Investor Presentation • Feb 13, 2015
Investor Presentation
Open in ViewerOpens in native device viewer
Jon Skule Storheill Snorre Krogstad
This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and projections regarding the intent, opinion, belief, various assumptions or current expectations of Awilco LNG (the "Company") and it's management with respect to, among other things, (i) goals and strategies, (ii) evaluation of the Company's markets, competition and competitive position, and (iii) anticipated future performance and trends which may be expressed or implied by financial or other information or statements contained herein.
All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as "may," "could," "should," "would," "expect," "plan," "anticipate," "intend," "forecast," "believe," "estimate," "predict," "propose," "potential," "continue" or the negative of these terms and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements, forecasts, estimates, predictions, influences and projections are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that will occur in the future, some of which are beyond our control and difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements, and no representation is made as to the accuracy of these. Among the important factors that could cause actual results to differ materially from those in the forwardlooking statements, forecasts, estimates, predictions, influences and projections are: changes in LNG transportation market trends; changes in the supply and demand for LNG; changes in trading patterns; changes in applicable maintenance and regulatory standards; changes in applicable regulations and laws; technological developments affecting gas and LNG demand; political events affecting production and consumption of LNG; changes in the financial stability of clients of the Company; the Company's ability to secure employment for available vessels and newbuildings on order; increases in the Company's cost base; failure by yards to comply with delivery schedules; changes to vessels' useful lives and residual values; the Company's ability to obtain financing of the newbuildings and lastly unpredictable or unknown factors with material adverse effects on forward-looking statements.
Neither the receipt of this presentation by any person, nor any information contained herein, constitutes, or shall be relied upon as constituting, any advice relating to the future performance of the Company. Each person should make their own independent assessment of the merits of the Company and its business and should consult their own professional advisors. The information and opinions contained in this presentation relate only as of the date of this presentation, and are subject to change without notice. Neither the Board of Directors of the Company or the Company and it's management make any representation or warranty, express or implied, as to the accuracy or completeness of this presentation or of the information contained herein and none of such parties shall have any liability for the information contained in, or any omissions from, this presentation, nor for any of the written, electronic or oral communications transmitted to the recipient in the course of the recipient's own investigation and evaluation of the Company or its business. Unless legally required, the Company assumes no responsibility or obligation to update publicly or review any of the forwardlooking statements contained herein, whether as a result of new information, future events or otherwise.
Company Overview and Highlights Q4
Financials Q4
Market update
Awilco LNG is a pure play LNG transportation provider, owning and operating LNG vessels. The Company currently owns two 2013 built 156,000 cbm TFDE membrane LNG vessels; WilForce and WilPride, and three 125,000 cbm steam Moss type LNG vessels; WilGas, WilPower and WilEnergy. Awilco LNG is listed on Oslo Axess under the ticker code ALNG.
• Awilco LNG reported:
| − | Net freight income of | MUSD 15.1 | MUSD 17.3 in Q3 2014 |
|---|---|---|---|
| − | EBITDA of | MUSD 8.5 |
MUSD 10.9 in Q3 2014 |
| − | Net profit/(loss) of | MUSD (2.6) | MUSD (0.3) in Q3 2014 |
• Awilco LNG reported:
| − | Net freight income of | MUSD 67.2 | MUSD 41.9 in 2013 |
|---|---|---|---|
| − | EBITDA of | MUSD 41.0 | MUSD 16.6 in 2013 |
| − | Net profit/(loss) of | MUSD (2.7) | MUSD 1.2 in 2013 |
| 2014 | 2015 | |||
|---|---|---|---|---|
| WilGas | On charter DD |
On charter | Available | |
| WilPride | On charter Available |
|||
| WilForce On charter |
On charter | |||
| WilEnergy | On charter | Lay-up - Marketed for project work | ||
