Monaco, October 26, 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
September 30, 2017.
Highlights
· Completed
the acquisition of the GasLog Geneva from GasLog Ltd. ("GasLog")
for $211.0 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 Solaris
from GasLog for $185.9 million, with attached multi-year charter to
a subsidiary of
Shell.· Quarterly
Revenues, Profit, Adjusted Profit(1) and EBITDA(1) of $73.4
million, $25.4 million, $25.6 million and $53.7 million,
respectively.· Highest-ever
quarterly Partnership Performance(2) Results for Revenues, Profit,
Adjusted Profit, EBITDA and Distributable cash flow (1) of $73.3
million, $25.3 million, $25.5 million, $53.5 million and $26.9
million,
respectively.· Increased
cash distribution of $0.5175 per common unit for the third quarter
of 2017, 1.5% higher than the second quarter of 2017 and 8.3%
higher than the third quarter of
2016.· Distribution
coverage ratio(3) of 1.20x.
(1) 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
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 Geneva, GasLog
Partners delivered our highest-ever quarterly Partnership
Performance Results for Revenues, EBITDA and Distributable cash
flow, among other metrics. As a result of this strong performance,
we are increasing our cash distribution for the fourth consecutive
quarter to $0.5175 per unit, or $2.07 per unit annualized. With
this increase, the Partnership has grown distributions per unit by
8.3% year-on-year and by 38% since our initial public offering
("IPO"), representing a 10% compound annual growth rate.
In the third quarter of 2017, we announced and, post
quarter-end, closed the dropdown of the Solaris, our third LNG
carrier acquisition of 2017 and our fourth acquisition in the last
twelve months. The Solaris expands the Partnership's fleet to 12
wholly owned LNG carriers and provides incremental visible cash
flows for multiple years, helping to increase our future contracted
days to approximately 90% for 2018 and 72% for 2019.
For 2018, we expect a year-on-year distribution growth of 5% to
7%. This guidance is supported by our three acquisitions completed
to date in 2017, our dropdown pipeline and continued access to
equity capital funding, while also reflecting the three scheduled
vessel dry-dockings and three vessels coming off charter next year.
While the recovery in spot rates to mid-cycle levels is taking
longer than anticipated, the recent improvement in rates gives us
confidence in a continuing market recovery.
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 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 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 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 public offering of 8.625% Series A Cumulative Redeemable
Perpetual Fixed to Floating Rate Preference Units (the "Series A
Preference Units") completed on May 15, 2017, and the assumption of
the GasLog Geneva's outstanding indebtedness of $155.0 million.
Post Quarter-End Acquisition of the
Solaris
On September 19, 2017, GasLog Partners entered into an agreement
to acquire 100% of the shares in the entity that owns and charters
to Shell the Solaris from GasLog. The Solaris is a 155,000 cbm TFDE
LNG carrier built in 2014 and operated and managed by Shell since
delivery. The vessel is currently on a multi-year time charter with
a subsidiary of Shell through June 2021 and Shell has two
consecutive 5-year extension options which, if exercised, would
extend the charter for a period of either five or ten years.
The aggregate purchase price for the acquisition was $185.9
million, which includes $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 ongoing execution of our at-the-market common equity offering
programme ("ATM Programme") described below, and the assumption of
the Solaris' outstanding indebtedness of $116.5 million. The
acquisition closed on October 20, 2017.
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. During the third quarter of 2017, GasLog Partners issued
and received payment for 1,941,008 common units at a weighted
average price of $22.96 per common unit for total gross proceeds of
$44.6 million and net proceeds of $43.9 million, after broker
commissions of $0.6 million and other expenses of $0.1 million. In
connection with the issuance of common units under the ATM
Programme during this period, the Partnership also issued 39,613
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 $0.9 million.
Since the commencement of the ATM Programme through September
30, 2017, GasLog Partners has issued and received payment for a
total of 2,351,885 common units, with cumulative gross proceeds of
$53.9 million at a weighted average price of $22.91 per unit,
representing a discount of 0.6% to the volume weighted average
trading price of GasLog Partners' common units on the days on which
new common units were issued. Net proceeds for the same period
amounted to $52.7 million.
