http://www.paradisegascarriers.com

2016-Q1 Results released on website

PARADISE GAS CARRIERS CORP

Quarterly Management report

Date : 31/03/2016

Quarterly results (in USD thous.)

BALANCE SHEET (end of period)	31/12/2015 (audited)	31/3/2016 (unaudited)
Cash & cash equivalents	15,543	16,181
Other Current Assets	6,557	9,265
Total Current Assets	22,100	25,446
Fixed Assets, net	66,031	64,785
Vessels under construction	23,775	26,801
Deferred drydocking costs	4,258	3,906
Other Non-Current Assets	2,000	2,000
Total Assets	118,164	122,938
Current portion of LT debt	5,741	5,118
Shareholders’ loans	0	0
Other current liabilities	5,284	4,786
Total Current Liabilities	11,025	9,904
Long-term debt	29,639	28,656
Other non-current liabilities	1,581	1,581
Total Liabilities	42,245	40,141
Paid-in capital	68,750	71,500
Retained Earnings	7,169	11,297
Shareholders Equity (Book NAV)	75,919	82,797

INCOME STATEMENT	31/12/2015 (audited)	2016/Q1 (unaudited)		31/3/2016 (YTD results)
Operating Revenue	40,002	11,203		11,203
Less: Voyage Expenses	(1,190)	(351)		(351)
Less: Commissions & Chartering Fees	(580)	(190)		(190)
TCE Earnings (net)	38,232	10,662		10,662
Operating expenses (excl. man fees)	(16,099)	(3,452)		(3,452)
Management Fees (related parties)	(1,304)	(328)		(328)
Charter hire expenses	(2,509)	(1,039)		(1,039)
G+A Expenses	(301)	(62)		(62)
EBITDA	18,019	5,781		5,781
Depreciation	(5,313)	(1,246)		(1,246)
Amortisation	(940)	(360)		(360)
Gain on Vessels’ disposal, net*	392	165		165
EBIT	12,158	4,340		4,340
Interest & Finance Expences	(1,684)	(419)		(419)
Other finance expenses	(501)	(10)		(10)
Extraordinary & other expenses, net	38	58		58
Net Income	10,011	3,969		3,969
Out of book adj. (codification of borr cost) *	718	138		138
Net Income adjusted	10,729	4,107		4,107
Dividends distributed	3,960	1,073		1,073

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

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