Monaco, July 27, 2017, GasLog
Partners LP ("GasLog Partners" or the "Partnership") (NYSE:
GLOP), an international owner and operator of liquefied natural
gas ("LNG") carriers, today reported its financial results for the
three-month period ended June 30, 2017.
Highlights
· Completed
the acquisition of the GasLog Greece from GasLog Ltd. ("GasLog")
for $219.0 million, with attached multi-year charter to a
subsidiary of Royal Dutch Shell plc
("Shell").· Announced
and, post quarter-end, completed the acquisition of the GasLog
Geneva from GasLog for $211.0 million, with attached multi-year
charter to a subsidiary of
Shell.· Completed
public offering of 8.625% Series A Cumulative Redeemable Perpetual
Fixed to Floating Rate Preference Units (the "Series A Preference
Units"), raising gross proceeds of $143.8 million and net proceeds
of $138.8
million.· Commenced
an "at-the-market" common equity offering programme ("ATM
Programme") of up to $100.0 million, raising cumulative net
proceeds of $11.0 million since inception.
· Quarterly
Revenues, Profit, Adjusted Profit(1) and EBITDA(1) of $65.3
million, $20.6 million, $22.4 million and $47.4 million,
respectively.· Highest-ever
quarterly Partnership Performance(2) Results for Revenues and
EBITDA(1) of $62.6 million and $45.2 million,
respectively.· Increased
cash distribution of $0.51 per common unit for the second quarter
of 2017, 2% higher than the first quarter of 2017 and 7% higher
than the second quarter of
2016.· Prepaid
$60.1 million of debt and repaid the $15.0 million drawn under our
revolving credit facility with
GasLog.· Distribution
coverage ratio(3) of 1.12x.
(1) Adjusted Profit
and EBITDA are non-GAAP financial measures, and should not be used
in isolation or as a substitute for GasLog Partners' financial
results presented in accordance with International Financial
Reporting Standards ("IFRS"). For definition and reconciliation of
these measures to the most directly comparable financial measures
calculated and presented in accordance with IFRS, please refer to
Exhibit III at the end of this press
release.(2) Partnership
Performance represents the results attributable to GasLog Partners
which are non-GAAP financial measures. For definition and
reconciliation of these measures to the most directly comparable
financial measures calculated and presented in accordance with
IFRS, please refer to Exhibit II at the end of this press
release.(3) Distribution
coverage ratio represents the ratio of Distributable cash flow to
the cash distribution declared. For definition and reconciliation
of Distributable cash flow to the most directly comparable
financial measure calculated and presented in accordance with IFRS,
please refer to Exhibit III at the end of this press release.
CEO Statement
Mr. Andrew Orekar, Chief Executive Officer, commented:
"Following the successful acquisition of the GasLog Greece, GasLog
Partners delivered our highest-ever quarterly Partnership
Performance Results for Revenues and EBITDA, among other metrics.
As a result of our performance, we are increasing our cash
distribution by 2% from the first quarter of 2017 to $0.51 per
unit. With this increase, the Partnership has grown distributions
per unit by 7% year-on-year and by 36% since our initial public
offering ("IPO"), representing an 11% compound annual growth rate.
Our track record of growth despite continued energy market
volatility highlights the strength of GasLog Partners' business
model, which provides cash flow stability with growth through
acquisitions.
In the second quarter, our Series A Preference Units and initial
ATM Programme offerings generated significant proceeds for growth
and increased liquidity. Following these capital raisings, we
announced the $211.0 million acquisition of the GasLog Geneva,
which closed on July 3, 2017. The acquisition expands the
Partnership's fleet to 11 wholly owned LNG carriers, extends our
average remaining charter duration and is supportive of our
guidance to grow unitholder distributions at a 10% to 15% compound
annual rate from IPO through 2017. The Partnership expects to
provide distribution guidance for 2018 later this year.
We are pleased with this quarter's operating performance and the
continued growth of the Partnership's cash flows and
distributions."
Acquisition of the GasLog Greece
On May 3, 2017, GasLog Partners acquired from GasLog 100% of the
shares in the entity that owns and charters the GasLog Greece. The
GasLog Greece is a 174,000 cubic meter ("cbm") tri-fuel diesel
electric ("TFDE") LNG carrier built in 2016 and operated by GasLog
since delivery. The vessel is currently on a multi-year time
charter with Shell through March 2026 and Shell has an option to
extend the charter for a period of five years.
The aggregate purchase price for the acquisition was $219.0
million, which included $1.0 million for positive net working
capital balances transferred with the vessel. GasLog Partners
financed the acquisition with cash on hand, including proceeds from
our equity offering in January 2017, and the assumption of the
GasLog Greece's outstanding indebtedness of $151.4 million.
Acquisition of the GasLog Geneva
On July 3, 2017, GasLog Partners acquired from GasLog 100% of
the shares in the entity that owns and charters the GasLog Geneva.
The GasLog Geneva is a 174,000 cbm TFDE LNG carrier built in 2016
and operated by GasLog since delivery. The vessel is currently on a
multi-year time charter with a subsidiary of Shell through
September 2023 and Shell has two consecutive extension options
which, if exercised, would extend the charter for a period of
either five or eight years.
The aggregate purchase price for the acquisition was $211.0
million, which included $1.0 million for positive net working
capital balances transferred with the vessel. GasLog Partners
financed the acquisition with cash on hand, including proceeds from
the Series A Preference Units offering, and the assumption of the
GasLog Geneva's outstanding indebtedness of $155.0 million.
Issuance of Series A Preference Units
On May 15, 2017, GasLog Partners completed a public offering of
5,750,000 8.625% Series A Preference Units (including 750,000 units
issued upon the exercise in full by the underwriters of their
option to purchase additional Series A Preference Units),
liquidation preference $25.00 per unit, at a price to the public of
$25.00 per preference unit. The net proceeds from the offering
after deducting underwriting discounts, commissions and other
offering expenses were $138.8 million. The Series A Preference
Units are listed on the New York Stock Exchange under the symbol
"GLOP PR A". The initial distribution on the Series A Preference
Units will be payable on September 15, 2017.
