Q4 2024 Avance Gas Holding Ltd Earnings Call Transcript
Key Points
- Avance Gas Holding Ltd (AVACF) reported a net profit of $210 million for Q4, with an earnings per share of $2.74.
- The company successfully completed the sale of 12 VLZ seats to BW in a $1 billion transaction, resulting in substantial gains.
- Avance Gas Holding Ltd (AVACF) declared a regular cash dividend of $2 per share and an extraordinary dividend of $0.75 per share.
- The company plans to distribute BW shares to its shareholders, enhancing shareholder value.
- Avance Gas Holding Ltd (AVACF) has effectively managed its fleet renewal process, selling 16 ships in 2024, contributing to a net profit of $443 million for the year.
- The company recorded a market loss of $97 million on BW shares due to a decline in share price from $16.18 to $11.16.
- Avance Gas Holding Ltd (AVACF) is in the process of winding up operations, which includes terminating employment contracts.
- The secondhand market for ships has been drying out, impacting liquidity and potential future sales.
- The company faces potential tax implications for shareholders due to the structuring of dividends as a return of capital.
- There is uncertainty regarding the final collection of $34 million from Exmar, which is dependent on the completion of certain conditions.
Okay, Thank you, everybody for joining, and this is Avance Gas's fourth quarter sales presentation, where we also cover the recent events, the market, and of course the full year 2024 numbers. Today I am joined as usual by our CFO Randi who will, go through the numbers in a bit more detail later in the presentation before I do a market section and the Q&A session.
So before we begin, I just want to highlight our disclaimer. We will provide some non-gap measure like time travel equivalent earnings, which is the best proxy for average rates obtained on the ships. And of course, there are limits to the completeness of the detail we can provide. So, I also recommend you to read the earnings report, which we also distributed this morning. So let's kick off with the the highlights.
Q4, maybe not too surprisingly it was a very profitable quarter for us as we closed the sale of the 12 VLZ seats to BW in that $1 billion dollar transaction. Hence, we booked substantial gains on that transaction and ended up with net
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