In the period from October 1, 2017 through October 3, 2017,
GasLog Partners issued and received payment for an additional
130,220 common units at a weighted average price of $23.26 per unit
for gross proceeds of $3.03 million and net proceeds of $2.99
million, after broker commissions of $0.04 million. The issuance of
these units fulfilled contractual commitments entered into on or
before September 30, 2017. In connection with the issuance of
common units during this subsequent period, the Partnership also
issued 2,658 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 $0.1 million.
New Interest Rate Hedging Agreement
On July 12, 2017, the Partnership entered into a
new interest rate swap agreement with GasLog with a notional value
of $80.0 million, maturing in 2022. As a result of its hedging
agreements, the Partnership has hedged 44.1% of its floating
interest rate exposure on its outstanding debt as of September 30,
2017, at a weighted average interest rate of approximately 1.8%
(excluding margin).
Chief Operating Officer Appointment
Following Graham Westgarth's retirement from his
position as Chief Operating Officer ("COO"), GasLog Partners and
GasLog announced on August 21, 2017 that Richard Sadler was
appointed as COO with an effective date of September 20, 2017.
Financial Summary
|
|
IFRS Common Control Reported Results(1) |
|
|
|
For the three months ended |
|
% Change from |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
September 30,2016 |
|
June 30,2017 |
|
September 30,2017 |
|
September 30,2016 |
|
June 30,2017 |
|
Revenues |
|
66,033 |
|
72,641 |
|
73,439 |
|
11% |
|
1% |
|
Profit |
|
20,038 |
|
23,619 |
|
25,374 |
|
27% |
|
7% |
|
Adjusted Profit(2) |
|
24,627 |
|
25,476 |
|
25,559 |
|
4% |
|
0% |
|
EBITDA(2) |
|
48,518 |
|
53,391 |
|
53,665 |
|
11% |
|
0% |
|
(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 increase in profit in the third quarter of 2017 as compared
to the second quarter of 2017 is mainly attributable to a decrease
of $1.7 million in loss on interest rate swaps.
The increase in profit in the third quarter of 2017 as compared
to the same period in 2016 is mainly attributable to an increase in
profit from operations of $3.6 million, mainly due to the delivery
of the GasLog Geneva on September 30, 2016 and a decrease of $1.6
million in loss on interest rate swaps.
|
|
Partnership Performance Results(1) |
|
|
|
For the three months ended |
|
% Change from |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
September 30,2016 |
|
June 30,2017 |
|
September 30,2017 |
|
September 30,2016 |
|
June 30,2017 |
|
Revenues |
|
51,452 |
|
62,582 |
|
73,277 |
|
42% |
|
17% |
|
Profit |
|
18,869 |
|
19,358 |
|
25,299 |
|
34% |
|
31% |
|
Adjusted Profit(2) |
|
18,869 |
|
21,215 |
|
25,484 |
|
35% |
|
20% |
|
EBITDA(2) |
|
37,234 |
|
45,220 |
|
53,529 |
|
44% |
|
18% |
|
Distributable cash flow(2) |
|
21,413 |
|
23,255 |
|
26,867 |
|
25% |
|
16% |
|
Cash
distributions declared |
|
17,077 |
|
21,001 |
|
22,305 |
|
31% |
|
6% |
|
(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 increase in profit in the third quarter of 2017 as compared
to the second quarter of 2017 is mainly attributable to an increase
of $6.0 million in profit from operations of the GasLog Greece and
the GasLog Geneva, acquired by the Partnership on May 3, 2017 and
July 3, 2017, respectively.
The increase in profit for the third quarter of 2017 as compared
to the same period in 2016 is attributable to the $12.9 million
profit from operations of the GasLog Seattle, the GasLog Greece and
the GasLog Geneva, acquired by the Partnership on November 1, 2016,
May 3, 2017 and July 3, 2017, respectively, which was partially
offset by an increase of $5.4 million in net financial costs
(comprising financial costs and loss on interest rate swaps, net of
financial income), mainly resulting from the valuation of the
interest rate swaps and the increased weighted average outstanding
debt, and an increase of $0.7 million in general and administrative
expenses, mainly resulting from the acquisitions of the GasLog
Seattle, the GasLog Greece and the GasLog Geneva.
Cash Distribution
On September 15, 2017, the board of directors of GasLog Partners
approved and declared a dividend on the Series A Preference Units
of $0.71875 per preference unit. The cash distribution was paid on
September 15, 2017, to all unitholders of record as of September 8,
2017.
