GasLog Ltd. (“GasLog”) (NYSE: GLOG), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, today reported its financial results for the quarter ended June 30, 2012.
|•||Continued strong fundamentals for the LNG industry.|
|•||For the second quarter, GasLog reports Adjusted EBITDA (1) of $8.4 million, Adjusted Profit (1) of $2.6 million and Loss of $3.6 million.|
|•||Adjusted earnings per share ("EPS") (1) of $0.04 and loss per share of $(0.06) for the second quarter of 2012.|
Operating performance in-line with management’s expectations and reflects full employment of the delivered fleet.
|•||GasLog remains on track to pay a dividend of $0.11 per share in Q4 2012.|
|•||100% utilization of GasLog Savannah and GasLog Singapore during the second quarter of 2012.|
|•||The eight LNG newbuildings are on schedule and within budget.|
|•||Adjustments for the period include a $5.3 million non-cash loss on interest rate swaps, and $0.8 million foreign exchange differences that are mainly unrealized. These economic hedging transactions were done at levels better than long-term budget forecast.|
|•||GasLog continued its policy of reducing risk to its long-term business model. 62% of the floating interest rate exposure has been hedged at a weighted average interest rate of approximately 4.3% (including margin) as of June 30, 2012.|
Chairman & CEO Statement
Mr. Peter G. Livanos, Chairman and Chief Executive Officer, stated “We are pleased to report our second quarter results including Adjusted EBITDA which is better than expected. We remain on track to pay a dividend of 11 cents per share in the fourth quarter. A non-cash loss from interest rate swaps, and unrealized foreign exchange differences has impacted our bottom line results. These non-cash items are a consequence of our continuing actions to eliminate risk from our business. Our all-in fixed interest expense remains significantly below our long-term budget.
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