GasLog Partners LP · NYSE:GLOP/PA
GasLog Partners LP — Investor Presentation (December 2015)
23 slides from GasLog Partners LP's investor presentation, December 2015
Slide 1: Investor Presentation December 2015
Investor Presentation December 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: GasLog Overview
3 GasLog Overview 2001 International owner and operator of LNG carriers since 2001 2015 27 Vessels $3.8 billion Consolidated fleet Consolidated Revenue backlog London Athens Busan (South Korea) New York Monaco Singapore GasLog Ltd. April 2012 IPO ~1,100 GasLog Partners employees May 2014 IPO onshore
Slide 4: Organizational and Ownership Structure
4 Organizational and Ownership Structure GasLog Ltd. NYSE:GLOG 1099, no K-1 Market Cap: ~$800 million(1) Yield: 5.5%(1) 100% of IDRs 33%(2) and GP Q315 Annualized Revenue $206 million 67% GasLog Partners Adj. EBITDA $149 million Public NYSE:GLOP Unitholders Market Cap: ~$540 million(1) ADTV(3) 175,0
Slide 5: GasLog Partners' Business Model
5 GasLog Partners’ Business Model Fixed-fee revenue contracts − No commodity price or project-specific exposure Time charters generate revenue under daily rates − No volume or production risk Strategy to acquire additional LNG carriers under long-term contract from GasLog Ltd. and third-partie
Slide 6: GasLog Partners' Cashflow: Growth and Stability through Dropdowns and Fixed-Fee Contracts
GasLog Partners’ Cashflow: Growth and Stability 6 through Dropdowns and Fixed-Fee Contracts Adjusted EBITDA(1) ($mm) Brent Crude $120 $40 $37.3 2nd $35 $100 Dropdown Transaction $30 Quarterly Adjusted EBITDA ($MM) $80 Brent Crude Price 1st $24.2 $25 $23.6 $23.6 Dropdown Transaction $60 $20 $15.8 $15
Slide 7: We Are Exceeding Our Growth Target through Solid Execution of Our Business Model
We Are Exceeding Our Growth Target through Solid 7 Execution of Our Business Model… Annualized Cash Distribution/LP Unit $2.00 Distribution Growth Target: 10 – 15% CAGR from IPO $1.91 2nd Dropdown Transaction $1.74 $1.74 $1.74 $1.75 1st Dropdown Transaction $1.50 $1.50 $1.50 $1.25 (1) Q214 Q314 Q414
Slide 8: While Maintaining a Conservative Coverage Ratio
8 …While Maintaining a Conservative Coverage Ratio Distribution Coverage Ratio Q3 Cumulative (In USD millions) 2015 Since IPO Adjusted EBITDA(1) $37.3 $132.7 Cash interest expense ($6.2) ($23.3) Drydocking capital reserve ($2.7) ($8.3) Replacement capital reserve ($7.0) ($24.2) Distributable cash fl
Slide 9: Strong Distribution Coverage Creates Significant Flexibility for Pursuing Additional Growth
Strong Distribution Coverage Creates Significant 9 Flexibility for Pursuing Additional Growth Illustrative Annualized Cash Distribution per Unit (Based on Q315 Distributable Cash Flow of $21.5 million) $2.25 $2.13 Illustrative Cash Distribution per Unit $2.00 $1.91 $1.75 $1.50 1.37x 1.19x Q315 Cumul
Slide 10: Dropdown Pipeline Provides Visibility for Continued Distribution Growth
Dropdown Pipeline Provides Visibility for 10 Continued Distribution Growth In 2015, 5 vessels have been added to GasLog Partners’ dropdown pipeline(1) 12 vessel pipeline provides significant visibility for continued growth − Average remaining charter length of ~8.3 years May 12, 2014 (IPO) Decem
Slide 11: LNG Market Overview
LNG MARKET OVERVIEW
Slide 12: LNG Supply: Continued Progress at U.S. and Australian Liquefaction Projects
LNG Supply: Continued Progress at U.S. and 12 Australian Liquefaction Projects BP signed an SPA for a multi-year supply contracts with China Huadian Corporation Expected Australia Projects (1) Cheniere Energy agrees long-term Project Capacity Percent Secured Financing First LNG(2) supply contract wi
Slide 13: LNG Demand: Regasification Capacity Increasing to Meet New Supply
LNG Demand: Regasification Capacity Increasing to 13 Meet New Supply 70 mtpa of New Regasification Capacity (2015 - YE2016)(1) Four new countries start importing in 2015: Jordan, Egypt, Pakistan and Poland China / India / South Asia South America Project Capacity Country Start Year Project Capac
Slide 14: LNG Shipping Market: Strong Demand for Long-Term Charters
LNG Shipping Market: Strong Demand for Long- 14 Term Charters Selected Long-Term Charters Since 2014(1) Date Charterer Number of Vessels July-2014 Yamal 9 July-2014 BG 4 December-2014 Shell 5 February-2015 E.ON 1 April-2015 BG 3 June-2015 BP 3 Total 25 Reported Vessel Requirements(1) Charterer Numbe
Slide 15: GasLog Partners Summary and Outlook
15 GasLog Partners Summary and Outlook Continue to successfully execute acquisition growth strategy 1 and deliver strong operating performance 12 vessel dropdown pipeline provides significant visibility 2 for continued growth Momentum of LNG supply and demand trends provides 3 attractive long-term m
Slide 16: Appendix
APPENDIX
Slide 17: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS
Slide 18: Non-GAAP Reconciliations
18 Non-GAAP Reconciliations Non-GAAP Financial Measures: EBITDA, Adjusted EBITDA and Distributable cash flow 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 e
Slide 19: Non-GAAP Reconciliations
19 Non-GAAP Reconciliations Reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow to Profit: (Amounts expressed in U.S. Dollars) For the quarter ended(1) May 12, 2014 - September 30, 2014 December 31, 2014 March 31, 2015 June 30, 2015 September 30, 2015 June 30, 2014 Partnership’s pr
Slide 20: Non-GAAP Reconciliations
20 Non-GAAP Reconciliations Comparison of Financial Statements and Results Attributable to the Partnership: Our results and summary financial data presented below are derived from the unaudited condensed combined and consolidated financial statements of the Partnership. Prior to the closing of our I
Slide 21: Non-GAAP Reconciliations
21 Non-GAAP Reconciliations For the three months ended September 30, 2014 GasLog's Attributable (Amounts expressed in U.S. Dollars) Total Operations to the Partnership Revenues $29,786,179 $21,335,455 $51,121,634 Vessel operating costs ($7,003,340) ($3,645,946) ($10,649,286) Depreciation ($7,092,747
Slide 22: Non-GAAP Reconciliations
22 Non-GAAP Reconciliations For the three months ended June 30, 2015 GasLog's Attributable (Amounts expressed in U.S. Dollars) Total Operations to the Partnership Revenues $15,105,935 $32,942,771 $48,048,706 Vessel operating costs ($4,734,232) ($7,098,887) ($11,833,119) Depreciation ($4,037,656) ($6
Slide 23: Non-GAAP Reconciliations
23 Non-GAAP Reconciliations For the three months ended September 30, 2015 GasLog's Attributable (Amounts expressed in U.S. Dollars) Total Operations to the Partnership Revenues - $51,452,562 $51,452,562 Vessel operating costs - ($10,791,334) ($10,791,334) Depreciation - ($11,098,875) ($11,098,875) G
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