Awilco Lng Asa · OSL:ALNG
Awilco Lng Asa — Q4 2012 Earnings Presentation
24 slides from Awilco Lng Asa's earnings presentation, Feb 27, 2013
Slide 1: Q4 2012
Q4 2012 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
Agenda 27/2 1. Company overview and Highlights Q4 2. Q4 Financials 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 owns three 125,000 cbm LNG vessels: WilGas, WilPower and WilEnergy. In addition, the company has entered into newbuilding contracts with Daewoo Shipbuilding & Marine Engineering Co L
Slide 5: 4th Quarter Highlights
4th Quarter Highlights 4th quarter 2012 • Awilco LNG reported: − Net freight income of MUSD 13.4 MUSD 12.3 in Q3 2012 − EBITDA of MUSD 8.0 MUSD 6.5 in Q3 2012 − Net profit of MUSD 6.3 MUSD 5.8 in Q2 2012 • WilGas commenced two year charter in November • Newbuilding progressing as per schedule • Vess
Slide 6: Contract overview
Contract overview 2012 2013 2014 WilPower Available WilEnergy On charter Available WilGas On charter (Petrobras) Newbuilding no 1 Construction Available Newbuilding no 2 Construction Available WilPower: Available WilEnergy: Available from end February 2013 Newbuilding No.1: Available from August 201
Slide 7: Awilco LNG newbuildings
Awilco LNG newbuildings • Yard - Daewoo Shipbuilding • Ice classed • Construction cost approximately MUSD 200 • Delivery on or before schedule in August and October/November 2013 • All pre-delivery installments paid by equity (30%) • ALNG actively pursuing term contracts for the newbuildings • In di
Slide 8: Agenda
Agenda 27/2 1. Company overview and Highlights Q4 2. Q4 Financials 3. Market update 4. Summary www.awilcolng.no -8-
Slide 9: Q4 2012 Income statement
Q4 2012 Income statement USD million Q4'12 Q3'12 2012 2011 Total freight revenue MUSD 13.8 Freight income 13.8 12.6 56.6 30.7 • Increase from Q3 due to improved rates on new WilGas Voyage related expenses (0.4) (0.4) (4.3) (10.0) contract Net freight income 13.4 12.3 52.3 20.7 • 67% utilisation (sam
Slide 10: Q4 2012 Balance sheet
Q4 2012 Balance sheet USD million 31.12.12 30.09.12 31.12.11 Vessels 73.6 75.1 69.9 Vessels MUSD 195.5 Vessels under construction 121.9 121.0 79.2 • Book value existing vessels MUSD 73.6 • Supervision cost newbuildings MUSD 0.9 during the quarter Other non-current assets 0.3 0.3 0.1 Total non-curren
Slide 11: Q4 2012 Cash flow
Q4 2012 Cash flow USD million Q4'12 2012 2011 Operating activities MUSD 8.5 Cash Flows from Operating Activities: • Reduced other short term assets Profit/(loss) before taxes 5.9 19.9 (0.6) Taxes paid (0.1) (0.1) - Investing activities MUSD (1.4) Depreciation and amortisation 2.0 7.7 3.9 • MUSD 0.9
Slide 12: Agenda
Agenda 27/2 1. Company overview and Highlights Q3 2. Q3 Financials 3. Market update 4. Summary www.awilcolng.no - 12 -
Slide 13: Rates gas-spread
Rates gas-spread Gas spread vs. Spot rate USD/MMBTU USD/day 11 160 000 Spread LNG Spot Asia - NBP (Left) LNG spot rate freight rate (Right) 140 000 9 120 000 7 100 000 5 80 000 60 000 3 40 000 1 20 000 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 2 -1 2010 2011 2012 2013 0 • Gas price-spread re-bounced
Slide 14: LNG production and ton-mile
LNG production and ton-mile LNG production (MT) LNG Production vs Tonn-mile BN ton-miles 450 1400 400 1200 350 1 010 1 012 1000 300 845 250 800 200 646 655 600 150 241 237 400 100 221 174 182 200 50 0 0 2008 2009 2010 2011 2012 Global LNG production (MT) Global ton.mile demand (in BN ton-miles) • LN
Slide 15: LNG import and export
LNG import and export Change in LNG imports 2012 vs. 2011 (MMPTA) Change in LNG Exports 2012 vs. 2011 (MMTPA) -10 -5 0 5 10 -4 -3 -2 -1 0 1 2 Japan Australia China India Qatar Brazil Norway Taiwan Russian Federation Dubai Trinidad and Tobago Puerto Rico Thailand Nigeria Netherlands UAE Turkey South
Slide 16: Liquefaction growth 2012-2017
Liquefaction growth 2012-2017 Global LNG liquefaction capacity growth (not including ramp-up) 500 450 11% 400 17% 350 139 Mill. Tons per Year 9% 300 4% 2% 3% 1% 19% 5% 250 13% 200 7% 12% 9% 150 11% 275 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total Global L
Slide 17: World LNG Fleet by Year Built
World LNG Fleet by Year Built LNG Fleet (> 100 000 cbm) development and orderbook Fleet Newbuildings 500 50 450 45 400 40 350 35 300 30 250 25 200 17 7 20 150 10 15 1 100 10 50 5 0 0 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 No cont
Slide 18: Agenda
Agenda 27/2 1. Company overview and Highlights Q4 2. Q4 Financials 3. Market update 4. Summary www.awilcolng.no - 18 -
Slide 19: Summary
Summary Market • Short term market – will depend on LNG production − Angola startup is important − Disruption in production remains a factor − Tonnage surplus is thin and could change rapidly with few new buildings until very end of 2013 − 1st + 2nd generation vessels more exposed to fluctuations in
Slide 20: Q&A A Pure Play LNG Transportation Provider
Q&A A Pure Play LNG Transportation Provider 2nd gen. fleet of 2 newbuildings 3 LNG carriers world class yard Strong balance sheet Tier 1 customers Solid owners Experienced management team Opportunistic strategy www.awilcolng.no - 20 -
Slide 21: www.awilcolng.no
www.awilcolng.no - 21 -
Slide 22: www.awilcolng.no
www.awilcolng.no - 22 -
Slide 23: www.awilcolng.no
www.awilcolng.no - 23 -
Slide 24: Contact
Jon Skule Storheill CEO Mobile: +47-9134 4356 E-mail: jss@awilcolng.no Snorre Schie Krogstad CFO Mobile: +47-9085 8393 E-mail: ssk@awilcolng.no www.awilcolng.no - 24 -