Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q1 2016 Earnings Presentation
17 slides from Stealthgas's earnings presentation, May 25, 2016
Slide 1: Q1 2016 Financial & Operating Results
Q1 2016 Financial & Operating Results May 25th 2016 StealthGas Inc.
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deeme
Slide 3: StealthGas Key Highlights
❶ Highlights StealthGas Key Highlights Fleet & • Successful delivery of one new eco- LPG carrier, the Eco Nical, in February 2015. Operations • Year on year increase of vessel calendar days by 16%. • Operational utilization of 91.1% in Q1 2016.. • About 61% of vessels on period charters for the rema
Slide 4: Fleet Employment Analytics (as of May 2016)
❶ Highlights EARNINGS VISIBILITY Fleet Employment Analytics (as of May 2016) 2016 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Vessel Charter May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 Gas Exelero B/B 31 30 31 31 30 31 30 31 31 28 31 30 31 30 31
Slide 5: Fleet Trading Profile
Rest EU~ 29% 13% ❶ Highlights Italy 10% Norway 28% Fleet Trading Profile Germany 10% • StealthGas focuses on regional trade and local distribution of UK gas. Finland 19% 10% • Company trading pattern is geographically diversified and is France continuously adjusted to market needs. 10% • Currently 5
Slide 6: Fleet Development
❶ Highlights Fleet Development 58 • As of May 2016 StealthGas owned 53 vessels. 53 53 54 54 4 GASS S&P activity 55 53 1 0 1 0 4 4 4 4 4 LPG Vessel Capacity (cbm) Built Status Date 10 45 45 Q1 2016 42 42 40 4 4 Gas Arctic 3,500 1992 Sold Jan-16 4 4 Eco Nical 7,500 Newbuilding delivered Feb-16 4 35 Sa
Slide 7: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • Remaining investment program, excluding advances paid, of about 185 USD mm. up to end of 2017. (Amounts in USD mm.) • 5 remaining LPG orders of 95,200 cbm aggregate capacity, under construction in both Korea
Slide 8: Financials – Income Statement Q1 2016 & Q1 2015
❷ Financials Financials – Income Statement Q1 2016 & Q1 2015 Incom e Sta tem ent Q1 Q1 ( A m ounts i n U SD' 000s ) 2015 2016 Voyage revenues 35,676 36,474 Comparing Q1 2016 to Q1 2015 Voyage costs (4,253) (3,976) Net revenues 31,423 32,498 - Revenue Increased by c. 2% - moderate increase, reflectin
Slide 9: Financials - Performance Highlights Q1 2015 & Q1 2016
❷ Financials Financials -Performance Highlights Q1 2015 & Q1 2016 Fleet Data Q1 2015 Q1 2016 Average number of vessels in fleet 45.9 52.9 Key Comments Period number of vessels in fleet 46 53 • As we operate in a soft market environment Total calendar days for fleet 4,312 4,991 Total voyage days for
Slide 10: Financials – Balance Sheet 12M 2015
❷ Financials Financials – Balance Sheet 12M 2015 Balance Sheet Key Remarks (amounts in $ '000s) 12M 2015 3M 2016 Assets Q1 2016 Assets • Vessels net value up by $ 11 mm. mainly as a result of the delivery of 1 Cash & cash equivalents 100,063 83,911 new eco LPG vessel. Current assets excl. cash Advan
Slide 11: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Breakeven Analysis 10,000 Daily TCE ($) Daily Break Even ($) 9,310 9,083 9,283 9,034 8,929 9,000 8,708 8,000 8,335 8,166 8,112 7,820 • Our Company is consistently above breakeven in spite of a soft market environment. 7,000 6,000 6,233 6,211 6,
Slide 12: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends Seaborne LPG Export 2000-2018 US LPG Exports 40 120.0 20% 35 100.0 15% 30 Total Trade (m tonne) 80.0 10% m tonne 25 % 60.0 5% 20 15 40.0 0% 10 20.0 -5% 5 0.0 -10% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 13: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) Average Average Average % Change % Change Q1 2015 Q4 2015 Q1 2016 (Q1 15 Vs Q1 16) (Q4 15 Vs Q1 16) • Rates for small LPG’s are still at the bottom of the cycle. 7,500 PR 11,102 11,175 11,300 1.8% 1.1% 5,000 PR 8,06
Slide 14: GASS Share Performance vs Peers (March – May, 2016)
❹ Share Performance GASS Share Performance vs Peers (March – May, 2016) GASS DORIAN NAVIGATOR OIL 50.0% % change of price 40.0% 30.0% 20.0% 10.0% 0.0% 3/1/2016 3/16/2016 3/31/2016 4/15/2016 4/30/2016 -10.0% -20.0% -30.0% • Throughout 2015,virtually all stocks of our peer group exerted a strong corre
Slide 15: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE /EBITDA Q1 2017E Q2 2017E Q3 2017E Q4 2017E Total 2017E Number of Operating Vessels 56 57 59 59 59 Number of Vessels on Spot 20 20 20 20 20 TCE at 7,000-7,500 14,090 16,214 18,041 17,528 65,873 TCE at 7,500-8,000 15,93
Slide 16: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV Total Debt/ Assets EV/EBITDA (16E) BW LPG 0.91 0.44 3.3 Navigator Gas 0.94 0.40 8.1 Dorian LPG 0.63 0.45 5.6 EPIC GAS 0.32 0.46 10.9 Average 0.70 0.44 6.9 StealthGas 0.36 0.41 6.8 StealthGas deviation to comps (48.6%) (6.8%) (1.4%) Source: Sea
Slide 17: Why StealthGas?
❺Outlook Why StealthGas? Company with a Good quality of proven leading ships from best position in the yards – mainly small coastal LPG Japanese. since its IPO in Successful 2005. expansion strategy while maintaining a Conservative healthy capital chartering structure, low strategy with breakeven an