Bw Lpg Limited · OSL:BWLPG

Bw Lpg — Aurora LPG Holding — Q1 2015 Earnings Presentation

13 slides from Bw Lpg's earnings presentation, May 27, 2015

  1. Slide 1: Aurora LPG First quarter 2015 presentation

    AURORA LPG First quarter 2015 presentation May 27, 2015 CEO Børge Johansen & CFO Nikolai Jebsen

  2. Slide 2: Disclaimer

    DISCLAIMER THE PRESENTATION AND ITS APPENDICES (JOINTLY THE “PRESENTATION”) HAVE BEEN PREPARED BY AURORA LPG HOLDING ASA (THE “COMPANY”) FOR INFORMATION PURPOSES ONLY. THE RECEIPT OF THIS PRESENTATION IS PERSONAL, AND THE PRESENTATION MAY NOT REPRODUCED, REDISTRIBUTED OR PASSED ON, IN WHOLE OR IN PA

  3. Slide 3: Q1 Summary

    Q1 SUMMARY  Time Charter Equivalent Revenue USD 18.4 million or USD 68,500 / day  EBITDA USD 16.6 million  Net Income USD 13.9 million  Earnings per share USD 0.47  Cash and net operating/financial assets USD 38.7 million  Net debt USD 72.8 million and Net debt/EBITDA ratio of <1.1x  Dividend

  4. Slide 4: Profit & Loss

    PROFIT & LOSS Q1 2015 Q1 2014 2014 Voyage revenue 15 521 - 68 460  USD 21.7 million revenue Time Charter revenue 6 140 - 10 615 Total revenue 21 661 - 79 076  USD 18.4 million TCE revenue - -14 615  Ship Opex USD 7,060 / day Voyage expenses -3 234 Ship Operating expenses -1 906 - -4 455  Adminis

  5. Slide 5: Cash Flow

    CASH FLOW Q1 2015 Q1 2014 2014 Operating activities Profit before income tax expense 13 782 -1 540 43 753  Increased working capital due Other gain -784 to voyage in progress Depreciation 2 196 - 5 104 Other non-cash 155 - 1 076  USD 2.6 million debt repayments Amortization fees Share based paymen

  6. Slide 6: Balance Sheet

    BALANCE SHEET Notes Q1 2015 Q1 2014 2014 ASSETS  Book value of sailing fleet USD Newbuildings 3 95 592 30 895 94 666 76.7 million on average per Vessels and equipment 3 230 039 - 232 232 vessel Restricted cash - 84 553 - Other non-current assets 181 49 158  USD 95.6 million invested in Total non-c

  7. Slide 7: LPG Market in Dramatic Change

    LPG MARKET IN DRAMATIC CHANGE  Unprecedented well productivity in PADD3 and Marcellus regions will increase LPG production over the next 3-5 years  Ethane pushing LPGs out of the petchem mix  Methane (slowly) subsititing residential demand for LPGs  Causing a large oversupply of LPGs Source: EIA

  8. Slide 8: LPG Surplus 300kbpd Larger YoY

    LPG SURPLUS 300KBPD LARGER YOY Forecast Forecast Source: EIA, Company research 8 © Aurora LPG

  9. Slide 9: Rig Count Is Down Dramatically

    RIG COUNT IS DOWN DRAMATICALLY Source: EIA 9 © Aurora LPG

  10. Slide 10: Well Productivity Increasing Rapidly

    WELL PRODUCTIVITY INCREASING RAPIDLY Source: EIA 10 © Aurora LPG

  11. Slide 11: US Propane Inventories Reaching Unprecedented Levels

    US PROPANE INVENTORIES REACHING UNPRECEDENTED LEVELS © Aurora LPG

  12. Slide 12: Increasing Shipping Intensity on US LPG Exports

    INCREASING SHIPPING INTENSITY ON US EXPORTS Shipping intensity (vessels per 1 million MT) 3,0 3,5 4,0 4,5 5,0 5,5 17,5 53 61 70 79 88 96 20,0 60 70 80 90 100 110 US LPG exports MT 22,5 68 79 90 101 113 124 25,0 75 88 100 113 125 138 27,5 83 96 110 124 138 151 30,0 90 105 120 135 150 165 32,5 98 114

  13. Slide 13: Aurora LPG Holding ASA

    AURORA LPG HOLDING ASA Address Aurora LPG Holding ASA Dronningen 1 0287 Oslo Norway Contact CEO: Børge F. Johansen mobile +47 41 41 44 44 [email protected] CFO: Nikolai C.H. Jebsen mobile +47 46 28 22 22 [email protected] COO: Sujoy K. Seal mobile +47 94 81 66 76 [email protected] 13 © Aurora LPG

Aurora LPG Holding — Q1 2015 Earnings Presentation on 6ix