Golar Lng Partners Lp 8.75% Cum Red Pfd Unit Ser A · OTC:GMLPF
Golar Lng Partners Lp 8.75% Cum Red Pfd Unit Ser A — Golar LNG Partners — Q2 2019 Earnings Presentation
15 slides from Golar Lng Partners Lp 8.75% Cum Red Pfd Unit Ser A's earnings presentation, Nov 24, 2019
Slide 1: Second Quarter 2019 Results
Second Quarter 2019 Results © Golar LNG Partners LP 1
Slide 2: Forward Looking Statements
This presentation contains forward-looking statements as defined in the Securities Exchange Act of 1934, as amended and which reflect FORWARD management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address act
Slide 3: Recent Highlights
Recent Highlights Exclusive of its interest in FLNG Hilli Episeyo, generated operating income of $36.2 million for the second quarter of 2019. Reported a net loss of $5.5 million after accounting for $24.5 million of net interest rate swap losses. Generated distributable cash flow1 of $32 million fo
Slide 4: Consolidated Statements of Income
Consolidated Statements of Income 2019 2019 2018 2019 2018 2018 (USD thousands) Apr-Jun Jan-Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited) Total operating revenues 77,361 69,910 84,201 147,271 158,415 346,650 Vessel operating expenses 14,913
Slide 5: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets 2019 2019 2018 2018 2018 2018 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (USD thousands) unaudited unaudited audited unaudited unaudited unaudited Current assets Cash and cash equivalents 62,059 74,412 96,648 75,781 115,877 142,629 Restricted cash and short-term dep
Slide 6: Consolidated Balance Sheet: Liabilities & Equity
Consolidated Balance Sheet: Liabilities & Equity 2019 2019 2018 2018 2018 2018 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (USD thousands) unaudited unaudited audited unaudited unaudited unaudited Current liabilities Current portion of long-term debt and short-term debt 226,785 78,229 77,015 267,030 2
Slide 7: Distributable Cash Flow
Distributable Cash Flow (USD thousands) Three months ended Three months ended Three months ended Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Adjusted EBITDA1 79,483 66,953 76,695 - - 213 Other non-operating income Interest Income 1,049 1,075 991 Interest expense (excluding amortization of deferred charge
Slide 8: $2.16bn of Revenue Backlog
$2.16bn of Revenue Backlog1 2019 2020 2021 2022 2023 2024 2025 Hilli Episeyo (44% of common units) 2027 Golar LNG 8-year contract FLNG Gimi 2042 20-year contract Golar Nanook Power 2045 Golar 25-year contract Sergipe Cashflow 2045 25-year contract Golar Spirit Cold layup Golar Freeze 2033 15 year Ja
Slide 9: > 90% of contracted revenue from LNG infrastructure assets
> 90% of contracted revenue from LNG infrastructure assets Revenue Backlog(1) (USDm) 933 Total Revenue Backlog Split 6.1% 349 32.6% 345 342 337 102 102 102 208 52 216 213 208 553 135 61.3% 21 27 27 27 31 2019 2020 2021 2022 2023+ Shipping FSRU FLNG Shipping FSRU FLNG Existing fleet exemplifies long
Slide 10: Summary
Summary Excellent operating results – 100% utilization achieved for scheduled operations once again. Golar Freeze on hire to new charterer at full rate from April. Shipping market bullish despite low LNG prices – number of available vessels falling as new liquefaction starts and ramps up. Forward pr
Slide 11: Thank You
THANK YOU © Golar LNG Partners LP 11
Slide 12: Appendix A – Non-GAAP measures
Appendix A – Non-GAAP measures Distributable cash flow: Distributable cash flow represents Total Segment EBITDA adjusted for the cash components of interest, derivatives, tax and earnings from affiliates. We also include an adjustment for maintenance and replacement capital expenditures (including e
Slide 13: Appendix B – Adjusted EBITDA
Appendix B – Adjusted EBITDA Three months ended Three months ended Three months ended (in thousands) June 30, 2019 March 31, 2019 June 30, 2018 Net (loss)/income (5,238) (13,287) 29,145 Depreciation and amortization 21,368 21,440 24,929 Other non-operating income (4,195) — (236) Interest income (2,4
Slide 14: Appendix C – Adjusted Net Debt
Appendix C – Adjusted Net Debt (in thousands) At June 30, 2019 At March 31, 2019 At June 30, 2018 Net Debt 1,135,329 1,141,162 1,098,771 Share of Hilli's sale and 438,750 447,000 — leaseback debt Adjusted Net Debt 1,574,079 1,588,162 1,098,771 Adjusted Net Debt to 5.0 5.9 4.4 Annualized segment EBIT
Slide 15: Appendix D – Segment Information
Appendix D – Segment Information Q2 2019 Total Segment Consolidated (in thousands) FSRU1 LNG Carrier1 FLNG2 Elimination3 Reporting Reporting Total operating revenues 64,824 12,537 26,018 103,379 (26,018) 77,361 Voyage and commission expenses (1,109) (512) (50) (1,671) 50 (1,621) Vessel operating exp