GasLog Ltd. and its subsidiaries (“GasLog”, “Group” or “Company”)
(NYSE: GLOG), an international owner, operator and manager of
liquefied natural gas (“LNG”) carriers, today reported its
financial results for the three-month period and the year ended
December 31, 2020.
Highlights
| • |
Announces agreement for the
acquisition of approximately 45% of GasLog Ltd.’s outstanding
common shares by BlackRock’s Global Energy & Power
Infrastructure Team. |
| • |
Delivery of the GasLog Georgetown
on November 16, 2020, a 174,000 cubic meter (“cbm”) LNG carrier
with dual fuel medium speed propulsion (“X-DF”) and commencement of
its seven-year time charter agreement with a wholly-owned
subsidiary of Cheniere Energy, Inc. (“Cheniere”). |
| • |
Post year-end, delivery of the
GasLog Galveston on January 4, 2021, a 174,000 cbm LNG carrier with
X-DF propulsion and commencement of its seven-year time charter
agreement with Cheniere. |
| • |
Completed the sale-and-leaseback
of the GasLog Hong Kong, with CMB Financial Leasing Co. Ltd.
(“CMBFL”), releasing $26.4 million of incremental liquidity to
GasLog. |
| • |
Post year-end, completed the
sale-and-leaseback of the GasLog Houston with ICBC Financial
Leasing Co. Ltd. (“ICBC”), releasing $34.8 million of incremental
liquidity to GasLog. |
| • |
Repaid $26.5 million of debt in
the fourth quarter of 2020, bringing total debt repayment
(excluding prepayments for refinanced facilities) to $219.3 million
during 2020. |
| • |
Quarterly Revenues of $192.6
million, Profit of $45.9 million and Earnings per share1 of $0.27
for the three-month period ended December 31, 2020. |
| • |
Quarterly Adjusted EBITDA1 of
$137.4 million, Adjusted Profit1 of $46.3 million and Adjusted
Earnings per share1 of $0.24 for the three-month period ended
December 31, 2020. |
| • |
Annual Revenues and Adjusted
EBITDA of $674.1 million and $465.6 million for the twelve-month
period ended December 31, 2020. |
| • |
Quarterly dividend of $0.05 per
common share payable on March 11, 2021. |
| |
|
Agreement for the acquisition of
approximately 45% of GasLog Ltd.’s outstanding common shares by
BlackRock’s Global Energy & Power Infrastructure
Team
As we separately announced today, GasLog has entered into
an agreement and plan of merger (the “Merger Agreement”) with
BlackRock’s Global Energy & Power Infrastructure Team
(collectively, “GEPIF”), which is focused on essential,
long-term infrastructure investments in the energy and power
sector, pursuant to which GEPIF will acquire all of the outstanding
common shares of GasLog Ltd. that are not held by certain existing
shareholders for a purchase price of $5.80 in cash per share (the
“Transaction”). Following the consummation of the Transaction,
certain existing shareholders, including Blenheim Holdings Ltd.,
which is wholly owned by the Livanos family, and a wholly owned
affiliate of the Onassis Foundation, will continue to hold
approximately 55% of the outstanding common shares of GasLog Ltd.
and GEPIF will hold approximately 45%. Please refer to the separate
press release on the Transaction dated February 22, 2021 for
additional information.
Dividend Declarations
On December 9, 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 January 4, 2021 to holders of
record as of December 31, 2020.
On February 21, 2021, the board of directors declared a
quarterly cash dividend of $0.05 per common share, or $4.8 million
in the aggregate, payable on March 11, 2021 to shareholders of
record as of March 4, 2021.
GasLog Partners Strategic Review
Update
On November 10, 2020, GasLog Partners LP (“GasLog Partners” or
the “Partnership”) announced its intention to engage with an
independent advisor to assess its strategic alternatives. After a
comprehensive analysis of the Partnership’s corporate structure,
assets, financial position, competitive environment and current and
expected commercial market, the following conclusions have been
reached:
- GasLog Partners will maintain its current corporate structure
with GasLog as its general partner;
- GasLog Partners will continue to pursue an independent
commercial and operational strategy of owning, operating, and
acquiring LNG carriers; and
- Strategy remains an ongoing focus of the GasLog Partners’ board
and GasLog Partners is open to entertaining all value-enhancing
options for the business as it continues to reduce debt and enhance
liquidity.
Financial Summary
|
Amounts
in thousands of U.S. dollars |
|
For the three months ended |
|
For the year ended |
|
|
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
| Revenues |
|
$ |
182,253 |
|
$ |
192,602 |
|
$ |
668,637 |
|
$ |
674,089 |
|
| (Loss)/profit for the
period |
|
$ |
(119,889 |
) |
$ |
45,948 |
|
$ |
(115,613 |
) |
$ |
3,289 |
|
| Adjusted EBITDA1 |
|
$ |
129,209 |
|
$ |
137,397 |
|
$ |
461,226 |
|
$ |
465,577 |
|
| Adjusted Profit1 |
|
$ |
38,474 |
|
$ |
46,299 |
|
$ |
113,000 |
|
$ |
111,138 |
|
| (Loss)/profit attributable to
the owners of GasLog |
|
$ |
(50,171 |
) |
$ |
28,233 |
|
$ |
(100,661 |
) |
$ |
(44,948 |
) |
| EPS, basic |
|
$ |
(0.65 |
) |
$ |
0.27 |
|
$ |
(1.37 |
) |
$ |
(0.63 |
) |
| Adjusted EPS1 |
|
$ |
0.14 |
|
$ |
0.24 |
|
$ |
0.29 |
|
$ |
0.40 |
|
There were 2,796 revenue operating days for the quarter ended
December 31, 2020, as compared to 2,465 revenue operating days for
the quarter ended December 31, 2019. The increase in revenue
operating days was mainly driven by the increased operating days
from the deliveries of our wholly-owned vessels the GasLog Windsor
on April 1, 2020, the GasLog Wales on May 11, 2020, the GasLog
Westminster on July 15, 2020 and the GasLog Georgetown on November
16, 2020, all under long-term contracts with high-quality
charterers.
This quarter we amended the definition of the spot fleet and
amended the revenue breakdown accordingly, to reflect our
commercial strategy. Specifically, vessel revenues are now
allocated to two categories: (a) spot fleet and (b) long-term
fleet. The spot fleet category contains all vessels that have
contracts with initial duration of less than five years. The
long-term fleet category contains all vessels that have charter
party agreements with initial duration of more than five years.
Both categories exclude optional periods.