Launch of ATM Common Equity Offering
Programme
On May 16, 2017, GasLog Partners commenced an ATM Programme
under which the Partnership may, from time to time, raise equity
through the issuance and sale of new common units having an
aggregate offering price of up to $100.0 million in accordance with
the terms of an equity distribution agreement entered into on the
same date. Citigroup Global Markets Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC
and Morgan Stanley & Co. LLC have agreed to act as sales
agents. From establishment of the ATM Programme through June 30,
2017, GasLog Partners had issued and received payment for 410,877
common units at a weighted average price of $22.68 per common unit
for total net proceeds of $8.8 million, after broker commissions of
$0.2 million and other expenses of $0.3 million. In connection with
the issuance of common units under the ATM Programme during this
period, the Partnership also issued 8,385 general partner units to
its general partner in order for GasLog to retain its 2.0% general
partner interest. The net proceeds from the issuance of the general
partner units were $0.2 million. In the period from July 1, 2017
through July 6, 2017, GasLog Partners issued and received payment
for an additional 94,367 common units at a weighted average price
of $22.91 per unit for net proceeds of $2.1 million, after broker
commissions of $0.03 million. The issuance of these units fulfilled
contractual commitments entered into on or before June 30, 2017. In
connection with the issuance of common units during this subsequent
period, the Partnership also issued 1,926 general partner units to
its general partner in order for GasLog to retain its 2.0% general
partner interest, the net proceeds of which were $0.04 million.
Financial Summary
|
|
IFRS Common Control Reported Results(1) |
|
|
|
For the three months ended |
|
% Change from |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
June 30,2016 |
|
March 31, 2017 |
|
June 30,2017 |
|
June 30,2016 |
|
March 31, 2017 |
|
Revenues |
|
64,049 |
|
64,553 |
|
65,270 |
|
2% |
|
1% |
|
Profit |
|
22,529 |
|
24,345 |
|
20,561 |
|
(9% |
) |
(16% |
) |
Adjusted Profit(2) |
|
23,054 |
|
23,697 |
|
22,418 |
|
(3% |
) |
(5% |
) |
EBITDA(2) |
|
46,932 |
|
48,188 |
|
47,440 |
|
1% |
|
(2% |
) |
(1) "IFRS Common
Control Reported Results" represent the results of GasLog Partners
in accordance with IFRS. Such results include amounts related to
vessels currently owned by the Partnership for the periods prior to
their respective transfer to GasLog Partners from GasLog, as the
transfers of such vessels was accounted for as a reorganization of
entities under common control for IFRS accounting purposes. The
unaudited condensed consolidated financial statements of the
Partnership accompanying this press release are prepared under IFRS
on this basis.
(2) Adjusted Profit
and EBITDA are non-GAAP financial measures. For definition and
reconciliation of these measures to the most directly comparable
financial measure presented in accordance with IFRS, please refer
to Exhibit III at the end of this press release.
The decrease in profit in the second quarter of 2017 as compared
to the first quarter of 2017 is mainly attributable to an increase
of $2.4 million in loss on interest rate swaps, combined with an
increase in operating expenses of $1.3 million.
The decrease in profit in the second quarter of 2017 as compared
to the same period in 2016 is attributable to an increase of $2.3
million in net financial costs, mainly due to increased interest
expense and loss on interest rate swaps in the three months ended
June 30, 2017, partially offset by an increase in profit from
operations of $0.4 million.
|
|
Partnership Performance Results(1) |
|
|
|
For the three months ended |
|
% Change from |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
June 30,2016 |
|
March 31, 2017 |
|
June 30,2017 |
|
June 30,2016 |
|
March 31, 2017 |
|
Revenues |
|
49,636 |
|
56,993 |
|
62,582 |
|
26% |
|
10% |
|
Profit |
|
17,383 |
|
21,022 |
|
19,358 |
|
11% |
|
(8% |
) |
Adjusted Profit(2) |
|
17,383 |
|
20,374 |
|
21,215 |
|
22% |
|
4% |
|
EBITDA(2) |
|
35,560 |
|
42,026 |
|
45,220 |
|
27% |
|
8% |
|
Distributable cash flow(2) |
|
19,837 |
|
23,496 |
|
23,255 |
|
17% |
|
(1% |
) |
Cash
distributions declared |
|
17,077 |
|
20,121 |
|
20,853 |
|
22% |
|
4% |
|
(1) "Partnership
Performance Results" represent the results attributable to GasLog
Partners. Such results are non-GAAP measures and exclude amounts
related to vessels currently owned by the Partnership for the
periods prior to their respective transfers to GasLog Partners from
GasLog, as the Partnership is not entitled to the cash or results
generated in the periods prior to such transfers. Such results are
included in the GasLog Partners' results in accordance with IFRS
because the transfer of the vessel owning entities by GasLog to the
Partnership represents a reorganization of entities under common
control and the Partnership reflects such transfers retroactively
under IFRS. GasLog Partners believes that these non-GAAP financial
measures provide meaningful supplemental information to both
management and investors regarding the financial and operating
performance of the Partnership necessary to understand the
underlying basis for the calculations of the quarterly distribution
and earnings per unit, which similarly exclude the results of
vessels prior to their transfer to the Partnership. These non-GAAP
financial measures should not be viewed in isolation or as
substitutes to the equivalent GAAP measures presented in accordance
with IFRS, but should be used in conjunction with the most directly
comparable IFRS Common Control Reported Results. For definitions
and reconciliations of these measurements to the most directly
comparable financial measures presented in accordance with IFRS,
please refer to Exhibit II at the end of this press release.
(2) Adjusted Profit,
EBITDA and Distributable cash flow are non-GAAP financial measures,
and should not be used in isolation or as a substitute for GasLog
Partners' financial results presented in accordance with IFRS. For
definition and reconciliation of these measures to the most
directly comparable financial measures calculated and presented in
accordance with IFRS, please refer to Exhibit III at the end of
this press release.
The decrease in profit in the second quarter of 2017 as compared
to the first quarter of 2017 is mainly attributable to an increase
of $3.8 million in net financial costs (comprising financial costs
and loss on interest rate swaps, net of financial income) and an
increase of $1.3 million in operating expenses of the existing
fleet, partially offset by the $3.1 million profit from operations
of the GasLog Greece, which was acquired by the Partnership on May
3, 2017.
