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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Golar LNG Limited | NASDAQ:GLNG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.6342 | -2.54% | 24.2958 | 24.00 | 26.44 | 25.19 | 24.66 | 25.19 | 706,744 | 01:00:00 |
Form 20-F [X]
|
|
Form 40-F [ ]
|
Yes [ ]
|
|
No [X]
|
|
|||||
(in thousands of $)
|
2Q 2019
|
2Q 2018
|
1Q 2019
|
1H 2019
|
1H 2018
|
|
|
|
|
|
|
Total operating revenues
|
96,745
|
59,374
|
114,287
|
211,032
|
125,564
|
Net (loss)/income attributable to Golar LNG Limited
|
(112,682)
|
36,319
|
(41,741)
|
(154,423)
|
15,317
|
Adjusted EBITDA1
|
39,663
|
4,162
|
62,897
|
102,560
|
13,400
|
Operating (loss)/income
|
(23,435)
|
78,405
|
28,864
|
5,429
|
84,834
|
Dividend per share
|
—
|
0.125
|
0.150
|
0.150
|
0.175
|
Adjusted net debt1
|
2,258,824
|
2,193,451
|
2,197,384
|
2,258,824
|
2,193,451
|
•
|
Contract Earnings Backlog1 (Golar LNG Limited share) of $6.5 billion.
|
•
|
Agreed to phased buyback of the 3 million shares underlying the Total Return Swap (“TRS”) at an incremental cash cost of approximately $31 million.
|
•
|
Dividend suspended for two quarters to finance intended TRS buyback.
|
•
|
Adjusted net debt1 of $2.3 billion, $1.0 billion of which relates to Golar LNG Limited’s (“Golar” or “the Company’s”) 8 Tri-Fuel Diesel-Electric ("TFDE") ships.
|
•
|
Post period, executed new financing facilities that add an immediate $180 million of liquidity.
|
•
|
Improved fleet utilization of 66%, versus 51% in 1Q 2019 (“1Q”); three of Golar’s 11 carriers now employed on 1-5 year index linked contracts and two vessels on multi-month fixed rate charters.
|
•
|
Four of these five charters commence in 3Q 2019 providing greater visibility on future vessel utilization.
|
•
|
2Q fleet TCE at $24,400 reflects a seasonally softer market as well as idle time associated with four dry-dockings in the period and a further three dry-dockings in 3Q.
|
•
|
FLNG Gimi - $700 million underwritten financing commitment. Conversion on budget and schedule.
|
•
|
FLNG Hilli Episeyo - 100% commercial uptime maintained: 25 cargoes exported to date. Negotiation with charterers regarding additional utilization continues; initiated discussions with charterers on a reduction in the Letter of Credit ("LC") that would allow the release of up to $75 million of restricted cash.
|
•
|
Sergipe power station remains on track for year-end completion.
|
•
|
Downstream LNG distribution business securing customers. Initial commitments made to secure isotainers and access to trucking; in advanced discussions with Avenir for small-scale shipping capacity.
