budget.

The seven on-the-water ships in GasLog’s fleet, currently on long-term
charters, performed without any off-hire during the quarter ended December 31,
2013, thereby achieving full utilization for the period.

GasLog has secured an extension of the previously reported options for the
construction of up to six (4 priced and 2 unpriced) additional LNG carriers
(174,000 cubic meters each) from Samsung until the end of the first quarter of
2014.

LNG Market Update and Outlook

We believe that the long-term outlook for LNG shipping remains very positive
with several significant liquefaction projects nearing completion and, over
the coming years, a steady stream of large projects expected to come online
around the world in places such as Australia, USA, Russia, Canada and East
Africa. During the fourth quarter of 2013, the 16mtpa Yamal project in North
West Siberia took final investment decision (“FID”) and a further approval was
given by the U.S. Department of Energy for Freeport train 3 in the USA for
exports to non-Free Trade Agreement countries.

During the fourth quarter of 2013 short-term rates for LNG carriers gradually
decreased. However, demand for LNG remained high as evidenced by the high
prices achievable in the Far East. A lack of available LNG cargoes in the
Atlantic basin reduced demand for short-term LNG charters and more ships
became available as newbuilds were delivered. This pressure on short-term
rates is likely to continue into Q1 2014 as open newbuilds continue to be
delivered at a faster pace than liquefaction projects come online.

GasLog’s strategy has been to remain largely contracted over 2014 and 2015 and
whilst we may see rates fall from the historically high levels of the last few
years, the make-up of our fleet with long-term contracts to reputable
counterparties largely protects us from any near term volatility. Looking
ahead, we do expect to see significant opportunities to capture the upside in
the spot market when new liquefaction capacity begins production to outstrip
the number of ships being delivered. With the recently announced BG Group
transaction, we will significantly increase our backlog of contracted revenue
to approximately $2.5 billion, which further improves the company’s financial
flexibility and liquidity.

The acquisition of the GasLog Chelsea and BG Group transaction demonstrate our
willingness and ability to take advantage of attractive opportunities as they
arise. Our financial flexibility alongside our contracted revenue base allow
us to look at potential opportunities that meet our disciplined return
criteria in both the short and long-term markets going forward.

Through the delivery of our newbuilding program and the addition of
on-the-water vessels, we believe GasLog is very well placed to take advantage
of the continuing growth in the LNG industry.

Conference Call

GasLog will host a conference call at 8:30 a.m. Eastern Time (1:30 p.m. London
Time) on Friday, February 28, 2014 to discuss the fourth quarter 2013 results.
The dial-in number is +1-646-254-3365 (New York, NY) and +44 (0) 203 427 1905
(London, UK), passcode is 9828325. 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 28,
2014 until 6:59 p.m. Eastern Time on Wednesday, March 7, 2014 (11:59 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 9828325.

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers.
Following the acquisition of the three MSL ships, GasLog’s fleet will include
18 wholly-owned LNG carriers, including eleven ships in operation and seven
LNG carriers on order. GasLog currently has 12 LNG carriers, including the
three ships subject to the agreement with MSL, operating under its technical
management for third parties. GasLog’s principal executive offices are located
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 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 complete the formation of a proposed
master limited partnership; 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 Annual Report filed March
28, 2013. Copies of the Annual Report, 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 Financial Information

Unaudited condensed consolidated statements of financial position
As of December 31, 2012 and 2013
(All amounts expressed in U.S. Dollars)


                                          2012              2013
Assets                                      (restated)^(1)
Non-current assets
Goodwill                                    9,511,140          9,511,140
Investment in associate                     6,856,144          6,326,264
Derivative financial instruments            —                  9,144,834
Deferred financing costs                    24,278,983         12,793,375
Other non-current assets                    4,071,071          2,658,320
Tangible fixed assets                       426,879,545        1,529,719,894
Vessels under construction                  217,321,572        120,295,239
Total non-current assets                    688,918,455        1,690,449,066
Current assets
Trade and other receivables                 2,431,852          7,256,534
Dividends receivable and due from           859,121            2,476,122
related parties
Inventories                                 480,554            5,935,576
Prepayments and other current assets        425,385            2,263,294
Short-term investments                      104,674,150        4,500,000
Cash and cash equivalents                   110,978,315        103,797,922
Total current assets                        219,849,377        126,229,448
Total assets                                908,767,832        1,816,678,514
Equity and liabilities
Equity
Share capital                               628,632            628,632
Contributed surplus                         621,879,379        614,964,431
Reserves                                    (11,049,090    )   (3,428,313    )
Accumulated deficit                         (8,187,530     )   27,368,310
Equity attributable to owners of the        603,271,391       639,533,060
Group
Current liabilities
Trade accounts payable                      1,794,300          5,734,673
Ship management creditors                   850,680            8,148,219
Amounts due to related parties              121,663            122,786
Derivative financial instruments            7,144,738          14,235,286
Other payables and accruals                 15,094,483         30,271,660
Loans—current portion                       25,753,343         100,320,398
Total current liabilities                   50,759,207         158,833,022
Non-current liabilities
Derivative financial instruments            24,183,718         2,917,577
Loans—non-current portion                   228,514,890        1,014,753,538
Other non-current liabilities               2,038,626          641,317
Total non-current liabilities               254,737,234        1,018,312,432
Total equity and liabilities                908,767,832        1,816,678,514

