GasLog reports financial results for 2017
GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas ("LNG") carriers, has reported its unaudited financial results for the quarter and the year ended December 31, 2017.
· Revenues of $135.8 million (Q4 2016: $126.5 million), Profit of $29.7 million (Q4 2016: $46.4 million) and Earnings per share(1) of $0.08 (Q4 2016: $0.36) for the quarter ended December 31, 2017.
· EBITDA(2) of $89.7 million (Q4 2016: $84.8 million), Adjusted EBITDA(2) of $89.7 million (Q4 2016: $85.4 million), Adjusted Profit(2) of $21.4 million (Q4 2016: $18.9 million) and Adjusted Loss per share(1)(2) of $0.02 (Q4 2016: Adjusted Earnings per share of $0.02) for the quarter ended December 31, 2017.
· Revenues of $525.2 million (2016: $466.1 million), Profit of $84.2 million (2016: $28.1 million) and Earnings per share(1) of $0.07 (2016: Loss per share of $0.39), for the year ended December 31, 2017.
· EBITDA(2) of $355.9 million (2016: $301.0 million), Adjusted EBITDA(2) of $356.0 million (2016: $302.4 million), Adjusted Profit(2) of $78.7 million (2016: $57.5 million) and Adjusted Loss per share(1)(2) of $0.00 (2016: Adjusted Loss per share of $0.03) for the year ended December 31, 2017.
· Completed the drop-down of the Solaris to GasLog Partners LP ("GasLog Partners" or the "Partnership") for $185.9 million on October 20, 2017.
· As previously announced, confirmed the order for a 180,000 cubic meter ("cbm") GTT Mark III Flex Plus LNG carrier with dual-fuel two-stroke engine propulsion ("LP-2S") from Samsung Heavy Industries Co., Ltd. ("Samsung") which is scheduled to be delivered in the third quarter of 2019.
· Quarterly dividend of $0.14 per common share payable on March 15, 2018.
Post Quarter-end Highlights
· Delivery of the GasLog Houston on January 8, 2018 and commencement of a short-term time charter agreement with a major LNG producer.
· Amendment of the charter of the GasLog Hong Kong to Total Gas & Power Chartering Limited ("Total"), a wholly owned subsidiary of Total S.A., such that the charter will commence on delivery of the vessel in March 2018 and expire in 2025.
· GasLog Partners completed a public offering of 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the "Series B Preference Units"), raising net proceeds of $111.0 million.
· GasLog Partners prepaid the outstanding $29.8 million of the junior tranche of the credit agreement entered into on February 18, 2016 (the "Five Vessel Refinancing"), due in April 2018.
About GasLog
GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated owned fleet consists of 28 LNG carriers (23 ships on the water and five on order). GasLog also has an additional LNG carrier which was sold to a subsidiary of Mitsui Co., Ltd. and leased back under a long-term bareboat charter. GasLog's consolidated fleet includes twelve LNG carriers in operation owned by GasLog's subsidiary, GasLog Partners. GasLog's principal executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.