Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q3 2016 Earnings Presentation
22 slides from Bw Lpg's earnings presentation, Nov 24, 2016
Slide 1: Third Quarter 2016 Earnings Presentation
THIRD QUARTER 2016 EARNINGS PRESENTATION 24 NOVEMBER 2016
Slide 2: Disclaimer and Forward-looking Statements
Disclaimer and Forward-looking Statements This presentation is not for release, publication or distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan. It is not an offer of securities for sale in or into the United States, Canada, Australia, the Hong Kong Specia
Slide 3: Agenda
Agenda Q3 2016 Highlights Market Dynamics Financial Update Summary & Outlook Q&A 3
Slide 4: Third Quarter 2016 Operating Highlights
Third Quarter 2016 Operating Highlights ■ VLGC market softness continued in Q3 2016 o Net Revenue was USD 81 million • VLGC Q3 2016 Daily TCE – $22,1001 • LGC Q3 2016 Daily TCE – $15,9001 • VLGC Q3 2016 spot of $13,2501 vs Baltic index of $11,530 o VLGC fleet contract coverage of 45% and LGC fleet c
Slide 5: Third Quarter 2016 Financial Highlights
Third Quarter 2016 Financial Highlights ■ Net Revenue was USD 81 million ■ EBITDA was USD 33 million ■ Loss after tax was USD 60 million o Profit before impairment was USD 0.5 million ■ Key metrics: Share price on 30 Sep 2016 $ 2.86 12 Months Q3 2016 Rolling EPS1 $ (0.44) $ 0.19 EPS before impairmen
Slide 6: Global VLGC & BW LPG Fleet Profile
Global VLGC & BW LPG Fleet Profile 238 ships on the water, 42 on order. 2 ships have been scrapped year to date. VLGC Fleet Profile [1] - Average Age: 8.7 Years BW LPG Market Share (Owned + Operated VLGCs) 50 4 45 38 >20 Years: 38 Vessels / 15% of Fleet 40 Other VLGC NB Number of VLGCs 35 38 30 BW L
Slide 7: Q3 2016 Seaborne LPG Trade Overview
Q3 2016 Seaborne LPG Trade Overview U.S. export volumes declined slightly, offset by increase from Middle East Q3 2015/16 Seaborne LPG Exports by Country/Region (Mt) Comments 12 Q3 2015 Q3 2016 Exports 10 Middle Eastern export growth of 7% driven by Saudi & 8 Iranian volumes 6 US LPG export decl
Slide 8: YTD 2016 Seaborne LPG Trade Overview
YTD 2016 Seaborne LPG Trade Overview US & Middle East still driving LPG export growth while China & Korea have been growing imports the most ∆ in LPG Exports Q3 YTD 2016 / Q3 YTD 2015 (Million Metric Tons) ∆ in LPG Imports Q3 YTD 2016 / Q3 YTD 2015 (Million Metric Tons) South America Mediterranean U
Slide 9: U.S. LPG Supply – Demand Outlook
U.S. LPG Supply – Demand Outlook Production growth re-accelerates in 2017 while domestic consumption continues to decline U.S. LPG Snapshot (Mt) - November 2016 EIA Short Term Energy Outlook 80 1.9 70 3.2 24.5 26.8 18.1 60 5.8 11.7 1.4 1.8 50 0.4 40 79.0 75.1 76.5 68.5 30 59.9 54.4 56.0 53.7 55.1 53
Slide 10: Q3 2016 Commercial Performance
Q3 2016 Commercial Performance Q3 2016 VLGC Segment Commercial Performance Q3 2016 LGC Segment Commercial Performance $45,000 TCE Rate ($ Per Day) % of Days (RHS) 60% $25,000 TCE Rate ($ Per Day) % of Days (RHS) 100% 100% $40,000 55% 50% $38,970 $21,710 $20,000 80% $35,000 $33,430 $30,000 40% $15,00
Slide 11: Q3 2016 Income Statement
