Golar LNG Ltd (GLNG) 2022 Q4 法說會逐字稿

Welcome to the Golar LNG Limited Q4 2022 Results Presentation. After the slide presentation by CEO, Karl Fredrik Staubo, and CFO, Eduardo Maranhao, there will be a question-and-answer session. (Operator Instructions) I will now pass you over to Karl Fredrik Staubo. Karl, please go ahead.

歡迎來到 Golar LNG Limited 2022 年第四季度業績發布會。在首席執行官 Karl Fredrik Staubo 和首席財務官 Eduardo Maranhao 進行幻燈片演示後，將進行問答環節。 （操作員說明）我現在將您交給 Karl Fredrik Staubo。卡爾，請繼續。

Thank you, operator, and welcome to Golar LNG's Q4 earnings results presentation. My name is Karl Fredrik Staubo, CEO of Golar LNG. I'm accompanied today by our CFO, Mr. Eduardo Maranhao, to present this quarter's results.

謝謝運營商，歡迎來到 Golar LNG 的第四季度收益結果演示。我是 Golar LNG 的首席執行官 Karl Fredrik Staubo。今天，我們的首席財務官 Eduardo Maranhao 先生陪同我介紹本季度的業績。

Before we get into the presentation, please note the forward-looking statements on Slide 2.

在我們開始演示之前，請注意幻燈片 2 中的前瞻性陳述。

Turning to Slide 3. This morning, we sold our remaining shareholding in Cool Company Limited for a net proceeds of about $56 million. Since our last earnings call, we have also exited our shareholding in New Fortress Energy and bought back their stake in our FMD Hilli. Our only current shareholding is Avenir LNG with a book value of around $42 million. Our core business is owning our 2 FLNGs, Hilli operating for Perenco in Cameroon. Hilli generates significant operating cash flows due to its commodity in tariffs. The unit is coming up for recontracting in July 2026, and we're very optimistic to increase utilization and improve commercial terms for the unit upon recontracting.

轉到幻燈片 3。今天早上，我們出售了 Cool Company Limited 的剩餘股權，淨收益約為 5600 萬美元。自我們上次財報電話會議以來，我們還退出了我們在 New Fortress Energy 的股份，並回購了他們在我們 FMD Hilli 的股份。我們目前唯一的股權是 Avenir LNG，賬面價值約為 4200 萬美元。我們的核心業務是擁有 2 台 FLNG，Hilli 在喀麥隆為 Perenco 運營。由於關稅商品，Hilli 產生了大量的經營現金流。該裝置將於 2026 年 7 月重新簽約，我們非常樂觀地認為重新簽約後會提高該裝置的利用率並改善商業條款。

Gimi is expected to start its 20-year contract with BP on the Tortue field outside Mauritania and Senegal later this year. She will then start to engage cash flow on the more than $1.2 billion invested in the project to date.

預計 Gimi 將於今年晚些時候開始與 BP 在毛里塔尼亞和塞內加爾以外的 Tortue 油田簽訂為期 20 年的合同。然後，她將開始為該項目迄今投資的超過 12 億美元投入現金流。

We are also actively pursuing ordering of Mark 2 FLNG with an annual liquefaction capacity of 3.5 million tonnes per annum, and we'll get back to that later in the presentation.

我們還在積極尋求年液化能力為 350 萬噸的 Mark 2 FLNG 的訂購，我們將在稍後的演示中回到這一點。

Turning to Slide 4 and the Q4 highlights. Golar reports a 2022 net income of $788 million and a record book value of $2.9 billion, equivalent to about $27 a share. Our cash position stands at approximately $1 billion or $9.3 a share. In total, we have monetized $572 million in cash during Q4 '22 and Q1 year-to-date by exiting New Fortress Energy and Cool Company.

轉到幻燈片 4 和 Q4 亮點。 Golar 報告 2022 年淨收入為 7.88 億美元，賬面價值創紀錄地達到 29 億美元，相當於每股約 27 美元。我們的現金頭寸約為 10 億美元或每股 9.3 美元。通過退出 New Fortress Energy and Cool Company，我們在 22 年第四季度和今年第一季度總共變現了 5.72 億美元現金。

We also used our remaining 4.1 million shares in NFE as part settlement to acquire NFE stake in Hilli. During Q4, we repurchased $141 million or 47% of the outstanding amount of our unsecured bonds. We also utilized our remaining buyback basket to repurchase and cancel 0.2 million shares, and we currently have around 107.2 million shares outstanding. The Board and management are now exploring alternatives to commence a dividend and/or a new share buyback program.

我們還使用我們剩餘的 410 萬股 NFE 股份作為部分結算來收購 NFE 在 Hilli 的股份。在第四季度，我們回購了 1.41 億美元，佔未償還無擔保債券金額的 47%。我們還利用剩餘的回購籃子回購和註銷 20 萬股股票，目前我們有大約 1.072 億股流通股。董事會和管理層現在正在探索開始派息和/或新股票回購計劃的替代方案。

We had an active quarter for Hilli. The unit generated $86 million of EBITDA. We unwound our 2023 and 2024 TTF hedges, securing approximately $140 million in TTF-linked earnings and increased our exposure to TTF prices. We also agreed to acquire NFE stake in Hilli effective from January 1 this year, and we expect that transaction to close during the first quarter of this year.

我們有一個活躍的 Hilli 季度。該部門產生了 8600 萬美元的 EBITDA。我們取消了 2023 年和 2024 年的 TTF 對沖，獲得了大約 1.4 億美元的 TTF 相關收益，並增加了我們對 TTF 價格的敞口。我們還同意從今年 1 月 1 日起收購 Hilli 的 NFE 股權，我們預計該交易將在今年第一季度完成。

Gimi is now 92% complete and on schedule for sail away during first half. As mentioned, we significantly progressed our FLNG growth ambitions by securing a donor vessel for Mark 2 FLNG conversion as well as progress yard and financing discussions for that unit. We continue to favor the economics of integrated FLNG projects and are actively working with upstream partners to develop attractive integrated projects.

