Q4 2016 Oslo, 14 February 2017
Di Disc scla laimer er This presentation contains forward looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Avance Gas believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this presentation speak only as at its date, and are subject to change without notice. 2
Com ompany ny Ag Agend enda Repr epresent esentati tives es Highlights 1 Financials Christian Andersen – President 2 Peder Simonsen – Chief Financial Officer Fleet & Market Update 3 Summary & Outlook 4 3
1 Highlights Highli ghlights ghts Q4 2016 Comments Average Time Charter Equivalent • TCE rate of $9,602/day, compared with $10,131/day in Q3 2016 • Net loss of $14.0 million, compared with a net loss of $13.5 million (excluding impairment charges of $47.2 million) in Q3 2016 • Comprehensive refinancing plan completed, including installment deferrals, covenant waivers and raising $58.7 million in new equity • Year-end cash of $149.1 million vs. $87.8 million per end Q3 2016 • Cash break even at approx. $17,500/day with revised instalment schedule Avance Gas Spot VLGC Index 30 days prior to calender quarter 4
2 Financials Fi Finan ancials ls – Q4 2 2016 Income Statement Comments Three mo Th mont nths e end nded Th Three mo mont nths e end nded ($ 000s ($ 000s) 31 Decemb 31 D mber 2016 2016 30 Septemb 30 S mber 2016 2016 • TCE earnings of $12.1 million, compared with $12.9 million in Oper eratin ing r rev even enue 27,797 27, 797 25,720 25, 720 Q3 2016 Voyage expenses (15,664 (15, 664) (12,780 (12, 780 ) • Operating expenses of $9.9 million, compared with $9.5 Operating expenses (9,900 (9, 900) (9,480 (9, 480 ) Administrative and general expenses (1,082 (1, 082) (1,710 (1, 710 ) million in Q3 2016 Oper eratin ing p profit it bef efore d e dep eprec ecia iatio ion ex expen ense 1, 1,151 151 1, 1,750 750 • Administrative expenses of $1.1 million, compared with $1.7 Depreciation and amortization expenses (10,030 (10, 030) (10,510 (10, 510 ) million in Q3 2016, mainly reflecting reduced personnel cost ─ Impairmment of goodwill (1,886 (1, 886 ) and cost efficiency measures ─ Impairment of vessels (45,298 (45, 298 ) • Non-operating expenses of $5.0 million, versus $4.8 million Operati ating l loss (8, (8,879 879) (55,944 (55, 944 ) in Q3 2016 Non on-oper eratin ing ( (ex expen enses es) in income: e: Finance expense (5, (5,085 085) (4, (4,787 787 ) • Net loss of $14.0 million vs. a loss of $13.5 million, adjusted Finance income 68 68 1 Foreign currency exchange loss (3) (3 (9 (9 ) for Q3 2016 impairment of $47.2 million (5,020 (5, 020) (4, (4,795 795 ) ─ Income tax expense (117 (117) Net l t loss (14,016 (14, 016) (60, (60,739 739 ) Loss ss per er s share: e: Basic (0.26 (0. 26) (1.77 (1. 77 ) Diluted (0.26 (0. 26) (1. (1.77 77 ) 5
2 Financials Fi Finan ancials ls – Q4 2 2016 Balance Sheet Comments ($ 000s) ($ 000s 31 D 31 Decemb mber 2016 2016 30 S 30 Septemb mber 2016 2016 • Cash of $149.1 million compared with $87.8 by end Q3 2016, Cash and cash equivalents 149,062 149, 062 87, 87,783 783 Receivables 13, 13,705 705 18,012 18, 012 reflecting net proceeds from share issue ($58.7 million) and Related party receivables 36 36 4 Inventory 4,940 4, 940 4,412 4, 412 sale of Gaea of ($13.3 million) in the quarter Prepaid expenses 724 724 2,292 2, 292 Other current assets 3,193 3, 193 1,969 1, 969 • Total assets of $1,032.7 million, up from $998.3 million, mainly ─ Asset held for sale 13,369 13, 369 Total tal current as t assets ts 171, 171,660 660 127, 127,841 841 reflecting increased cash position, offset by depreciation of Property, plant and equipment 860, 860,785 785 870,156 870, 156 the fleet and sale of Gaea Goodwill and intangible assets 263 263 291 291 Total tal n non-current as t assets ts 861,048 861, 048 870, 870,447 447 Total tal as assets ts 1,032, 1, 032,708 708 998, 998,288 288 • Receivables decreased to $13.7 million from $18.0 million, mainly reflecting $4.5 million in collected demurrage Current portion of long-term debt 20,598 20, 598 42, 42,931 931 