^(1) Restated to account for the retrospective application of the amendments
to IAS 19 Employee Benefits adopted on January 1, 2013.


Unaudited condensed consolidated statements of profit or loss
For the three months and the years ended December 31, 2012 and 2013
(All amounts expressed in U.S. Dollars)

                 For the three months ended        For the year ended
                   December 31,      December        December 31,      December
                   2012               31, 2013        2012               31, 2013
                   (restated)^(1)                     (restated)^(1)
Revenues           18,297,681         59,337,795      68,542,087         157,239,696
Vessel
operating and      (4,303,891     )   (14,182,359 )   (14,646,407    )   (34,918,920 )
supervision
costs
Depreciation
of fixed           (3,291,587     )   (10,304,561 )   (13,064,898    )   (29,321,948 )
assets
General and
administrative     (5,948,209     )   (5,667,093  )   (20,380,090    )   (21,596,924 )
expenses
Profit from        4,753,994          29,183,782      20,450,692         71,401,904
operations
Financial
costs
including          (2,612,833     )   (8,175,414  )   (18,452,877    )   (16,353,682 )
gain/(loss) on
swaps
Financial          249,237            60,334          1,174,361          410,974
income
Share of
profit of          316,904            376,174         1,078,057          1,470,120
associate
Total other        (2,046,692     )   (7,738,906  )   (16,200,459    )   (14,472,588 )
expense
Profit for the     2,707,302          21,444,876      4,250,233          56,929,316
period/year
                                                                                     
Earnings per
share - basic      0.04               0.34            0.07               0.91
and diluted


^(1) Restated to account for the retrospective application of the amendments
to IAS 19 Employee Benefits adopted on January 1, 2013.


Unaudited condensed consolidated statements of cash flow
For the years ended December 31, 2012 and 2013
(All amounts expressed in U.S. Dollars)

                                    For the years ended
                                       December 31,        December 31,
                                       2012                 2013
                                        (restated)^(1)     
Cash flows from operating
activities:
Profit for the year                      4,250,233            56,929,316
Adjustments for:
Depreciation of fixed assets             13,064,898           29,321,948
Share of profit of associate             (1,078,057     )     (1,470,120     )
Financial income                         (1,174,361     )     (410,974       )
Financial costs                          11,669,562           27,851,400
Unrealized loss/(gain) on swaps          6,783,315            (17,226,925    )
Non-cash employee benefits               3,481,090            492,822
Unrealized foreign exchange
gains on cash and cash                   (627,758       )     (1,013,004     )
equivalents and short-term
investments
Non-cash defined benefit                35,844              81,396
obligations
                                         36,404,766           94,555,859
Movements in working capital            (341,871       )    13,779,446
Cash provided by operations             36,062,895          108,335,305
Interest paid                           (11,144,727    )    (21,590,780    )
Net cash from operating                 24,918,168          86,744,525
activities
Cash flows from investing
activities:
Dividends received from                  950,000              1,640,027
associate
Payments for tangible fixed
assets and vessels under                 (110,765,495   )     (1,038,153,383 )
construction
Return of contributed capital            —                    359,973
from associate
Purchase of short-term                   (307,914,861   )     (44,969,200    )
investments
Maturity of short-term                   204,091,159          145,046,500
investments
Financial income received               1,017,884           560,516
Net cash used in investing              (212,621,313   )    (935,515,567   )
activities
Cash flows from financing
activities:
Proceeds from bank loans and             —                    1,026,199,965
bond
Bank loan repayment                      (27,454,542    )     (142,648,971   )
Payment of loan issuance costs           (16,221,986    )     (14,781,775    )
Payment of initial public                (3,515,267     )     —
offering (“IPO”) costs
Proceeds from sale of common
shares (net of underwriting              314,255,049          —
discounts and commissions)
Dividend paid                            (6,914,948     )     (28,288,424    )
Capital contributions received          18,662,935          —
Net cash from financing                 278,811,241         840,480,795
activities
Effects of exchange rate changes         (222,690       )     1,109,854
on cash and cash equivalents
Increase/(decrease) in cash and          90,885,406           (7,180,393     )
cash equivalents
Cash and cash equivalents,              20,092,909          110,978,315
beginning of the year
Cash and cash equivalents, end          110,978,315         103,797,922
of the year


^(1) Restated to account for the retrospective application of the amendments
to IAS 19 Employee Benefits adopted on January 1, 2013.