Gimi 現在已完成 92%，並按計劃在上半場啟航。如前所述，我們通過為 Mark 2 FLNG 轉換獲得一艘捐助船以及該裝置的進展場和融資討論，顯著推進了我們的 FLNG 增長雄心。我們繼續看好綜合 FLNG 項目的經濟性，並積極與上游合作夥伴合作開發有吸引力的綜合項目。

I'll now hand the call over to Eduardo to present our Q4 results.

我現在將電話轉給 Eduardo 來介紹我們的第四季度結果。

Thanks, Karl. Good morning, everyone. I'm very pleased to provide an update on our group results for the fourth quarter of 2022.

謝謝，卡爾。大家，早安。我很高興提供 2022 年第四季度集團業績的最新情況。

Turning over to Slide #6. I wanted to show some of the financial highlights of this quarter. 2022 was a record year for Golar. Our net income in Q4 was $71 million, leading to a record net income of $788 million for the full 2022 calendar year. This was our highest net income to date and represented an increase of 90% when compared to 2021. We now have a record total book equity of $2.9 billion with a debt-free balance sheet and strong cash reserves of more than $1 billion to support further FLNG growth.

轉到幻燈片 #6。我想展示本季度的一些財務亮點。 2022 年對 Golar 來說是創紀錄的一年。我們在第四季度的淨收入為 7100 萬美元，使 2022 年全年的淨收入達到創紀錄的 7.88 億美元。這是我們迄今為止最高的淨收入，與 2021 年相比增長了 90%。我們現在擁有創紀錄的 29 億美元總賬面資產，無債務資產負債表和超過 10 億美元的強大現金儲備，以支持進一步發展FLNG 增長。

This quarter, we recorded an adjusted EBITDA of $87 million, an increase of 2% when compared to the previous quarter. On a year-on-year basis, our total adjusted EBITDA in 2022 has grown to $363 million, an increase of 16% compared to 2021. It's important to highlight that even after the disposal of our shipping business, we have continued to grow our cash generation due to a strong performance from our FLNG business where we almost doubled our EBITDA to $367 million compared to $191 million in 2021.

本季度，我們錄得調整後的 EBITDA 為 8700 萬美元，比上一季度增長 2%。與去年同期相比，我們在 2022 年調整後的 EBITDA 總額已增長至 3.63 億美元，比 2021 年增長 16%。需要強調的是，即使在出售航運業務後，我們仍在繼續增長由於我們的 FLNG 業務表現強勁，我們的 EBITDA 幾乎翻了一番，達到 3.67 億美元，而 2021 年為 1.91 億美元。

I'll provide some further details regarding this in the next slide. Total FLNG tariffs on Q4 were $129 million, up 18% compared to the previous quarter. FLNG tariff is comprised of total revenues from liquefaction services and realized gains on oil and gas derivative insurance. Due to a combination of upstream technical issues in Q4 and Hilli maintenance, 2022 LNG production was 3.5% below the annual contracted volume and a noncash accrual of $36 million liability was recognized. Because of that, our stated operating revenues from FLNG were lower in Q4 when compared to the previous quarter.

我將在下一張幻燈片中提供一些關於此的更多詳細信息。第四季度的 FLNG 總關稅為 1.29 億美元，比上一季度增長 18%。 FLNG 關稅由液化服務的總收入和油氣衍生保險的已實現收益組成。由於第四季度的上游技術問題和 Hilli 維護，2022 年液化天然氣產量比年度合同產量低 3.5%，並確認了 3600 萬美元的非現金應計負債。因此，與上一季度相比，我們在第四季度公佈的 FLNG 營業收入較低。

The issues that resulted in the reduced production resolved last year, and Hilli has been produced in to schedule since then. We expect that this production shortfall will be compensated through overproduction in 2023, where we expect to recognize an additional EBITDA of $36 million, offsetting the 2022 underutilization liability with no expected net cash impact to Golar.

導致減產的問題已於去年解決，從那以後，Hilli 一直按計劃生產。我們預計這一生產缺口將通過 2023 年的生產過剩得到補償，我們預計將在 2023 年確認額外的 EBITDA 3600 萬美元，以抵消 2022 年未充分利用的負債，預計不會對 Golar 產生淨現金影響。

As pointed out by Karl, we have bought back $141 million of unsecured bonds at par which brought our share of contractual debt at the end of the quarter to $844 million. Our total cash position at the end of the year stood at just shy of $1 billion at $991 million.

正如 Karl 所指出的，我們已按面值回購了 1.41 億美元的無擔保債券，這使我們在本季度末的合同債務份額達到 8.44 億美元。截至年底，我們的總現金頭寸為 9.91 億美元，略低於 10 億美元。

So moving on to Slide 7. We continue to strengthen our balance sheet to allow the company to pursue new FLNG growth projects. Our cash position currently stands at more than $1 billion, even when considering the acquisition of NFE's interest in Hilli, which will require a $100 million cash payment as part of the total consideration and is expected to close in Q1.

所以繼續看幻燈片 7。我們繼續加強我們的資產負債表，使公司能夠追求新的 FLNG 增長項目。我們的現金頭寸目前超過 10 億美元，即使考慮收購 NFE 在 Hilli 的權益，這將需要 1 億美元的現金支付作為總對價的一部分，預計將在第一季度完成。

The acquisition of Hilli is expected to increase our run rate adjusted EBITDA by $70 million annually. And we will also add a further $323 million in debt. Despite this incremental debt, we expect to remain debt-free due to cash receivables of $140 million, which were locked in with the unwinding of the TTF hedges earlier this year.