For the quarter and year ended December 31, 2020, an analysis of
revenue operating days, revenues and voyage expenses and
commissions per category of charter is presented below:
|
Amounts
in thousands of U.S. dollars |
|
For the three months ended December 31, 2020 |
|
For the year ended December 31,
2020 |
|
|
|
Spot fleet |
|
Long-term fleet |
|
Spot fleet |
|
Long-term fleet |
|
| Available days (*) |
|
|
1,340 |
|
|
1,507 |
|
|
4,598 |
|
|
5,924 |
|
| Revenue operating
days(**) |
|
|
1,289 |
|
|
1,507 |
|
|
4,109 |
|
|
5,922 |
|
| Revenues (***) |
|
|
74,094 |
|
|
118,290 |
|
|
210,390 |
|
|
462,887 |
|
| Voyage expenses and
commissions |
|
|
(2,185 |
) |
|
(1,624 |
) |
|
(14,990 |
) |
|
(6,893 |
) |
(*) 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 and
unscheduled off-hire days.(***) Revenues exclude the revenues from
vessel management services of $218 and $812 for the quarter and the
year ended December 31, 2020, respectively.
Revenues were $192.6 million for the quarter ended December 31,
2020 ($182.3 million for the quarter ended December 31, 2019).
Revenues from the GasLog 100% owned fleet increased by $22.7
million due to the four vessel deliveries in 2020. This increase
was partially offset by a decrease of $11.5 million from the
vessels owned by GasLog’s subsidiary, GasLog Partners, mainly
attributable to the expiration of the initial multi-year time
charters of the Methane Alison Victoria, the Methane Rita Andrea
and the Methane Shirley Elisabeth.
Vessel operating and supervision costs were $41.4 million for
the quarter ended December 31, 2020 ($39.5 million for the quarter
ended December 31, 2019). The increase was solely attributable to
the increase of our fleet following the delivery of the four
vessels in 2020, partially offset by the decrease in daily
operating costs from $15,917 per ownership day (after excluding
calendar days for the Solaris, the operating costs of which are
covered by the charterers) for the three months ended December 31,
2019 to $14,760 per ownership day (after excluding calendar days
for the Solaris, the operating costs of which are covered by the
charterers) for the three months ended December 31, 2020. Daily
operating costs decreased mainly due to the decreased technical
maintenance expenses as a result of management’s operating cost
initiatives during 2020 and decreased insurance costs, partially
offset by the unfavorable movement of the Euro (“EUR”)/U.S. dollar
(“USD”) exchange rate in the fourth quarter of 2020 as compared to
the fourth quarter of 2019.
General and administrative expenses were $11.8 million for the
quarter ended December 31, 2020 ($14.5 million for the quarter
ended December 31, 2019), before adjusting for restructuring costs.
General and administrative expenses include the effect of the
restructuring costs of $0.2 million and $4.7 million for the
quarters ending December 31, 2020 and 2019, respectively. Daily
general and administrative expenses, decreased to $4,000 per vessel
ownership day for the three months ended December 31, 2020 from
$5,634 per vessel ownership day for the three months ended December
31, 2019, which includes restructuring costs of $71 and $1,825 per
vessel ownership day for the three months ended December 31, 2020
and 2019, respectively. The decrease in absolute terms was due to
the aforementioned $4.5 million decrease in restructuring costs and
a $1.9 million decrease in employee costs in relation to the cost
saving initiatives previously announced, partially offset by the
unfavorable movement of the EUR/USD exchange rate in the fourth
quarter of 2020 as compared to the fourth quarter of 2019,
increased costs of directors and officers insurance and increased
legal and professional costs of $1.0 million associated with the
Transaction incurred in the fourth quarter of 2020, as well as $0.5
million legal costs and professional expenses associated with the
Strategic Review at GasLog Partners level.
Adjusted EBITDA1 was $137.4 million for the quarter ended
December 31, 2020 ($129.2 million for the quarter ended December
31, 2019). The increase in Adjusted EBITDA was mainly attributable
to the increase in revenues of $10.3 million and the decrease in
voyage expenses of $0.5 million partially offset by the increase in
vessel operating and supervision costs of $1.9 million and the
increase in general and administrative expenses of $0.9 million,
after adjusting for restructuring costs and foreign exchange
losses.
Impairment loss on vessels was $6.2 million for the quarter
ended December 31, 2020 ($162.1 million for the quarter ended
December 31, 2019). As of December 31, 2020, the Group recognized a
non-cash impairment loss of $6.2 million in aggregate on certain of
its Steam vessels. The non-cash impairment loss of $6.2 million was
recognized with respect to two Steam vessels owned by the
Partnership, the Methane Alison Victoria and the Methane Heather
Sally ($5.1 million), and one Steam vessel owned by GasLog, the
Methane Lydon Volney ($1.1 million) in addition to the $22.5
million recognized in June 2020. The COVID-19 pandemic placed
downward pressure on economic activity and energy demand, as well
as significant uncertainty regarding future near-term LNG demand
and, therefore, LNG shipping requirements. This has reduced our
expectations for the estimated rates at which employment for our
vessels could be secured over the near-term in the spot market.
Financial costs were $39.2 million for the quarter ended
December 31, 2020 ($51.6 million for the quarter ended December 31,
2019). The decrease was mainly attributable to the decrease of $9.2
million in interest expense on loans, bonds and cash flow hedges
due to lower London Interbank Offered Rate (“LIBOR”) rates
prevailing in the fourth quarter of 2020 compared to the same
period in 2019. Specifically, during the three-month period ended
December 31, 2020, we had an average of $3,629.3 million of
outstanding indebtedness, with a weighted average interest rate of
3.2%, while during the three-month period ended December 31, 2019,
we had an average of $3,171.7 million of outstanding indebtedness
having an aggregate weighted average interest rate of 4.8%. In
addition, there was a $4.2 million decrease in unrealized foreign
exchange losses on cash and bonds included in other financial costs
and a decrease of $2.1 million in loss arising from the bond
repurchases at premium to par incurred in the fourth quarter of
2019, partially offset by the increase of $3.5 million in
amortization and write-off of deferred loan/bond issuance
costs/premium relating to the write-offs of unamortized loan fees
due to the repayment of the loan of the GasLog Hong Kong following
the completion of its sale-and-leaseback transaction.
Gain on derivatives was $2.0 million for the quarter ended
December 31, 2020 ($12.4 million for the quarter ended December 31,
2019). The decrease in gain was mainly attributable to a net
increase of $7.9 million in realized loss on derivatives held for
trading and a $3.3 million decrease in unrealized gain from the
mark-to-market valuation of derivatives held for trading which were
carried at fair value through profit or loss.
Profit for the period was $45.9 million for the quarter ended
December 31, 2020 (loss of $119.9 million for the quarter ended
December 31, 2019). The increase in profit for the period was
mainly attributable to the increase in profit from operations
(largely due to the decrease in impairment loss on vessels and the
increase in revenues) and the decrease in financial costs,
partially offset by the decrease in gain on derivatives.
