GasLog Q4 2012 results presentation

GASLOG LTD Fourth Quarter Earnings Presenta8on 2012

27 February 2013

Forward Looking Statements

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This presenta6on contains “forward-‐looking statements” as defined in the Private Securi6es Li6ga6on Reform Act of 1995. The reader is cau6oned not to rely on these forward-‐looking statements. These statements are based on current expecta6ons of future events. If underlying assump6ons prove inaccurate or unknown risks or uncertain6es materialize, actual results could vary materially from our expecta6ons and projec6ons. Risks and uncertain6es include, but are not limited to, general LNG and LNG shipping market condi6ons and trends, including charter rates, ship values, factors affec6ng supply and demand and opportuni6es for the profitable opera6ons of LNG carriers; our con6nued ability to enter into mul6-‐year 6me charters with our customers; our contracted charter revenue; our customers’ performance of their obliga6ons under our 6me charters and other contracts; the effect of the worldwide economic slowdown; future opera6ng or financial results and future revenue and expenses; our future financial condi6on and liquidity; our ability to obtain financing to fund capital expenditures, acquisi6ons and other corporate ac6vi6es, and funding by banks of their financial commitments; future, pending or recent acquisi6ons of ships or other assets, business strategy, areas of possible expansion and expected capital spending or opera6ng expenses; our ability to enter into shipbuilding contracts for newbuilding ships and our expecta6ons about the availability of exis6ng LNG carriers to purchase, as well as our ability to consummate any such acquisi6ons; our expecta6ons about the 6me that it may take to construct and deliver newbuilding ships and the useful lives of our ships; number of off-‐hire days, drydocking requirements and insurance costs; our an6cipated general and administra6ve expenses; fluctua6ons in currencies and interest rates; our ability to maintain long-‐term rela6onships with major energy companies; expira6on dates and extensions of charters; our ability to maximize the use of our ships, including the re-‐employment or disposal of ships no longer under mul6-‐year charter commitments; environmental and regulatory condi6ons, including changes in laws and regula6ons or ac6ons taken by regulatory authori6es; risks inherent in ship opera6on, including the discharge of pollutants; availability of skilled labor, ship crews and management; poten6al disrup6on of shipping routes due to accidents, poli6cal events, piracy or acts by terrorists; and poten6al liability from future li6ga6on. A further list and descrip6on of these risks, uncertain6es and other factors can be found in our Prospectus filed April 2, 2012. Copies of the Prospectus, as well as subsequent filings, are available online at www.sec.gov or on request from us. We do not undertake to update any forward-‐looking statements as a result of new informa6on or future events or developments. The declara6on and payment of dividends is at all 6mes subject to the discre6on of our Board of Directors and will depend on, among other things, our earnings, financial condi6on, cash requirements and availability, restric6ons in our credit facili6es and the provisions of Bermuda law and such other factors as the Board of Directors may deem advisable.

Agenda

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•  Highlights

•  Financial Highlights

•  Market Update

•  Business Overview

•  Summary

Highlights

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•  GasLog is paying a second quarterly dividend of $0.11 per common share on March 25, 2013.

•  Delivery of GasLog Shanghai on January 28, 2013 ahead of schedule.

•  Contracted 2 LNG newbuildings at Samsung Heavy Industries for delivery in 2016. Vessels chartered out to BG Group for minimum 10 years.

•  For the fourth quarter, GasLog reports Revenue of $18.3 million, EBITDA* of $8.5 million, Adjusted EBITDA* of $7.6 million, Profit of $2.7 million and Adjusted Profit* of $1.8 million.

•  For full year 2012, GasLog reports Revenue of $68.5 million, EBITDA* of $27.8 million, Adjusted EBITDA* of $34.0 million, Profit of $4.2 million and Adjusted Profit* of $10.5 million.

* See Annex 1 for reconcilia6on of EBITDA, Adjusted EBITDA, and Adjusted Profit

(USD%'000) Q4%2012% Q4%2011 Q4%2012% Q4%2011

Revenues 68,542 66,471 18,298 17,796

EBITDA 27,781 36,140 8,543 5,564

Adjusted%EBITDA 34,017 38,738 7,619 7,956

Share%of%Profit%of%Associate 1,078 1,312 317 293

Net%Financials% (17,279) (12,315) (2,364) (5,176)

Net%Profit%/%(loss) 4,221 13,723 2,678 (334)

Adjusted%Net%Profit% 10,457 16,322 1,754 2,058

EPS,%diluted%($/share) 0.07 0.36 0.04 (0.01)