收購 Hilli 預計將使我們每年調整後的 EBITDA 增加 7000 萬美元。我們還將再增加 3.23 億美元的債務。儘管有這些增量債務，但由於 1.4 億美元的現金應收賬款，我們預計將保持無債務狀態，這些現金在今年早些時候因 TTF 對沖的解除而被鎖定。

As you can see on the right-hand side of the slide, we have significantly de-levered our balance sheet from approximately $2 billion of net debt just 2 years ago at the end of 2020 to a debt free position we have today. Moreover, we almost doubled our EBITDA to $363 million, which we saw in 2022. We expect this to continue to increase post the acquisition of the remaining interest in Hilli and once FLNG Gimi commences operation.

正如您在幻燈片右側看到的那樣，我們已經大幅降低了資產負債表的槓桿率，從 2 年前的 2020 年底的約 20 億美元淨債務到今天的無債務頭寸。此外，我們的 EBITDA 幾乎翻了一番，達到 2022 年的 3.63 億美元。我們預計，在收購 Hilli 的剩餘權益後以及 FLNG Gimi 開始運營後，這一數字將繼續增加。

Moving on to Slide 8. I would like to provide some further insights into our earnings from Hilli. So the Hilli tariff is comprised of 3 main components: the fixed tolling tariff, a Brent-linked fee and a TTF-linked fee that started on 1st of January of last year.

轉到幻燈片 8。我想對我們從 Hilli 獲得的收益提供一些進一步的見解。因此，從去年 1 月 1 日開始，Hilli 關稅由 3 個主要部分組成：固定通行費、與布倫特原油掛鉤的費用和與 TTF 掛鉤的費用。

We have managed to hedge our TTF linked fees at very attractive levels. And as a result of that, we saw a very strong increase in Hilli's EBITDA, generating $86 million net to us in the last quarter, which is almost 3x greater than what we saw in the same quarter of 2021.

我們已設法以極具吸引力的水平對沖與 TTF 相關的費用。因此，我們看到 Hilli 的 EBITDA 增長非常強勁，上個季度為我們帶來了 8600 萬美元的淨收入，幾乎是 2021 年同一季度的 3 倍。

Moving on to Slide #9. I wanted to provide some further details regarding the deal we did with NFE to increase our exposure on Hilli. So on February 6, we agreed to acquire NFE's interest in the FLNG Hilli by paying $100 million in cash plus our remaining 4.1 million NFE shares. And also we assumed $323 million of contractual debt. The deal is expected to close in Q1. And after that, we will control 94.6% of common units that received tolling fees from trains 1 and 2, plus 5% of the TTF fees. We will also own 89.1% of Series A and B units, which benefit from further upside with high Brent and TTF prices.

轉到幻燈片 #9。我想提供一些關於我們與 NFE 達成的交易的更多細節，以增加我們在 Hilli 的曝光率。因此，在 2 月 6 日，我們同意以 1 億美元現金加上我們剩餘的 410 萬股 NFE 股份，收購 NFE 在 FLNG Hilli 的權益。我們還承擔了 3.23 億美元的合同債務。該交易預計將在第一季度完成。之後，我們將控制 94.6% 的從 1 號和 2 號列車收取通行費的普通單位，外加 5% 的 TTF 費用。我們還將擁有 89.1% 的 A 系列和 B 系列單位，這些單位受益於布倫特和 TTF 價格高企的進一步上漲。

The deal brings immediate cash flow to Golar, contributing an additional $70 million of EBITDA per year until the end of the current liquefaction agreement in July 2026. We believe in significant earnings upside potential with higher utilization and improved commercial terms upon recontracting at the end of the current contract. Further upside could be achieved in the next months with the potential refinancing of the existing debt.

該交易為 Golar 帶來了即時現金流，在當前液化協議於 2026 年 7 月結束之前，每年額外貢獻 7000 萬美元的 EBITDA。我們相信，在 2026 年 7 月重新簽訂合同後，具有更高的利用率和改善的商業條款，具有巨大的盈利增長潛力當前的合同。隨著現有債務的潛在再融資，未來幾個月可能會進一步上漲。

Moving on to Slide 10. Let's take a closer look on the expected earnings from Hilli. So on the back of our increased shareholding of 94.6% of Hilli common units, the base tolling fees are expected to double in 2023 to around $138 million. Following the unwinding of our TTF swaps, we remain open for the period between March to December of this year, and we remain 100% open between 2024 until the end of the contract in 26.

轉到幻燈片 10。讓我們仔細看看 Hilli 的預期收益。因此，在我們增加對 Hilli 普通單位 94.6% 股權的支持下，基本通行費預計將在 2023 年翻一番，達到 1.38 億美元左右。在我們的 TTF 掉期平倉之後，我們在今年 3 月至 12 月期間保持開放狀態，並且我們在 2024 年至 26 年合同結束之間保持 100% 開放狀態。

We also remain exposed to Brent prices. And for every dollar increase in oil prices, that would result in an incremental EBITDA of $2.7 million net to us. Based on forward TTF and Brent curves, this will bring our expected EBITDA from Hilli in 2023 alone of up to $335 million and around $283 million in '24. Our share of debt service is expected at around $119 million this year, resulting in free cash flow to equity of close to $216 million just from Hilli.