Adjusted Profit1 was $46.3 million for the quarter ended
December 31, 2020 ($38.5 million for the quarter ended December 31,
2019), adjusted for the effects of the non-cash gain on
derivatives, the impairment loss on vessels, the write-off of
unamortized loan and bond fees due to the sale and leaseback
transaction of the GasLog Hong Kong, the restructuring costs and
the net foreign exchange losses.
Profit attributable to the owners of GasLog was $28.2 million
for the quarter ended December 31, 2020 ($50.2 million loss for the
quarter ended December 31, 2019). The increase in profit
attributable to the owners of GasLog resulted from the respective
movements in profit mentioned above.
As of December 31, 2020, GasLog had $367.3 million of cash and
cash equivalents, of which $147.8 million was restricted cash, in
relation to the amount drawn for the delivery of the GasLog
Galveston until its delivery from the shipyard on January 4, 2021.
In addition, a total amount of $23.5 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 approximately $13.0
million as of February 22, 2021. As of December 31, 2020, GasLog
had an aggregate of $3.8 billion of indebtedness outstanding under
its credit facilities and bond agreements, of which $245.6 million
was repayable within one year, and $196.2 million of lease
liabilities, of which $9.6 million was payable within one year.
As of December 31, 2020, the total remaining balance of the
contract prices of the two LNG carriers on order was $321.1 million
(excluding the GasLog Galveston which was delivered on January 4,
2021), 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 December 31, 2020, GasLog’s current assets totaled $437.5
million, while current liabilities totaled $459.4 million,
resulting in a negative working capital position of $21.9 million.
Current liabilities include $59.6 million of unearned revenue in
relation to hires received in advance of December 31, 2020 (which
represents a non-cash liability that will be recognized as revenue
in January as the services are rendered). Taking into account the
volatile commercial and financial market conditions experienced
throughout 2020, 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 transactions we concluded in October 2020 and
January 2021 that released incremental liquidity of $61.2 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 date of this
report.
1 Earnings/(loss) per share (“EPS”) and Adjusted EPS are net of
the profit/(loss) attributable to non-controlling interests of
$17.7 million and the dividend on preferred stock of $2.5 million
for the quarter ended December 31, 2020 (($69.7) million and $2.5
million, respectively, for the quarter ended December 31, 2019) and
net of the profit/(loss) attributable to the non-controlling
interests of $48.2 million and the dividend on preferred stock of
$10.1 million for the year ended December 31, 2020 (($15.0) million
and $10.1 million, respectively, for the year ended December 31,
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
The following table summarizes GasLog’s (including the vessels
contributed or sold to GasLog Partners) contracted charter revenues
and contract cover after December 31, 2020:
| |
Contracted Charter Revenues and Days from Time
Charters |
| |
For the Year Ending December 31, |
|
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025 –
2032 |
Total |
|
|
(in millions of U.S. dollars, except days and
percentages) |
| Contracted time charter
revenues(1) |
606.3 |
|
568.7 |
|
521.6 |
|
445.7 |
|
1,347.4 |
|
3,489.7 |
|
| Total contracted days(1) |
9,244 |
|
8,232 |
|
7,036 |
|
5,887 |
|
18,151 |
|
48,550 |
|
| Total available days(2) |
12,176 |
|
12,775 |
|
12,535 |
|
12,660 |
|
100,590 |
|
150,736 |
|
| Total unfixed days(3) |
2,932 |
|
4,543 |
|
5,499 |
|
6,773 |
|
82,439 |
|
102,186 |
|
| Percentage of total contracted
days/total available days |
75.9 |
% |
64.4 |
% |
56.1 |
% |
46.5 |
% |
18.0 |
% |
32.2 |
% |
(1)
Reflects time charter revenues and contracted days for 15 of our
wholly owned vessels, the 15 vessels owned by the Partnership, the
three bareboat vessels and the two newbuildings on order for which
we have secured time charters. Does not include charter revenues
for the Methane Nile Eagle, in which we hold a 25.0% minority
interest. Contracted revenue calculations assume: (a) 365
revenue days per annum, with 30 off‑hire days when the vessel
undergoes scheduled dry‑docking (every five years); (b) all
LNG carriers on order are delivered on schedule; and (c) no
exercise of any option to extend the terms of charters. For time
charters that give the charterer the option to set the charter hire
rate at prevailing market rates during an initial portion of the
time charter’s term, revenue calculations assume that the charterer
does not elect such option. Revenue calculations for such charters
include an estimate of the amount of the operating cost component
and the management fee component. For time charters that are based
on a variable rate of hire within an agreed range during the
charter period, the lower end of the range is used for this
calculation.
(2)
Available days represent total calendar days after deducting 30
off‑hire days when the vessel undergoes scheduled dry‑docking. The
available days for the vessels operating in the spot/short‑term
market are included.
(3)
Represents available days for ships after the expiration of
existing charters (assuming charterers do not exercise any option
to extend the terms of the charters) and the available days for the
vessels operating in the spot/short‑term market.
Other than the assumptions reflected in the footnotes to the
table, including our assumption that our newbuildings are delivered
on schedule, the table does not reflect events occurring after
December 31, 2020. The table reflects only our contracted charter
revenues for the ships in our owned fleet and bareboat fleet for
which we have secured time charters, and it does not reflect the
costs or expenses we will incur in fulfilling our obligations under
the charters, nor does it include other revenues we may earn, such
as revenues for technical management of customer-owned ships. In
particular, the table does not reflect any revenues from any
additional ships we may acquire in the future, nor does it reflect
the options under our time charters that permit our charterers to
extend the time charter terms for successive multi-year periods.
The entry into new time charter contracts for the vessels that are
operating in the spot term market and any additional ships we may
acquire, or the exercise of options extending the terms of our
existing charters, would result in an increase in the number of
contracted days and the contracted revenue for our fleet in the
future. Although the contracted charter revenues are based on
contracted charter hire rate provisions, they reflect certain
assumptions, including assumptions relating to future ship
operating costs. We consider the assumptions to be reasonable as of
the date of this report, but if these assumptions prove to be
incorrect, our actual time charter revenues could differ from those
reflected in the table. Furthermore, any contract is subject to
various risks, including performance by the counterparties or an
early termination of the contract pursuant to its terms. If the
charterers are unable or unwilling to make charter payments to us,
or if we agree to renegotiate charter terms at the request of a
charterer or if contracts are prematurely terminated for any
reason, we would be exposed to prevailing market conditions at the
time and our results of operations and financial condition may be
materially adversely affected. Please see the disclosure under the
heading “Risk Factors” in our Annual Report on Form 20-F filed with
the SEC on March 6, 2020 and the Quarterly Reports on Form 6-K
filed with the SEC on May 7, 2020, August 5, 2020 and November 10,
2020. For these reasons, the contracted charter revenue information
presented above is not fact and should not be relied upon as being
necessarily indicative of future results and readers are cautioned
not to place undue reliance on this information. Neither the
Company’s independent auditors, nor any other independent
accountants, have compiled, examined or performed any procedures
with respect to the information presented in the table, nor have
they expressed any opinion or any other form of assurance on such
information or its achievability and assume no responsibility for,
and disclaim any association with, the information in the
table.
