Golar Lng Limited · NASDAQ:GLNG
Golar Lng — Q3 2018 Earnings Presentation
17 slides from Golar Lng's earnings presentation, 2018
Slide 1: Third Quarter 2018 Results
Third Quarter 2018 Results © Golar LNG Limited
Slide 2: Forward Looking Statements
This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934, as amended and which reflect management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities
Slide 3: Financial Highlights
Financial Highlights 2018 2018 2018 2017 2017 (USD thousands) Jul-Sep Apr-Jun Jan-Sep Jan-Sep Jan-Dec (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total operating revenues 123,101 59,374 248,665 85,950 143,537 Voyage, charter-hire and commission expenses (24,737) (16,483) (65,741) (41,8
Slide 4: Balance Sheet
Balance Sheet 2018 2018 2018 2017 2017 (USD thousands) Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) Current assets Cash and cash equivalents 306,387 375,067 172,380 214,862 286,562 Restricted cash and short-term deposits 302,456 276,289 215,412 222,265
Slide 5: EBITDA Potential: Effective Run Rate
EBITDA(1) Potential: Effective Run Rate(1) USD millions + = Further adjusted EBITDA(1) (Q3 2018 annualized) Run Rate(1) Above annualized numbers effectively include share option expenses of ~$15m in Corporate and ~$22m of project development expenses (mainly Tortue) in FLNG Further Adjusted EBITDA(1
Slide 6: Effective Run Rate and indicative 2020 Debt Service
Effective Run Rate(1) and indicative 2020 Debt Service(1) USD millions Sergipe power project has a 25 year contract life but current average debt life is ~9 years (1) “Further Adjusted EBITDA” and “Run Rate” are non-GAAP measures, see Appendix attached for definitions. We have not forecast net incom
Slide 7: FLNG
FLNG FLNG Hilli Episeyo (Cameroon): Vessel continues to operate with 100% commercial availability. Currently in process of offloading10th LNG cargo. Discussions on utilization of spare capacity commenced. BP-Kosmos (Mauritania/Senegal): FLNG unit similar to Hilli Episeyo for 20 years. BP i
Slide 8: Shipping
Shipping Spot rates: 2006 - 2018 Average TFDE vessel spot rates: 2012 - 2018 Prompt vessel availability Orderbook availability Vessels Vessels Source: Fearnley LNG © Golar LNG Limited 8
Slide 9: Small-Scale LNG
Small-Scale LNG Stolt-Nielsen, Höegh & Golar have collaborated to Golar have 8 ‘petrol stations’ (FSRUs) that could form Small-Scale LNG services provider, Avenir: potentially support Small-Scale supply chains* Stolt: 50%; Golar: 25%; Höegh: 25% Investment = combined commitment of $182m. Golar
Slide 10: FSRU and Power
FSRU and Power Sergipe project continues to plan, bids for others being worked: Sergipe on schedule to start operations in less than 14 months. Project fully funded with equity paid in. FSRU Golar Nanook financed and delivered. Next Brazilian power auction scheduled for December 2018. Bids s
Slide 11: Summary and Outlook
Summary and Outlook Short-term cash flows: With FLNG Hilli Episeyo in full commercial production and the 4Q LNG carrier TCE significantly exceeding cash breakeven levels, Golar is now cash flow positive. Significant improvements to TCE are expected over the course of 2019-2020. Medium-term cash flow
Slide 12: Thank You
THANK YOU 12 © Golar LNG Limited
Slide 13: Appendix: Non-GAAP Measures
Appendix: Non-GAAP Measures Adjusted EBITDA: Adjusted EBITDA is defined as operating income before interest, tax, unrealized mark-to-market movements on the oil derivative instrument, depreciation and amortization. We believe Adjusted EBITDA is widely used by investors to measure a company’s operati
Slide 14: Appendix: Adjusted EBITDA
Appendix: Adjusted EBITDA Q3 2018 “Vessel and operations” As disclosed in our comprises the sum of: Q3 2018 Interim Results Release (USD millions) Shipping (1) Corporate (1) Vessel and FLNG Total operations (1) Total operating revenues 66 3 69 55 123 Vessel operating expenses (17) - (17) (12) (29) V
Slide 15: Appendix: Further Adjusted EBITDA
Appendix: Further Adjusted EBITDA Q3 2018 ‘Vessel and operations’ As disclosed in our Q3 2018 Interim Results comprises the sum of: Release Shipping (1) Corporate (1) Vessel and FLNG Total (USD millions) operations(1) Adjusted EBITDA 51 (12) 39 45 84 Non-recurring item: Golar Tundra claim cash recov
Slide 16: Appendix: Future Repayments & Partnership Distributions
Appendix: Future Repayments & Partnership Distributions* Assumptions applied in the above: • Seal and Tundra contractual repayments in Q4 2018 and Q2 2019 respectively are refinanced. 2019 vessel balloon repayment relates to the Arctic; 2020 vessel balloon repayment relates to the Viking; 2020 Corpo
Slide 17: Appendix: Net Debt Analysis
Appendix:Net Debt(1) Analysis Short-term Debt (USD millions) 2018 Total Debt (USD millions) 2018 September 30 September 30 (Unaudited) (Unaudited) Golar Tundra – June 2019 126 LNG carriers 1,141 Golar Seal – December 31, 2018 FSRU 126 (extension discussions in progress) 144 FLNG Hilli Episeyo 911 Co