GasLog Partners LP ("GasLog Partners" or the "Partnership")
(NYSE: GLOP), an international owner and operator of liquefied
natural gas ("LNG") carriers, today reported its financial results
for the three-month period ended June 30, 2016.
Quarterly Highlights
- Declared cash distribution of $0.478 per unit for the second
quarter of 2016, 10% higher than the second quarter of 2015.
- Completed the refinancing of $305.50 million of current
debt.
- Revenue, Profit and EBITDA(1) of $49.64 million, $17.38 million
and $35.56 million, 51%, 38% and 51% higher than the second quarter
of 2015, respectively.
- Distributable cash flow of $19.84 million, 41% higher than the
second quarter of 2015.
- Distribution coverage ratio of 1.26x(2).
(1) EBITDA and distributable cash flow are non-GAAP financial
measures, and should not be used in isolation or as a substitute
for GasLog Partners' financial results presented in accordance with
International Financial Reporting Standards ("IFRS"). For
definition and reconciliation of these measures to the most
directly comparable financial measures calculated and presented in
accordance with IFRS, please refer to Exhibit III at the end of
this press release.
(2) Distribution coverage ratio represents the ratio of
distributable cash flow to the cash distribution declared.
CEO Statement
Mr. Andrew Orekar, Chief Executive Officer,
commented: "We are pleased to report another quarter of strong
financial results for GasLog Partners. Revenue, EBITDA, and
distributable cash flow were in line with our expectations and
include the impact of Methane Rita Andrea's scheduled drydocking.
The Partnership has no additional scheduled drydockings until
2018.
For the second quarter, GasLog Partners has declared a cash
distribution of $0.478 per unit, which is unchanged from the first
quarter of 2016 and represents a 13% compound annual growth rate
since the Partnership's initial public offering. Our cash
distribution is supported by stable cash flows from multi-year
charters with fixed-fee revenues. We remain committed to paying our
distribution, and we have reduced indebtedness by approximately $66
million since our 2015 dropdown transaction to increase our
capacity to fund growth.
On July 11, 2016, our general partner sponsor (the "GP
sponsor"), GasLog Ltd. ("GasLog"), announced a new seven year time
charter with Total Gas & Power Chartering Limited ("Total") for
Hull No. 2801, which is scheduled to be delivered in 2018. GasLog
Partners has rights to acquire this vessel pursuant to the omnibus
agreement with GasLog, and this successful charter increases the
Partnership's potential dropdown pipeline from twelve to thirteen
vessels.
With a growing dropdown pipeline, diverse financing alternatives
and a supportive GP sponsor, GasLog Partners remains well
positioned to deliver predictable and growing cash distributions to
our unitholders."
Financial Summary
|
|
IFRS Common Control Reported Results(1) |
|
|
|
For the three months ended |
|
% Change from |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
June 30, 2015 |
|
March 31, 2016 |
|
June 30, 2016 |
|
June 30, 2015 |
|
March 31, 2016 |
|
Revenues |
|
48,049 |
|
49,358 |
|
49,636 |
|
3% |
|
1% |
|
Profit |
|
15,829 |
|
16,191 |
|
17,381 |
|
10% |
|
7% |
|
EBITDA(2) |
|
33,535 |
|
34,457 |
|
35,558 |
|
6% |
|
3% |
|
(1)
"IFRS Common Control Reported Results" represent the results of
GasLog Partners in accordance with IFRS. Such results include
amounts related to vessels currently owned by the Partnership for
the periods prior to their respective transfer to GasLog Partners
from GasLog, as the transfer of such vessels was accounted for as a
reorganization of entities under common control for IFRS. The
unaudited condensed consolidated financial statements of the
Partnership accompanying this press release are prepared under IFRS
on this basis.
(2)
EBITDA is a non-GAAP financial measure. For a definition and
reconciliation of this measure to the most directly comparable
financial measure presented in accordance with IFRS, please refer
to Exhibit III at the end of this press release.
