Operations and cash-flow generation
remain Covid-19 resilient
Iain Ross, CEO, Golar LNG,
said:
"Golar is pleased to report Q1 operating
revenues of $122.6 million and adjusted EBITDA1 of $76.2 million,
that were driven by a solid performance in FLNG, with 100%
commercial uptime on Hilli Episeyo, and strong seasonal results in
Shipping, which delivered a Q1 TCE1 of $62k/day, a 57% increase on
the $39,300 achieved in Q1 2019.
In Golar Power, the 1.5GW Sergipe power plant in
Brazil reached its COD acceptance milestone which triggered
commencement of earnings under the 25-year PPA contract and
associated FSRU Golar Nanook charter. The first three small-scale
customers have also now been formally signed up and LNG
distribution operations are expected to start in 2021. This short
time to cash flow and the very strong project return confirms the
attractiveness of our small-scale business. To date, a further 200
potential customers have signed letters of intent to pursue various
small-scale opportunities with Golar Power, demonstrating the
robust consumer appetite to reduce both energy costs and
environmental footprints.
Safety remains our highest priority and several
initiatives have been implemented in response to the Covid-19
pandemic to keep our seafarers, staff and our wider communities
safe whilst ensuring that all our assets remain operational and
that we are meeting our customer commitments.
In response to the combination of Covid-19
demand reduction and lower LNG/Brent pricing we have already
implemented a number of liquidity assurance and cost reduction
measures to ensure the business can withstand any prolonged
economic downturn.
Golar has always upheld high Environmental,
Social and Governance standards. Details of these have now
been made publicly available in the Company’s first ESG report that
can be accessed at: "https://golarlng.com/sustainability"
Financial Summary
(in thousands of $) |
Q1 2020 |
Q1 2019 |
Q4 2019 |
YTD 2020 |
YTD 2019 |
|
|
|
|
|
|
Total
operating revenues |
122,559 |
114,287 |
139,048 |
122,559 |
114,287 |
Net
(loss)/income attributable to Golar LNG Limited |
(104,247) |
(41,741) |
24,768 |
(104,247) |
(41,741) |
Adjusted
EBITDA1 |
76,208 |
62,897 |
93,388 |
76,208 |
62,897 |
Operating income |
21,158 |
28,864 |
68,896 |
21,158 |
28,864 |
Dividend
per share |
— |
0.150 |
— |
— |
0.150 |
Adjusted net debt1 |
2,560,838 |
2,197,382 |
2,474,947 |
2,560,838 |
2,197,382 |
Q1 2020 Highlights
Golar Power:
- The 1.5GW Sergipe Power Plant reached COD - approximately BRL
6.9 billion, or US$1.3 billion, of pre-inflation adjusted revenue
less operating costs1 attributable to Golar LNG over the next 25
years.
- FSRU Golar Nanook was accepted - approximately US$549 million
of pre-inflation adjusted revenue less operating costs1
attributable to Golar LNG over the next 25 years.
- Entered into a partnership with Petrobras Distribuidora S.A. to
facilitate a nationwide rollout of small-scale LNG supply to
Brazil's transportation and industrial sectors.
- Signed a Protocol of Intentions with the State Government of
Pernambuco to develop an LNG import terminal in the Port of Suape,
Brazil.
FLNG:
- FLNG Hilli Episeyo: Vessel currently exporting 39th cargo, with
100% commercial uptime maintained.
- FLNG Gimi received force majeure claim from BP Mauritania
Investments Ltd (“BP”) in relation to a delay in the order of
12-months to the target connection date.
- Progressed the development of our next generation FLNG vessel
and continued discussions on four further FLNG projects.
Shipping:
- Q1 2020 Average Daily Time Charter Equivalent (“TCE”)1 earnings
of $61,900 for the fleet, substantially higher than the $39,300
achieved in Q1 2019.
- In the absence of vessel dry-dockings, utilization increased
from 90% in Q4 2019 to 94% in Q1 2020.
- Revenue backlog1 from shipping as at March 31, 2020, stands at
$126 million.
Financial:
- Purchased remaining 1.5 million shares underlying the Total
Return Swap ("TRS"), reducing the number of outstanding common
shares to 97.8 million, and also reducing liquidity
volatility.
- Golar Viking debt re-financed with new FSRU conversion facility
also executed upon vessel arrival at conversion yard.
- Golar Celsius refinanced, releasing $58 million of liquidity to
Golar Power.
- Received term sheets for the potential refinancing of the
LNGC's Golar Bear and Golar Frost, providing additional
liquidity.
- With a strong financial background, including 21 years in
leading positions at JP Morgan Investment Bank, Callum
Mitchell-Thomson appointed as new CFO.
Outlook
Golar Power: We expect Sergipe to take
advantage of merchant power opportunities where the marginal cost
of power exceeds the LNG purchase price (currently below $2 per
mmbtu delivered ex-ship in Brazil). We also expect Golar
Power to continue to progressively convert the small-scale letters
of intent they have into binding sales agreements over the course
of this year and continue to sign new ones.
The Barcarena terminal is expected to reach a
Final Investment Decision ("FID") later this year or early next
year, with the associated 605MW power station currently
anticipating FID in mid-2021. Over the next four months we expect
to make further progress on reaching agreement with key industrial
customers for the supply of gas from the Barcarena based FSRU that
is expected to commence operations in 2022.
We also expect to finalize arrangements for
locating a Floating Storage Unit ("FSU") at Suape over the course
of the year.
Golar Power is now working actively with BR
Distribuidora S.A to overlay its geographical coverage of LNG
distribution onto BR Distribuidora’s 7,600 Brazilian fuel stations.
This will optimize the roll-out of the necessary infrastructure to
convert current diesel, heavy fuel oil and coal consumers to
cleaner and cheaper LNG through the provision of a stable and
secure LNG supply.
Golar Power, together with local partners in
Latin America, is also working to develop a further 10.6 GW of
licensed natural gas-fired power plants which underpin the
development of additional terminals, all of which are progressing
well through the permitting process. All terminals have downstream
monetization routes through a combination of power generation, gas
consumption (by commercial & industrial users) and small-scale
LNG distribution via cabotage and ISO containers to end users.
