Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q2 2015 Earnings Presentation
20 slides from Bw Lpg's earnings presentation, Aug 28, 2015
Slide 1: Q2 2015 Results Presentation
BW LPG Q2 2015 Results Presentation 28 August 2015 1
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer This presentation has been produced by BW LPG Limited (“BW LPG”) exclusively for information purposes. This presentation may not be reproduced or redistributed, in whole or in part, to any other person. Matters discussed in this presentation and any materials dis
Slide 3: Agenda
Agenda Highlights Market Dynamics Financials Summary & Outlook Q&A 3
Slide 4: Highlights
Highlights ■ Q2 2015 saw yet another strong financial performance for BW LPG o EBITDA was USD 105.8 million – 15% above Q2 2014 and 32% above Q1 2015 o EBIT was USD 84.9 million – 13% above Q2 2014 and 37% above Q1 2015 ■ The newbuilding program is on time and on budget, with all vessels delivering
Slide 5: Second Quarter 2015 Financial Highlights
Second Quarter 2015 Financial Highlights TCE earnings were USD 154.7 million – 10% above Q2 2014 EBITDA was USD 105.8 million – 15% above Q2 2014 Net profit was USD 80.7 million – 12% above Q2 2014 Key metrics: Q2 Rolling 2015 12 Months EPS1 $ 0.61 $ 2.15 Earnings yield2 n.a. 25.3% ROE3 7.6%
Slide 6: U.S. LPG Snapshot
U.S. LPG Snapshot U.S. production of propane growing… …leading to export volume growth that is outpacing production growth Weekly U.S. Propane Production (Thousand Barrels per Day) Weekly U.S. Propane Exports (Thousand Barrels per Day) 1,800 700 Weekly Production Weekly Exports 600 1,600 60w MA 60w
Slide 7: U.S. LPG Production & Export Forecast
U.S. LPG Production & Export Forecast Consensus production CAGR of 7% over next two years, export growth ranges between 22% - 43% US LPG Production & Exports (mmtpa) 80.0 40.0 External Export Forecast Range 70.0 35.0 LPG Production (LHS) 60.0 30.0 LPG Production Forecast (LHS) (2014 - 2016 CAGR - 7%
Slide 8: Global LPG & BW LPG Fleet Profile
Global LPG & BW LPG Fleet Profile Global LPG Fleet & Orderbook (>20k CBM) [1] VLGC Fleet Profile [1] - Average Age: 10.5 Years 300 60 On Water On Order Delivered Fleet: 180 Vessels / 14.6m m³ Orderbook: 75 Vessels / 42% of Fleet 250 50 75 >20 Years: 35 Vessels / 19% of Fleet Number of Vessels Number
Slide 9: Q2 2015 Income Statement
Q2 2015 Income Statement Figures in USD thousands (Reviewed) (Reviewed) (Reviewed) (Reviewed) Q2 2015 Q2 2014 H1 2015 H1 2014 Revenue 189,644 202,959 357,640 353,719 Voyage expenses (34,931) (62,143) (72,355) (112,512) TCE income 154,713 140,816 285,285 241,207 Other operating income 701 40 954 875
Slide 10: EBITDA Cumulative Trend
EBITDA Cumulative Trend Reviewed figures in USD millions YTD EBITDA Development Comments 350 VLGC TCE income was in line with expectations with TCE per day at USD 46,600 for Q2 and USD 44,000 for H1 300 LGC TCE income was in line with expectations with TCE per day at USD 34,900 for Q2 and USD 32
Slide 11: Q2 2015 Balance Sheet and Cash Flows
Q2 2015 Balance Sheet and Cash Flows Figures in USD thousands (Reviewed) (Audited) Balance sheet 30 Jun 2015 31 Dec 2014 Total non–current assets 1,756,196 1,490,994 Total current assets 186,995 173,070 Total assets 1,943,191 1,664,064 Total shareholders’ equity 1,062,522 1,080,954 Total non–current
Slide 12: Financing - Repayment Profile
Financing - Repayment Profile Figures in USD millions Gross debt 830.3 Undrawn facility 20.0 Cash (68.8) Cash 68.8 Net debt 761.5 Available liquidity 88.8 700 600 500 400 300 200 100 0 2015 2016 2017 2018 2019 2020 2021 onwards ECA facility Term loan facility Revolving credit facility Note: Table in
Slide 13: Summary and Outlook
Summary and Outlook ■ The LPG export market continued to grow in Q2 2015 led by U.S. volumes; China and India have been the main drivers of import demand growth ■ Tonne-mile demand has grown strongly as an increasing proportion of cargoes are travelling long-haul to Asia ■ The VLGC orderbook remains
Slide 14: Q&A Session
Section 1 Q&A Session Business Update
Slide 15: Appendix
Section 1 Appendix Update Business
Slide 16: BW LPG Fleet Development (Detailed)
BW LPG Fleet Development (Detailed) Timeline Based on Current Contracts NB 2353, NB 2351, NB 2354 NB 2352 BW Carina, NB 2736, 2 BW Leo, NB 2724 NB 2737 2 BW Gemini, NB 2723 Berge Summit 1 2 BW Aries (Q4) BW Sakura 1 2 1 1 3 1 Reimei 1 2 Berge Summit G. Symphony Gas Capricorn, (Q2) Vermilion First 38
Slide 17: Long-term Contract Portfolio 2015 Through 2018 (Value)
Long–term Contract Portfolio 2015 Through 2018 (Value) Review of achieved TCE YTD Jun 2015 and fixed income outlook VLGC YTD Jun 2015 ROY 2015E 2016E 2017E 2018E Voyage Charter 59,704 COA-Spot 48,533 COA-Fixed 42,857 37,341 37,520 35,786 Time Charter-Out 38,505 35,547 34,786 34,069 30,850 LGC YTD Ju
Slide 18: Long-term Contract Portfolio 2015 Through 2018 (Ship Days)
Long–term Contract Portfolio 2015 Through 2018 (Ship Days) VLGC YTD Jun 2015 ROY 2015E 2016E 2017E 2018E VLGC Available days 1,245 6,479 8,279 12,146 Time charter income accounted for Voyage Charter 1,038 28% of the available days for YTD COA-Spot 269 325 514 486 Jun 2015 COA-Fixed 2,760 2,958 3,5
Slide 19: Glossary of Terms
Glossary of Terms Terms Explanation Time Charter– : charter hires with a fixed hire rate for a fixed duration (term of charter) Out Voyage Charter : charter hires negotiated on spot/market rates COA–Spot : contracts of affreightment with variable element(s) in the hire rates for a specified range of
Slide 20: BW LPG
BW LPG