Accounts payable 2,676 2, 676 1,942 1, 942 payments Related party payable balances 64 64 19 19 Accrued voyage expenses 4,862 4, 862 4, 4,135 135 • Net total interest bearing debt decreased by $11.6 million, due Accrued expenses 204 204 605 605 Current portion of derivative financial instruments 2,271 2, 271 1,360 1, 360 to regular interest-bearing debt repayments and debt Other current liabilities 1,213 1, 213 1, 1,117 117 Total curren ent l lia iabil ilit ities ies 31, 31,888 888 52, 52,109 109 issuance cost related to the amendment agreement Long-term debt 387, 387,201 201 376, 376,446 446 Long-term revolving credit facilities 150, 150,000 000 150, 150,000 000 • Shareholders’ equity ratio of 44.2%, up from 39.7% in Q3 2016 Long-term derivative financial instruments 6, 6,660 660 23, 23,163 163 Total tal n non-curren ent l lia iabil ilit ities ies 543, 543,861 861 549, 549,609 609 reflecting the share issue in Q4 2016 Share capital 64,528 64, 528 35, 35,278 278 Paid-in capital 379,851 379, 851 350, 350,359 359 Contributed capital 94, 94,886 886 94, 94,797 797 Retained (loss) earnings (61, (61,566 566) (47,549 (47, 549) Treasury shares (11,867 (11, 867 ) (11,867 (11, 867 ) Accumulated other comprehensive loss (8, (8,873 873) (24, (24,448 448) Total tal s shar areholders’ ’ equity ty 456,959 456, 959 396, 396,570 570 Total l lia iabil ilit ities ies a and shareh eholder ers’ eq equit ity 1,032, 1, 032,708 708 998,288 998, 288 6
2 Financials Fi Finan ancials ls – Q4 2 2016 Cash Flow Statement Comments Three m ee months ended ed Three m ee months ended ed ($ 000s ($ 000s) ) 31 D 31 Decemb mber 2016 2016 30 30 Sep eptem ember er 2016 2016 • Net cash flow from operating activities was $0.4 million, Cash flows f from (u m (used in) o n) operating ng activ ivit ities ies: compared with $17.1 million in Q3 2016 Cash flow from operations 6, 6,364 364 21, 21,336 336 Debt issuance cost (915 (915) — • Operating cash flows include $4.5 in received demurrage Interest paid (5, (5,022 022) (4,272 (4, 272) payments compared to $14.6 million during Q3 2016 Net c t cas ash f flows fro from oper eratin ing a activ ivit ities ies 427 427 17, 17,064 064 Cash flows f from ( (used ed in in) in inves estin ing activ ivit ities ies: • Net cash flows used in investment activities were positive Capital expenditures (194) (194 (490 (490) reflecting net proceeds of $13.4 million from sale of Gaea in Sale of assets (net proceeds) 13, 13,341 341 — Q4 2016 Net et cash flows f from ( (used ed in in) in inves estin ing activ ivit ities ies 13,148 13, 148 (490 (490) • Net cash flow from financing activities were positive of $47.7 Cash flows f from f fin inancin ing activ ivit ities ies: Drawdown revolving credit facility — 25, 25,000 000 million, mainly due to net equity issuance proceeds of $58.7 Issuance of shares (net proceeds) 58,742 58, 742 — million Repayment of long-term debt (11,012 (11, 012) (11, (11,012 012) Net et cash flows f from f fin inancin ing activ ivit ities ies 47, 47,730 730 13, 13,988 988 • A net increase in cash of $61.3 million in Q4 2016 Effect of exchange rate changes on cash (26 (26) (29 (29) Net et in increa ease e in in cash and c cash eq equiv ivalen ents 61,279 61, 279 30,533 30, 533 Cash and cash equivalents at beginning of period 87,783 87, 783 57,250 57, 250 Cas ash an and c cas ash equival alents ts at e at end o of period 149,062 149, 062 87,783 87, 783 7
3 Fleet & Market Update Flee Fleet Ou t Outlo tlook ok Orderbook 2017 Deliveries Orderbook at 15% of existing fleet 11% of 2017-deliveries completed • Source: Affinity, Nordic Shipping; Company 8
3 Fleet & Market Update Per erfor ormanc nce Avance Gas Spot Index vs Avance Gas Spot Fixtures Waiting Days per Ship • Avance Gas Spot Index based on Baltic weekly, reflecting estimated USD per day for a roundtrip Ras Tanura – Chiba – Ras Tanura (13,642 nm), 24 hours for bunkering, 3% sea margin, bunkers prices as quoted on Fridays, lowest of 9 Singapore and Fujairah • Source: Company
Recommend
More recommend