|
|
2019
|
2019
|
||||||||||
|
Apr-Jun
|
Jan-Mar
|
||||||||||
(in thousands of $)
|
Vessel and other operations
|
FLNG
|
Total
|
Vessel and other operations
|
FLNG
|
Total
|
||||||
Total operating revenues
|
42,221
|
|
54,524
|
|
96,745
|
|
59,763
|
|
54,524
|
|
114,287
|
|
Vessel operating expenses
|
(16,996
|
)
|
(13,822
|
)
|
(30,818
|
)
|
(18,176
|
)
|
(13,072
|
)
|
(31,248
|
)
|
Voyage, charterhire & commission expenses (including expenses from collaborative arrangement)
|
(14,327
|
)
|
(100
|
)
|
(14,427
|
)
|
(16,140
|
)
|
(360
|
)
|
(16,500
|
)
|
Administrative expenses
|
(14,676
|
)
|
516
|
|
(14,160
|
)
|
(12,893
|
)
|
(652
|
)
|
(13,545
|
)
|
Project development expenses
|
571
|
|
(448
|
)
|
123
|
|
(668
|
)
|
(922
|
)
|
(1,590
|
)
|
Realized gain on oil derivative instrument(2)
|
—
|
|
5,162
|
|
5,162
|
|
—
|
|
2,233
|
|
2,233
|
|
Other operating (losses)/gains
|
—
|
|
(2,962
|
)
|
(2,962
|
)
|
9,260
|
|
—
|
|
9,260
|
|
Adjusted EBITDA(1)
|
(3,207
|
)
|
42,870
|
|
39,663
|
|
21,146
|
|
41,751
|
|
62,897
|
|
|
|
|
|
|
|
|
||||||
Reconciliation to operating income (loss)
|
|
|
|
|
|
|
||||||
Unrealized (loss)/gain on oil derivative instrument(2)
|
—
|
|
(27,630
|
)
|
(27,630
|
)
|
—
|
|
28,380
|
|
28,380
|
|
Depreciation and amortization
|
(16,070
|
)
|
(12,051
|
)
|
(28,121
|
)
|
(16,112
|
)
|
(12,051
|
)
|
(28,163
|
)
|
Impairment of long-lived assets
|
(7,347
|
)
|
—
|
|
(7,347
|
)
|
(34,250
|
)
|
—
|
|
(34,250
|
)
|
Operating (loss)/income
|
(26,624
|
)
|
3,189
|
|
(23,435
|
)
|
(29,216
|
)
|
58,080
|
|
28,864
|
|
|
2019
|
|
2019
|
|
(in thousands of $)
|
Apr-Jun
|
|
Jan-Mar
|
|
Operating income (loss)
|
(23,435
|
)
|
28,864
|
|
Interest income
|
3,223
|
|
3,214
|
|
Interest expense
|
(24,376
|
)
|
(29,352
|
)
|
Losses on derivative instruments
|
(14,719
|
)
|
(5,699
|
)
|
Other financial items, net
|
(1,932
|
)
|
(1,407
|
)
|
Income taxes
|
(176
|
)
|
(205
|
)
|
Equity in net losses of affiliates
|
(26,970
|
)
|
(12,899
|
)
|
Net income attributable to non-controlling interests
|
(24,297
|
)
|
(24,257
|
)
|
Net loss attributable to Golar LNG Limited
|
(112,682
|
)
|
(41,741
|
)
|
•
|
A small reduction in LIBOR and a $0.9m increase in capitalized interest in respect of FLNG Gimi resulted in a $5.0 million reduction in 2Q interest expense.
|
•
|
2Q recorded a $14.7 million loss on derivative instruments compared to a 1Q loss of $5.7 million. Most of the $9.0 million increase in 2Q relative to 1Q is attributable to losses on the three million Golar TRS shares.
|
•
|
The $27.0 million 2Q equity in net losses of affiliates is primarily comprised of the following:
|
◦
|
a $20.0 million loss in respect of Golar's 32% share in Golar Partners; and
|
◦
|
a $7.0 million loss in respect of Golar's 50% stake in Golar Power.
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
(in thousands of $)
|
Apr-Jun
|
|
Jan-Mar
|
|
Oct-Dec
|
|
Jul-Sep
|
|
Apr-Jun
|
|
Jan-Mar
|
|
Oct-Dec
|
|
Jul-Sep
|
|
Net (loss)/income attributable to Golar LNG Limited
|
(112,682
|
)
|
(41,741
|
)
|
(312,957
|
)
|
66,212
|
|
36,319
|
|
(21,002
|
)
|
3,823
|
|
(43,875
|
)
|
Adjusted for:
|
|
|
|
|
|
|
|
|
||||||||
Net financial expense
|
37,804
|
|
33,244
|
|
52,653
|
|
37,770
|
|
20,083
|
|
13,291
|
|
(19,088
|
)
|
7,150
|
|
Other non-operating expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
189
|
|
98
|
|
Income taxes
|
176
|
|
205
|
|
627
|
|
156
|
|
490
|
|
(6
|
)
|
435
|
