$BWLP

BW LPG Ltd

CIK:0001649313|SEC Filings

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Revenue - Shipping	$ 1,015,745	$ 962,803	$ 1,224,520
Revenue - Product Services	2,566,394	2,600,944	1,722,820
Cost of cargo and delivery expenses - Product Services	(2,460,924)	(2,390,929)	(1,547,059)
Voyage expenses - Shipping	(348,238)	(383,798)	(509,340)
Vessel operating expenses	(126,299)	(84,984)	(82,192)
Time charter contracts (non-lease components)	(15,219)	(19,675)	(20,350)
General and administrative expenses	(76,496)	(71,134)	(56,773)
Charter hire expenses	(667)	(1,041)	(30,712)
Fair value (loss)/gain from equity financial asset	(1,172)	1,326
Finance lease income	895	635	278
Other operating (expense)/income - net	(6,461)	1,332	(993)
Depreciation	(255,561)	(201,338)	(217,121)
Amortisation of intangible assets	(368)	(843)	(762)
Gain on disposal of vessels	56,708	20,391	42,374
Loss on derecognition of right-of-use assets	(289)		(961)
Operating profit	348,048	433,689	523,729
Foreign currency exchange gain/(loss) - net	1,574	(1,651)	(345)
Interest income	9,302	15,617	10,121
Interest expense	(53,046)	(19,849)	(27,304)
Other finance expenses	(1,968)	(2,843)	(2,237)
Finance expenses - net	(44,138)	(8,726)	(19,765)
Profit before tax	303,910	424,963	503,964
Income tax expense	(14,199)	(30,095)	(10,965)
Profit after tax	289,711	394,868	492,999
Items that will not be reclassified to profit or loss:
Equity investments at FVOCI - fair value loss	(11,422)	(7,030)
Items that may be reclassified subsequently to profit or loss:
Cash flow hedges - fair value (loss)/gain	(6,561)	62,841	(102,297)
Cash flow hedges - reclassification to profit or loss	(3,995)	(21,464)	49,978
Currency translation reserve	2,204	(1,022)	2,334
Other comprehensive (loss)/income, net of tax	(19,774)	33,325	(49,985)
Total comprehensive income	269,937	428,193	443,014
Profit attributable to:
Equity holders of the Company	242,313	354,296	469,957
Non-controlling interests	47,398	40,572	23,042
Profit after tax	289,711	394,868	492,999
Total comprehensive income:
Equity holders of the Company	222,095	387,797	418,818
Non-controlling interests	47,842	40,396	24,196
Total comprehensive income	$ 269,937	$ 428,193	$ 443,014
Earnings per share attributable to the equity holders of the Company:
Basic earnings per share (US$ per share)	$ 1.6	$ 2.65	$ 3.57
Diluted earnings per share (US$ per share)	$ 1.6	$ 2.64	$ 3.53

CONSOLIDATED STATEMENT OF CASHFLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Profit before tax	$ 303,910	$ 424,963	$ 503,964
- amortisation of intangible assets	368	843	762
- depreciation	255,561	201,338	217,121
- gain on disposal of vessels	(56,708)	(20,391)	(42,374)
- loss on derecognition of right-of-use assets	289		961
- interest income	(9,302)	(15,617)	(10,121)
- interest expense	53,046	19,849	27,304
- other finance expense	4,479	3,939	1,747
- share-based payments	1,753	2,016	1,696
- finance lease income	(895)	(635)	(278)
- fair value loss/(gain) from equity financial asset	1,172	(1,326)
Cash flows from before changes in working capital	553,673	614,979	700,782
- inventories	(47,179)	111,886	(52,660)
- trade and other receivables	(24,535)	112,689	(112,648)
- trade and other payables	41,201	(91,123)	52,701
- derivative financial instruments	42,933	(57,375)	(3,061)
- margin account held with broker	31,486	77,727	(66,384)
Total changes in working capital	43,906	153,804	(182,052)
Tax paid	(30,176)	(19,639)	(5,367)
Net cash from operating activities	567,403	749,144	513,363
Cash flows from investing activities
Additions in property, plant and equipment	(182,295)	(602,012)	(116,045)
Additions in intangible assets	(88)	(237)	(634)
Purchase of equity financial asset		(30,162)
Proceeds from sale of vessels	125,234	64,687	167,588
Investment in joint venture			(301)
Repayment of finance lease receivables	7,525	7,915	7,842
Interest received	10,197	16,252	10,118
Sale of equity financial asset		2,343
Net cash (used in)/from investing activities	(39,427)	(541,214)	68,568
Cash flows from financing activities
Proceeds from bank borrowings	1,027,443	610,883	72,070
Payment of financing fees	(4,408)	(4,430)
Repayments of bank borrowings	(1,081,010)	(197,437)	(171,659)
Payment of lease liabilities	(101,830)	(102,764)	(93,513)
Interest paid	(51,750)	(17,818)	(24,864)
Other finance expense paid	(4,479)	(3,939)	(1,652)
Purchase of treasury shares	(2,739)	(100)	(23,698)
Sale of treasury shares		1,091
Drawdown of trust receipts	1,776,251	2,107,821	1,021,010
Repayment of trust receipts	(1,810,225)	(2,118,318)	(989,884)
Dividend payment	(199,855)	(388,461)	(405,493)
Dividend payment to non-controlling interests	(41,120)	(21,657)	(27,607)
Contributions from non-controlling interests	1,176	1,562
Capital returns to non-controlling interests	(41,616)	(4,500)
Net cash used in financing activities	(534,162)	(138,067)	(645,290)
Net (decrease)/increase in cash and cash equivalents	(6,186)	69,863	(63,359)
Cash and cash equivalents at beginning of the financial year	231,900	162,037	225,396
Cash and cash equivalents at end of the financial year	$ 225,714	$ 231,900	$ 162,037

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEET
Intangible assets	$ 356	$ 636
Investment in joint venture	301	301
Equity financial assets, at FVOCI		23,132
Derivative financial instruments	3,055	7,469
Finance lease receivables	10,324	2,882
Other receivables	3,812	7,980
Deferred tax assets	5,321	1,644
Total other non-current assets	22,813	43,408
Vessels and dry docking	2,365,965	2,381,821
Right-of-use assets	116,742	216,272
Other property, plant and equipment	433	354
Property, plant and equipment	2,483,140	2,598,447
Total non-current assets	2,506,309	2,642,491
Inventories	123,885	76,706
Trade and other receivables	231,207	202,921
Equity financial assets, at FVOCI	11,710
Equity financial assets, at FVPL	1,597	2,769
Derivative financial instruments	25,956	74,571
Finance lease receivables	7,220	8,283
Assets held-for-sale		32,998
Cash and cash equivalents	242,009	279,681
Total current assets	643,584	677,929
Total assets	3,149,893	3,320,420
Share capital	619,868	619,868
Treasury shares	(50,372)	(48,387)
Other reserves	655,303	667,756
Retained earnings	605,203	565,794
Shareholders' equity	1,830,002	1,805,031
Non-controlling interests	95,551	132,463
Total shareholders' equity	1,925,553	1,937,494
Borrowings	730,394	711,664
Lease liabilities	72,836	60,588
Derivative financial instruments	411	569
Total non-current liabilities	803,641	772,821
Borrowings	122,709	230,344
Lease liabilities	64,303	170,700
Derivative financial instruments	24,398	25,527
Current income tax liabilities	1,520	14,470
Trade and other payables	207,769	169,064
Total current liabilities	420,699	610,105
Total liabilities	1,224,340	1,382,926
Total shareholders' equity and liabilities	$ 3,149,893	$ 3,320,420