http://www.paradisegascarriers.com

2015-Q3 Results released on website

PARADISE GAS CARRIERS CORP

Quarterly Management report

Date : 30/9/2015

Quarterly results (in USD thous.)

BALANCE SHEET (end of period)	31/12/2014 (audited)	31/3/2015 (unaudited)	30/6/2015 (unaudited)	30/9/2015 (unaudited)
Cash & cash equivalents	5,941	12,776	12,160	13,757
Other Current Assets	6,754	6,918	6,726	6,865
Total Current Assets	12,695	19,694	18,886	20,622
Fixed Assets, net	87,015	85,707	68,682	67,528
Vessels under construction	4,811	9,540	9,540	20,631
Other Non-Current Assets	1,867	4,137	7,891	7,829
Total Assets	106,388	119,078	104,999	116,610
Current portion of LT debt	5,249	6,322	5,630	6,530
Shareholders’ loans	14,653	14,653	0	0
Other current liabilities	4,150	5,165	4,024	4,273
Total Current Liabilities	24,052	26,140	9,654	10,803
Long-term debt	20,436	29,181	22,965	31,433
Other non-current liabilities	0	0	1,800	1,800
Total Liabilities	44,488	55,321	34,419	44,036
Paid-in capital	61,500	62,850	65,970	66,000
Retained Earnings	400	907	4,610	6,574
Shareholders Equity (Book NAV)	61,900	63,757	70,580	72,574

INCOME STATEMENT	31/12/2014 (audited)	2015/Q1 (unaudited)	2015/Q2 (unaudited)	2015/Q3 (unaudited)		31/3/2015 (YTD results)	30/6/2015 (YTD results)	30/9/2015 (YTD results)
Operating Revenue	22,745	8,814	9,043	10,581		8,814	17,857	28,438
Less: Voyage Expenses	(5,469)	(691)	(131)	(65)		(691)	(822)	(887)
Less: Commissions & Chartering Fees	(845)	(151)	(122)	(141)		(151)	(273)	(414)
TCE Earnings (net)	16,431	7,972	8,790	10,375		7,972	16,762	27,137
Operating expenses (excl. man fees)	(9,247)	(3,949)	(3,743)	(3,845)		(3,949)	(7,692)	(11,537)
Management Fees (related parties)	(743)	(322)	(325)	(328)		(322)	(647)	(975)
Charter hire expenses	–	–	(342)	(1,017)		–	(342)	(1,359)
G+A Expenses	(377)	(65)	(34)	(82)		(65)	(99)	(181)
EBITDA	6,064	3,636	4,346	5,103		3,636	7,982	13,085
Depreciation	(3,491)	(1,341)	(1,277)	(1,153)		(1,341)	(2,618)	(3,771)
Amortisation	(118)	(179)	(212)	(253)		(179)	(391)	(644)
Gain on Vessels’ disposal, net*	–	–	2,715	(125)		–	2,715	2,590
EBIT	2,455	2,116	5,572	3,572		2,116	7,688	11,260
Interest & Finance Expences	(515)	(429)	(379)	(381)		(429)	(808)	(1,189)
Other finance expenses	(158)	(117)	(343)	(4)		(117)	(460)	(464)
Extraordinary & other expenses, net	(278)	(32)	(157)	(232)		(32)	(189)	(421)
Net Income	1,504	1,538	4,693	2,955		1,538	6,231	9,186
Dividends distributed	–	990	990	990		990	1,980	2,970

CASH FLOW STATEMENT (period)	31/12/2014 (audited)	31/3/2015 (unaudited)	30/6/2015 (unaudited)	30/9/2015 (unaudited)
Cash from Operations	4,626	1,568	442	4,722
Cash from Investing	(57,276)	(4,803)	15,228	4,137	*PGC IKAROS was sold and leased back
Cash from Financing	52,138	10,070	(9,451)	(1,043)
Change of cash in periods	(512)	6,835	6,219	7,816
	FY14	2015q1	2015q2	2015q3
Loan repayments (net**)	(1,065)	(1,183)	(1,356)	(1,633)	**Net of refinancing proceeds/prepayments

STATISTICS (during quarter)	12m2014	2015/Q1	2015/Q2	2015/Q3
Average # of Ships Owned during Period	3.7	6.0	6.0	6.0
Average Age of Fleet at end of Period	12.4	12.7	12.9	13.2
ShipYears Left	63.5	62.0	60.6	59.0	Assumed 26 yrs for LPG’s and 20 for Tankers
Fleet Valuation ($mill) – end period	110.4	110.1	92.3	103.9	VesselsValue.com (PGC Ikaros has been sold)
Leverage	23.3%	32.2%	31.0%	36.5%	excl. shareholders’ loans
Market NAV ($mill) (1)	75.8	74.9	81.2	84.4	See note 1 below
Paid-in capital ($mill)	61.5	62.9	66.0	66.0
Enterprise Value (EV)	110.21	112.31	97.59	108.57	EV = Market NAV plus debt (incl. SH loans) less cash
Book NAV per 100 usd invested ($)	100.65	101.44	106.99	109.96	Book NAV divided by paid-in capital
Market NAV per 100 usd invested ($)	123.27	119.22	123.02	127.83	Market NAV divided by paid-in capital
Dividends received per 100usd invested ($)	0.00	1.58	3.00	4.50	cumulative dividends received for 100 usd invested
RoE (annualised)*	2.4%	9.8%	27.9%	16.5%	*Net Income/Total equity (average of last period), includes capital gain
RoA (annualised)*	1.4%	5.5%	16.8%	10.7%	*Net Income/Total Assets (average of last period), includes capital gain
EV/EBIT (annualised) *	44.89	30.97	10.82	9.45	*EV (today) / EBIT (TTM)
P/E*	50.40	34.62	11.67	9.38	*Market NAV/Net Earnings (TTM)
Dividend Yield *	0.0%	1.3%	2.44%	3.52%	*Dividends distributed in the last 12m (TTM)/Market NAV
Average TCE per Ship, net*	13,788	16,613	17,265	18,795	*Net of BB charter hires
Average Opex per Ship ($/pd), incl. man fees	7,452	7,909	7,451	7,560	incl. management fees
Average charter hire expense per Ship ($/pd)	0	0	627	1,842	BB charter-in hires
Average GA & other costs per Ship ($/pd)	281	120	62	149
Average debt-service per ship ($/pd)	1,179	2,984	3,177	3,648	incl. debt-service, other finance costs as well as deferred finance charges
Cashflow TCE Breakeven per Ship	8,911	11,014	11,316	13,198
Cashflow Margin	54.7%	50.8%	52.6%	42.4%
Income Statement TCE Breakeven per Ship *	11,134	11,915	12,477	13,215	*excl. capital gain
Ownership Days (average)	365.00	90.00	91.00	92.00
Available Days efficiency (2)	88.9%	88.9%	93.2%	100.0%	See note 2 below
Operating Days efficiency (3)	83.0%	88.9%	92.6%	100.0%	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.