FLNG: We are in advanced and positive
discussions with our main building contractor, Keppel Shipyard
Limited, and with engineering topsides subcontractor Black and
Veatch, on a revised cost and time schedule for the FLNG Gimi
conversion that can be implemented as a contingency in response to
the 12-month delay claimed by BP on its Tortue project. If
implemented, this would reduce Golar’s immediate liquidity
contribution to the FLNG Gimi between Q2 2020 and the original Q2
2022 delivery date. The consequences of any delay to the returns
available from the project will be dependent on the ultimate
duration and cause of the delay claimed by BP and the final terms
of the revised conversion building agreements.
Whilst we don’t anticipate any further FLNG
projects to be ready for FID in the near future, we will continue
to work with customers to develop designs and projects suitable for
conversion and new-build solutions.
LNG Shipping:We expect the Q2 2020 TCE1 to be
around $40,000 per day, with utilization of at least 80% based on
fixtures to date and the prevailing spot market. The current
chartering strategy to de-risk the business by targeting more fixed
and floating coverage has been successful and we intend to fix more
portfolio term-based deals to further de-risk shipping exposure and
to hedge expected volatility. Except for the Golar Tundra,
scheduled to dry-dock during June, no other dry-docks are planned
this year.
Corporate:We expect to make further progress on
both financial and structural simplification of the business into
separate, attractive and investible businesses to enhance financial
flexibility.
Financial Review
Business Performance:
|
2020 |
2019 |
|
Jan-Mar |
Oct-Dec |
(in thousands of $) |
Vessel and other operations |
FLNG |
Total |
Vessel and other operations |
FLNG |
Total |
Total operating revenues |
68,035 |
|
54,524 |
|
122,559 |
|
84,524 |
|
54,524 |
|
139,048 |
|
Vessel operating expenses |
(16,565) |
|
(13,668) |
|
(30,233) |
|
(16,447) |
|
(14,380) |
|
(30,827) |
|
Voyage, charterhire & commission expenses (including expenses
from collaborative arrangement) |
(4,827) |
|
— |
|
(4,827) |
|
(2,311) |
|
— |
|
(2,311) |
|
Administrative expenses |
(9,869) |
|
(272) |
|
(10,141) |
|
(11,070) |
|
(764) |
|
(11,834) |
|
Project development expenses |
(2,557) |
|
(1,132) |
|
(3,689) |
|
(55) |
|
(2,978) |
|
(3,033) |
|
Realized gain on oil derivative instrument(2) |
— |
|
2,539 |
|
2,539 |
|
— |
|
1,110 |
|
1,110 |
|
Other operating gains |
— |
|
— |
|
— |
|
1,235 |
|
— |
|
1,235 |
|
Adjusted EBITDA(1) |
34,217 |
|
41,991 |
|
76,208 |
|
55,876 |
|
37,512 |
|
93,388 |
|
|
|
|
|
|
|
|
Reconciliation to operating income/(loss) |
|
|
|
|
|
|
Unrealized (loss)/gain on oil derivative instrument(2) |
— |
|
(27,810) |
|
(27,810) |
|
— |
|
4,330 |
|
4,330 |
|
Depreciation and amortization |
(15,255) |
|
(11,985) |
|
(27,240) |
|
(16,328) |
|
(11,993) |
|
(28,321) |
|
Impairment of long-lived assets |
— |
|
— |
|
— |
|
(501) |
|
— |
|
(501) |
|
Operating income/(loss) |
18,962 |
|
2,196 |
|
21,158 |
|
39,047 |
|
29,849 |
|
68,896 |
|
(2) The line item "Realized and unrealized gain
on oil derivative instrument" relating to income from the FLNG
Hilli Episeyo Liquefaction Tolling Agreement is split into,
"Realized gain on oil derivative instrument" and "Unrealized
gain/(loss) on oil derivative instrument". The unrealized component
represents a mark-to-market loss of $27.8 million (December 31,
2019: $4.3 million gain) on the oil embedded derivative, which
represents the estimate of expected receipts under the remainder of
the Brent oil linked clause of the Hilli Episeyo Liquefaction
Tolling Agreement. The realized component amounts to $2.5 million
(December 31, 2019: $1.1 million) and represents the income in
relation to the Hilli Episeyo Liquefaction Tolling Agreement
receivable in cash.
Golar reports today Q1 operating income of $21.2
million compared to operating income of $68.9 million in Q4.
Total operating revenues decreased from $139.0
million in Q4 to $122.6 million in Q1, while voyage, charterhire
and commission expenses increased from $2.3 million to $4.8
million. Operating revenues declined despite the improvement
in utilization from 90% in Q4 to 94% in Q1. This occurred
because seasonally lower spot rates reduced the daily rate achieved
in respect of Golar's index linked charters, and also because the
Golar Viking, on hire for most of Q4, entered Hudong shipyard in
January where it will be converted into an FSRU. Costs associated
with positioning the vessel to the yard which are not capitalizable
account for most of the $2.5 million increase in voyage,
charterhire and commission expenses.
Revenues from vessel and other operations,
including management fee income, were $68.0 million, and, net of
voyage, charterhire and commission expenses, decreased by $19.0
million to $63.2 million in Q1. Increases in US LNG supply combined
with a mild winter contributed to a counter-cyclical drop in gas
and LNG prices. Covid-19 lockdowns in the Far East during February
and in Europe during March exacerbated this negative trend. By
mid-March 2020, quoted carrier headline spot rates had fallen close
to $100k/day from their height in October 2019, negatively
impacting earnings from the vessels Golar has on index linked
charters. Golar’s strategy of increased charter coverage for Q1
2020 vs. Q1 2019 offset part of this softening in spot LNG freight
rates. As a result, full fleet TCE1 earnings decreased from $77,000
in Q4 2019 to $61,900 in Q1 2020, but increased relative to the
$39,300 achieved in Q1 2019.
Once again, FLNG Hilli Episeyo generated
operating revenues of $54.5 million, including base tolling fees
and amortization of pre-acceptance amounts recognized.
Vessel operating expenses at $30.2 million were
in line with Q4.
Total Administrative expenses were $10.1 million
for the quarter, $1.7 million lower than Q4 due to reduced legal,
travel and employee stock compensation costs. Project development
expenses at $3.7 million for the quarter were $0.7 million higher
than Q4.