On October 25, 2017, the board of directors of GasLog Partners
approved and declared a quarterly cash distribution of $0.5175 per
common unit for the quarter ended September 30, 2017. The cash
distribution is payable on November 10, 2017 to all unitholders of
record as of November 6, 2017.
Liquidity and Financing
As of September 30, 2017, we had $192.6 million of cash and cash
equivalents, of which $78.0 million was held in current accounts
and $114.6 million was held in time deposits.
As of September 30, 2017, we had an aggregate of $1,049.1
million of indebtedness outstanding under our credit facilities of
which $96.1 million is repayable within one year. In addition, we
had unused availability under our revolving credit facilities of
$42.9 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 $54.9 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 $1.1 million in order to
maintain the agreed working capital position in the acquired entity
of $1.0 million.
On October 20, 2017, in connection with the acquisition of
GAS-eight Ltd., the entity that owns the Solaris, the Partnership
paid GasLog $70.6 million representing the difference between the
$185.9 million aggregate purchase price and the $116.5 million of
outstanding indebtedness of the acquired entity assumed by GasLog
Partners less an adjustment of $1.2 million in order to maintain
the agreed working capital position in the acquired entity of $1.0
million.
The Partnership has entered into four interest rate swap
agreements with GasLog at a notional value of $470.0 million in
aggregate, maturing between 2020 and 2022. As of September 30,
2017, the Partnership has hedged 44.1% of its floating interest
rate exposure on its outstanding debt at a weighted average
interest rate of approximately 1.8% (excluding margin).
As of September 30, 2017, our current assets totaled $199.9
million and current liabilities totaled $134.5 million, resulting
in a positive working capital position of $65.4 million.
The GasLog Shanghai is expected to carry out a scheduled
dry-docking during the fourth quarter of 2017. Furthermore, 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 scheduled 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 two of
the vessels with scheduled dry-dockings in 2018 with the aim of
enhancing their operational performance at a total cost of
approximately $28 million, which is expected to be capitalized as
part of the respective vessel's cost. Of the total cost of
approximately $28 million, approximately $2 million has already
been paid. As a result of the additional work required, we expect
the dry-dockings for these two vessels to last somewhat longer than
would normally be the case. The additional time required for such
work is expected to be around 10 days but this is yet to be finally
verified.
LNG Market Update and Outlook
During the quarter and post quarter end, there has been
continued momentum in the start-up of new LNG liquefaction capacity
with the fourth train at Sabine Pass in the U.S. shipping its first
commissioning cargoes in August 2017. Sabine Pass has now shipped
approximately 200 cargoes since start up in early 2016. Post
quarter end, Chevron's Wheatstone LNG project in Australia started
production with the first LNG shipment expected in the coming
weeks. Dominion's Cove Point project in the U.S. and Novatek's
Yamal LNG project in Russia are both expected to start LNG
production by the end of 2017 and ramp up exports into 2018. With
the addition of these two projects, over 30 million tonnes per
annum ("mtpa") of new nameplate capacity will have been added in
2017, an increase of 11% over 2016, with the majority coming online
in the second half of the year.
Looking longer term, final investment decisions ("FIDs") for new
liquefaction projects continue to be limited in the current
environment, although a number of projects are making further
progress towards FID in the U.S. and other regions. Tellurian has
acquired natural gas reserves in northern Louisiana as future
feedstock for their Driftwood LNG project and has also chartered an
LNG vessel to trade short term LNG cargoes. In July 2017, Magnolia
LNG secured $1.5 billion of conditional funding from Stonepeak,
which is expected to fund a significant portion of the project's
future equity requirement. Also during the quarter, Next Decade
merged with Harmony Merger Corp. to achieve a public listing on the
Nasdaq and has a current market capitalisation of around $1
billion. In Mozambique, it has been reported that PTT of Thailand
has committed to offtake from the Area 1 LNG project.
Demand for LNG in 2017 to date has continued to rise sharply,
particularly in Asia and Europe, with material year-on-year
increases in the world's three largest import markets, Japan, South
Korea and China, where imports have increased by 5%, 21% and 44%
respectively. Rising Asian LNG demand into the Northern Hemisphere
winter months has caused Asian LNG prices to rise, resulting in a
reopening of both the U.S. - Asia and Europe - Asia gas price
arbitrages. The same trend emerged during the 2016-2017 winter
period, resulting in a greater number of U.S. cargoes travelling to
Asia, which increased tonne mile demand and helped to drive LNG
spot shipping rates higher.
