Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q3 2015 Earnings Presentation
18 slides from Bw Lpg's earnings presentation, Nov 19, 2015
Slide 1: BW LPG Q3 2015 Earnings Presentation
BW LPG Q3 2015 Earnings Presentation 19 November 2015
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 Financial Update Summary & Outlook Q&A 3
Slide 4: Highlights
Highlights ■ Q3 2015 saw yet another strong financial performance for BW LPG o EBITDA was USD 133.1 million, 22% above Q3 2014 and 26% above Q2 2015 o EBIT was USD 111.4 million, 23% above Q3 2014 and 31% above Q2 2015 ■ The newbuilding program is on time and on budget, with all vessels delivering b
Slide 5: Third Quarter 2015 Financial Highlights
Third Quarter 2015 Financial Highlights ■ TCE earnings were USD 181.7 million, 14% above Q3 2014 ■ EBITDA was USD 133.1 million, 22% above Q3 2014 ■ Net profit was USD 106.2 million, 21% above Q3 2014 ■ Key metrics: Share price on 30 Sep 2015 Q3 Rolling $6.22 2015 12 Months EPS1 $ 0.79 $ 2.30 Earnin
Slide 6: U.S. Snapshot
U.S. Snapshot Permian oil production growth not enough to offset Eagle Ford declines… …but gas production in LPG-producing regions is holding at elevated levels Oil Production by Region (bbl/d) Gas Gas Production Production byby Region Region (mcf/d) (mcf/d) 2,500,000 18,000,000 BAKKEN EAGLE FORD MA
Slide 7: U.S. LPG Production & Export Forecast
U.S. LPG Production & Export Forecast Consensus production growth of 2% in 2016, export forecasts have settled in the mid-20 million ton range 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 - 2
Slide 8: 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 52,600 for Q3 and USD 47,000 for YTD 300 ■ LGC TCE income was in line with expectations with TCE per day at USD 44,200 for Q3 and USD 3
Slide 9: Global LPG & BW LPG Fleet Profile
Global LPG & BW LPG Fleet Profile Global LPG Fleet & Orderbook [1] VLGC Fleet Profile [1] - Average Age: 10.0 Years 300 60 On Water On Order Delivered Fleet: 193 Vessels / 15.7m m³ Orderbook: 81 Vessels / 42% of Fleet 250 50 81 Number of Vessels >20 Years: 35 Vessels / 17% of Fleet Number of Vessels
Slide 10: Q3 2015 Income Statement
Q3 2015 Income Statement Figures in USD thousands (Reviewed) (Reviewed) (Reviewed) (Reviewed) Q3 2015 Q3 2014 YTD 2015 YTD 2014 Revenue 223,845 211,365 581,485 565,084 Voyage expenses (42,148) (52,116) (114,813) (164,628) TCE income 181,697 159,249 466,672 400,456 Other operating income 537 497 1,49
Slide 11: Q3 2015 Balance Sheet and Cash Flows
Q3 2015 Balance Sheet and Cash Flows Figures in USD thousands (Reviewed) (Audited) Balance sheet 30 Sep 2015 31 Dec 2014 Total non–current assets 1,791,391 1,490,994 Total current assets 198,910 173,070 Total assets 1,990,301 1,664,064 Total shareholders’ equity 1,059,132 1,080,954 Total non–current
Slide 12: Financing – Repayment Profile
Financing – Repayment Profile Figures in USD millions As at 30 September 2015 Gross debt $882.8 Undrawn facility $8.0 Cash (83.1) Cash 83.1 Net debt $799.7 Available liquidity $91.1 $700 $600 $500 $400 $300 $200 $100 - 2015 2016 2017 2018 2019 2020 2021 onwards $400m ECA facility $500m Term loan fac
Slide 13: Summary and Outlook
Summary and Outlook ■ The LPG export market continued to grow in Q3 2015 led by M.E. volumes to Asia; U.S. volumes were predominantly placed in Europe and Latin America ■ Petrochemical demand in China, Korea & Europe and retail demand in China, India & SE Asia will be the key drivers of LPG import g
Slide 14: Appendix
Section 1 Appendix Update Business
Slide 15: BW LPG Fleet Development (Detailed)
BW LPG Fleet Development (Detailed) Timeline Based on Current Contracts DSME NB 2353, DSME NB 2351, DSME NB 2354 HHI NB 2736, DSME NB 2352 2 BW Carina, BW Leo, BW Orion HHI NB 2737 2 BW Gemini, BW Libra Berge Summit 1 2 BW Aries (Q4) BW Sakura 1 2 1 1 3 1 Reimei 1 2 Berge Summit G. Symphony Gas Capr
Slide 16: Charter Portfolio 2015 – 2018
Charter Portfolio 2015 – 2018 VLGC SEGMENT VLGC SEGMENT Ship Days YTD Q3 2015 RoY 2015E 2016E 2017E 2018E Ship Days Q3 2015 Total Days (Net of Offhire) 8,681 3,183 13,027 14,068 13,405 Total Days (Net of Offhire) 2,999 CoA Prob ab le Min 841 7,460 8,867 12,206 Spot / Available 1,538 Spot / Available
Slide 17: Glossary of Terms
Glossary of Terms Terms Explanation Time Charter–Out : charter hires with a fixed hire rate for a fixed duration (term of charter) 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 18: BW LPG
BW LPG