|
|
Partnership Performance Results(1) |
|
|
|
For the three months ended |
|
% Change from |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
June 30, 2015 |
|
March 31, 2016 |
|
June 30, 2016 |
|
June 30, 2015 |
|
March 31, 2016 |
|
Revenues |
|
32,943 |
|
49,358 |
|
49,636 |
|
51% |
|
1% |
|
Profit |
|
12,614 |
|
16,191 |
|
17,381 |
|
38% |
|
7% |
|
EBITDA |
|
23,531 |
|
34,457 |
|
35,558 |
|
51% |
|
3% |
|
Distributable cash flow |
|
14,054 |
|
18,867 |
|
19,837 |
|
41% |
|
5% |
|
Cash
distributions declared |
|
14,046 |
|
15,712 |
|
15,712 |
|
12% |
|
- |
|
(1)
"Partnership Performance Results" represent the results
attributable to GasLog Partners. Such results are non-GAAP measures
and exclude amounts related to vessels currently owned by the
Partnership for the periods prior to their respective transfer to
GasLog Partners from GasLog, as the Partnership is not entitled to
the cash or results generated in the periods prior to such
transfers. Such results are included in the GasLog Partners'
results in accordance with IFRS because the transfer of the vessel
owning entities by GasLog to the Partnership represented a
reorganization of entities under common control and the
Partnership's policy is to reflect such transfers retroactively
under IFRS. GasLog Partners believes that these non-GAAP financial
measures provide meaningful supplemental information to both
management and investors regarding the financial and operating
performance of the Partnership necessary to understand the
underlying basis for the calculations of the quarterly distribution
and the earnings per unit, which similarly exclude the results of
vessels prior to their transfer to the Partnership. These non-GAAP
financial measures should not be viewed in isolation or as
substitutes to the equivalent GAAP measures presented in accordance
with IFRS, but should be used in conjunction with the most directly
comparable IFRS Common Control Reported Results. For definitions
and reconciliations of these measurements to the most directly
comparable financial measures presented in accordance with IFRS,
please refer to Exhibits II and III at the end of this press
release.
The year-on-year increases in the Partnership Performance Results
in the second quarter are mainly attributable to the additional
vessel operating days in our fleet resulting from the acquisition
of the Methane Alison Victoria, the Methane Shirley Elisabeth and
the Methane Heather Sally on July 1, 2015 from GasLog.
The Partnership Performance Results reported in the first and
second quarters of 2016 are the same as the IFRS Common Control
Reported Results for the respective periods since there were no
vessel acquisitions from GasLog during the last two quarters, which
would have resulted in retrospective adjustment of the historical
financial statements.
Cash Distribution
On July 27, 2016, the board of directors of GasLog Partners
approved and declared a quarterly cash distribution of $0.478 per
unit for the quarter ended June 30, 2016. The cash distribution is
payable on August 12, 2016, to all unitholders of record as of
August 8, 2016.
Liquidity and Financing
As of June 30, 2016, we had $59.70 million of cash and cash
equivalents, of which $44.70 million is held in current accounts
and $15.0 million is held in time deposits.
As of June 30, 2016, we had an aggregate of $727.99 million of
indebtedness outstanding under our credit facilities. An amount of
$45.57 million of outstanding debt is repayable within one year,
including $5.0 million outstanding under the Partnership's
revolving credit facility with GasLog.
On April 5, 2016, $216.86 million and $89.87 million under the
senior and junior tranche, respectively, of the credit agreements
that the Partnership and GasLog entered into on February 18, 2016,
were drawn by the Partnership to refinance $305.50 million of the
outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd. and
GAS-twenty one Ltd. The amounts drawn under the senior tranche
facility shall be repaid in 20 quarterly equal installments
commencing three months after the drawdown date. The amounts drawn
under the junior tranche facility shall be repaid in full 24 months
after the drawdown date. Amounts drawn bear interest at LIBOR plus
a margin (variable margin for the junior tranche).
As of June 30, 2016, our current assets totaled $67.62 million
and current liabilities totaled $72.49 million, resulting in a
negative working capital position of $4.87 million. Current
liabilities include $17.37 million of time charter hires received
in advance that are classified as liabilities until such time as
the criteria for recognizing the revenue as earned are met.
We anticipate that cash flow generated from operations will be
sufficient to fund our operations, including our working capital
requirements, and to make the required principal and interest
payments on our indebtedness during the next 12 months.
Depending on market conditions, we may use derivative financial
instruments to reduce the risks associated with fluctuations in
interest rates. We expect over time to economically hedge a
material proportion of our exposure to interest rate fluctuations
by entering into new interest rate swap contracts. As of June 30,
2016, the Partnership had no interest rate swaps.
LNG Market Update and Outlook
Our demand outlook for LNG carriers with long-term charters
remains positive. On July 11, 2016, GasLog announced a new
seven-year time charter with Total at a rate that is consistent
with GasLog's long-term charter rates, demonstrating the resilience
of long-term rates against the volatility of the shorter-term
market. We continue to see a number of tenders for multi-year
charters for vessels, which will be used to transport volumes from
new liquefaction facilities coming online over the coming
years.