Longer term demand for LNG is also emerging. In August 2017,
Petronet announced that it had renegotiated its LNG supply
agreement with ExxonMobil with new terms including an increase of 1
mtpa to be supplied from ExxonMobil's global portfolio. In
September 2017, it was reported that PTT had entered into a
contract to acquire 2.6 mtpa for 20 years from the Area 1 LNG
project in Mozambique. Also in September 2017, Petrobangla, the
state-owned oil company of Bangladesh entered into a contract with
Qatar to acquire 2.3 mtpa on average for a 15-year period.
A number of offtakers from LNG projects currently under
development are yet to secure all of their shipping requirements
and we are seeing an increased level of tender activity for both
near-term and longer-term shipping requirements. These tenders for
multi-month to multi-year periods are for both newbuild vessels and
on-the-water vessels, with the latter being positive in terms of
absorbing the recent oversupply in the spot market.
In the shorter term LNG shipping market, TFDE headline rates
have continued to rise as we enter the Northern Hemisphere winter,
with Clarksons currently quoting headline rates of $51,000, an
increase of 70% from the 2017 low and approximately 55% higher than
this time last year. Whilst the recovery in spot rates to mid-cycle
levels is taking longer than anticipated, we have seen
significantly more fixtures in 2017 compared to the same period in
2016, greater seasonality and consistently higher rates in 2017
than in 2016. This improvement in rates, coupled with no new vessel
orders in the quarter and only eight in 2017 to date, gives us
confidence in a continuing market recovery.
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, October 26,
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: 91721710
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, October 26, 2017 until 11:59 p.m. EDT (3:59 a.m. GMT) on
Thursday, November 2, 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: 91721710 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 twelve 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
EXHIBIT I - Unaudited Interim Financial Information: IFRS
Common Control Reported Results
Unaudited condensed consolidated statements of financial
positionAs of December 31, 2016 and September 30,
2017(All amounts expressed in thousands of U.S. Dollars,
except unit data)
|
|
|
|
|
|
December 31, 2016 |
|
|
September 30, 2017 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
|
Other non-current
assets |
|
|
|
|
|
928 |
|
|
- |
|
Derivative financial
instruments |
|
|
|
|
|
6,008 |
|
|
3,959 |
|
Vessels |
|
|
|
|
|
1,826,995 |
|
|
1,782,825 |
|
Total non-current
assets |
|
|
|
|
|
1,833,931 |
|
|
1,786,784 |
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
|
|
|
|
3,495 |
|
|
2,563 |
|
Inventories |
|
|
|
|
|
2,491 |
|
|
2,367 |
|
Due from related
parties |
|
|
|
|
|
3,072 |
|
|
881 |
|
Prepayments and other
current assets |
|
|
|
|
|
972 |
|
|
1,491 |
|
Derivative financial
instruments |
|
|
|
|
|
- |
|
|
4 |
|
Short-term
investments |
|
|
|
|
|
4,500 |
|
|
- |
|
Cash and cash
equivalents |
|
|
|
|
|
55,819 |
|
|
192,554 |
|
Total current
assets |
|
|
|
|
|
70,349 |
|
|
199,860 |
|
Total assets |
|
|
|
|
|
1,904,280 |
|
|
1,986,644 |
|
Partners' equity and
liabilities |
|
|
|
|
|
|
|
|
|
|
Partners'
equity |
|
|
|
|
|
|
|
|
|
|
Owners' capital |
|
|
|
|
|
93,270 |
|
|
- |
|
Common unitholders
(24,572,358 units issued and outstanding as of December 31, 2016
