PARADISE GAS CARRIERS CORP
Financial Statements
Year End results (in USD thous.)
| BALANCE SHEET
(end of period) |
31/12/2015 (audited) |
31/12/2016 (audited) |
31/12/2017 (audited) |
31/12/2018 (audited) |
|
|
| Cash & cash equivalents |
15,543 |
5,844 |
8,752 |
9,219 |
|
|
| Other Current Assets |
6,557 |
5,677 |
7,081 |
8,492 |
|
|
| Total Current Assets |
22,100 |
11,521 |
15,833 |
17,711 |
|
|
| Fixed Assets, net |
66,031 |
59,776 |
133,418 |
156,975 |
|
|
| Vessels under construction |
23,775 |
34,450 |
9,864 |
0 |
|
|
| Deferred drydocking costs |
4,258 |
4,656 |
2,861 |
2,575 |
|
|
| Other Non-Current Assets |
2,000 |
2,000 |
2,000 |
0 |
|
|
| Total Assets |
118,164 |
112,403 |
163,976 |
177,261 |
|
|
| Current portion of LT debt |
5,741 |
7,266 |
7,443 |
8,585 |
|
|
| Shareholders’ loans |
0 |
0 |
1,435 |
838 |
|
|
| Other current liabilities |
5,284 |
2,572 |
8,276 |
5,718 |
|
|
| Total Current Liabilities |
11,025 |
9,838 |
17,154 |
15,141 |
|
|
| Long-term debt |
29,639 |
21,947 |
68,003 |
84,783 |
|
|
| Other non-current liabilities |
1,581 |
1,581 |
923 |
266 |
|
|
| Total Liabilities |
42,245 |
33,366 |
86,080 |
100,190 |
|
|
| Paid-in capital |
68,750 |
71,500 |
75,621 |
78,594 |
|
|
| Retained Earnings |
7,169 |
7,537 |
2,275 |
-1,523 |
|
|
| Shareholders Equity (Book NAV) |
75,919 |
79,037 |
77,896 |
77,071 |
|
|
|
|
|
|
|
|
|
| INCOME STATEMENT |
FY 2015 (audited) |
FY 2016 (audited) |
FY 2017 (audited) |
FY 2018 (audited) |
|
|
|
|
|
|
|
|
| Operating Revenue |
40,002 |
34,239 |
28,780 |
40,760 |
|
|
| Less: Voyage Expenses |
(1,190) |
(2,427) |
(4,951) |
(5,378) |
|
|
| Less: Commissions & Chartering Fees |
(580) |
(617) |
(795) |
(1,295) |
|
|
| TCE Earnings (net) |
38,232 |
31,195 |
23,034 |
34,087 |
|
|
| Operating expenses (excl. man fees) |
(16,099) |
(15,224) |
(16,501) |
(18,489) |
|
|
| Management Fees (related parties) |
(1,304) |
(1,317) |
(1,645) |
(2,098) |
|
|
| Charter hire expenses |
(2,509) |
(2,639) |
(1,801) |
(2,642) |
|
|
| G+A Expenses |
(301) |
(511) |
(221) |
(228) |
|
|
| EBITDA |
18,019 |
11,504 |
2,866 |
10,630 |
|
|
| Depreciation |
(5,313) |
(4,983) |
(4,853) |
(7,307) |
|
|
| Amortisation |
(940) |
(1,589) |
(1,857) |
(1,903) |
|
|
| Gain on Vessels’ disposal, net* |
392 |
659 |
558 |
657 |
|
|
| EBIT |
12,158 |
5,591 |
(3,286) |
2,077 |
|
|
| Interest expences net |
(1,684) |
(1,524) |
(1,625) |
(5,184) |
|
|
| Other finance expenses |
(501) |
(86) |
(244) |
(225) |
|
|
| Extraordinary income/expense, net |
38 |
(395) |
(23) |
(163) |
|
|