|
423
|
|
Equity in net losses of affiliates
|
26,970
|
|
12,899
|
|
154,089
|
|
(2,668
|
)
|
4,674
|
|
1,541
|
|
6,348
|
|
5,907
|
|
Net income attributable to non-controlling interests
|
24,297
|
|
24,257
|
|
2,770
|
|
31,000
|
|
16,839
|
|
12,605
|
|
11,092
|
|
7,401
|
|
Operating (loss)/income
|
(23,435
|
)
|
28,864
|
|
(102,818
|
)
|
132,470
|
|
78,405
|
|
6,429
|
|
2,799
|
|
(22,896
|
)
|
Adjusted for:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized loss/(gain) on oil derivative instrument
|
27,630
|
|
(28,380
|
)
|
195,740
|
|
(77,470
|
)
|
(94,700
|
)
|
(13,600
|
)
|
(15,100
|
)
|
—
|
|
Depreciation and amortization
|
28,121
|
|
28,163
|
|
28,295
|
|
28,528
|
|
20,457
|
|
16,409
|
|
16,585
|
|
17,385
|
|
Impairment of long-term assets
|
7,347
|
|
34,250
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Adjusted EBITDA
|
39,663
|
|
62,897
|
|
121,217
|
|
83,528
|
|
4,162
|
|
9,238
|
|
4,284
|
|
(5,511
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Q1 and Q2 adjusted EBITDA
|
102,560
|
|
—
|
|
—
|
|
—
|
|
13,400
|
|
—
|
|
—
|
|
—
|
|
Last Twelve Months Adjusted EBITDA
|
307,305
|
|
—
|
|
—
|
|
—
|
|
12,173
|
|
—
|
|
—
|
|
—
|
|
Last Twelve Months One-Off Gains/(Losses)
|
(43,002
|
)
|
—
|
|
—
|
|
—
|
|
(18
|
)
|
—
|
|
—
|
|
—
|
|
Last Twelve Months Golar Partners' share of Hilli Adjusted EBITDA
|
(77,364
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Last Twelve Months Further Adjusted EBITDA
|
186,939
|
|
—
|
|
—
|
|
—
|
|
12,155
|
|
—
|
|
—
|
|
—
|
|
(in thousands of $)
|
June 30, 2019
|
|
June 30, 2018
|
|
March 31, 2019
|
|
Net debt as calculated by GAAP
|
|
|
|
|||
Total debt (current and non-current) net of deferred finance charges
|
2,467,508
|
|
2,724,685
|
|
2,513,190
|
|
Less
|
|
|
|
|||
Cash and cash equivalents
|
(139,834
|
)
|
(375,067
|
)
|
(212,673
|
)
|
Restricted cash and short-term deposits - current and non-current portion
|
(405,586
|
)
|
(452,318
|
)
|
(477,598
|
)
|
Net debt as calculated by GAAP
|
1,922,088
|
|
1,897,300
|
|
1,822,919
|
|
VIE consolidation adjustment
|
111,977
|
|
29,447
|
|
98,543
|
|
VIE restricted cash
|
114,976
|
|
185,673
|
|
174,816
|
|
Deferred finance charges
|
13,020
|
|
18,484
|
|
15,056
|
|
TRS restricted cash (1)
|
96,763
|
|
62,547
|
|
86,050
|
|
Adjusted Net Debt
|
2,258,824
|
|
2,193,451
|
|
2,197,384
|
|
(in thousands of $)
|
June 30, 2019
|
|
June 30, 2018
|
|
March 31, 2019
|
|
Total debt (current and non-current) net of deferred finance charges
|
2,467,508
|
|
2,724,685
|
|
2,513,190
|
|
VIE consolidation adjustments
|
111,977
|
|
29,447
|
|
98,543
|
|
Deferred finance charges
|
13,020
|
|
18,484
|
|
15,056
|
|
Golar’s Contractual Debt
|
2,592,505
|
|
2,772,616
|
|
2,626,789
|
|
|
2019
|
|
2019
|
|
(in thousands of $)
|
Apr-Jun
|
|
Jan-Mar
|
|
Total operating revenues
|
96,745
|
|
114,287
|
|
Less: Liquefaction services revenue
|
(54,524
|
)
|
(54,524
|
)
|
Less: Vessel and other management fees
|
(5,141
|
)
|
(5,453
|
)
|
Time and voyage charter revenues
|
37,080
|
|
54,310
|
|
Less: Voyage and commission expenses
|
(14,327
|
)
|
(16,140
|
)
|
|
22,753
|
|
38,170
|
|
Calendar days less scheduled off-hire days
|
933
|
|
971
|
|
Average daily TCE rate (to the closest $100)
|
24,400
|
|
39,300
|
|
•
|
our inability and that of our counterparty to meet our respective obligations under the Lease and Operate agreement entered into in connection with the BP Greater Tortue / Ahmeyim Project (“Gimi GTA Project”);