The Brent Oil linked component of Hilli
Episeyo's fees generates additional annual operating cash flows of
approximately $3 million for every dollar increase in Brent Crude
prices between $60.00 per barrel and the contractual ceiling.
Billing of this component is based on a three-month look-back at
average Brent Crude prices. Higher oil prices in the latter months
of 2019 led to a $1.4 million increase in the realized gain on the
oil derivative instrument, to $2.5 million in Q1, as compared to
$1.1 million in Q4.
The mark-to-market fair value of the related
derivative asset decreased by $27.8 million during the quarter,
with a corresponding unrealized loss of the same amount recognized
in the income statement. The fair value decrease was driven by a
sharp downward movement in the expected future market price for
Brent Oil. The spot price for Brent Oil decreased from $66.00 per
barrel on December 31 2019, to $22.74 on March 31 2020.
Depreciation of the Golar Viking, which entered
Hudong shipyard in January 2020, is suspended during the conversion
process. This contributed to a $1.1 million reduction in Q1
depreciation and amortization, down from $28.3 million in Q4 to
$27.2 million in Q1.
Net Income Summary:
|
2020 |
2019 |
(in thousands of $) |
Jan-Mar |
Oct-Dec |
Operating income/(loss) |
21,158 |
|
68,896 |
|
Interest
income |
1,160 |
|
1,333 |
|
Interest
expense |
(21,041) |
|
(26,028) |
|
Losses
on derivative instruments |
(54,721) |
|
(6) |
|
Other
financial items, net |
326 |
|
(1,206) |
|
Income
taxes |
(197) |
|
(369) |
|
Equity
in net (losses)/earnings of affiliates |
(37,936) |
|
1,831 |
|
Net
income attributable to non-controlling interests |
(12,996) |
|
(19,683) |
|
Net (loss)/income attributable to Golar LNG
Limited |
(104,247) |
|
24,768 |
|
In Q1, the group generated a $104.2 million net
loss, compared to Q4 net income of $24.8 million. Key items
contributing to this are:
- A reduction in variable interest entities ("VIEs") interest
expense due to lower loan balances and interest rates contributed
to a $5.0 million decrease in interest expense.
- The Q1 $54.7 million loss on derivative instruments includes
mark to market losses on interest rate swaps following a 117 basis
point reduction in interest rates, together with a loss on the
remaining 1.5 million TRS shares repurchased during the
quarter.
- The $38.0 million Q1 equity in net losses of affiliates is
primarily comprised of the following:
- A $13.2 million net loss in respect of Golar's 32% share in
Golar Partners; and
- A $24.7 million loss in respect of Golar's 50% stake in Golar
Power. On commencement of the sales type lease for charter of FSRU
Nanook we recognized a significant non-cash day one loss on deemed
disposal.
Net losses attributable to non-controlling
interests represents external interests in the Hilli Episeyo and
the finance lease VIE.
Financing and Liquidity:
Our cash position as at March 31, 2020, was
$303.4 million. This was made up of $131.0 million of unrestricted
cash and $172.4 million of restricted cash. Restricted cash
includes $68.3 million relating to lessor-owned VIEs and $76.0
million relating to the Hilli Episeyo Letter of Credit.
In common with other companies in the current
public health emergency, liquidity preservation is a high priority
for Golar. During Q1 unrestricted cash fell by $91 million on
account of $70.0 million being used to repay part of the $100
million margin loan, which is therefore now a $30 million facility,
and $16.7 million used to part settle the remaining 1.5 million TRS
shares outstanding.
At the corporate level, during the rest of 2020,
Golar will seek to refinance the remaining $30 million margin loan
due in August 2020 as well as the $150 million term loan secured by
our interest in Golar Power which will mature in November
2020. The credit quality of Golar Power has been materially
enhanced following the successful start-up of its flagship
integrated power project and, based on Golar's cash and vessel
investments alone, the current facility represents a loan to book
value of approximately 52%, while third party assessments indicate
that the fair market value of Golar's investment in Golar Power is
materially higher. The increased value reflects the completion of
the Sergipe/Nanook project including its merchant power opportunity
together with the strong project portfolio the company has
developed in terminals, power, and downstream with the BR agreement
and the signed small scale LNG opportunities.
At the vessel level, Golar has received terms
for refinancings of the Golar Bear and Golar Frost. The current
debt associated with each vessel currently represents an
approximate loan to value ("LTV") of less than 50%. The refinancing
terms received are expected to release a total of approximately $90
- $100 million of liquidity in 2020, if pursued. A term sheet has
also been received from a financial institution interested in
refinancing the Golar Seal facility that may be repayable in
January 2021. Refinancing of the FSRU Golar Tundra facility by June
2021 is also being explored. This is also expected to be
straightforward given that outstanding debt on this vessel
currently represents an LTV of less than 50%. Golar is pursuing
several long-term FSRU employment opportunities for this
vessel.
At the FLNG level, as at March 31, $533.6
million had been invested in FLNG Gimi, of which $225.0 million had
been drawn against the $700 million debt facility, both on a 100%
basis. Golar had been expecting to invest a further $59 million of
equity into the project during the second half of 2020. It is
expected that a material portion of this will move into 2021 if the
revised cost and time schedule under discussion as a contingency in
response to the 12-month delay claimed by BP is implemented.
Included within the $1,232.7 million current
portion of long-term debt and short-term debt on the Balance Sheet
as at March 31 is $1,025.2 million relating to lessor-owned VIE
subsidiaries that Golar is currently required to consolidate in
connection with nine sale and leaseback financed vessels, including
the Hilli Episeyo.
Other than a dry-dock of FSRU Golar Tundra,
currently scheduled to commence in June and expected to cost around
$6.0 million, there are no other maintenance capital projects
planned.
Corporate and Other Matters:
As at March 31, 2020, there were 97.8 million
shares outstanding. There were also 2.6 million outstanding stock
options with an average price of $29.80 and 1.0 million restricted
stock units awarded. The remaining 1.5 million shares underlying
the TRS were purchased during February 2020. The cost of $70.5
million was funded by $53.8 million from restricted cash already
set aside as collateral and the balance of $16.7 million was funded
during Q1 from unrestricted cash.
