GasLog Ltd.

CIK:0001534126|SEC Filings

Consolidated statements of profit or loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated statements of profit or loss
Revenues	$ 918,031	$ 915,625	$ 809,577
Voyage expenses and commissions	(14,507)	(14,260)	(19,430)
Vessel operating and supervision costs	(162,790)	(170,591)	(166,432)
Depreciation	(238,711)	(228,639)	(202,953)
Impairment loss	(11,740)	(68,287)	(153,669)
Loss on disposal of non-current assets	(2,058)	(406)	(1,100)
General and administrative expenses	(34,934)	(35,007)	(43,313)
Profit from operations	453,291	398,435	222,680
Financial costs	(287,068)	(184,675)	(166,955)
Financial income	14,879	4,118	142
Gain on derivatives	13,011	74,807	22,680
Share of profit of associates	2,190	4,562	1,969
Total other expenses, net	(256,988)	(101,188)	(142,164)
Profit for the year	196,303	297,247	80,516
Attributable to:
Owners of the Group	128,845	207,450	67,663
Non-controlling interests	$ 67,458	$ 89,797	$ 12,853

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Profit for the year	$ 196,303	$ 297,247	$ 80,516
Adjustments for:
Depreciation	238,711	228,639	202,953
Impairment loss	11,740	68,287	153,669
Loss on disposal of non-current assets	2,058	406	1,100
Share of profit of associates	(2,190)	(4,562)	(1,969)
Financial income	(14,879)	(4,118)	(142)
Financial costs	287,068	184,675	166,955
Gain on derivatives (excluding realized (loss)/gain on forward foreign exchange contracts held for trading)	(10,520)	(80,742)	(23,817)
Share-based compensation	1,357	760	3,448
Adjusted profit	709,648	690,592	582,713
Movements in operating assets and liabilities:
Decrease/(increase) in trade and other receivables including related parties, net	(13,545)	6,218	7,482
Decrease/(increase) in prepayments and other assets	(4,358)	(2,454)	3,205
Increase in inventories	(583)	(156)	(762)
Decrease/(increase) in other non-current assets	(1,918)	2,774	801
(Decrease)/increase in other non-current liabilities	(1,136)	651	(1,497)
Increase in accounts payable and other current liabilities	462	1,287	165
Net cash provided by operating activities	688,570	698,912	592,107
Cash flows from investing activities:
Payments for tangible fixed assets and vessels under construction	(227,736)	(193,464)	(506,641)
Proceeds from sale and sale and leasebacks of tangible fixed assets, net	331,998	225,429	242,979
Proceeds from FSRU forthcoming sale	136,949	108,632
Other investments	(13,493)	(753)	(230)
Payments for right-of-use assets	(10,136)	(25)
Dividends received from associate	1,175		1,700
Purchase of short-term cash deposits	(117,144)	(61,000)	(2,500)
Maturity of short-term cash deposits	143,144	25,000	2,500
Financial income received	14,813	3,554	142
Net cash (used in)/provided by investing activities	259,570	107,373	(262,050)
Cash flows from financing activities:
Proceeds from loans and bonds, net of discount	2,431,355	374,659	471,867
Loan and bond repayments	(2,676,420)	(729,849)	(592,463)
Principal elements of lease payments	(62,858)	(42,262)	(14,843)
Payment of loan and bond issuance costs, net	(40,756)	(5,188)	(13,058)
Proceeds from GasLog Partners' common unit offerings (net of underwriting discounts and commissions)			10,000
Payment of equity raising costs		(20)	(347)
Merger consideration - Transaction (including special distribution)	(316,234)
Proceeds from interest rate swaps termination	35,789
Interest paid	(252,917)	(164,499)	(172,772)
Loan/bond modification costs related to the 2021 Transaction (as defined in Note 1)			(15,718)
Payment of cash collaterals for swaps			(9,080)
Release of cash collaterals for swaps		990	31,557
Repurchase of GasLog's and GasLog Partners' preference shares/units	(1,440)	(49,244)	(18,388)
Partial redemption of GasLog's preference shares, net of fees	(108,612)
Dividends paid (common and preference)	(104,059)	(105,277)	(91,499)
Net cash used in financing activities	(1,096,152)	(720,690)	(414,744)
Effects of exchange rate changes on cash and cash equivalents	1,097	445	(336)
(Decrease)/increase in cash and cash equivalents	(146,915)	86,040	(85,023)
Cash and cash equivalents, beginning of the year	368,286	282,246	367,269
Cash and cash equivalents, end of the year	$ 221,371	$ 368,286	$ 282,246

Consolidated statements of financial position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Goodwill	$ 9,511	$ 9,511
Investment in associates	43,081	28,823
Deferred financing costs	8,095	8,778
Other non-current assets	4,010	2,092
Derivative financial instruments, non-current portion	418	13,225
Tangible fixed assets	3,912,762	4,514,663
Vessels under construction	265,575	210,099
Right-of-use assets	468,603	416,485
Total non-current assets	4,712,055	5,203,676
Current assets
Floating Storage Regasification Unit ("FSRU") held for sale	269,687
Trade and other receivables	36,718	22,897
Dividends receivable and other amounts due from related parties	272	61
Derivative financial instruments, current portion	1,675	25,383
Inventories	9,066	8,483
Prepayments and other current assets	11,620	7,262
Short-term cash deposits	10,000	36,000
Cash and cash equivalents	221,371	368,286
Total current assets	560,409	468,372
Total assets	5,272,464	5,672,048
Equity
Preference shares	2	46
Share capital	954	954
Contributed surplus	929,308	658,888
Reserves	15,236	16,464
Retained earnings	160,832	108,685
Equity attributable to owners of the Group	1,106,332	785,037
Non-controlling interests	280,067	936,741
Total equity	1,386,399	1,721,778
Current liabilities
Trade accounts payable	22,776	19,725
Ship management creditors	181	14
Amounts due to related parties	196	26
Derivative financial instruments, current portion	11,202	2,834
Other payables and accruals	409,291	166,932
Borrowings, current portion	107,917	294,977
Lease liabilities, current portion	70,979	48,548
Total current liabilities	622,542	533,056
Non-current liabilities
Derivative financial instruments, non-current portion		5,498
Borrowings, non-current portion	2,944,987	3,004,767
Lease liabilities, non-current portion	312,446	287,828
Other non-current liabilities	6,090	119,121
Total non-current liabilities	3,263,523	3,417,214
Total equity and liabilities	$ 5,272,464	$ 5,672,048