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HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution...

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Höegh LNG The FSRU provider 3Q 2017 Presentation of financial results 16 November 2017
Transcript
Page 1: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Höegh LNG – The FSRU provider

3Q 2017Presentation of financial results

16 November 2017

Page 2: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Forward looking statements

2

This presentation contains forward-looking statements which reflects management’s current expectations, estimates and projections about

Höegh LNG’s operations. All statements, other than statements of historical facts, that address activities and events that will, should, could

or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,”

“intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms and similar expressions

are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to

certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes

and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue

reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Höegh LNG

undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or

otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changes

in LNG transportation and regasification market trends; changes in the supply and demand for LNG; changes in trading patterns; changes

in applicable maintenance and regulatory standards; political events affecting production and consumption of LNG and Höegh LNG’s

ability to operate and control its vessels; change in the financial stability of clients of the Company; Höegh LNG’s ability to win upcoming

tenders and securing employment for the FSRUs on order; changes in Höegh LNG’s ability to convert LNG carriers to FSRUs including

the cost and time of completing such conversions; changes in Höegh LNG’s ability to complete and deliver projects awarded; changes to

the Company’s cost base; changes in the availability of vessels to purchase; failure by yards to comply with delivery schedules; changes

to vessels’ useful lives; changes in the ability of Höegh LNG to obtain additional financing, including the impact from changes in financial

markets; changes in the ability to achieve commercial success for the projects being developed by the Company; changes in applicable

regulations and laws; and unpredictable or unknown factors herein also could have material adverse effects on forward-looking

statements.

Page 3: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

3Q 2017 highlights

Operational update

Market outlook

Financial overview

Summary

Appendix

3

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3Q 2017 highlights and subsequent events

4

▪ EBITDA of USD 31.6 million, or USD 40.6 million net of non-recurring items

▪ Net profit of USD 1.1 million, or USD 10.8 million net of non-recurring items

▪ Dividend of USD 0.125 per share

▪ Höegh LNG Partners raised USD 115 million of new preferred equity

▪ Sale of the remaining 49% interest in Höegh Grace to Höegh LNG Partners

▪ Financial close for up to USD 230m million in debt finance for FSRU #8

Page 5: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

3Q 2017 highlights

Operational update

Market outlook

Financial overview

Summary

Appendix

5

Page 6: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Solid operational performance across global fleet

6

99.87% 99.70% 99.95% 99.94% 99.82% >99.50 %

2013 2014 2015 2016 2017TD Target

Technical availability

1.07

0.44

0.73

0.00

0.40

<1.00

2013 2014 2015 2016 2017TD Target

Lost time injury frequency1

1 Per million work hours

Independence

PGN FSRU Lampung

Höegh GallantHöegh Grace

Neptune

FSRU NB

FSRU NB

Arctic Lady

Arctic Princess

GDF Suez Cape AnnHöegh Giant

FSRU intermediate trading

LNG carrier

FSRU

FSRU NB

FSRU contract with future start-up

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GNF time charter positions HLNG for further FSRU opportunities

7

▪ Firm time charter signed with Gas Natural SDG, SA (GNF)

▪ Höegh LNG will provide an FSRU to GNF’s portfolio of LNG

assets

▪ Rate structure dependent on mode of use

Spot linked LNGC rate

Pre-agreed FSRU rate

▪ The time charter commences in early 2018 and has an

initial term of three years, ensuring continuous employment

with FSRU potential

▪ Höegh LNG has full substitution rights and will initially

assign the FSRU Höegh Giant to the contract

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Successful dropdown of the remaining 49% of Höegh Grace to HMLP

8

▪ Agreement to sell 49% of Höegh Grace to

Höegh LNG Partners

▪ Purchase price of USD 172.5 million, less

USD 86.6 million in pro rata indebtedness

▪ Total equity proceeds to Höegh LNG

Holdings from drop downs and operation of

USD 186.1 million

USD 91.8 million for the first 51% interest

USD 85.9 million for the remaining 49% interest

USD 8.4 million in net earnings contribution to

Höegh LNG Holdings Ltd. during 1-3Q 2017

Page 9: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Project development update