|
•
|
our inability to consummate the financing of the Gimi GTA Project;
|
•
|
changes in our ability to retrofit vessels as FSRUs or FLNGs and in our ability to obtain financing for such conversions on acceptable terms or at all;
|
•
|
changes in our ability to obtain additional financing on acceptable terms or at all;
|
•
|
our inability to complete the TFDE shipping spin off;
|
•
|
Golar Power's ability to successfully commission the Sergipe power station project and related FSRU contract and to execute its downstream LNG distribution plans;
|
•
|
changes in our relationship with Golar Partners, Golar Power or Avenir and the sustainability of any distributions they pay to us;
|
•
|
failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us or other key project stakeholders;
|
•
|
challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements;
|
•
|
changes in liquefied natural gas, or LNG, carrier, floating storage and regasification unit, or FSRU, or floating liquefaction natural gas vessel, or FLNG, or small-scale LNG market trends, including charter rates, vessel values or technological advancements;
|
•
|
our ability to close potential future sales of additional equity interests in our vessels, including the Hilli Episeyo, on a timely basis or at all and our ability to contract the full utilization of the Hilli Episeyo or other vessels and the benefits that may to accrue to us as the result of any such modifications;
|
•
|
changes in the supply of or demand for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
|
•
|
a material decline or prolonged weakness in rates for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
|
•
|
changes in the performance of the pool in which certain of our vessels operate and the performance of our joint ventures;
|
•
|
changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
|
•
|
changes in the supply of or demand for LNG or LNG carried by sea;
|
•
|
changes in commodity prices;
|
•
|
changes in the supply of or demand for natural gas generally or in particular regions;
|
•
|
changes in our relationships with our counterparties, including our major chartering parties;
|
•
|
a decline or continuing weakness in the global financial markets;
|
•
|
changes in general domestic and international political conditions, particularly where we operate;
|
•
|
changes in the availability of vessels to purchase and in the time it takes to construct new vessels;
|
•
|
failures of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all;
|
•
|
our ability to integrate and realize the benefits of acquisitions;
|
•
|
changes in our ability to sell vessels to Golar Partners or Golar Power;
|
•
|
changes to rules and regulations applicable to LNG carriers, FSRUs, FLNGs or other parts of the LNG supply chain;
|
•
|
our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provision of FSRUs, FLNGs, and small-scale LNG infrastructure particularly through our innovative FLNG strategy and our joint ventures;
|
•
|
actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs, FLNGs or small-scale LNG vessels to various ports;
|
•
|
increases in costs, including, among other things, wages, insurance, provisions, repairs and maintenance; and
|
•
|
other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Securities and Exchange Commission, or the Commission, including our most recent annual report on Form 20-F.
