TIDMHCL
RNS Number : 0095D
Hellenic Carriers Limited
16 March 2011
2010 Financial Results
Press Release 16 March 2011
HELLENIC CARRIERS REPORTS FINAL RESULTS FOR THE
YEAR ENDED 31 DECEMBER 2010
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM:
HCL), an international provider of marine transportation services,
which owns and operates through its wholly owned subsidiaries a
fleet of five dry bulk vessels that transport iron ore, grain,
steel products and minor bulk cargoes, is pleased to report today
its Final Results for the year ended 31 December 2010.
The Company's management will be holding a conference call and
webcast today 16 March 2011, at 2pm (London), 4pm (Athens) and 10am
(EDT) to discuss the results.
2010 FINANCIAL
20 US$57.5 million Revenue (2009: US$58.0 million)
20 US$38.4 million EBITDA(1) (2009: US$38.9 million)
20 Book gain of US$8.5 million and debt repayment of US$21.0
million following the sale of M/V Hellenic Breeze
20 US$32.9 million Operating Profit (2009: US$23.9 million)
20 US$27.5 million Net Income (2009: US$18.1 million)
20 Earnings per share of US$0.60 (2009: US$0.40)
20 Dividend payments: Interim dividend for 2010 2.15 pence per
share and final dividend for 2010 5.45 pence per share subject to
AGM's approval (2009: total dividend 2.47 pence per share)
20 Gearing ratio(2) at 26.5% as of 31 December 2010 (39.4% as of
31 December 2009)
20 Payment of first two instalments in the amount of US$27.2
million for the construction of two new building Kamsarmax
vessels
20 Total unencumbered cash liquidity of US$59.0 million as of 31
December 2010 (US$71.2 million as of 31 December 2009)
2010 OPERATIONAL
20 Operation of a fleet of 5.6 vessels on average compared to
6.0 vessels in 2009
20 Sale of the 1993 built Panamax M/V Hellenic Breeze at a gross
contract price of US$23.5 million
20 Signing of shipbuilding contracts with Zhejiang Ouhua
Shipbuilding Co Ltd for two Kamsarmax vessels to be delivered in Q1
2013 at US$34.2 million each
20 Time Charter Equivalent rate of US$26,089 (2009: US$25,910)
outperforming the average 2010 Panamax and Supramax average TC
earnings (US$25,041 and US$22,456 respectively) (3)
20 Daily average operating expenses of US$4,934 (2009:
US$4,799)
(1) EBITDA has been calculated as follows: Operating profit
+ Depreciation + Depreciation of dry-docking costs
- Gain on sale of vessel - Other operating income
(2) Gearing ratio is defined as Net Debt to total capitalization
(debt, net of deferred financing fees less cash and
cash equivalents to net debt and stockholders' equity)
3 Sourcce : Howe Robinson
Management Commentary
Fotini Karamanli, Chief Executive Officer, commented: "Hellenic
Carriers is pleased to report very strong financial and operational
results for the year ended 31 December 2010 despite the challenging
conditions prevailing in the global economy and the volatility in
the dry bulk shipping sector. I am also pleased to announce payment
of a final dividend for 2010 of GBP 5.45 pence per share or total
GBP 2,486,118, evidencing the Company's consistency and reliability
throughout the shipping cycle.
"During the year we continued to employ our vessels primarily
under medium to long term charters generating healthy cash flows,
to strengthen our balance sheet and to reinforce our liquidity.
This strategy, which we have persistently followed during the last
three years, has allowed us not only to face challenging market
conditions, to reward our shareholders through our dividend
payments, but also to initiate our fleet renewal and expansion
programme.
"Since early 2010 the market conditions placed a significant
premium on second hand vessels, relative to the value of new
buildings. We took advantage of this opportunity by selling in May
2010 a 17-year old Panamax dry bulk carrier at a price of US$23.5
million, out of which US$21.0 million was used towards debt
repayment. We then placed orders for the construction of two
Kamsarmax new-building vessels at US$34.2 million each. Through the
order of these vessels, which will be delivered in the Q1 2013, we
shall expand our presence in the Panamax / Kamsarmax sector which
has performed strongly and shown resilience during times of
depressed freight earnings.