The increase in profit for the second quarter of 2017 as
compared to the same period in 2016 is attributable to the $6.7
million profit from operations of the GasLog Seattle and the GasLog
Greece, acquired by the Partnership on November 1, 2016 and May 3,
2017, respectively, and to the $0.5 million increase in profit from
operations of the existing fleet, which were partially offset by
the $5.2 million increase in net financial costs (comprising
financial costs and loss on interest rate swaps, net of financial
income) resulting from the valuation of the interest rate swaps and
the increased weighted average outstanding debt.
Cash Distribution
On July 26, 2017, the board of directors of GasLog Partners
approved and declared a quarterly cash distribution of $0.51 per
common unit for the quarter ended June 30, 2017. The cash
distribution is payable on August 11, 2017 to all unitholders of
record as of August 7, 2017.
End of Subordination Period
On May 16, 2017, the subordination period of the subordinated
units held by GasLog expired and consequently all 9,822,358
subordinated units converted into common units on a one-for-one
basis and now participate pro rata with all other outstanding
common units in distributions of available cash.
Liquidity and Financing
As of June 30, 2017, we had $209.1 million of cash and cash
equivalents, of which $161.1 million is held in current accounts
and $48.0 million was held in time deposits.
As of June 30, 2017, we had an aggregate of $922.6 million of
indebtedness outstanding under our credit facilities, of which
$85.1 million is repayable within one year. In addition, we had
unused availability under our revolving credit facilities of $42.9
million.
On April 3, 2017, the Partnership signed a deed of termination
with respect to its revolving credit facility with GasLog. On the
same date, the Partnership entered into a new unsecured five-year
term loan of $45.0 million and a new five-year revolving credit
facility of $30.0 million with GasLog. On April 5, 2017, an amount
of $45.0 million under the term loan facility and an amount of
$15.0 million under the revolving credit facility were drawn by the
Partnership and were used on the same date to prepay $60.1 million
of the outstanding debt of GAS-nineteen Ltd., GAS-twenty Ltd. and
GAS-twenty one Ltd. under the junior tranche of the credit
agreement that subsidiaries of the Partnership and GasLog entered
into on February 18, 2016 (the "Five Vessel Refinancing"), which
would have been originally due in April 2018. The outstanding
amount of $15.0 million under the revolving credit facility was
repaid by the Partnership on May 22, 2017 following the issuance of
the Series A Preference Units.
On May 3, 2017, in connection with the acquisition of GAS-eleven
Ltd., the entity that owns the GasLog Greece, the Partnership paid
GasLog $66.6 million representing the difference between the $219.0
million aggregate purchase price and the $151.4 million of
outstanding indebtedness of the acquired entity assumed by GasLog
Partners less an adjustment of $1.0 million in order to maintain
the agreed working capital position in the acquired entity of $1.0
million.
On July 3, 2017, in connection with the acquisition of
GAS-thirteen Ltd., the entity that owns the GasLog Geneva, the
Partnership paid GasLog $55.0 million representing the difference
between the $211.0 million aggregate purchase price and the $155.0
million of outstanding indebtedness of the acquired entity assumed
by GasLog Partners less an adjustment of $1.0 million in order to
maintain the agreed working capital position in the acquired entity
of $1.0 million.
The Partnership has entered into three interest rate swap
agreements with GasLog at a notional value of $390.0 million in
aggregate, maturing between 2020 and 2022. As of June 30, 2017, the
Partnership has hedged 41.6% of its floating interest rate exposure
on its outstanding debt at a weighted average interest rate of
approximately 1.6% (excluding margin).
As of June 30, 2017, our current assets totaled $218.0 million
and current liabilities totaled $123.6 million, resulting in a
positive working capital position of $94.4 million.
The GasLog Santiago, the GasLog Sydney and the GasLog Seattle
are expected to carry out scheduled dry-dockings during the first,
second and fourth quarters of 2018, respectively. In addition to
the normal cost of the dry-dockings for which provisions are made
through our dry-docking reserves in our Distributable cash flow
calculations, we plan to make certain investments in the vessels
with the aim of enhancing their operational performance at a total
cost of approximately $25 million, which is expected to be
capitalized as part of the respective vessel's cost.
LNG Market Update and Outlook
During the quarter, there has been continued momentum in the
start-up of new LNG liquefaction capacity with the fourth train at
Sabine Pass commencing commercial production. Later this year,
Wheatstone in Australia and Cove Point on the east coast of the
U.S. are expected to start production. In total, Wood Mackenzie
estimates that there will be projects with approximately 28 million
tonnes per annum ("mtpa") of nameplate capacity coming online in
2017. In addition, Shell's 3.2 mtpa floating liquefaction facility
"Prelude" departed Samsung Heavy Industries en route to the Browse
Basin, offshore Australia.
Sabine Pass shipped 48 cargoes in the second quarter of 2017,
around four times as many as the same period in 2016, demonstrating
the significant ramp-up of the facility as new trains have come
online. Since start-up, the facility has shipped LNG to over 20
different countries, which include most recently Thailand,
Pakistan, Taiwan, Poland and the UK. The diversity in cargo
destination has meant that the average distance travelled for U.S.
cargoes has been almost 8,000 nautical miles, approximately double
the global long-term average, which is positive for shipping
demand.
Some off-takers from projects currently under development are
yet to secure all of their shipping requirements, leading to
increased tender activity in the medium and longer term charter
markets. These tenders include requirements for both newbuild
vessels and on-the-water vessels with the latter being positive in
terms of absorbing the current oversupply in the spot market.
Growing LNG supply has to date been met by increased demand in
both new and existing markets. For example, Japan and South Korea,
the two largest LNG importing nations, have increased their LNG
imports in the first half of 2017 by 10% and 18%, respectively,
versus the same period in 2016. The new South Korean President Moon
Jae-in has committed to cease production of certain existing
coal-fired power plants, to halt construction of new coal and
nuclear power plants and not to extend the lifespan of ageing
nuclear reactors, all of which are expected to drive future LNG
demand in the country.
Demand in the first half of 2017 in emerging LNG markets such as
China (+35%) and Pakistan (+46%) has risen sharply over the same
period last year. Pakistan's Petroleum Minister said in July that
the country could import over 30 mtpa by 2022 (compared to 4.5 mtpa
currently), which would make Pakistan the fifth-largest importer in
the world based on current levels of consumption.