Our Fleet
Owned Fleet
As of February 22, 2021, our wholly-owned fleet consisted of the
following vessels:
| |
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
| |
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
|
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer (for contracts
of more than six months) |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
| 1 |
Methane Lydon Volney |
|
2006 |
|
145,000 |
|
Spot Market |
|
Steam turbine (“Steam”) |
|
— |
|
— |
| 2 |
GasLog Savannah |
|
2010 |
|
155,000 |
|
Spot Market |
|
Tri-fuel diesel electric (“TFDE”) |
|
— |
|
— |
| 3 |
GasLog Skagen |
|
2013 |
|
155,000 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
| 4 |
GasLog Saratoga |
|
2014 |
|
155,000 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
| 5 |
GasLog Chelsea |
|
2010 |
|
153,600 |
|
Glencore(3) |
|
TFDE |
|
January 2022 |
|
— |
| 6 |
GasLog Salem |
|
2015 |
|
155,000 |
|
Gunvor(4) |
|
TFDE |
|
March 2022 |
|
— |
| 7 |
GasLog Genoa |
|
2018 |
|
174,000 |
|
Shell(5) |
|
X-DF |
|
March 2027 |
|
2030-2033 |
| 8 |
GasLog Windsor |
|
2020 |
|
180,000 |
|
Centrica |
|
X-DF |
|
April 2027 |
|
2029-2033 |
| 9 |
GasLog Westminster |
|
2020 |
|
180,000 |
|
Centrica |
|
X-DF |
|
July 2027 |
|
2029-2033 |
| 10 |
GasLog Georgetown |
|
2020 |
|
174,000 |
|
Cheniere |
|
X-DF |
|
November 2027 |
|
2030-2034 |
| 11 |
GasLog Galveston |
|
2021 |
|
174,000 |
|
Cheniere |
|
X-DF |
|
January 2028 |
|
2031-2035 |
| 12 |
GasLog Gladstone |
|
2019 |
|
174,000 |
|
Shell |
|
X-DF |
|
January 2029 |
|
2032-2035 |
| 13 |
GasLog Warsaw |
|
2019 |
|
180,000 |
|
Cheniere |
|
X-DF |
|
May 2021 |
|
— |
| |
|
|
Endesa(6) |
|
|
May 2029 |
|
2035-2041 |
| 14 |
GasLog Singapore |
|
2010 |
|
155,000 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
| |
|
|
Sinolam LNG (7) |
|
|
September 2031 |
|
— |
| 15 |
GasLog Wales |
|
2020 |
|
180,000 |
|
JERA(8) |
|
X-DF |
|
March 2032 |
|
2035-2038 |
As of February 22, 2021, the Partnership’s fleet consisted of
the following vessels:
| |
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
| |
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
|
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer (for contracts of more than six
months) |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
| 1 |
Methane Rita Andrea |
|
2006 |
|
145,000 |
|
Spot Market |
|
Steam |
|
— |
|
— |
| 2 |
Methane Heather Sally |
|
2007 |
|
145,000 |
|
Spot Market |
|
Steam |
|
— |
|
— |
| 3 |
GasLog Sydney |
|
2013 |
|
155,000 |
|
Spot Market |
|
TFDE |
|
— |
|
— |
| 4 |
GasLog Seattle |
|
2013 |
|
155,000 |
|
Shell |
|
TFDE |
|
June 2021 |
|
— |
| 5 |
Solaris |
|
2014 |
|
155,000 |
|
Shell |
|
TFDE |
|
August 2021 |
|
— |
| 6 |
GasLog Santiago |
|
2013 |
|
155,000 |
|
Trafigura |
|
TFDE |
|
December 2021 |
|
2022-2028 |
| 7 |
Methane Shirley Elisabeth |
|
2007 |
|
145,000 |
|
JOVO(9) |
|
Steam |
|
August 2022 |
|
— |
| 8 |
GasLog Shanghai |
|
2013 |
|
155,000 |
|
Gunvor(3) |
|
TFDE |
|
November 2022 |
|
— |
| 9 |
Methane Jane Elizabeth |
|
2006 |
|
145,000 |
|
Cheniere |
|
Steam |
|
March 2023 |
|
2024-2025 |
| 10 |
GasLog Geneva |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
September 2023 |
|
2028-2031 |
| 11 |
Methane Alison Victoria |
|
2007 |
|
145,000 |
|
CNTIC VPower(10) |
|
Steam |
|
October 2023 |
|
2024–2025 |
| 12 |
GasLog Gibraltar |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
October 2023 |
|
2028-2031 |
| 13 |
Methane Becki Anne |
|
2010 |
|
170,000 |
|
Shell |
|
TFDE |
|
March 2024 |
|
2027-2029 |
| 14 |
GasLog Greece |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
March 2026 |
|
2031 |
| 15 |
GasLog Glasgow |
|
2016 |
|
174,000 |
|
Shell |
|
TFDE |
|
June 2026 |
|
2031 |
Bareboat Vessels
| |
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
| |
|
|
Year |
|
Capacity |
|
|
|
|
|
Charter |
|
Optional |
|
Vessel Name |
|
Built |
|
(cbm) |
|
Charterer |
|
Propulsion |
|
Expiration(1) |
|
Period(2) |
| 1 |
GasLog Hong Kong (11) |
|
2018 |
|
174,000 |
|
Total (11) |
|
X-DF |
|
December 2025 |
|
2028 |
| 2 |
Methane Julia Louise (12) |
|
2010 |
|
170,000 |
|
Shell |
|
TFDE |
|
March 2026 |
|
2029-2031 |
| 3 |
GasLog Houston (13) |
|
2018 |
|
174,000 |
|
Shell |
|
X-DF |
|
May 2028 |
|
2031-2034 |
(1) Indicates the expiration of the initial
term.(2) The period shown reflects the expiration of
the minimum optional period and the maximum optional period. The
charterer of the GasLog Santiago may extend the term of this time
charter for a period ranging from one to seven years, provided that
the charterer provides us with advance notice of declaration. The
charterer of the Methane Becki Anne and the Methane Julia Louise
has unilateral options to extend the term of the related time
charters for a period of either three or five years at their
election, provided that the charterer provides us with advance
notice of declaration of any option in accordance with the terms of
the applicable charter. The charterer of the GasLog Greece and the
GasLog Glasgow has the right to extend the charters for a period of
five years at the charterer’s option. The charterer of the GasLog
Geneva and the GasLog Gibraltar has the right to extend the charter
by two additional periods of five and three years, respectively,
provided that the charterer provides us with advance notice of
declaration. The charterer of the GasLog Houston, the GasLog Genoa
and the GasLog Gladstone has the right to extend the charters by
two additional periods of three years, provided that the charterer
provides us with advance notice of declaration. The charterer of
the GasLog Hong Kong has the right to extend the charter for a
period of three years, provided that the charterer provides us with
advance notice of declaration. The charterer of the GasLog Warsaw
has the right to extend the charter by two additional periods of
six years, provided that the charterer provides us with advance
notice of declaration. The charterer of the GasLog Windsor has the
right to extend the charter by three additional periods of two
years, provided that the charterer provides us with advance notice
of declaration. The charterer of the GasLog Wales has the right to
extend the charter by two additional periods of three years,
provided that the charterer provides us with advance notice of
declaration. The charterer of the GasLog Westminster has the right