In the second quarter, there were several announcements
highlighting the ongoing demand for LNG carriers. In May, PETRONAS'
floating liquefied natural gas ("FLNG") facility was delivered for
operation in Malaysia. The facility is the first of a number of
FLNG projects that are scheduled to come online in the next few
years. In June, Kinder Morgan received Federal Energy Regulatory
Commission ("FERC") approval for its Elba Island project ("Elba
Island"). The 2.5 million tonnes per annum ("mtpa") project is
expected to come online in 2018 and is supported by a 20-year
contract with Shell for 100% of the liquefaction capacity. Elba
Island is one of several liquefaction projects that has not taken
final investment decision ("FID"), but continues to make progress
in the current commodity price environment. The expanded
Panama Canal also was completed in June 2016 and has seen a number
of vessel transits. The opening of the expanded canal, which
accommodates larger vessels including LNG carriers, should
stimulate increased LNG trading activity between the Pacific and
Atlantic basins due to greater destination optionality. On July 25,
2016, the first ever LNG carrier transit went through the expanded
Panama Canal as the Maran Gas Apollonia, which is on charter to
Shell, entered the locks on the Atlantic side carrying a cargo from
the US Gulf Coast to Asia. Three more LNG transits have been booked
in the next month.
New liquefaction projects representing approximately 140 million
tonnes per annum of capacity have taken FID and are scheduled to
come online between now and 2020. On the demand side, there have
been sizeable year-on-year increases in import volumes from many
new and existing nations looking to take advantage of low cost LNG.
For example, for the six months to June 30, 2016, China and India
have imported 29% and 45% more LNG, respectively, versus the same
period in 2015. New importers such as Jordan, Egypt, Pakistan, and
Lithuania have seen imports rise significantly in 2016 through the
use of floating storage re-gasification units ("FSRUs"), which are
typically quicker to market and offer greater flexibility than
land-based terminals. We expect FSRUs to create additional demand
in both new and existing markets for the new LNG coming online.
In the shorter term market, spot market rates through 2016 have
plateaued around multi-year lows. Whilst it is too early to predict
a sustained increase in the spot market, there has been a
marked uptick in spot charter terms in recent weeks, with slightly
improved freight rates and the ability to achieve round-trip
economics on a more frequent basis.
Conference Call
GasLog Partners will host a conference call to discuss its
results for the second quarter of 2016 at 8:30 a.m. EDT (13:30 p.m.
BST) on Thursday, July 28, 2016. Andrew Orekar, Chief Executive
Officer, and Simon Crowe, Chief Financial Officer, will review the
Partnership's operational and financial performance for the period.
Management's presentation will be followed by a Q&A
session.
The dial-in numbers for the conference call are as follows: +1
855 537 5839 (USA) +44(0) 20 3107 0289 (London) +33(0) 1 70 80 71
53 (Paris) Passcode: 42013675
A live webcast of the conference call will also be available on
the investor relations page of the Partnership's website at:
http://www.gaslogmlp.com/investor-relations
For those unable to participate in the conference call, a replay
will also be available from 2:00 p.m. EDT (7:00 p.m. BST) on
Thursday, July 28, 2016 until 11:59 p.m. EDT (4:59 a.m. BST) on
Thursday, August 4, 2016.
The replay dial-in numbers are as follows: +1 855 859 2056
(USA) +44(0) 20 3107 0235 (London) +33(0) 1 70 80 71 79
(Paris) Replay passcode: 42013675
About GasLog Partners
GasLog Partners is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
long-term charters. GasLog Partners' fleet consists of eight
LNG carriers with an average carrying capacity of 148,750 cbm, each
of which has a multi-year time charter. GasLog Partners' executive
offices are located at Gildo Pastor Center, 7 Rue du Gabian, MC
98000, Monaco. Visit the GasLog Partners website at
http://www.gaslogmlp.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 Partnership expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to, the following:
- general LNG shipping market conditions and trends, including
spot and long-term charter rates, ship values, factors affecting
supply and demand of LNG and LNG shipping, technological
advancements and opportunities for the profitable operations of LNG
carriers;
- our ability to leverage GasLog's relationships and reputation
in the shipping industry;
- our ability to enter into time charters with new and existing
customers;
- changes in the ownership of our charterers;
- our customers' performance of their obligations under our time
charters and other contracts;
- our future operating performance, financial condition,
liquidity and cash available for dividends and distributions;
- our ability to purchase vessels from GasLog in the future;
- our ability to obtain financing to fund capital expenditures,
acquisitions and other corporate activities, funding by banks of
their financial commitments, funding by GasLog of the revolving
credit facility with GasLog entered into upon consummation of our
initial public offering and our ability to meet our restrictive
covenants and other obligations under our credit facilities;
- future, pending or recent acquisitions of ships or other
assets, business strategy, areas of possible expansion and expected
capital spending or operating expenses;
- our expectations about the time that it may take to construct
and deliver newbuildings and the useful lives of our ships;
- number of off-hire days, drydocking requirements and insurance
costs;
- fluctuations in currencies and interest rates;
- our ability to maintain long-term relationships with major
energy companies;
- our ability to maximize the use of our ships, including the
re-employment or disposal of ships no longer under time charter
commitments, including the risk that our vessels may no longer have
the latest technology at such time;
- environmental and regulatory conditions, including changes in
laws and regulations or actions taken by regulatory
authorities;
- the expected cost of, and our ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, requirements imposed by classification societies and
standards imposed by our charterers applicable to our
business;
- risks inherent in ship operation, including the discharge of
pollutants;
- GasLog's ability to retain key employees and provide services
to us, and the availability of skilled labor, ship crews and
management;
- potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists;
- potential liability from future litigation;
- our business strategy and other plans and objectives for future
operations;
- any malfunction or disruption of information technology systems
and networks that our operations rely on or any impact of a
possible cybersecurity breach; and
- other risks and uncertainties described in the Partnership's
Annual Report on Form 20-F filed with the SEC on February 12, 2016,
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. 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 distributions are at all times
subject to the discretion of our board of directors and will depend
on, amongst other things, risks and uncertainties described above,
restrictions in our credit facilities, the provisions of Marshall
Islands law and such other factors as our board of directors may
deem relevant.