Looking longer term, while final investment decisions ("FIDs")
for new liquefaction projects in the current environment continue
to be very limited, there have been a number of encouraging recent
developments. For example, ENI took a FID on the 3.3 mtpa Coral
South LNG project offshore Mozambique in June 2017, with BP having
signed an agreement to purchase 100% of the LNG produced in late
2016. In addition, at the end of this quarter, the US Department of
Energy authorized an additional 2.5 mtpa of exports from the Lake
Charles project in Louisiana, bringing total authorized exports to
17.5 mtpa. In the same month, Energy Transfer, Korean Gas
Corporation and Shell signed a memorandum of understanding to study
joint participation in this project.
Post quarter-end, Qatar Petroleum announced its intention to
increase LNG production to 100 mtpa from 77 mtpa today by doubling
the size of the new gas project in the southern sector of the North
Field.
A number of markets that do not currently import gas are
exploring LNG as an alternative to oil and coal or to replace
declining domestic supply. Many countries with growing power
demand, such as Ivory Coast, South Africa, Bangladesh and Myanmar,
are looking at floating storage and re-gasification units ("FSRU")
as a quick-to-market, cost-effective solution to import LNG. Other
countries with FSRUs already in place, such as Pakistan, are
looking at expanding their use of FSRUs due to the successful
commissioning and effective operations of the existing units. FSRUs
continue to dominate new import markets as a quicker to build, more
flexible and lower cost alternative to an onshore facility. Many
producers and marketers of LNG appear to be focusing their
attention on FSRUs as a key enabler in creating new markets for
their LNG.
In the shorter term LNG shipping market, TFDE headline rates
have increased year on year, but remain below mid-cycle rates at
around $35,000-$40,000 per day, according to Clarksons. Whilst a
recovery in spot rates to mid-cycle levels is taking longer than
anticipated, we continue to see a greater number of fixtures in
2017 compared to the same period in 2016 and increasing signs of
seasonality, both of which point to a tightening market. Over time,
this market tightening should be helped by the low level of new
vessel orders, which stand at 7 for 2017 year to date including
four vessels ordered for the Yamal project post quarter-end.
Conference Call
GasLog Partners will host a conference call to discuss its
results at 8:30 a.m. EDT (1:30 p.m. BST) on Thursday, July 27,
2017. Andrew Orekar, Chief Executive Officer, and Alastair Maxwell,
Chief Financial Officer, will review the Partnership's operational
and financial performance for the period. Management's
presentation will be followed by a Q&A session.
The dial-in numbers for the conference call are as follows:+1
855 253 8928 (USA) +44 20 3107 0289 (United Kingdom) +33 1 70 80 71
53 (France)
Conference ID: 51480551
A live webcast of the conference call will also be available on
the investor relations page of the Partnership's website at
http://www.gaslogmlp.com/investor-relations.
For those unable to participate in the conference call, a replay
will also be available from 2:00 p.m. EDT (7:00 p.m. BST) on
Thursday, July 27, 2017 until 11:59 p.m. EDT (4:59 a.m. BST) on
Thursday, August 3, 2017.
The replay dial-in numbers are as follows:+1 855 859 2056
(USA)+44 20 3107 0235 (United Kingdom) +33 1 70 80 71 79
(France)
Conference ID: 51480551 The replay
will also be available via a webcast on the investor relations page
of the Partnership's website at
http://www.gaslogmlp.com/investor-relations.
About GasLog Partners
GasLog Partners is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
multi-year charters. GasLog Partners' fleet consists of 11 LNG
carriers with an average carrying capacity of approximately 154,000
cbm. GasLog Partners' principal executive offices are located at
Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. Visit
GasLog Partners' website at http://www.gaslogmlp.com
Forward-Looking Statements
All statements in this press release 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 developments that the Partnership expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and outcomes to differ
include, but are not limited to, the following:
- general LNG shipping market conditions and trends, including
spot and long-term charter rates, ship values, factors affecting
supply and demand of LNG and LNG shipping, technological
advancements and opportunities for the profitable operations of LNG
carriers;
- continued low prices for crude oil and petroleum products and
volatility in gas prices;
- our ability to leverage GasLog's relationships and reputation
in the shipping industry;
- our ability to enter into time charters with new and existing
customers;
- changes in the ownership of our charterers;
- our customers' performance of their obligations under our time
charters and other contracts;
- our future operating performance, financial condition,
liquidity and cash available for dividends and distributions;
- our ability to purchase vessels from GasLog in the future;
- our ability to obtain financing to fund capital expenditures,
acquisitions and other corporate activities, funding by banks of
their financial commitments, funding by GasLog of the revolving
credit facility with GasLog entered into on April 3, 2017 and our
ability to meet our restrictive covenants and other obligations
under our credit facilities;
- future, pending or recent acquisitions of ships or other
assets, business strategy, areas of possible expansion and expected
capital spending or operating expenses;
- our expectations about the time that it may take to construct
and deliver newbuildings and the useful lives of our ships;
- number of off-hire days, dry-docking requirements and insurance
costs;
- fluctuations in currencies and interest rates;
- our ability to maintain long-term relationships with major
energy companies;
- our ability to maximize the use of our ships, including the
re-employment or disposal of ships no longer under time charter
commitments, including the risk that our vessels may no longer have
the latest technology at such time;
- environmental and regulatory conditions, including changes in
laws and regulations or actions taken by regulatory
authorities;
- the expected cost of, and our ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, requirements imposed by classification societies and
standards imposed by our charterers applicable to our
business;
- risks inherent in ship operation, including the discharge of
pollutants;
- GasLog's ability to retain key employees and provide services
to us, and the availability of skilled labor, ship crews and
management;
- potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists;
- potential liability from future litigation;
- our business strategy and other plans and objectives for future
operations;
- any malfunction or disruption of information technology systems
and networks that our operations rely on or any impact of a
possible cybersecurity breach; and
- other risks and uncertainties described in the Partnership's
Annual Report on Form 20-F filed with the SEC on February 13, 2017,
available at http://www.sec.gov.
We undertake no obligation to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events, a change in our
views or expectations or otherwise. New factors emerge from time to
time, and it is not possible for us to predict all of these
factors. Further, we cannot assess the impact of each such factor
on our business or the extent to which any factor, or combination
of factors, may cause actual results to be materially different
from those contained in any forward-looking statement.