Q3 2016 Income Statement Figures in USD thousands (Reviewed) (Reviewed) (Reviewed) (Reviewed) Q3 2016 Q3 2015 YTD 2016 YTD 2015 Revenue 104,833 223,845 389,178 581,485 Voyage expenses (24,331) (42,148) (72,463) (114,813) TCE income 80,502 181,697 316,715 466,672 Other operating income 131 537 1,347
Slide 12: Q3 2016 Balance Sheet and Cash Flows
Q3 2016 Balance Sheet and Cash Flows Figures in USD thousands (Reviewed) (Audited) Balance sheet 30 September 2016 31 December 2015 Total non–current assets 1,880,940 1,908,586 Total current assets 110,890 201,175 Total assets 1,991,830 2,109,761 Total shareholders’ equity 1,005,934 1,170,719 Total
Slide 13: Financing – Repayment Profile
Financing – Repayment Profile Figures in USD million As at 30 September 2016 Gross debt 922.2 Undrawn amounts 260.0 under revolving credit facilities Cash 54.5 Cash 54.5 Net debt 867.7 Available liquidity 314.5 $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 - 2016 2017 2018 2019 2020 2021 onwards
Slide 14: Summary and Outlook
Summary and Outlook ■ Q3 2016 Net Revenue of USD 81 million, EBITDA of USD 33 million and Loss after tax of USD 60 million, resulting in EPS of ($0.44) ■ Profit before impairment was USD 0.5 million and adjusted EPS was USD 0.4 cents ■ With the continued softness in the market, the Company has recog
Slide 15: Q&A
Section 1 Q&A Business Update
Slide 16: Appendix
Section 1 Appendix Update Business
Slide 17: Charter Portfolio 2016 – 2018
Charter Portfolio 2016 – 2018 YTD Q3 2016 Q4 2016E 2017E 2018E Q3 2016 VLGC Segment VLGC Segment Days % of Total Days % of Total Days % of Total Days % of Total Days % of Total Total Days (Net of Offhire) 9,378 100% 3,432 100% 14,035 100% 13,189 100% Total Days (Net of Offhire) 3,188 100% Time chart
Slide 18: BW LPG Fleet Development (Detailed)
BW LPG Fleet Development (Detailed) Timeline Based on Current Contracts BW Mindoro (DSME NB 2353) MHI NB 2335, BW Magellan, BW Malacca 1 MHI NB 2336 BW Tucana, BW Volans 2 1 1 2 1 BW Broker 2 2 BW Messina Yuyo Spirits Berge Ningbo, 1 Berge Nantong Reimei 36 37 37 32 37 37 8 7 6 6 4 4 Dec Q1 2016 Q2
Slide 19: Fleet List
Fleet List Modern fleet of 38 VLGCs / 5 LGCs / 4 newbuild VLGCs built at leading shipyards OWNED VLGCs CHARTERED VLGCs Name Year built Shipyard Ownership (%) Name Year built Shipyard Charter type BW Aries 2014 Hyundai H.I. 100% Berge Nantong 2006 Hyundai H.I. Time charter BW Austria 2009 DSME 100% B
Slide 20: Glossary of Terms
Glossary of Terms Terms Explanation Time : Charter hires with a fixed hire rate for a fixed Charter duration (term of charter) CoA : Contracts of affreightment with fixed day rates applicable for a specified duration (term of charter) and frequency (number of cargoes lifted) Spot : Charter hires neg
Slide 21: Disclaimer
Disclaimer IMPORTANT INFORMATION: This presentation is not an offer to sell or a solicitation of offers to purchase or subscribe for securities of BW LPG Limited. This presentation is not a prospectus for the purposes of Directive 2003/71/EC (as amended, together with any applicable implementing mea
Slide 22: 8, awirs
8, awirs BW LPG Limited 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438 www.bwipg.com