December 30th, 2022, – Avenir LNG Limited and its subsidiaries (NOTC: AVENIR) (“Avenir” or the “Company or Group”), supplies small-scale LNG to off-grid industry, power generation and transport fuel sectors as well as providing infrastructure to support the development of LNG as a marine fuel, today announced its unaudited financial and operating results for the third quarter ended September 30, 2022.
Peter Mackey, Chief Executive Officer of Avenir commented:
“Avenir is pleased to report operating revenues of $20.9 million and EBITDA of $5.1 million for Q3 2022. This marks the 1st full quarter in our history with all of our assets in service, a significant milestone for the company. Global gas and LNG markets remained highly volatile throughout Q3 with the European gas benchmarking once again reaching extraordinarily high price levels.
The price environment has created significant pressure on our retail LNG business but this effect is being offset by our wholesale supply business which has continued to grow. Our ability to operate in multiple market segments is testament to the flexibility of our asset base and commercial model.”
(Expressed in thousands of U.S. Dollars
Nine Months Ended
Total Operating revenues
*EBITDA is defined as earnings before interest, tax, depreciation and amortization and impairments
Q3 2022 Highlights and Recent Events:
Financials and Corporate:
Revenues increased by $16.7 million from Q3 2021 to Q3 2022 following the commencement of operations of the Company’s LNG bunkering business in the Baltics June 2022, and delivery of Avenir Achievement to New Fortress Energy in July 2022 to commence her six-month charter, thereby contributing to the Group’s overall revenues.
EBITDA of $5.1 million, an increase of $3.8 million from Q3 2021, is largely attributable to strategic sourcing of LNG supply and higher TTF prices during the third quarter resulting to higher profits.
Signed a Memorandum of Understanding (“MOU”) in August 2022 with Oxelosunds Hamn AB to build an LNG and BioLNG terminal of up to 30,000 cbm in the Port of Oxelosund, Sweden.
Signed a Joint Collaboration Agreement (“JCA”) in August 2022 with Prvo Plinarsko Društvo d.o.o. (“PPD”) which will initially focus on the sale and distribution of LNG by truck and small-scale LNG vessels from the Krk LNG terminal to off-grid industries, power generation, marine bunkering and truck refuelling stations in Northern Italy and eastern European countries.
Post balance sheet events:
Completed the transition of the Group’s registration form in Euronext Securities Oslo. The Company’s depository receipts which were previously traded over Euronext N-OTC under the Company’s Bermuda ISIN were converted to Sponsored Norwegian Depository Receipts issued under a new Norwegian ISIN. The conversion and change resulted from the adoption of the European Union’s Central Securities Depository Regulation in Norway which ensures the Company’s compliance of the new regulation and registration regime.
The Group successfully completed its first LNG delivery to Finland through Avenir Aspiration.
HIGAS LNG Terminal
LNG Power Limited
Shell and New Fortress Energy
*Ship is time-chartered from Future Horizon, a 50:50 MISC-Avenir joint venture.
Avenir LNG Limited
Unaudited Consolidated Statements of Operations
Nine Months Ended
Depreciation and amortisation
Administrative and general expenses
Finance cost, net
Other non-operating expense
Foreign currency exchange (loss)/gain
Loss before income tax
Avenir LNG Limited
Unaudited Condensed Consolidated Balance Sheet
September 30, 2022
Cash and cash equivalents
Other current assets
Property, plant and equipment and newbuild deposits, net
Other non-current assets
Total debt, net of deferred financing costs
Total other liabilities
Total shareholders’ equity
Total liabilities and stockholders’ equity
SHARE COUNT DATA
Common stock issued
Other Financial Data
Nine Month Ended
Net cash (used in) / from operating activities
Net cash used in investing activities
Net cash (used in) / from financing activities
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statement. These statements may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar expressions. The forward-looking statements reflect the Company’s current views and assumptions and are subject to risks and uncertainties. The Company does not represent or warrant that the Company’s actual future results, performance or achievements will be as discussed in those statements, and assumes no obligation to, and does not intend to, update any of those forward-looking statements other than as may be required by applicable law.
Avenir LNG Limited - + 44 (0) 207 062 6000
Peter Mackey, Chief Executive Officer
Abigail Baltar, Chief Financial Officer
Avenir is a fully integrated small-scale LNG supplier. Avenir supplies small-scale LNG to off-grid industry, power generation and transport fuel sectors as well as providing infrastructure to support the development of LNG as a marine fuel.
Leveraging the expertise of its shareholders, Avenir has quickly become one of the leading providers of small-scale LNG solutions; working with local partners and end users to develop the infrastructure necessary to unlock new markets for natural gas.
Avenir’s common stock is listed on the NOTC where it trades under the symbol “AVENIR”.
This information is subject of the disclosure requirements pursuant to section 5 – 12 of the Norwegian Securities Trading Act.
Visit the Company’s website at www.avenirlng.com