The declaration and payment of distributions are at all times
subject to the discretion of our board of directors and will depend
on, amongst other things, risks and uncertainties described above,
restrictions in our credit facilities, the provisions of Marshall
Islands law and such other factors as our board of directors may
deem relevant.
Contacts:Alastair MaxwellChief Financial OfficerPhone:
+44-203-388-3100
Jamie BucklandHead of Investor RelationsPhone:
+44-203-388-3116Email: ir@gaslogmlp.com
Samaan AzizInvestor Relations ManagerPhone:
+1-212-223-0643Email: ir@gaslogmlp.com
EXHIBIT I - Unaudited Interim Financial Information: IFRS
Common Control Reported Results
Unaudited condensed consolidated statements of financial
positionAs of December 31, 2016 and June 30, 2017(All
amounts expressed in thousands of U.S. Dollars, except unit
data)
|
|
|
|
|
|
December 31, 2016 |
|
|
June 30, 2017 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
|
Other non-current
assets |
|
|
|
|
|
928 |
|
|
176 |
|
Derivative financial
instruments |
|
|
|
|
|
6,008 |
|
|
3,749 |
|
Vessels |
|
|
|
|
|
1,624,494 |
|
|
1,599,171 |
|
Total non-current
assets |
|
|
|
|
|
1,631,430 |
|
|
1,603,096 |
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
|
|
3,412 |
|
|
2,703 |
|
Inventories |
|
|
|
|
|
2,257 |
|
|
2,240 |
|
Due from related
parties |
|
|
|
|
|
4,266 |
|
|
2,542 |
|
Prepayments and other
current assets |
|
|
|
|
|
905 |
|
|
1,358 |
|
Short-term
investments |
|
|
|
|
|
3,000 |
|
|
- |
|
Cash and cash
equivalents |
|
|
|
|
|
53,235 |
|
|
209,144 |
|
Total current
assets |
|
|
|
|
|
67,075 |
|
|
217,987 |
|
Total assets |
|
|
|
|
|
1,698,505 |
|
|
1,821,083 |
|
Partners' equity and
liabilities |
|
|
|
|
|
|
|
|
|
|
Partners'
equity |
|
|
|
|
|
|
|
|
|
|
Owners' capital |
|
|
|
|
|
50,803 |
|
|
- |
|
Common unitholders
(24,572,358 units issued and outstanding as of December 31, 2016
and 38,675,593 units issued and outstanding as of June 30,
2017) |
|
|
|
|
|
565,408 |
|
|
702,445 |
|
Subordinated
unitholders (9,822,358 units issued and outstanding as of December
31, 2016 and nil units issued and outstanding as of June 30,
2017) |
|
|
|
|
|
60,988 |
|
|
- |
|
General partner
(701,933 units issued and outstanding as of December 31, 2016 and
789,298 units issued and outstanding as of June 30, 2017) |
|
|
|
|
|
10,095 |
|
|
11,073 |
|
Incentive distribution
rights |
|
|
|
|
|
5,878 |
|
|
5,764 |
|
Preference unitholders
(nil units issued and outstanding as of December 31, 2016 and
5,750,000 units issued and outstanding as of June 30, 2017) |
|
|
|
|
|
- |
|
|
140,331 |
|
Total partners'
equity |
|
|
|
|
|
693,172 |
|
|
859,613 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts
payable |
|
|
|
|
|
1,517 |
|
|
3,911 |
|
Due to related
parties |
|
|
|
|
|
1,390 |
|
|
272 |
|
Derivative financial
instruments |
|
|
|
|
|
1,836 |
|
|
786 |
|
Other payables and
accruals |
|
|
|
|
|
33,722 |
|
|
33,575 |
|
Borrowings-current
portion |
|
|
|
|
|
56,020 |
|
|
85,091 |
|
Total current
liabilities |
|
|
|
|
|
94,485 |
|
|
123,635 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
|
Borrowings-non-current
portion |
|
|
|
|
|
910,666 |
|
|
837,545 |
|
Other non-current
liabilities |
|
|
|
|
|
182 |
|
|
290 |
|
Total non-current
liabilities |
|
|
|
|
|
910,848 |
|
|
837,835 |
|
Total partners' equity
and liabilities |
|
|
|
|
|
1,698,505 |
|
|
1,821,083 |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit or
lossFor the three and six months ended June 30, 2016 and
June 30, 2017(All amounts expressed in thousands of U.S.
