Aurora LPG - Q1 2016 presentation
Aurora Q1 2016 Interim Financial Statement
Highlights of operational review
For the first quarter of 2016 Aurora's vessels averaged a
time charter equivalent of USD 65,800 per vessel day (2015:
USD 68,500) resulting in an EBITDA of USD 16.6 million
(2015: USD 16.6 million). The time charter equivalent result
is impacted by changes to the voyage and chartering
portfolio, which positively impacted the quarter by slightly
above USD 10,000 per vessel day. As of the date of this
report all the Company's vessels are trading in the spot
market. Net income was USD 14.2 million or USD 0.49 per
share (2015: USD 13.9 million or USD 0.47).
Aurora reports OPEX of approximately USD 6,541 per vessel
day (2015: USD 7,060), administrative costs of USD 1,709 per
vessel day (2015: USD 1,855) and commercial costs of USD 168
per day (2015: USD 780).
Cash and cash equivalents at the end of the period was USD
The Company paid a dividend for the fourth quarter of USD
0.10 per share on March 10, 2016.
The Company repurchased a total of 136,785 shares in the
first quarter to an equivalent of USD 1.2 million. Remaining
purchase amounts under the authority granted by the general
meeting is 1,981,132 shares or 7% of total shares.
Aurora Wilhelmsen Ship Management commenced operations for
Auroras delivered new build vessels during the quarter.
The Company took delivery of three new builds in the first
quarter; Aurora Balder, Aurora Njord and Aurora Var. A gross
amount of USD 150 million was drawn down on credit
facilitates with Credit Suisse, ABN AMRO and Kexim.
The Company has signed the term sheet for the financing of
its sixth new build vessel and the refinancing of the debt
on Taurus, Leo and Capricorn. The two transactions are
planned to be conducted in one USD 150 million four tranche
facility with ABN, NIBC and SEB at terms representing
improvements compared to the existing facility on Taurus,
Leo and Capricorn and similar terms compared to the
company's new build facilities with Credit Suisse, ABN and