Contacts: Simon Crowe Chief Financial Officer Phone:
+44-203-388-3108
Jamie Buckland Head of Investor Relations Phone:
+44-203-388-3116 Email: ir@gaslogltd.com
Samaan Aziz Investor Relations Manager Phone: +1
212 223 0643 Email: ir@gaslogltd.com
EXHIBIT I - Unaudited Interim Financial Information: IFRS
Common Control Reported Results
Unaudited condensed consolidated statements of financial
position As of December 31, 2015 and June 30, 2016
(All amounts expressed in U.S. Dollars)
|
|
|
|
|
|
December 31, 2015 |
|
|
June 30, 2016 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
|
Deferred financing
costs |
|
|
|
|
|
74,442 |
|
|
- |
|
Other non-current
assets |
|
|
|
|
|
2,002,324 |
|
|
1,529,048 |
|
Vessels |
|
|
|
|
|
1,274,733,866 |
|
|
1,257,733,557 |
|
Total non-current
assets |
|
|
|
|
|
1,276,810,632 |
|
|
1,259,262,605 |
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
|
|
5,098,123 |
|
|
3,447,620 |
|
Inventories |
|
|
|
|
|
1,633,572 |
|
|
1,899,465 |
|
Due from related
parties |
|
|
|
|
|
2,885,676 |
|
|
1,918,404 |
|
Prepayments and other
current assets |
|
|
|
|
|
339,813 |
|
|
653,631 |
|
Cash and cash
equivalents |
|
|
|
|
|
60,402,105 |
|
|
59,703,533 |
|
Total current
assets |
|
|
|
|
|
70,359,289 |
|
|
67,622,653 |
|
Total assets |
|
|
|
|
|
1,347,169,921 |
|
|
1,326,885,258 |
|
Partners' equity and
liabilities |
|
|
|
|
|
|
|
|
|
|
Partners'
equity |
|
|
|
|
|
|
|
|
|
|
Common unitholders
(21,822,358 units issued and outstanding as of December 31, 2015
and June 30, 2016) |
|
|
|
|
|
507,432,951 |
|
|
508,620,856 |
|
Subordinated unitholders
(9,822,358 units issued and outstanding as of December 31, 2015 and
June 30, 2016) |
|
|
|
|
|
59,785,646 |
|
|
60,320,328 |
|
General partner (645,811
units issued and outstanding as of December 31, 2015 and June 30,
2016) |
|
|
|
|
|
8,841,527 |
|
|
8,887,463 |
|
Incentive distribution
rights |
|
|
|
|
|
2,116,965 |
|
|
2,645,224 |
|
Total partners'
equity |
|
|
|
|
|
578,177,089 |
|
|
580,473,871 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts
payable |
|
|
|
|
|
2,398,370 |
|
|
2,480,059 |
|
Due to related
parties |
|
|
|
|
|
137,267 |
|
|
763,376 |
|
Other payables and
accruals |
|
|
|
|
|
24,784,352 |
|
|
26,292,647 |
|
Borrowings - current
portion |
|
|
|
|
|
325,767,736 |
|
|
42,952,429 |
|
Total current
liabilities |
|
|
|
|
|
353,087,725 |
|
|
72,488,511 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
|
Borrowings - non-current
portion |
|
|
|
|
|
415,722,907 |
|
|
673,820,750 |
|
Other non-current
liabilities |
|
|
|
|
|
182,200 |
|
|
102,126 |
|
Total non-current
liabilities |
|
|
|
|
|
415,905,107 |
|
|
673,922,876 |
|
Total partners' equity
and liabilities |
|
|
|
|
|
1,347,169,921 |
|
|
1,326,885,258 |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit
or loss For the three and six months ended June 30, 2015 and
June 30, 2016 (All amounts expressed in U.S.