to extend the charter by three additional periods of two years,
provided that the charterer provides us with advance notice of
declaration. The charterer of the Methane Alison Victoria may
extend the term of the related charter by two additional periods of
one year, provided that the charterer gives us advance notice of
its exercise of any extension option. The charterer of the Methane
Jane Elizabeth has the right to extend the term of related charter
by two additional periods of one year, respectively, provided that
the charterer gives us advance notice of its exercise of any
extension option. The charterer of the GasLog Georgetown and the
GasLog Galveston has the right to extend the term of the related
charters by three additional periods of three, two and two years,
respectively provided that the charterer provides us with advance
notice of declaration.(3) “Glencore” refers to ST
Shipping & Transport Pte. Ltd., a wholly-owned subsidiary of
Glencore PLC.(4) The vessel is chartered to Clearlake
Shipping Pte. Ltd., a subsidiary of Gunvor Group Ltd.
(“Gunvor”).(5) “Shell” refers to a subsidiary of Royal
Dutch Shell plc (“Shell”).(6) “Endesa” refers to Endesa
S.A.(7) The vessel is currently trading in the spot market
and has been chartered to Sinolam LNG for the provision of an FSU
after the vessel’s dry-docking and conversion to an
FSU.(8) “JERA” refers to the principal LNG shipping
entity of Japan’s JERA Co., Inc. (“JERA”).(9) The vessel is
chartered to Singapore Carbon Hydrogen Energy Pte. Ltd., a
wholly-owned subsidiary of JOVO Group (“JOVO”). The charter
commenced on July 12, 2020.(10) The vessel is chartered to
CNTIC VPower Energy Ltd. (“CNTIC VPower”), an independent Chinese
energy company. The charter commenced on October 10, 2020. (11) On
October 22, 2020, GasLog’s subsidiary, GAS-twenty five Ltd.,
completed the sale and leaseback of the GasLog Hong Kong with Sea
190 Leasing. The vessel was sold to Sea 190 Leasing. GasLog has
leased back the vessel under a bareboat charter from Sea 190
Leasing for a period of up to twelve years. GasLog has the option
to re-purchase the vessel on pre-agreed terms no earlier than the
end of year one and no later than the end of year 12 of the
bareboat charter. The vessel remains on its charter with Total Gas
& Power Chartering Limited, a wholly-owned subsidiary of Total
S.A., (“Total”).(12) On February 24, 2016, GasLog’s
subsidiary, GAS-twenty six Ltd., completed the sale and leaseback
of the Methane Julia Louise with Lepta Shipping. Lepta Shipping has
the right to on-sell and lease back the vessel. The vessel was sold
to Lepta Shipping for a total consideration approximately
equivalent to its book value at the time of the sale. GasLog has
leased back the vessel under a bareboat charter from Lepta Shipping
for a period of up to 20 years. GasLog has the option to
re-purchase the vessel on pre-agreed terms no earlier than the end
of year ten and no later than the end of year 17 of the bareboat
charter. The vessel remains on its eleven-year-charter with Methane
Services Limited, a subsidiary of Shell.(13) On January 22, 2021,
GasLog’s subsidiary, GAS-twenty four Ltd., completed the sale and
leaseback of the GasLog Houston with Hai Kuo Shipping 2051G Limited
(“Hai Kuo Shipping”). The vessel was sold to Hai Kuo Shipping.
GasLog has leased back the vessel under a bareboat charter from Hai
Kuo Shipping for a period of up to eight years. GasLog has the
obligation to re-purchase the vessel at end of the charter period.
GasLog has also the option to re-purchase the vessel on pre-agreed
terms no earlier than the end of the first interest period and no
later than the end of year eight of the bareboat charter. The
vessel remains on its charter with Shell.
Future Deliveries
As of February 22, 2021, GasLog has two newbuildings on order at
Samsung which are on schedule and within budget:
|
LNG Carrier |
|
Expected Delivery |
|
Shipyard |
|
Cargo Capacity (cbm) |
|
Charterer |
|
Propulsion |
|
Estimated Charter Expiration(1) |
|
|
| Hull No. 2311 |
|
Q2 2021 |
|
Samsung |
|
180,000 |
|
Cheniere |
|
X-DF |
|
2028 |
| Hull No. 2312 |
|
Q3 2021 |
|
Samsung |
|
180,000 |
|
Cheniere |
|
X-DF |
|
2028 |
____________(1)
Charter expiration to be determined based upon actual date of
delivery.
Conference Call GasLog and GasLog Partners will
host a joint conference call to discuss their results for the
fourth quarter of 2020 at 8.30 a.m. EST (3.30 p.m. EET) on Monday,
February 22, 2021. Senior management of GasLog and GasLog Partners
will review the operational and financial performance of the
companies. The presentation of each company’s fourth 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: 5262308
A live webcast of the conference call will be available on the
Investor Relations page of the GasLog website
(http://www.gaslogltd.com/investors) and GasLog Partners website
(http://www.gaslogmlp.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, 17 (15 on the water
and two on order) are owned by GasLog, three have been sold to a
subsidiary of Mitsui & Co. Ltd. to CMBFL and ICBC 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:
• the ability of GasLog and GEPIF to consummate the
Transaction is difficult to predict, involve uncertainties that may
materially affect actual results and that may be beyond the control
of GasLog and GEPIF, including, but not limited to, the
satisfaction of the conditions to the closing of the Transaction or
the occurrence of any event, change or other circumstance that
could give rise to the termination of the Merger Agreement or cause
delays in the consummation of the Transaction; •
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; • 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;• 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;• planned
capital expenditures and availability of capital resources to fund
capital expenditures;• 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;• business disruptions
resulting from measures taken to reduce the spread of COVID-19,
including possible delays due to the quarantine of vessels and
crew, as well as government-imposed shutdowns; •
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;• 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;• 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,
August 5, 2020 and November 10, 2020, and available at
http://www.sec.gov.
