Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q4 2016 Earnings Presentation
21 slides from Bw Lpg's earnings presentation, Feb 27, 2017
Slide 1: Fourth Quarter & Full Year 2016 Earnings Presentation
FOURTH QUARTER & FULL YEAR 2016 EARNINGS PRESENTATION 27 February 2017
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 Full Year 2016 & Fourth Quarter 2016 Highlights Market Dynamics Financial Update Summary & Outlook Q&A 3
Slide 4: Full Year 2016 Highlights
Full Year 2016 Highlights ■ 2016 was a difficult year for the LPG market but the Company remained profitable and grew its fleet at attractive asset values o Net Revenue was USD 407 million • VLGC FY 2016 Daily TCE – $27,1001 • LGC FY 2016 Daily TCE – $23,4001 o EBITDA was USD 210 million o Profit af
Slide 5: Fourth Quarter 2016 Financial Highlights
Fourth Quarter 2016 Financial Highlights ■ Net Revenue was USD 90 million ■ EBITDA was USD 35 million ■ Profit after tax was USD 80 million o Profit after tax excluding non-recurring items was a loss of USD 0.6 million. Non-recurring items include: • Negative goodwill of USD 110 million arising from
Slide 6: Fourth Quarter 2016 Commercial Performance
Fourth Quarter 2016 Commercial Performance Q4 2016 VLGC Segment Commercial Performance Q4 2016 LGC Segment Commercial Performance $40,000 60% $35,000 TCE Rate ($ Per Day) % of Days (RHS) 100% TCE Rate ($ Per Day) % of Days (RHS) 100% $37,331 58% $35,000 $30,000 50% 80% $32,805 $28,766 $30,000 $25,00
Slide 7: Global VLGC & BW LPG Fleet Profile
Global VLGC & BW LPG Fleet Profile 244 ships on the water, 36 on order. 3 ships have been delivered year to date, while 1 has been scrapped. VLGC Fleet Profile [1] - Average Age: 8.9 Years BW LPG Market Share (Owned + Operated VLGCs) 50 2 45 34 >20 Years: 39 Vessels / 16% of Fleet Other VLGC NB 40 N
Slide 8: Fourth Quarter 2016 Seaborne LPG Trade Overview
Fourth Quarter 2016 Seaborne LPG Trade Overview U.S. export volumes recovered strongly, as did Indian imports Q4 2015/16 Seaborne LPG Exports by Country/Region (Mt) Comments 12 Exports Q4 2015 Q4 2016 10 ■ Middle Eastern exports up 5% led fully by Saudi uptick 8 in production preceding the Nov 2016
Slide 9: Full Year 2016 Seaborne LPG Trade Overview
Full Year 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 FY 2016 / FY 2015 (Million Metric Tons) ∆ in LPG Imports FY 2016 / FY 2015 (Million Metric Tons) Mediterranean South America United Stat
Slide 10: U.S. LPG Supply – Demand Outlook
U.S. LPG Supply – Demand Outlook Production & export growth now forecast to re-accelerate in 2018 while domestic consumption remains flat U.S. LPG Snapshot (Mt) - February 2017 EIA Short Term Energy Outlook 90 0.8 80 1.9 70 28.0 3.2 23.7 24.9 18.1 60 5.8 11.7 1.4 1.8 50 83.4 40 78.6 75.1 76.4 68.5 3
Slide 11: Fourth Quarter 2016 Income Statement
Fourth Quarter 2016 Income Statement Figures in USD thousands (Reviewed) (Reviewed) (Audited) (Audited) Q4 2016 Q4 2015 FY 2016 FY 2015 Revenue 117,288 191,850 506,466 773,335 Voyage expenses (27,348) (32,030) (99,811) (146,843) TCE income 89,940 159,820 406,655 626,492 Other operating income 429 52
Slide 12: Fourth Quarter 2016 Balance Sheet and Cash Flows
Fourth Quarter 2016 Balance Sheet and Cash Flows Figures in USD thousands (Audited) (Audited) Balance sheet 31 December 2016 31 December 2015 Total non–current assets 2,428,250 1,908,586 Total current assets 165,611 201,175 Total assets 2,593,861 2,109,761 Total shareholders’ equity 1,117,376 1,170,
Slide 13: Financing – Repayment Profile
Financing – Repayment Profile Figures in USD million As at 31 December 2016 Gross debt¹ 1,410.8 Undrawn amounts 245.0 under revolving credit facilities Cash 80.6 Cash 80.6 Net debt 1,330.2 Available liquidity 325.6 $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 - 2017 2018 2019 2020 2021 2022 onwa
Slide 14: Summary and Outlook
Summary and Outlook ■ FY 2016 Net Revenue of USD 407 million (Q4 – $90m), EBITDA of USD 210 million (Q4 – $35m) and Profit after tax of USD 24 million (Q4 – $80m), resulting in EPS of $0.18 (Q4 – $0.58) ■ The Company declared a cash dividend of USD 9 cents for H1 2016, and will not be proposing any
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 FY 2016 2017E 2018E Q4 2016 VLGC Segment VLGC Segment Days % of Total Days % of Total Days % of Total Days % of Total Total Days (Net of Offhire) 12,959 100% 17,273 100% 16,409 100% Total Days (Net of Offhire) 3,580 100% Timecharter 3,927 30% 2,666 15% 1,574 10% Timecha
Slide 18: BW LPG Fleet Development (Detailed)
BW LPG Fleet Development (Detailed) Timeline Based on Current Contracts BW Magellan, BW Malacca, 9 Aurora LPG Vessels BW Mindoro MHI NB 2335, 11 1 1 MHI NB 2336 1 2 BW Messina 1 BW Broker 2 Maharshi Yuyo Spirits BW Tucana, Vishwamitra Berge Ningbo, BW Volans Berge Nantong 1 2 1 2 BW Borg Reimei BW H
Slide 19: Fleet List
Fleet List Modern fleet of 55 vessels built at leading shipyards Owned VLGCs (100% Ownership) Chartered VLGCs Name Year Shipyard Name Year Shipyard Name Year Shipyard Charter type BW Aries 2014 Hyundai H.I. BW Magellan 2016 DSME Berge Nantong 2006 Hyundai H.I. Time charter BW Austria 2009 DSME BW Ma
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: 8, awirs
8, awirs BW LPG Limited 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438 www.bwipg.com