Dollars)
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
|
|
|
June 30, 2015 |
|
June 30, 2016 |
|
June 30, 2015 |
|
June 30, 2016 |
|
Revenues |
|
|
|
48,048,706 |
|
49,635,519 |
|
96,282,978 |
|
98,993,781 |
|
Vessel operating
costs |
|
|
|
(11,151,546 |
) |
(10,417,605 |
) |
(22,097,935 |
) |
(21,811,946 |
) |
Voyage expenses and
commissions |
|
|
|
(681,573 |
) |
(776,327 |
) |
(1,390,609 |
) |
(1,490,577 |
) |
Depreciation |
|
|
|
(10,932,778 |
) |
(10,948,845 |
) |
(21,998,437 |
) |
(22,052,205 |
) |
General and administrative
expenses |
|
|
|
(2,679,855 |
) |
(2,883,252 |
) |
(4,906,963 |
) |
(5,675,732 |
) |
Profit from operations |
|
|
|
22,602,954 |
|
24,609,490 |
|
45,889,034 |
|
47,963,321 |
|
Financial costs |
|
|
|
(6,782,068 |
) |
(7,251,980 |
) |
(13,393,274 |
) |
(14,433,142 |
) |
Financial income |
|
|
|
8,355 |
|
23,967 |
|
19,180 |
|
42,379 |
|
Total other expenses,
net |
|
|
|
(6,773,713 |
) |
(7,228,013 |
) |
(13,374,094 |
) |
(14,390,763 |
) |
Profit for the
period |
|
|
|
15,829,241 |
|
17,381,477 |
|
32,514,940 |
|
33,572,558 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to GasLog's operations |
|
|
|
(3,215,174 |
) |
- |
|
(7,003,443 |
) |
- |
|
Profit attributable to Partnership's
operations |
|
|
|
12,614,067 |
|
17,381,477 |
|
25,511,497 |
|
33,572,558 |
|
Partnership's profit attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Common units |
|
|
|
8,524,751 |
|
11,294,720 |
|
18,143,360 |
|
21,973,763 |
|
Subordinated units |
|
|
|
3,837,035 |
|
5,083,813 |
|
6,857,907 |
|
9,890,506 |
|
General partner units |
|
|
|
252,281 |
|
347,630 |
|
510,230 |
|
671,452 |
|
Incentive distribution rights |
|
|
|
- |
|
655,314 |
|
- |
|
1,036,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per unit for the period, basic
and diluted: |
|
|
|
|
|
|
|
|
|
|
|
Common unit |
|
|
|
0.58 |
|
0.52 |
|
1.25 |
|
1.01 |
|
Subordinated unit |
|
|
|
0.39 |
|
0.52 |
|
0.70 |
|
1.01 |
|
General partner unit |
|
|
|
0.51 |
|
0.54 |
|
1.03 |
|
1.04 |
|
Unaudited condensed consolidated statements of cash flows
For the six months ended June 30, 2015 and June 30, 2016
(All amounts expressed in U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended |
|
|
|
|
|
|
|
June 30, 2015 |
|
|
June 30, 2016 |
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Profit for the
period |
|
|
|
|
|
32,514,940 |
|
|
33,572,558 |
|
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
21,998,437 |
|
|
22,052,205 |
|
|
Financial costs |
|
|
|
|
|
13,393,274 |
|
|
14,433,142 |
|
|
Financial income |
|
|
|
|
|
(19,180 |
) |
|
(42,379 |
) |
|
Recognition of
share-based compensation |
|
|
|
|
|
67,400 |
|
|
203,885 |
|
|
|
|
|
|
|
|
67,954,871 |
|
|
70,219,411 |
|
|
Movements in working
capital |
|
|
|
|
|
(9,575,909 |
) |
|
2,490,418 |
|
|
Cash provided by
operations |
|
|
|
|
|
58,378,962 |
|
|
72,709,829 |
|
|
Interest paid |
|
|
|
|
|
(10,521,167 |
) |
|
(11,114,009 |
) |
|
Net cash provided by
operating activities |
|
|
|
|
|
47,857,795 |
|
|
61,595,820 |
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Short-term deposits
with related party |
|
|
|
|
|
(6,078,750 |
) |
|
- |
|
|
Payments for vessels'
additions |
|
|
|
|
|
(14,371 |
) |
|
(4,379,580 |
) |
|
Financial income
received |
|
|
|
|
|
25,633 |
|
|
28,866 |
|
|
Purchase of short-term
investments |
|
|
|
|
|
(4,000,000 |
) |
|
- |
|
|
Maturity of short-term
investments |
|
|
|
|
|
25,700,000 |
|
|
- |
|
|
Net cash provided
by/(used in) investing activities |
|
|
|
|
|
15,632,512 |
|
|
(4,350,714 |
) |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Borrowings
drawdowns |
|
|
|
|
|
- |
|
|
306,739,780 |
|
|
Borrowings
repayments |
|
|
|
|
|
(11,250,000 |
) |
|
(326,750,000 |
) |
|
Payment of loan
issuance costs |
|
|
|
|
|
(737,154 |
) |
|
(6,483,735 |
) |
|
Proceeds from public
offering and issuance of general partner units, net of
underwriters' discount |
|
|
|
|
|
176,533,158 |
|
|
- |
|
|
Payment of offering
costs |
|
|
|
|
|
(347,836 |
) |
|
(26,393 |
) |
|
Distributions paid |
|
|
|
|
|
(21,434,451 |
) |
|
(31,423,330 |
) |
|
Dividend due to GasLog
before vessels' drop-down |
|
|
|