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
2020(Amounts expressed in thousands of U.S.
Dollars)
| |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
December 31, 2020 |
|
| Assets |
|
|
|
|
|
|
|
|
| Non-current
assets |
|
|
|
|
|
|
|
|
| Goodwill |
|
|
|
9,511 |
|
|
9,511 |
|
| Investment in associates |
|
|
|
21,620 |
|
|
21,759 |
|
| Deferred financing costs |
|
|
|
11,592 |
|
|
5,150 |
|
| Other non-current assets |
|
|
|
24,221 |
|
|
12,463 |
|
| Derivative financial
instruments |
|
|
|
3,572 |
|
|
5,561 |
|
| Tangible fixed assets |
|
|
|
4,427,065 |
|
|
5,028,509 |
|
| Vessels under
construction |
|
|
|
203,323 |
|
|
132,839 |
|
| Right-of-use assets |
|
|
|
206,495 |
|
|
203,437 |
|
| Total non-current
assets |
|
|
|
4,907,399 |
|
|
5,419,229 |
|
| Current
assets |
|
|
|
|
|
|
|
|
| Trade and other
receivables |
|
|
|
24,900 |
|
|
36,223 |
|
| Dividends receivable and other
amounts due from related parties |
|
|
|
573 |
|
|
1,259 |
|
| Derivative financial
instruments |
|
|
|
429 |
|
|
534 |
|
| Inventories |
|
|
|
8,172 |
|
|
7,564 |
|
| Prepayments and other current
assets |
|
|
|
13,475 |
|
|
24,685 |
|
| Short-term investments |
|
|
|
4,500 |
|
|
— |
|
| Cash and cash equivalents |
|
|
|
263,747 |
|
|
367,269 |
|
| Total current
assets |
|
|
|
315,796 |
|
|
437,534 |
|
| Total
assets |
|
|
|
5,223,195 |
|
|
5,856,763 |
|
| Equity and
liabilities |
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
| Preference shares |
|
|
|
46 |
|
|
46 |
|
| Share capital |
|
|
|
810 |
|
|
954 |
|
| Contributed surplus |
|
|
|
760,671 |
|
|
759,822 |
|
| Reserves |
|
|
|
16,799 |
|
|
18,667 |
|
| Treasury shares |
|
|
|
(2,159 |
) |
|
(1,340 |
) |
| Accumulated deficit |
|
|
|
(87,832 |
) |
|
(132,780 |
) |
| Equity attributable to
owners of the Group |
|
|
|
688,335 |
|
|
645,369 |
|
| Non-controlling interests |
|
|
|
961,518 |
|
|
951,768 |
|
| Total
equity |
|
|
|
1,649,853 |
|
|
1,597,137 |
|
| Current
liabilities |
|
|
|
|
|
|
|
|
| Trade accounts payable |
|
|
|
27,615 |
|
|
25,046 |
|
| Ship management creditors |
|
|
|
601 |
|
|
397 |
|
| Amounts due to related
parties |
|
|
|
200 |
|
|
164 |
|
| Derivative financial
instruments |
|
|
|
8,095 |
|
|
35,415 |
|
| Other payables and
accruals |
|
|
|
136,242 |
|
|
143,057 |
|
| Borrowings, current
portion |
|
|
|
255,422 |
|
|
245,626 |
|
| Lease liability, current
portion |
|
|
|
9,363 |
|
|
9,644 |
|
| Total current
liabilities |
|
|
|
437,538 |
|
|
459,349 |
|
| Non-current
liabilities |
|
|
|
|
|
|
|
|
| Derivative financial
instruments |
|
|
|
41,837 |
|
|
78,440 |
|
| Borrowings, non-current
portion |
|
|
|
2,891,973 |
|
|
3,527,595 |
|
| Lease liability, non-current
portion |
|
|
|
195,567 |
|
|
186,526 |
|
| Other non-current
liabilities |
|
|
|
6,427 |
|
|
7,716 |
|
| Total non-current
liabilities |
|
|
|
3,135,804 |
|
|
3,800,277 |
|
| Total equity and
liabilities |
|
|
|
5,223,195 |
|
|
5,856,763 |
|
Unaudited condensed consolidated statements of profit or
lossFor the three months and years ended December
31, 2019 and 2020(Amounts expressed in thousands
of U.S. Dollars, except per share data)
| |
|
|
|
For the three months ended |
|
For the years ended |
|
| |
|
|
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
| Revenues |
|
|
|
|
|
182,253 |
|
|
192,602 |
|
|
668,637 |
|
|
674,089 |
|
| Net pool allocation |
|
|
|
|
|
— |
|
|
— |
|
|
(4,264 |
) |
|
— |
|
| Voyage expenses and
commissions |
|
|
|
|
|
(4,332 |
) |
|
(3,809 |
) |
|
(23,772 |
) |
|
(21,883 |
) |
| Vessel operating and
supervision costs |
|
|
|
|
|
(39,538 |
) |
|
(41,417 |
) |
|
(139,662 |
) |
|
(148,235 |
) |
| Depreciation |
|
|
|
|
|
(43,855 |
) |
|
(46,963 |
) |
|
(168,041 |
) |
|
(177,213 |
) |
| General and administrative
expenses |
|
|
|
|
|
(14,512 |
) |
|
(11,797 |
) |
|
(47,385 |
) |
|
(47,249 |
) |
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
(572 |
) |
| Impairment loss on
vessels |
|
|
|
|
|
(162,149 |
) |
|
(6,173 |
) |
|
(162,149 |
) |
|
(28,627 |
) |
| (Loss)/profit from
operations |
|
|
|
|
|
(82,133 |
) |
|
82,443 |
|
|
123,364 |
|
|
250,310 |
|
| Financial costs |
|
|
|
|
|
(51,616 |
) |
|
(39,180 |
) |
|
(190,481 |
) |
|
(165,281 |
) |
| Financial income |
|
|
|
|
|
961 |
|
|
41 |
|
|
5,318 |
|
|
726 |
|
| Gain/(loss) on
derivatives |
|
|
|
|
|
12,360 |
|
|
2,028 |
|
|
(55,441 |
) |
|
(84,658 |
) |
| Share of profit of
associates |
|
|
|
|
|
539 |
|
|
616 |
|
|
1,627 |
|
|
2,192 |
|
| Total other expenses,
net |
|
|
|
|
|
(37,756 |
) |
|
(36,495 |
) |
|
(238,977 |
) |
|
(247,021 |
) |
| (Loss)/profit for the
period |
|
|
|
|
|
(119,889 |
) |
|
45,948 |
|
|
(115,613 |
) |
|
3,289 |
