Awilco Lng Asa · OSL:ALNG
Awilco Lng Asa — Q4 2013 Earnings Presentation
21 slides from Awilco Lng Asa's earnings presentation, Feb 26, 2014
Slide 1: Q4 2013
Q4 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 26/02 2014
Agenda 26/02 2014 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 2013 • Awilco LNG reported: − Net freight income of MUSD 15.8 MUSD 6.6 in Q3 2013 − EBITDA of MUSD 8.0 MUSD 0.4 in Q3 2013 − Net profit of MUSD (0.3) MUSD (2.5) in Q3 2013 • Vessel utilisation of 86 % (trading vessels), compared to 58 % in Q3 2013 • Second newbuild
Slide 6: Contract Overview
Contract Overview 2013 2014 WilPride Construction Available WilGas On charter (Petrobras) DD WilEnergy On charter Option WilForce Construction On charter WilPower Available Lay-up WilPride: Available from 9 February 2014 after completed maiden voyage WilGas: Employed until October/November 2014 (DD
Slide 7: Agenda 26/02 2014
Agenda 26/02 2014 1. Company Overview and Highlights Q4 2. Financials Q4 3. Market update 4. Summary www.awilcolng.no -7-
Slide 8: Q4 2013 Income statement
Q4 2013 Income statement Total freight income MUSD 21.3 USD million Q4'13 Q3'13 2013 2012 • Increased fleet size Freight income 21.3 9.2 54.7 56.6 • 86 % utilisation trading vessels (58 % in Q3 2013) Voyage related expenses (5.5) (2.6) (12.8) (4.3) Voyage related expenses MUSD (5.5) Net freight inco
Slide 9: Q4 2013 Balance sheet
Q4 2013 Balance sheet USD million 31.12.13 30.09.13 31.12.12 Vessels 478.7 275.8 73.6 Vessels MUSD 478.7 Vessels under construction - 63.1 121.9 • Capitalised MUSD 143.8 in supervision and construction cost newbuildings during the quarter, including final installment on Other non-current assets 0.4
Slide 10: Q4 2013 Cash flow
Q4 2013 Cash flow USD million Q4'13 2013 2012 Cash Flows from Operating Activities: Operating activities MUSD 4.7 Profit/(loss) before taxes (0.3) 1.1 19.9 Taxes paid (0.1) (0.1) (0.1) Investing activities MUSD (144.1) Interest and borrowing costs expensed 4.5 5.6 0.5 • MUSD 144.0 supervision and co
Slide 11: Agenda 26/02 2014
Agenda 26/02 2014 1. Company Overview and Highlights Q4 2. Financials Q4 3. Market update 4. Summary www.awilcolng.no - 11 -
Slide 12: Rate development
Rate development 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 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 6 7 8 9
Slide 13: LNG trade YTD Oct '13
LNG trade YTD Oct ‘13 Export Import South Korea 3,53 Australia 1,7 China 3,08 Spain 1,2 Brazil 1,35 Mexico 0,84 Malaysia 1,0 Thailand 0,48 Yemen 0,9 Chile 0,33 Greece 0,29 Oman 0,5 Portugal 0,06 Brazil 0,4 Puerto Rico 0,06 Indonesia 0,06 Abu Dhabi 0,2 Netherlands 0,02 Venezuela 0,0 Trinidad 0,00 Mal
Slide 14: World LNG fleet by year built
World LNG fleet by year built Fleet LNG Fleet (> 100 000 cbm) development and orderbook Newbuildings 500 50 450 45 400 40 350 35 300 30 250 17 4 3 25 200 20 150 15 23 22 3 100 10 16 50 9 5 0 0 1985 1992 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1986 1987 1988 1989 1990 1991 1993 1994 1995 19
Slide 15: Deliveries in percentage of fleet
Deliveries in percentage of fleet LNG fleet CBM - orderbook in percentage CBM % increase 75 000 000 35% 65 000 000 29% 30% 55 000 000 25% 20% 45 000 000 18% 18% 19% 20% 16% 17% 35 000 000 14% 14% 15% 11% 10% 11% 9% 10% 25 000 000 8% 7% 7% 7% 10% 4% 4% 4% 4% 15 000 000 3% 5% 1% 1% 5 000 000 0% 1993 1
Slide 16: LNG export assumptions
LNG export assumptions LNG exports 300 37 24 250 16 Annual LNG exports (million tons) 241 239 236 200 222 184 150 173 174 159 276 141 252 125 131 236 100 103 106 111 50 0 2013e 2014e 2015e 2016e 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Historical export volumes Net forecasted
Slide 17: Agenda 26/02 2014
Agenda 26/02 2014 1. Company Overview and Highlights Q4 2. Financials Q4 3. Market update 4. Summary www.awilcolng.no - 17 -
Slide 18: Summary Market
Summary Market Short / Medium term market – particularly challenging for steam vessels • Increased production not likely to keep up with scheduled newbuilding deliveries in 2014 • Production may surprise on upside with limited disruptions • Older / steam vessels likely to be most affected due to ine
Slide 19: Summary Awilco LNG
Summary Awilco LNG Acquired, financed and operating three 2 nd gen vessels Established the organisation and in-house technical management Ordered and supervised the construction of two newbuildings Financed newbuildings Maiden voyage WilForce Midterm contract WilForce Maiden voyage WilPride Midter
Slide 20: 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 - 20 -
Slide 21: 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 - 21 -