Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q1 2014 Earnings Presentation
16 slides from Bw Lpg's earnings presentation, May 23, 2014
Slide 1: BW LPG Q1 2014 Results Presentation
BW LPG Q1 2014 Results Presentation 23 May, 2014
Slide 2: Important information and disclaimer
Important information and disclaimer This presentation has been produced by BW LPG Limited (“BW LPG”) exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. Matters discussed in this presentation and any materials distributed in co
Slide 3: First quarter 2014 highlights
First quarter 2014 highlights Declared options for two newbuilds at Hyundai Heavy Industries to be delivered in 2016, increasing new build program to 8 VLGCs Fleet utilisation continued to be above industry average and contributed positively to earnings Earnings and results continue to reflect
Slide 4: Fleet and new build orderbook
Fleet and new build orderbook Global LPG Fleet Size and New Build (2013) VLGC Fleet Profile1 250 47% 45 40 Number of vessels 200 74 35 30 150 25 20 100 35% 15 15% 20 10 50 5 3 0 0 VLGC LGC MGC BW owned BW chartered BW newbuildings Other fleet Other newbuildings On Water On Order 33 vessels above 20
Slide 5: BW LPG fleet timeline
BW LPG fleet timeline Timeline based on current contracts NB 2076 (Q1), NB 2707 (Q1), NB 2722 (Q2), NB 2723 (Q3), NB 2736 (Q2), BW Cedar, NB 2724 (Q4) NB 2737 (Q2) BW Oak, NB 2705 (Q4) BW Pine BW Maple 1 5 2 1 1 3 G. Symphony 3 BW Empress BW Birch (Q2), 2 Reimei Gas Capricorn 1 Yuyo Spirits 1 G. Sym
Slide 6: Q1 2014 income statement
Q1 2014 income statement Unaudited figures in USD thousands (Reviewed) Q1 2014 Q1 2013 Revenue 150,760 84,925 Voyage expenses (50,369) (32,736) TCE income 100,391 52,189 1 Other operating income 835 124 Charter hire expense (24,249) (13,783) Other operating expenses (25,452) (18,168) Operating profi
Slide 7: EBITDA cumulative trend
EBITDA cumulative trend Unaudited figures in USD millions YTD EBITDA development Comments 160 VLGC TCE Income for Q1 2014 was in line with expectations with VLGC TCE per day at USD 32,700 for the quarter 140 LGC TCE Income was below expectations in Q1 2014 at USD 120 20,400 per day due to commer
Slide 8: Q1 2014 balance sheet and cash flow
Q1 2014 balance sheet and cash flow Unaudited figures in USD thousands (Reviewed) (Audited) Balance sheet 31 Mar 2014 31 Dec 2013 Total non-current assets 1,400,827 1,377,574 Total current assets 198,668 253,839 Total assets 1,599,495 1,631,413 1 Total shareholder’s equity 1,005,799 974,729 Total no
Slide 9: Financing
Financing Unaudited figures in USD millions Gross debt 542.9 Available liquidity of USD 271.3 million Cash (71.3) Net debt 471.6 Strong capacity to make new acquisitions 1 Loan repayments 250 200 150 100 50 0 2014 2015 2016 2017 2018 2019 2020+ Finance Lease Term loan Revolving Credit Facility 9
Slide 10: Charter-in vessels per voyage day
Charter-in vessels per voyage day Unaudited figures in USD thousands 3 Months ending 3 Months ending 12 Months ending 12 Months ending 31 Mar 2014 31 Mar 2013 31 Dec 2013 31 Dec 2012 25.3 24.6 30.6 31.7 22.5 26.0 17.4 24.3 6.0 6.4 3.5 (7.0) TCE Charter hire EBITDA TCE Charter hire EBITDA TCE Charter
Slide 11: Dividend policy
Dividend policy The Board of Directors has determined the dividend policy of BW LPG with a view to providing a degree of predictability and transparency on the determination of dividend payouts Targeted payout is to be 50% of net profits after tax Considerations will be made for appropriate limi
Slide 12: BW LPG – summary and outlook
BW LPG – summary and outlook BW LPG remains positive on the market outlook for the LPG transportation sector, in particular for VLGCs especially in 2014 – 2015 Hyundai Heavy Industries (HHI) has communicated that there may be a 30 day delay in the delivery of BW LPG’s first and second vessels. T
Slide 13: Q&A session
~ Q&A session Appendix
Slide 14: Leading international board of directors
Leading international board of directors Strong board of directors Andreas Sohmen-Pao - Chairman of the Board CEO of BW Group Non-executive director of BW Offshore Board member of The Esplanade Co Ltd (Singapore) and the National Parks Board (Singapore) John B. Harrison – Vice Chairman Indep
Slide 15: Experienced management team
Experienced management team Nicholas Murray Gleeson - Chief Executive Officer Joined BW LPG from his position as Group CFO of BW Group, having previously also held the role of CFO, BW Gas Ltd More than 20 years of business experience as CFO and in other senior finance roles Australian Chartere
Slide 16: Slide 16