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owners of the Group |
|
|
|
|
|
(50,171 |
) |
|
28,233 |
|
|
(100,661 |
) |
|
(44,948 |
) |
| Non-controlling interests |
|
|
|
|
|
(69,718 |
) |
|
17,715 |
|
|
(14,952 |
) |
|
48,237 |
|
| |
|
|
|
|
|
(119,889 |
) |
|
45,948 |
|
|
(115,613 |
) |
|
3,289 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Loss)/profit per
share – basic and diluted |
|
|
|
|
|
(0.65 |
) |
|
0.27 |
|
|
(1.37 |
) |
|
(0.63 |
) |
Unaudited condensed consolidated statements of cash
flowsFor the years ended December
31, 2019 and
2020(Amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
|
For the years ended |
|
|
|
|
|
December 31, 2019 |
|
December 31, 2020 |
|
| Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
| (Loss)/profit for the
year |
|
|
|
|
|
(115,613 |
) |
|
3,289 |
|
| Adjustments for: |
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
|
|
|
|
168,041 |
|
|
177,213 |
|
| Impairment loss on
vessels |
|
|
|
|
|
162,149 |
|
|
28,627 |
|
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
572 |
|
| Share of profit of
associates |
|
|
|
|
|
(1,627 |
) |
|
(2,192 |
) |
| Financial income |
|
|
|
|
|
(5,318 |
) |
|
(726 |
) |
| Financial costs |
|
|
|
|
|
190,481 |
|
|
165,281 |
|
| Realized foreign exchange
losses |
|
|
|
|
|
773 |
|
|
— |
|
| Unrealized loss on derivative
financial instruments held for trading including ineffective
portion of cash flow hedges |
|
|
|
|
|
54,201 |
|
|
64,367 |
|
| Recycled loss of cash flow
hedges reclassified to profit or loss |
|
|
|
|
|
697 |
|
|
— |
|
| Non-cash defined benefit
obligations |
|
|
|
|
|
— |
|
|
57 |
|
| Share-based compensation |
|
|
|
|
|
5,447 |
|
|
5,849 |
|
| |
|
|
|
|
|
459,231 |
|
|
442,337 |
|
| Movements in working
capital |
|
|
|
|
|
30,017 |
|
|
2,147 |
|
| Cash provided by
operations |
|
|
|
|
|
489,248 |
|
|
444,484 |
|
| Interest paid |
|
|
|
|
|
(171,825 |
) |
|
(155,533 |
) |
| Net cash provided by
operating activities |
|
|
|
|
|
317,423 |
|
|
288,951 |
|
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
| Payments for tangible fixed
assets and vessels under construction |
|
|
|
|
|
(479,618 |
) |
|
(732,385 |
) |
| Proceeds from disposal of
tangible fixed assets |
|
|
|
|
|
— |
|
|
2,322 |
|
| Return of capital
expenditures |
|
|
|
|
|
10,451 |
|
|
— |
|
| Other investments |
|
|
|
|
|
(158 |
) |
|
(472 |
) |
| Payments for right-of-use
assets |
|
|
|
|
|
(935 |
) |
|
(5,803 |
) |
| Dividends received from
associate |
|
|
|
|
|
1,313 |
|
|
1,725 |
|
| Purchase of short-term
investments |
|
|
|
|
|
(82,500 |
) |
|
— |
|
| Maturity of short-term
investments |
|
|
|
|
|
103,000 |
|
|
4,500 |
|
| Increase in restricted
cash |
|
|
|
|
|
— |
|
|
(300 |
) |
| Financial income received |
|
|
|
|
|
5,469 |
|
|
844 |
|
| Net cash used in
investing activities |
|
|
|
|
|
(442,978 |
) |
|
(729,569 |
) |
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
| Proceeds from loans and
bonds |
|
|
|
|
|
905,730 |
|
|
2,138,035 |
|
| Loan and bond repayments |
|
|
|
|
|
(547,751 |
) |
|
(1,481,709 |
) |
| Payment for bond repurchase at
a premium |
|
|
|
|
|
(46,721 |
) |
|
(1,937 |
) |
| Payment for interest rate
swaps termination |
|
|
|
|
|
— |
|
|
(31,662 |
) |
| Proceeds from entering into
interest rate swaps |
|
|
|
|
|
— |
|
|
31,622 |
|
| Payment of loan issuance
costs |
|
|
|
|
|
(25,912 |
) |
|
(35,795 |
) |
| Loan issuance costs
received |
|
|
|
|
|
— |
|
|
792 |
|
| Payment of equity raising
costs |
|
|
|
|
|
(1,670 |
) |
|
(1,153 |
) |
| Proceeds from private
placement |
|
|
|
|
|
— |
|
|
36,000 |
|
| Proceeds from stock options’
exercise |
|
|
|
|
|
149 |
|
|
— |
|
| Dividends paid |
|
|
|
|
|
(193,436 |
) |
|
(90,041 |
) |
| Payment for cross currency
swaps’ termination |
|
|
|
|
|
(3,731 |
) |
|
(4,052 |
) |
| Purchase of treasury shares or
GasLog Partners’ common units |
|
|
|
|
|
(26,642 |
) |
|
(2,996 |
) |
| Payments for lease
liability |
|
|
|
|
|
(9,950 |
) |
|
(11,150 |
) |
| Net cash provided by
financing activities |
|
|
|
|
|
50,066 |
|
|
545,954 |
|
| Effects of exchange rate
changes on cash and cash equivalents |
|
|
|
|
|
(3,358 |
) |
|
(1,814 |
) |
| (Decrease)/increase in
cash and cash equivalents |
|
|
|
|
|
(78,847 |
) |
|
103,522 |
|
| Cash and cash equivalents,
beginning of the year |
|
|
|
|
|
342,594 |
|
|
263,747 |
|
| Cash and cash
equivalents, end of the year |
|
|
|
|
|
263,747 |
|
|
367,269 |
|
| |
|
|
|
|
|
|
|
|
|
|
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 and prior
year periods, 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.
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 (Loss)/profit to
EBITDA and Adjusted
EBITDA:(Amounts expressed in thousands of U.S.
