TIDMHCL
RNS Number : 2890Z
Hellenic Carriers Limited
14 March 2012
2011 Financial Results
Press Release 14 March 2012
HELLENIC CARRIERS REPORTS FINAL RESULTS FOR THE
YEAR ENDED 31 DECEMBER 2011
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 2011.
The Company's management team will be holding a conference call
and webcast today, at 2pm (London), 4pm (Athens) and 10am (New
York) to discuss the results.
2011 FINANCIAL
20 Revenue US$33.2 million (2010: US$57.5 million)
20 EBITDA US$16.9 million (2010: US$38.4 million)
20 Operating Profit US$3.6 million before non-cash items (2010: US$24.5 million)
20 Net Loss US$1.1 million excluding non-cash items (2010: US$19.1 million Net Income)
20 Non-cash impairment charge US$29.3 (2010: US$ nil)
20 Gearing ratio at 30.2% as of 31 December 2011 (26.5% as of 31 December 2010)
20 Total cash, including restricted cash of US$48.0 million as
of 31 December 2011 (US$60.0 million, as of 31 December 2010)
20 Reduction of Gross debt to US$88.2 million on 31 December
2011 (US$105.3 million on 31 December 2010) resulting in a net debt
position of US$40.1 million as of 31 December 2011 (US$45.3 million
as of 31 December 2010)
2011 OPERATIONAL
20 Operation of a fleet of 5.0 vessels on average compared to 5.6 vessels in 2010
20 Net cash generated from operations US$16.7 million (2010: US$36.1 million)
20 Time Charter Equivalent rate of US$17,369 (2010: US$26,089)
outperforming the average 2011 Panamax and Supramax TC earnings
(US$13,895 and US$13,792 respectively)
Management Commentary
Hellenic Carriers is pleased to report its financial results for
the year ended 31 December 2011.
Despite strong demand for dry bulk commodities, the market was
subject to considerable pressure in 2011 impacted by heavy new
vessel deliveries resulting in volatile freight rates.
The decrease in our Company's revenues is mainly attributed to
the lower freight rates prevailing during the year. It is also a
result of the reduction in fleet operating days after the sale of
the M/V Hellenic Breeze in August 2010.
During the first quarter of the year, our Company benefited from
the continuation of charters agreed prior to the market downturn in
Q4 2008 at very high rates. Following the expiration of these
agreements, the vessels were traded in the spot market avoiding
long term commitments at low rates. Our strategy moving forward is
to secure period employment for the vessels when the freight market
improves.
Our operating fleet will expand in 2013 when the two new
building Kamsarmax vessels on order since 2010 will be delivered.
By that time, we expect dry bulk fundamentals to improve, as the
glut of new tonnage that is currently being delivered will have
subsided and will allow the underlying supply/demand balance to
tighten, thereby helping the freight market.
However, in light of current market conditions, our company has
already taken steps to reinforce further its liquidity position. As
a result of an agreement reached with the lenders, the debt
repayment obligations have been reduced for the next 2 years and
the tenor of one of the loan facilities extended for 3 years. All
necessary waivers in respect of the financial covenants until 2014
have also been obtained. Furthermore, our Board of Directors
recommended that dividend payments for the year 2011 be suspended
in order to optimize the use of cash when market opportunities
arise.
Time charter rates have continued to be at depressed levels in
2012 and we expect 2012 to be a challenging year for the dry bulk
sector, mainly due to fleet supply issues. However, looking ahead,
we are optimistic about the longer term dry bulk fundamentals as
economic growth in the developing countries remains robust. This
trend is expected to continue thereby increasing the need for
transportation of iron ore, coal and grain. Equally important is
the urbanization growth in the Far East, which is on-going and will
result in an increase in infrastructure projects and higher demand
for energy resources. Another factor which should be taken into
account is that approximately 17% or 100mdwt of the existing global
dry-bulk fleet is over-aged and will eventually be scrapped,
thereby alleviating the oversupply within the next two years. We
expect that during the same period the pace of new building orders
will remain at low levels due to limited financing resources.
The combination of the above mentioned factors, sustainable
demand from the emerging economies, increased scrapping and limited
new building activity, contribute to our positive long term outlook
of the dry bulk market.
