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GasLog Ltd. Reports Financial Results For The Quarter Ended March 31, 2012

Stocks in this article: GLOG

Vessel operating and supervision costs were $3.5 million for the quarter ended March 31, 2012 ($3.0 million for the quarter ended March 31, 2011: +14.4% year over year). The increase is mainly attributable to organizational growth in GasLog’s vessel management segment.

General and administrative expenses were $5.2 million for the quarter ended March 31, 2012 ($3.0 million for the quarter ended March 31, 2011: +71.5% year over year). The increase is primarily attributable to increases in personnel expenses, directors’ fees, and travel expenses as well as one-off equity-settled compensation expense related to the former chief executive officer and staff bonuses. This increase is generally in line with GasLog’s planned growth and the reporting and compliance requirements of being a public company.

Financial costs were $3.0 million for the quarter ended March 31, 2012 ($2.3 million for the quarter ended March 31, 2011: +28.6% year over year). The increase is primarily a result of increased interest expense as a result of swapping floating rate interest to fixed rate interest in connection with the outstanding indebtedness related to the vessel GasLog Savannah.

EBITDA was $8.4 million for the quarter ended March 31, 2012 ($10.5 million for the quarter ended March 31, 2011: -20.1% year over year). This decrease is mainly attributable to higher general and administrative expenses. Please refer to Exhibit II at the end of this press release for a reconciliation of EBITDA to profit for the period, the most directly comparable financial measure calculated and presented in accordance with International Financial Reporting Standards (“IFRS”).

Profit for the period was $2.2 million for the quarter ended March 31, 2012 ($5.0 million for the quarter ended March 31, 2011: -56.7% year over year). This takes into account a year-on-year increase in unallocated expenses of $2.0 million, from $1.4 million to $3.4 million which is mainly attributable to higher general and administrative expenses. For more information on unallocated losses, please refer to the table below highlighting certain financial information for GasLog’s two segments.

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