Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q4 2018 Earnings Presentation
21 slides from Bw Lpg's earnings presentation, Feb 28, 2019
Slide 1: Fourth Quarter & Full Year 2018 Earnings Presentation
FOURTH QUARTER & FULL YEAR 2018 EARNINGS PRESENTATION 28 February 2019
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 Highlights Market Dynamics Financial Update Summary & Outlook Q&A
Slide 4: Highlights
Highlights Q4 2018 Q4 2017 FY 2018 FY 2017 VLGC Daily TCE1 $21,300 $17,800 $18,400 $18,600 LGC Daily TCE1 $1,800 $14,100 $8,300 $12,600 Net Revenue (in USD million) 85 79 301 335 EBITDA (in USD million) 36 26 104 126 Loss after tax, before non-recurring items (1) (18) (45) (51) (in USD million) Loss
Slide 5: Commercial Performance 2018 VLGC Fleet
Commercial Performance 2018 VLGC Fleet Calendar Days Available Days Spot Market Index 2018 – Baltic VLGC $17,300 (excl. waiting time) Availability 98% Spot 75% $19,4003 $17,1002 (excl. waiting time) (incl. waiting time) $18,400 $18,700 per day1 per day2 Time Charter 15% $28,200 10% Offhire 2% Waitin
Slide 6: Commercial Performance Q4 2018 VLGC Fleet
Commercial Performance Q4 2018 VLGC Fleet Calendar Days Available Days Spot Market Index Q4 2018 – Baltic VLGC $25,300 (excl. waiting time) Availability 97% Spot 76% $23,4003 $21,1002 (excl. waiting time) (incl. waiting time) $21,300 $22,000 per day1 per day2 Time Charter 15% $27,100 9% Offhire 3% W
Slide 7: Global VLGC & BW LPG Fleet Profile
Global VLGC & BW LPG Fleet Profile 265 ships on water with 10 ships delivered as of 31 December 2018. Orderbook at 38 with expected deliveries from 2019 to 2021 Global VLGC Fleet Profile1 — Average Age: 9.4 years BW LPG VLGC Market Share2 of 16% 45 BW LPG VLGC NB Other VLGC NB 40 35 36 35 2 BW LPG 3
Slide 8: Fourth Quarter 2018 Seaborne LPG Trade Overview
Fourth Quarter 2018 Seaborne LPG Trade Overview Total seaborne LPG trade up 4% year over year due to growth in North America and Middle East exports, supported by higher imports from Southeast Asia, South Korea and Japan. Quarterly Seaborne LPG Imports by Country/Region (Million tons) Comments Q4 20
Slide 9: US LPG Supply – Demand Outlook
US LPG Supply – Demand Outlook Based on latest EIA forecast, 2019 US LPG net exports are expected to grow by 23% to 38 million tons due to increased production and flat domestic consumption. US LPG Snapshot (Million tons) 100 US Production US Domestic Consumption Net Exports 90 80 70 42 38 60 31 18
Slide 10: Fourth Quarter 2018 Income Statement
Fourth Quarter 2018 Income Statement Income Statement (Figures in USD Thousands) Q4 2018 Q4 2017 FY 2018 FY 2017 Revenue 154,255 121,955 521,754 491,752 Voyage expenses (69,631) (42,648) (220,858) (156,318) TCE income 84,624 79,307 300,896 335,434 Other operating income - - 3,039 5,607 Charter hire
Slide 11: Fourth Quarter 2018 Balance Sheet & Cash Flows
Fourth Quarter 2018 Balance Sheet & Cash Flows Balance Sheet (Figures in USD Thousands) 31 December 2018 31 December 2017 Total non–current assets 2,071,098 2,179,294 Total current assets 188,846 276,012 Total assets 2,259,944 2,455,306 Total shareholders’ equity 983,625 1,073,548 Total non–current
Slide 12: Financing
Financing Gross Debt1 Repayment Profile $400m ECA facility $221m ECA facility $800m Term loan $600m and revolving credit facility $150m Term loan $290m ECA facility $500m $400m $300m $200m $100m $0m 2019 2020 2021 2022 2023 2024 onwards Figures in USD Million (as of 31 December 2018) Gross debt¹ 1,2
Slide 13: Summary and Outlook
Summary and Outlook Summary ■ 2018 Net Revenue of USD 301 million, EBITDA of USD 104 million and Loss after tax of USD 72 million, resulting in a Loss per share of $0.51 ■ On 8 October 2018, BW LPG withdrew its proposal to combine with Dorian LPG ■ In Q4 2018, BW LPG recognised a provision for vesse
Slide 14: Q&A
Q&A 14
Slide 15: Appendix
Appendix 15
Slide 16: International Financial Reporting Standard (IFRS) 16 – Leases
International Financial Reporting Standard (IFRS) 16 – Leases (effective 1 January 2019) Modified retrospective approach to adopt IFRS 16 ■ No restatement of comparative numbers. For 2019 quarters we will show the effect of IFRS 16 for each of the affected P&L lines to facilitate comparison with pre
Slide 17: Charter Portfolio 2018 – 2019
Charter Portfolio 2018 – 2019 FY 2018 2019E Q4 2018 VLGC Segment VLGC Segment Days % of Total Days % of Total Days % of Total Total Days (Net of Offhire) 15,548 100% 15,123 100% Total Days (Net of Offhire) 3,830 100% Time charter 2,278 15% 1,721 11% Time charter 566 15% Spot 13,270 85% 13,402 89% Sp
Slide 18: BW LPG Fleet Development (Detailed)
BW LPG Fleet Development (Detailed) Timeline Based on Current Contracts BW Empress 1 MHI NB 2335, 2 2 MHI NB 2336 BW Boss, 1 2 BW Denise, 1 BW Empress BW Havis Maharshi BW Helios 3 1 Vishwamitra Oriental King, BW Empress Berge Nantong, Berge Ningbo 42 38 37 37 37 37 8 8 7 6 6 5 Dec 2017 Q1 Q2 Q3 Q4
Slide 19: Fleet List
Fleet List Modern fleet of 50 vessels built at leading shipyards (as of 31 December 2018) Owned VLGCs (100% Ownership) Chartered / Bareboat VLGCs Name Year Shipyard Name Year Shipyard Name Year Shipyard Charter type BW Aries 2014 Hyundai H.I. BW Malacca 2016 DSME Berge Nantong 2006 Hyundai H.I. Time
Slide 20: Glossary of Terms
Glossary of Terms Terms Explanation Time Charter Charter hires with a fixed hire rate for a fixed duration (term of charter) Spot Charter hires negotiated on spot/market rates Available Days Calendar days less planned and unplanned technical offhire days Commercial Available days less commercial wai
Slide 21: BW LPG Limited contact details
BW LPG Limited 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438 www.bwlpg.com Telephone: +65 6705 5588 Investor Relations Email: [email protected]