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GasLog's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: GLOG

Adjusted profit for the quarter was $2.6 million. On an unadjusted basis we incurred a loss of $3.6 million for the quarter. Adjusted earnings per share was $0.04 for the quarter and the loss per share was $-0.06. Our bottom-line results for the quarter were impacted by non-cash items namely a non-cash loss from interest rates loss and unrealized foreign exchange differences. Henrik will go into more details of our second quarter results shortly. In particular, the adjustments for the period included a $5.3 million non-cash loss on interest rates loss and an $800,000 foreign exchange difference that are mainly unrealized. These economic hedging transactions were done at levels better than our long term budget forecast.

The non-cash items are a consequence of our continued actions to eliminate risk from our business model are all -- fixed interest expense remained significantly below our long term budget, 62% of the floating interest rate exposure has been hedged at a weighted average interest of approximately 4.3% including margin as of June 30, 2012.

GasLog is on track to pay a dividend of $0.11 per share in the fourth quarter of this year. Our two ships in the water currently on multi-year charters to a subsidiary of BG Group performed without any off hire during this quarter ending on June 30, 2012, thereby achieving full utilization for the period. Our 8 ships under construction at Samsung Heavy Industries are on-time and within budget, of these 8 ships, 2 were launched during the second quarter of 2012 and are on schedule for delivery during the first quarter of 2013. In total, 5 of the 8 ships have now commenced construction by the ship yard.

I’ll turn the call over to Henrik Bjerregaard, our CFO who would take you through second quarter finances in more detail.

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