| WilPower | Lay-up - Marketed for project work | Lay-up - Marketed for project work |
| WilGas: | Employed until mid-February 2015 |
|---|---|
| WilPride: | On subs for a short single voyage, open Atlantic mid-March |
| WilForce: | Employed until January 2017 or January 2018 |
| WilEnergy: | Lay-up |
| WilPower: | Lay-up |
Company Overview and Highlights Q4
Financials Q4
Market update
| USD million | Q4'14 | Q3'14 | 2014 | 2013 |
|---|---|---|---|---|
| Freight income | 17.7 | 20.8 | 78.5 | 54.7 |
| Voyage related expenses |
(2.5) | (3.5) | (11.2) | (12.8) |
| Net freight income |
15.1 | 17.3 | 67.2 | 41.9 |
| Operating expenses | (5.7) | (5.0) | (21.1) | (18.5) |
| Administration expenses |
(1.0) | (1.4) | (5.1) | (6.8) |
| EBITDA | 8.5 | 10.9 | 41.0 | 16.6 |
| Depreciation | (4.7) | (4.8) | (18.4) | (10.0) |
| Net finance | (6.3) | (6.4) | (25.2) | (5.5) |
| Profit/(loss) before tax |
(2.5) | (0.3) | (2.6) | 1.1 |
| Tax | (0.1) | - | (0.1) | 0.1 |
| Profit/(loss) | (2.6) | (0.3) | (2.7) | 1.2 |
Net freight income MUSD 15.1
• Lower voyage expenses mainly due to WilGas repositioning and cool down in Q3 2014 after scheduled dry-dock
Administration expenses MUSD (1.0)
• Reduction in fair value of synthetic options
Depreciation MUSD (4.7)
| USD million | 31.12.14 | 30.09.14 | 31.12.13 |
|---|---|---|---|
| Vessels | 467.1 | 471.8 | 478.7 |
| Other non-current assets |
0.3 | 0.3 | 0.4 |
| Total non-current assets |
467.4 | 472.1 | 479.1 |
| Trade receivables | 2.5 | 3.0 | 3.7 |
| Other short term assets |
6.8 | 7.8 | 12.6 |
| Cash | 20.8 | 21.5 | 18.2 |
| Total current assets |
30.1 | 32.3 | 34.5 |
| Total assets | 497.5 | 504.4 | 513.6 |
| Total equity | 191.8 | 194.4 | 194.5 |
| Long-term interest bearing debt |
285.6 | 288.6 | 297.3 |
| Other non-current liabilities |
0.2 | 0.2 | 0.1 |
| Non-current liabilities |
285.7 | 288.8 | 297.4 |
| Short-term interest bearing debt |
11.7 | 11.5 | 10.8 |
| Other current liabilities |
8.2 | 9.7 | 11.0 |
| Total current liabilities |
19.9 | 21.2 | 21.7 |
| Total equity and liabilities |
497.5 | 504.4 | 513.6 |
| Vessels MUSD 467.1 |
|---|
| Current assets MUSD 30.1 • Other short term assets includes MUSD 3.0 prepaid BB hire • Cash MUSD 20.8 vs. MUSD 21.5 Q3 |
| Non-current liabilities MUSD 285.7 |
| • MUSD 285.6 long term portion of WilForce and WilPride financial lease liabilities |
| Current liabilities MUSD 19.9 |
| • MUSD 11.7 short term portion of WilPride and WilForce financial lease liabilities |
| • MUSD 5.0 deferred revenue |
| USD million |
Q4'14 | 2014 | 2013 |
|---|---|---|---|
| Cash Flows from Operating Activities: |
|||
| Profit/(loss) before taxes |
(2.5) | (2.6) | 1.1 |
| Income taxes paid |
0.1 | - | (0.1) |
| Interest and borrowing costs expensed |
6.2 | 25.1 | 5.6 |
| Depreciation and amortisation |
4.7 | 18.4 | 10.0 |
| Trade receivables, inventory and other short term assets |
1.5 | 7.0 | (8.5) |
| Accounts payable, accrued exp. and deferred revenue |
(1.6) | (2.2) | 2.6 |
| Net cash provided by / (used in) operating activities |
8.4 | 45.7 | 10.7 |
| Cash Flows from Investing Activities: |
|||
| Investment in vessels | (0.1) | (6.7) | (1.1) |
| Investment in vessels under construction |
- | (0.5) | (291.6) |
| Investment in other fixed assets |
- | - | (0.2) |
| Net cash provided by / (used in) investing activities |
(0.1) | (7.2) | (292.8) |
| Cash Flows from Financing Activities: |
|||
| Proceeds from borrowings |
- | - | 312.1 |
| Repayment of borrowings |
(2.8) | (10.8) | (6.6) |
| Interest and borrowing costs paid |
(6.2) | (25.0) | (7.7) |
| Net cash provided by / (used in) financing activities |
(9.0) | (35.9) | 297.8 |
| Net changes in cash and cash equivalents |
(0.7) | 2.6 | 15.7 |
| Cash and cash equivalents at start of period |
21.5 | 18.2 | 2.6 |
| Cash and cash equivalents at end of period |
20.8 | 20.8 | 18.2 |
Operating activities MUSD 8.4
Investing activities MUSD (0.1)
Financing activities MUSD (9.0)
• Interest payment and repayment on WilPride and WilForce financial lease liabilities
Cash at the end of the quarter MUSD 20.8
Company Overview and Highlights Q4
Financials Q4
Market update
Y-o-Y Japan increased LNG import by 1.5%
Q4 import increased 7 % from last quarter
Newbuilding deliveries by quarter
Source: Fearnley LNG
Company Overview and Highlights Q4
Financials Q4
Market update
Short-midterm contract WilPride – waiting for the "right" deal
Number of purchase enquiries for 2nd Gen.
Jon Skule Storheill CEO Mobile: +47 -9134 4356 E -mail: [email protected]
Snorre Krogstad CFO Mobile: +47 -9085 8393 E -mail: [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.