On March 10, 2020, we announced the appointment
of Callum Mitchell-Thomson as Chief Financial Officer, succeeding
Graham Robjohns. Mr. Mitchell-Thomson, who assumed his new
role with Golar on May 1, 2020, has twenty one years of experience
advising Energy, Utility and Infrastructure companies on M&A
and capital markets transactions while working for JP Morgan.
During this time, he was Co-Head of Energy, Utility and
Infrastructure Investment Banking in EMEA for ten years; Head of
Corporate Finance in EMEA for three years and Head of Investment
Banking in Germany for two years. He has also been a member
of the EMEA Banking Management Committee and a supervisory board
member of JP Morgan AG. Since leaving JP Morgan he has worked
in the UK Parliament as a Parliamentary Adviser on European,
Economic and Finance legislation. Prior to joining JP Morgan,
he worked for Shell International Petroleum Co. Ltd as a financial
controller in European Downstream and then in Global LNG.
Commercial Review
Golar Power (50/50 Golar/Stonepeak
Infrastructure Partners non-consolidated downstream joint
venture):
On March 21, 2020, the 50% Golar Power owned
1.5GW Porto de Sergipe I power project, the first integrated
LNG-to-power project in Brazil and the largest and most efficient
thermal power station in Latin America, reached COD. This concludes
a project that began in 2015 when the power purchase agreement was
awarded. The power station is now contracted on an availability
basis and is ready to deliver electricity to a pool of 26 power
distribution companies across the country and will do so until
December 2044. Annual pre-inflation adjusted revenues less
operating costs1, are estimated at BRL1.1 billion of which Golar
LNG’s 25% share is BRL 275 million, equivalent to US$ 53 million,
based on an FX rate of 5.2 BRL/USD. Based on the same BRL/US$
FX assumption, net debt for the Sergipe project as at March 31,
2020 is US$ 990 million.
Gas for the power project is delivered from the
100% Golar Power owned FSRU Golar Nanook which has 170,000m3 of LNG
storage and is capable of supplying more than 21.0 million m3 per
day of natural gas. Commercial operations also commenced in March.
Annual contracted revenues less forecasted operating costs,
adjusted annually for inflation based on US consumer price index,
are estimated at US$ 43.9 million, of which Golar LNG’s 50% share
is US$ 21.95 million.
Together, the Porto de Sergipe I power plant and
the FSRU Golar Nanook are intended to facilitate the launch of
three downstream power/gas business lines: 1) Power
sales
2) Pipeline gas sales to large industrial and commercial
customers
3) Small-scale LNG distribution using smaller vessels and LNG
isotainers
1) Power sales: As Latin America's most
efficient thermal power plant, Porto de Sergipe I sits as the
lowest cost producer in Brazil's thermal merit order. Whenever it
is economic to dispatch thermal power, it will, based on current
LNG prices be in a position to out-compete every other facility.
Although only fully operational for a few days during the quarter,
power has been produced and sold in two ways. Contracted power is
produced when the facility is called upon to dispatch under the
PPA. This power is sold on a cost pass through basis and makes up
the contracted revenues described above. However merchant power can
be sold when the power station has not been called upon to
dispatch, and when the prevailing market price is above the plant’s
marginal cost. This power is sold by CELSE which is 50% owned by
Golar Power. Golar LNG therefore benefits from an effective 25%
interest in these revenues. Net of costs, this will be incremental
to its share of the economics above and will increase the company’s
cash generation after financing costs by an equivalent amount.
Under normal pre-Covid-19 circumstances, sales
of thermal power can be expected to increase as the country enters
its annual dry season, which usually begins in May. Although
unavailable for production for most of the pre-acceptance period,
the network price of power was above the plant’s marginal cost of
production for most of Q1. The plant was called upon to dispatch
for 3 days post acceptance, between March 29 and March 31.
This is summarized below:
|
Jan 1 - Mar 31, 2020 |
Total installed capacity (MW) |
1,516.6 |
Power plant utilization factor |
12% |
Gross power generated (MWh) |
384,581.0 |
Days dispatched under PPA |
3 |
Net variable revenues (BRL millions) |
53.6 |
Net variable revenues (USD millions) |
10.3 |
Average price (BRL/MWh) |
139.4 |
Average price (USD/MWh) |
26.8 |
Golar Power also owns 37.5% of CEBARRA, a joint
venture with Ebrasil, which owns expansion rights with respect to
the Sergipe Power Plant. These rights include 179 acres of land and
regulatory permits for up to 1.7 GW of additional power generation.
CEBARRA has obtained all permits and other rights necessary to
participate in future government power auctions.
2) Pipeline gas sales to large industrial and
commercial customers: CELSE has commenced permitting work for the
construction of a 30-kilometer pipeline that will connect the Golar
Nanook to the regional natural gas main pipeline network and other
downstream customers. A team of downstream gas marketers have been
employed during the quarter and intend to build a downstream gas
sales channel to large industrial and commercial customers on a
cost plus margin contracted basis.
3) Small-scale LNG distribution using smaller
vessels and LNG isotainers: The Golar Nanook, together with other
FSRU and FSU terminals being developed, can be used as a
transshipment location for LNG for onward downstream distribution.
Small-scale vessels can carry offloaded LNG along coasts/up rivers
and connect to onshore truck loading facilities where LNG can be
transferred to ISO containers. These would then be
distributed to industrial, commercial and residential off-takers in
regions that are underserved or not served by traditional pipeline
networks.
On February 18, 2020, Golar Power and BR
Distribuidora S.A. announced the formation of a partnership to
develop an LNG distribution business in Brazil. With more
than 7,600 fuel stations and 95 bases of supply, operation and
distribution, BR Distribuidora S.A. is Brazil's leading fuel
distribution company. Golar Power initially expects to connect its
network of strategically located LNG import terminals to BR
Distribuidora's 95 supply, operation and distribution bases to
facilitate the inland rollout of LNG supply to Brazil's
transportation and industrial sectors. The 7,600 fuel stations will
be used to increase coverage thereafter.
Further growth projects are also being
explored. These are:
1) Barcarena Terminal and Power Plant: Although
good progress is being made on the Barcarena project, Covid-19 has
impacted the permitting process on this and other terminals. A
final investment decision on the FSRU component of the project is
now expected in late Q4 2020/early Q1 2021. Small-scale
distribution operations from an FSRU are then expected to commence
in the first half of 2022. The FSRU will be used as a hub for the
distribution of LNG and natural gas across an area that lacks the
infrastructure necessary to support the region’s gas needs and that
hosts a population of approximately 75 million. Together with LNG
distribution, the FSRU will supply regasified LNG to a 605MW
combined cycle thermal power plant that has a 25-year power
purchase agreement starting in 2025. A FID on the power plant
component of the project is expected in mid-2021.