我們也仍然受到布倫特原油價格的影響。油價每上漲 1 美元，我們的 EBITDA 淨額就會增加 270 萬美元。根據遠期 TTF 和布倫特曲線，這將使我們預計僅 2023 年 Hilli 的 EBITDA 就高達 3.35 億美元，24 年達到約 2.83 億美元。我們今年的償債份額預計約為 1.19 億美元，僅來自 Hilli 的自由現金流就接近 2.16 億美元。

I will now hand over the call to Karl, who can talk a bit more about some business updates.

我現在將把電話轉給 Karl，他可以多談談一些業務更新。

Thank you, Eduardo.

謝謝你，愛德華多。

Turning to Slide 12, an FLNG Gimi construction update. Gimi is now 92% complete and on track for sail away during first half of 2013. All heavy lifts are on board and commissioning are underway. We currently have an average daily workforce of 4,300 workers with 24/7 activities and more than 30 million man hours work today. We expect the unit to sail away towards the end of Q2 and arrive on site ready for startup during Q3.

轉到幻燈片 12，FLNG Gimi 結構更新。 Gimi 目前已完成 92%，並有望在 2013 年上半年起航。所有重型起重機都已上船，調試正在進行中。目前，我們平均每天有 4,300 名員工全天候 (24/7) 活動，今天的工時超過 3000 萬。我們預計該裝置將在第二季度末駛離，並在第三季度到達現場準備啟動。

Turning to Slide 13. We have now secured a vessel for Mark 2 conversion. The vessel is a Japanese built 2004 vintage most refined carrier with a storage capacity of 148,000 cubes. We have agreed to pay $5 million in a reservation fee that will be deducted from the total acquisition price of $77.5 million once the acquisition option is declared.

轉到幻燈片 13。我們現在已經獲得了一艘用於 Mark 2 改裝的船隻。該船是日本建造的 2004 年最精緻的老式航母，存儲容量為 148,000 立方體。我們已同意支付 500 萬美元的保留費，一旦宣布收購選擇權，這筆費用將從 7750 萬美元的總收購價中扣除。

We continue to order long lead equipment and are currently committed $320 million of long lead items and have more than 200 engineers between the shipyard, topside provider and Golar actively working on the project. We made significant progress during the quarter with the conversion shipyard and confirmed delivery within 2025 based on the current schedule. We believe that securing an attractive delivery for this unit increases our ability to drive value with prospective FLNG clients.

我們繼續訂購長鉛設備，目前承諾提供 3.2 億美元的長鉛項目，造船廠、上部設備供應商和 Golar 之間有 200 多名工程師積極參與該項目。我們在本季度與改裝船廠取得了重大進展，並確認根據當前時間表在 2025 年內交付。我們相信，為該裝置確保有吸引力的交付會提高我們為潛在 FLNG 客戶創造價值的能力。

We've also been to China and received strong interest from lending banks for construction and long-term financing for our Mark 2 units. We're actively working on several chartering opportunities for the project, including an attractive integrated opportunity together with an upstream partner.

我們也去過中國，並收到了貸款銀行對我們 Mark 2 裝置的建設和長期融資的濃厚興趣。我們正在積極為該項目尋找幾個特許機會，包括與上游合作夥伴一起獲得有吸引力的綜合機會。

Turning to Slide 14. Following the acquisition of NFE's stake in Hilli, Golar now controls the total liquefaction capacity of about 4.1 million tonnes per annum. With no net debt, our market cap and enterprise value is currently essentially the same number. Devising our EV overall liquefaction capacity implies that Golar trades at $590 per tonne of liquefaction capacity.

轉到幻燈片 14。在收購 NFE 在 Hilli 的股份後，Golar 現在控制著每年約 410 萬噸的總液化能力。在沒有淨債務的情況下，我們的市值和企業價值目前基本相同。設計我們的 EV 整體液化能力意味著 Golar 的交易價格為每噸液化能力 590 美元。

The latest public confections of liquefaction capacity, including ENI's acquisition of Exmar Tango and Kinder Morgan's sale of part of its Elba facility suggests market pricing for liquefaction in excess of $1 billion per ton. If you imply that $1 million per tonne of liquefaction capacity to Golar, that would equate to around $38 a share. That is also for the best-performing FLNG technology in the world with the lowest carbon footprint out of what's currently available in the market space.

最新公開的液化產能，包括 ENI 收購 Exmar Tango 和 Kinder Morgan 出售其 Elba 設施的一部分，表明液化的市場定價超過每噸 10 億美元。如果你暗示 Golar 每噸液化能力 100 萬美元，那將相當於每股 38 美元左右。這也是世界上性能最好的 FLNG 技術，在目前市場空間中碳足跡最低。

Turning to Slide 15. Slide 15 is well known throughout our latest earnings report, but sets out the business model for FLNG. Subject to the area of operation, we can feed gas into an FLNG at between $1 and $3 per MMBtu. Add to that OpEx and fuel cost of around $0.60 per MMBtu, and we can deliver FOB gas of between $2 and $4 or we can ship to end users in Europe or Asia for another $1.40 per MMBtu. Hence, FLNG technology enables monetization of stranded or associated gas landed into Europe or Asia at between $3 to $5 per MMBtu. This compares to a forward market between $10 and $15 per MMBtu between now and 2030.

