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Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
Golar LNG Partners Q1 2013 results presentation
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Golar LNG Partners Q1 2013 results presentation

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  • 1. Golar LNG PartnersFirst Quarter Results 201330 May 2013
  • 2. This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of1934, as amended) which reflects management’s current expectations, estimates and projections about itsoperations. 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-lookingstatements. 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-lookingstatements. You should not place undue reliance on these forward-looking statements, which speak only as of thedate of this presentation. Unless legally required, Golar LNG Partners undertakes no obligation to update publiclyany 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-lookingstatements are: changes in liquified natural gas (LNG) and floating storage and regasification unit (FSRU) markettrends, including charter rates; changes in the supply and demand for LNG; changes in trading patterns that affectthe opportunities for the profitable operation of LNG carriers and FSRUs; Golar LNG Partners ability to acquire newvessels from Golar LNG or third parties; increases in costs; the potential for the exercise of purchase options orearly termination of charters by the Partnerships charterers and Golar Partners inability to replace assets and/orlong-term contracts; and changes in the ability of Golar LNG Partners to obtain additional financing, in particular, inconnection with the recent turmoil in financial markets. Unpredictable or unknown factors herein also could havematerial adverse effects on forward-looking statements. Please read Golar LNG Partners filings with the Securitiesand Exchange Commission for more information regarding these factors and the risks faced by Golar LNG Partners.2Forward Looking Statements
  • 3. Net income attributable to unit holders of $30.3 million andoperating income of $45.2 millionImpact of periodic drydockings in 2013Distributable cash flow generation $27.6 millionCompleted third follow-on equity offering raising net proceeds ofapproximately $130 million in February 2013.Acquisition of interest in the company that owns and operates theLNG carrier Golar Maria in February 2013 for $215 millionQuarterly distribution increased to $0.515 per unit for the firstquarter of 2013 - 3% increase from the previous quarter3Q1 2013: Highlights & Recent Events
  • 4. Subsequent events:Completion of Golar Mazo drydock and commencement of GolarWinter and Methane Princess drydockings.Required modifications for Golar Winter relocation underway.4Q1 2013: Highlights & Recent Events
  • 5. (USD thousands)2013Oct-Dec(unaudited)2012Oct-Dec(unaudited)2012Jan-Mar(unaudited) (1)2012Jan-Dec(unaudited) (1)Operating revenuesVessel operating expensesVoyage expensesAdministrative expensesDepreciation and AmortisationTotal operating expensesOperating incomeInterest incomeInterest expenseOther financial itemsIncome before tax & non-controlling interestsTaxNet income attributable to non-controlling interestsNet income attributable to Golar LNG Partners LP Owners74,92713,1301,6941,26613,67529,76545,162273(10,381)1,08036,134(3,135)(2,684)30,31577,17213,0372,2521,55514,36731,21145,961333(11,012)(516)34,766(4,478)(2,988)27,30058,60311,075921,58810,90623,66134,94274(7,191)(1,057)26,768(19)(2,471)24,278286,63045,4744,4717,26951,167108,381178,2491,797(38,090)(5,389)136,567(9,426)(10,723)116,418Income Statement5(1) Results for the Golar Grand and the NR Satu for the periods prior to their acquisition by the Partnership (on November 8, 2012 and July 19, 2012,respectively) when they were owned and operated by Golar have been combined with the previously published results of the Partnership.
  • 6. (USD thousands)2013Mar 31(unaudited)2012Dec 31(unaudited)Short term assetsCash and cash equivalentsRestricted cash and short-term investmentsOther current assetsLong term assetsRestricted cashVessels and vessels under capital leases, netOther long term assetsTOTAL ASSETS32,99337,20410,570181,0991,417,22134,0351,713,12266,32730,90010,143190,5231,192,77920,3021,510,974Balance Sheet: Assets6
  • 7. (USD thousands)2013Mar 31(unaudited)2012Dec 31(unaudited)Short term liabilitiesCurrent portion of long term debtCurrent portion of obligations under capital leasesOther current liabilitiesLong term liabilities and equityLong term debt (inc loans due to related parties)Obligations under capital leasesOther long term liabilitiesTotal Partners’ capitalAccumulated other comprehensive (loss) / incomeNon-controlling interestTOTAL LIABILITIES AND EQUITYTotal debt and capital lease obligations net of restricted cashPercentage of total debt/lease obligations (net of restricted cash) swapped to afixed rate69,9545,672101,346733,596387,46318,374310,85011,32674,5411,713,122978,38294%64,8225,83799,058674,650406,53418,529178,675(8,989)71,8581,510,974930,42082%Balance Sheet: Liabilities7
  • 8. Distributable Cash Flow(USD thousands)Three monthsendedMar 31, 2013Three monthsendedDec 31, 2012Net Income before non controlling interest 32,999 30,288Add:Depreciation and Amortisation (excluding Dropdown Predecessor prior toacquisition) 13,675 13,913Unrealised (gain)/loss from interest rate derivatives (2,269) (1,554)Unrealised foreign exchange & related currency derivative gain (1,424) (463)Deferred costs amortization (including historical amortization) 1,620 -Less:Net income attributable to Dropdown Predecessor - (3,541)Estimated maintenance & replacement capital expenditures (13,730) (12,624)Non-controlling interests share of DCF before maintenance & replacement capitalexpenditure (3,250) (3,654)Distributable cash flows for the quarter 27,621 22,363Total Distributions declared for the period 30,615 27,2508
  • 9. Golar MariaPurchase price February 2013 $215 millionFinanced by: Share of $130m net equity proceeds $126 millionDebt (acquired with vessel) $89 millionNet cash from operations before interest costs $22-$24 millionInitial contract term to December 2017 5 yearsVessel delivered under charter November 2012Quarterly Distributions increased to $0.515Annualized distribution rate $2.06Distribution increase per unit since April 2011 IPO 34%9
  • 10. 10OptionsBase Contract DurationCounterpartyFSRUsLNGCarriersGolar Spirit10-year contractGolar Winter10-year contractextended to 15 yearsMethanePrincess20-year contractGolar Mazo18-year contractAssets and ContractsGolar Freeze10-year contractDusup = Dubai Supply Authority. Pertamina = National oil company of Indonesia. Nusantara Regas = Joint venture between Pertamina andPGN (National Gas distribution company of Indonesia)Nusantara RegasSatu11-year contract$2.6 billion contracted revenue – Average 7.4 years remaining contract termGolar Grand5-year contractRecent dropdownOption/put to GolarGolar Maria5-year contractRecent dropdown2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Recent Dropdown
  • 11. LNG a growth market - production capacity set togrow by 40-50% over next 5 years creating LNGcarrier and FSRU demandGolar LNG Limited has 11 newbuild LNG carriersdelivering in 2013/2014/2015 and 2 newbuldFSRU’s delivering in 2013 and 2014Golar LNG negotiating two FSRU projects –Jordan and Chile – and short listed for two othersFloating liquefaction projects – Douglas Channeland others – creates long-term contracted assetopportunities including shipping11Growth Opportunities
  • 12. 12GolarSpiritGolarWinterGolarFreezeKhannurSolid contract base - Golar Maria acquisition increasesrevenue backlog to $2.6 billion – average contract term 7.4yearsIncreased distributions - $0.515 per unit for Q1 2013following acquisition of the Golar Maria – 3% increase fromprevious quarter and 34% from IPO April 2011Strong growth outlook - growing LNG demand and supplyand growing demand for related infrastructure including LNGcarriers and FSRU’sLarge sponsor asset base - Golar LNG fleet of 13newbuildings providing substantial dropdown growthpotentialSummary

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