Dollars)
| |
|
|
|
For the three months ended |
|
For the year ended |
|
| |
|
|
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
| (Loss)/profit for the
period |
|
|
|
|
|
(119,889 |
) |
|
45,948 |
|
|
(115,613 |
) |
|
3,289 |
|
|
| Depreciation |
|
|
|
|
|
43,855 |
|
|
46,963 |
|
|
168,041 |
|
|
177,213 |
|
|
| Financial costs |
|
|
|
|
|
51,616 |
|
|
39,180 |
|
|
190,481 |
|
|
165,281 |
|
|
| Financial income |
|
|
|
|
|
(961 |
) |
|
(41 |
) |
|
(5,318 |
) |
|
(726 |
) |
|
| (Gain)/loss on
derivatives |
|
|
|
|
|
(12,360 |
) |
|
(2,028 |
) |
|
55,441 |
|
|
84,658 |
|
|
| EBITDA |
|
|
|
|
|
(37,739 |
) |
|
130,022 |
|
|
293,032 |
|
|
429,715 |
|
|
| Foreign exchange losses,
net |
|
|
|
|
|
97 |
|
|
997 |
|
|
1,343 |
|
|
1,351 |
|
|
| Restructuring costs |
|
|
|
|
|
4,702 |
|
|
205 |
|
|
4,702 |
|
|
5,312 |
|
|
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
572 |
|
| Impairment loss on
vessels |
|
|
|
|
|
162,149 |
|
|
6,173 |
|
|
162,149 |
|
|
28,627 |
|
|
| Adjusted
EBITDA |
|
|
|
|
|
129,209 |
|
|
137,397 |
|
|
461,226 |
|
|
465,577 |
|
|
Reconciliation of (Loss)/profit to Adjusted
Profit:(Amounts expressed in thousands of U.S.
Dollars)
| |
|
|
|
For the three months ended |
|
For the year ended |
|
| |
|
|
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
| (Loss)/profit for the
period |
|
|
|
|
|
(119,889 |
) |
|
45,948 |
|
|
(115,613 |
) |
|
3,289 |
|
|
| Non-cash (gain)/loss on
derivatives |
|
|
|
|
|
(12,745 |
) |
|
(10,271 |
) |
|
54,898 |
|
|
64,367 |
|
|
| Write-off and accelerated
amortization of unamortized loan/bond fees |
|
|
|
|
|
288 |
|
|
3,571 |
|
|
1,276 |
|
|
8,661 |
|
|
| Foreign exchange losses,
net |
|
|
|
|
|
97 |
|
|
997 |
|
|
1,343 |
|
|
1,351 |
|
|
| Restructuring costs |
|
|
|
|
|
4,702 |
|
|
205 |
|
|
4,702 |
|
|
5,312 |
|
| Unrealized foreign exchange
losses/(gains), net on cash and bonds |
|
|
|
|
|
3,872 |
|
|
(324 |
) |
|
4,245 |
|
|
(4,360 |
) |
|
| Swap optimization costs (with
respect to cash collateral amendments) |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
3,319 |
|
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
572 |
|
| Impairment loss on
vessels |
|
|
|
|
|
162,149 |
|
|
6,173 |
|
|
162,149 |
|
|
28,627 |
|
|
| Adjusted
Profit |
|
|
|
|
|
38,474 |
|
|
46,299 |
|
|
113,000 |
|
|
111,138 |
|
|
Reconciliation of (Loss)/Earnings Per Share to Adjusted
Earnings Per Share:(Amounts expressed in thousands
of U.S. Dollars, except shares and per share data)
| |
|
|
|
For the three months ended |
|
For the year ended |
|
| |
|
|
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
| (Loss)/profit for the period
attributable to owners of the Group |
|
|
|
|
|
(50,171 |
) |
|
28,233 |
|
|
(100,661 |
) |
|
(44,948 |
) |
|
| Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend on preference
shares |
|
|
|
|
|
(2,516 |
) |
|
(2,516 |
) |
|
(10,063 |
) |
|
(10,063 |
) |
|
| (Loss)/profit for the period
attributable to owners of the Group used in EPS calculation |
|
|
|
|
|
(52,687 |
) |
|
25,717 |
|
|
(110,724 |
) |
|
(55,011 |
) |
|
| Weighted average number of
shares outstanding, basic |
|
|
|
|
|
80,864,603 |
|
|
95,175,917 |
|
|
80,849,818 |
|
|
88,011,160 |
|
|
| (Loss)/earnings per
share |
|
|
|
|
|
(0.65 |
) |
|
0.27 |
|
|
(1.37 |
) |
|
(0.63 |
) |
|
| (Loss)/profit for the period
attributable to owners of the Group used in EPS calculation |
|
|
|
|
|
(52,687 |
) |
|
25,717 |
|
|
(110,724 |
) |
|
(55,011 |
) |
|
| Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash (gain)/loss on
derivatives |
|
|
|
|
|
(12,745 |
) |
|
(10,271 |
) |
|
54,898 |
|
|
64,367 |
|
|
| Write-off and accelerated
amortization of unamortized loan /bond fees attributable to the
owners of the Group |
|
|
|
|
|
288 |
|
|
3,571 |
|
|
1,276 |
|
|
7,368 |
|
|
| Impairment loss on vessels
attributable to the owners of the Group |
|
|
|
|
|
67,952 |
|
|
2,746 |
|
|
67,952 |
|
|
12,434 |
|
|
| Loss on disposal of
non-current assets |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
572 |
|
| Swap optimization costs (with
respect to cash collateral amendments) |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
3,319 |
|
| Foreign exchange losses,
net |
|
|
|
|
|
97 |
|
|
997 |
|
|
1,343 |
|
|
1,351 |
|
|
| Unrealized foreign exchange
losses/(gains), net on cash and bonds |
|
|
|
|
|
3,872 |
|
|
(324 |
) |
|
4,245 |
|
|
(4,360 |
) |
|
| Restructuring costs |
|
|
|
|
|
4,702 |
|
|
205 |
|
|
4,702 |
|
|
5,312 |
|
| Adjusted profit attributable
to owners of the Group |
|
|
|
|
|
11,479 |
|
|
22,641 |
|
|
23,692 |
|
|
35,352 |
|
|
| Weighted average number of
shares outstanding, basic |
|
|
|
|
|
80,864,603 |
|
|
95,175,917 |
|
|
80,849,818 |
|
|
88,011,160 |
|
|
| Adjusted
earnings per share |
|
|
|
|
|
0.14 |
|
|
0.24 |
|
|
0.29 |
|
|
0.40 |
|
|
Grafico Azioni GasLog (NYSE:GLOG)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni GasLog (NYSE:GLOG)
Storico
Da Dic 2023 a Dic 2024