轉到幻燈片 15。幻燈片 15 在我們最新的收益報告中廣為人知，但它闡述了 FLNG 的商業模式。根據運營區域，我們可以以每 MMBtu 1 到 3 美元的價格向 FLNG 供氣。再加上每 MMBtu 約 0.60 美元的運營支出和燃料成本，我們可以提供 2 到 4 美元的 FOB 天然氣，或者我們可以以每 MMBtu 1.40 美元的價格向歐洲或亞洲的最終用戶發貨。因此，FLNG 技術能夠以每百萬英熱單位 3 到 5 美元的價格將滯留在歐洲或亞洲的擱淺或伴生天然氣貨幣化。相比之下，從現在到 2030 年，遠期市場的價格在每 MMBtu 10 到 15 美元之間。

Hence, the total margin for an FLNG project is between $5 and $10 per MMBtu, and the key discrepancy when comparing FLNG project is how that margin is divided between the resource owner, the upstream company and FLNG provider. A typical tolling fee project charges a tariff anywhere between $2 and $3.50 per MMBtu. Given the charter of the FLNG unit, the vast majority of the upside in the project. And in most cases, the FLNG technology is what makes the project monetizable. This is why we mainly focus on integrated projects where we together with an upstream partner, enable the monetization of stranded or associated gas reserves and take out the full spread between the cash breakeven of the liquefaction project and prevailing market prices. Based on current gas prices, integrated projects have a payback in less than 2 years, including both the FLNG and upstream CapEx.

因此，FLNG 項目的總利潤在每 MMBtu 5 到 10 美元之間，比較 FLNG 項目時的主要差異在於資源所有者、上游公司和 FLNG 供應商之間如何分配利潤。一個典型的通行費項目收取每 MMBtu 2 美元到 3.50 美元之間的關稅。鑑於 FLNG 裝置的章程，該項目的絕大部分上行空間。在大多數情況下，FLNG 技術使項目可以盈利。這就是為什麼我們主要關注綜合項目，我們與上游合作夥伴一起，實現擱淺或相關天然氣儲量的貨幣化，並消除液化項目現金盈虧平衡與現行市場價格之間的全部價差。根據當前的天然氣價格，綜合項目可在不到 2 年的時間內收回成本，包括 FLNG 和上游資本支出。

Turning to summary on Slide 17. This further builds on the slide that Eduardo showed on Hilli with adding into effect the start of operation of Gimi with full run rate from 2024. Hence, we expect to see continued earnings and free cash flow to equity growth on the back of increased ownership in Hilli, increased commodity linked earnings and the start of Gimi for its 20-year contract with BP.

轉向幻燈片 17 的總結。這進一步建立在 Eduardo 在 Hilli 上展示的幻燈片上，增加了 Gimi 從 2024 年開始以全速運行的運營。因此，我們預計將看到持續的收益和自由現金流到股票增長在 Hilli 所有權增加、商品相關收益增加以及 Gimi 開始與 BP 簽訂 20 年合同的支持下。

We see further upside in increased capacity utilization of Hilli upon contract renewal in July '26 and through incremental Mark 2 FLNG that we can be funded by the existing balance sheet flexibility. We also see potential to improve free cash flow to equity by optimizing the debt facilities on our existing assets Gimi and Hilli. The Board and management are therefore exploring alternatives to start to return value to shareholders through dividend or stock repurchases.

在 26 年 7 月續簽合同後，我們看到 Hilli 的產能利用率進一步上升，並且通過增量 Mark 2 FLNG，我們可以通過現有的資產負債表靈活性獲得資金。我們還看到了通過優化現有資產 Gimi 和 Hilli 的債務融資來改善股權自由現金流的潛力。因此，董事會和管理層正在探索替代方案，開始通過股息或股票回購向股東回報價值。

To summarize today's call, we will turn to Slide 18. Golar reports 2022 annual net income of $788 million and a record book value of $2.9 billion. We have a cash balance of around $1 billion, low leverage and operating cash flow growth that allow for both FLNG expansion and the engagement of shareholder returns.

為了總結今天的電話會議，我們將轉到幻燈片 18。Golar 報告 2022 年淨收入為 7.88 億美元，賬面價值達到創紀錄的 29 億美元。我們擁有約 10 億美元的現金餘額、低杠桿率和運營現金流增長，這使得 FLNG 擴張和股東回報參與成為可能。

We see strong client interaction with focus on integrated contract opportunities for the reasons that we have explained and the full project payback in less than 2 years in current gas price environments. We believe Golar is very attractively priced, both on cash flow multiples and dollar per tonne of liquefaction capacity, especially in light of recent transactions.

由於我們已經解釋過的原因以及在當前天然氣價格環境下不到 2 年的全部項目回報，我們看到了強大的客戶互動，專注於綜合合同機會。我們認為 Golar 的定價非常有吸引力，無論是現金流倍數還是每噸液化能力的美元，尤其是考慮到最近的交易。

This concludes our Q4 earnings presentation. Thank you for listening in and we'll now hand over to the operator for any questions.

我們的第四季度收益介紹到此結束。感謝您的收聽，如有任何問題，我們現在將移交給接線員。

(Operator Instructions) Our first question comes from the line of Ben Nolan from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Ben Nolan。

I'd say -- how am I going to do my 2 questions. We'll start with the potential for a return of capital to shareholders, either through dividends or share repurchases. As I recall, there was some covenant issues that prevented you guys from being able to do that as part of your credit facilities. Could you maybe talk through what those are if they've been resolved, if there is anything in the way of potentially that direction for capital allocation?

我會說——我將如何回答我的 2 個問題。我們將從通過股息或股票回購向股東返還資本的可能性開始。我記得，有一些契約問題使你們無法將其作為信貸安排的一部分。如果這些問題已經解決，你能否談談這些問題是什麼，如果有任何潛在的資本配置方向？

So the only restriction we currently have is under the unsecured bonds, where we are currently not allowed to start the dividend until March-April 2024 at which point we can start, so the question is then if it's any ways we could make that earlier.

因此，我們目前唯一的限制是在無擔保債券下，我們目前不能在 2024 年 3 月至 4 月之前開始派息，屆時我們可以開始派息，所以問題是我們是否可以通過任何方式提前派息。

Right. And I suppose the answer is you're working on it. Is that -- that's the read-through there?

