GasLog Partners LP · NYSE:GLOP/PA
GasLog Partners LP — Q4 2022 Earnings Presentation
23 slides from GasLog Partners LP's earnings presentation, Jan 26, 2023
Slide 1: GasLog Partners LP Q4 2022 results
GASLOG PARTNERS LP Q4 2022 results 26 January 2023
Slide 2: Forward-looking statements
FORWARD-LOOKING STATEMENTS All statements in this presentation that are not statements of historical fact are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or
Slide 3: Q4 2022 Review
Q4 2022 REVIEW PAOLO ENOIZI, CHIEF EXECUTIVE OFFICER, GASLOG PARTNERS 26 January 2023 | GasLog Partners Q4 2022 Results Presentation 3
Slide 4: Leveraging strong market to advance strategic goals
LEVERAGING STRONG MARKET TO ADVANCE STRATEGIC GOALS 1 ENERGY SECURITY DRIVES MARKET VOLATILITY AND STRONG TERM BUSINESS ▪ LNG rescued Europe as energy supply dwindled in 2022 with similar outlook for 2023 given the REVENUES ($M) $326 $371 continued war in Ukraine and the doubt over Russia’s gas supp
Slide 5: Energy security keeps driving market dynamics
ENERGY SECURITY KEEPS DRIVING MARKET DYNAMICS Russian-Europe Pipeline Imports (LHS) - European Inventories % Full (RHS) -90% fall in monthly pipeline flows 14.00 100 12.00 90 from Russia and +55% rise in BCM per month 80 10.00 70 LNG imports to Europe in 2022 vs.2021 8.00 60 50 6.00 4.00 40 30 -35%
Slide 6: Strong term market as charterers seek cover amongst limited vessel availability
STRONG TERM MARKET AS CHARTERERS SEEK COVER AMONGST LIMITED VESSEL AVAILABILITY 160,000 TFDE LNGC SPOT AND 1 YEAR TC $150,000+ per day 500,000 1-year time charter assessments for TFDEs 450,000 400,000 $163,000 per day Current headline spot rate assessment 350,000 for TFDE LNGCs 300,000 $67,500 per d
Slide 7: Attractive term charters signed reflecting improved market backdrop
ATTRACTIVE TERM CHARTERS SIGNED REFLECTING IMPROVED MARKET BACKDROP Under development Vessel Name Methane Becki Methane Jane GasLog Seattle Anne Elizabeth (TFDE) Venice Energy FSRU supply a 145,000 (TFDE) (Steam) cbm Steam vessel as a converted FSRU Counterparty Shell Cheniere Energy Major in Port o
Slide 8: ESG & regulatory updates
ESG & REGULATORY UPDATES EUROPEAN UNION - FIT FOR 55 EU REGULATION EU ETS: last December 2022 EU confirmed inclusion of shipping in the EU ETS (a ‘cap and trade’ system) beginning in 2024. Requirement is to surrender allowances according to the reported emissions, for voyages related only to EU port
Slide 9: Q4 2022 Financial Review
Q4 2022 FINANCIAL REVIEW ACHILLEAS TASIOULAS, CHIEF FINANCIAL OFFICER, GASLOG PARTNERS LP 26 January 2023 | GasLog Partners Q4 2022 Results Presentation 9
Slide 10: Strong commercial performance drove solid results in the quarter
STRONG COMMERCIAL PERFORMANCE DROVE SOLID RESULTS IN THE QUARTER REVENUES ($M) ADJUSTED EBITDA ($M)(1) ADJUSTED EPU ($/UNIT)(1) $120 $100 $0.80 $0.74 $105 $100 $96 $81 $0.63 $80 $88 $73 $0.60 $80 $64 $60 $0.45 $60 $0.40 $40 $40 $0.20 $20 $20 $0 $0 $0.00 Q4 Q3 Q4 Q4 Q3 Q4 Q4 Q3 Q4 2021 2022 2021 2022
Slide 11: Continuing to effectively manage costs despite external factors
CONTINUING TO EFFECTIVELY MANAGE COSTS DESPITE EXTERNAL FACTORS UNIT OPEX ($/DAY)(1) UNIT G&A ($/DAY) COMMENTARY • Decrease in OPEX was $16,000 $4,000 $14,742 primary due to favorable $14,598 $3,600 $13,974 exchange rates fully $13,726 $13,850 $3,453 $14,000 $3,500 absorbing inflationary $3,240 $3,2
Slide 12: Preference unit buybacks improve free cash flow capacity
