PARADISE GAS CARRIERS CORP

Quarterly Management report

Date : 30/9/2017

Quarterly results (in USD thous.)
BALANCE SHEET
(end of period)
31/12/2016 (audited) 31/3/2017 (unaudited) 30/6/2017 (unaudited) 30/9/2017 (unaudited)
Cash & cash equivalents 5,844 3,359 3,212 5,811
Other Current Assets 6,158 7,478 7,404 9,809
Total Current Assets 12,002 10,837 10,616 15,620
Fixed Assets, net 59,776 55,113 79,628 104,222
Vessels under construction 34,450 42,286 31,161 19,569
Deferred drydocking costs 4,656 3,626 3,508 3,089
Other Non-Current Assets 2,000 2,000 2,000 2,000
Total Assets 112,884 113,862 126,913 144,500
Current portion of LT debt 7,266 4,976 3,980 3,226
Shareholders’ loans 0 500 673 2,073
Other current liabilities 3,053 3,459 3,797 5,779
Total Current Liabilities 10,319 8,935 8,450 11,078
Long-term debt 21,947 21,947 37,013 52,319
Other non-current liabilities 1,581 1,416 1,252 1,088
Total Liabilities 33,847 32,325 46,715 64,485
Paid-in capital 71,500 73,600 73,600 74,338
Retained Earnings 7,537 7,937 6,598 5,677
Shareholders Equity (Book NAV) 79,037 81,537 80,198 80,015
INCOME STATEMENT 31/12/2016 (audited) 2017/Q1 (unaudited) 2017/Q2 (unaudited) 2017/Q3 (unaudited)
Operating Revenue 34,239 7,534 5,440 7,201
Less: Voyage Expenses (2,427) (560) (991) (937)
Less: Commissions & Chartering Fees (617) (162) (154) (201)
TCE Earnings (net) 31,195 6,812 4,295 6,063
Operating expenses (excl. man fees) (15,224) (7,785) (3,311) (3,994)
Management Fees (related parties) (1,317) (366) (348) (424)
Charter hire expenses (2,639) (557) (345) (374)
G+A Expenses (511) (21) (26)
EBITDA 11,504 2,083 265 1,271
Depreciation (4,983) (1,223) (1,188) (1,203)
Amortisation (1,589) (503) (475) (419)
Gain on Vessels’ disposal, net* 659 164 165 164
EBIT 5,591 521 (1,233) (187)
Interest expences net (1,524) (362) (422) (479)
Other finance expenses (86) (8) (47) 6
Extraordinary income/expense, net (395) (109) (23) (65)
Impairement loss (1,272)
Out of book adj. (codification of borr cost)* 1,271 358 426 (170)
Net Income adjusted 3,585 400 (1,299) (894)
Dividends distributed 3,218
CASH FLOW STATEMENT (period) 31/12/2016 (audited) 2017/Q1 (unaudited) 2017/Q2 (unaudited) 2017/Q3 (unaudited)
Cash from Operations 8,615 1,548 427 1,545
Cash from Investing (10,551) (3,890) (14,477) (12,876)
Cash from Financing (7,763) (143) 13,903 13,930
Change of cash in periods (9,699) (2,485) (147) 2,599
FY16 2017q1 2017q2 2017q3
Loan repayments (net**) (6,530) (2,290) (1,285) (2,755)
STATISTICS
(during quarter)
                     12m2016                      2017/Q1¬†                      2017/Q2                      2017/Q3
Average # of Ships Owned during Period 6.0 5.9 5.4 6.9
Average Age of Fleet at end of Period 14.4 13.7 11.7 10.2
ShipYears Left 51.5 43.4 68.1 92.3
Ownership Days (average) 365 90 91 92
Available Days efficiency (2) 95.8% 100% 94.5% 91.6%
Operating Days efficiency (3) 95.8% 100% 92.5% 91.6%
Fleet Valuation ($mill) – end period 94.1 90.2 103.6 113.8
Leverage 27.5% 26.7% 35.9% 42.9%
Paid-in capital ($mill) – Common Shares 71.5 71.5 71.5 71.5
Paid-in capital ($mill) -Preffered Shares 2.1 2.1 2.8
Book NAV ($mill) (1) 79.0 81.5 80.2 80.0
Market NAV ($mill) (1) 74.2 70.8 69.5 66.9
Enterprise Value (EV) (2) 97.62 94.84 104.4 118.73
Book NAV per 100 usd invested ($) 110.54 114.04 112.17 111.91
Market NAV per 100 usd invested ($) 103.84 98.95 97.19 93.60
Dividends received per 100usd invested ($) 4.5 0.0 0.0 0.0
Average TCE per Ship ($/pd), net* 14,825 12,877 9,177 10,389
Average Opex per Ship ($/pd), incl. man fees 7,532 7,847 7,392 6,936
Average charter hire expense per Ship ($/pd) 1,202 1,053 697 587
Average debt-service per ship ($/pd) 3,667 5,013 3,447 5,076
Cashflow TCE breakeven per ship 12,634 13,953 11,589 12,599
Cashflow Margin 17.3% -7.7% 1.8% 39.3%
Income Statement TCE Breakeven per Ship * 12,873 12,431 11,634 11,179
(1) Available Days Efficiency is the ratio of the days that the fleet was available for revenue generating;
(2) 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