Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q3 2014 Earnings Presentation
19 slides from Bw Lpg's earnings presentation, Nov 20, 2014
Slide 1: BW LPG Q3 2014 Results Presentation
BW LPG Q3 2014 Results Presentation 20 November 2014 1
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 reproduced or redistributed, in whole or in part, to any other person. Matters discussed in this presentation and any materials dis
Slide 3: Third quarter 2014 highlights
Third quarter 2014 highlights Earnings and results reflect the continuing firm market Fleet utilisation continued to be strong at 96% and contributed positively to earnings TCE earnings of USD 159.2 million in the quarter compares to USD 75.9 million in Q3 2013 EBITDA continues to trend posi
Slide 4: Fleet and new build orderbook
Fleet and new build orderbook Global LPG Fleet Size and New Build (Oct’14) VLGC Fleet Profile1 300 50 49% Number of vessels 250 40 200 80 30 150 36% 20 100 16% 22 10 50 3 0 0 VLGC LGC MGC BW owned BW chartered BW newbuildings Other fleet Other newbuildings On Water On Order 33 vessels above 20 years
Slide 5: BW LPG fleet timeline
BW LPG fleet timeline Timeline based on current contracts NB 2706 (Q1), NB 2707 (Q1), NB 2722 (Q2), NB 2723 (Q3), NB 2736 (Q2), BW Cedar, NB 2737 (Q2) NB 2724 (Q4) BW Oak, BW Aries (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: Q3 2014 income statement
Q3 2014 income statement Unaudited figures in USD thousands Q3 2014 Q3 2013 YTD 2014 YTD 2013 Revenue 211,365 112,375 565,084 295,543 Voyage expenses (52,116) (36,471) (164,628) (108,585) TCE income 159,249 75,904 400,456 186,958 Other operating income 497 124 1,372 372 Charter hire expense (24,961)
Slide 7: EBITDA cumulative trend
EBITDA cumulative trend Unaudited figures in USD millions YTD EBITDA development Comments 300 VLGC TCE Income was in line with expectations with TCE per day at USD 53,600 for Q3 and USD 43,800 for YTD – Continued strong participation in the Atlantic market, often 250 at a strong premium to Baltic
Slide 8: Q3 2014 balance sheet and cash flow
Q3 2014 balance sheet and cash flow Unaudited figures in USD thousands (Audited) Balance sheet 30 Sep 2014 31 Dec 2013 Total non-current assets 1,433,473 1,377,574 Total current assets 204,547 253,839 Total assets 1,638,020 1,631,413 Total shareholders’ equity 1,041,041 974,729 Total non-current lia
Slide 9: Financing
Financing Unaudited figures in USD millions Gross debt 547.4 Available liquidity of USD 180.5 million Cash (60.5) Net debt 486.9 Loan repayments 300 250 200 150 100 50 0 2014 2015 2016 2017 2018 2019 2020+ Oct - Dec Finance Lease Term loan Revolving Credit Facility 9
Slide 10: Charter-in vessels per ship day
Charter-in vessels per ship day Unaudited figures in USD thousands 3 Months ended 3 Months ended 3 Months ended 12 Months ended 12 Months ended 30 Sep 2014 30 Jun 2014 31 Mar 2014 31 Dec 2013 31 Dec 2012 27.1 25.2 53.6 43.9 24.6 25.3 30.6 31.7 22.5 26.5 26.0 18.8 6.0 6.4 3.5 TCE Charter EBITDA TCE C
Slide 11: 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 day rates for VLGCs in 2014 – 2015 In recent weeks the market has been somewhat less strong as demand has softened and the tightness in ship availability is less than has b
Slide 12: Q&A session
Section 1 Q&A session Business Update
Slide 13: Appendix
Section 1 Appendix Update Business
Slide 14: VLGC and LGC TCE per Revenue Day
VLGC and LGC TCE per Revenue Day Review of achieved TCE YTD Sep 2014 and fixed income outlook VLGC YTD 2014 Q4 2014 2015 2016 2017 Voyage Charter 55,603 COA - Spot 43,455 COA - Fixed 39,823 35,700 31,775 31,908 31,908 Time Charter - Out 36,232 38,484 35,101 32,045 30,864 LGC YTD 2014 Q4 2014 2015 20
Slide 15: VLGC and LGC Days
VLGC and LGC Days VLGC VLGC YTD 2014 Q4 2014 2015 2016 2017 • Time charter income accounted Available Days - 1,720 6,896 8,519 8,685 for 18% of the available days for Voyage Charter Days 2,410 - - - - YTD Sep 2014 COA - Spot Days 2,129 - - - - • In Q4 2014, time charter income COA - Fixed Days 2,117
Slide 16: Glossary of terms
Glossary of terms Terms Explanation Time Charter - : charter hires with a fixed hire rate for a fixed duration (term of charter) Out Voyage Charter : charter hires negotiated on spot/market rates COA - Spot : contracts of affreightment with variable element(s) in the hire rates for a specified range
Slide 17: 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 18: 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 19: BW LPG
BW LPG