|
|
(7,850,000 |
) |
|
- |
|
|
Net cash provided
by/(used in) financing activities |
|
|
|
|
|
134,913,717 |
|
|
(57,943,678 |
) |
|
Increase/(decrease)
in cash and cash equivalents |
|
|
|
|
|
198,404,024 |
|
|
(698,572 |
) |
|
Cash and cash
equivalents, beginning of the period |
|
|
|
|
|
47,241,742 |
|
|
60,402,105 |
|
|
Cash and cash
equivalents, end of the period |
|
|
|
|
|
245,645,766 |
|
|
59,703,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
Non-GAAP Financial Measures:
Reconciliation of Partnership Performance Results to IFRS
Common Control Reported Results in our Financial
Statements:
Our Partnership Performance Results for the three months ended
June 30, 2015 presented below are non-GAAP measures and exclude
amounts related to GAS-nineteen Ltd., GAS-twenty Ltd. and
GAS-twenty one Ltd. (the owners of the Methane Alison Victoria, the
Methane Shirley Elisabeth and the Methane Heather Sally,
respectively) for the period prior to their transfer to the
Partnership on July 1, 2015. While such amounts are reflected in
the Partnership's unaudited condensed consolidated financial
statements because the transfer to the Partnership was accounted
for as a reorganization of entities under common control under
IFRS, GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd.
were not owned by the Partnership prior to their transfer to the
Partnership in July 2015, and accordingly the Partnership was not
entitled to the cash or results generated in the period prior to
such transfer.
Our IFRS Common Control Reported Results presented
below include the accounts of the Partnership and its subsidiaries.
Transfers of vessel owning subsidiaries from GasLog are accounted
for as a reorganization of entities under common control and the
Partnership's consolidated financial statements are restated to
reflect such subsidiaries from the date of their incorporation by
GasLog as they were under the common control of GasLog.
GasLog Partners believes that these non-GAAP financial measures
provide meaningful supplemental information to both management and
investors regarding the financial and operating performance of the
Partnership necessary to understand the underlying basis for the
calculations of the quarterly distribution and the earnings per
unit, which similarly exclude the results of vessels prior to their
transfer to the Partnership. These non-GAAP financial measures
should not be viewed in isolation or as substitutes to the
equivalent GAAP measures presented in accordance with IFRS, but
should be used in conjunction with the most directly comparable
IFRS Common Control Reported Results.
|
|
|
|
For the three months ended June 30, 2015 |
|
(All amounts expressed
in U.S. dollars) |
|
|
|
Results attributable to GasLog |
|
Partnership Performance Results |
|
IFRS Common Control Reported Results |
|
Revenues |
|
|
|
15,105,935 |
|
32,942,771 |
|
48,048,706 |
|
Vessel operating
costs |
|
|
|
(4,316,475 |
) |
(6,835,071 |
) |
(11,151,546 |
) |
Voyage expenses and
commissions |
|
|
|
(417,757 |
) |
(263,816 |
) |
(681,573 |
) |
Depreciation |
|
|
|
(4,037,656 |
) |
(6,895,122 |
) |
(10,932,778 |
) |
General and administrative
expenses |
|
|
|
(366,873 |
) |
(2,312,982 |
) |
(2,679,855 |
) |
Profit from operations |
|
|
|
5,967,174 |
|
16,635,780 |
|
22,602,954 |
|
Financial costs |
|
|
|
(2,752,000 |
) |
(4,030,068 |
) |
(6,782,068 |
) |
Financial income |
|
|
|
- |
|
8,355 |
|
8,355 |
|
Total other expenses,
net |
|
|
|
(2,752,000 |
) |
(4,021,713 |
) |
(6,773,713 |
) |
Profit for the
period |
|
|
|
3,215,174 |
|
12,614,067 |
|
15,829,241 |
|
Amounts reflected in the Partnership's unaudited condensed
consolidated financial statements for the three months ended March
31, 2016 and June 30, 2016 are fully attributable to the
Partnership. The Partnership Performance Results reported in the
first and second quarters of 2016 are the same as the IFRS Common
Control Reported Results for the respective periods since there
were no vessel acquisitions from GasLog during the last two
quarters, which would have resulted in retrospective adjustment of
the historical financial statements.