"Volatility has been present in the dry bulk market, however
since Q4 2010 the downward pressure has been more intense, while
the pace of deliveries of new-buildings, which had been ordered
during the boom years, has accelerated. Since the pace of new
building deliveries in 2011 will not subside, we believe the
freight market will be affected and remain cautious for the short
to medium term. However, we are positive for the long term, since
demand from the developing economies is and will remain strong
whilst at the same time the mature economies are slowly but
steadily stepping out of recession and returning to growth.
"We believe that although in the short term the current pressure
in the freight market will affect earnings and profitability, in
the longer term it will probably help the prospects of dry bulk
shipping. We also believe that this pressure may create real
opportunities on the acquisition front of modern, primarily second
hand, vessels. As evidenced in our balance sheet, our Company is
well positioned not only to face market challenges for the coming
year but also to take advantage of acquisition opportunities
maximizing long term value for our shareholders."
Fleet Developments
In May 2010 the 1993 built Panamax Hellenic Breeze was sold at a
contract price of US$23.5 million to an unaffiliated third party.
With this sale, the Company initiated its fleet renewal program
through the disposal of an older vessel, which had been purchased
at US$21.0 million in 2006.
In the end of June 2010 two newly formed subsidiaries of
Hellenic entered into shipbuilding contracts with Zhejiang Ouhua
Shipbuilding Co. Ltd., for the construction of two Kamsarmax
vessels. Each of the vessels will cost US$34.2 million in total
(contract price US$34.0 million each plus US$0.2 million in respect
of additions to the initial specification).
The new building vessels are scheduled for delivery in January
and March 2013 respectively. An advance payment in the amount of
US$20.4 million representing 30% of the contract price for both
vessels was made in July 2010 and a second payment of US$6.8
million representing 10% of the contract price for both vessels was
effected in October 2010. The remaining 60% of the price is payable
upon delivery of the vessels.
In July 2010, the M/V Hellenic Sea sustained hull damage after
running aground whilst navigating through the Amazon River in laden
condition. A specialist salvage team was appointed to re-float the
vessel and assist in the laden voyage towards the discharging port.
Following transshipment operations of part of the cargo, the vessel
was successfully re-floated on 14 August 2010 and proceeded to her
destination to discharge the remaining cargo on board. Temporary
repairs were carried out at the discharge port, following which the
ship sailed to a repair yard for permanent repairs. Such repairs
were concluded on 17 November 2010 together with the vessel's
special survey. The vessel remained off-hire for an aggregate
period of 136 days and was redelivered to her charterers on 5
December 2010 to resume service under her time charter agreement.
The shipowning company, through its insurance policy, is covered
for the cost of the repairs, the cost of salvage and related
expenses (excluding loss of hire) above the applicable deductible
(US$125,000).
During the year ended 31 December 2010 three of the vessels
completed their special surveys at a total cost of US$2.2 million
which has been capitalised. No further scheduled surveys are
planned for 2011 in respect of the existing fleet.
Fleet details as at 31 December 2010:
Operating Fleet
------------------------------------------------------------------------------
Carrying
Year Capacity
Vessel Type Yard Built (dwt)
---------------------- ---------- --------------------- ------- ----------
Tsuneishi
Shipbuilding,
M/V Hellenic Wind Panamax Japan 1997 73,981
---------------------- ---------- --------------------- ------- ----------
Mitsui Engineering &
M/V Konstantinos Shipbuilding,
D Supramax Japan 2000 50,326
---------------------- ---------- --------------------- ------- ----------
Halla Engineering &
Heavy Industries,
M/V Hellenic Horizon Handymax Korea 1995 44,809
---------------------- ---------- --------------------- ------- ----------
Sasebo Heavy
M/V Hellenic Sky Panamax Industries, Japan 1994 68,591
---------------------- ---------- --------------------- ------- ----------
Jiangnan Shipyard,
M/V Hellenic Sea Panamax China 1991 65,434
---------------------- ---------- --------------------- ------- ----------
Total Operating Fleet: 5 Vessels 303,141
------------------------------------------------------------------ ----------
Vessels on Order
------------------------------------------------------------------------------
Carrying
Capacity
Type Yard Scheduled Delivery(1) (dwt)
----------- ---------------------------- ----------------------- ----------
Zhejiang Ouhua Shipbuilding
Kamsarmax Co. Ltd., China January 2013 82,000
----------- ---------------------------- ----------------------- ----------
Zhejiang Ouhua Shipbuilding
Kamsarmax Co. Ltd., China March 2013 82,000
----------- ---------------------------- ----------------------- ----------
Total Vessels on Order: 2 Vessels 164,000
------------------------------------------------------------------ ----------
(1) As per shipbuilding contract
At the date of release the Company owns and operates through its
subsidiaries an operating fleet of five dry bulk carriers
comprising three Panamaxes, one Supramax and one Handymax with an
aggregate carrying capacity of about 303,141 dwt and a weighted
average age of 15.4 years. In addition two subsidiaries of the
Company have placed orders for the construction of two Kamsarmax
vessels with an average carrying capacity of 164,000 dwt.