Adjusted%EPS,%diluted%($/share) 0.18 0.42 0.03 0.05

Average%Number%of%Vessels:Owned 2.00 2.00 2.00 2.00Managed 14.0 14.0 14.0 14.0

Ownership%Segment:Time%Charter%Equivalent%rates%pr.%day%($/day)

76,887 76,378 76,886 76,897

Utilisation 100% 100% 100% 100%

12 months 3 months

Financial Highlights

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1.  See Annex 1 for reconcilia6on of EBITDA, Adjusted EBITDA, Adjusted Net Profit and Adjusted EPS. In 2012, Adjusted EBITDA, Adjusted Net Profit and Adjusted EPS, exclude the non-‐cash loss/gain caused primarily from mark-‐to-‐market valua6on of interest rate swaps ($6.8 million loss for the year and $0.2 million gain for the 3 months) and foreign exchange gains ($0.5 million for the year and $0.7 million for the 3 months).

2.  Net Financials represents financial costs, financial income, and gain/loss on interest rate swaps, net.

1

1

1

1

2


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(USD%'000) 31+Dec+12% 31+Dec+11%Assets

Non+current%assetsGoodwill 9,511 9,511Investment2in2associate 6,856 6,528Tangible2fixed2assets 426,880 438,902Deferred2financing2costs 24,279 14,289Other2nonEcurrent2assets 4,071 872Vessels2under2construction 217,322 109,070

Total%non+current%assets 688,918 579,172

Current%assetsTrade2and2other2receivables 2,432 2,683Dividends2receivable2and2due2from2related2parties 859 1,274Inventories 481 425Prepayments2and2other2current2assets 425 3,366Short2term2investments 104,674 0Cash2and2cash2equivalents 110,978 20,093

Total%current%assets 219,849 27,841

Total%assets 908,768 607,013


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(USD%'000) 31+Dec+12% 31+Dec+11%Equity%&%Liabilities

EquityShare&capital 629 391Contributed&surplus 621,879 300,716Reserves (11,081) 1,744Accumulated&deficit (8,217) (12,437)Total%equity 603,210 290,414

Current%liabilitiesTrade&accounts&payable 1,794 1,705Ship&management&creditors 851 1,102Amounts&due&to&related&parties 122 114Derivative&financial&instruments 7,145 3,451Other&payables&and&accruals 15,094 18,541Loans&K&current&portion 25,753 24,277

Total%current%liabilities 50,759 49,190

Non+current%liabilitiesDerivative&financial&instruments 24,184 5,101Loans&K&nonKcurrent&portion 228,515 256,788Other&nonKcurrent&liabilities 2,100 5,520Total%non+current%liabilities 254,798 267,409

Total%equity%&%liabilities 908,768 607,013

Financial Highlights – Debt Facili6es

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1. Outstanding Balance as of December 31, 2012. 2. Lenders have a put option that gives them the right to request repayment of the facility in full on the fifth anniversary of the delivery of the first ship serving as collateral under the facility. 3. Represents the portion of the loan bearing interest at a floating rate that has been hedged to a fixed rate by way of an interest rate swap.

Ship Built Bank Loan (USD millions)

Expected Drawdown

Date Maturity GasLog Savannah 2010 DSF $146¹ N / A 2020

GasLog Singapore 2010 DnB, NBG, UBS $110¹ N / A 2014

GasLog Shanghai 2013 DnB, KEXIM $136 Q1 2013 20252

Hull 1947 2013 DnB, KEXIM $136 Q1 2013 20252

Hull 2016 2013 Nordea, ABN, Citi $139 Q2 2013 2019

Hull 2017 2013 Nordea, ABN, Citi $139 Q3 2013 2019

Hull 2041 2013 Credit Suisse $144 Q4 2013 2020

Hull 2042 2014 DnB, SEB, CBA, ING, DSF $143 Q1 2014 2021 / 2022

Hedged pct.

100%



75.0%

98.7%

32.9%

In total ~62% covered at 4.30% all-in fixed interest

70.6%

70.6%

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Financial Highlights – Looking Forward

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The following table summarizes GasLog’s contracted full year revenues for the next 10 years and vessel u6liza6on, within the Vessel Ownership segment. These include the recently announced 2 newbuildings and charterparty agreements, signed in Q1-‐2013.

1 Revenue calcula6ons assume 365 revenue days per annum, with 30 off-‐hire days when the ship undergoes scheduled drydocking. Two of our ships are scheduled to be drydocked in 2015, none are scheduled to be drydocked in 2016, and therealer each ship is expected to con6nue their 5 year drydocking cycle.