Dollars, except per unit data)
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
|
|
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2016 |
|
June 30, 2017 |
|
Revenues |
|
|
|
64,049 |
|
65,270 |
|
120,354 |
|
129,823 |
|
Vessel operating
costs |
|
|
|
(13,042 |
) |
(13,710 |
) |
(25,885 |
) |
(26,085 |
) |
Voyage expenses and
commissions |
|
|
|
(957 |
) |
(819 |
) |
(1,781 |
) |
(1,629 |
) |
Depreciation |
|
|
|
(13,861 |
) |
(13,991 |
) |
(26,440 |
) |
(27,828 |
) |
General and administrative
expenses |
|
|
|
(3,118 |
) |
(3,301 |
) |
(6,090 |
) |
(6,481 |
) |
Profit from
operations |
|
|
|
33,071 |
|
33,449 |
|
60,158 |
|
67,800 |
|
Financial costs |
|
|
|
(9,576 |
) |
(10,782 |
) |
(17,913 |
) |
(20,931 |
) |
Financial income |
|
|
|
24 |
|
230 |
|
42 |
|
350 |
|
Loss on interest rate
swaps |
|
|
|
(990 |
) |
(2,336 |
) |
(3,892 |
) |
(2,313 |
) |
Total other expenses,
net |
|
|
|
(10,542 |
) |
(12,888 |
) |
(21,763 |
) |
(22,894 |
) |
Profit for the
period |
|
|
|
22,529 |
|
20,561 |
|
38,395 |
|
44,906 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to
GasLog's operations |
|
|
|
(5,146 |
) |
(1,203 |
) |
(4,821 |
) |
(4,526 |
) |
Profit attributable
to Partnership's operations |
|
|
|
17,383 |
|
19,358 |
|
33,574 |
|
40,380 |
|
Partnership's profit
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Common units |
|
|
|
11,295 |
|
17,349 |
|
21,974 |
|
32,073 |
|
Subordinated units |
|
|
|
5,084 |
|
N/A |
|
9,891 |
|
5,085 |
|
General partner
units |
|
|
|
348 |
|
357 |
|
672 |
|
777 |
|
Incentive distribution
rights |
|
|
|
656 |
|
103 |
|
1,037 |
|
896 |
|
Preference units |
|
|
|
- |
|
1,549 |
|
- |
|
1,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per unit
for the period (basic and diluted): |
|
|
|
|
|
|
|
|
|
|
|
Common unit (basic and
diluted) |
|
|
|
0.52 |
|
0.45 |
|
1.01 |
|
0.98 |
|
Subordinated unit |
|
|
|
0.52 |
|
N/A |
|
1.01 |
|
0.52 |
|
General partner
unit |
|
|
|
0.54 |
|
0.46 |
|
1.04 |
|
1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of cash
flowsFor the six months ended June 30, 2016 and June 30,
2017(All amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
|
|
For the six months ended |
|
|
|
|
|
|
|
June 30, 2016 |
|
|
June 30, 2017 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
Profit for the
period |
|
|
|
|
|
38,395 |
|
|
44,906 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
26,440 |
|
|
27,828 |
|
Financial costs |
|
|
|
|
|
17,913 |
|
|
20,931 |
|
Financial income |
|
|
|
|
|
(42 |
) |
|
(350 |
) |
Unrealized loss on
interest rate swaps held for trading |
|
|
|
|
|
2,617 |
|
|
1,209 |
|
Recycled loss of cash
flow hedges reclassified to profit or loss |
|
|
|
|
|
287 |
|
|
- |
|
Share-based
compensation |
|
|
|
|
|
204 |
|
|
371 |
|
|
|
|
|
|
|
85,814 |
|
|
94,895 |
|
Movements in working
capital |
|
|
|
|
|
11,534 |
|
|
1,014 |
|
Cash provided by
operations |
|
|
|
|
|
97,348 |
|
|
95,909 |
|
Interest paid |
|
|
|
|
|
(12,909 |
) |
|
(19,098 |
) |
Net cash provided by
operating activities |
|
|
|
|
|
84,439 |
|
|
76,811 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Payments for vessels'
additions |
|
|
|
|
|
(170,759 |
) |
|
(38 |
) |
Financial income
received |
|
|
|
|
|
29 |
|
|
350 |
|
Maturity of short-term
investments |
|
|
|
|
|
- |
|
|
3,000 |
|
Net cash (used
in)/provided by investing activities |
|
|
|
|
|
(170,730 |
) |
|
3,312 |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings
drawdowns |
|
|
|
|
|
469,707 |
|
|
60,000 |
|
Borrowings
repayments |
|
|
|
|
|
(330,750 |
) |
|
(104,937 |
) |
Payment of loan
issuance costs |
|
|
|
|
|
(9,070 |
) |
|
(1,499 |
) |
Cash payment to GasLog
in exchange for contribution of net assets |
|
|
|
|
|
- |
|
|
(66,643 |
) |
Proceeds from public
offerings and issuances of common units and general partner units
(net of underwriting discounts and commissions) |
|
|
|
|
|
- |
|
|
89,649 |
|
Proceeds from public
offering and issuance of preference units (net of underwriting
discounts and commissions) |
|
|
|
|
|
- |
|
|
139,222 |
|
Payment of offering
costs |
|
|
|
|
|
(26 |
) |
|
(336 |
) |
Distributions paid |
|
|
|
|
|
(31,423 |
) |
|
(39,670 |
) |
Dividend paid to GasLog
before vessel dropdown |
|
|
|
|
|
(7,800 |
) |
|
- |
|
Net cash provided by
financing activities |
|
|
|
|
|
90,638 |
|
|
75,786 |
|
Increase in cash and
cash equivalents |
|
|
|
|
|
4,347 |
|
|
155,909 |
|
Cash and cash
equivalents, beginning of the period |
|
|
|
|
|
62,677 |
|
|
53,235 |
|
Cash and cash
equivalents, end of the period |
|
|
|
|
|
67,024 |
|
|
209,144 |
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
Non-GAAP Financial Measures:
Reconciliation of Partnership Performance Results to IFRS
Common Control Reported Results in our Financial
Statements:
Our Partnership Performance Results presented below are non-GAAP
measures and exclude amounts related to GAS-seven Ltd. (the owner
of the GasLog Seattle) and GAS-eleven Ltd. (the owner of the GasLog
Greece), for the periods prior to their transfers to the
Partnership on November 1, 2016 and May 3, 2017, respectively.
While such amounts are reflected in the Partnership's unaudited
condensed consolidated financial statements because the transfers
to the Partnership were accounted for as reorganizations of
entities under common control under IFRS. GAS-seven Ltd. and
GAS-eleven Ltd. were not owned by the Partnership prior to their
respective transfers to the Partnership in November 2016 and May
2017, and accordingly the Partnership was not entitled to the cash
or results generated in the periods prior to such transfers.
Our IFRS Common Control Reported Results presented
below include the accounts of the Partnership and its subsidiaries.
Transfers of vessel owning subsidiaries from GasLog are accounted
for as reorganizations of entities under common control and the
Partnership's consolidated financial statements are restated to
reflect such subsidiaries from the date of their incorporation by
GasLog as they were under the common control of GasLog.