|
|
|
|
For the three months ended March 31, 2016 |
|
(All amounts expressed
in U.S. dollars) |
|
|
|
Results attributable to GasLog |
|
Partnership Performance Results |
|
IFRS Common Control Reported Results |
|
Revenues |
|
|
|
- |
|
49,358,262 |
|
49,358,262 |
|
Vessel operating
costs |
|
|
|
- |
|
(11,394,341 |
) |
(11,394,341 |
) |
Voyage expenses and
commissions |
|
|
|
- |
|
(714,250 |
) |
(714,250 |
) |
Depreciation |
|
|
|
- |
|
(11,103,360 |
) |
(11,103,360 |
) |
General and administrative
expenses |
|
|
|
- |
|
(2,792,480 |
) |
(2,792,480 |
) |
Profit from operations |
|
|
|
- |
|
23,353,831 |
|
23,353,831 |
|
Financial costs |
|
|
|
- |
|
(7,181,162 |
) |
(7,181,162 |
) |
Financial income |
|
|
|
- |
|
18,412 |
|
18,412 |
|
Total other expenses,
net |
|
|
|
- |
|
(7,162,750 |
) |
(7,162,750 |
) |
Profit for the
period |
|
|
|
- |
|
16,191,081 |
|
16,191,081 |
|
|
|
|
|
For the three months ended June 30, 2016 |
|
(All amounts expressed
in U.S. dollars) |
|
|
|
Results attributable to GasLog |
|
Partnership Performance Results |
|
IFRS Common Control Reported Results |
|
Revenues |
|
|
|
- |
|
49,635,519 |
|
49,635,519 |
|
Vessel operating
costs |
|
|
|
- |
|
(10,417,605 |
) |
(10,417,605 |
) |
Voyage expenses and
commissions |
|
|
|
- |
|
(776,327 |
) |
(776,327 |
) |
Depreciation |
|
|
|
- |
|
(10,948,845 |
) |
(10,948,845 |
) |
General and administrative
expenses |
|
|
|
- |
|
(2,883,252 |
) |
(2,883,252 |
) |
Profit from operations |
|
|
|
- |
|
24,609,490 |
|
24,609,490 |
|
Financial costs |
|
|
|
- |
|
(7,251,980 |
) |
(7,251,980 |
) |
Financial income |
|
|
|
- |
|
23,967 |
|
23,967 |
|
Total other expenses,
net |
|
|
|
- |
|
(7,228,013 |
) |
(7,228,013 |
) |
Profit for the
period |
|
|
|
- |
|
17,381,477 |
|
17,381,477 |
|
EXHIBIT III
Non-GAAP Financial Measures:
EBITDA is defined as earnings before interest income and
expense, taxes, depreciation and amortization. EBITDA, which is a
non-GAAP financial measure, is used as a supplemental financial
measure by management and external users of financial statements,
such as investors, to assess our financial and operating
performance. The Partnership believes that this non-GAAP financial
measure assists our management and investors by increasing the
comparability of our performance from period to period. The
Partnership believes that including EBITDA 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 units. This
increased comparability is achieved by excluding the potentially
disparate effects between periods of interest, taxes, depreciation
and amortization, 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 has limitations as an analytical tool and should not be
considered as an alternative to, or as a substitute for, or
superior to profit, profit from operations, earnings per unit or
any other measure of financial performance presented in accordance
with IFRS. Some of these limitations include the fact that it does
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
significant interest expense, or 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 often have to be replaced in
the future, and EBITDA does not reflect any cash requirements for
such replacements. It is not adjusted for all non-cash income or
expense items that are reflected in our statement of cash flows and
other companies in our industry may calculate this measure
differently than we do, limiting its usefulness as a comparative
measure.
EBITDA is presented on the basis of IFRS Common Control Reported
Results and Partnership Performance Results. Partnership
Performance Results are non-GAAP measures. The difference between
IFRS Common Control Reported Results and Partnership Performance
Results are results attributable to GasLog.
Certain numerical figures included in this press release have
been rounded. Discrepancies in tables between totals and the sums
of the amounts listed may occur due to such rounding.
