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Q4 2017 Oslo, 15 February 2018 Di Disc scla laimer er This - PowerPoint PPT Presentation

Q4 2017 Oslo, 15 February 2018 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,


  1. Q4 2017 Oslo, 15 February 2018

  2. 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

  3. Com ompany ny Repr epresent esentati tives es Ag Agend enda Christi stian A an And nderse sen n – Pr Presi sident nt Hig ighlig ights 1 Financ nancial als 2 Ped eder er S Sim imonsen en – Chief ief Fin inancia cial O Offic fficer er Fleet & t & Mar arket t Updat ate 3 Summar mmary & Ou Outl tlook 4 3

  4. 1 Highlights Highli ghlights ghts Q4 2017 Comments Average Time Charter Equivalent • Ton-miles increase as US Gulf exports continue to grow - Middle East exports are down in line with expectations • Eight ship delivered from shipyards in South Korea and Japan during Q3, having an negative impact on supply/demand balance and Q4 freight market • TCE rate of $12,163/day, up from $7,524/day in Q3 • Available liquidity at quarter-end of $ 112.3 million, including $50 million in available RCF Avance Gas Spot VLGC Index 30 days prior to calendar quarter 4

  5. 2 Financials Fi Finan ancials ls – Q4 2 2017 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 2017 2017 30 Septemb 30 S mber 2017 2017 • TCE earnings of $15.3 million, up from $9.7 million, Oper eratin ing r rev even enue 27,369 27, 369 23, 23,679 679 reflecting the improved freight market in Q4 Voyage expenses (12, (12,113 113) (14,025 (14, 025 ) Operating expenses (9,836 (9, 836) (9,655 (9, 655 ) • Operating expenses of $9.8 million, marginally up from Administrative and general expenses (1,303 (1, 303) (1, (1,297 297 ) $9.7 million Q3 2017 Oper eratin ing p profit it (loss) b bef efore d e dep eprec ecia iatio ion ex expen ense 4, 4,117 117 (1,298 (1, 298 ) • Administrative and general expenses of $1.3 million, in Depreciation and amortization expenses (9,917 (9, 917) (10,034 (10, 034 ) line with last quarter Operati ating l loss (5,800 (5, 800) (11,332 (11, 332 ) • Non-operating expenses—mainly financial expenses— Non on-oper eratin ing ( (ex expen enses es) in income: e: Finance expense (6, (6,521 521) (6,510 (6, 510 ) of $6.5 million, unchanged since Q3 2017 Finance income 5 10 10 Foreign currency exchange gain 5 22 22 (6, (6,511 511) (6,478 (6, 478) • A reported net loss of $12.3 million, compared to a net loss of $17.8 million in Q3 2017 Inc ncome me tax tax ex expen ense (55 (55) — Net l t loss (12, (12,366 366) (17,810) (17, 810) Loss ss per er s share: e: Basic (0.19 (0. 19) (0.28 (0. 28 ) Diluted (0.19 (0. 19) (0. (0.28 28 ) 5

