Avance Gas Holding Ltd. · OTC:AVACF
Avance Gas — Q4 2015 Earnings Presentation
14 slides from Avance Gas's earnings presentation, Feb 9, 2016
Slide 1: Q4 2015
Q4 2015 Oslo, 9 February 2016 Ava Nn ce G a S
Slide 2: Disclaimer
Disclaimer This presentation contains forward looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The
Slide 3: Agenda
Company Agenda Representatives 1 Highlights Christian Andersen – President 2 Financials Peder Simonsen – Chief Financial Officer 3 Fleet & Market Update 4 Summary & Outlook 3
Slide 4: Highlights
1 Highlights Highlights Q4 2015 Comments Average Time Charter Equivalent • TCE rate of US$ 61 144/day compared to US$ 96 865/day in Q3 and US$ 64 629/day in Q4 2014 (3 months) • Newbuildings delivered: • Pampero – 19th October • All eight newbuildings now delivered and operating in the spot market •
Slide 5: Financials – Q4 2015: Income Statement
2 Financials Financials – Q4 2015 Income Statement Comments Three months ended Three months ended USD (000s) 31 December 2015 30 September 2015 • Operating revenue decreased to US$ 84 million, from US$ Operating Revenue 84,123 109,943 110 million, with TCE earnings of US$ 71 million, reflecting Voya
Slide 6: Financials – Q4 2015: Balance Sheet
2 Financials Financials – Q4 2015 Balance Sheet Comments USD (000s) 31 December 2015 30 September 2015 Cash and cash equivalents 70,033 63,347 • Total assets of US$ 1,119 million, up from US$ 1,056 million, Receivables Related party receivables 71,238 27 69,049 130 reflecting delivery of Pampero Inv
Slide 7: Financials – Q4 2015: Cash Flow Statement
2 Financials Financials – Q4 2015 Cash Flow Statement Comments Three months ended Three months ended USD (000s) 31 December 2015 30 September 2015 Cash generated from (used in) operations 56,179 66,126 • Net operating cash flow was US$ 51 million, down from US$ 63 million in Q3 Debt-issuance costs (
Slide 8: Fleet Overview
3 Fleet & Market Update Fleet Overview Avance Iris Glory Breeze Passat Built: 2003 Built: 2008 Built: 2015 Built 2015 Capacity (cbm): 82,557 Capacity (cbm): 83,783 Capacity (cbm): 83,000 Capacity (cbm): 83,000 Yard: Kawasaki (JPN) Yard: Daewoo (KOR) Yard: Jiangnan (PRC) Yard: Jiangnan (PRC) Thetis G
Slide 9: Fleet Utilization Outlook
3 Fleet & Market Update Fleet Utilization Outlook Orderbook Market Utilization VLGCs – Current Orderbook • Source: Nordic Shipping; Company 9
Slide 10: Strong Performance
3 Fleet & Market Update Strong Performance Avance Gas Spot Index vs Avance Gas Spot Fixtures Waiting Days per Ship • Avance Gas Spot Index based on Baltic weekly, reflecting estimated USD per day for a roundtrip Ras Tanura – Chiba – Ras Tanura (13,642 nm), 24 hours for bunkering, 3% sea margin, bunk
Slide 11: LPG Exports – Q4 2015
3 Fleet & Market Update LPG Exports – Q4 2015 LPG Exports from the Middle East VLGC LPG Exports from the US Gulf • Source: Waterborne LPG Report 11
Slide 12: US Gulf VLGC Exports 2015
3 Fleet & Market Update US Gulf VLGC Exports 2015 VLGC Exports from US Gulf Destination direct US Gulf VLGC export • Source: Waterborne LPG Report 12
Slide 13: Summary and Outlook
4 Summary & Outlook Summary and Outlook • Average TCE 2015 = US$ 77,000/day • 14 ships on water with cash-break even below US$ 22,500/day • The company withholds 50% of earnings to strengthen the balance sheet and increase financial flexibility • Strengthening of the balance sheet will reduce cash b
Slide 14: Questions?
Questions? 14