http://www.paradisegascarriers.com

2015-Q4 Results released on website

PARADISE GAS CARRIERS CORP

Quarterly Management report

Date : 31/12/2015

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)	31/12/2015 (unaudited)
Cash & cash equivalents	5,941	12,775	12,160	13,801	15,509
Other Current Assets	6,754	7,018	6,726	7,820	7,694
Total Current Assets	12,695	19,793	18,886	21,621	23,203
Fixed Assets, net	87,015	85,707	68,682	67,528	66,031
Vessels under construction	4,811	9,540	9,540	20,631	23,776
Deferred drydocking costs	1,240	3,442	3,476	3,505	4,709
Other Non-Current Assets	627	695	4,415	4,378	3,800
Total Assets	106,388	119,177	104,999	117,663	121,519
Current portion of LT debt	5,249	6,322	5,630	6,530	5,880
Shareholders’ loans	14,653	14,653	0	0	0
Other current liabilities	4,150	5,192	4,024	4,728	5,708
Total Current Liabilities	24,052	26,167	9,654	11,258	11,588
Long-term debt	20,436	29,181	22,965	31,433	30,025
Other non-current liabilities	0	0	1,800	1,800	1,800
Total Liabilities	44,488	55,348	34,419	44,491	43,413
Paid-in capital	61,500	62,850	65,970	66,000	68,750
Retained Earnings	400	979	4,610	7,172	9,356
Shareholders Equity (Book NAV)	61,900	63,829	70,580	73,172	78,106

INCOME STATEMENT	31/12/2014 (audited)	2015/Q1 (unaudited)	2015/Q2 (unaudited)	2015/Q3 (unaudited)	2015/Q4 (unaudited)		31/3/2015 (YTD results)	30/6/2015 (YTD results)	30/9/2015 (YTD results)	31/12/2015 (YTD results)
Operating Revenue	22,745	9,067	8,790	11,526	10,648		9,067	17,857	29,383	40,031
Less: Voyage Expenses	(5,469)	(691)	(131)	(86)	(289)		(691)	(822)	(908)	(1,197)
Less: Commissions & Chartering Fees	(845)	(154)	(119)	(147)	(157)		(154)	(273)	(420)	(577)
TCE Earnings (net)	16,431	8,222	8,540	11,293	10,202		8,222	16,762	28,055	38,257
Operating expenses (excl. man fees)	(9,247)	(3,964)	(3,728)	(4,058)	(4,177)		(3,964)	(7,692)	(11,750)	(15,927)
Management Fees (related parties)	(743)	(322)	(325)	(328)	(329)		(322)	(647)	(975)	(1,304)
Charter hire expenses	–	–	(342)	(1,128)	(1,039)		–	(342)	(1,470)	(2,509)
G+A Expenses	(377)	(65)	(34)	(75)	(141)		(65)	(99)	(174)	(315)
EBITDA	6,064	3,871	4,111	5,704	4,516		3,871	7,982	13,686	18,202
Depreciation	(3,491)	(1,341)	(1,277)	(1,153)	(1,497)		(1,341)	(2,618)	(3,771)	(5,268)
Amortisation	(118)	(179)	(212)	(253)	(293)		(179)	(391)	(644)	(937)
Gain on Vessels’ disposal, net*	–	–	2,715	(128)	–		–	2,715	2,587	2,587
EBIT	2,455	2,351	5,337	4,170	2,726		2,351	7,688	11,858	14,584
Interest & Finance Expences	(553)	(429)	(379)	(382)	(367)		(429)	(808)	(1,190)	(1,557)
Other finance expenses	(161)	(122)	(338)	(110)	(100)		(122)	(460)	(570)	(670)
Extraordinary & other expenses, net	(278)	(190)	1	(126)	(157)		(190)	(189)	(315)	(158)
Net Income	1,463	1,610	4,621	3,552	2,416		1,610	6,231	9,783	12,199
Out of book adj. (codification of borr cost) *	41	27	294	286	110		27	321	607	717
Net Income adjusted	1,504	1,637	4,915	3,838	2,526		1,637	6,552	10,390	12,916
Dividends distributed	–	990	990	990	990		990	1,980	2,970	3,960