2) Suape LNG Terminal: Golar Power has signed a
Protocol of Intentions with the government of the State of
Pernambuco to develop an LNG import terminal in the Port of
Suape. Located in the northeast region of Brazil, this
terminal would support a population of approximately 57 million.
Initially a FSU will be used to supply LNG however this may be
upgraded to a FSRU later should there be interest from off-takers
seeking regasified LNG. The FSU, which could be a Golar Power
vessel or an existing steam vessel from the Golar group fleet, will
connect to onshore truck loading amenities to facilitate loading of
LNG ISO containers. These would then be distributed to industrial,
commercial and residential off-takers in regions that are
underserved or not served by traditional pipeline networks. The FSU
will also act as a transshipment location to break bulk LNG for
downstream distribution. FID remains subject to regulatory
approvals and finalization of commercial agreements, which are
expected at the end of 2020. Modifications required to the chosen
vessel are expected to be minimal and inexpensive and operations
are expected to commence in mid-2021.
3) Santa Catarina Terminal: key regulatory and
environmental licenses have been secured to develop the Santa
Catarina FSRU terminal on the southern coast of Brazil, with a
regional population of approximately 30 million. Golar Power owns
100% of Terminal Gas Sul Ltda., the project company responsible for
development of the terminal.
4) Global Terminal Projects: In addition to its
Brazilian portfolio, Golar Power is in the evaluation or
development stage on more than fifteen other terminals
worldwide.
Redeployment of assets already in the Golar
Power or wider Golar group fleet to support the rapid monetization
of the Brazil downstream distribution business, the reinvestment of
cash generated by the Sergipe project and other financing
initiatives are collectively expected to allow Golar Power to fund
its portfolio of Brazilian projects without recourse to Golar.
FLNG:
FLNG Hilli Episeyo has maintained 100%
commercial uptime for close to two years now. It is currently in
the process of exporting its 39th cargo and continues to reliably
deliver quarterly LNG tolling revenues less operating costs of
around $40 million, 50% of which is for Golar's account. The
Covid-19 outbreak has however further depressed already low LNG
prices and we do not expect any additional throughput during 2020.
Into 2021 and beyond, significant reductions in associated gas as a
result of lower US oil production together with the higher cost of
non-associated US gas production is expected to result in a higher
Henry Hub price. This is expected to place upward pressure on
global LNG prices, discourage further investment in US LNG export
projects and create new opportunities for competitive gas
elsewhere, including West Africa, Cameroon and for FLNG Hilli
Episeyo.
Golar's low cost liquefaction solutions that can
deliver market digestible quantities of LNG sourced from low cost
gas are still receiving attention from those companies seeking to
increase their long term exposure to gas and LNG but minimize both
capex outlay and their environmental footprint.
LNG Shipping:
The quarter commenced with LNG prices at around
$5.30/mmbtu and quoted TFDE spot rates of around $90k/day.
Increases in US LNG supply combined with a mild winter continued to
feed a counter-cyclical drop in international gas and LNG prices.
Covid-19 lockdowns in the Far East and in Europe added to negative
sentiment. By mid-March 2020, quoted carrier headline spot rates
had fallen close to $100k/day from their height, in October 2019.
This negatively impacted the TCE1 achieved by our index linked
vessel charters. LNG prices in the Far East then rebounded as those
markets emerged from lockdown whilst prices in Europe sank as its
lockdown started. Resultant arbitrage trading from Europe to the
Far East briefly increased ton miles. Floating storage due to port
delays, tank tops and contango pricing also supported longer
voyages and vessel demand. Spot rates responded accordingly,
briefly increasing to over $50k/day in late-March, before declining
once again as India entered lockdown and JKM dropped below
$2/mmbtu. The quarter ended with LNG at approximately $2.35/mmbtu
and quoted spot TFDE rates of around $44k/day. Despite an overall
increase in global fleet utilization and steady vessel demand, spot
charter rates tracked the downward trajectory in LNG prices,
accentuated by the emerging reality of US cargo cancellations.
During Q1, Freeport and Cameron T2 entered
commercial operations and the Elba Island facility continued to
ramp up. Commissioning of Cameron T3 commenced in April, with
commercial operations due to commence in Q3, and Freeport T3
commenced commercial operations during Q2.
Subsequently, during Q2 LNG prices have dipped
below $2/mmbtu for a more sustained period as a result of high
inventories in Europe and Asia following a mild winter, further
softening of demand in the wake of Covid-19, and a wave of supply
tenders. In response, over 60 US cargoes scheduled for loading over
the summer months are believed to have been cancelled. Prior to
this the US was understood to be exporting 60-70 cargoes per month.
Although these developments will negatively impact the TCE1
achieved by Golar's index linked charters, Golar still expects to
achieve approximately 80% utilization for Q2.
For the remainder of the year, Covid-19 related
demand uncertainty continues to weigh on LNG prices raising the
prospect of additional US cargo cancellations. Pre-Covid-19
expectations that 2020 would see 30mtpa of additional LNG
production are therefore no longer appropriate. An increasingly
unpredictable inter-basin trade also makes ton miles difficult to
model, however they are expected to increase in the second half of
the year. Although the market remains highly volatile, leading
industry analysts expect 2020 LNG production to be in the region of
1-3% above 2019 levels. Low near-term LNG prices, high summer
inventories and expectations of rising US gas prices on the back of
reduced oil production are currently expected to pave the way for a
contango and stronger carrier rates into the winter months.
Importantly, low oil prices and lower LNG spot prices should also
facilitate a significant shift to gas fired power production
bolstering demand for LNG and its freight.
Golar Partners (a non-consolidated affiliate of Golar LNG):
. As is customary, the Partnership's Q1 adjusted
EBITDA1 declined relative to Q4. This was the result of the
scheduled winter down time of the FSRU Golar Igloo, which commenced
its 2020 regas season on February 24, as well as a reduction in
revenue in respect of the Golar Mazo which was prepared for layup
during the quarter. A significant drop in swap rates during the
quarter also resulted in a $46.8 million mark-to-market loss on the
Partnerships interest rate swaps (compared to a Q4 gain of $10.1
million). As a result, the Partnership reported a Q1 net loss
of $33.1 million.