|
|
||||||||
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
(in thousands of $)
|
Apr-Jun
|
|
Jan-Mar
|
|
Jan-Jun
|
|
Jan-Jun
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
||||
Time and voyage charter revenues
|
30,865
|
|
37,166
|
|
68,031
|
|
76,433
|
|
Time charter revenues - collaborative arrangement
|
6,215
|
|
17,144
|
|
23,359
|
|
19,353
|
|
Liquefaction services revenue
|
54,524
|
|
54,524
|
|
109,048
|
|
18,577
|
|
Vessel and other management fees
|
5,141
|
|
5,453
|
|
10,594
|
|
11,201
|
|
Total operating revenues
|
96,745
|
|
114,287
|
|
211,032
|
|
125,564
|
|
|
|
|
|
|
||||
Vessel operating expenses
|
(30,818
|
)
|
(31,248
|
)
|
(62,066
|
)
|
(38,911
|
)
|
Voyage, charterhire and commission expenses
|
(5,915
|
)
|
(6,079
|
)
|
(11,994
|
)
|
(10,107
|
)
|
Voyage, charterhire and commission expenses - collaborative arrangement
|
(8,512
|
)
|
(10,421
|
)
|
(18,933
|
)
|
(30,897
|
)
|
Administrative expenses
|
(14,160
|
)
|
(13,545
|
)
|
(27,705
|
)
|
(24,092
|
)
|
Project development expenses
|
123
|
|
(1,590
|
)
|
(1,467
|
)
|
(11,223
|
)
|
Depreciation and amortization
|
(28,121
|
)
|
(28,163
|
)
|
(56,284
|
)
|
(36,866
|
)
|
Impairment of long-term assets (1)
|
(7,347
|
)
|
(34,250
|
)
|
(41,597
|
)
|
—
|
|
Total operating expenses
|
(94,750
|
)
|
(125,296
|
)
|
(220,046
|
)
|
(152,096
|
)
|
|
|
|
|
|
||||
Other operating (loss)/income
|
|
|
|
|
||||
Realized and unrealized (loss)/gain on oil derivative instrument
|
(22,468
|
)
|
30,613
|
|
8,145
|
|
111,348
|
|
Other operating (losses)/gains
|
(2,962
|
)
|
9,260
|
|
6,298
|
|
18
|
|
Operating (loss)/income
|
(23,435
|
)
|
28,864
|
|
5,429
|
|
84,834
|
|
|
|
|
|
|
||||
Financial income/(expense)
|
|
|
|
|
||||
Interest income
|
3,223
|
|
3,214
|
|
6,437
|
|
4,044
|
|
Interest expense
|
(24,376
|
)
|
(29,352
|
)
|
(53,728
|
)
|
(38,012
|
)
|
(Losses)/ gains on derivative instruments
|
(14,719
|
)
|
(5,699
|
)
|
(20,418
|
)
|
1,068
|
|
Other financial items, net
|
(1,932
|
)
|
(1,407
|
)
|
(3,339
|
)
|
(474
|
)
|
Net financial expense
|
(37,804
|
)
|
(33,244
|
)
|
(71,048
|
)
|
(33,374
|
)
|
|
|
|
|
|
||||
(Loss)/income before income taxes, equity in net losses of affiliates and non-controlling interests
|
(61,239
|
)
|
(4,380
|
)
|
(65,619
|
)
|
51,460
|
|
Income taxes
|
(176
|
)
|
(205
|
)
|
(381
|
)
|
(484
|
)
|
Equity in net losses of affiliates
|
(26,970
|
)
|
(12,899
|
)
|
(39,869
|
)
|
(6,215
|
)
|
|
|
|
|
|
||||
Net (loss)/income
|
(88,385
|
)
|
(17,484
|
)
|
(105,869
|
)
|
44,761
|
|
Net income attributable to non-controlling interests
|
(24,297
|
)
|
(24,257
|
)
|
(48,554
|
)
|
(29,444
|
)
|
|
|
|
|
|
||||
Net (loss)/income attributable to Golar LNG Limited
|
(112,682
|
)
|
(41,741
|
)
|
(154,423
|
)
|
15,317
|
|
|
||||||||
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
(in thousands of $)
|
Apr-Jun
|
|
Jan-Mar
|
|
Jan-Jun
|
|
Jan-Jun
|
|
|
|
|
|
|
||||
Net (loss)/income
|
(88,385
|
)
|
(17,484
|
)
|
(105,869
|
)
|
44,761
|
|
|
|
|
|
|
||||
Other comprehensive income/(loss):
|
|
|
|
|
||||
Net gain/(loss) on foreign currency translation
|
1,668
|
|
(1,017
|
)
|
651
|
|
(24,137
|
)
|
Other comprehensive income/(loss)