EXHIBIT II

Non-GAAP Financial Measures:

EBITDA represents earnings before interest income and expense, taxes,
depreciation and amortization. Adjusted EBITDA represents EBITDA before
unrealized gain/loss on swaps and foreign exchange gains. Adjusted Profit and
Adjusted EPS represent earnings and earnings per share, respectively, before
unrealized gain/loss on swaps and foreign exchange gains. EBITDA, Adjusted
EBITDA, Adjusted Profit 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 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 in the case of
Adjusted EBITDA, Adjusted Profit and Adjusted EPS, unrealized gain/loss on
swaps and foreign exchange gains, 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 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 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 EBITDA and Adjusted EBITDA to Profit:
(All amounts expressed in U.S. Dollars)

               For the three months ended      For the year ended
                 December       December 31,     December 31,    December 31,
                 31, 2012        2013             2012             2013
Profit for
the               2,707,302      21,444,876      4,250,233       56,929,316
period/year
Depreciation
of fixed           3,291,587       10,304,561       13,064,898       29,321,948
assets
Financial
costs
excluding
unrealized
gain/(loss)        2,822,665       12,098,538       11,669,562       33,580,607
on swaps
Financial         (249,237  )    (60,334    )    (1,174,361 )    (410,974    )
income
EBITDA            8,572,317      43,787,641      27,810,332      119,420,897
Unrealized
(gain)/loss        (209,832  )     (3,923,124 )     6,783,315        (17,226,925 )
on swaps
Foreign
exchange          (713,734  )    (142,621   )    (546,791   )    (576,038    )
gains, net
Adjusted          7,648,751      39,721,896      34,046,856      101,617,934
EBITDA



Reconciliation of Adjusted Profit to Profit:
(All amounts expressed in U.S. Dollars)

             For the three months ended      For the year ended
              December       December 31,     December 31,    December 31,
              31, 2012        2013             2012             2013
Profit for
the            2,707,302      21,444,876      4,250,233       56,929,316
period/year
Unrealized
(gain)/loss     (209,832  )     (3,923,124 )     6,783,315        (17,226,925 )
on swaps
Foreign
exchange       (713,734  )    (142,621   )    (546,791   )    (576,038    )
gains, net
Adjusted       1,783,736      17,379,131      10,486,757      39,126,353
Profit



Reconciliation of Adjusted Earnings Per Share to Earnings Per Share:
(All amounts expressed in U.S. Dollars except share numbers)

               For the three months ended      For the year ended
                 December 31,   December 31,     December 31,   December 31,
                 2012             2013             2012             2013
Profit for
the
period/year                                                      
attributable
to
Owners of          2,707,302        21,444,876       4,250,233        56,929,316
the Group
Less:
Earnings
allocated to
manager
shares
and
subsidiary        —               —               45,110          —
manager
shares
Earnings
attributable
to the
owners of
common
shares used
in the            2,707,302       21,444,876      4,205,123       56,929,316
calculation
of
basic EPS
Weighted
average
number of
shares
outstanding,      62,863,166      62,863,166      56,093,775      62,863,166
basic
EPS               0.04            0.34            0.07            0.91
                                                                      
Adjusted
profit for
the
period/year
attributable
to Owners of       1,783,736        17,379,131       10,486,757       39,126,353
the Group
Less:
Adjusted
earnings
allocated to
manager
shares and
subsidiary        —               —               111,302         —
manager
shares
Adjusted
earnings
attributable
to the
owners
of common
shares used
in the            1,783,736       17,379,131      10,375,455      39,126,353
calculation
of
basic EPS
Weighted
average
number of
shares
outstanding,      62,863,166      62,863,166      56,093,775      62,863,166
basic
Adjusted EPS      0.03            0.28            0.18            0.62


Contact:

GasLog, Monaco
Simon Crowe, +377 9797 5115
CFO
or
GasLog, Monaco
Jamie Buckland, +377 9797 5118
or
Solebury Communications, NYC
Ray Posadas, +1 203-428-3231
ir@gaslogltd.com
 
Press spacebar to pause and continue. Press esc to stop.