Awilco Lng Asa · OSL:ALNG
Awilco Lng Asa — Q4 2014 Earnings Presentation
20 slides from Awilco Lng Asa's earnings presentation, Feb 13, 2015
Slide 1: Q4 2014
Q4 2014 Jon Skule Storheill Snorre Krogstad www.awilcolng.no -1-
Slide 2: Disclaimer
Disclaimer 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
Slide 3: Agenda 13/02 2015
Agenda 13/02 2015 1. Company Overview and Highlights Q4 2. Financials Q4 3. Market update 4. Summary www.awilcolng.no -3-
Slide 4: Company Overview
Company Overview 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
Slide 5: 4th Quarter Highlights
4th Quarter Highlights 4th quarter 2014 • 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 • Vessel utilisation of 78 %, compared to 86 % in Q3 2014 (trading vessels). • WilGa
Slide 6: Contract Overview
Contract Overview 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-Februar
Slide 7: Agenda 13/02 2015
Agenda 13/02 2015 1. Company Overview and Highlights Q4 2. Financials Q4 3. Market update 4. Summary www.awilcolng.no -7-
Slide 8: Q4 2014 Income statement
Q4 2014 Income statement USD million Q4’14 Q3’14 2014 2013 Freight income 17.7 20.8 78.5 54.7 Net freight income MUSD 15.1 • Lower utilisation of WilEnergy and reduced earnings on Voyage related expenses (2.5) (3.5) (11.2) (12.8) WilGas • 78 % utilisation trading vessels (86 % in Q3 2014) Net freigh
Slide 9: Q4 2014 Balance sheet
Q4 2014 Balance sheet USD million 31.12.14 30.09.14 31.12.13 Vessels 467.1 471.8 478.7 Vessels MUSD 467.1 Other non-current assets 0.3 0.3 0.4 Current assets MUSD 30.1 Total non-current assets 467.4 472.1 479.1 • Other short term assets includes MUSD 3.0 prepaid BB hire Trade receivables 2.5 3.0 3.7
Slide 10: Q4 2014 Cash flow
Q4 2014 Cash flow USD million Q4’14 2014 2013 Cash Flows from Operating Activities: Operating activities MUSD 8.4 Profit/(loss) before taxes (2.5) (2.6) 1.1 Income taxes paid 0.1 - (0.1) Investing activities MUSD (0.1) Interest and borrowing costs expensed 6.2 25.1 5.6 Depreciation and amortisation
Slide 11: Agenda 13/02 2015
Agenda 13/02 2015 1. Company Overview and Highlights Q4 2. Financials Q4 3. Market update 4. Summary www.awilcolng.no - 11 -
Slide 12: Rate development
Rate development USD per day LNG AVERAGE SPOT LNG CHARTER SPOT RATES CHARTER RATES USD per day 30 000 180 000 160 000 25 000 140 000 20 000 120 000 100 000 15 000 80 000 10 000 60 000 40 000 5 000 20 000 0 0 DFDE/ST Diff. (LHS) Avg. Spot Rate 138-145k ST (RHS) Avg. Spot Rate 155-165k DFDE (RHS) • Sp
Slide 13: LNG import – Japan and China
LNG import – Japan and China LNG IMPORT TO JAPAN LNG IMPORT TO CHINA MT MT 30 000 6 000 25 000 5 000 20 000 4 000 15 000 3 000 10 000 2 000 5 000 1 000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2013 2014 2012 2013 2014 • Q4 import marginally down from last quarter due to warm • Q4 import increased 7 % from l
Slide 14: LNG production
LNG production MTPA 118 NEW LNG PRODUCTION UNDER CONSTRUCTION MTPA 14 155 12 135 115 10 95 8 75 6 55 4 35 2 15 0 -5 2015 2016 2017 2018 Total • A total of abt 118 MTPA of new LNG capacity is under construction in the period 2015 -2018 • Australia representing about 60 MTPA and U.S 40 MTPA in total •
Slide 15: LNG fleet orderbook
LNG fleet orderbook Newbuilding deliveries by quarter 18 160 16 2 140 14 120 12 100 10 3 1 1 1 80 2 2 8 3 15 1 2 60 6 1 1 9 9 9 9 40 4 8 8 8 7 7 6 6 6 6 6 2 4 20 3 0 0 Open Committed Total • 29 LNGC delivered in 2014 • 57 newbuildings ordered in 2014 • 141 vessels on order excluding FSRU and FLNG •
Slide 16: Agenda 13/02 2015
Agenda 13/02 2015 1. Company Overview and Highlights Q4 2. Financials Q4 3. Market update 4. Summary www.awilcolng.no - 16 -
Slide 17: Awilco LNG – next
Awilco LNG – next Short-midterm contract WilPride – waiting for the “right” deal 2nd generation vessels for various infrastructure projects - ALNG focus is FSU - ALNG shortlisted for one project lead by energy major - Other infrastructure projects under discussion - Moss tanks “only” option for
Slide 18: Summary
Summary Rates marginally up during Q4 but on low activity. The low activity has continued into Q1 and rates have come down BG started next wave of Australian LNG production on time 33 MTPA of new production capacity scheduled to start in 2015 31 newbuildings scheduled for delivery in 2015 of
Slide 19: Q&A – A Pure Play LNG Transportation Provider
Q&A A Pure Play LNG Transportation Provider 2nd gen. fleet of Two 2013 built TFDEs three LNG carriers Tier 1 customers Solid owners Experienced management team Opportunistic strategy www.awilcolng.no - 19 -
Slide 20: Jon Skule Storheill, CEO and Snorre Krogstad, CFO
Jon Skule Storheill CEO Mobile: +47-9134 4356 E-mail: jss@awilcolng.no Snorre Krogstad CFO Mobile: +47-9085 8393 E-mail: ssk@awilcolng.no www.awilcolng.no - 20 -