|
1,668
|
|
(1,017
|
)
|
651
|
|
(24,137
|
)
|
Comprehensive (loss)/income
|
(86,717
|
)
|
(18,501
|
)
|
(105,218
|
)
|
20,624
|
|
|
|
|
|
|
||||
Comprehensive (loss)/income attributable to:
|
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders of Golar LNG Limited
|
(111,014
|
)
|
(42,758
|
)
|
(153,772
|
)
|
(8,820
|
)
|
Non-controlling interests
|
24,297
|
|
24,257
|
|
48,554
|
|
29,444
|
|
Comprehensive (loss)/income
|
(86,717
|
)
|
(18,501
|
)
|
(105,218
|
)
|
20,624
|
|
|
2019
|
|
2018
|
|
(in thousands of $)
|
Jun-30
|
|
Dec-31
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
||
ASSETS
|
|
|
||
Current assets
|
|
|
||
Cash and cash equivalents
|
139,834
|
|
217,835
|
|
Restricted cash and short-term deposits (1)
|
252,843
|
|
332,033
|
|
Other current assets
|
56,540
|
|
90,644
|
|
Amounts due from related parties
|
5,207
|
|
9,425
|
|
Total current assets
|
454,424
|
|
649,937
|
|
Non-current assets
|
|
|
||
Restricted cash
|
152,743
|
|
154,393
|
|
Investments in affiliates
|
522,538
|
|
571,782
|
|
Asset under development
|
186,960
|
|
20,000
|
|
Vessels and equipment, net
|
3,190,969
|
|
3,271,379
|
|
Other non-current assets
|
116,663
|
|
139,104
|
|
Total assets
|
4,624,297
|
|
4,806,595
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
||
Current liabilities
|
|
|
||
Current portion of long-term debt and short-term debt (1)
|
(802,323
|
)
|
(730,257
|
)
|
Amounts due to related parties
|
(4,719
|
)
|
(5,417
|
)
|
Other current liabilities
|
(243,839
|
)
|
(264,464
|
)
|
Total current liabilities
|
(1,050,881
|
)
|
(1,000,138
|
)
|
Non-current liabilities
|
|
|
||
Long-term debt (1)
|
(1,665,185
|
)
|
(1,835,102
|
)
|
Other long-term liabilities
|
(147,717
|
)
|
(145,564
|
)
|
Total liabilities
|
(2,863,783
|
)
|
(2,980,804
|
)
|
|
|
|
||
Equity
|
|
|
||
Stockholders' equity
|
(1,577,063
|
)
|
(1,745,125
|
)
|
Non-controlling interests
|
(183,451
|
)
|
(80,666
|
)
|
|
|
|
||
Total liabilities and stockholders' equity
|
(4,624,297
|
)
|
(4,806,595
|
)
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
(in thousands of $)
|
Apr-Jun
|
|
Jan-Mar
|
|
Jan-Jun
|
|
Jan-Jun
|
|
|
|
|
|
|
||||
OPERATING ACTIVITIES
|
|
|
|
|
||||
Net (loss)/income
|
(88,385
|
)
|
(17,484
|
)
|
(105,869
|
)
|
44,761
|
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
28,121
|
|
28,163
|
|
56,284
|
|
36,866
|
|
Amortization of deferred charges and debt guarantees
|
1,720
|
|
992
|
|
2,712
|
|
5,035
|
|
Drydocking expenditure
|
(4,632
|
)
|
(2,369
|
)
|
(7,001
|
)
|
—
|
|
Equity in net losses of affiliates
|
26,970
|
|
12,899
|
|
39,869
|
|
6,215
|
|
Dividends received
|
—
|
|
—
|
|
—
|
|
8,119
|
|
Net foreign exchange losses
|
216
|
|
357
|
|
573
|
|
618
|
|
Compensation cost related to stock options
|
2,426
|
|
2,582
|
|
5,008
|
|
5,367
|
|
Change in fair value of derivative instruments
|
16,027
|
|
9,125
|
|
25,152
|
|
1,528
|
|
Change in fair value of oil derivative instrument
|
27,630
|
|
(28,380
|
)
|
(750
|
)
|
(108,300
|
)
|
Impairment of non-current assets
|
7,347
|
|
—
|
|
7,347
|
|
—
|
|
Impairment of long-lived assets
|
—
|
|
34,250
|
|
34,250
|
|
—
|
|
Change in assets and liabilities:
|
|