9

GEI / Pakistan

▪ Infrastructure consortium not able to conclude on form

and structure

▪ Höegh LNG is evaluating its options under the FSRU

contract with GEI

Quantum

Power / Ghana

▪ Government to decide on regasification solution and

supplier

GNL Penco /

Chile▪ Revised environmental impact study continues

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Built EBITDA Charterer

USDm/yr 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038

Höegh LNG Holdings

Arctic Princess* 2006 19** Statoil

Arctic Lady* 2006 19** Total

Independence 2014 47 KN

Höegh Giant 2017 GNF

FSRU#8 2018

FSRU#9 2018

FSRU#10 2019

Höegh LNG Partners

Neptune 2009 33** Engie

GDF Suez Cape Ann 2010 33** Engie

PGN FSRU Lampung 2014 40 PGN

Höegh Gallant 2014 38 Egas

Höegh Grace**** 2016 42 SPEC

Long-term contract LNGC interim trading FSRU/LNGC charter Extension option Under construction

2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037

Fleet allocation subject to optimisation pending firm contract awards

10

* LNG carriers

** 100% basis, units are jointly owned

**** Höegh Grace 51% owned by Höegh LNG Partners

Long-term contracts under development

New contract awards

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Diverse channels feeding promising pipeline of new projects

11

Tendering

activity

▪ In final rounds of several tender processes representing

startup dates between 2018 and 2021

▪ Multiple tender processes in earlier stages of development

Strategic

partnerships

▪ Discussions underway regarding several potential FSRU

projects to be undertaken on a joint basis with Nakilat

Supplemental

offerings

▪ Designs developed for small-scale regasification solutions

▪ Associated infrastructure an integral part of Höegh LNG’s

offering

Page 12: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

3Q 2017 highlights

Operational update

Market outlook

Financial overview

Summary

Appendix

12

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The LNG market expanding on the back of new liquefaction capacity

13

Source: GIIGNL, Höegh LNG

264Million tonnes

2016 LNG exports

~105 Million tonnes

Capacity under construction

as of end-2016

+80% Potential increase from 2016 levels

assuming full utilisation

~24Million tonnes

Qatar expansion

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Global LNG trade up 13% year on year through October 2017

14

Global monthly LNG trade, 2010-2017

Source: Clarksons Platou

15

17

19

21

23

25

27

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Mill

ion t

onnes o

f LN

G

2010 2011 2012 2013 2014 2015 2016 2017 (est)

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US exports fuelling ton-mile demand and supporting LNG shipping rates

▪ Incremental LNG volumes shipped longer distances with US/Asia developing as a dominant trade

▪ Increasing volumes, longer sailing distances and seasonal LNG demand supporting LNGC rates

▪ Uptick in rates and improving LNGC outlook seem to have calmed LNGC/FSRU conversion

speculations

15

0

2

4

6

8

10

12

14

1Q 2015 3Q 2015 1Q 2016 3Q 2016 1Q 2017 3Q 2017

Millio

n t

on

nes

per

an

nu

m,

an

nu

alised

US LNG exports by destination

Caribbean Latin/South America Europe Africa MEG Asia

Source: EIA, Clarksons Platou

0

20

40

60

80

100

120

140

160

2009 2010 2011 2012 2013 2014 2015 2016 2017

Ch

art

er

hir

e r

ate

(‘0

00 $

/day)

160k TFDE (SPOT) 145k+ ST (SPOT)

LNGC TCE spot earnings

Page 16: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

FSRUs have become the preferred regasification solution

16

0

5

10

15

20

25

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Un

its

Global FSRU contracts in operation

Other Höegh LNG

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Active uptake of FSRUs and busy tendering activity