GasLog Partners believes that these non-GAAP financial measures
provide meaningful supplemental information to both management and
investors regarding the financial and operating performance of the
Partnership which is necessary to understand the underlying basis
for the calculations of the quarterly distribution and the earnings
per unit, which similarly exclude the results of acquired vessels
prior to their transfer to the Partnership. These non-GAAP
financial measures should not be viewed in isolation or as
substitutes for the equivalent GAAP measures presented in
accordance with IFRS, but should be used in conjunction with the
most directly comparable IFRS Common Control Reported Results.
|
|
|
|
For the three months ended June 30, 2016 |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
|
|
Results attributable to GasLog |
|
Partnership Performance Results |
|
IFRS Common Control Reported Results |
|
Revenues |
|
|
|
14,413 |
|
49,636 |
|
64,049 |
|
Vessel operating
costs |
|
|
|
(2,624 |
) |
(10,418 |
) |
(13,042 |
) |
Voyage expenses and
commissions |
|
|
|
(180 |
) |
(777 |
) |
(957 |
) |
Depreciation |
|
|
|
(2,912 |
) |
(10,949 |
) |
(13,861 |
) |
General and administrative
expenses |
|
|
|
(237 |
) |
(2,881 |
) |
(3,118 |
) |
Profit from
operations |
|
|
|
8,460 |
|
24,611 |
|
33,071 |
|
Financial costs |
|
|
|
(2,324 |
) |
(7,252 |
) |
(9,576 |
) |
Financial income |
|
|
|
- |
|
24 |
|
24 |
|
Loss on interest rate
swaps |
|
|
|
(990 |
) |
- |
|
(990) |
|
Total other expenses,
net |
|
|
|
(3,314 |
) |
(7,228 |
) |
(10,542 |
) |
Profit for the
period |
|
|
|
5,146 |
|
17,383 |
|
22,529 |
|
|
|
|
|
For the three months ended March 31, 2017 |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
|
|
Results attributable to GasLog |
|
Partnership Performance Results |
|
IFRS Common Control Reported Results |
|
Revenues |
|
|
|
7,560 |
|
56,993 |
|
64,553 |
|
Vessel operating
costs |
|
|
|
(1,207 |
) |
(11,168 |
) |
(12,375 |
) |
Voyage expenses and
commissions |
|
|
|
(95 |
) |
(715 |
) |
(810 |
) |
Depreciation |
|
|
|
(1,475 |
) |
(12,362 |
) |
(13,837 |
) |
General and administrative
expenses |
|
|
|
(96 |
) |
(3,084 |
) |
(3,180 |
) |
Profit from
operations |
|
|
|
4,687 |
|
29,664 |
|
34,351 |
|
Financial costs |
|
|
|
(1,367 |
) |
(8,782 |
) |
(10,149 |
) |
Financial income |
|
|
|
3 |
|
117 |
|
120 |
|
Gain on interest rate
swaps |
|
|
|
- |
|
23 |
|
23 |
|
Total other expenses,
net |
|
|
|
(1,364 |
) |
(8,642 |
) |
(10,006 |
) |
Profit for the
period |
|
|
|
3,323 |
|
21,022 |
|
24,345 |
|
|
|
|
|
For the three months ended June 30, 2017 |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
|
|
Results attributable to GasLog |
|
Partnership Performance Results |
|
IFRS Common Control Reported Results |
|
Revenues |
|
|
|
2,688 |
|
62,582 |
|
65,270 |
|
Vessel operating
costs |
|
|
|
(401 |
) |
(13,309 |
) |
(13,710 |
) |
Voyage expenses and
commissions |
|
|
|
(33 |
) |
(786 |
) |
(819 |
) |
Depreciation |
|
|
|
(525 |
) |
(13,466 |
) |
(13,991 |
) |
General and administrative
expenses |
|
|
|
(34 |
) |
(3,267 |
) |
(3,301 |
) |
Profit from
operations |
|
|
|
1,695 |
|
31,754 |
|
33,449 |
|
Financial costs |
|
|
|
(494 |
) |
(10,288 |
) |
(10,782 |
) |
Financial income |
|
|
|
2 |
|
228 |
|
230 |
|
Loss on interest rate
swaps |
|
|
|
- |
|
(2,336 |
) |
(2,336 |
) |
Total other expenses,
net |
|
|
|
(492 |
) |
(12,396 |
) |
(12,888 |
) |
Profit for the
period |
|
|
|
1,203 |
|
19,358 |
|
20,561 |
|
EXHIBIT III
Non-GAAP Financial Measures:
EBITDA is defined as earnings before interest income and
expense, gain/loss on interest rate swaps, taxes, depreciation and
amortization. Adjusted Profit represents earnings before (a)
non-cash gain/loss on interest rate swaps that includes unrealized
gain/loss on interest rate swaps held for trading and recycled loss
of cash flow hedges reclassified to profit or loss and (b)
write-off of unamortized loan fees. EBITDA and Adjusted Profit,
which are non-GAAP financial measures, are used as supplemental
financial measures by management and external users of financial
statements, such as investors, to assess our financial and
operating performance. The Partnership believes that these non-GAAP
financial measures assist our management and investors by
increasing the comparability of our performance from period to
period. The Partnership believes that including EBITDA and Adjusted
Profit assists our management and investors in (i) understanding
and analyzing the results of our operating and business
performance, (ii) selecting between investing in us and other
investment alternatives and (iii) monitoring our ongoing financial
and operational strength in assessing whether to continue to hold
our common units. This increased comparability is achieved by
excluding the potentially disparate effects between periods of, in
the case of EBITDA, financial costs, gain/loss on interest rate
swaps, taxes, depreciation and amortization; and in the case of
Adjusted Profit, non-cash gain/loss on interest rate swaps and
write-off of unamortized loan fees, which items are affected by
various and possibly changing financing methods, financial market
conditions, capital structure and historical cost basis and which
items may significantly affect results of operations between
periods.
EBITDA and Adjusted Profit have limitations as analytical tools
and should not be considered as alternatives to, or as substitutes
for, or superior to, profit, profit from operations, earnings per
unit or any other measure of operating performance presented in
accordance with IFRS. Some of these limitations include the fact
that they do not reflect (i) our cash expenditures or future
requirements for capital expenditures or contractual commitments,
(ii) changes in, or cash requirements for, our working capital
needs and (iii) the cash requirements necessary to service interest
or principal payments on our debt. Although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized will often have to be replaced in the future and EBITDA
does not reflect any cash requirements for such replacements. It is
not adjusted for all non-cash income or expense items that are
reflected in our statement of cash flows and other companies in our
industry may calculate this measure differently to how we do,
limiting its usefulness as a comparative measure. EBITDA excludes
some, but not all, items that affect profit or loss and these
measures may vary among other companies. Therefore, EBITDA as
presented herein may not be comparable to similarly titled measures
of other companies. The following table reconciles EBITDA to
profit, the most directly comparable IFRS financial measure, for
the periods presented.
EBITDA and Adjusted Profit are presented on the basis of IFRS
Common Control Reported Results and Partnership Performance
Results. Partnership Performance Results are non-GAAP measures. The
difference between IFRS Common Control Reported Results and
Partnership Performance Results are results attributable to GasLog,
as set out in the reconciliations below.
