GasLog Partners LP · NYSE:GLOP/PA
GasLog Partners LP — Investor Presentation (May 2015)
28 slides from GasLog Partners LP's investor presentation, May 2015
Slide 1: GasLog Partners LP Investor Presentation
GasLog Partners LP Investor Presentation May 2015 Not For Redistribution
Slide 2: Forward Looking Statements
2 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
Slide 3: Overview of GasLog Ltd.
3 Overview of GasLog Ltd. 2001 International owner and operator of LNG carriers since 2001 2015 27.25 Vessels ~$4 billion Consolidated fleet Revenue backlog London Athens Busan (South Korea) New York Monaco Listed on NYSE since April 2012, market capitalization of ~1,100 $1.7 billion (1) employees o
Slide 4: Truly Global Experience
Truly Global Experience 4 Multi-year track record of safe, reliable & efficient LNG delivery Key ~2000+ LNG port calls Receiving Terminal visited by a GasLog managed Ship 88 terminals visited 33 countries visited 64 million tonnes of LNG shipped
Slide 5: Overview of GasLog Partners LP
5 Overview of GasLog Partners LP 1099 (no K-1s) from GasLog Ltd. GasLog Ltd. or NYSE:GLOG GasLog Partners LP Market Cap: ~$1.7bn(1) 100% of IDRs 43%(2) and GP Public 57% GasLog Partners LP Q1 2015 Annualized NYSE:GLOP Revenue $130 million Unitholders EBITDA $94 million Market Cap: ~$640mm(1) First D
Slide 6: GasLog Partners LP's Business Model
6 GasLog Partners LP’s Business Model Fixed-fee revenue contracts — No commodity price or project-specific exposure Time charters generate revenue under daily rates — No volume or production risk Strategy to acquire additional LNG carriers under long-term contract from GasLog Ltd. and third-pa
Slide 7: GasLog Partners LP Since IPO
7 GasLog Partners LP Since IPO May 2014 May 2015 3 ships under 12 $200 long- term charter million IPO vessel dropdown 5 ships under 15 vessel pipeline long- term charter dropdown pipeline(2) $1.50 cash $420 million market capitalization distribution(1) $1.738 cash $640 million distribution(1) market
Slide 8: Consistent Adjusted EBITDA and Cash Distribution Performance
Consistent Adjusted EBITDA and Cash Distribution 8 Performance, with Increased Distributable Cash Flow Adjusted EBITDA(1) ($mm) Distributable Cash Flow(1) ($mm) Annualized Cash Distribution/Unit $28.0 $16.0 $1.800 $14 $24 $24 $1.738 $1.738 $24.0 $13 $12.0 $20.0 $1.650 $16 $9 $16.0 $8.0 $12.0 $1.500
Slide 9: Prudent Distribution Coverage
9 Prudent Distribution Coverage For the three months ended (In USD millions) March 31, 2015 (1) Adjusted EBITDA $23.6 Cash interest expense excluding amortization of loan fees ($3.6) Drydocking capital reserve ($1.5) Replacement capital reserve ($4.3) Distributable cash flow (1) $14.2 (2) Other rese
Slide 10: GasLog Partners LP's Growth Visibility
GASLOG PARTNERS LP’S GROWTH VISIBILITY
Slide 11: Continued Demand for LNG Carriers
11 Continued Demand for LNG Carriers Development of LNG Liquefaction Capacity Future Shipping Requirements versus 2015 – 2020(1) Current Order Book(2) 700 350 600 300 315 (Number of Vessels) 500 250 400 200 (mtpa) 300 150 143 200 100 100 50 0 0 Total Existing Plant Under FEED Stage Total Ship Demand
Slide 12: GasLog's Conservative Supply Outlook To 2020
GasLog’s Conservative Supply Outlook To 2020 12 Continued Progress at Expected U.S. and Australian Projects(1) (2) Expected U.S. Projects Percent Secured Project Capacity First LNG(3) Contracted Financing/FID Yes for Trains 1-4 Sabine Pass (T1-5) 22.5 mtpa 90% Late 2015 (Train 5 expected in 2015) Fu
Slide 13: "GasLog 40:17" Vision
“GasLog 40:17” Vision 13 Growing GasLog into strong LNG shipping markets We will NOT: Grow for growth’s sake 2014: 27 Vessels (GasLog Ltd.+ GasLog Partners) Newbuildings Strategic M&A Energy Major disposals Opportunistic market acquisitions 2017: 40 Vessels (GasLog Ltd.+GasLog Partners) De
Slide 14: Funding The Growth
Funding The Growth 14 Recycling capital efficiently Order and contract newbuilds, which can be dropped into GasLog Partners GLOG: 22 Ships GLOP: 5 Ships Finance at GLOP $$$ when cost of capital is attractive Cash received from dropdowns creates balance sheet capacity to accelerate fleet growth
