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CONTENTS

01 Corporate Mission, Objective and Values 02 Chairman’s Statement 03 CEO’s Letter

06-07

Market and Business Report

10-11 Adding to the Fleet 12-13 Health, Safety, Security, Environment and Quality 14-15 Senior Management 18-19 Shareholder Information 20-21 Corporate Social Responsibility 22-23 Risk Management 24-25 Board of Directors’ Report 26-27 Board of Directors 29-36 Corporate Governance 38 Responsibility Statement 39-108 Financial Reports 109-110  BW LPG’s Fleet List 111-112  Glossary of Shipping Terms 113 The LPG Value Chain

KEY FINANCIAL AND

OPERATIONAL DATA

2014

2013 Change

US$’000

US$’000

%

Revenue

747,362

449,248

66

TCE income

539,170

288,732

87

Operating profit before depreciation,

amortisation and impairment

340,045

136,183

150

Operating profit

269,008

131,173

105

Profit after tax for the financial year

255,669

125,710

103

Cash and cash equivalents

70,245

110,907

-37

Borrowings

529,434

608,589

-13

Total assets

1,664,064

1,631,413

2

Total liabilities

583,110

656,684

-11

Equity

1,080,954

974,729

11

Earnings per share

1.87

0.92

103

ROE

23.7%

12.9%

84

ROCE

16.7%

9.2%

81

Note:

EBITDA excludes costs not

allocated directly to segments

2014 EBITDA

BY SEGMENT

LGC

9%

VLGC

91%

LGC

9%

VLGC

91%

2014 TCE

BY SEGMENT