and 40,616,601 units issued and outstanding as of September 30,
2017) |
|
|
|
|
|
565,408 |
|
|
741,803 |
|
Subordinated
unitholders (9,822,358 units issued and outstanding as of December
31, 2016 and nil units issued and outstanding as of September 30,
2017) |
|
|
|
|
|
60,988 |
|
|
- |
|
General partner
(701,933 units issued and outstanding as of December 31, 2016 and
828,911 units issued and outstanding as of September 30, 2017) |
|
|
|
|
|
10,095 |
|
|
11,553 |
|
Incentive distribution
rights |
|
|
|
|
|
5,878 |
|
|
5,904 |
|
Preference unitholders
(nil units issued and outstanding as of December 31, 2016 and
5,750,000 units issued and outstanding as of September 30,
2017) |
|
|
|
|
|
- |
|
|
139,298 |
|
Total partners'
equity |
|
|
|
|
|
735,639 |
|
|
898,558 |
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts
payable |
|
|
|
|
|
2,247 |
|
|
2,476 |
|
Due to related
parties |
|
|
|
|
|
3,612 |
|
|
460 |
|
Derivative financial
instruments |
|
|
|
|
|
1,836 |
|
|
857 |
|
Other payables and
accruals |
|
|
|
|
|
38,294 |
|
|
34,662 |
|
Borrowings-current
portion |
|
|
|
|
|
66,697 |
|
|
96,086 |
|
Total current
liabilities |
|
|
|
|
|
112,686 |
|
|
134,541 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
|
Derivative financial
instruments |
|
|
|
|
|
- |
|
|
328 |
|
Borrowings-non-current
portion |
|
|
|
|
|
1,055,773 |
|
|
953,018 |
|
Other non-current
liabilities |
|
|
|
|
|
182 |
|
|
199 |
|
Total non-current
liabilities |
|
|
|
|
|
1,055,955 |
|
|
953,545 |
|
Total partners' equity
and liabilities |
|
|
|
|
|
1,904,280 |
|
|
1,986,644 |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of profit or
lossFor the three and nine months ended September 30, 2016
and September 30, 2017(All amounts expressed in thousands of
U.S. Dollars, except per unit data)
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
|
|
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
|
September 30, 2017 |
|
Revenues |
|
|
|
66,033 |
|
73,439 |
|
186,387 |
|
217,923 |
|
Vessel operating
costs |
|
|
|
(13,536 |
) |
(15,066 |
) |
(39,425 |
) |
(43,568 |
) |
Voyage expenses and
commissions |
|
|
|
(849 |
) |
(921 |
) |
(2,630 |
) |
(2,733 |
) |
Depreciation |
|
|
|
(14,076 |
) |
(15,611 |
) |
(40,516 |
) |
(46,327 |
) |
General and administrative
expenses |
|
|
|
(3,130 |
) |
(3,787 |
) |
(9,227 |
) |
(10,470 |
) |
Profit from
operations |
|
|
|
34,442 |
|
38,054 |
|
94,589 |
|
114,825 |
|
Financial costs |
|
|
|
(12,249 |
) |
(12,319 |
) |
(30,162 |
) |
(36,098 |
) |
Financial income |
|
|
|
89 |
|
311 |
|
131 |
|
669 |
|
Loss on interest rate
swaps |
|
|
|
(2,244 |
) |
(672 |
) |
(6,136 |
) |
(2,985 |
) |
Total other expenses,
net |
|
|
|
(14,404 |
) |
(12,680 |
) |
(36,167 |
) |
(38,414 |
) |
Profit for the
period |
|
|
|
20,038 |
|
25,374 |
|
58,422 |
|
76,411 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to
GasLog's operations |
|
|
|
(1,169 |
) |
(75 |
) |
(5,979 |
) |
(10,732 |
) |
Profit attributable
to Partnership's operations |
|
|
|
18,869 |
|
25,299 |
|
52,443 |
|
65,679 |
|
Partnership's profit
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Common units |
|
|
|
12,706 |
|
20,941 |
|
34,680 |
|
53,014 |
|
Subordinated units |
|
|
|
5,079 |
|
N/A |
|
14,970 |
|
5,085 |
|
General partner
units |
|
|
|
377 |
|
443 |
|
1,049 |
|
1,220 |
|
Incentive distribution
rights |
|
|
|
707 |
|
815 |
|
1,744 |
|
1,711 |
|
Preference units |
|
|
|
- |
|
3,100 |
|
- |
|
4,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per unit
