BW LPG
ANNUAL REPORT
2019

FINANCIAL STATEMENTS

Income Statement (Figures in US$ Thousands) FY 2019 FY 2018
Revenue 817,204 521,754
Voyage expenses (269,930) (220,858)
TCE income 547,274 300,896
     
Net gain from commodity contracts 1,198 -
Vessel operating expenses (109,602) (105,462)
General and administrative expenses (26,852) (27,510)
Charter hire expenses (14,208) (66,874)
Finance lease income 1,171 -
Other operating (expenses) income - net (193) 3,039
Operating profit before depreciation, amortisation and impairment (EBITDA) 398,788 104,089
     
Amortisation charge - (2,650)
Depreciation charge (126,273) (98,022)
Gain on derecognition of right-of-use assets 10,394 -
Gain on disposal of assets held-for-sale 6,950 5,727
Write-back of impairment charge/(impairment charge) on vessels 37,995 (33,500)
Operating profit/(loss) (EBIT) 327,854 (24,356)
Finance expense - net (54,640) (46,992)
Share of profit/(loss) of a joint venture 3,025 (864)
Profit/(Loss) before tax for the financial period 276,239 (72,212)
Income tax expense (2,343) (178)
Profit/(Loss) after tax for the financial period (NPAT) 273,896 (72,390)
Other comprehensive(loss)/income,net of tax (18,546) 3,071
Total comprehensive profit/(loss) for the financial period 255,350 (69,319)

2019 BALANCE SHEET AND CASH FLOWS

Balance Sheet (Figures in US$ Thousands) 31 December 2019 31 December 2018
Total non-current assets 2,161,376 2,071,098
Total current assets 387,980 188,846
Total assets 2,549,356 2,259,944
     
Total shareholders' equity 1,177,313 983,625
Total non-current liabilities 1,102,044 1,103,200
Total current liabilities 269,999 173,119
Total liabilities 1,372,043 1,276,319
     
Total equity and liabilities 2,549,356 2,259,944
Cash flows (Figures in US$ Thousands) FY 2019 FY 2018
Profit/(Loss)before tax for the financial period 276,239 (72,212)
Adjustments and changes in working capital 45,937 161,539
     
Net cash provided by operating activities 322,176 89,327
     
Net cash provided by investing activities 50,499 75,744
Dividends paid (59,606) -
Other financing activities (269,619) (171,544)
     
Net cash used in financing activities (329,225) (171,544)
     
Net increase/(decrease) in cash and cash equivalents 43,450 (6,473)
Cash and cash equivalents at beginning of the financial period 50,075 56,548
Cash and cash equivalents at end of the financial period 93,525 50,075

BW LPG ANNUAL REPORT 2019

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