20-F/A 1 a20-21809_120fa.htm 20-F/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 20-F/A
(Amendment No. 1)

 

(Mark One)

 

o

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

x

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

o

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

GasLog Partners LP
(Exact name of Registrant as specified in its charter)

Not Applicable
(Translation of Registrant’s name into English)

Republic of the Marshall Islands
(Jurisdiction of incorporation or organization)

c/o GasLog LNG Services Ltd 69 Akti Miaouli 18537 Piraeus Greece

(Address of principal executive offices)

Nicola Lloyd, General Counsel
c/o GasLog LNG Services Ltd,

69 Akti Miaouli 18537

Piraeus, Greece

Telephone:  +30 210 459 1000

Fax:  +30 210 459 1242
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

 

SECURITIES REGISTERED OR TO BE REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

 

Title of Each Class

 

Trading Symbols

 

Name of Each Exchange on Which Registered

Common Units representing limited partner interests

 

GLOP

 

New York Stock Exchange

Series A Preference Units

 

GLOP PR A

 

New York Stock Exchange

Series B Preference Units

 

GLOP PR B

 

New York Stock Exchange

Series C Preference Units

 

GLOP PR C

 

New York Stock Exchange

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None

 

SECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION PURSUANT TO SECTION 15(d) OF THE ACT: None

 

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

 

As of December 31, 2019, there were 46,860,182 Partnership common units, 2,490,000 Class B Units, 5,750,000 Series A Preference Units, 4,600,000 Series B Preference Units and 4,000,000 Series C Preference Units outstanding.

 

Indicate by check mark if the Company is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 

Yes x  No o

 

If this report is an annual or transition report, indicate by check mark if the Company is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

 

Yes o  No x

 

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes x  No o

 

Indicate by check mark whether the Company has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Company was required to submit such files).

 

Yes x  No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer x

Accelerated filer o

Non-accelerated filer o

Emerging growth company o

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. o

 

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

 

Indicate by check mark which basis of accounting the Company has used to prepare the financial statements included in this filing.

 

U.S. GAAP o

International Financial Reporting Standards as issued
by the International Accounting Standards Board x

Other o

 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the Company has elected to follow.

 

Item 17 o  Item 18 o

 

If this is an annual report, indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes o  No x

 

 

 

 

EXPLANATORY NOTE

 

This Amendment No. 1 on Form 20-F/A (this “Amendment”) amends our annual report on Form 20-F for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission on March 3, 2020 (the “Original Filing”). This Amendment is being made solely for the purpose of correcting a typographical error in the disclosure in Item 3 of the Original Filing, under the heading “Reconciliation of Partnership Performance Results to IFRS Common Control Reported Results in our Financial Statements”, to adjust the alignment of the column headers in the table below. The financial information disclosed in the table is unchanged. Only the alignment of the headers has been corrected.

 

This Amendment consists solely of the cover page and this explanatory note. Except as described above, this Amendment does not amend any information set forth in the Original Filing, and we have not updated disclosures included therein to reflect any events that occurred subsequent to March 3, 2020. Accordingly, this Amendment should be read in conjunction with the Original Filing and with our filings with the U.S. Securities Exchange Commission subsequent to the Original Filing.

 

 

 

Year ended December 31, 2016

 

Year ended December 31, 2017

 

Year ended December 31, 2018

 

Year ended December 31, 2019

 

 

 

Results
Attributable
to
GasLog

 

Partnership
Performance
Results

 

IFRS
Common
Control
Reported
Results

 

Results
Attributable
to GasLog

 

Partnership
Performance
Results

 

IFRS
Common
Control
Reported
Results

 

Results
Attributable
to
GasLog

 

Partnership
Performance
Results

 

IFRS
Common
Control
Reported
Results

 

Results
Attributable
to GasLog

 

Partnership
Performance
Results

 

IFRS
Common
Control
Reported
Results

 

 

 

Restated(1)

 

 

 

Restated(1)

 

Restated(1)

 

 

 

Restated(1)

 

Restated(1)

 

 

 

Restated(1)

 

 

 

 

 

 

 

 

 

(in thousands of U.S. dollars)

 

STATEMENT OF PROFIT OR LOSS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

126,531

 

$

206,424

 

$

332,955

 

$

132,735

 

$

269,071

 

$

401,806

 

$

66,210

 

$

316,991

 

$

383,201

 

$

7,560

 

$

371,127

 

$

378,687

 

Net pool allocation

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

3,700

 

3,700

 

—

 

1,058

 

1,058

 

Voyage expenses and commissions

 

(1,716

)

(2,841

)

(4,557

)

(1,656

)

(3,377

)

(5,033

)

(828

)

(6,678

)

(7,506

)

(95

)

(7,213

)

(7,308

)

Vessel operating costs

 

(22,207

)

(43,479

)

(65,686

)

(20,580

)

(55,692

)

(76,272

)

(12,245

)

(61,452

)

(73,697

)

(1,513

)

(75,229

)

(76,742

)

Depreciation

 

(28,067

)

(45,230

)

(73,297

)

(28,855

)

(58,193

)

(87,048

)

(14,433

)

(73,151

)

(87,584

)

(1,490

)

(87,819

)

(89,309

)

General and administrative expenses

 

(2,218

)

(11,219

)

(13,437

)

(1,850

)

(13,869

)

(15,719

)

(849

)

(18,905

)

(19,754

)

(96

)

(19,305

)

(19,401

)

Impairment loss on vessels

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(138,848

)

(138,848

)

Profit from operations

 

72,323

 

103,655

 

175,978

 

79,794

 

137,940

 

217,734

 

37,855

 

160,505

 

198,360

 

4,366

 

43,771

 

48,137

 

Financial costs

 

(32,781

)

(30,187

)

(62,968

)

(25,877

)

(44,916

)

(70,793

)

(12,456

)

(60,258

)

(72,714

)

(1,730

)

(70,268

)

(71,998

)

Financial income

 

35

 

179

 

214

 

64

 

972

 

1,036

 

50

 

2,398

 

2,448

 

14

 

1,873

 

1,887

 

(Loss)/gain on derivatives

 

(10,460

)

3,623

 

(6,837

)

—

 

121

 

121

 

—

 

(48

)

(48

)

—

 

(12,795

)

(12,795

)

Total other expenses

 

(43,206

)

(26,385

)

(69,591

)

(25,813

)

(43,823

)

(69,636

)

(12,406

)

(57,908

)

(70,314

)

(1,716

)

(81,190

)

(82,906

)

Profit/(loss) for the year

 

$

29,117

 

$

77,270

 

$

106,387

 

$

53,981

 

94,117

 

148,098

 

$

25,449

 

102,597

 

128,046

 

$

2,650

 

(37,419

)

(34,769

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

 

SIGNATURE

 

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this Amendment on its behalf.

 

 

GASLOG PARTNERS LP,

 

 

 

 

By

/s/ ANDREW J. OREKAR

 

 

 

Name:

Andrew J. Orekar

 

 

Title:

Chief Executive Officer

 

Dated: June 4, 2020