Cash flow BW LPG Limited

Equities

BWLPG

SGXZ69436764

Oil & Gas Transportation Services

End-of-day quote Oslo Bors Other stock markets 07/02/2025			5-day change	1st Jan Change
145.10 ^NOK	+0.07%		+0.97%	+15.80%

01-30	Pareto Securities upgrades BW LPG to Buy (Hold), target price NOK 176 (152)	FW
01-29	SEB lowers target price for BW LPG to NOK 178 (185), reiterates Buy - BN	FW

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Published financial data: BW LPG LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	817M	812M	688M	1.56B	2.95B
Total Revenues	817M	812M	688M	1.56B	2.95B
Cost of Goods Sold, Total	394M	387M	346M	1.13B	2.19B
Gross Profit	423M	425M	342M	438M	758M
Selling General & Admin Expenses, Total	26.85M	22.76M	32.58M	31.92M	56.77M
Stock-Based Compensation (IS)	-	-	-	-	-
Depreciation & Amortization - (IS)	126M	152M	154M	159M	217M
Amortization of Goodwill and Intangible Assets - (IS)	-	241K	546K	610K	762K
Other Operating Expenses	-1M	-1.38M	335K	-815K	993K
Other Operating Expenses, Total	152M	174M	187M	191M	276M
Operating Income	271M	251M	154M	248M	482M
Interest Expense, Total	-57.61M	-43.56M	-38.55M	-29.77M	-27.3M
Interest And Investment Income	6.52M	6.04M	4.46M	2.53M	10.4M
Net Interest Expenses	-51.09M	-37.52M	-34.09M	-27.25M	-16.9M
Income (Loss) On Equity Invest.	3.02M	5.1M	2.03M	-	-
Currency Exchange Gains (Loss)	-676K	-205K	-792K	-814K	-345K
Other Non Operating Income (Expenses)	-1.7M	-2.84M	-2.74M	-2.54M	-2.24M
EBT, Excl. Unusual Items	221M	216M	119M	217M	463M
Merger & Related Restructuring Charges	-	-	-1.15M	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	8.3M	11.83M	-	-
Gain (Loss) On Sale Of Assets	17.34M	11.96M	22.93M	21.11M	42.37M
Asset Writedown	38M	8.2M	34.44M	1.47M	-961K
EBT, Incl. Unusual Items	276M	244M	187M	240M	504M
Income Tax Expense	2.34M	499K	521K	1.07M	10.96M
Earnings From Continuing Operations	274M	244M	186M	239M	493M
Net Income to Company	274M	244M	186M	239M	493M
Minority Interest	-56K	-	-1.6M	-11.18M	-23.04M
Net Income - (IS)	274M	244M	185M	227M	470M
Net Income to Common Incl Extra Items	274M	244M	185M	227M	470M
Net Income to Common Excl. Extra Items	274M	244M	185M	227M	470M
Per Share Items
Net EPS - Basic	1.97	1.76	1.33	1.68	3.53
Basic EPS - Continuing Operations	1.97	1.76	1.33	1.68	3.53
Basic Weighted Average Shares Outstanding	139M	138M	139M	135M	133M
Net EPS - Diluted	1.97	1.76	1.33	1.68	3.53
Diluted EPS - Continuing Operations	1.97	1.76	1.33	1.68	3.53
Diluted Weighted Average Shares Outstanding	139M	138M	139M	135M	133M
Normalized Basic EPS	0.99	0.98	0.52	0.92	2
Normalized Diluted EPS	0.99	0.98	0.52	0.92	2
Dividend Per Share	0.85	0.84	0.56	1.28	3.46
Payout Ratio	21.77	51.92	53.84	55.72	86.28
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	351M	352M	259M	347M	571M
