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.
(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


Capital at work
1
Net Asset Value of $100 Invested in PGC from the start
2new
TCE vs cash / p&l b-even
3