Business Context and Reporting Period
This Form 6-K is filed by GasLog Partners LP for the month of September 2017. The filing serves to update the Partnership's 2016 Annual Report on Form 20-F with audited consolidated financial statements that provide retrospective effect for the acquisition of the vessel GasLog Greece.
Key Financial Metrics
The filing details the financial terms of the acquisition of the GasLog Greece, a 174,000 cubic meter tri-fuel diesel electric LNG carrier:
- Acquisition Date: May 3, 2017
- Aggregate Purchase Price: $219.0 million
- Working Capital Adjustment: $1.0 million (positive net working capital)
- Financing Structure: Funded via cash on hand (including proceeds from a January 2017 equity offering) and the assumption of $151.4 million in outstanding indebtedness associated with the vessel.
- Charter Status: The vessel is on a multi-year time charter with Shell through March 2026, with a five-year extension option.
The filing does not provide specific revenue, profit, cash flow, or margin figures for the reporting period; it focuses on the restatement of historical financial data to include the acquired vessel.
Material Changes
The primary material change is the accounting treatment of the GasLog Greece acquisition. As the transfer occurred between entities under common control (GasLog Ltd. and GasLog Partners LP), the transaction is accounted for as a reorganization. Consequently, the Partnership's consolidated financial statements have been restated to include the results of operations and financial position of the GasLog Greece from the date of its incorporation by GasLog for all periods presented in the 2016 Form 20-F.
Guidance, Outlook, and Risks
This filing does not contain new management guidance, outlook, or risk disclosures. It explicitly states that no attempt has been made to modify or update disclosures in the 2016 Form 20-F other than the specific items related to the retrospective financial restatement. Investors are directed to read this report in conjunction with the 2016 Form 20-F for unchanged information.
Investor Verification Checklist
- Verify the retrospective adjustments to the 2016 Form 20-F financial statements included in Exhibit 99.3.
- Review the updated Selected Financial Data in Exhibit 99.1 to understand the impact of the GasLog Greece inclusion on historical metrics.
- Confirm the terms of the Shell time charter agreement, specifically the duration through March 2026 and the extension option.
- Assess the impact of the assumed $151.4 million debt on the Partnership's overall leverage ratios.