Fleet Deployment
During the year ended 31 December 2010, two of the vessels in
the fleet continued operating under medium to longer term time
charter agreements that had commenced in Q4 2007 and Q2 2008 at
favourable rates compared to the market rates prevailing during the
period.
In particular the M/V Hellenic Wind was employed under a 3-year
time charter agreement with Hanjin Shipping Co. Ltd at gross daily
rate of US$54,000. The charter commenced in May 2008 and its
earliest expiration date is 14 May 2011.
The M/V Konstantinos D was employed under a time charter
agreement with Korea Line Corp., at a gross daily hire rate of
US$35,000. The charter was due to expire on 25 January 2011,
however, the vessel was redelivered to her Owners on 14 January
2011. The Charterers had fulfilled all their obligations towards
Owners (including payment of hire and compensation for the early
redelivery) prior to filing a petition with the courts applying for
rehabilitation in Korea.
Following the termination of the Korea Line charter in January
2011 the M/V Konstantinos D was fixed under a time charter
agreement with Bunge S.A. for a period of four to seven months at a
gross daily rate of US$9,250 for the first 40 days, increasing to
US$14,200 per day for the remaining period. The charter commenced
on 14 January 2011. The earliest and latest expiration dates are 14
May 2011 and 14 August 2011 respectively.
The M/V Hellenic Breeze was employed under a restructured time
charter agreement at a daily gross rate of US$24,000. This charter
was terminated at Owners' option on 25 May 2010 due to the vessel's
sale. Thereafter and until delivery to her new owners on 12 August
2010, the vessel was trading on a time charter trip at a gross
daily rate of US$29,000.
Furthermore, during the year ended 31 December 2010 the Company,
through its respective shipowning subsidiaries, extended one of its
existing time charter agreements at a favourable daily hire rate,
entered into a new time charter agreement for one vessel and
selectively employed two of its vessels on the spot market.
In particular, the M/V Hellenic Sky was time chartered on 22
June 2009 to Cargill International S.A. at a gross daily rate of
US$18,000 for a period of minimum thirteen to about sixteen months,
which would have expired in November 2010. This charter was
extended for a period of minimum five to about seven months at the
gross daily rate of US$22,000 commencing on 20 October 2010. The
vessel was redelivered to her Owners on 9 March 2011 and is
currently fixed under a time charter agreement with Bunge S.A. for
a period of six to eight months at a gross daily rate of US$16,000.
The charter commenced on 9 March 2011 and the vessel was delivered
to her new charterers in the Far East. The earliest expiration date
is 9 September 2011 and the latest is 9 November 2011.
During the first quarter of 2010 the M/V Hellenic Horizon was
trading in the spot market. In April 2010, the vessel was fixed
under a time charter agreement with Itiro Corporation BVI for a
period of minimum five to maximum seven months at a gross daily
rate of US$30,000. The vessel was redelivered to her owners on 19
October 2010 and thereafter was trading spot. The M/V Hellenic
Horizon is currently employed under a time charter agreement with
Dampskibsselskabet Norden A/S, Denmark, for the performance of 2 to
3 laden legs (third leg at Charterers' option) with an estimated
duration of about 60 to about 90 days (depending on the execution
of the third leg) at a gross daily rate of US$15,500 for the first
two legs, US$16,000 for the optional leg and US$17,000 for the
period, if any, extending after 100 days. According to the terms of
the charter the vessel's redelivery to the Owners upon completion
of the 2 or 3 laden legs is limited to the Atlantic basin or the
Mediterranean Sea, areas which are considered more favourable for
chartering purposes.