for the period (basic and diluted): |
|
|
|
|
|
|
|
|
|
|
|
Common unit (basic and
diluted) |
|
|
|
0.54 |
|
0.53 |
|
1.55 |
|
1.51 |
|
Subordinated unit |
|
|
|
0.52 |
|
N/A |
|
1.52 |
|
0.52 |
|
General partner
unit |
|
|
|
0.56 |
|
0.56 |
|
1.60 |
|
1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited condensed consolidated statements of cash
flowsFor the nine months ended September 30, 2016 and
September 30, 2017(All amounts expressed in thousands of
U.S. Dollars)
|
|
|
|
|
|
For the nine months ended |
|
|
|
|
|
|
|
September 30, 2016 |
|
|
September 30, 2017 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
Profit for the
period |
|
|
|
|
|
58,422 |
|
|
76,411 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
40,516 |
|
|
46,327 |
|
Financial costs |
|
|
|
|
|
30,162 |
|
|
36,098 |
|
Financial income |
|
|
|
|
|
(131 |
) |
|
(669 |
) |
Unrealized loss on
interest rate swaps held for trading |
|
|
|
|
|
2,532 |
|
|
1,394 |
|
Recycled loss of cash
flow hedges reclassified to profit or loss |
|
|
|
|
|
2,527 |
|
|
- |
|
Share-based
compensation |
|
|
|
|
|
342 |
|
|
614 |
|
|
|
|
|
|
|
134,370 |
|
|
160,175 |
|
Movements in working
capital |
|
|
|
|
|
19,061 |
|
|
(418 |
) |
Cash provided by
operations |
|
|
|
|
|
153,431 |
|
|
159,757 |
|
Interest paid |
|
|
|
|
|
(21,954 |
) |
|
(35,600 |
) |
Net cash provided by
operating activities |
|
|
|
|
|
131,477 |
|
|
124,157 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Payments for vessels'
additions |
|
|
|
|
|
(333,534 |
) |
|
(1,799 |
) |
Financial income
received |
|
|
|
|
|
115 |
|
|
596 |
|
Maturity of short-term
investments |
|
|
|
|
|
- |
|
|
4,500 |
|
Net cash (used
in)/provided by investing activities |
|
|
|
|
|
(333,419 |
) |
|
3,297 |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings
drawdowns |
|
|
|
|
|
752,696 |
|
|
60,000 |
|
Borrowings
repayments |
|
|
|
|
|
(475,664 |
) |
|
(135,990 |
) |
Payment of loan
issuance costs |
|
|
|
|
|
(10,669 |
) |
|
(1,507 |
) |
Payments to GasLog in
exchange for contributions of net assets |
|
|
|
|
|
- |
|
|
(121,554 |
) |
Proceeds from public
offerings and issuances of common units and general partner units
(net of underwriting discounts and commissions) |
|
|
|
|
|
53,826 |
|
|
135,128 |
|
Proceeds from public
offering and issuance of preference units (net of underwriting
discounts and commissions) |
|
|
|
|
|
- |
|
|
139,222 |
|
Payment of offering
costs |
|
|
|
|
|
(272 |
) |
|
(1,214 |
) |
Payment for interest
rate swaps' termination |
|
|
|
|
|
(4,937 |
) |
|
- |
|
Distributions paid |
|
|
|
|
|
(48,500 |
) |
|
(64,804 |
) |
Dividend paid to GasLog
before vessel dropdown |
|
|
|
|
|
(7,800 |
) |
|
- |
|
Net cash provided by
financing activities |
|
|
|
|
|
258,680 |
|
|
9,281 |
|
Increase in cash and
cash equivalents |
|
|
|
|
|
56,738 |
|
|
136,735 |
|
Cash and cash
equivalents, beginning of the period |
|
|
|
|
|
62,677 |
|
|
55,819 |
|
Cash and cash
equivalents, end of the period |
|
|
|
|
|
119,415 |
|
|
192,554 |
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
Non-GAAP Financial Measures:
Reconciliation of IFRS Common Control Reported Results in our
Financial Statements to Partnership Performance Results:
Our Partnership Performance Results presented below are non-GAAP
measures and exclude amounts related to GAS-seven Ltd. (the owner
of the GasLog Seattle), GAS-eleven Ltd. (the owner of the GasLog
Greece) and GAS-thirteen Ltd. (the owner of the GasLog Geneva), for