PREFERENCE UNIT BUYBACKS IMPROVE FREE CASH FLOW CAPACITY ANNUAL PREF UNIT DISTRIBUTIONS ($M) INCREASE IN FREE CASH FLOW ($/UNIT) PROGRESS ON PLAN $32 $0.12 c.$10.5 million Preference Units repurchased during Q4 2022 $30 $0.10 c.$68 million $0.08 Preference units purchased at $28 avg. price of c.$25
Slide 13: Continued progress toward leverage targets
CONTINUED PROGRESS TOWARD LEVERAGE TARGETS GROSS DEBT TO CAPITALIZATION (%)(1) NET DEBT TO LTM ADJ. EBITDA(1),(2) LTM PROGRESS 60.0% 5.0x c.$116 million 54.0% Debt scheduled amortization 4.5x 4.4x during LTM, incl. lease principal 50.0% 48.7% 4.0x payments (excl. debt prepayments 4.0x of $65.1m due
Slide 14: Well positioned with spot exposure in seasonally strong period in 2023
WELL POSITIONED WITH SPOT EXPOSURE IN SEASONALLY STRONG PERIOD IN 2023 CONTRACTED/OPEN DAYS BY QUARTER(1) QUARTERLY ADJ. CONTRACTED EBITDA ($M)(1,2) 2023 OPEN DAYS ADJ. EBITDA SENSITIVITY ($M)(1,2) Contracted Open $80 $40 1,400 $70 1,200 51 104 31 $60 $30 485 1,000 $50 800 $40 $20 600 1,171 1,192 1,
Slide 15: Closing remarks
CLOSING REMARKS PAOLO ENOIZI, CHIEF EXECUTIVE OFFICER, GASLOG PARTNERS LP 26 January 2023 | GasLog Partners Q4 2022 Results Presentation 15
Slide 16: Strong cash generation and strategy execution in a favorable market backdrop
STRONG CASH GENERATION AND STRATEGY EXECUTION IN A FAVORABLE MARKET BACKDROP Energy security drives market volatility and, combined with scarcity of independently owned vessels, maintains a 1 strong term business Partnership has capitalized on the strong 2022 LNG market through profitable fixtures,
Slide 17: Appendix
APPENDIX 26 January 2023 | GasLog Partners Q4 2022 Results Presentation 17
Slide 18: Increased exposure in a tight market environment
INCREASED EXPOSURE IN A TIGHT MARKET ENVIRONMENT GASLOG PARTNERS LP’S FLEET(1)(2) 86.6% Propulsion Built Capacity Charterer 2023 Charter coverage for remainder GasLog Glasgow TFDE 2016 174,000 MSL of 2023 GasLog Greece TFDE 2016 174,000 MSL Methane Becki Anne TFDE 2010 170,000 MSL c.$729 million Gas
Slide 19: 2023 dry-docking schedule and contracted revenue backlog
2023 DRY-DOCKING SCHEDULE AND CONTRACTED REVENUE BACKLOG DRY-DOCKING OFF-HIRE DAYS SCHEDULE(1) GLOP CONTRACTED REVENUES ($M) Q1 23 Q2 23 Q3 23 Q4 23 GasLog Shanghai 30 - - - GasLog Santiago 21 9 - - GasLog Sydney - 30 - - GasLog Seattle - - 21 9 1. The estimates in this table are management’s foreca
Slide 20: Strong European LNG imports continue despite warm weather
STRONG EUROPEAN LNG IMPORTS CONTINUE DESPITE WARM WEATHER SHOWCASING DEPENDENCE ON LNG LNG DEMAND: Q4 22V. Q4 21(MT) LNG SUPPLY: Q4 22V. Q4 21(MT) 4.5% 10.00 3.00 Forecast LNG supply growth in 39% 2022 8.00 2% 2.50 19.1 MT 6.00 2.00 Total US LNG exports in Q4 2022 24% Million Tons LNG Million Tons L
Slide 21: Non-GAAP financial measures and reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS Non-GAAP Financial Measures: EBITDA is defined as earnings before financial income and costs, gain/loss on derivatives, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before impairment loss on vessels, loss on disposal of ve
Slide 22: Non-GAAP financial measures and reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS 26 January 2023 | GasLog Partners Q4 2022 Results Presentation 22
Slide 23: Non-GAAP financial measures and reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS Reconciliation of (Loss)/profit to EPU and Adjusted EPU: (Amounts expressed in thousands of U.S. Dollars, except unit and per unit amounts) For the three months ended For the years ended For the three months ended For the years ended December 31, Decem