The M/V Hellenic Sea completed her time charter to Swissmarine
Corporation Ltd on 20 February 2010, thereafter carried out two
short charters before commencing her employment on 29 May 2010 for
a period of minimum 11 to about 13 months to Setsea S.p.A. at a
gross rate of US$23,300 per day. During this charter the vessel
sustained hull damage in July 2010 and remained off-hire for an
aggregate period of 136 days. The vessel resumed service under this
time charter agreement on 5 December 2010.
Taking into consideration the operating fleet, the estimated
time charter coverage stands at 69.4% for H1 2011 and at 38.3%
until year end.
The Fleet Deployment of Hellenic is summarized below:
Fleet Deployment
----------------------------------------------------------------------------------
Vessel Type Charter Earliest Daily Charterer
Type Expiration Charter
Date(1) Rate US$
(Gross)
------------- --------- -------- ----------- ------------ -------------------
M/V Hellenic Panamax Time 14 May 54,000 Hanjin Shipping
Wind Charter 2011 Co. Ltd.
------------- --------- -------- ----------- ------------ -------------------
M/V Supramax Time 14 May 14,200(2) Bunge S.A.
Konstantinos Charter 2011
D
------------- --------- -------- ----------- ------------ -------------------
M/V Hellenic Handymax Time 18 April 15,500(3) Dampskibsselskabet
Horizon Charter 2011 Norden A/S,
Hellerup DK
------------- --------- -------- ----------- ------------ -------------------
M/V Hellenic Panamax Time 9 16,000 Bunge S.A.
Sky Charter September
2011
------------- --------- -------- ----------- ------------ -------------------
M/V Hellenic Panamax Time 29 April 23,300 Setsea S.p.A.
Sea Charter 2011
------------- --------- -------- ----------- ------------ -------------------
(1) The earliest charter expiration date represents the
first day on which the Charterer may redeliver the
vessel to the shipowning company.
(2) Rate agreed at US$9,250 for the first 40 days and
at US$14,200 thereafter.
(3) Adjusting rate based on the duration of the charter.
The daily rate of US$15,500 gross applies for the
first two laden legs. If third leg is performed, daily
hire rate increases to US$16,000. Earliest expiration
date is stated based on estimated duration of 60 days.
Full Year 2010 Results
Despite the continuous volatility in the dry bulk sector during
2010, Hellenic maintained some of the long term charters agreed
prior to the market downturn in Q4 2008 thus achieving charter
rates above market levels prevailing during 2010. Through these
charters, the Company secured healthy cash flows, which contributed
towards the enhancement of its balance sheet enabling the company
to remain resilient during market downturns and to expand.
Revenues reported for the year 2010 amount to US$57.5 million
compared to US$58.0 million for 2009, a slight decrease of 0.9%. As
a result of the sale of the M/V Hellenic Breeze in August 2010 and
the hull damage sustained on the M/V Hellenic Sea in July 2010,
fleet operating days reported for 2010 decreased to 1,821 from
1,942 reported for 2009. Although these events affected the
earnings generation capacity of the Company, revenues reported for
2010 were similar to those achieved in 2009.
Voyage expenses in 2010 amounted to US$5.8 million compared to
US$4.7 million in 2009, an increase of about 23.4%, which is mainly
due to the fact that one vessel, namely the M/V Hellenic Horizon
was employed under voyage charters for a period of about 4 months
and therefore fuel expenses and port costs for that period were for
Owners' account.
The Time Charter Equivalent rate achieved by the fleet in 2010
was reported at US$26,089 per day compared to US$25,910 per day for
the average fleet of 6.0 vessels in 2009.
Excluding the period during which the M/V Hellenic Sea remained
off-hire, the fleet utilization for 2010 was 98.7%. Taking into
consideration the off-hire period of the M/V Hellenic Sea following
the hull damage, the fleet utilization was reported at 91.8%.
As a result of the sale of the M/V Hellenic Breeze, vessel
operating expenses for 2010 decreased by US$0.4 million to a total
of US$10.1 million. On a per day basis operating expenses increased
by 2.8% from US$4,799 in 2009 to US$4,934 in 2010, an increase
which is in line with market conditions.
The Company's general and administrative expenses in 2010
amounted to US$1.8 million compared to US$2.0 million in 2009, a
decrease of 10.0%.