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Full year G & A for 2013 expected to be in line with 2012. Vessel Opera6ng & Supervision Costs and Net Interest cost expected to increase in 2013, in-‐line with 5 deliveries an6cipated during 2013.

PROJECTED REVENUE

2013 Cost Es8mates

2013 2014 2015 2016 2017)2022 Total

Contracted*time*charter*revenues (USD%mill.) ****************133* **********214* ********211* ***********234* **************802* ****1,594*Total*contracted*days (days) 1,742 2,831 2,768 2,988 9,853 20,182Total*available*days (days) 1,742 2,832 3,532 4,178 25,932 38,216Total*unfixed*days (days) B 1 764 1,190 16,079 18,034Percentage*of*total*contracted*days/total*available*days*for*the*twelve*ships

(pct.) 100% 100% 78% 72% 38% 53%

Market Update

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USA China Thailand

LNG shipping con6nued to benefit from strong industry fundamentals. Spot rates remained at historically high levels; suppor6ng op6mism for longer-‐term forward-‐rates.

We expect LNG produc6on to increase. Developments in Q4-‐2012 include: •  A USA Dept. of Energy commissioned study concluded LNG exports would be net beneficial for the US economy.

•  Total announced a 20 year agreement to buy 2 million tons p.a. from Cheniere Energy’s Sabine Pass facility.

•  BG announced that CNOOC had agreed to buy interests in their Cur6s LNG project as well as 5 million tons p.a. from BG’s global porpolio.

•  GAIL announced a 20 year agreement to buy 2.5 million tons p.a. from Gazprom.

•  PTT announced a 20 year deal to buy 2 million tons p.a. from Qatar.

India

Business Overview -‐ GasLog’s recently announced orders & charters

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On February 8th 2013, GasLog announced: •  2 firm orders for LNG carriers to be built by Samsung Heavy Industries, South Korea. •  Each ship will commence 10 year 6me charters to BG subsidiary from delivery in H1-‐2016. •  Combined investment of $410-‐420 million (delivered cost). •  EBITDA of $47-‐48 million expected in the first twelve months of opera6on. •  We now hold priced op6ons for 4 ships at Samsung.

GasLog also agreed to modify the charter currently in place for Hull 2017. •  8 year structure, in place of the former 6 years. Ini6al 3 years as before, with subsequent 5

years of seasonal charter (each year: 7 months on hire, and 5 months of opportunity for GasLog to employ).

•  EBITDA of approx. $14-‐16 million expected in each 7 month period.

Business Overview

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n  In addition, GasLog controls options for 4 additional LNG carrier newbuildings, with expiration July 2013.

Owned BuiltCapacity (mcbm) Propulsion Charterer

Methane Nile Eagle 25% 2007 145,000 Steam

GasLog Savannah 100% 2010 155,000 TFDE1

GasLog Singapore 100% 2010 155,000 TFDE

GasLog Shanghai 100% 2013 155,000 TFDE

Hull 1947 100% 2013 155,000 TFDE

Hull 2016 100% 2013 155,000 TFDE

Hull 20172 100% 2013 155,000 TFDE

Hull 2041 100% 2013 155,000 TFDE

Hull 2042 100% 2014 155,000 TFDE

Hull 2043 100% 2014 155,000 TFDE

Hull 2044 100% 2015 155,000 TFDE

Hull 2072 100% 2016 174,000 TFDE

Hull 2073 100% 2016 174,000 TFDE

Firm Charter Charterer Optional Period Under Discussions/Available

2018 2019 2020Ship 2013 2014 2015 2016 2017 2021 2022 2023 2024 2025

1.  Tri -fuel Diesel Electric. 2.  Hull 2017 has a seasonal charter for the last 5 years of its firm period (each

year: 7 months on hire, and 5 months opportunity for GasLog to employ)

Summary

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GasLog is paying a quarterly dividend of $0.11 per share on March 25, 2013. Our overall performance in 2012 provides us with a solid plaporm for the projected growth of GasLog in 2013 and beyond. 2 newbuilds at Samsung H.I., with 10 year charters to BG group, announced in Q1-‐2013. GasLog Shanghai delivered in January 2013; the first of 5 expected deliveries in 2013. Con6nued strong fundamentals for the LNG industry.

GasLog’s strengths come from: •  Significant contracted revenues from credit-‐worthy counterparts. •  A strong financial posi6on and track record in securing funding. •  A young, pure-‐play LNG shipping fleet with fuel-‐efficient technology. •  An experienced technical plaporm delivering strong opera6onal performance.