the periods prior to their transfers to the Partnership on November
1, 2016, May 3, 2017 and July 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., GAS-eleven Ltd. and
GAS-thirteen Ltd. were not owned by the Partnership prior to their
respective transfers to the Partnership in November 2016, May 2017
and July 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 September 30,
2016 |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
|
|
Results attributable to GasLog |
|
Partnership Performance Results |
|
IFRS Common Control Reported Results |
|
Revenues |
|
|
|
14,581 |
|
51,452 |
|
66,033 |
|
Vessel operating
costs |
|
|
|
(2,714 |
) |
(10,822 |
) |
(13,536 |
) |
Voyage expenses and
commissions |
|
|
|
(205 |
) |
(644 |
) |
(849 |
) |
Depreciation |
|
|
|
(2,960 |
) |
(11,116 |
) |
(14,076 |
) |
General and administrative
expenses |
|
|
|
(378 |
) |
(2,752 |
) |
(3,130 |
) |
Profit from
operations |
|
|
|
8,324 |
|
26,118 |
|
34,442 |
|
Financial costs |
|
|
|
(4,916 |
) |
(7,333 |
) |
(12,249 |
) |
Financial income |
|
|
|
5 |
|
84 |
|
89 |
|
Loss on interest rate
swaps |
|
|
|
(2,244 |
) |
- |
|
(2,244 |
) |
Total other expenses,
net |
|
|
|
(7,155 |
) |
(7,249 |
) |
(14,404 |
) |
Profit for the
period |
|
|
|
1,169 |
|
18,869 |
|
20,038 |
|
|
|
|
|
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 |
|
|
|
10,059 |
|
62,582 |
|
72,641 |
|
Vessel operating
costs |
|
|
|
(1,632 |
) |
(13,309 |
) |
(14,941 |
) |
Voyage expenses and
commissions |
|
|
|
(125 |
) |
(786 |
) |
(911 |
) |
Depreciation |
|
|
|
(1,975 |
) |
(13,466 |
) |
(15,441 |
) |
General and administrative
expenses |
|
|
|
(131 |
) |
(3,267 |
) |
(3,398 |
) |
Profit from
operations |
|
|
|
6,196 |
|
31,754 |
|
37,950 |
|
Financial costs |
|
|
|
(1,941 |
) |
(10,288 |
) |
(12,229 |
) |
Financial income |
|
|
|
6 |
|
228 |
|
234 |
|
Loss on interest rate
swaps |
|
|
|
- |
|
(2,336 |
) |
(2,336 |
) |
Total other expenses,
net |
|
|
|
(1,935 |
) |
(12,396 |
) |
(14,331 |
) |
Profit for the
period |
|
|
|
4,261 |
|
19,358 |
|
23,619 |
|
|
|
|
|
For the three months ended September 30,
2017 |
|
(All amounts
expressed in thousands of U.S. dollars) |
|
|
|
Results attributable to GasLog |
|
Partnership Performance Results |
|
IFRS Common Control Reported Results |
|
Revenues |
|
|
|
162 |
|
73,277 |
|
73,439 |
|
Vessel operating
costs |
|
|
|
(20 |
) |
(15,046 |
) |
(15,066 |
) |
Voyage expenses and
commissions |
|
|
|
(2 |
) |
(919 |
) |
(921 |
) |
Depreciation |
|
|
|
(31 |
) |
(15,580 |
) |
(15,611 |
) |
General and administrative
expenses |
|
|
|
(4 |
) |
(3,783 |
) |
(3,787 |
) |
Profit from
operations |
|
|
|
105 |
|
37,949 |
|
38,054 |
|
Financial costs |
|
|
|
(30 |
) |
(12,289 |
) |
(12,319 |
) |
Financial income |
|
|
|
- |
|
311 |
|
311 |
|
Loss on interest rate
swaps |
|
|
|
- |
|
(672 |
) |
(672 |
) |
Total other expenses,
net |
|
|
|
(30 |
) |
(12,650 |
) |
(12,680 |
) |
Profit for the
period |
|
|
|
75 |
|
25,299 |
|
25,374 |
|
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 purchase and/or 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 Profit to EBITDA:
(Amounts expressed in thousands of U.S. Dollars)
|
IFRS Common Control Reported Results |
|
|
For the three months ended |
|
|
September 30, 2016 |
|
June 30, 2017 |
|
September 30, 2017 |
|
Profit for the
period |
20,038 |
|
23,619 |
|
25,374 |
|
Depreciation |
14,076 |
|
15,441 |
|
15,611 |
|
Financial costs |
12,249 |
|
12,229 |
|
12,319 |
|
Financial income |
(89 |
) |
(234 |