  6. 2 Financials Fi Finan ancials ls – Q4 2 2017 Balance Sheet Comments As As o of As As o of ($ 000s) ($ 000s 31 D 31 Decemb mber 2017 2017 30 S 30 Septemb mber 2017 2017 • Cash at end Q4 of $62.3 million up from $58.1 million Cash and cash equivalents 62,316 62, 316 58, 58,106 106 Receivables 16,920 16, 920 12,165 12, 165 end Q3, due to higher freight rates and drawdown of Inventory 3,993 3, 993 5,850 5, 850 Other current assets 3,566 3, 566 2,903 2, 903 $15.0 million on the revolving credit facility Total tal current as t assets ts 86,795 86, 795 79,024 79, 024 Property, plant and equipment 823, 823,495 495 831, 831,373 373 Goodwill and intangible assets 150 150 178 178 • Total assets of $910.4 million, versus $910.6 million in Total tal n non-current as t assets ts 823,645 823, 645 831, 831,551 551 the prior quarter, mainly reflecting depreciation of the Total tal as assets ts 910, 910,440 440 910, 910,575 575 fleet offset by increased cash and receivables Current portion of long-term debt 20,598 20, 598 20, 20,598 598 Accounts payable 5,867 5, 867 4,715 4, 715 Accrued expenses (inc voyage expenses) 4,219 4, 219 3,093 3, 093 • Net total interest-bearing debt of $487.6 million, Current portion of derivative financial instruments 2, 2,538 538 3,622 3, 622 compared with $477.7 million, reflecting scheduled Other current liabilities 1,317 1, 317 1,381 1, 381 Total curren ent l lia iabil ilit ities ies 34,539 34, 539 33,409 33, 409 debt repayments offset by a $15.0 million drawdown Long-term debt 367,000 367, 000 372,063 372, 063 Long-term revolving credit facilities 100,000 100, 000 85,000 85, 000 on the revolving credit facility Long-term derivative financial instruments 4,969 4, 969 7,392 7, 392 Total tal n non-curren ent l lia iabil ilit ities ies 471, 471,969 969 464,455 464, 455 Share capital 64,528 64, 528 64, 64,528 528 • Shareholders’ equity ratio of 44.4%, compared with Paid-in capital 379,851 379, 851 379, 379,851 851 Contributed capital 95,185 95, 185 95,102 95, 102 45.3% in Q3 2017 Retained loss (116, (116,316 316) (103, (103,951 951) Treasury shares (11, (11,867 867 ) (11, (11,867 867 ) Accumulated other comprehensive loss (7,449 (7, 449) (10, (10,952 952) Total tal s shar areholders’ ’ equity ty 403,932 403, 932 412, 412,711 711 Total l lia iabil ilit ities ies a and shareh eholder ers’ eq equit ity 910, 910,440 440 910,575 910, 575 6

  7. 2 Financials Fi Finan ancials ls – Q4 2 2017 Cash Flow Statement Comments Three ee months en ended ed Three ee months en ended ed ($ 000s ($ 000s) ) 31 D 31 Decemb mber 2017 2017 30 S 30 Septemb mber 2017 2017 • Net cash flow from operating activities negative of Cash flows ( (used ed in in) f from o oper eratin ing a activ ivit ities ies: $3.2 million in Q4, up from $10.9 million in Q3 Cash flow from operations 2, 2,830 830 (4, (4,621 621) Interest paid (6, (6,035 035) (6, (6,322 322) reflecting higher freight rates during the quarter Net et cash flows ( (used ed in in) f from o oper eratin ing a activ ivit ities ies (3,205 (3, 205) (10, (10,943 943) • Cash flows impacted by timing of freight payments Cash flows u used ed in in in inves estin ing a activ ivit ities ies: and voyage expenses Capital expenditures (2, (2,334 334) (324) (324 Net et c cash f flows used ed in in in inves estin ing activ ivit ities ies (2, (2,334 334) (324 (324) • Net cash flow from financing activities was $9.5 Cash flows f from ( (used ed in in) f fin inancin ing activ ivit ities ies: million, reflecting drawdown of $15.0 million on the Repayment of long-term debt (5,506 (5, 506) (5,506 (5, 506) revolving credit facilities, offset by scheduled debt Drawdown revolving credit facility 15,000 15, 000 10,000 10, 000 repayments Net et cash flows f from ( (used ed in in) f fin inancin ing activ ivit ities ies 9, 9,494 494 4, 4,494 494 Effect of exchange rate changes on cash 255 255 2 • The cash position at quarter-end was $62.3 million, Net et in increa ease e (dec ecrea ease) e) in in cash a and cash eq equiv ivalen ents 4, 4,210 210 (6,771 (6, 771) with total available liquidity of $112.3 million, Cash and cash eq equiv ivalen ents at beg egin innin ing of p per erio iod 58,106 58, 106 64,887 64, 887 including available undrawn credit lines Cas ash an and c cas ash equival alents ts at e at end o of period 62,316 62, 316 58, 58,106 106 7

  8. 2 Financials Cash br sh break-even a en and nd CAPE APEX Comments Cash break-even • Cash break-even for 2017 was $17,200/day, $4,300 $17,200 including a 50% reduction in principal payments as part of the bank amendment agreement from Q4 $4,300 2016 • Avance Gas continues to focus on maintaining a $1,000 $7,600 low cash break-even rate with ongoing prudent and cost efficiency measures • Total estimated CAPEX for periodical drydockings of the Avance Gas fleet is $9.5 million in 2018 Based on reported results for the third quarter and estimated cash cost for the remaining of 2017, divided by calendar days Based on reported results for the full year of 2017, divided by calendar days, rounded. 8

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