HIGHLIGHTS
* Net profit of $42.6 million and earnings per share of $0.56 for the first
quarter 2025, compared to net income of $210.2 million and earnings per
share of $2.74 for the fourth quarter 2024.
* On February 28, 2025, the sale of the four Mid-Sized Gas Carriers ("MGCs")
newbuilding contracts to subsidiaries of Exmar LPG B.V. ("Exmar") was
successfully completed. Avance Gas received reimbursement of $62.1 million
of yard instalments paid by Avance Gas to the yard. The Company recorded a
gain on sale of $34.2 million in relation to the sale for the first quarter.
* In April, 2025, the final milestone payment from Exmar of $34.2 million was
received at steel cutting of the fourth and final MGC newbuilding bringing
the total cash proceeds from Exmar to $96.3 million of which $62.1 million
was received in March and $34.2 million was received in April 2025.
* During the first quarter 2025, the Company paid and distributed $435.7
million to shareholders of which $153.2 million was return of capital ($2.0
per share), $57.4 million in extraordinary dividend ($0.75 per share) and
$225 million in BW LPG shares representing $3.25 per share on the
announcement date, February 12, 2025.
* On April 16, 2025, the Company declared a final extraordinary distribution
of $0.74 per share, of which $0.16 per share is return of capital while the
remaining $0.58 per share is extraordinary dividend. The payment date is May
7, 2025, as per key information stated in a separate press release. The
final distribution is in line with the estimates presented on February
12, 2025.
* As announced in our third-quarter presentation on November 27, 2024 and
reaffirmed in our fourth-quarter presentation on February 12, 2025,
following completion of the VLGC fleet sale in 2024 of which four were sold
to third parties during the first half of 2024, twelve VLGCs were sold to BW
LPG during the second half of 2024, and the four MGC newbuilding sale to
Exmar during the first quarter 2025, Avance Gas has sold all assets in the
Company and has been returning capital to shareholders with the final
distribution announced on April 16, 2025. As previously announced, Avance
Gas does not plan to make new investments. Therefore, Avance Gas has
continued the wind-up process and called for a Special General Meeting to be
held on May 16, 2025, to resolve delisting of the Company and to proceed
with a voluntary liquidation of the Company. The last trading date of the
shares will be determined by the Oslo Stock Exchange, which we anticipate
will occur in June/July 2025.
Due to limited activity as explained above, a presentation or webcast will not
be held for the first quarter 2025. Press releases will be issued as needed
regarding the resolutions from the Special General Meeting and the delisting
process.
For further queries, please contact:
Investor and Analyst contact:
Randi Navdal Bekkelund, CFO
Tel: +47 23 11 40 00
Email: ir@avancegas.com
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act