Annex 1 – reconcilia6on / non-‐GAAP measures

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Non-‐GAAP Financial Measure EBITDA represents earnings before interest income and expense, taxes, deprecia6on and amor6za6on. Adjusted EBITDA represents EBITDA before gain/loss on interest rate swaps and net foreign exchange gains/losses. Adjusted Profit/(loss) and Adjusted EPS represent earnings and earnings per share, respec6vely, before gain/loss on interest rate swaps and net foreign exchange gains. EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS, which are non-‐GAAP financial measures, are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and opera6ng performance. We believe that these non-‐GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. We believe that including EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS assists our management and investors in (i) understanding and analyzing the results of our opera6ng and business performance, (ii) selec6ng between inves6ng in us and other investment alterna6ves and (iii) monitoring our ongoing financial and opera6onal strength in assessing whether to con6nue to hold our common shares. This increased comparability is achieved by excluding the poten6ally disparate effects between periods of, in the case of EBITDA and Adjusted EBITDA, interest, taxes, deprecia6on and amor6za6on and, and in the case of Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS, loss on interest rate swaps and net foreign exchange gains/losses, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect results of opera6ons between periods. EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS have limita6ons as analy6cal tools and should not be considered as alterna6ves to, or as subs6tutes for, profit, profit from opera6ons, earnings per share or any other measure of financial performance presented in accordance with IFRS. These non-‐GAAP financial measures exclude some, but not all, items that affect profit, and these measures may vary among companies. In evalua6ng Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presenta6on. Our presenta6on of Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS should not be construed as an inference that our future results will be unaffected by the excluded items. Therefore, the non-‐GAAP financial measures as presented below may not be comparable to similarly 6tled measures of other companies in the shipping or other industries.

Annex 1 -‐ reconcilia6on (cont.)

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Reconciliation of EBITDA and Adjusted EBITDA to Profit/(loss) for the three and twelve month periods ended:

(All amounts expressed in U.S. Dollars)

December 31, 2011 December 31, 2012 December 31, 2011 December 31, 2012

Profit/(loss) for the period (333,980) 2,677,888 13,722,678 4,220,819

Depreciation of fixed assets 3,214,646 3,291,587 12,827,284 13,064,898

Financial costs 2,683,756 2,822,665 9,631,262 11,669,562

Financial income (509) (249,237) (41,679) (1,174,361)

EBITDA 5,563,913 8,542,903 36,139,545 27,780,918

Loss /(gain) on interest rate swaps, net 2,492,735 (209,832) 2,725,374 6,783,315

Foreign exchange gains, net (101,137) (713,734) (126,493) (546,791)

Adjusted EBITDA 7,955,511 7,619,337 38,738,426 34,017,442

For the three months ended For the year ended


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Reconciliation of Adjusted Profit/(loss) to Profit/(loss) for the three and twelve month periods ended:


December 31, 2011 December 31, 2012 December 31, 2011 December 31, 2012

Profit/(loss) for the period (333,980) 2,677,888 13,722,678 4,220,819

Loss on interest rate swaps, net 2,492,735 (209,832) 2,725,374 6,783,315

Foreign exchange gains, net (101,137) (713,734) (126,493) (546,791)

Adjusted Profit/(loss) 2,057,618 1,754,322 16,321,559 10,457,343

Non-controlling interest — — 316,973 —

Adjusted Profit/(loss) attributable to owners of the Group 2,057,618 1,754,322 16,638,532 10,457,343

For the three months ended For the year ended


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Reconciliation of Adjusted Earnings Per Share to Earnings Per Share for the three months and the years ended December 31, 2011 and 2012:


December 31, 2011 December 31, 2012

Profit for the period attributable to owners of the Group (333,980) 2,677,888Less: Earnings allocated to manager shares and subsidiary manager shares (25,709) —

Earnings attributable to the owners of common shares used in the calculation of basic EPS (308,271) 2,677,888

Weighted average number of shares outstanding 36,091,510 62,863,166

EPS (0.01) 0.04

Adjusted profit for the period attributable to owners of the Group 2,057,618 1,754,322Less: Adjusted earnings allocated to manager shares and subsidiary manager shares

158,393 —

Adjusted earnings attributable to the owners of common shares used in the calculation of basic EPS

1,899,225 1,754,322

Weighted average number of shares outstanding 36,091,510 62,863,166

Adjusted EPS 0.05 0.03

For the three months ended

December 31, 2011 December 31, 2012

14,039,651 4,220,819

1,201,919 44,798

12,837,732 4,176,021

35,837,297 56,093,775

0.36 0.07

16,638,532 10,457,343

1,418,874 110,990

15,219,658 10,346,353

35,837,297 56,093,775

0.42 0.18

For the year ended

Documents

GasLog Q4 2012 results presentation