BW LPG Limited · OSL:BWLPG

BW LPG — Aurora LPG Holding — Q2 2016 Earnings Presentation

10 slides from BW LPG's earnings presentation, Aug 26, 2016

  1. Slide 1: Aurora LPG Second quarter 2016 presentation

    AURORA LPG Second quarter 2016 presentation August 26, 2016 CEO Børge Johansen & CFO Nikolai Jebsen

  2. Slide 2: Disclaimer

    DISCLAIMER THE PRESENTATION AND ITS APPENDICES (JOINTLY THE “PRESENTATION”) HAVE BEEN PREPARED BY AURORA LPG HOLDING ASA (THE “COMPANY”) FOR INFORMATION PURPOSES ONLY. THE RECEIPT OF THIS PRESENTATION IS PERSONAL, AND THE PRESENTATION MAY NOT REPRODUCED, REDISTRIBUTED OR PASSED ON, IN WHOLE OR IN PA

  3. Slide 3: Summary

    SUMMARY  Time charter equivalent income of USD 14.2 million  Time charter equivalent per day of USD 23,500  EBITDA 9.8 million  Ship opex per day of USD 6,300, SGA per day USD 795  Operating profit of USD 5.3 million  Net profit USD 1.7 million  EPS 6 cents  Delivery of the Aurora Brage – 50

  4. Slide 4: Profit & Loss

    PROFIT & LOSS Note Q2 2016 Q2-16 YTD Q2 2015 Q2-15 YTD P&L impacted by lower  2015 - 9 721 9 721 Voyage revenue - - rates and more vessels Time Charter revenue - - - 6 140 6 140 Pool revenue 14 195 33 193 23 675 29 475 Cost are coming even 69 137 Total revenue 14 195 33 193 23 675 45 336 further d

  5. Slide 5: Cash Flow

    CASH FLOW Q2 2016 Q2-16 Q2 2015 Q2-15 YTD 2015 YTD Operating activities  Operating cash flow at EBITDA – Profit before income tax expense 1 664 15 816 18 609 32 534 59 working 178 capital management Other gain Depreciation - 4 461 - 6 846 2 197 - -784 4 392 still focus -784 8 790 Other non-cash 337

  6. Slide 6: Balance Sheet

    BALANCE SHEET Notes Q2 2016 Q2 2015 2015 ASSETS Assets Newbuildings 3 51 006 119 675 154 685 Vessels and equipment 3 548 424 227 887 223 501  New buildings carrying the pre- Restricted cash 3,8 46 835 - - delivery elements on the Freyja Other non-current assets 168 164 161 and Frigg Total non-curre

  7. Slide 7: Market fundamentals – utilization and pricing

    MARKET FUNDAMENTALS – UTILIZATION AND PRICING  Utilization rates remain at historical highs pointing to a healthy supply /demand dynamics  Tight shipping markets means potential for recovery compared to current low spot rates  That shipping is tight and rates low, point to other factors than just

  8. Slide 8: US LPG market dynamics

    US LPG MARKET DYNAMICS  US propane production up 100kbpd (6%) YTD  US propane inventories up to new seasonal high  Production seems to move on ships or into storage but FOB prices are not responding to all time high stocks  US rig count moving in the right direction (Permian +46% from lows in Ma

  9. Slide 9: East of Suez LPG product market

    EAST OF SUEZ LPG PRODUCT MARKET  Strong growth in cargo volumes into eastern markets underpins long term demand picture and enables undertsanding of short term assumed oversupply  Current supply is likely 5-7 cargos too high – at historical underlying demand growth the market can balance out if in

  10. Slide 10: Aurora LPG Holding ASA

    AURORA LPG HOLDING ASA Address Aurora LPG Holding ASA Dronningen 1 0287 Oslo Norway Contact CEO: Børge F. Johansen mobile +47 41 41 44 44 bfj@auroralpg.com CFO: Nikolai C.H. Jebsen mobile +47 46 28 22 22 nj@auroralpg.com COO: Sujoy K. Seal mobile +47 94 81 66 76 sks@auroralpg.com 10 © Aurora LPG

Aurora LPG Holding — Q2 2016 Earnings Presentation on 6ix