2014-Q3 Results posted on website
PGC announcing its Q3 unaudited financial results as posted in the table herebelow and can be downloaded on Financials section.
PARADISE GAS CARRIERS CORP
Management report
Date: 30.09.2014
Quarterly results
| BALANCE SHEET
(at end of period) |
FY 2013
(audited) |
2014/Q1
(unaudited) |
2014/Q2
(unaudited) |
2014/Q3
(unaudited) |
|
|
(USD thous.) |
(USD thous.) |
(USD thous.) |
|
|
| Total Current Assets |
10,946 |
21,206 |
23,424 |
23,305 |
|
| Total Fixed Assets |
38,031 |
57,232 |
56,706 |
55,999 |
|
| Total Assets |
48,977 |
78,438 |
80,130 |
79,304 |
|
| Total Current Liabilities |
1,080 |
2,572 |
5,005 |
3,966 |
|
| Total Non-Current Liabilities |
0 |
16,153 |
15,447 |
14,742 |
|
| Total Liabilities |
1,080 |
18,725 |
20,452 |
18,708 |
|
| Shareholders Equity
(Book NAV) |
47,897 |
59,713 |
59,678 |
60,596 |
|
| check balance |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
| INCOME STATEMENT
(during quarter) |
FY 2013
(audited) |
2014/Q1
(unaudited) |
2014/Q2
(unaudited) |
2014/Q3
(unaudited) |
|
|
(USD thous.) |
(USD thous.) |
(USD thous.) |
(USD thous.) |
|
| Operating Revenue |
5,642 |
5,487 |
5,972 |
5,615 |
|
| Minus: Voyage Expenses & commissions |
-3,736 |
-2,269 |
-1,655 |
-403 |
|
| Minus: Commissions |
0 |
-274 |
-145 |
-191 |
|
| TCE Earnings
(net) |
1,906 |
2,944 |
4,172 |
5,021 |
|
| Opex
(excl. man fees) |
-1,908 |
-1,213 |
-2,680 |
-2,559 |
|
| Management Fees
(incl. chart. Fees) |
-164 |
-121 |
-234 |
-307 |
|
| G+A Expences |
-368 |
-139 |
-70 |
-47 |
|
| Other Income/Expense |
5 |
8 |
-8 |
4 |
|
| EBITDA |
-529 |
1,479 |
1,180 |
2,112 |
|
| Interest & Finance Expences |
-10 |
-75 |
-269 |
-191 |
|
| Depreciation & Amortisation |
-564 |
-526 |
-1,007 |
-1,003 |
|
| Net Income |
-1,103 |
878 |
-96 |
918 |
|
| Important Note: Strident Force and Darko King not included in the 31/3/14 consol. Income statement |
|
|
| CASH FLOW STATEMENT
(during quarter) |
FY 2013
(audited) |
2014/Q1
(unaudited) |
2014/Q2
(unaudited) |
2014/Q3
(unaudited) |
|
|
(USD thous.) |
(USD thous.) |
(USD thous.) |
|
|
| Net Income |
-1,103 |
878 |
-96 |
918 |
|
| Depreciation & Amortisation |
564 |
534 |
1,027 |
1,024 |
|
| Drydocks – Special Surveys payments |
0 |
0 |
0 |
-1,132 |
|
| Changes in current assets
(receivables, etc) |
-4,493 |
-887 |
530 |
522 |
|
| Changes in current liabilities
(payables, etc) |
1,080 |
130 |
1,465 |
-1,183 |
|
| Net Cash generated from operating activities |
-3,952 |
655 |
2,926 |
149 |
|
| Cashflow from Investing Activities |
-38,595 |
-18,613 |
-191 |
-118 |
|
| Increase/decrease of Debt
(net) |
0 |
17,250 |
-933 |
400 |
|
| Increase/decrease of paid-in capital
(net) |
49,000 |
11,000 |
0 |
0 |
|
| Net Increase in Cash & Cash Equivalents |
6,453 |
10,292 |
1,802 |
431 |
|
| Cash at Beginning of Period |
0 |
6,453 |
0 |
0 |
|
| Cash at End of Period |
6,453 |
16,745 |
1,802 |
431 |
|
|
|
|
|
|
|
| STATISTICS
(during quarter) |
FY 2013
(audited) |
2014/Q1
(unaudited) |
2014/Q2
(unaudited) |
2014/Q3
(unaudited) |
Notes |
|
|
|
|
|
|
| Average # of Ships Owned during Period |
1.4 |
2.0 |
4.0 |
4.0 |
|
| Average Age of Fleet at end of Period |
9.7 |
12.8 |
13.0 |
13.3 |
|
| ShipYears Left*1 |
26.6 |
46.9 |
45.9 |
44.9 |
LPGs
(26yrs), Tankers (20yrs) |
| Fleet Valuation
($mill) |
45.5 |
68.7 |
65.3 |
66.2 |
VesselsValue.com |
| Leverage |
0.0% |
25.8% |
27.2% |
26.1% |
outstand. debt / market value |
| Market NAV
($mill) *2 |
51.6 |
63.0 |
61.0 |
61.1 |
company NAV basis market fleet value |
| Share capital
($mill) |
49.0 |
60.0 |
60.0 |
60.0 |
|
| Book NAV per 1000 usd invested
($) |
977.5 |
995.2 |
994.6 |
1,009.9 |
|
| Market NAV per 1000 usd invested
($) |
1,054 |
1,049 |
1,017 |
1,018 |
|
| RoE |
-2.30% |
1.47% |
-0.16% |
1.51% |
|
| Average TCE per Ship |
8,145 |
16,176 |
11,462 |
13,644 |
|
| Average Opex per Ship
($/pd), excl. man fees |
8,154 |
6,665 |
7,363 |
6,954 |
|
| Average G&A per Ship
($/pd) |
1,573 |
764 |
192 |
128 |
|
| Cashflow TCE Breakeven per Ship |
9,748 |
7,797 |
8,316 |
7,590 |
|
| Income Statement TCE Breakeven per Ship |
12,859 |
11,352 |
11,725 |
11,149 |
|
| Ownership Days
(average) |
166 |
91 |
91 |
92 |
|
| Available Days
(average) |
155 |
91 |
77 |
90 |
|
| Operating Days
(average) |
146 |
91 |
76 |
90 |
|
*1 Assumed 26 yrs for LPG’s and 20 for Tankers.
*2 Market values are calculated as follows: In the event that the online VesselsValue platform (VV) shows higher values than our books (BV) we account half of that premium, otherwise we account for the full difference if VV is lower than BV.