GasLog Q3 2012 results presentation

GASLOG LTD Third Quarter Earnings Presenta7on 2012

21 November 2012

Forward Looking Statements

2

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

•  Business Overview

•  Market Update

•  Summary

Highlights

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•  For the third quarter, GasLog reports Adjusted EBITDA* of $9.7 million, Adjusted Profit* of $4.0 million and Profit of $2.9 million.

•  Adjusted EPS* of $0.06 and EPS of $0.05 for the third quarter of 2012.

•  Quarterly dividend of $0.11 per common share is payable on December 17, 2012. •  Con6nued strong fundamentals for the LNG industry.

•  100% u6liza6on of GasLog Savannah & GasLog Singapore during Q3-‐2012.

•  The 8 LNG newbuildings are on schedule and within budget.

•  62% of the floa6ng interest rate exposure on our fully funded debt program has been hedged at a weighted average interest rate of approximately 4.3% (incl. margin) as of September 30, 2012.

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

(USD%'000) Q3%2012% Q3%2011 Q3%2012% Q3%2011 2011 2010

Revenues 50,244 48,675 16,935 15,918 66,471 39,832

EBITDA 19,238 30,576 8,624 10,028 36,139 21,076

Adjusted%EBITDA 26,389 30,770 9,745 10,271

Share%of%Profit%of%Associate 761 1,019 3 362 1,312 1,460

Net%Financials% ,14,915 ,7,139 ,4,158 ,2,482 ,12,314 ,4,925

Profit% 1,543 14,057 2,924 4,572 13,723 9,591

Adjusted%Profit% 8,694 14,251 4,045 4,814

EPS,%diluted%($/share) 0.03 0.37 0.05 0.12 0.36 0.25

Adjusted%EPS,%diluted%($/share) 0.16 0.37 0.06 0.12

Average%Number%of%Vessels:Owned 2.00 2.00 2.00 2.00 2.00 1.00Managed 14.0 14.0 14.0 14.0 14.0 10.3

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

76,885 76,205 76,886 76,511 76,378 76,086

Utilisation 100% 100% 100% 100% 100% 100%

9 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 caused primarily from mark-‐to-‐market valua6on of interest rate swaps ($7.0 million for the 9 months and $1.7 million for the 3 months) and foreign exchange differences ($0.2 million loss for the 9 months and $0.6 million gain for the 3 months).

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

1

1

1

1

2


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(USD%'000) 30*Sep*12% 31*Dec*11% 31*Dec*10%Assets

Non*current%assetsGoodwill 9,511 9,511 9,511Investment2in2associate 7,289 6,528 7,003Tangible2fixed2assets 430,150 438,902 450,265Deferred2financing2costs 21,850 14,289 0Other2nonEcurrent2assets 3,846 872 0Vessels2under2construction 196,072 109,070 18,700

Total%non*current%assets 668,719 579,172 485,479

Current%assetsTrade2and2other2receivables 2,192 2,683 822Dividends2receivable2and2due2from2related2parties 392 1,274 1,276Inventories 493 425 383Prepayments2and2other2current2assets 588 3,366 775Short2term2investments 211,799 0 0Cash2and2cash2equivalents 26,737 20,093 23,270

Total%current%assets 242,202 27,841 26,526

Total%assets 910,921 607,013 512,005


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(USD%'000) 30*Sep*12% 31*Dec*11% 31*Dec*10%Equity%&%Liabilities

EquityShare&capital 629 391 391Contributed&surplus 628,919 300,716 199,635Reserves ?12,217 1,744 ?1,816Accumulated&deficit ?10,895 ?12,437 ?26,477Equity%attributable%to%owners%of%the%Group 606,435 290,414 171,733Non?controlling&interest 0 0 9,199Total%equity 606,435 290,414 180,932