EBITA	271M	251M	154M	248M	482M
EBIT	271M	251M	154M	248M	482M
EBITDAR	365M	364M	268M	364M	602M
Effective Tax Rate - (Ratio)	0.85	0.2	0.28	0.45	2.18
Total Current Taxes	2.34M	499K	521K	1.66M	10.71M
Total Deferred Taxes	-	-	-	-593K	254K
Normalized Net Income	138M	135M	72.71M	124M	266M
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	6.6M	8.55M	6.49M	4.96M	7.1M
Supplemental Operating Expense Items
General and Administrative Expenses	26.85M	22.76M	32.58M	31.92M	56.77M
Net Rental Expense, Total	14.21M	12.26M	9.41M	16.43M	30.71M
Imputed Operating Lease Interest Expense	5.2M	3.67M	3.02M	4.9M	10.51M
Imputed Operating Lease Depreciation	9.01M	8.59M	6.39M	11.52M	20.2M
Maintenance & Repair Expenses, Total	30.63M	31.16M	32.74M	32.17M	26.44M
Stock-Based Comp., G&A Exp. (Total)	-	227K	-	-	-
Stock-Based Comp., Other (Total)	214K	-	631K	1.37M	1.7M
Total Stock-Based Compensation	214K	227K	631K	1.37M	1.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	112M	90.26M	133M	236M	288M
Trading Asset Securities, Total	-	28.26M	3.25M	3.27M	3.27M
Total Cash And Short Term Investments	112M	119M	136M	239M	291M
Accounts Receivable, Total	158M	166M	151M	174M	276M
Other Receivables	8.25M	4M	18.4M	25.76M	26.74M
Notes Receivable	5.64M	18.07M	-	-	-
Total Receivables	172M	188M	170M	200M	303M
Inventory	40.68M	15.06M	54.58M	114M	189M
Prepaid Expenses	22.69M	45.04M	29.51M	11.19M	15.23M
Other Current Assets, Total	40.8M	7.97M	62.71M	176M	81.38M
Total Current Assets	388M	375M	452M	741M	879M
Gross Property Plant And Equipment	2.64B	2.53B	2.51B	2.35B	2.31B
Accumulated Depreciation	-568M	-631M	-608M	-600M	-702M
Net Property Plant And Equipment	2.07B	1.9B	1.9B	1.75B	1.61B
Long-term Investments	3.58M	5.03M	-	-	11.3M
Other Intangibles, Total	1M	1.95M	1.88M	1.37M	1.24M
Accounts Receivable Long-Term	35.33M	18.06M	10.53M	2.68M	-
Loans Receivable Long-Term	52.55M	115M	-	-	-
Deferred Tax Assets Long-Term	-	-	-	6.72M	6.86M
Other Long-Term Assets, Total	-	-	-	39.68M	13.21M
Total Assets	2.55B	2.42B	2.36B	2.54B	2.52B
Liabilities
Accounts Payable, Total	7.46M	6.42M	38.57M	176M	222M
Accrued Expenses, Total	44.13M	27.94M	34.07M	45.01M	39M
Short-term Borrowings	33.3M	34.46M	-	53.14M	84.26M
Current Portion of Long-Term Debt	108M	92.33M	82.51M	63.02M	128M
Current Portion of Leases	50.24M	45.02M	46.4M	136M	79.48M
Current Income Taxes Payable	1.56M	995K	1.23M	2.49M	8.12M
Unearned Revenue Current, Total	7.49M	6.63M	4.59M	2.82M	3.85M
Other Current Liabilities	18.25M	42.98M	12.13M	33.2M	90.46M
Total Current Liabilities	270M	257M	220M	512M	655M
Long-Term Debt	923M	731M	660M	362M	200M
Long-Term Leases	168M	143M	86.14M	106M	78.36M
Unearned Revenue Non Current	-	-	-	-	-
Other Non Current Liabilities	11.21M	34.12M	12.96M	929K	679K