Fleet Developments
Fleet details as at 31 December 2011:
Operating Fleet
------------------------------------------------------------------------------------------
Vessel Type Yard Year Carrying
Built Capacity
(dwt)
------------------ ---------- ------------------------------------ -------- ----------
M/V Hellenic
Wind Panamax Tsuneishi Shipbuilding, Japan 1997 73,981
------------------ ---------- ------------------------------------ -------- ----------
M/V Konstantinos Mitsui Engineering & Shipbuilding,
D Supramax Japan 2000 50,326
------------------ ---------- ------------------------------------ -------- ----------
M/V Hellenic Halla Engineering & Heavy
Horizon Handymax Industries, Korea 1995 44,809
------------------ ---------- ------------------------------------ -------- ----------
M/V Hellenic
Sky Panamax Sasebo Heavy Industries, Japan 1994 68,591
------------------ ---------- ------------------------------------ -------- ----------
M/V Hellenic
Sea Panamax Jiangnan Shipyard, China 1991 65,434
------------------ ---------- ------------------------------------ -------- ----------
Total Operating Fleet: 5 Vessels 303,141
------------------------------------------------------------------------------ ----------
In June 2010, the Company, through two wholly owned subsidiaries
entered into shipbuilding contracts with Zhejiang Ouhua
Shipbuilding Co. Ltd. for the construction of two Kamsarmax bulk
carriers. The contract price for each vessel is US$34.0 million and
the cost of additions to each vessel's initial specification
amounts to US$0.2 million. Out of this amount 40% of the contract
price was paid in 2010 and the remaining 60% is payable upon
delivery of the vessels in 2013. In March 2011, the respective
subsidiaries signed loan facility agreements with a major European
financial institution securing financing of up to 65% of each
vessel's market value upon delivery or maximum US$22.1 million per
vessel. Such amounts shall be drawn down upon delivery of each new
building vessel from the shipyard. The Company has no further
financial commitments to the shipyard until delivery of the vessels
in 2013.
Vessels on Order
------------------------------------------------------------------------------
Type Yard Scheduled Carrying Capacity
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
Following the delivery of the two Kamsarmax vessels, the Company
will own and operate through its subsidiaries a diversified 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).
Fleet Deployment
The dry bulk freight market deteriorated in 2011 with the BDI
moving between 1,043 points and 2,173 points, averaging at 1,549
points compared to 2,758 points in 2010. This was mainly a result
of a 14% increase in tonnage supply during 2011, followed by a 16%
net increase in 2010. Although sea borne trade demand continued to
grow in 2011, supported mainly by the need for raw materials by the
developing countries, it could not fully absorb the massive inflow
of new ships during the past two years. In this environment, during
the first quarter of the year, Hellenic benefited from the
continuation of time charters agreed prior to the market downturn
in Q4 2008 at favourable rates compared to the prevailing market
rates during the year in review.
In particular, the M/V Hellenic Wind continued her employment
under a 3-year time charter agreement at a gross daily rate of
US$54,000. This charter commenced in May 2008 and was terminated in
April 2011, one month earlier than the contractually agreed
redelivery date. However, charterers Messrs Hanjin Shipping Co Ltd.
compensated the Owners for the early redelivery of the vessel.
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. This charter was due to expire on 25 January 2011;
however the vessel was redelivered to her Owners on 14 January
2011. The charterers fulfilled all their financial obligations
towards Owners (including payment of hire revenue and compensation
for the early redelivery) prior to their application for
rehabilitation in Korea.
During the first quarter of the year, the M/V Hellenic Sky was
earning US$22,000 per day gross on the basis of a time charter
agreement with Cargill International S.A. for a period of minimum
five to about seven months. The vessel was redelivered to her
Owners on 9 March 2011. Following redelivery from Cargill, the M/V
Hellenic Sky was 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
redelivered to her Owners on 16 October 2011. As from 16 October
2011 the vessel has been employed in the spot market.
During the same period the M/V Hellenic Sea was employed under
time charter for nine to eleven months to SetSea S.p.A. at a gross
daily rate of US$23,300. This charter was terminated on 28 March
2011, a month earlier than the agreed redelivery date. The
charterers compensated the Owners by paying the relevant amount of
damages for early redelivery.
Following the expiration of the above agreements, the Company
opted to employ some of the vessels in the spot market for the
performance of single or consecutive laden legs or under short term
time charter agreements, avoiding long term commitments at
depressed market levels. In some cases repositioning of the vessels
was conducted in order to achieve more attractive time charter
rates. Fleet days spent for repositioning of the vessels totaled to
about 60 days.
Following her redelivery from Hanjin Shipping Co Ltd., the M/V
Hellenic Wind traded under a short-term time charter agreement with
Sangamon Transportation Group at a daily gross rate of US$24,500
from arrival in South America plus US$430,000 bonus in respect of
bunkers cost for the ballast leg. Upon termination of this fixture
on 1 August 2011, the vessel was delivered to her next charterers
Transgrain Shipping B.V. for the execution of two laden legs at a
gross daily rate of US$11,750 for the first 100 days and US$12,500
thereafter. She completed her employment on 18 November 2011 and
proceeded for her scheduled special survey and dry docking in China
which she completed on 30th December 2011. Following completion of
the special survey, the vessel ballasted towards the US Gulf and
was fixed on 12 February 2012 under a time charter agreement for
the period of about four to maximum six months at a gross daily
rate of US$10,000 plus a ballast bonus of US$660,000.
Following redelivery from Korea Line Corp., 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. This charter commenced on 14 January 2011 and was
terminated on 29 July 2011 and averaged at a gross rate of
US$13,189 per day. She was directly delivered to her next
charterers Western Bulk Pte Ltd. for the performance of two,
optional three, laden legs earning US$14,250 per day gross for the
first two legs, and US$14,500 for the optional third leg. Upon
termination of the above charter agreement on 18 November 2011, the
vessel was fixed under a time charter agreement with Marimed
Shipping Inc for a period of about four to maximum six months at a
gross daily rate of US$15,000. This charter came to end on 3 March
2012 and the vessel is now trading in the spot market.