Current%liabilitiesTrade&accounts&payable 1,012 1,705 1,397Ship&management&creditors 13 1,102 6,886Amounts&due&to&related&parties 98 114 172Derivative&financial&instruments 5,900 3,451 2,560Other&payables&and&accruals 7,187 18,541 6,986Loans&?&current&portion 23,999 24,277 22,640

Total%current%liabilities 38,209 49,190 40,641

Non*current%liabilitiesDerivative&financial&instruments 26,775 5,101 2,835Loans&?&non?current&portion 236,985 256,788 287,597Advances&from&related&parties 0 0 0Other&non?current&liabilities 2,517 5,520 0Total%non*current%liabilities 266,277 267,409 290,432

Total%equity%&%liabilities 910,921 607,013 512,005


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The following table summarizes GasLog’s contracted revenues and vessel u6liza6on as of October 1, 2012, within the Vessel Ownership segment.

Please refer to the Q3-‐2012 6-‐K filing for further details.

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, three are scheduled to be drydocked in 2018 and one is scheduled to be drydocked in 2019. 2 Contracted revenue for the full year ending December 31, 2012 is $ 56 million.

1 2

2012 2013 2014 2015 2016(2021

Total

Contracted*time*charter*revenues (USD%million) *****************14* ********133* ********215* ***********211* ********622* ****1,195*Total*contracted*days (days) 184 1,742 2,831 2,768 7,945 15,470Total*available*days (days) 184 1,742 2,832 3,532 19,303 27,593Total*unfixed*days (days) B B 1 764 11,358 12,123Percentage*of*total*contracted*days/total*available*days*for*the*ten*ships

(pct.) 100% 100% 100% 78% 41% 56%


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1. Outstanding Balance as of September 30, 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. Please refer to note 13 of the financial statements included in our Q3-2012 6-K filing for

details surrounding the Interest Rate Swaps.

Ship Built Bank Loan (USD millions)

Expected Drawdown

Date Maturity GasLog Savannah 2010 DSF $149¹ N / A 2020

GasLog Singapore 2010 DnB, NBG, UBS $114¹ N / A 2014

Hull 1946 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%

3

Business Overview

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1. Tri -fuel Diesel Electric. 2. Options expire in 2012.

Firm Charter Charterer Optional Period Under Discussions for Charter

Capacity Ship Owned Built (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

Hull 1946 100 % 2013 155,000 TFDE

Hull 1947 100 % 2013 155,000 TFDE

Hull 2016 100 % 2013 155,000 TFDE

Hull 2017 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

Option 1 2 2015 155,000 TFDE

Option 2 2 2015 155,000 TFDE

2015 20162012 2013 2014 2017 2018 2019 2020

Market Update

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•  Cheniere Energy took final investment decision (“FID”) on the construc6on of the first two

trains at its Sabine Pass, Louisiana, LNG export project, for a planned start-‐up as early as 2015.

•  Australia Pacific LNG (led by ConocoPhilips and Origin Energy) (Australia) took FID on a 2nd train of 4.5 mtpa capacity, for a planned start-‐up in 2016.

•  Further increases in discoveries and gas reserves in East Africa.

LNG shipping con6nued to benefit from strong industry fundamentals. Spot rates somened in Q3-‐2012, but remain at historically high levels; suppor6ng op6mism for longer-‐term forward-‐rates.

We expect LNG produc6on to increase. Developments in Q3-‐2012 include:

Market Update (cont.)

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The aoached chart was prepared using informa6on from external sources as well as GasLog's internal es6mates. The chart is based on numerous variables and assump6ons, including assump6ons as to certain business decisions that other companies will make, and is therefore inherently specula6ve. As a result, future produc6on capacity will likely differ and may differ materially from the informa6on presented in the chart. GasLog will not update the chart to reflect circumstances exis6ng amer the date the informa6on was generated or to reflect the occurrence of future events.

