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