Awilco Lng Asa · OSL:ALNG
Awilco Lng Asa — Q1 2013 Earnings Presentation
20 slides from Awilco Lng Asa's earnings presentation, May 30, 2013
Slide 1: Q1 2013
Q1 2013 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 30/5 2013
Agenda 30/5 2013 1. Company Overview and Highlights Q1 2. Financials Q1 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 Group owns three 125,000 cbm LNG vessels: WilGas, WilPower and WilEnergy. In addition, the Group has entered into newbuilding contracts with Daewoo Shipbuilding & Marine Engineering Co., Ltd
Slide 5: 1st Quarter Highlights
1st Quarter Highlights 1st quarter 2013 • Awilco LNG reported: − Net freight income of MUSD 12.0 MUSD 13.4 in Q4 2012 − EBITDA of MUSD 5.9 MUSD 8.0 in Q4 2012 − Net profit of MUSD 4.0 MUSD 6.3 in Q4 2012 • WilEnergy was redelivered from the charterer on 19 February and was subsequently contracted fo
Slide 6: Contract Overview
Contract Overview 2013 2014 WilPower Available Lay-up WilEnergy Available WilGas On charter (Petrobras) Newbuilding no 1 Construction Available Newbuilding no 2 Construction Available WilPower: In lay-up WilEnergy: Available Newbuilding No.1: Available from August 2013 Newbuilding No.2: Available fr
Slide 7: Agenda 30/5 2013
Agenda 30/5 2013 1. Company Overview and Highlights Q1 2. Financials Q1 3. Market update 4. Summary www.awilcolng.no -7-
Slide 8: Q1 2013 Income statement
Q1 2013 Income statement Total freight income MUSD 14.6 USD million Q1'13 Q4'12 2012 • Increase from Q4 due gross presentation of bunkers consumption of MUSD 0.7 and mobilisation fees of USD 2.1, Freight income 14.6 13.8 56.6 offset by reduced utilisation • 62 % utilisation (67 % in Q4 2012) Voyage
Slide 9: Q1 2013 Balance sheet
Q1 2013 Balance sheet USD million 31.03.13 31.12.12 Vessels 72.1 73.6 Vessels MUSD 194.9 Vessels under construction 122.8 121.9 • Book value existing vessels MUSD 72.1 • Supervision cost newbuildings MUSD 0.9 during the quarter Other non-current assets 0.3 0.3 Total non-current assets 195.2 195.8 Cu
Slide 10: Q1 2013 Cash flow
Q1 2013 Cash flow USD million Q1'13 Q4'12 2012 Operating activities MUSD 2.4 Cash Flows from Operating Activities: • Increased other short term assets Profit/(loss) before taxes 3.8 5.9 19.9 Taxes paid - (0.1) (0.1) Investing activities MUSD (1.4) Depreciation and amortisation 2.0 2.0 7.7 • MUSD 1.0
Slide 11: Agenda 30/5 2013
Agenda 30/5 2013 1. Company Overview and Highlights Q1 2. Financials Q1 3. Market update 4. Summary www.awilcolng.no - 11 -
Slide 12: Rates gas-spread
Rates gas-spread Gas spread vs. Spot rate USD/MMBTU USD/day 11 160 000 Spread LNG Spot Asia - NBP (Left) 140 000 9 120 000 7 100 000 5 80 000 60 000 3 40 000 1 20 000 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 -1 2010 2011 2012 2013 0 • Gas price-sprea
Slide 13: LNG ton-mile
LNG ton-mile Ton-mile 1st quarter 2005 - 2013 Ton-miles 300 250 200 150 100 50 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 • Ton-mile down quarter on quarter compared to last year - Force Majeure Nigeria about cargoes 20 “lost” • Angola production still uncertain, but rumors say plant is operatin
Slide 14: U.S LNG export
U.S LNG export Estimated Status -export Status - export to Project MTPA first gas Developer to FTA non-FTA Sabine Pass Phase 1 8.30 2015/2016 Cheniere Energy Approved Approved Sabine Pass Phase 2 8.30 2017/2018 Cheniere Energy Approved Approved Freeport 1 10.50 2016 Freeport LNG Development Approved
Slide 15: World LNG Fleet by Year Built
World LNG Fleet by Year Built LNG Fleet development and orderbook (> 100 000 cbm) Fleet Newbuildings 500 50 450 45 400 40 350 35 300 30 250 7 25 17 200 20 2 150 15 10 100 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 16: Agenda 30/5 2013
Agenda 30/5 2013 1. Company Overview and Highlights Q1 2. Financials Q1 3. Market update 4. Summary www.awilcolng.no - 16 -
Slide 17: Summary Awilco LNG
Summary Awilco LNG WilPower − In layup opex reduced by approx USD 12 000 per day − Reactivation to trading 2-4 weeks − Marketing and working various infrastructure projects WilEnergy − Awaiting orders off Singapore − Various upgrades under idle period − Sire inspection performed last discharge port
Slide 18: Summary Market
Summary Market • Short term market – holding despite lack of new LNG production − Angola startup is anticipated shortly − Disruption in production remains a factor − Tonnage surplus remains thin − Utilization of 2nd generation vessels dependent on production • Long term fundamentals – remain positiv
Slide 19: 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 Tier 1 customer Solid owners Experienced management team Opportunistic strategy www.awilcolng.no - 19 -
Slide 20: Jon Skule Storheill CEO
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 -