The book gain resulting from the sale of the M/V Hellenic Breeze
amounted to US$8.5 million.
EBITDA excluding the gain on sale of the M/V Hellenic Breeze and
other operating income was reported at US$38.4 million compared to
US$38.9 million for 2009, a decrease of 1.3%.
Net income was reported at US$27.5 million (US$19.0 million net
of the gain on the sale of M/V Hellenic Breeze) compared to US$18.1
million for 2009, an increase of 51.9%.
Basic and diluted earnings per share calculated on 45,616,851
weighted average number of shares were US$0.60 for the full year
ended 31 December 2010 compared to earnings per share of US$0.40
for the full year of 2009.
At 31 December 2010 Hellenic reported claims receivable of 3.8
million, which represent mainly the cost of repairs and related
expenses in connection with the hull damage of the M/V Hellenic Sea
in July 2010. The shipowning company, through its insurance policy,
is covered for the cost of repairs and related expenses (excluding
loss of hire) above the applicable deductible (US$125,000).
Fleet Operating Data:
2010 2009
----------------------------------------- -------- --------
Fleet data:
----------------------------------------- -------- --------
Average number of vessels 5.6 6.0
----------------------------------------- -------- --------
Number of vessels at year end 5.0 6.0
----------------------------------------- -------- --------
Total dwt at year end 303,141 372,742
----------------------------------------- -------- --------
Ownership days (1) () 2,049 2,190
----------------------------------------- -------- --------
Available days (2) () 1,984 2,057
----------------------------------------- -------- --------
Operating days (3) () 1,821 1,942
----------------------------------------- -------- --------
Fleet utilisation (4) () 91.8% 94.4%
----------------------------------------- -------- --------
Average daily results (in US$):
----------------------------------------- -------- --------
Time Charter Equivalent (TCE) rate
(5) 26,089 25,910
----------------------------------------- -------- --------
Average daily vessel operating expenses
(6) 4,934 4,799
----------------------------------------- -------- --------
(1) Ownership days are the cumulative days in a period during
which each vessel is owned by the respective vessel owning
company.
(2) Available days are ownership days less the days that the
vessels are at scheduled off-hire for maintenance or vessel
repositioning.
(3) Operating days are the available days less all unforeseen
off-hires.
(4) Fleet utilisation is measured by dividing the vessels'
operating days by the vessels' available days.
(5) TCE is defined as vessels' total revenues less voyage
expenses divided by the number of the available days for the
period.
(6) Average daily vessel operating expenses is defined as vessel
operating expenses divided by ownership days.
Debt / Financing Activities & Capitalisation
Out of the proceeds from the sale of the M/V Hellenic Breeze
(US$23.5 million), an amount of US$21.0 million was prepaid to the
respective lenders against the outstanding loan balance. Debt
balance at 31 December 2010 was US$105.3 million compared to
US$137.6 million at 31 December 2009.
Further to the signing of the shipbuilding contacts with
Zhejiang Ouhua Shipbuilding Co. Ltd. an aggregate amount of US$13.6
million was paid to the yard as advance for the construction of
each new building Kamsarmax vessel. Total advances paid for the two
vessels on order amount to US$27.2 million.
With respect to the financing of the two Kamsarmax vessels the
Company has signed an offer letter with a financial institution for
the financing of the two Kamsarmax vessels currently on order. The
lender has offered a term-loan facility of up to 65% of vessels'
value upon delivery but not more than US$22.1 million per vessel.
Such amounts shall be drawn down upon delivery of each new building
from the yard to the respective owning companies.
As of 31 December 2010 debt (debt, net of deferred financing
fees) to total capitalisation (debt and stockholders' equity)
dropped to 45.6% from 57.5% in 2009, a decrease of 20.7%. Net debt
(debt less cash and cash equivalents) to total capitalisation
dropped to 26.5% on 31 December 2010 from 39.4% on 31 December
2009, a decrease of 32.7%.
Dividend
The Board of Directors of the Company recommended a final
dividend for 2010 of GBP 5.45 pence per share or total GBP
2,486,118 subject to shareholders' approval at the AGM to be held
in Athens on 11 May 2011. The final dividend will be payable on 20
May 2011 to shareholders on record as of 26 April 2011, with the
ex-dividend date being 20 April 2011.