On April 1, 2020, the Partnership approved a
reduction in the quarterly common distribution to $0.0202 per unit
for the quarter ended March 31, 2020 (from $0.4042 per unit in the
previous quarter). The Partnership will consequently retain
approximately $109 million annually, allowing it to focus its
capital allocation on debt reduction, thus strengthening its
balance sheet while providing enhanced financial flexibility to
consider capital allocation priorities over time. The reduction
will also result in lower breakeven re-contracting rates across the
Partnership’s fleet. Distribution coverage1 increased significantly
as a result, from 1.21 in Q4 to 17.79 in Q1.
As well as being a driver for the distribution
reduction, the Covid-19 induced deterioration in the capital
markets also complicated the refinancing of the Partnership's May
maturing $150 million high yield Norwegian bond. Initial
consultations with a group of bondholders concluded that the
Partnership should seek to amend and extend both the May 2020
maturing $150 million Norwegian bond and the May 2021 maturing $250
million Norwegian bond. Following a period of negotiation, a
meeting was held on May 5, 2020, where both sets of bondholders
approved the amendment proposals. Key amongst the amendments were
18-month extensions to the original maturity dates for each of the
bond issues.
Having extended the bond maturities, and under
the new leadership of Karl Fredrik Staubo, attention will return
once again to the review of the Partnership's structure and
strategy to maximize long-term shareholder value.
Non-GAAP measures
In addition to disclosing financial results in
accordance with U.S. generally accepted accounting principles (US
GAAP), this earnings release and the associated investor
presentation contains references to the non-GAAP financial measures
which are included in the table below. We believe these non-GAAP
financial measures provide investors with useful supplemental
information about the financial performance of our business, enable
comparison of financial results between periods where certain items
may vary independent of business performance, and allow for greater
transparency with respect to key metrics used by management in
operating our business and measuring our performance.
These non-GAAP financial measures should not be
considered a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and the financial results
calculated in accordance with GAAP. Non-GAAP measures are not
uniformly defined by all companies, and may not be comparable with
similarly titled measures and disclosures used by other companies.
The reconciliations from these results should be carefully
evaluated.
Non-GAAP measure |
Closest equivalent US GAAP measure |
Adjustments to reconcile to primary financial statements
prepared under US GAAP |
Rationale for adjustments |
Performance measures |
Adjusted EBITDA |
Net (loss)/income attributable to Golar LNG Limited |
+/- Net financial expense + Other non-operating expenses +/- Income
taxes +/- Equity in net (losses) income of affiliates +/- Net
income attributable to non-controlling interests +/- Unrealized
loss/(gain) on oil derivative instrument + Depreciation and
amortisation + Impairment of long-term assets |
Increases the comparability of total business performance
from period to period and against the performance of other
companies by excluding the results of our equity investments,
removing the impact of unrealized movements on embedded derivatives
and removing the impact of depreciation, financing and tax
items. |
LTM (last twelve months) adjusted EBITDA |
Net (loss)/income attributable to Golar LNG Limited |
The sum of the last four quarters adjusted EBITDA (defined
above) |
Same as adjusted EBITDA. The 12 month trailing metric
removes the impact of seasonality on our results. |
Average daily TCE |
Total Operating revenues |
-Liquefaction services revenue -Vessel and other management fees
-Voyage and commission expenses The above total is then divided by
calendar days less scheduled off-hire days. |
Measure of the average daily net revenue performance of a
vessel. Standard shipping industry performance measure used
primarily to compare period-to-period changes in the vessel’s net
revenue performance despite changes in the mix of charter types
(i.e. spot charters, time charters and bareboat charters) under
which the vessel may be employed between the periods. Assists
management in making decisions regarding the deployment and
utilization of its fleet and in evaluating financial
performance. |
Liquidity measures |
Contractual debt |
Total debt (current and non-current), net of deferred finance
charges |
+ VIE Consolidation Adjustment + Deferred Finance Charges |
We consolidate a number of lessor VIEs for our sale and
leaseback facilities. This means that on consolidation, our
contractual debt is eliminated and replaced with the lessor VIEs’
debt. Contractual debt represents our debt obligations under
our various financing arrangements before consolidating the lessor
VIEs. The measure enables investors and users of our
financial statements to assess our liquidity and the split of our
debt (current and non-current) based on our underlying contractual
obligations. Furthermore, it aids comparability with
competitors. |
Adjusted net debt |
Net debt based on GAAP measures: Total debt (current and
non-current), net of deferred finance charges - Cash and cash
equivalents - Restricted cash and short-term deposits (current and
non-current) |
Net debt based on GAAP measures + VIE Restricted cash + VIE
consolidation adjustment + Deferred finance charges + TRS
Restricted Cash |
In consolidating the lessor VIEs, we also consolidate their
cash position. We reflect the lessor VIEs’ cash as “restricted
