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GasLog Ltd. Reports Financial Results For The Quarter Ended September 30, 2012

Adjusted Profit (1) was $4.0 million for the quarter ended September 30, 2012 ($4.8 million for the quarter ended September 30, 2011), after excluding the effects of the net loss on interest rate swaps and foreign exchange gains.

Adjusted EBITDA (1) was $9.7 million for the quarter ended September 30, 2012 ($10.3 million for the quarter ended September 30, 2011).

Adjusted EPS (1) was $0.06 for the quarter ended September 30, 2012 ($0.12 for the quarter ended September 30, 2011). EPS was $0.05 for the quarter ended September 30, 2012 ($0.12 for the quarter ended September 30, 2011). The decrease in Adjusted EPS (1) and EPS is attributable to the decrease in Adjusted Profit (1) and Profit and the increase in the weighted average number of shares following the completion of the IPO and the concurrent private placement.

As GasLog stated in the final prospectus filed April 2, 2012 for its IPO, the ramp-up of general and administrative expenses is expected to exceed revenue growth in 2012, as GasLog’s newbuildings will only commence delivery in 2013. Accordingly, GasLog expects 2012 profit will be lower than in 2011.

For a detailed discussion of GasLog’s financial results for the quarter ended September 30, 2012, please refer to the Financial Report for the Three Months and Nine Months Ended September 30, 2012, furnished on Form 6-K to the United States Securities and Exchange Commission (the “Q3 6-K”).

http://www.gaslogltd.com/investor-relations/sec-filings

Operating Results

The following table highlights certain financial information for GasLog’s two segments, the vessel ownership segment and the vessel management segment, for the quarters ended September 30, 2012 and 2011. A presentation of Unaudited Interim Financial Information is attached as Exhibit I.

                                     
In thousands of

U.S. Dollars

Vessel Ownership

Segment

Vessel Management

Segment

Unallocated/Eliminations Total
 
Three Months Ended September 30,

 

  2011     2012 2011     2012 2011   2012 2011     2012

 

 

 

 

 

 
Revenue from external customers $ 14,078 $ 14,147 $ 1,840 $ 2,788

 

$

15,918 $ 16,935
Profit/(loss) $ 6,103 $ 3,802 $ 42 $ 676 $ (1,573 ) $ (1,554 ) $ 4,572 $ 2,924

Adjusted Profit (1)/(loss)

$ 6,309 $ 5,248 $ 42 $ 676 $ (1,537 ) $ (1,879 ) $ 4,814 $ 4,045
EBITDA (1) $ 11,497 $ 9,793 $ 84 $ 770 $ (1,553 ) $ (1,939 ) $ 10,028 $ 8,624
Adjusted EBITDA (1) $ 11,704 $ 11,239 $ 84 $ 770 $ (1,517 ) $ (2,265 ) $ 10,271 $ 9,745
 

EPS – basic and diluted

0.12 0.05
 
Adjusted EPS (1) – basic and diluted 0.12 0.06
 

(1) EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are non-GAAP financial measures, and should not be used in isolation or as a substitute for GasLog’s financial results presented in accordance with IFRS. For definitions and reconciliations of these measurements to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to Exhibit II at the end of this press release.

Contracted Charter Revenues

GasLog’s contracted charter revenues are estimated to increase from $56 million for the fiscal year 2012 to $211 million for the fiscal year 2015, based on contracts in effect as of September 30, 2012 for the eight ships in GasLog’s owned fleet for which time charters have been secured, including contracts for six newbuildings that are scheduled to be delivered on various dates in 2013 and 2014. For further details please refer to the Q3 6-K.

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