正確的。我想答案是你正在努力。那是——那是通讀嗎？

Yes.

是的。

Okay. All right. I suppose we'll stay tuned. For my next question, I'm curious there was some updates about the potential expansion of the Tortue field, where the Gimi is going. It looks as though that project is going to a different design. Just curious where you guys stand on that? And if it is not sort of replicating the -- your design -- your FLNG design, what -- how you approach that particular opportunity?

好的。好的。我想我們會繼續關注。對於我的下一個問題，我很好奇有一些關於 Gimi 要去的 Tortue 油田的潛在擴展的更新。看起來該項目將採用不同的設計。只是好奇你們的立場是什麼？如果它不是複制你的設計 - 你的 FLNG 設計，那麼 - 你如何處理那個特定的機會？

It is the first and foremost, we involve -- we're obviously involved in the project through Phase 1 and the startup of Gimi. We obviously know that BP and Kosmos was out yesterday with a pre-FEED study for a potential gravity-based solution. We note that this is a pre-FEED study that would take some time to develop. It would be a less proven technology for the area. We also note that they were considering to use electrical drive liquefaction technology, which would be a mobile application in a region without abundant renewable energy sourcing. So we could source the electricity from land, but in land, it's still fueled by gas or oil, so we don't really see the benefit of doing that shore based. At the end of the day, it's up to the charters to decide what direction they want to take.

這是我們參與的首要任務——我們顯然參與了項目的第一階段和 Gimi 的啟動。我們顯然知道 BP 和 Kosmos 昨天進行了 FEED 前研究，以尋找潛在的基於重力的解決方案。我們注意到這是一項 FEED 前研究，需要一些時間來開發。對於該地區來說，這將是一項不太成熟的技術。我們還注意到，他們正在考慮使用電力驅動液化技術，這將是一個沒有豐富可再生能源來源的地區的移動應用程序。所以我們可以從陸地上獲取電力，但在陸地上，它仍然以天然氣或石油為燃料，所以我們並沒有真正看到在岸上進行發電的好處。歸根結底，由章程決定他們想要採取的方向。

But we -- as we've tried to highlight a few times during this call, we'd rather focus our efforts on integrated projects as opposed to expanding further fixed tolling based contracts for majors, especially in the competition environment, which is less interesting to spend very big CapEx in the next 3 years on construction only to be repaid on a fixed tariff for 20 years thereafter.

但是我們——正如我們在本次電話會議中多次強調的那樣，我們寧願將精力集中在綜合項目上，而不是進一步擴大基於固定收費的專業合同，尤其是在競爭環境中，這不太有趣在接下來的 3 年中花費大量的資本支出用於建設，但此後 20 年只能以固定關稅償還。

Okay. All right. Well, I have more, but I'll respect the 2 limit, and if there's time at the end, I'll jump back in. I appreciate it.

好的。好的。好吧，我還有更多，但我會尊重 2 個限制，如果最後有時間，我會跳回來。我很感激。

We'll now move on to our next question. (Operator Instructions) Our next question comes from the line of Amit Mehrotra from Deutsche Bank.

我們現在將繼續我們的下一個問題。 （操作員說明）我們的下一個問題來自德意志銀行的 Amit Mehrotra。

This is Chris Robertson on for Amit. Just to kind of piggyback on Ben's questions regarding the dividend versus share repurchase. I mean, you kind of laid out a scenario for a much higher share price earlier in the presentation. Do you think the current thinking maybe around share repurchases given where the shares trade at today? And with regards to dividend, I know it's pretty early to maybe think about this given that you're having some ongoing discussions there, but can you talk about (inaudible) a policy? Do you think that going in the direction of a steady-state dividend policy? Or how should we think about that?

這是阿米特的克里斯羅伯遜。只是為了回答本關於股息與股票回購的問題。我的意思是，您在演示文稿的早些時候提出了股價更高的情景。鑑於今天的股票交易情況，您認為目前的想法可能是圍繞股票回購嗎？關於股息，我知道現在考慮這個問題還為時過早，因為你在那裡正在進行一些討論，但你能談談（聽不清）一項政策嗎？你認為這會朝著穩態股息政策的方向發展嗎？或者我們應該如何考慮？

Robert you broke up a bit, but I think I captured most of what you referred to. So a repurchase and dividend would fall under the same restriction in the current unsecured bonds. So in the event they were to engage, we wouldn't currently be able to do it until March-April of '24. When it comes to the balance between dividend and repurchase, this is still under exploration within model management and no firm decisions have been made either way, but we're working at alternatives to identify.

羅伯特，你分手了一點，但我想我抓住了你提到的大部分內容。因此，回購和股息將受到當前無擔保債券的相同限制。因此，如果他們要參與，我們目前要到 24 年 3 月至 4 月才能做到。當談到股息和回購之間的平衡時，這仍在模型管理中進行探索，並且尚未做出任何確定的決定，但我們正在努力尋找替代方案。

I think if you highlight and we believe that both compared to book value of equity, cash flow multiples and dollar per tonne comparisons to recent transactions. We see significant value in the stock today.

我認為，如果您強調並且我們相信兩者都與股權賬面價值、現金流倍數和每噸美元與近期交易的比較相比。我們今天看到該股票的重要價值。

Got it. And then can you talk about the potential for future projects as it relates to kind of holding some cash back on the balance sheet going forward to not just the Mark 2 (inaudible) that you kind of laid out here break out further projects?

