GasLog Partners LP · NYSE:GLOP/PA
GasLog Partners LP — Q3 2015 Earnings Presentation
20 slides from GasLog Partners LP's earnings presentation, Oct 29, 2015
Slide 1: GasLog Partners LP Q3 2015 Results Presentation
GasLog Partners LP Q3 2015 Results Presentation October 29, 2015 Not For Redistribution
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements All statements in this presentation that are not statements of historical fact are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events
Slide 3: GasLog Partners Q3 2015 Highlights
3 GasLog Partners Q3 2015 Highlights Record quarterly results attributable to the Partnership for Revenues, Profit, EBITDA, Adjusted EBITDA and Distributable cash flow(1) Significant growth through successful execution and integration of second dropdown transaction (closed July 1, 2015) Increa
Slide 4: Delivering Significant Growth in Cash Flow and Distributions
Delivering Significant Growth in Cash Flow and 4 Distributions ( In m illio ns o f US D , e xc e pt unit da t a ) % Change from Q3 Q2 Q3 Q2 Q3 2015 2015 2014 2015 2014 (1) Adjusted EBITDA $37.3 $23.6 $15.8 58.2% 135.7% Distributable cash flow (1) $21.5 $14.1 $9.4 52.1% 127.7% Cash distributions decl
Slide 5: Expanding Fleet Generates Greater Fixed-Fee Revenues
Expanding Fleet Generates Greater Fixed-Fee 5 Revenues Our entire fleet operates under long-term fixed-fee revenue contracts — No commodity price or project-specific exposure Time charters generate revenue under daily rates regardless of volume or production levels Cargo Capacity Current LNG Car
Slide 6: Multi-Year Contracts Provide Consistent Cash Flow Despite Commodity Price Volatility
Multi-Year Contracts Provide Consistent Cash Flow 6 Despite Commodity Price Volatility Adjusted EBITDA(1) ($mm) Brent Crude $120 $40 $37.3 2nd $35 $100 Dropdown Transaction $30 Quarterly EBITDA ($MM) $80 Brent Crude Price 1st $24.2 $25 $23.6 $23.6 Dropdown Transaction $60 $20 $15.8 $15 $40 $8.1 $10
Slide 7: Exceeding Our Growth Target Through Successful Execution of Dropdown Acquisitions
Exceeding Our Growth Target Through Successful 7 Execution of Dropdown Acquisitions… Annualized Cash Distribution/LP Unit $2.00 Distribution Growth Target: 10 – 15% CAGR from IPO $1.91 2nd Dropdown Transaction $1.74 $1.74 $1.74 $1.75 1st Dropdown Transaction $1.50 $1.50 $1.50 $1.25 Q214 Q314 Q414 Q1
Slide 8: While Maintaining a Conservative Coverage Ratio
8 …While Maintaining a Conservative Coverage Ratio Distribution Coverage Ratio Cumulative (In millions of USD) 3Q15 Since IPO Adjusted EBITDA(1) $37.3 $132.7 Cash interest expense ($6.2) ($23.3) Drydocking capital reserve ($2.7) ($8.3) Replacement capital reserve ($7.0) ($24.2) Distributable cash fl
Slide 9: Strong Distribution Coverage Creates Significant Flexibility for Pursuing Additional Growth
Strong Distribution Coverage Creates Significant 9 Flexibility for Pursuing Additional Growth Illustrative Annualized Cash Distribution per Unit (Based on Q315 Distributable Cash Flow of $21.5 million) $2.25 $2.13 Illustrative Cash Distribution per Unit $2.00 $1.91 $1.75 $1.50 1.37x 1.19x Q315 Cumul
Slide 10: Dropdown Pipeline Provides Visibility for Continued Distribution Growth
Dropdown Pipeline Provides Visibility for 10 Continued Distribution Growth In 2015, 5 vessels have been added to GasLog Partners’ dropdown pipeline(1) 12 vessel pipeline provides significant visibility for continued growth − Average Remaining Charter Length of ~8.3 Years May 12, 2014 (IPO) Octob
Slide 11: LNG Market Update: Continued Progress at U.S. and Australian LNG Projects
LNG Market Update: Continued Progress at U.S. and 11 Australian LNG Projects Recent Expected U.S. Projects (1) Developments Percent Secured Financing Project Capacity First LNG(2) Contracted or FID Sabine Pass 22.5 mtpa 90% Yes for Trains 1 - 5 Late 2015 / Early 2016 Cove Point 5.25 mtpa 100% Yes La
Slide 12: LNG Shipping Market Update: Strong Demand for Long-Term Charters
LNG Shipping Market Update: Strong Demand for 12 Long-Term Charters Selected Long-Term Charters Since 2014(1) Date Charterer Number of Vessels July-2014 Yamal 9 July-2014 BG 4 December-2014 Shell 5 February-2015 E.ON 1 April-2015 BG 3 June-2015 BP 3 Total 25 Reported Vessel Requirements(1) Charterer
Slide 13: Summary and Outlook
13 Summary and Outlook Increasing cash distribution by 10%, and affirm 10 – 15% 1 CAGR guidance for the next several years 12 vessel dropdown pipeline provides visibility for 2 continued distribution growth LNG supply growth provides attractive opportunity for 3 LNG shipping under long-term charters
Slide 14: Appendix
APPENDIX
Slide 15: Non-GAAP Financial Measures: EBITDA, Adjusted EBITDA and Distributable cash flow
15 Appendix Non-GAAP Financial Measures: EBITDA, Adjusted EBITDA and Distributable cash flow EBITDA is defined as earnings before interest income and expense, gain/loss on interest rate swaps, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before foreign exchange losses/g
Slide 16: Reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow to Profit
16 Appendix Reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow to Profit: (Amounts expressed in U.S. Dollars) For the quarter ended(1) May 12, 2014 - September 30, 2014 December 31, 2014 March 31, 2015 June 30, 2015 September 30, 2015 June 30, 2014 Partnership’s profit for the per
Slide 17: Comparison of Financial Statements and Results Attributable to the Partnership
17 Appendix Comparison of Financial Statements and Results Attributable to the Partnership: Our results and summary financial data presented below are derived from the unaudited condensed combined and consolidated financial statements of the Partnership. Prior to the closing of our IPO, we did not o
Slide 18: Results for the three months ended September 30, 2014
18 Appendix For the three months ended September 30, 2014 GasLog's Attributable (Amounts expressed in U.S. Dollars) Total Operations to the Partnership Revenues $29,786,179 $21,335,455 $51,121,634 Vessel operating costs ($7,003,340) ($3,645,946) ($10,649,286) Depreciation ($7,092,747) ($4,083,010) (
Slide 19: Results for the three months ended June 30, 2015
19 Appendix For the three months ended June 30, 2015 GasLog's Attributable (Amounts expressed in U.S. Dollars) Total Operations to the Partnership Revenues $15,105,935 $32,942,771 $48,048,706 Vessel operating costs ($4,734,232) ($7,098,887) ($11,833,119) Depreciation ($4,037,656) ($6,895,122) ($10,9
Slide 20: Results for the three months ended September 30, 2015
20 Appendix For the three months ended September 30, 2015 GasLog's Attributable (Amounts expressed in U.S. Dollars) Total Operations to the Partnership Revenues - $51,452,562 $51,452,562 Vessel operating costs - ($10,791,334) ($10,791,334) Depreciation - ($11,098,875) ($11,098,875) General and admin