http://www.paradisegascarriers.com

2016-Q2 Results released on website

PARADISE GAS CARRIERS CORP

Quarterly Management report

Date : 30/06/2016

Quarterly results (in USD thous.)

BALANCE SHEET (end of period)	31/12/2015 (audited)	31/3/2016 (unaudited)	30/6/2016 (unaudited)
Cash & cash equivalents	15,543	16,181	14,441
Other Current Assets	6,557	9,265	8,966
Total Current Assets	22,100	25,446	23,407
Fixed Assets, net	66,031	64,785	63,540
Vessels under construction	23,775	26,801	27,286
Deferred drydocking costs	4,258	3,906	3,565
Other Non-Current Assets	2,000	2,000	2,000
Total Assets	118,164	122,938	119,798
Current portion of LT debt	5,741	4,135	2,540
Shareholders’ loans	0	0	0
Other current liabilities	5,284	4,786	2,872
Total Current Liabilities	11,025	8,921	5,412
Long-term debt	29,639	28,656	29,639
Other non-current liabilities	1,581	1,581	1,581
Total Liabilities	42,245	40,141	36,632
Paid-in capital	68,750	71,500	71,500
Retained Earnings	7,169	11,297	11,666
Shareholders Equity (Book NAV)	75,919	82,797	83,166

INCOME STATEMENT	31/12/2015 (audited)	2016/Q1 (unaudited)	2016/Q2 (unaudited)		31/3/2016 (YTD results)	30/6/2016 (YTD results)
Operating Revenue	40,002	11,203	9,566		11,203	20,769
Less: Voyage Expenses	(1,190)	(351)	(690)		(351)	(1,041)
Less: Commissions & Chartering Fees	(580)	(190)	(161)		(190)	(351)
TCE Earnings (net)	38,232	10,662	8,715		10,662	19,377
Operating expenses (excl. man fees)	(16,099)	(3,452)	(3,639)		(3,452)	(7,091)
Management Fees (related parties)	(1,304)	(328)	(327)		(328)	(655)
Charter hire expenses	(2,509)	(1,039)	(694)		(1,039)	(1,733)
G+A Expenses	(301)	(62)	(115)		(62)	(177)
EBITDA	18,019	5,781	3,940		5,781	9,721
Depreciation	(5,313)	(1,246)	(1,246)		(1,246)	(2,492)
Amortisation	(940)	(360)	(366)		(360)	(726)
Gain on Vessels’ disposal, net*	392	165	165		165	330
EBIT	12,158	4,340	2,493		4,340	6,833
Interest Expenses, net	(1,684)	(419)	(377)		(419)	(796)
Other finance expenses	(501)	(10)	(16)		(10)	(26)
Extraordinary & other expenses, net	38	58	(29)		58	29
Net Income	10,011	3,969	2,071		3,969	6,040
Out of book adj. (codification of borr cost) *	718	138	463		138	601
Net Income adjusted	10,729	4,107	2,534		4,107	6,641
Dividends distributed	3,960	1,073	1,073		1,073	2,145

CASH FLOW STATEMENT (period)	31/12/2015 (audited)	2016/Q1 (unaudited)	2016/Q2 (unaudited)
Cash from Operations	11,151	4,598	1,403
Cash from Investing	(616)	(2,909)	–	*PGC IKAROS was sold and leased back
Cash from Financing	(933)	1,051	3,143
Change of cash in periods	9,603	638	(1,740)
	FY15	2016q1	2016q2
Loan repayments (net**)	(6,280)	(1,633)	(1,633)	**Net of refinancing proceeds/prepayments

STATISTICS (during quarter)	12m2015	2016/Q1	2016/Q2
Average # of Ships Owned during Period	6.0	6.0	6.0	incl. chartered-in vessels
Average Age of Fleet at end of Period	13.4	13.7	13.9
ShipYears Left	57.5	56.0	54.5	Assumed 26 yrs for LPG’s and 20 for Tankers
Fleet Valuation ($mill) – end period	104.1	103.0	98.5	FMV: VesselsValue.com(adj as per note 1),incl. NB advances
Leverage	28.0%	26.3%	26.4%	Total Dept / (FMV incl. NB advances + Currect Assets)
Market NAV ($mill) (1)	86.0	90.4	87.2	See note 1 below
Paid-in capital ($mill)	68.8	71.5	71.5
Enterprise Value (EV)	105.80	107.95	104.98	EV = Market NAV plus debt less cash
Book NAV per 100 usd invested ($)	110.43	115.80	116.32	Book NAV divided by paid-in capital
Market NAV per 100 usd invested ($)	125.04	126.37	122.01	Market NAV divided by paid-in capital
Dividends received per 100usd invested ($)	6.0	6.0	6.0	12m cumulative dividends received for 100 usd invested
RoE (annualised)*	15.6%	20.7%	12.2%	*Net Income/Total equity (average of last period), includes capital gain
RoA (annualised)*	9.6%	13.6%	8.5%	*Net Income/Total Assets (average of last period), includes capital gain
EV/EBIT (annualised) *	8.23	7.63	7.52	*EV (today) / EBIT (TTM)
P/E*	8.06	7.30	6.46	*Market NAV/Net Earnings (TTM)
Dividend Yield *	4.61%	4.47%	4.73%	*Dividends distributed in the last 12m (TTM)/Market NAV
Average TCE per Ship, net*	18,461	19,527	16,064	*Net of BB charter hires
Average Opex per Ship ($/pd), incl. man fees	7,947	6,923	7,264	incl. management fees
Average charter hire expense per Ship ($/pd)	1,146	1,903	1,271	BB charter-in hires
Average GA & other costs per Ship ($/pd)	137	114	211
Average debt-service per ship ($/pd)	3,637	3,757	3,680	incl. debt-service, other finance costs as well as deferred finance charges
Cashflow TCE Breakeven per Ship	12,866	12,697	12,426	includes charter-in costs (approx. $2k/pd)
Cashflow Margin	43.5%	53.8%	29.3%	includes charter-in costs
Income Statement TCE Breakeven per Ship *	12,737	12,308	11,623	*excl. capital gain
Ownership Days (average)	365.00	91.00	91.00
Available Days efficiency (2)	94.6%	100.0%	99.4%	See note 2 below
Operating Days efficiency (3)	94.1%	100.0%	99.4%	See note 3 below

(1) Market values are calculated as follows: In the event that the online VesselsValue platform (VV) shows higher values than our books (BV) we account 75% of that premium, otherwise we account for the full difference if VV is lower than BV. Fleet valuation includes also advances for NB orders.