CASH FLOW STATEMENT (period)	31/12/2014 (audited)	31/3/2015 (unaudited)	30/6/2015 (unaudited)	30/9/2015 (unaudited)	31/12/2015 (unaudited)
Cash from Operations	4,626	1,568	442	4,766	9,767
Cash from Investing	(57,276)	(4,803)	15,228	4,137	1,142	*PGC IKAROS was sold and leased back
Cash from Financing	52,138	10,070	(9,451)	(1,043)	(1,341)
Change of cash in periods	(512)	6,835	6,219	7,860	9,568
	FY14	2015q1	2015q2	2015q3	2015q4
Loan repayments (net**)	(1,065)	(1,183)	(1,356)	(1,633)	(2,058)	**Net of refinancing proceeds/prepayments

STATISTICS (during quarter)	12m2014	2015/Q1	2015/Q2	2015/Q3	2015/Q4
Average # of Ships Owned during Period	3.7	6.0	6.0	6.0	6.0
Average Age of Fleet at end of Period	12.4	12.7	12.9	13.2	13.4
ShipYears Left	63.5	62.0	60.6	59.0	57.5	Assumed 26 yrs for LPG’s and 20 for Tankers
Fleet Valuation ($mill) – end period	104.2	107.3	89.7	100.8	104.2	VesselsValue.com (PGC Ikaros has been sold)
Leverage	24.6%	33.1%	31.9%	37.7%	34.5%	excl. shareholders’ loans
Market NAV ($mill) (1)	73.1	72.4	78.5	82.3	87.8	See note 1 below
Paid-in capital ($mill)	61.5	62.85	66.6	66.0	68.8
Enterprise Value (EV)	107.48	109.80	94.98	106.50	108.21	EV = Market NAV plus debt (incl. SH loans) less cash
Book NAV per 100 usd invested ($)	100.65	101.56	106.99	110.87	113.61	Book NAV divided by paid-in capital
Market NAV per 100 usd invested ($)	118.83	115.22	119.06	124.75	127.73	Market NAV divided by paid-in capital
Dividends received per 100usd invested ($)	0.00	1.58	3.07	4.57	6.01	cumulative dividends received for 100 usd invested
RoE (annualised)*	2.4%	10.4%	29.3%	21.4%	13.4%	*Net Income/Total equity (average of last period), includes capital gain
RoA (annualised)*	1.4%	5.8%	17.5%	13.8%	8.4%	*Net Income/Total Assets (average of last period), includes capital gain
EV/EBIT (annualised) *	43.78	28.44	10.53	8.81	7.08	*EV (today) / EBIT (TTM)
P/E*	49.95	32.99	11.36	8.63	6.83	*Market NAV/Net Earnings (TTM)
Dividend Yield *	0.0%	1.4%	2.52%	3.61%	4.51%	*Dividends distributed in the last 12m (TTM)/Market NAV
Average TCE per Ship, net*	13,788	17,134	16,774	20,458	19,252	*Net of BB charter hires
Average Opex per Ship ($/pd), incl. man fees	7,452	7,937	7,423	7,946	8,163	incl. management fees
Average charter hire expense per Ship ($/pd)	0	0	627	2,043	1,882	BB charter-in hires
Average GA & other costs per Ship ($/pd)	281	120	62	136	255
Average debt-service per ship ($/pd)	1,207	2,984	3,177	3,649	4,393	incl. debt-service, other finance costs as well as deferred finance charges
Cashflow TCE Breakeven per Ship	8,911	11,042	11,289	13,774	14,694
Cashflow Margin	54.2%	55.2%	48.6%	48.5%	31.0%
Income Statement TCE Breakeven per Ship *	11,134	12,194	12,612	13,273	13,905	*excl. capital gain
Ownership Days (average)	365.00	90.00	91.00	92.00	92.00
Available Days efficiency (2)	88.9%	88.9%	93.2%	100.0%	96.0%	See note 2 below
Operating Days efficiency (3)	83.0%	88.9%	92.8%	100.0%	94.4%	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.