Total Liabilities	1.37B	1.17B	978M	981M	934M
Common Stock, Total	1.42M	1.42M	1.42M	1.42M	1.4M
Additional Paid In Capital	976M	976M	976M	976M	972M
Retained Earnings	260M	378M	461M	557M	609M
Treasury Stock	-14.43M	-16.9M	-23.29M	-47.63M	-56.44M
Comprehensive Income and Other	-45.69M	-86.21M	-42.44M	-30.55M	-56.49M
Total Common Equity	1.18B	1.25B	1.37B	1.46B	1.47B
Minority Interest	-	-	13.84M	103M	116M
Total Equity	1.18B	1.25B	1.39B	1.56B	1.59B
Total Liabilities And Equity	2.55B	2.42B	2.36B	2.54B	2.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	139M	138M	137M	133M	131M
ECS Total Common Shares Outstanding	139M	138M	137M	133M	131M
Book Value / Share	8.49	9.06	10.02	10.92	11.21
Tangible Book Value	1.18B	1.25B	1.37B	1.45B	1.47B
Tangible Book Value Per Share	8.49	9.05	10.01	10.91	11.2
Total Debt	1.28B	1.05B	875M	721M	570M
Net Debt	1.17B	927M	739M	482M	279M
Debt Equivalent Oper. Leases	114M	98.08M	75.27M	131M	246M
Minority Interest, Total (Incl. Fin. Div)	-	-	13.84M	103M	116M
Equity Method Investments, Total	2.86M	5.03M	-	-	301K
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	40.68M	15.06M	54.58M	114M	39.19M
Inventories - Finished Goods, Total	-	-	-	-	149M
Machinery, Total	2.36B	2.25B	2.27B	1.92B	1.93B
Full Time Employees	2.08K	-	2.1K	1.6K	1.5K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	274M	244M	185M	227M	470M
Depreciation & Amortization - CF	109M	137M	139M	147M	204M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	109M	137M	139M	147M	204M
Amortization of Deferred Charges, Total - (CF)	17.29M	15.85M	15.32M	12.58M	13.94M
(Gain) Loss From Sale Of Asset	-17.34M	-11.96M	-25.47M	-21.11M	-42.37M
(Gain) Loss on Sale of Investments - (CF)	-	-8.3M	-11.83M	-	-
Asset Writedown & Restructuring Costs	-38M	-8.2M	-31.9M	-1.47M	961K
(Income) Loss On Equity Investments - (CF)	-3.02M	-5.1M	-2.03M	-	-
Stock-Based Compensation (CF)	214K	227K	465K	1.37M	1.7M
Other Operating Activities, Total	53.66M	38.94M	38.31M	40.81M	47.29M
Change In Accounts Receivable	-69.48M	-10.16M	-1.32M	106M	-113M
Change In Inventories	-12.67M	25.62M	-39.1M	-29.22M	-52.66M
Change In Accounts Payable	19.7M	-17.64M	33.16M	4.05M	52.7M
Change in Other Net Operating Assets	-11.01M	-1.98M	7.99M	13.75M	-69.44M
Cash from Operations	322M	398M	307M	501M	513M
Capital Expenditure	-10.1M	-65.25M	-187M	-46.19M	-116M
Sale of Property, Plant, and Equipment	39.09M	41M	210M	199M	168M
Cash Acquisitions	-	-	4.63M	-49.16M	-
Sale (Purchase) of Intangible assets	-	-1.19M	-475K	-103K	-634K
Investment in Marketable and Equity Securities, Total	-	-19.96M	27M	-21K	-301K
Net (Increase) Decrease in Loans Originated / Sold - Investing	9.62M	22.26M	17.27M	7.54M	7.84M
Other Investing Activities, Total	11.88M	21.01M	4.17M	585K	10.12M
Cash from Investing	50.5M	-2.12M	75.72M	112M	68.57M