|
|
|
||||
Trade accounts receivable
|
(6,411
|
)
|
37,609
|
|
31,198
|
|
(12,880
|
)
|
Inventories
|
370
|
|
(1,559
|
)
|
(1,189
|
)
|
(35
|
)
|
Other current and non-current assets
|
8,692
|
|
(20,482
|
)
|
(11,790
|
)
|
6,443
|
|
Amounts due to related companies
|
(507
|
)
|
(5,271
|
)
|
(5,778
|
)
|
5,687
|
|
Trade accounts payable
|
1,002
|
|
(838
|
)
|
164
|
|
(5,135
|
)
|
Accrued expenses
|
(59,944
|
)
|
2,676
|
|
(57,268
|
)
|
15,008
|
|
Other current and non-current liabilities
|
(2,849
|
)
|
209
|
|
(2,640
|
)
|
39,037
|
|
Net cash (used in)/provided by operating activities
|
(42,207
|
)
|
52,479
|
|
10,272
|
|
48,334
|
|
|
|
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
|
|
||||
Additions to vessels and equipment
|
(11,989
|
)
|
(189
|
)
|
(12,178
|
)
|
(1,801
|
)
|
Additions to asset under development
|
(101,727
|
)
|
(3,612
|
)
|
(105,339
|
)
|
(116,715
|
)
|
Additions to investments in affiliates
|
(4,070
|
)
|
(4,222
|
)
|
(8,292
|
)
|
(62,244
|
)
|
Dividends received
|
9,204
|
|
9,204
|
|
18,408
|
|
18,335
|
|
Proceeds from disposal of vessel
|
3,160
|
|
—
|
|
3,160
|
|
—
|
|
Proceeds from subscription of equity interest in Gimi MS Corporation
|
72,236
|
|
—
|
|
72,236
|
|
—
|
|
Proceeds from disposals to Golar Partners
|
—
|
|
9,652
|
|
9,652
|
|
—
|
|
Net cash (used in)/provided by investing activities
|
(33,186
|
)
|
10,833
|
|
(22,353
|
)
|
(162,425
|
)
|
|
|
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
|
||||
Proceeds from short-term and long-term debt
|
14,824
|
|
—
|
|
14,824
|
|
1,176,000
|
|
Repayments of short-term and long-term debt
|
(66,110
|
)
|
(57,385
|
)
|
(123,495
|
)
|
(874,256
|
)
|
Acquisition of non-controlling interest
|
—
|
|
—
|
|
—
|
|
36,532
|
|
Cash dividends paid
|
(18,172
|
)
|
(19,917
|
)
|
(38,089
|
)
|
(9,906
|
)
|
Proceeds from exercise of share options
|
—
|
|
—
|
|
—
|
|
1,183
|
|
Financing costs paid
|
—
|
|
—
|
|
—
|
|
(754
|
)
|
Net cash (used in)/provided by financing activities
|
(69,458
|
)
|
(77,302
|
)
|
(146,760
|
)
|
328,799
|
|
Net (decrease)/increase in cash, cash equivalents and restricted cash
|
(144,851
|
)
|
(13,990
|
)
|
(158,841
|
)
|
214,708
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
690,271
|
|
704,261
|
|
704,261
|
|
612,677
|
|
Cash, cash equivalents and restricted cash at end of period
|
545,420
|
|
690,271
|
|
545,420
|
|
827,385
|
|
(in thousands of $)
|
Share Capital
|
Treasury Shares
|
Additional Paid-in Capital
|
Contributed Surplus (1)
|
Accumulated Other Comprehensive Loss
|
Accumulated Retained Earnings (Losses)
|
Total before Non- controlling Interests
|
Non-controlling Interests
|
Total Equity
|
|||||||||
Balance at December 31, 2017
|
101,119
|
|
(20,483
|
)
|
1,538,191
|
|
200,000
|
|
(7,769
|
)
|
(95,742
|
)
|
1,715,316
|
|
80,988
|
|
1,796,304
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
15,317
|
|
15,317
|
|
29,444
|
|
44,761
|
|
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9,906
|
)
|
(9,906
|
)
|
—
|
|
(9,906
|
)
|
Exercise of share options
|
120
|
|
—
|
|
1,063
|
|
—
|
|
—
|
|
—
|
|
1,183
|
|
—
|
|
1,183
|
|
Grant of employee stock compensation
|
—
|
|
—
|
|
7,214
|
|
—
|