Reconciliation of EBITDA to Profit:
(Amounts expressed in thousands of U.S. Dollars)
|
IFRS Common Control Reported Results |
|
|
For the three months ended |
|
|
June 30, 2016 |
|
March 31, 2017 |
|
June 30, 2017 |
|
Profit for the
period |
22,529 |
|
24,345 |
|
20,561 |
|
Depreciation |
13,861 |
|
13,837 |
|
13,991 |
|
Financial costs |
9,576 |
|
10,149 |
|
10,782 |
|
Financial income |
(24 |
) |
(120 |
) |
(230 |
) |
Loss/(gain) on interest
rate swaps |
990 |
|
(23 |
) |
2,336 |
|
EBITDA |
46,932 |
|
48,188 |
|
47,440 |
|
|
Partnership Performance Results |
|
|
For the three months ended |
|
|
June 30, 2016 |
|
March 31, 2017 |
|
June 30, 2017 |
|
Profit for the
period |
17,383 |
|
21,022 |
|
19,358 |
|
Depreciation |
10,949 |
|
12,362 |
|
13,466 |
|
Financial costs |
7,252 |
|
8,782 |
|
10,288 |
|
Financial income |
(24 |
) |
(117 |
) |
(228 |
) |
(Gain)/loss on interest
rate swaps |
- |
|
(23 |
) |
2,336 |
|
EBITDA |
35,560 |
|
42,026 |
|
45,220 |
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Profit to Profit:
(Amounts expressed in thousands of U.S. Dollars)
|
IFRS Common Control Reported Results |
|
|
For the three months ended |
|
|
June 30, 2016 |
|
March 31, 2017 |
|
June 30, 2017 |
|
Profit for the
period |
22,529 |
|
24,345 |
|
20,561 |
|
Non-cash loss/(gain) on
interest rate swaps |
525 |
|
(648 |
) |
1,857 |
|
Adjusted
Profit |
23,054 |
|
23,697 |
|
22,418 |
|
|
Partnership Performance Results |
|
|
For the three months ended |
|
|
June 30, 2016 |
|
March 31, 2017 |
|
June 30, 2017 |
|
Profit for the
period |
17,383 |
|
21,022 |
|
19,358 |
|
Non-cash (gain)/loss on
interest rate swaps |
- |
|
(648 |
) |
1,857 |
|
Adjusted
Profit |
17,383 |
|
20,374 |
|
21,215 |
|
Distributable Cash Flow
Distributable cash flow means EBITDA, on the basis of the
Partnership Performance Results, after considering financial costs
for the period, including realized loss on interest rate swaps and
excluding amortization of loan fees, estimated dry-docking and
replacement capital reserves established by the Partnership and
accrued dividends on preference units, whether or not declared.
Estimated dry-docking and replacement capital reserves represent
capital expenditures required to renew and maintain over the
long-term the operating capacity of, or the revenue generated by,
our capital assets. Distributable cash flow, which is a non-GAAP
financial measure, is a quantitative standard used by investors in
publicly-traded partnerships to assess their ability to make
quarterly cash distributions. Our calculation of Distributable cash
flow may not be comparable to that reported by other companies.
Distributable cash flow has limitations as an analytical tool and
should not be considered as an alternative to, or substitute for,
or superior to profit or loss, profit or loss from operations,
earnings per unit or any other measure of operating performance
presented in accordance with IFRS. The table below reconciles
Distributable cash flow to Profit for the period attributable to
the Partnership.
Reconciliation of Distributable Cash Flow to Profit:
(Amounts expressed in thousands of U.S. Dollars)
|
For the three months ended |
|
|
June 30, 2016 (1) |
|
March 31, 2017 (1) |
|
June 30, 2017 (1) |
|
Partnership's profit
for the period |
17,383 |
|
21,022 |
|
19,358 |
|
Depreciation |
10,949 |
|
12,362 |
|
13,466 |
|
Financial costs |
7,252 |
|
8,782 |
|
10,288 |
|
Financial income |
(24 |
) |
(117 |
) |
(228 |
) |
Gain on interest rate
swaps |
- |
|
(23 |
) |
2,336 |
|
EBITDA |
35,560 |
|
42,026 |
|
45,220 |
|
Financial costs
(excluding amortization of loan fees) and realized loss on interest
rate swaps |
(6,322 |
) |
(8,419 |
) |
(9,591 |
) |
Dry-docking capital
reserve |
(2,168 |
) |
(2,682 |
) |
(2,871 |
) |
Replacement capital
reserve |
(7,233 |
) |
(7,429 |
) |
(7,954 |
) |
Accrued preferred
equity distribution |
- |
|
- |
|
(1,549 |
) |
Distributable cash
flow |
19,837 |
|
23,496 |
|
23,255 |
|
Other reserves(2) (3)
(4) |
(2,760 |
) |
(3,375 |
) |
(2,402 |
) |
Cash distribution
declared |
17,077 |
|
20,121 |
|
20,853 |
|
(1) Excludes amounts related to GAS-seven Ltd., the owner of the
GasLog Seattle, and GAS-eleven Ltd., the owner of the GasLog
Greece, for the periods prior to their transfers to the Partnership
on November 1, 2016 and May 3, 2017, respectively. While such
amounts are reflected in the Partnership's unaudited condensed
consolidated financial statements because the transfers to the
Partnership were accounted for as reorganizations of entities under
common control under IFRS, GAS-seven Ltd. and GAS-eleven Ltd. were
not owned by the Partnership prior to their transfers to the
Partnership in November 2016 and May 2017 and accordingly the
Partnership was not entitled to the cash or results generated in
the period prior to such transfers.
(2) Refers to reserves (other than the dry-docking and
replacement capital reserves) for the proper conduct of the
business of the Partnership and its subsidiaries (including
reserves for future capital expenditures and for anticipated future
credit needs of the Partnership and its subsidiaries).
(3) For the three months ended June 30, 2016, the cash
distributions declared and the other reserves have been affected by
$1,365 paid in respect of the common units issued in the
Partnership's equity offering completed in the third quarter of
2016.
(4) For the three months ended June 30, 2017, the cash
distributions declared and the other reserves have been calculated
based on the number of units issued and outstanding as of June 30,
2017.
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