17

Countries with FSRUs Countries with awarded FSRUs Countries contemplating FSRUs

2nd FSRU

in Pakistan

4q 2017

2nd FSRU

in Turkey

4Q 2017

China again

using FSRU

for LNG

imports

Bali FSU/FRU

Page 18: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

FSRU fleet growth reflecting the market momentum

▪ The orderbook stands at 12

FSRUs

▪ Long-lead items have been

ordered for 3-5 conversion

projects

18

OLT

MOL

Gazprom

Maran

Kolin Kalyon

1 Orderbook defined as firm orders, excluding LOIs, options, conversions not firmed up

SWAN

Dynagas

Dynagas

Java-1

7

9

5

2 2

2

1

2

1

4

1

1

3

0

2

4

6

8

10

12

Höegh LNG Excelerate Golar LNG BW Gas Other

Un

its

FSRU fleet and orderbook1 by owner/employment

Committed Available Committed NB Uncommitted NB

Exmar

Page 19: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

3Q 2017 highlights

Operational update

Market outlook

Financial overview

Summary

Appendix

19

Page 20: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Financial highlights

20

▪ 3Q 2017 impacted by a

provision relating to a

performance claim on Neptune

and GDF Suez Cape Ann,

relating to the initial years

when they were operated as

LNG carriers, partly offset by

the reversal of certain sales-

tax-related accruals

USD million 3Q 2017 2Q 2017 YTD 2017 YTD 2016

Income statement

Total income 64.0 70.6 203.4 159.5

EBITDA 31.6 37.7 105.9 80.1

Net profit after tax 1.1 8.5 21.1 13.2

Dividend per share (USD per share) 0.125 0.125 0.375 0.20

Financial position

Cash and marketable securities 285 303

Total assets 1,992 2,002

Adjusted equity 649 664

Interest bearing debt 1280 1285

Net interest bearing debt 962 947

Adjusted equity ratio 32.7 % 33.3 %

Page 21: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Strong underlying earnings performance in 3Q 2017

21

EBITDA variance 2-3Q 2017 Net profit variance 2-3Q 2017

1

1 Sales tax accrual, re-classified as income, with corporate tax

effect with net amount of USD 2.2 million positive impact on

3Q 2017 financials

Page 22: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Further diversificaiton of funding sources

22

Instrument Perpetual preferred equity ECA debt financing of FSRU#8

Size and pricing • USD 115 million gross / USD 111.4

million net

• 8.75% Cumulative Redeemable

Preferred Units

• Up to USD 230 million facility

comprising USD 150 million ECA and

up to USD 80 million commercial

bank tranche

• Fixed interest rate of 3.9% with 10

year blended tenor

Details • Issuer call option on or after 5 years

at par

• Use of proceeds: repayment of

Seller’s credit from Höegh Gallant

drop down (USD 34 million) and

general corporate purposes including

acquisitions

• Norwegian ECA backed debt

financing (GIEK and Eksportkreditt)

• 65% leverage without employment

requirement increasing to 75% upon

securing long term employment

Page 23: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Strong balance sheet supporting underlying business risk

23

▪ Repayment of unsecured bond

(HLNG01) in October 2017 and

preferred equity issue in Höegh

LNG Partners positively

impacting 3Q 2017 pro forma

equity ratio by 5.5%

▪ Delivery of FSRUs under

construction adversely

impacting 3Q 2017 pro forma

equity ratio by 6.9%, assuming

USD 200 million debt drawing

each, net of scheduled debt

amortization during

construction period

▪ Minimum equity ratio under

loan documents 25%

Page 24: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

0

20

40

60

80

100

120

140

160

180

2014 2015 2016 1-3Q 2017annualized

US

D m

illio

n

HMLP proceeds to Höegh LNG

Equity release Grace II MLP distribution IDR

Höegh LNG Partners - an attractive source of growth capital

24

▪ Cash received from HMLP:

USD 397 million in IPO and drop-

down proceeds Höegh Gallant

and Höegh Grace

USD 70 million in distribution and

IDRs

IPO1

Höegh

Gallant1

51% of

Höegh

Grace

1 Pre-funding of Höegh Gallant acquisition in IPO proceeds in 2014

49% of

Höegh

Grace in

Q4 2017

Gallant

seller’s

credit

Page 25: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Fully equity funded for remaining newbuilding programme