|
—
|
|
—
|
|
7,214
|
|
—
|
|
7,214
|
|
Forfeiture of employee stock compensation
|
—
|
|
—
|
|
(1,426
|
)
|
—
|
|
—
|
|
—
|
|
(1,426
|
)
|
—
|
|
(1,426
|
)
|
Effect of consolidating Hilli Lessor VIE
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
28,702
|
|
28,702
|
|
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
(24,137
|
)
|
—
|
|
(24,137
|
)
|
—
|
|
(24,137
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at June 30, 2018
|
101,239
|
|
(20,483
|
)
|
1,545,042
|
|
200,000
|
|
(31,906
|
)
|
(90,331
|
)
|
1,703,561
|
|
139,134
|
|
1,842,695
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(in thousands of $)
|
Share Capital
|
Treasury Shares
|
Additional Paid-in Capital
|
Contributed Surplus (1)
|
Accumulated Other Comprehensive Loss
|
Accumulated Retained Losses
|
Total before Non- controlling Interests
|
Non-controlling Interests
|
Total Equity
|
|||||||||
Balance at December 31, 2018
|
101,303
|
|
(20,483
|
)
|
1,857,196
|
|
200,000
|
|
(28,512
|
)
|
(364,379
|
)
|
1,745,125
|
|
80,666
|
|
1,825,791
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(154,423
|
)
|
(154,423
|
)
|
48,554
|
|
(105,869
|
)
|
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(29,288
|
)
|
(29,288
|
)
|
(8,016
|
)
|
(37,304
|
)
|
Grant of employee stock compensation
|
—
|
|
—
|
|
5,097
|
|
—
|
|
—
|
|
—
|
|
5,097
|
|
—
|
|
5,097
|
|
Forfeiture of employee stock compensation
|
—
|
|
—
|
|
(88
|
)
|
—
|
|
—
|
|
—
|
|
(88
|
)
|
—
|
|
(88
|
)
|
Proceeds from subscription of equity interest in Gimi MS Corporation (2)
|
—
|
|
—
|
|
9,989
|
|
—
|
|
—
|
|
—
|
|
9,989
|
|
62,247
|
|
72,236
|
|
Other comprehensive loss
|
—
|
|
—
|
|
—
|
|
—
|
|
651
|
|
—
|
|
651
|
|
—
|
|
651
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at June 30, 2019
|
101,303
|
|
(20,483
|
)
|
1,872,194
|
|
200,000
|
|
(27,861
|
)
|
(548,090
|
)
|
1,577,063
|
|
183,451
|
|
1,760,514
|
|
(in thousands of $)
|
June 30, 2019
|
Scheduled capital repayments over the next 12 months
|
||
|
|
|
||
Non-VIE debt
|
|
|
||
2017 convertible bonds
|
360,665
|
|
—
|
|
Margin loan
|
100,000
|
|
—
|
|
Golar Arctic
|
54,650
|
|
(54,650
|
)
|
Golar Viking
|
44,271
|
|
(5,208
|
)
|
Golar Bear
|
80,812
|
|
(10,775
|
)
|
Golar Frost
|
82,061
|
|
(10,942
|
)
|
|
|
|
||
Capital lease obligations between Golar and the lessor VIE (1)
|
|
|
||
Golar Glacier
|
158,990
|
|
(8,240
|
)
|
Golar Kelvin
|
160,609
|
|
(8,068
|
)
|
Golar Ice
|
161,160
|
|
(8,052
|
)
|
Golar Snow
|
160,609
|
|
(8,068
|
)
|
Golar Crystal
|
100,508
|
|
(5,526
|
)
|
Golar Tundra
|
133,570
|
|
(12,987
|
)
|
Golar Seal
|
117,100
|
|
(7,000
|
)
|
Hilli Episeyo
|
877,500
|
|
(66,000
|
)
|
|
|
|
||
Total Contractual Debt
|
2,592,505
|
|
(205,516
|
)
|
(in thousands of $)
|
June 30, 2019
|
|
December 31, 2018
|
|
|
|
|
||
Restricted cash and short-term deposits
|
114,976
|
|
176,428
|
|
|
|
|
||
Current portion of long-term debt and short-term debt
|
724,016
|
|
646,512
|
|
Long-term debt
|
1,032,197
|
|
1,200,774
|
|
Total debt, net of deferred finance charges
|
1,756,213
|
|
1,847,286
|
|
1 Year Golar LNG Chart |
1 Month Golar LNG Chart |
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