cash” on our Consolidated Balance Sheet as we have no control or
ability to access this cash. In calculating our adjusted net debt
based on our contractual obligation, we remove the lessor VIEs’
restricted cash. We have elected an accounting policy to show
margin cash posted against our derivative positions separately to
the associated MTM liability. The most significant impact of this
accounting policy is the reflection of the TRS margin cash and the
MTM liability gross on our Consolidated Balance Sheet. We remove
the TRS restricted cash in calculating adjusted net debt as this
cash will be used to settle the MTM liability and therefore is not
cash that can be used to satisfy our contractual obligations or
used elsewhere in the business. Management believe that
these adjustments enable investors and users of our financial
statements to assess our liquidity based on our underlying
contractual obligations and aids comparability with our
competitors. |
Reconciliations - Performance Measures
(Adjusted EBITDA)
|
2020 |
2019 |
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
(in thousands of $) |
Jan-Mar |
Oct-Dec |
Jul-Sep |
Apr-Jun |
Jan-Mar |
Oct-Dec |
Jul-Sep |
Apr-Jun |
Net (loss)/income attributable to Golar LNG
Limited |
(104,247) |
|
24,768 |
|
(82,301) |
|
(112,682) |
|
(41,741) |
|
(312,957) |
|
66,212 |
|
36,319 |
|
Net financial expense |
74,276 |
|
25,907 |
|
39,256 |
|
37,804 |
|
33,244 |
|
52,653 |
|
37,770 |
|
20,083 |
|
Income taxes |
197 |
|
369 |
|
274 |
|
176 |
|
205 |
|
627 |
|
156 |
|
490 |
|
Equity in net losses/(gains) of affiliates |
37,936 |
|
(1,831) |
|
7,761 |
|
26,970 |
|
12,899 |
|
154,089 |
|
(2,668) |
|
4,674 |
|
Net income attributable to non-controlling interests |
12,996 |
|
19,683 |
|
21,344 |
|
24,297 |
|
24,257 |
|
2,770 |
|
31,000 |
|
16,839 |
|
Operating income/(loss) |
21,158 |
|
68,896 |
|
(13,666) |
|
(23,435) |
|
28,864 |
|
(102,818) |
|
132,470 |
|
78,405 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
Unrealized (gain)/loss on oil derivative instrument |
27,810 |
|
(4,330) |
|
44,170 |
|
27,630 |
|
(28,380) |
|
195,740 |
|
(77,470) |
|
(94,700) |
|
Depreciation and amortization |
27,240 |
|
28,321 |
|
28,428 |
|
28,121 |
|
28,163 |
|
28,295 |
|
28,528 |
|
20,457 |
|
Impairment of long-term assets |
— |
|
501 |
|
— |
|
7,347 |
|
34,250 |
|
— |
|
— |
|
— |
|
Adjusted EBITDA |
76,208 |
|
93,388 |
|
58,932 |
|
39,663 |
|
62,897 |
|
121,217 |
|
83,528 |
|
4,162 |
|
|
|
|
|
|
|
|
|
|
Last Twelve Months Adjusted EBITDA |
268,191 |
|
— |
|
— |
|
— |
|
271,804 |
|
— |
|
— |
|
— |
|
Further non-US GAAP references from the Q1 2020 results
presentation:
Hilli Adjusted EBITDA is
presented within “FLNG Adjusted EBITDA” (as reconciled in the
Business Performance section above) excluding project development
expenses (Q1 20: $41,991 + $1,132 = $43,123: Q4 2019: $37,512 +
$2,978 = $40,490).
Shipping Adjusted EBITDA is
presented within “Vessel and other operations Adjusted EBITDA” (as
reconciled in the Business Performance section above) excluding
vessel and other management fees, project development expenses, and
administrative expenses (Q1 2020: $34,217 - $5,050 + $2,557 +
$9,869 = $41,593; Q4 2019: $55,876 – $5,949 + $55 + $11,070 =
$61,052).
Reconciliations - Performance Measures
(Average Daily TCE Rate)
|
2020 |
2019 |
(in thousands of $) |
Jan-Mar |
Oct-Dec |
Total operating revenues |
122,559 |
|
139,048 |
|
Less: Liquefaction services revenue |
(54,524) |
|
(54,524) |
|
Less: Vessel and other management fees |
(5,050) |
|
(5,949) |
|
Time and voyage charter revenues |
62,985 |
|
78,575 |
|
Less: Voyage and commission expenses |
(4,827) |
|
(2,311) |
|
|
58,158 |
|
76,264 |
|
Calendar days less scheduled off-hire days |
940 |
|
991 |
|
Average daily TCE rate (to the closest $100) |
61,900 |
|
77,000 |
|
Reconciliations - Liquidity
Measures
(in thousands of $) |
March 31, 2020 |
March 31, 2019 |
December 31, 2019 |
Net debt as calculated by GAAP |
|
|
|
Total debt (current and non-current) net of deferred finance
charges |
2,557,316 |
|
2,513,190 |
|
2,535,827 |
|
Less |
|
|
|
Cash and cash equivalents |
(130,976) |
|
(212,673) |
|
(222,123) |
|
Restricted cash and short-term deposits - current and non-current
portion |
(172,380) |
|
(477,598) |
|
(188,289) |
|
Net debt as calculated by GAAP |
2,253,960 |
|
1,822,919 |
|
2,125,415 |
|
VIE consolidation adjustment |
206,584 |
|
98,541 |
|
226,088 |
|
VIE restricted cash |
68,260 |
|
174,816 |
|
34,947 |
|
Deferred finance charges |
32,034 |
|
15,056 |
|
32,924 |
|
TRS restricted cash (1) |
— |
|
86,050 |
|
55,573 |
|
Total Adjusted Net Debt |
2,560,838 |
|
2,197,382 |
|
2,474,947 |
|
Less: Golar Partners' share of the Hilli debt |
(395,350) |
|
(441,623) |
|
(391,536) |
|
Less: Keppel's share of the Gimi debt |
(67,500) |
|
— |
|
(39,000) |
|
GLNG's share of Adjusted Net Debt |
2,097,988 |
|
1,755,759 |
|
2,044,411 |
|
(1) Restricted cash relating to the share
repurchase forward swap refers to the collateral required by the
bank with whom we entered into a total return equity swap.
(in thousands of $) |
March 31, 2020 |
March 31, 2019 |
December 31, 2019 |
Total debt (current and non-current) net of deferred finance
charges |
2,557,316 |
|
2,513,190 |
|
2,535,827 |
|
VIE consolidation adjustments |
206,584 |
|
98,541 |
|
226,088 |
|
Deferred finance charges |
32,034 |
|
15,056 |
|
32,924 |
|
Total Contractual Debt |
2,795,934 |
|
2,626,787 |
|
2,794,839 |
|
Less: Golar Partners' share of the Hilli contractual debt |
(414,000) |
|
(447,000) |
|
(422,250) |
|
Less: Keppel's share of the Gimi debt |
(67,500) |
|
— |
|
(39,000) |
|
GLNG's share of Contractual Debt |
2,314,434 |
|
2,179,787 |
|
2,333,589 |
|
Please see Appendix A for a capital repayment
profile for Golar’s contractual debt.