25

1 Does not include incremental capital expenditures on Ghana

2 Due to timing differences between lifting of CP on projects and scheduled capital

expenditures, equity contributions to the newbuilding programme may occur at a different

timing than illustrated

Source USDm

Cash & marketable securities 253

Settlement Gallant seller’s credit 34

49% Grace drop-down proceeds, net 77

HLNG01 repayment in October -104

Outstanding revolver 33

Financing FSRU #8 no employment requirement 200

Total liquidity 495

Incremental financing Höegh Giant upon l/t employment 29

Incremental financing FSRU #8 upon l/t employment 30

Assumed financing FSRU#9-10 >400

Total funding >954

Remaining newbuilding capex1 ~650

Funding of remaining capex (USD ~0.65 billion)1+2Liquidity at 30 September 2017 (ex HMLP)

29

200-230

~200

~~200

-100

0

100

200

300

400

500

600

2017 2018 2019

US

D m

illio

n

Höegh Giant debt FSRU #8 debt FSRU #9 debt FSRU #10 debt Equity

Page 26: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

3Q 2017 highlights

Operational update

Market outlook

Financial overview

Summary

Appendix

26

Page 27: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

27

LNG demand increasing 12% in 1-3Q 2017 underpinning FSRU demand

Summary

USD 0.125 per share dividend

EBITDA of 31.6 million, or USD 40.6 million net of non-recurring items

Strong financial platform and equity funded for newbuilding program

Promising pipeline of new projects from diverse channels

Page 28: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

28

Q&A sessionCall-in details:

Norway +47 21 00 26 10

United Kingdom +44 (0)330 336 9105

United States +1 323 794 2093

Participant passcode: 2189205

Webcast:

http://webtv.hegnar.no/presentation.php?webcastId=67733847

Page 29: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

3Q 2017 highlights

Operational update

Market outlook

Financial overview

Summary

Appendix

29

Page 30: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Segment information USDm

Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3

Income statement 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016

Freight revenues 37.5 24.8 32.4 28.7 - - - - 70.0 53.5

Management and other income 0.1 - 0.6 1.0 1.3 - - - 2.0 1.0

Share of results from inv. in JVs (9.2) 2.4 1.3 1.1 - - - - (7.9) 3.5

TOTAL INCOME 28.4 27.2 34.3 30.8 1.3 - - - 64.1 58.0

Charterhire expenses - - (8.9) (8.9) - - - - (8.9) (8.9)

Bunker and other voyage related expenses - - (0.1) (0.1) - - - - (0.1) (0.1)

Operating expenses (6.0) (4.8) (7.3) (6.9) (0.1) (0.4) - - (13.4) (12.1)

Project administrative expenses (0.7) (0.6) (1.6) (1.2) (2.3) (1.0) - - (4.6) (2.8)

Group administrative expenses (1.3) (1.7) - - - - (2.5) (3.5) (3.8) (5.2)

Business development expenses - - - - (1.7) (2.4) - - (1.7) (2.4)

EBITDA 20.4 20.1 16.4 13.7 (2.8) (3.8) (2.5) (3.5) 31.6 26.5

Total

Group ex. HMLP

HMLP Operations BD and project execution Corporate and other

Segment reporting1

30

1 Please see note 3, Segment information, in the 2Q 2017 quarterly report for further details, as

well as note 5 commitments and financing for a detailed debt overview

2 Due to US GAAP reconsiliation the HMLP segment is not directly comparable to reported

financials from Höegh LNG Partners

EBITDA from assets owned by

HMLP, including 100%

consolidation of Höegh Grace

The cost of

managing the group

Costs of securing

new business

EBITDA from commercial

contracts and assets on the water

2

Page 31: HLNG 2014 Q4 Presentation...Quantum Power / Ghana Government to decide on regasification solution and supplier GNL Penco / Chile Revised environmental impact study continues Built