知道了。然後你能談談未來項目的潛力嗎，因為它涉及到在資產負債表上保留一些現金，而不僅僅是你在這裡列出的 Mark 2（聽不清）突破更多項目？

I think as Eduardo alluded to, the free cash flow to equity just from operations from Hilli and Gimi would be sufficient to pay or to start returning very healthy amounts of cash flow to shareholders. And you can do all of that even without touching $1 billion of cash and $1 billion of cash is more than sufficient to fund a Mark 2 growth project. So we have plenty of capacity to both grow and return cash flow to equity, and they're not mutually sort of exclusive.

我認為正如 Eduardo 所暗示的那樣，僅來自 Hilli 和 Gimi 的運營產生的股權自由現金流就足以支付或開始向股東返還非常可觀的現金流量。即使不涉及 10 億美元現金，您也可以完成所有這些工作，而 10 億美元現金足以為 Mark 2 增長項目提供資金。因此，我們有足夠的能力來增長和將現金流返還給股權，而且它們並不是相互排斥的。

Yes. Got it. Yes, certainly a lot of liquidity here.

是的。知道了。是的，這里肯定有很多流動性。

We'll now move on to our next question. Our next question comes from the line of Chris Tsung from Webber Research.

我們現在將繼續我們的下一個問題。我們的下一個問題來自 Webber Research 的 Chris Tsung。

Just looking at your presentation, it looks like the cost for Mark 2 increased around 7%, like I think you guys said $300 million last quarter, so. Just wanted to ask, is that high price from like the higher cost environment? Or is it just ordering more equipment? And just lumping in the second part of this is, does that change your guidance on it the dollar per tonne cost for an FLNG?

看看你們的介紹，Mark 2 的成本似乎增加了 7% 左右，就像你們上個季度說的 3 億美元一樣，所以。就想問一下，這個高價是因為喜歡高成本的環境嗎？還是只是訂購更多設備？只是將第二部分歸為一類，這是否會改變您對 FLNG 每噸成本的指導？

I assume you're referring to Slide 15 and the balance of what we used for illustrative purposes, which Slide 15 is meant to be, is that we use the dollar per tonne that you derive at on Slide 14. So we just said that you buy Golar today at 590 to use 590 at the same basis, what would that equate to an implied liquefaction earnings or cost versus EBITDA? Well, we do believe that we can create the Mark 2 somewhat cheaper than that value.

我假設你指的是幻燈片 15 和我們用於說明目的的平衡，幻燈片 15 的本意是，我們使用你在幻燈片 14 上得出的每噸美元。所以我們只是說你今天以 590 的價格購買 Golar 以在相同的基礎上使用 590，這相當於隱含的液化收益或成本與 EBITDA 的對比？好吧，我們確實相信我們可以製造出比這個價格便宜一些的 Mark 2。

Okay. Yes. Because I think in the prior earnings, you guys guided to around like $500 per tonne.

好的。是的。因為我認為在之前的收益中，你們引導到每噸 500 美元左右。

(inaudible) we would maintain that value.

（聽不清）我們會保持這個價值。

I'm sorry, you maintain that.

對不起，你堅持那個。

Yes.

是的。

Okay. Great. And my second question, I think you touched on this before as well. Just how much liquidity could you unlock if you refinance Gimi and Hilli?

好的。偉大的。我的第二個問題，我想你之前也提到過這個問題。如果你為 Gimi 和 Hilli 再融資，你能釋放多少流動性？

Eduardo, do you want to tackle that one?

Eduardo，你想對付那個嗎？

Yes, sure. So I think we discussed that on the previous call. We have assessed a different number of alternatives to potentially extract further value from Hilli and Gimi. Depending on which ones we would pursue, we could see the potential to unlock just on Gimi alone values of -- in excess of $1.2 billion to $1.3 billion. That would require a further refinancing of the existing facility, and we could be doing that either in the capital markets or pursuing a new commercial bank facility.

是的，當然。所以我想我們在上次電話會議上討論過這個問題。我們評估了不同數量的替代方案，以潛在地從 Hilli 和 Gimi 中提取更多價值。根據我們將追求的目標，我們可以看到僅靠 Gimi 就可以釋放超過 12 億美元至 13 億美元的價值的潛力。這將需要對現有設施進行進一步的再融資，我們可以在資本市場或尋求新的商業銀行設施中這樣做。

We still believe that we would be better off eliminating completely the construction risk. So we don't expect to take any sort of refinancing of activities before the commencement of operations of Gimi. I think with the current cash position that we have and as discussed and pointed out by Karl as well, further enhanced by the cash flow generation from Hilli. We have more than enough to sustain both the further growth financial NGs but also to commence the FLNG payments in the near future. So I think we will try to be optimistic when it comes to refinancing.

我們仍然相信，完全消除施工風險會更好。因此，我們不希望在 Gimi 開始運營之前對活動進行任何形式的再融資。我認為我們目前的現金狀況以及 Karl 所討論和指出的那樣，Hilli 產生的現金流進一步加強了這一點。我們有足夠的資金來維持金融 NG 的進一步增長，也足以在不久的將來開始支付 FLNG。所以我認為在再融資方面我們會盡量保持樂觀。

(Operator Instructions) Your next question comes from the line of Liam Burke from B. Riley Financial.

（操作員說明）你的下一個問題來自 B. Riley Financial 的 Liam Burke。

Karl, are you seeing any competing FLNG players in the market looking for potential projects that you would think would be more in line with Golar.

Karl，您是否看到市場上有任何競爭的 FLNG 參與者正在尋找您認為更符合 Golar 的潛在項目。

I think the biggest competitor as such as majors that control fields, building the assets for own balance sheet, like what BP and Kosmos is planning on the expansion of Tortue.

我認為最大的競爭對手，比如控制領域的專業，為自己的資產負債表建立資產，比如 BP 和 Kosmos 正在計劃擴大 Tortue。

Okay. But you don't see any players like NFE stepping in and competing for that -- for your business?