Reconciliation of EBITDA to Profit: (Amounts expressed
in U.S. Dollars)
|
|
|
For the three months ended |
|
|
|
|
IFRS Common Control Reported Results |
|
|
|
|
June 30, 2015 |
|
March 31, 2016 |
|
June
30, 2016 |
|
Profit for the period |
|
|
15,829,241 |
|
16,191,081 |
|
17,381,477 |
|
Depreciation |
|
|
10,932,778 |
|
11,103,360 |
|
10,948,845 |
|
Financial costs |
|
|
6,782,068 |
|
7,181,162 |
|
7,251,980 |
|
Financial income |
|
|
(8,355 |
) |
(18,412 |
) |
(23,967 |
) |
EBITDA |
|
|
33,535,732 |
|
34,457,191 |
|
35,558,335 |
|
|
|
|
For the three months ended |
|
|
|
|
Partnership Performance Results |
|
|
|
|
June 30, 2015(1) |
|
March 31, 2016(2) |
|
June
30, 2016(2) |
|
Profit for the period |
|
|
12,614,067 |
|
16,191,081 |
|
17,381,477 |
|
Depreciation |
|
|
6,895,122 |
|
11,103,360 |
|
10,948,845 |
|
Financial costs |
|
|
4,030,068 |
|
7,181,162 |
|
7,251,980 |
|
Financial income |
|
|
(8,355 |
) |
(18,412 |
) |
(23,967 |
) |
EBITDA |
|
|
23,530,902 |
|
34,457,191 |
|
35,558,335 |
|
Distributable Cash Flow
Distributable cash flow with respect to any quarter means
EBITDA, as defined above for the Partnership Performance Results,
after considering financial costs for the period, excluding
amortization of loan fees, estimated drydocking and replacement
capital reserves established by the Partnership. Estimated
drydocking and replacement capital reserves represent capital
expenditures required to renew and maintain over the long-term the
operating capacity of, or the revenue generated by our capital
assets. Distributable cash flow is a quantitative standard used by
investors in publicly-traded partnerships to assess their ability
to make quarterly cash distributions. Our calculation of
Distributable cash flow may not be comparable to that reported by
other companies. Distributable cash flow is a non-GAAP financial
measure and should not be considered as an alternative to profit or
any other indicator of the Partnership's performance calculated in
accordance with GAAP. The table below reconciles Distributable cash
flow to Profit for the period attributable to the Partnership.
Reconciliation of Distributable Cash Flow to Profit:
(Amounts expressed in U.S. Dollars)
|
For the three months ended |
|
|
June 30, 2015 (1) |
|
March 31, 2016(2) |
|
June 30, 2016 (2) |
|
Partnership's profit
for the period |
12,614,067 |
|
16,191,081 |
|
17,381,477 |
|
Depreciation |
6,895,122 |
|
11,103,360 |
|
10,948,845 |
|
Financial costs |
4,030,068 |
|
7,181,162 |
|
7,251,980 |
|
Financial income |
(8,355 |
) |
(18,412 |
) |
(23,967 |
) |
EBITDA |
23,530,902 |
|
34,457,191 |
|
35,558,335 |
|
Financial costs
excluding amortization of loan fees |
(3,637,833 |
) |
(6,191,114 |
) |
(6,322,306 |
) |
Drydocking capital
reserve |
(1,499,068 |
) |
(2,168,375 |
) |
(2,168,375 |
) |
Replacement capital
reserve |
(4,340,466 |
) |
(7,230,229 |
) |
(7,230,229 |
) |
Distributable cash
flow |
14,053,535 |
|
18,867,473 |
|
19,837,425 |
|
Other reserves(3) |
(7,251 |
) |
(3,155,808 |
) |
(4,125,760 |
) |
Cash distribution
declared |
14,046,284 |
|
15,711,665 |
|
15,711,665 |
|
(1) Excludes amounts related to GAS-nineteen Ltd.,
GAS-twenty Ltd. and GAS-twenty one Ltd. (the owners of the Methane
Alison Victoria, the Methane Shirley Elisabeth and the Methane
Heather Sally, respectively) for the period prior to their transfer
to the Partnership on July 1, 2015. While such amounts are
reflected in the Partnership's unaudited condensed consolidated
financial statements because the transfer to the Partnership was
accounted for as a reorganization of entities under common control
under IFRS, GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one
Ltd. were not owned by the Partnership prior to their transfer to
the Partnership in July 2015, and accordingly the Partnership was
not entitled to the cash or results generated in the period prior
to such transfers.
(2) Amounts reflected in the Partnership's unaudited condensed
consolidated financial statements for the three months ended March
31, 2016 and June 30, 2016 are fully attributable to the
Partnership. The Partnership Performance Results reported in the
first and second quarters of 2016 are the same as the IFRS Common
Control Reported Results for the respective periods since there
were no vessel acquisitions from GasLog during the last two
quarters, which would have resulted in retrospective adjustment of
the historical financial statements.
(3) Refers to reserves (other than the drydocking and
replacement capital reserves) for the proper conduct of the
business of the Partnership and its subsidiaries (including
reserves for future capital expenditures and for anticipated future
credit needs of the Partnership and its subsidiaries). For the
three months ended June 30, 2015 and March 31, 2016, the other
reserves amounts above have been reduced by $57,587 and $141,165,
respectively, of foreign exchange losses. For those periods,
distributable cash flow as reported had been adjusted to exclude
the potentially disparate impact between periods of foreign
exchange gains/losses.
HUG#2031275
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