Income Statement

31

USD million 3Q2017 2Q2017 1Q2017 4Q2016 3Q2016

Freight revenues 70.0 65.2 64.5 56.9 53.6

Management and other income 2.0 2.0 0.7 1.7 1.0

Share of results from investments in joint ventures (7.9) 3.4 3.4 3.7 3.5

TOTAL INCOME 64.0 70.6 68.6 62.3 58.1

Charterhire expenses (8.9) (8.9) (8.8) (8.9) (8.9)

Bunker expenses (0.1) (0.5) (0.1) (0.2) (0.2)

Operating expenses (13.3) (13.0) (11.7) (10.6) (12.1)

Project administrative expenses (4.6) (4.8) (4.3) (4.3) (2.9)

Group administrative expenses (3.8) (3.9) (5.1) (5.7) (5.2)

Business development expenses (1.7) (1.8) (1.9) (1.4) (2.3)

EBITDA 31.6 37.7 36.7 31.2 26.5

Depreciation (11.2) (10.6) (9.3) (9.1) (9.2)

Reversal of impairment (impairment) - (0.4) - - -

EBIT 20.4 26.7 27.4 22.1 17.3

Interest income 0.5 0.8 0.4 0.3 0.3

Interest expenses (16.6) (16.3) (13.8) (13.3) (14.3)

Other financial items - (1.0) (0.6) (5.6) 1.1

PROFIT (LOSS) BEFORE TAX 4.3 10.2 13.4 3.5 4.4

Taxes (3.2) (1.6) (1.9) (2.7) (1.1)

NET PROFIT (LOSS) 1.1 8.5 11.4 0.8 3.3

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Financial position

32

USD million 30.9.17 30.6.17 31.3.17 31.12.16 30.9.16

Newbuildings under construction and FSRUs 1 599 1 604 1 374 1 269 1 245

Shareholder loans to joint ventures 3 4 6 7 9

Mark-to-market on hedging instruments 19 6 8 8 0

Other assets 72 71 77 78 71

Restricted cash (non-current) 14 14 14 19 23

Current cash and marketable securities 285 303 364 332 268

TOTAL ASSETS 1 992 2 002 1 843 1 713 1 616

Total equity 576 582 593 596 442

Investments in joint ventures 44 39 41 49 76

Interest-bearing debt 1 261 1 264 1 084 936 955

Mark-to-market on hedging instruments 39 46 51 57 72

Other liabilities 72 71 74 75 71

TOTAL EQUITY AND LIABILITIES 1 992 2 002 1 843 1 713 1 616

Total equity adjusted for hedging reserves 649 664 672 677 576

Equity ratio adjusted for hedging reserves 33% 33% 37% 40% 36%

Net interest bearing debt 962 947 705 585 663

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Cash flow statement

33

USD million 3Q2017 2Q2017 1Q2017 4Q2016 3Q2016

Net profit or (loss) before tax 4 10 13 4 4

Adjustments of non-cash P&L items and interest 36 23 20 21 19

Net changes in working capital, other (4) - (5) (3) (4)

Net cash flow from operating activities 36 33 28 22 19

Net (investments) proceeds in marketable securities 170 20 (75) 55 25

Investments newbuildings under construction and vessels (2) (238) (111) (33) (4)

Proceeds of repayment on shareholders loans, other 1 2 1 2 2

Net cash flow from/(used in) investing activities 169 (216) (185) 24 23

Net proceeds form equity issuance - - - 112 -

Proceeds from borrowings - 191 175 - -

Repayment of borrowings (18) (15) (27) (15) (15)

Dividend paid to non-controllling interest (MLP) (8) (8) (7) (5) (4)

Dividend paid to shareholders of the parent (9) (9) (10) (8) (8)

Interest paid (18) (18) (14) (14) (14)

Increase/decrease in restricted cash 2 (3) 3 (1) -

Other financing activities (1) (1) (8) 1 -

Net cash flow from/(used in) financing activities (52) 137 112 70 (41)

TOTAL CASH FLOW 153 (46) (45) 116 1


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