Conference Call details
Participants should dial into the call 10 minutes prior to the
scheduled time using the following numbers: 0800-953-0329 (UK Toll
Free Dial-in), 00800-4413-1378 (Greece Toll Free Dial-in),
1-866-819-7111 (US Toll Free Dial-in), or +44 (0)1452-542-301
(Standard International Dial-in). Please quote "Hellenic
Carriers".
In case of any problems with the above numbers, please dial
0800-694-1503 (UK Toll Free Dial-in), 00800-127-011(Greece Toll
Free Dial-in), 1-866-223-0615 (US Toll Free Dial-in), or +44
(0)1452-586-513 (Standard International Dial-in). Please quote
"Hellenic Carriers".
A telephonic replay of the conference call will be available
until 23 March 2011 by dialling 0800-953-1533 (UK Toll Free
Dial-in), 1-866-247-4222 (US Toll Free Dial-in), or +44
(0)1452-550-000 (Standard International Dial-in). Access Code:
36347958#
Slides and audio webcast:
There will also be a live and then archived webcast of the
conference call, accessible through the Hellenic Carriers website
(www.hellenic-carriers.com). Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanli, Chief Executive Officer
Elpida Kyriakopoulou, Chief Financial Officer
E-mail: info@hellenic-carriers.com +30 210 455 8900
Panmure Gordon (UK) Limited
Andrew Godber +44 (0) 20 7459 3600
Capital Link
Ramnique Grewal +1 212 661 7566 (New York)
Annie Evangeli +44 (0) 20 3206 1320 (London)
E-mail: helleniccarriers@capitallink.com
Further Information - Notes to Editors
About Hellenic Carriers Limited
Hellenic Carriers Limited manages through Hellenic
Shipmanagement Corp. a fleet of dry bulk vessels that transport
iron ore, coal, grain, steel products, cement, alumina, and other
dry bulk cargoes worldwide. The fleet consists of five vessels,
comprising three Panamaxes, one Supramax and one Handymax with an
aggregate carrying capacity of 303,141 dwt plus two new building
vessels currently on order, both Kamsarmaxes with an aggregate
carrying capacity of about 164,000 dwt.
Following the delivery of the two Kamsarmax vessels, the Company
will manage through Hellenic Shipmanagement Corp. a fleet of seven
dry bulk carriers comprising two Kamsarmaxes, three Panamaxes, one
Supramax and one Handymax with an aggregate carrying capacity of
about 467,141 dwt and a weighted average age of 12.5 years (as of
31 March 2013).
Hellenic Carriers is listed on the AIM of the London Stock
Exchange under ticker HCL.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2010
31 December
------------------------
2010 2009
----------- -----------
US$'000 US$'000
Revenue 57,531 58,038
----------- -----------
Expenses and other income
Voyage expenses (5,770) (4,741)
Vessel operating expenses (10,109) (10,511)
Management fees - related party (1,394) (1,433)
Depreciation (12,508) (13,473)
Depreciation of dry-docking
costs (2,039) (1,566)
Gain on sale of vessel 8,451 -
General and administrative expenses (1,810) (1,978)
Allowance for doubtful debt - (446)
Other operating income 593 -
Operating profit 32,945 23,890
Finance expense (6,045) (6,888)
Finance income 672 1,060
Foreign currency (loss)/ gain,
net (36) 41
(5,409) (5,787)
----------- -----------
Profit for the year 27,536 18,103
=========== ===========
Earnings per share (US$):
Basic and diluted EPS for the
year 0.60 0.40
Weighted average number of shares 45,616,851 45,616,851
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year
ended 31 December 2010
31 December
------------------
2010 2009
-------- --------
US$'000 US$'000
Profit for the year 27,536 18,103
Net (loss)/ gain on cash flow hedges (488) 2,488
-------- --------
Total comprehensive income for
the year 27,048 20,591
======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2010
31 December
------------------
2010 2009
-------- --------
US$'000 US$'000
ASSETS
Non-current assets
Vessels, net 146,491 173,459
Vessels under construction 27,396 -
Office furniture and equipment 8 11
-------- --------
173,895 173,470
-------- --------
Current assets
Inventories 634 449
Trade receivables 418 236
Claims receivable 3,772 1,148
Available for sale investments,
net of impairment - -
Due from related parties 2,496 2,493
Prepaid expenses and other assets 506 401