| Impairement loss |
– |
(1,272) |
– |
|
|
|
| Out of book adj. (codification of borr cost)* |
718 |
1,271 |
– |
|
|
|
| Net Income adjusted |
10,729 |
3,585 |
(5,178) |
(3,495) |
|
|
|
|
|
|
|
|
|
| Dividends distributed |
– |
3,960 |
3,218 |
– |
|
|
|
|
|
|
|
|
|
| CASH FLOW STATEMENT
(period) |
FY 2015
(audited) |
FY 2016
(audited) |
FY 2017
(audited) |
FY 2018
(audited) |
|
|
| Cash from Operations |
11,151 |
8,615 |
4,043 |
2,513 |
|
|
| Cash from Investing |
(616) |
(10,551) |
(53,481) |
(21,000) |
|
|
| Cash from Financing |
(933) |
7,763 |
52,346 |
18,954 |
|
|
| Change of cash in periods |
(9,603) |
(9,699) |
2,908 |
467 |
|
|
|
|
|
|
|
|
|
|
FY15 |
FY16 |
FY17 |
FY18 |
|
|
| Loan repayments (net**) |
(6,280) |
(6,530) |
(9,433) |
(17,163) |
|
|
|
|
|
|
|
|
|
| STATISTICS |
FY2015 |
FY2016 |
FY2017 |
FY2018 |
|
|
| Average # of Ships Owned during Period |
6.0 |
6.0 |
6.6 |
8.8 |
|
|
| Average Age of Fleet at end of Period |
13.4 |
14.4 |
9.2 |
9.2 |
|
|
| ShipYears Left |
63.5.5 |
57.5 |
51.5 |
116.3 |
|
|
| Fleet Valuation ($mill) – end period |
104.1 |
94.1 |
136.5 |
146.9 |
|
|
| Leverage |
28.0% |
27.7% |
49.5% |
57.2% |
|
|
| Paid-in capital ($mill) – Common Shares |
68.9 |
71.5 |
71.5 |
78.6 |
|
|
| Paid-in capital ($mill) -Preffered Shares |
|
0 |
4.1 |
7.1 |
|
|
| Book NAV ($mill) (1) |
75.9 |
79.0 |
77.9 |
77.1 |
|
|
| Market NAV ($mill) (1) |
86.0 |
74.2 |
68.3 |
64.4 |
|
|
| Enterprise Value (EV) (2) |
105.80 |
97.62 |
136.40 |
149.36 |
|
|
| Book NAV per 100 usd invested ($) |
110.43 |
110.54 |
108.95 |
98.06 |
|
|
| Market NAV per 100 usd invested ($) |
125.04 |
103.84 |
95.48 |
81.90 |
|
|
| Dividends received per 100usd invested ($) |
6.0 |
4.5 |
0.0 |
0.00 |
|
|
| Average TCE per Ship ($/pd), net* |
18,461 |
14,825 |
10,151 |
10,829 |
|
|
| Average Opex per Ship ($/pd), incl. man fees |
7,947 |
7,532 |
7,586 |
6,391 |
|
|
| Average charter hire expense per Ship ($/pd) |
1,146 |
1,202 |
753 |
820 |
|
|
| Average debt-service per ship ($/pd) |
3,637 |
3,667 |
4,623 |
6,938 |
|
|
| Cashflow TCE breakeven per ship |
12,866 |
12,634 |
13,054 |
14,220 |
|
|
| Income Statement TCE Breakeven per Ship * |
12,737 |
12,873 |
12,028 |
11,872 |
|
|
| Ownership Days (average) |
365.00 |
366.00 |
365.00 |
365.00 |
|
|
| Available Days efficiency (2) |
94.6% |
95.8% |
94.9% |
97.7% |
|
|
| Operating Days efficiency (3) |
94.1% |
95.8% |
94.4% |
97.7% |
|
|
|
|
|
|
|
|
|
| (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 |
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