好的。但是您沒有看到任何像 NFE 這樣的參與者介入並為此而競爭——為了您的業務？

As we've said on numerous occasions, when it comes to NFE, we think that the fast LNG technology that they are pursuing is complementary to that of Golar. They are mainly targeting smaller resources in shallower waters and seem to focus mainly on U.S. Gulf of Mexico, and we think that's complementary to those projects that we are pursuing, and we like their technology and think that they have, again, complementary technology to ours and don't see them as of direct competitors for any of the projects we are currently developing.

正如我們在很多場合所說的那樣，談到 NFE，我們認為他們追求的快速液化天然氣技術與 Golar 的技術是互補的。他們主要針對較淺水域的較小資源，似乎主要集中在美國墨西哥灣，我們認為這是對我們正在開展的項目的補充，我們喜歡他們的技術，並認為他們再次擁有與我們的互補的技術不要將他們視為我們目前正在開發的任何項目的直接競爭對手。

We'll now move on to our next question. Our next question comes from the line of Ben Nolan from Stifel.

我們現在將繼續我們的下一個問題。我們的下一個問題來自 Stifel 的 Ben Nolan。

I told you I'd be back. I wanted to just cover a little bit more on the Mark 2. In the presentation, you said that you're confirmed -- you have a shipyard slot confirmed for 2025 delivery. I'm curious when you would need to have the vessel in the yard in the first place or when you would actually start spending other than for the acquisition of the ship on (inaudible) but actual construction of that? And could you remind us what you're thinking in terms of what the total CapEx cost for Mark 2 would be?

我告訴過你我會回來的。我想多介紹一下 Mark 2。在演示中，你說你已經確認了——你有一個船廠位置已確認，將於 2025 年交付。我很好奇你什麼時候首先需要把船放在院子裡，或者什麼時候你會真正開始花錢而不是在（聽不清）但實際建造的船上購買船？您能否提醒我們您對 Mark 2 的總資本支出成本的想法？

Sure. So okay. Mark 2 is slightly different in terms of concept than that of Mark 1. So if you go, for example, on Slide 13, you can see that the liquefaction plant itself is planned to be built from scratch on a new ship mid-section. Then you bring the ship in, you basically chop the shape in the middle and you weld on the shift to either side of the liquefaction plant. Hence, to keep that schedule, we will start to construct the mid-section, where the vast majority of the loan leads is intended for. And then we would need the ship to be in the shipyard to start preparation work on the ship itself this time next year.

當然。好吧。 Mark 2 在概念上與 Mark 1 略有不同。例如，如果你去幻燈片 13，你會看到液化廠本身計劃在新船中段從頭開始建造。然後你把船開進來，基本上把中間的形狀切掉，然後焊接到液化廠的任一側。因此，為了保持這個時間表，我們將開始建造中間部分，絕大多數貸款線索都用於此。然後我們需要這艘船在造船廠，以便在明年的這個時候開始對船本身進行準備工作。

So for us, it's more important to get going on the mid-section than to get the ship into the shipyard this has -- during this year. So that's how this unit is built, which means that it's less stick building into an existing unit. But you basically put the liquefaction plant in the middle and then add the storage.

因此，對我們來說，在今年將船送入造船廠更重要的是進入中段。這就是這個單元的構建方式，這意味著它不太適合構建到現有單元中。但是你基本上把液化廠放在中間，然後加上存儲。

In terms of CapEx, it's slightly dependent on that borrowing system that we will end up using. But we believe around somewhere between $1.8 billion and $2 billion should be feasible.

就資本支出而言，它稍微取決於我們最終將使用的借貸系統。但我們認為大約在 18 億至 20 億美元之間應該是可行的。

Okay. Perfect. That is good color. And I suppose that in the interim period after you take delivery of the shipment before it goes in the shipyard, you would just trade in the spot market or something. Is that a fair assumption?

好的。完美的。那是好顏色。而且我想在您收到貨物後，在它進入造船廠之前的過渡期間，您只會在現貨市場或其他地方進行交易。這是一個公平的假設嗎？

No, I think the way we try to structure the whole Mark 2 project is that we commit and secure the time frames, but we try to limit the cash drive until we actually need the equipment. So when it comes to the ship itself, that were also we structured it as an option, where we pay $5 million to reserve the ship, we then need to pay somewhat more money but not the full amount upon declaration of the option. And then the final installment is paid upon delivery, which is likely to be around this time next year, if you want.

不，我認為我們嘗試構建整個 Mark 2 項目的方式是我們承諾並確保時間框架，但我們試圖限制現金驅動，直到我們真正需要設備。因此，當涉及到船舶本身時，我們也將其構建為一個選項，我們支付 500 萬美元預訂船舶，然後我們需要支付更多的錢，但不是在選擇權聲明時支付全部金額。然後最後一筆分期付款在交貨時支付，如果你願意的話，可能會在明年這個時候左右。

There are no further questions at this time. So I'll hand the call back to Karl for closing remarks.

目前沒有其他問題。所以我會把電話轉回給 Karl，請他作結束語。

Thank you all for listening in to our quarterly presentation. We're very excited about the development of the project during 2022 and both hope and plan to keep the same pace of progress during 2023. And thank you for your continued interest and support in the company. We wish you all a good day, and bye-bye.

感謝大家收聽我們的季度報告。我們對該項目在 2022 年的發展感到非常興奮，並希望併計劃在 2023 年保持同樣的進展速度。感謝您一直以來對公司的關注和支持。祝大家有個美好的一天，再見。

This concludes today's conference call.

今天的電話會議到此結束。