Non-US GAAP Measures Used in
Forecasting
Pre-inflation Adjusted Revenue less
Operating Costs: Pre-inflation Adjusted Revenue less
Operating Costs represents contracted fee income for executed
contracts less forecasted operating expenses. In calculating
forecasted operating expenditure for the Golar Nanook, management
has assumed that the Operating Services Agreement amount will
cover the associated operating costs. For the Sergipe Power Plant,
management has made an assumption about operating costs based on
Sergipe’s forecasts.
In the future when pre-inflation adjusted
revenue less operating costs actualizes, we will show our share of
Golar Power’s earnings net of interest and tax in one line in the
Income Statement "Equity in net earnings/(losses) of affiliates".
The Golar Power numbers are calculated based on an exchange rate of
5.3BRL:1USD.
Management has not forecasted net income for
these aforementioned initiatives as information to provide such a
forward-looking estimate is not available without unreasonable
effort. Pre-inflation adjusted revenue less operating costs is not
intended to represent EBITDA or future cashflows that will be
generated from these projects nor is it intended to represent the
dividend income that will be payable to Golar from our equity
investments. This measure should be seen as a supplement to and not
a substitute for our US GAAP measures of performance.
Distribution coverage: As
defined in Golar LNG Partners LP most recent quarterly earnings
release (Form 6-K), section "Appendix A - Non-GAAP Financial
Measures and Definitions".
Revenue Backlog: Revenue
Backlog is defined as the contracted daily charter rate for each
vessel multiplied by the number of scheduled hire days for the
remaining contract term. Revenue backlog is not intended to
represent EBITDA or future cashflows that will be generated from
these contracts. This measure should be seen as a supplement and
not a substitute for our US GAAP measures of performance.
Forward Looking Statements
This press release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934, as amended) which reflects management’s current
expectations, estimates and projections about its operations. All
statements, other than statements of historical facts, that address
activities and events that will, should, could or may occur in the
future are forward-looking statements. Words such as “may,”
“could,” “should,” “would,” "will," “expect,” “plan,” “anticipate,”
“intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,”
“potential,” “continue,” or the negative of these terms and similar
expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
other factors, some of which are beyond our control and are
difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Unless legally required, Golar undertakes no
obligation to update publicly any forward-looking statements
whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements
are:
- our inability and that of our counterparty to meet our
respective obligations under the Lease and Operate Agreement
("LOA") entered into in connection with the BP Greater Tortue /
Ahmeyim Project (“Gimi GTA Project”);
- continuing uncertainty resulting from current or potential
future claims from our counterparties of purported force majeure
under contractual arrangements, including but not limited to our
construction projects (including the Gimi GTA Project) and other
contracts to which we are a party;
- the length and severity of outbreaks of pandemics, including
the recent worldwide outbreak of the novel coronavirus ("COVID-19")
and its impact on demand for liquefied natural gas ("LNG") and
natural gas, the timing of completion of our conversion projects,
the operations of our charterers, our global operations and our
business in general;
- changes in our ability to obtain additional financing on
acceptable terms or at all;
- changes in our ability to retrofit vessels as floating storage
and regasification units ("FSRUs") or floating liquefaction
natural gas vessels ("FLNGs") and in our ability to obtain
financing for such conversions on acceptable terms or at all;
- Golar Power's ability to operate the Sergipe power station
project and related FSRU contract and to execute its downstream LNG
distribution and merchant power sales plans;
- changes in our relationship with Golar LNG Partners LP ("Golar
Partners"), Golar Power Limited ("Golar Power") or Avenir LNG
Limited ("Avenir") and the sustainability of any distributions they
pay to us;
- failure of our contract counterparties, including our joint
venture co-owners, to comply with their agreements with us or other
key project stakeholders;
- changes in LNG carrier, FSRU, or FLNG, or small-scale LNG
market trends, including charter rates, vessel values or
technological advancements;
- our vessel values and any future impairment charges we may
incur;
- challenges by authorities to the tax benefits we previously
obtained under certain of our leasing agreements;
- our ability to close potential future sales of additional
equity interests in our vessels, including the Hilli Episeyo and
FLNG Gimi on a timely basis or at all and our ability to contract
the full utilization of the Hilli Episeyo or other vessels and the
benefits that may to accrue to us as the result of any such
modifications;
- changes in the supply of or demand for LNG carriers, FSRUs,
FLNGs or small-scale LNG infrastructure;
- a material decline or prolonged weakness in rates for LNG
carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
- changes in the performance of the pool in which certain of our
vessels operate and the performance of our joint ventures;
- changes in trading patterns that affect the opportunities for
the profitable operation of LNG carriers, FSRUs, FLNGs or
small-scale LNG infrastructure;
- changes in the supply of or demand for LNG or LNG carried by
sea;
- continuing volatility of commodity prices;
- changes in the supply of or demand for natural gas generally or
in particular regions;
- changes in our relationships with our counterparties, including
our major chartering parties;
- a decline or continuing weakness in the global financial
markets;
- changes in general domestic and international political
conditions, particularly where we operate;
- changes in the availability of vessels to purchase and in the
time it takes to construct new vessels;
- failures of shipyards to comply with delivery schedules or
performance specifications on a timely basis or at all;
- our ability to integrate and realize the benefits of
acquisitions;
- changes in our ability to sell vessels to Golar Partners or
Golar Power;
- changes to rules and regulations applicable to LNG carriers,
FSRUs, FLNGs or other parts of the LNG supply chain;
- our inability to achieve successful utilization of our expanded
fleet or inability to expand beyond the carriage of LNG and
provision of FSRUs, FLNGs, and small-scale LNG infrastructure
particularly through our innovative FLNG strategy and our joint
ventures;
- actions taken by regulatory authorities that may prohibit the
access of LNG carriers, FSRUs, FLNGs or small-scale LNG vessels to
various ports;
- increases in costs, including, among other things, wages,
insurance, provisions, repairs and maintenance; and
- other factors listed from time to time in registration
statements, reports or other materials that we have filed with or
furnished to the Securities and Exchange Commission, or the
Commission, including our most recent annual report on Form
20-F.
As a result, you are cautioned not to rely on
any forward-looking statements. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise unless required by
law.
May 28, 2020The Board of DirectorsGolar LNG
LimitedHamilton, BermudaInvestor Questions: +44 207 063
7900Iain Ross - CEOCallum Mitchell-Thomson - CFOStuart
Buchanan - Head of Investor Relations
- Interim results for the period ended 31 March 2020
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