200#

250#

300#

350#

400#

450#

500#

2011# 2012# 2013# 2014# 2015# 2016# 2017# 2018# 2019# 2020#

LNG#(m

tpa)#

Projected#Global#LNG#Produc?on#Capacity#

South#East#Asia#

Middle#East#

North#America#

Africa#

Russia#

Australia#

Exis?ng#

Summary

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Q3-‐2012 financials beoer than expecta6ons * 2012-‐2015 contracted revenue is expected to be on-‐track, with our newbuilding orderbook on 6me and on budget. GasLog is paying a quarterly dividend of $0.11 per share on December 17, 2012. Con6nued strong fundamentals for the LNG industry.

GasLog’s strengths come from: •  Significant contracted revenues from credit-‐worthy counterparts. •  A fully funded newbuilding program. •  A young, pure-‐play LNG shipping fleet with the latest technology. •  A leading technical plaqorm delivering strong opera6onal performance.

* Excluding non-‐cash loss on interest rate swaps and foreign exchange gains (mainly unrealized).

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 loss on interest rate swaps and foreign exchange gains/losses. Adjusted Profit/(loss) and Adjusted EPS represent earnings and earnings per share, respec6vely, before loss on interest rate swaps and foreign exchange gains/losses. 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 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 for the three and nine month periods ended:

(All amounts expressed in U.S. Dollars)

September 30, 2011 September 30, 2012 September 30, 2011 September 30, 2012

Profit for the period 4,571,575 2,923,994 14,056,658 1,542,931

Depreciation of fixed assets 3,206,858 3,288,480 9,612,638 9,773,311

Financial costs 2,262,006 2,892,817 6,947,506 8,846,897

Financial income (12,265) (481,265) (41,170) (925,124)

EBITDA 10,028,174 8,624,026 30,575,632 19,238,015

Loss on interest rate swaps, net 232,639 1,746,781 232,639 6,993,147

Foreign exchange (gains)/losses 9,892 (625,791) (38,718) 157,644

Adjusted EBITDA 10,270,705 9,745,016 30,769,553 26,388,806

Reconciliation of EBITDA to Profit for the years ended:


December 31, 2010 December 31, 2011

Profit for the year 9,590,852 13,722,678

Depreciation of fixed assets 6,560,381 12,827,284

Financial costs 5,046,117 9,631,262

Financial income (121,050) (41,679)

EBITDA 21,076,300 36,139,545

For the three months ended For the nine months ended


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Reconciliation of Adjusted Profit to Profit for the three and nine month periods ended:



Profit for the period 4,571,575 2,923,994 14,056,658 1,542,931

Loss on interest rate swaps, net 232,639 1,746,781 232,639 6,993,147

Foreign exchange (gains)/losses 9,892 (625,791) (38,718) 157,644

Adjusted Profit 4,814,106 4,044,984 14,250,579 8,693,722

Non-controlling interest — — 316,973 —

Adjusted Profit attributable to owners of the Group 4,814,106 4,044,984 14,567,552 8,693,722



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Reconciliation of Adjusted Earnings Per Share to Earnings Per Share for the three and nine month periods ended:



Profit for the period attributable to owners of the Group 4,571,575 2,923,994 14,373,631 1,542,931Less: Earnings allocated to manager shares and subsidiary manager shares

379,777 — 1,242,669 22,704

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

4,191,798 2,923,994 13,130,962 1,520,227

Weighted average number of shares outstanding 35,853,200 62,863,166 35,751,628 53,820,841

EPS 0.12 0.05 0.37 0.03

Adjusted profit for the period attributable to owners of the Group 4,814,106 4,044,984 14,567,552 8,693,722Less: Adjusted earnings allocated to manager shares and subsidiary manager shares

399,924 — 1,259,282 127,926

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

4,414,182 4,044,984 13,308,270 8,565,796

Weighted average number of shares outstanding 35,853,200 62,863,166 35,751,628 53,820,841

Adjusted EPS 0.12 0.06 0.37 0.16


GasLog Q3 2012 results presentation

Documents

adjusted eps

adjusted prot

adjusted net prot

future revenue

future li6ga6on

nancial commitments

future nancial condi6on

general lng