) |
(311 |
) |
Loss on interest rate
swaps |
2,244 |
|
2,336 |
|
672 |
|
EBITDA |
48,518 |
|
53,391 |
|
53,665 |
|
|
Partnership Performance Results |
|
|
For the three months ended |
|
|
September 30, 2016 |
|
June 30, 2017 |
|
September 30, 2017 |
|
Profit for the
period |
18,869 |
|
19,358 |
|
25,299 |
|
Depreciation |
11,116 |
|
13,466 |
|
15,580 |
|
Financial costs |
7,333 |
|
10,288 |
|
12,289 |
|
Financial income |
(84 |
) |
(228 |
) |
(311 |
) |
Loss on interest rate
swaps |
- |
|
2,336 |
|
672 |
|
EBITDA |
37,234 |
|
45,220 |
|
53,529 |
|
|
|
|
|
|
|
|
Reconciliation of Profit to Adjusted Profit:
(Amounts expressed in thousands of U.S. Dollars)
|
IFRS Common Control Reported Results |
|
|
For the three months ended |
|
|
September 30, 2016 |
|
June 30, 2017 |
|
September 30, 2017 |
|
Profit for the
period |
20,038 |
|
23,619 |
|
25,374 |
|
Non-cash loss on
interest rate swaps |
2,155 |
|
1,857 |
|
185 |
|
Write-off of
unamortized loan fees |
2,434 |
|
- |
|
- |
|
Adjusted
Profit |
24,627 |
|
25,476 |
|
25,559 |
|
|
Partnership Performance Results |
|
|
For the three months ended |
|
|
September 30, 2016 |
|
June 30, 2017 |
|
September 30, 2017 |
|
Profit for the
period |
18,869 |
|
19,358 |
|
25,299 |
|
Non-cash loss on
interest rate swaps |
- |
|
1,857 |
|
185 |
|
Adjusted
Profit |
18,869 |
|
21,215 |
|
25,484 |
|
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 Partnership's
Profit:
(Amounts expressed in thousands of U.S. Dollars)
|
For the three months ended |
|
|
September 30, 2016 (1) |
|
June 30, 2017 (1) |
|
September 30, 2017 (1) |
|
Partnership's profit
for the period |
18,869 |
|
19,358 |
|
25,299 |
|
Depreciation |
11,116 |
|
13,466 |
|
15,580 |
|
Financial costs |
7,333 |
|
10,288 |
|
12,289 |
|
Financial income |
(84 |
) |
(228 |
) |
(311 |
) |
Loss on interest rate
swaps |
- |
|
2,336 |
|
672 |
|
EBITDA |
37,234 |
|
45,220 |
|
53,529 |
|
Financial costs
(excluding amortization of loan fees) and realized loss on interest
rate swaps |
(6,425 |
) |
(9,591 |
) |
(11,380 |
) |
Dry-docking capital
reserve |
(2,168 |
) |
(2,871 |
) |
(3,240 |
) |
Replacement capital
reserve |
(7,228 |
) |
(7,954 |
) |
(8,942 |
) |
Accrued preferred
equity distribution |
- |
|
(1,549 |
) |
(3,100 |
) |
Distributable cash
flow |
21,413 |
|
23,255 |
|
26,867 |
|
Other reserves(2) (3)
(4) |
(4,336 |
) |
(2,254 |
) |
(4,562 |
) |
Cash distribution
declared |
17,077 |
|
21,001 |
|
22,305 |
|
(1) Excludes amounts related to GAS-seven Ltd., the owner of the
GasLog Seattle, and GAS-eleven Ltd., the owner of the GasLog
Greece, and GAS-thirteen Ltd., the owner of the GasLog Geneva, for
the periods prior to their transfers to the Partnership on November
1, 2016, May 3, 2017 and July 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., GAS-eleven Ltd. and
GAS-thirteen Ltd. were not owned by the Partnership prior to their
respective transfers to the Partnership in November 2016, May 2017
and July 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, 2017, the cash
distributions declared and the other reserves have been affected by
$148 paid in respect of the common units issued through the
Partnership's ATM Programme until the distribution record date in
the third quarter of 2017.
(4) For the three months ended September 30, 2017, the cash
distributions declared and the other reserves have been calculated
based on the number of units issued and outstanding as of September
30, 2017.
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