2015-Q2 Results and Commentary released on website

PARADISE GAS CARRIERS CORP

Quarterly Management report

Date : 30/6/2015

Quarterly results (in USD thous.)
BALANCE SHEET (end of period) 31/12/2014 (audited) 31/3/2015 (unaudited) 30/6/2015 (unaudited)
Cash & cash equivalents 5,941 12,776 12,160
Other Current Assets 6,754 6,918 6,726
Total Current Assets 12,695 19,694 18,886
Fixed Assets, net 87,015 85,707 68,682
Vessels under construction 4,811 9,540 9,540
Other Non-Current Assets 1,867 4,137 7,891
Total Assets 106,388 119,078 104,999
Current portion of LT debt 5,249 6,322 5,630
Shareholders’ loans 14,653 14,653 0
Other current liabilities 4,150 5,165 4,024
Total Current Liabilities 24,052 26,140 9,654
Long-term debt 20,436 29,181 22,965
Other non-current liabilities 0 0 1,800
Total Liabilities 44,488 55,321 34,419
Paid-in capital 61,500 62,850 65,970
Retained Earnings 400 907 4,610
Shareholders Equity (Book NAV) 61,900 63,757 70,580
INCOME STATEMENT 31/12/2014 (audited) 2015/Q1 (unaudited) 2015/Q2 (unaudited)   31/3/2015 (YTD results) 30/6/2015 (YTD results)
Operating Revenue 22,745 8,814 9,043 8,814 17,857
Less: Voyage Expenses (5,469) (691) (131) (691) (822)
Less: Commissions & Chartering Fees (845) (151) (122) (151) (273)
TCE Earnings (net) 16,431 7,972 8,790 7,972 16,762
Operating expenses (excl. man fees) (9,247) (3,949) (3,743) (3,949) (7,692)
Management Fees (related parties) (743) (322) (325) (322) (647)
Charter hire expenses (342) (342)
G+A Expenses (377) (65) (34) (65) (99)
Other Income/Expense (278) (32) (157) (32) (189)
EBITDA 5,786 3,604 4,189 3,604 7,793
Depreciation (3,491) (1,341) (1,277) (1,341) (2,618)
Amortisation (118) (179) (212) (179) (391)
Gain on Vessels’ disposal, net* 2,715 2,715
EBIT 2,177 2,084 5,415 2,084 7,499
Interest & Finance Expences (673) (546) (722) (546) (1,268)
Net Income 1,504 1,538 4,693 1,538 6,231
Dividends distributed 990 990 990 1,980
CASH FLOW STATEMENT (period) 31/12/2014 (audited) 31/3/2015 (unaudited) 30/6/2015 (unaudited)
Cash from Operations 4,626 1,568 442
Cash from Investing (57,276) (4,803) 15,228 *PGC IKAROS was sold and leased back
Cash from Financing 52,138 10,070 (9,451)
Change of cash in periods (512) 6,835 6,219
FY14 2015q1 2015q2
Loan repayments (net**) (1,065) (1,183) (1,356) **Net of refinancing proceeds/prepayments
STATISTICS (during quarter) 12m2014 2015/Q1  2015/Q2  
Average # of Ships Owned during Period 3.7 6.0 6.0
Average Age of Fleet at end of Period 12.4 12.7 12.9
ShipYears Left 63.5 62.0 60.6 Assumed 26 yrs for LPG’s and 20 for Tankers
Fleet Valuation ($mill) – end period 110.4 110.1 92.3 VesselsValue.com (PGC Ikaros has been sold)
Leverage 23.3% 32.2% 31.0% excl. shareholders’ loans
Market NAV ($mill) (1) 75.8 74.9 81.2 See note 1 below
Paid-in capital ($mill) 61.5 62.9 66.0
Enterprise Value (EV) 110.21 112.31 97.59 EV = Market NAV plus debt (incl. SH loans) less cash
Book NAV per 100 usd invested ($) 100.65 101.44 106.99 Book NAV divided by paid-in capital
Market NAV per 100 usd invested ($) 123.27 119.22 123.02 Market NAV divided by paid-in capital
Dividends received per 100usd invested ($) 0.00 1.58 3.00 cumulative dividends received for 100 usd invested
RoE (annualised)* 2.4% 9.8% 27.9% *Net Income/Total equity (average of last period), includes capital gain
RoA (annualised)* 1.4% 5.5% 16.8% *Net Income/Total Assets (average of last period), includes capital gain
EV/EBIT (annualised) * 50.62 33.95 11.40 *EV (today) / EBIT (TTM)
P/E* 50.40 34.62 11.67 *Market NAV/Net Earnings (TTM)
Dividend Yield * 0.0% 1.3% 2.44% *Dividends distributed in the last 12m (TTM)/Market NAV
Average TCE per Ship, net* 13,788 16,613 17,189 *Net of BB charter hires
Average Opex per Ship ($/pd), incl. man fees 7,452 7,909 7,451 incl. management fees
Average charter hire expense per Ship ($/pd) 0 0 627 BB charter-in hires
Average GA & other costs per Ship ($/pd) 489 180 350
Average debt-service per ship ($/pd) 1,296 3,201 3,805 incl. debt-service, other finance costs as well as deferred finance charges
Cashflow TCE Breakeven per Ship 9,237 11,290 12,232
Cashflow Margin 49.3% 47.1% 40.5%
Income Statement TCE Breakeven per Ship * 11,134 11,915 12,477 *excl. capital gain
Ownership Days (average) 365.00 90.00 91.00
Available Days efficiency (2) 88.9% 88.9% 93.7% See note 2 below
Operating Days efficiency (3) 83.0% 88.9% 93.2% 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.
(2) Available Days Efficiency is the ratio of the days that the fleet was available for revenue generating; divided to the Ownership days
(3) Operating Days Efficiency is the ratio of the days the ships were actually employed (TC or Spot) and generating revenues (after deducting the off-hire days); divided to the Ownership days