Short Term Debt Issued, Total	114M	201M	23.99M	260M	1.02B
Long-Term Debt Issued, Total	358M	220M	219M	67.24M	72.07M
Total Debt Issued	473M	421M	243M	328M	1.09B
Short Term Debt Repaid, Total	-81.01M	-199M	-58.45M	-307M	-990M
Long-Term Debt Repaid, Total	-595M	-480M	-350M	-443M	-265M
Total Debt Repaid	-676M	-679M	-408M	-750M	-1.26B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-1.73M	-2.46M	-5.54M	-26.32M	-23.7M
Common Dividends Paid	-59.61M	-127M	-99.51M	-127M	-405M
Common & Preferred Stock Dividends Paid	-59.61M	-127M	-99.51M	-127M	-405M
Other Financing Activities, Total	-64.92M	-45.34M	-38.95M	53.45M	-54.12M
Cash from Financing	-329M	-433M	-310M	-522M	-645M
Net Change in Cash	43.45M	-37.17M	73.29M	91.27M	-63.36M
Supplemental Items
Cash Interest Paid	56.52M	43.43M	34.58M	24.86M	24.86M
Cash Income Tax Paid (Refund)	1.09M	1.06M	148K	730K	5.37M
Levered Free Cash Flow	153M	242M	-15.17M	235M	358M
Unlevered Free Cash Flow	189M	269M	8.93M	253M	375M
Change In Net Working Capital	97.03M	-25.66M	54.64M	15.9M	29.28M
Net Debt Issued / Repaid	-203M	-258M	-166M	-423M	-162M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	7.05	6.33	4.04	6.31	11.86
Return on Total Capital	7.25	6.61	4.24	6.82	13.51
Return On Equity %	25.35	20.08	14.14	16.2	30.98
Return on Common Equity	25.35	20.08	14.09	16.08	31.9
Margin Analysis
Gross Profit Margin %	51.82	52.38	49.67	28.03	25.71
SG&A Margin	3.29	2.8	4.74	2.04	1.93
EBITDA Margin %	42.9	43.38	37.6	22.21	19.37
EBITA Margin %	33.2	30.97	22.46	15.84	16.36
EBIT Margin %	33.2	30.97	22.46	15.84	16.36
Income From Continuing Operations Margin %	33.52	30.04	27.1	15.26	16.73
Net Income Margin %	33.51	30.04	26.87	14.54	15.95
Net Avail. For Common Margin %	33.51	30.04	26.87	14.54	15.95
Normalized Net Income Margin	16.89	16.62	10.57	7.96	9.03
Levered Free Cash Flow Margin	18.72	29.78	-2.21	15.02	12.14
Unlevered Free Cash Flow Margin	23.12	33.14	1.3	16.21	12.72
Asset Turnover
Asset Turnover	0.34	0.33	0.29	0.64	1.16
Fixed Assets Turnover	0.4	0.41	0.36	0.86	1.74
Receivables Turnover (Average Receivables)	7.19	5.01	4.34	9.61	13.26
Inventory Turnover (Average Inventory)	11.46	13.87	9.94	13.36	13.49
Short Term Liquidity
Current Ratio	1.44	1.46	2.06	1.45	1.34
Quick Ratio	1.03	1.12	1.39	0.86	0.91
Operating Cash Flow to Current Liabilities	1.19	1.55	1.4	0.98	0.78
Days Sales Outstanding (Average Receivables)	50.76	72.99	84.19	37.97	27.52
Days Outstanding Inventory (Average Inventory)	31.84	26.39	36.71	27.33	27.05
Average Days Payable Outstanding	6.15	7.04	21.28	33.04	31.57
Cash Conversion Cycle (Average Days)	76.46	92.33	99.62	32.27	23
Long Term Solvency
Total Debt/Equity	108.89	83.57	63.12	46.25	35.95
Total Debt / Total Capital	52.13	45.53	38.7	31.62	26.44
LT Debt/Equity	92.65	69.84	53.82	30.05	17.54