Slide 15: GasLog Partners' Multi-Year, Visible Growth Pipeline
GasLog Partners’ Multi-Year, Visible Growth Pipeline 15 Up to 35 Additional Dropdown Vessels Including GasLog 40:17 Vision(1) Vessels with >5 Year Contracts Further Parent Assets GasLog 40:17 (15 vessels) (7 vessels(2)) (13 vessels(2)) 40 27 20 Current 5 Methane Shirley Elizabeth Methane Alison Vict
Slide 16: Capitalization and Balance Sheet Capacity
16 Capitalization and Balance Sheet Capacity As of (In USD millions) March 31, 2015 Cash and cash equivalents $42.6 Short-term investments $4.0 Total $46.6 Debt: Borrowings - current portion $21.0 Borrowings - non-current portion $446.8 Total debt $467.8 Total equity: $410.3 Total capitalization: $8
Slide 17: IPO Distribution per LP Unit Guidance
17 IPO Distribution per LP Unit Guidance 10% - 15% CAGR from Initial Q2 2014 Distribution for Next Several Years Acquisition-driven business model supports distribution growth following acquisition events(1) Currently exceeding target CAGR due to 16% distribution increase in less than 4 quarters
Slide 18: Investment Highlights
18 Investment Highlights Business model generates predictable financial performance 1 and stable cash flows, despite commodity price volatility Continued momentum in LNG supply indicates positive 2 future demand for LNG shipping GasLog Partners’ dropdown pipeline provides distribution 3 growth visib
Slide 19: Q&A
Q&A
Slide 20: Appendix
APPENDIX
Slide 21: March 2015: GasLog Ltd.'s Acquisition Increases Eligible Vessels
March 2015: GasLog Ltd.’s Acquisition Increases Vessels 21 Eligible for Future Dropdown to 12 Methane Becki Anne Methane Julia Louise Acquisition Highlights First transaction of “GasLog 40:17” Vision(1) GasLog Partners has rights to acquire these vessels from GasLog Ltd. at fair market value at
Slide 22: April 2015: Newbuild Time Charters Further Increases Dropdown Pipeline
April 2015: Newbuild Time Charters Further Increases 22 Dropdown Pipeline to 15 and Potentially up to 21 Vessels Hull No. 2130(1) Hull No. 2800(1) Hull No. 2801(1) On order at Samsung On order at Hyundai On order at Hyundai (Q3-2017) (Q3-2017) (Q4-2017) Transaction Highlights Second major transact
Slide 23: Strong Contract Cover Across The GasLog Fleet
23 Strong Contract Cover Across The GasLog Fleet Capacity Ship Owned Built (mcbm) Entity Propulsion(1) Charterer 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 (2) Methane Rita Andrea 100% 2006 145,000 GLOP Steam Methane Jane Elizabeth(2) 100% 2006 145,000 GLOP Steam (2) Methane Ly
Slide 24: Appendix: Non-GAAP Reconciliations
APPENDIX: NON-GAAP RECONCILIATIONS
Slide 25: Appendix: Non-GAAP Reconciliations
25 Appendix: Non-GAAP Reconciliations Non-GAAP Financial Measures: EBITDA and ADJUSTED EBITDA EBITDA is defined as earnings before interest income and expense, gain/loss on interest rate swaps, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before foreign exchange losses/
Slide 26: Appendix: Non-GAAP Reconciliations
26 Appendix: Non-GAAP Reconciliations Reconciliation of EBITDA and Adjusted EBITDA to Profit: (Amounts expressed in U.S. Dollars) For the three months ended September 30, 2014 December 31, 2014 March 31, 2015 Attributable to the Partnership(1) Profit for the period $9,575,060 $1,146,105 $12,897,430
Slide 27: Appendix: Non-GAAP Reconciliations
27 Appendix: Non-GAAP Reconciliations Distributable cash flow with respect to any quarter means Adjusted EBITDA, as defined above, after considering cash interest expense for the period, including realized loss on interest rate swaps (if any) and excluding amortization of loan fees, estimated drydoc
Slide 28: Appendix: Non-GAAP Reconciliations
28 Appendix: Non-GAAP Reconciliations Reconciliation of Distributable Cash Flow to Profit: (Amounts expressed in U.S. Dollars) For the three months ended September 30, 2014 December 31, 2014 March 31, 2015 Attributable to the Partnership(1) Partnership’s profit for the period $9,575,060 $1,146,105 $