Aurora LPG Holding ASA

Transcription

1 Unaudited Condensed Interim Financial Statements Q1 2016

2 2 Contents Highlights of operational review... 3 Unaudited consolidated income statement for the first quarter of 2016, first quarter 2015 and full year Unaudited consolidated other comprehensive income for the first quarter of 2016, first quarter 2015 and full year Unaudited consolidated balance sheet as of March 31, 2016, March 31, 2015 and year end Unaudited consolidated statement of changes in equity for the three month and twelve months period ended March 31, 2015 and December 31, 2015 and for the three months period ended March 31, Unaudited consolidated statement of cash flow for the first quarter of 2016, first quarter of 2015 and full year

3 3 Highlights of operational review For the first quarter of 2016 Aurora s vessels averaged a time charter equivalent of USD 65,800 per vessel day (2015: USD 68,500) resulting in an EBITDA of USD 16.6 million (2015: USD 16.6 million). The time charter equivalent result is impacted by changes to the voyage and chartering portfolio, which positively impacted the quarter by slightly above USD 10,000 per vessel day. As of the date of this report all the Company s vessels are trading in the spot market. Net income was USD 14.2 million or USD 0.49 per share (2015: USD 13.9 million or USD 0.47). Aurora reports OPEX of approximately USD 6,541 per vessel day (2015: USD 7,060), administrative costs of USD 1,709 per vessel day (2015: USD 1,855) and commercial costs of USD 168 per day (2015: USD 780). Cash and cash equivalents at the end of the period was USD 26 million. The Company paid a dividend for the fourth quarter of USD 0.10 per share on March 10, The Company repurchased a total of 136,785 shares in the first quarter to an equivalent of USD 1.2 million. Remaining purchase amounts under the authority granted by the general meeting is 1,981,132 shares or 7% of total shares. Aurora Wilhelmsen Ship Management commenced operations for Auroras delivered new build vessels during the quarter. The Company took delivery of three new builds in the first quarter; Aurora Balder, Aurora Njord and Aurora Var. A gross amount of USD 150 million was drawn down on credit facilitates with Credit Suisse, ABN AMRO and Kexim. The Company has signed the term sheet for the financing of its sixth new build vessel and the refinancing of the debt on Taurus, Leo and Capricorn. The two transactions are planned to be conducted in one USD 150 million four tranche facility with ABN, NIBC and SEB at terms representing improvements compared to the existing facility on Taurus, Leo and Capricorn and similar terms compared to the company s new build facilities with Credit Suisse, ABN and Kexim.

4 4 Unaudited consolidated income statement for the first quarter of 2016, first quarter 2015 and full year 2015 (Amounts in thousands USD) Q Q Voyage revenue Time Charter revenue Pool revenue Total revenue Voyage expenses Ship Operating expenses Commercial management expenses Loss on receivables Administrative expenses Depreciation Total operating expenses Other gain Operating profit Finance income Finance expenses Profit before income tax expense Tax expense Net income Earnings per share (basic) Earnings per share (diluted)

5 5 Unaudited consolidated other comprehensive income for the first quarter of 2016, first quarter 2015 and full year 2015 Q Q Net income Change in fair value of available-forsale financial assets Reclassification of gain previously recognized in other comprehensive income related to sale of availablefor-sale financial assets Other comprehensive income Total comprehensive income

6 6 Unaudited consolidated balance sheet as of March 31, 2016, March 31, 2015 and year end 2015 (Amounts in thousands USD) Notes Q Q ASSETS Newbuildings Vessels and equipment Other non-current assets Total non-current assets Cash and cash equivalents Derivative financial asset Inventories Voyage in progress Accounts receivable Pool receivable Other current assets Total current assets Total assets EQUITY AND LIABILITIES Share capital Share premium Treasury shares Retained earnings Total equity Borrowings Total non-current liabilities Borrowings, current portion Accounts payable Other current liabilities Total current liabilities Total equity and liabilities

7 7 Unaudited consolidated statement of changes in equity for the three month and twelve months period ended March 31, 2015 and December 31, 2015 and for the three months period ended March 31, Share capital Share premium Treasury shares Retained earnings Total shareholders equity Shareholders equity jan 1st Net income Other comprehensive income Dividend Purchase of treasury shares Shareholdes equity December 31st Share capital Share premium Treasury shares Retained earnings Total shareholders equity Shareholders equity jan 1st Net income Dividend Purchase of treasury shares Shareholdes equity March 31st

8 8 Unaudited consolidated statement of cash flow for the first quarter of 2016, first quarter of 2015 and full year 2015 (Amounts in thousands USD) Q Q Operating activities Profit before income tax expense Other gain Depreciation Other non-cash Amortization fees Other Change in working capital Inventories Voyage in progress Receivables and other current assets Accounts payable Deferred revenue Other current liabilities Net cash from operating activities Investing activities Proceeds from sale of available-for-sale financial assets Purchase of vessels and equipment Additions to newbuildings Net cash from investing activities Financing activities Dividends Purchase of treasury shares Repayment of long term debt Issuance of debt Net cash from financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at the end of period

9 9 Notes to the Unaudited Consolidated Interim Financial Statement Note 1 - General information The condensed consolidated financial statements of Aurora LPG Holding ASA and its subsidiaries ("Aurora" or "the Group") for the first quarter of 2016 have been prepared in accordance with International Financial Accounting Standards (IFRS) and IAS 34 for interim financial reporting. The interim financial statements do not include all the information required for a full financial report and should therefore be read in conjunction with the audited 2015 annual report which were prepared in accordance with IFRS as adopted by the European Union. Note 2 - Accounting policies The accounting policies applied are consistent with those described in the audited 2015 annual report. Note 3 - Non-current assets Vessels Newbuilding contracts Opening net book amount Purchase of vessels /reclassification Additions Q Capitalization of interest expenses Accumulated depreciation for Q Balance sheet

10 10 Note 4 Share Capital As of March 31, 2016 the share capital of Aurora LPG Holding ASA consisted of shares of nominal value of NOK 0.10 of which the Company owns 986,785 shares. Note 5 Treasury shares The Company purchased 136,785 shares in the first quarter and reduced the Company s equity with USD 1.2 million. Note 6 Dividend The Company paid a dividend for the fourth quarter of 0.10 USD per share on March 10, Note 7 Borrowings The Company drew down USD 100 million on its ABN and Kexim facility in March for the final down payment on the vessels Aurora Balder and Aurora Var. In addition, USD 50 million was drawn down on the Credit Suisse facility for the final down payment of the vessel Aurora Njord. All the loans bear an interest margin from 2.2 % - 2.3%. Note 8 Subsequent events The Company took delivery of its 7 th vessel, Aurora Brage, in April. The Company has signed a term sheet for a refinancing of its existing USD 120 million facility which currently has approximately USD 100 million outstanding and a financing for its sixth and final new build. The transaction is structured as a four trance facility secured in Taurus, Leo, Capricorn and Frigg. The terms under the new facility represent an improvement compared to the existing facility secured in Taurus, Leo and Capricorn and is comparable to the facilities entered into for the five first new build vessels. The four tranche refinancing is subject to customary closing conditions i.a. credit approval and documentation.

11 11 Responsibility statement We confirm, to the best of our knowledge, that the condensed set of financial statements for the three months period ended March 31, 2016 has been prepared in accordance with IAS 34 - Interim Financial Reporting, and gives a true and fair view of the group s assets, liabilities, financial position and profit or loss as a whole. The Board of Directors May 26 th, 2016