Restricted cash 1,033 260
Cash and cash equivalents 58,993 71,180
-------- --------
67,852 76,167
-------- --------
TOTAL ASSETS 241,747 249,637
======== ========
EQUITY AND LIABILITIES
Equity attributable to shareholders
of Hellenic Carriers Limited
Issued share capital 46 46
Share premium 54,355 54,355
Capital contributions 10,826 10,826
Other reserves (4,596) (4,108)
Retained earnings 64,963 40,636
-------- --------
Total equity 125,594 101,755
-------- --------
Non-current liabilities
Long-term debt 88,278 125,796
Other non-current financial liabilities 2,507 1,801
-------- --------
90,785 127,597
-------- --------
Current liabilities
Trade payables 2,529 1,775
Current portion of long-term debt 17,036 11,827
Current portion of other non-current
financial liabilities 2,089 2,307
Accrued liabilities and other payables 1,709 1,928
Deferred revenue 2,005 2,448
25,368 20,285
-------- --------
Total Liabilities 116,153 147,882
-------- --------
TOTAL EQUITY AND LIABILITIES 241,747 249,637
======== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2010
Issued
Par share Share Capital Other Retained Total
Number of value capital premium Contributions reserves earnings equity
shares US$ US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------- ------ -------- -------- -------------- --------- --------- --------
As at 1
January 2009 45,616,851 0.001 46 54,355 10,826 (6,596) 23,986 82,617
Profit for the
year - - - - - - 18,103 18,103
Other
comprehensive
income - - - - - 2,488 - 2,488
Total
comprehensive
income - - - - - 2,488 18,103 20,591
Dividends to
equity
shareholders - - - - - - (1,453) (1,453)
----------- ------ -------- -------- -------------- --------- --------- --------
At 31 December
2009 45,616,851 0.001 46 54,355 10,826 (4,108) 40,636 101,755
=========== ====== ======== ======== ============== ========= ========= ========
Profit for the
year - - - - - - 27,536 27,536
Other
comprehensive
income - - - - - (488) - (488)
----------- ------ -------- -------- -------------- --------- --------- --------
Total
comprehensive
income - - - - - (488) 27,536 27,048
Dividends to
equity
shareholders - - - - - - (3,209) (3,209)
At 31 December
2010 45,616,851 0.001 46 54,355 10,826 (4,596) 64,963 125,594
=========== ====== ======== ======== ============== ========= ========= ========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2010
31 December
--------------------
2010 2009
--------- ---------
US$'000 US$'000
--------- ---------
Operating activities
Profit for the year 27,536 18,103
--------- ---------
Adjustments to reconcile profit
to net cash flows:
Depreciation 12,508 13,473
Depreciation of dry-docking costs 2,039 1,566
Gain on sale of vessel (8,451) -
Allowance for doubtful debt - 446
Finance expense 6,045 6,888
Finance income (672) (1,060)
39,005 39,416
(Increase) / decrease in inventories (185) 43
Increase in trade receivables, claims
receivable, prepaid expenses and
other assets (2,989) (1,446)
Increase in due from related parties (3) (278)
Increase in trade payables, accrued
liabilities and other payables 692 622
Decrease in deferred revenue (443) (982)
Net cash flows provided by operating
activities 36,077 37,375
Investing activities
Advances for vessels under construction (27,396) -
Dry-docking costs (2,217) (3,431)
Proceeds from sale of vessels 23,092 -
Interest received 750 1,020
--------- ---------
Net cash flows used in investing
activities (5,771) (2,411)
Financing activities
Repayment of long-term debt (32,560) (9,800)
Restricted cash (773) 378
Interest paid (5,951) (6,891)
Dividends paid to equity shareholders (3,209) (1,453)
--------- ---------
Net cash flows used in financing
activities (42,493) (17,766)
--------- ---------
Net (decrease) / increase in cash
and cash equivalents (12,187) 17,198
Cash and cash equivalents at 1 January 71,180 53,982
--------- ---------
Cash and cash equivalents at 31
December 58,993 71,180
========= =========
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFAFMIFFSEID
Hellenic Carr. (LSE:HCL)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Hellenic Carr. (LSE:HCL)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