During 2011, the M/V Hellenic Horizon traded in the spot market
performing short voyages and time charter trips, mainly in the
Atlantic basin.
With respect to the trading activity of M/V Hellenic Sea,
following her redelivery from Setsea S.p.A the vessel was employed
under short term time charters and on 29 October 2011 was delivered
to Swissmarine Services S.A. to perform two optional three laden
legs at a gross daily rate of US$15,000 from arrival of the vessel
in Colombia plus US$500,000 bonus in respect of bunkers cost for
the ballast leg. The option for the third leg was not exercised,
the charter was terminated on 6 January 2012 and the vessel is
trading in the spot market since.
The fleet utilisation during the year remained at 98.3% taking
into account 23 idle days for the fleet.
Taking into consideration the operating fleet and the currently
effective time charter agreement of the M/V Hellenic Wind, the
earlier expiration date of which is 7 June 2012, the estimated time
charter coverage stands at 37.7% for the first half of 2012 and at
18.7% until year end. The remaining fleet is currently trading in
the spot market.
Full Year 2011 Results
Selected Financial Data:
(US$ in 000's except per share data) 2011 2010
--------------------------------------------- ----------- -----------
Revenue 33,186 57,531
--------------------------------------------- ----------- -----------
EBITDA (1) 16,884 38,448
--------------------------------------------- ----------- -----------
Operating (loss)/ profit (25,664) 32,945
--------------------------------------------- ----------- -----------
Non-cash Impairment loss (29,282) -
--------------------------------------------- ----------- -----------
Non-cash Gain on sale of vessel - 8,451
--------------------------------------------- ----------- -----------
Operating profit excluding non-cash
items 3,618 24,494
--------------------------------------------- ----------- -----------
Net (Loss ) / Profit excluding non-cash
items (1,085) 19,085
--------------------------------------------- ----------- -----------
Net (Loss ) / Profit (30,367) 27,536
--------------------------------------------- ----------- -----------
Weighted average shares (basic & diluted) 45,616,851 45,616,851
--------------------------------------------- ----------- -----------
(Loss) / Earnings per share (basic
& diluted) (0.67) 0.60
--------------------------------------------- ----------- -----------
Total assets 188,419 241,747
--------------------------------------------- ----------- -----------
Long-term debt, net of unamortised
arrangement fees 88,152 105,314
--------------------------------------------- ----------- -----------
Total equity 92,846 125,594
--------------------------------------------- ----------- -----------
Cash flows provided by operating activities 16,689 36,077
--------------------------------------------- ----------- -----------
Cash flows used in investing activities (1,532) (5,771)
--------------------------------------------- ----------- -----------
Cash flows used in financing activities (30,086) (42,493)
--------------------------------------------- ----------- -----------
(1) EBITDA has been calculated as follows: Operating profit +
Depreciation + Depreciation of dry-docking costs + Impairment
charge - Gain on sale of vessel - Other operating income
For the year ended 31 December 2011, Hellenic reported total
revenues of to US$33.2 million compared to US$57.5 million for the
same period of 2010. The decrease in revenues is mainly attributed
to the depressed dry bulk freight rates prevailing during the year.
We note that in 2011 the Baltic Dry Index (BDI) averaged at 1,549
points compared to 2,758 points in 2010, a decrease of 43.8%. The
reduced revenue stream is also attributed to the decrease in fleet
operating days for the twelve months of 2011 due to sale of the M/V
Hellenic Breeze in August 2010.
Operating loss amounted to US$25.7 million for the year ended 31
December 2011 compared to an operating profit of US$32.9 million
for the same period of 2010. The operating loss figure for the year
ended 31 December 2011 included the non-cash impairment charge of
US$29.3 million. As a result of the significant drop in asset
values an impairment indication was identified and the relevant
tests were performed in order to determine the vessels' recoverable
amounts. As a conclusion the book values of three vessels were
adjusted to their recoverable amounts and an impairment charge of
US$29.3 million was recorded. In 2010, a gain of US$8.5 million
resulting from the sale of M/V Hellenic Breeze was also recorded as
a non-cash item.
Excluding the above mentioned non-cash items, Hellenic reported
for the year ended 31 December 2011 and 2010 an operating profit of
US$3.6 million and US$24.5 million, respectively.
The operating result was also affected by the depreciation and
amortisation charge of the year amounting to US$13.8 million. The
depreciation and amortisation charge for 2010 amounted to US$14.5
million.
Net loss for the year ended 31 December 2011 amounted to US$30.4
million representing a loss per share of US$0.67 calculated on
45,616,851 weighted average number of shares. Net profit for the
year ended 31 December 2010 amounted to US$27.5 million
representing a profit per share of US$0.60 calculated on 45,616,851
weighted average number of shares.
Excluding non-cash items, net loss for the year ended 31
December 2011 amounted to US$1.1 million, or a loss of US$0.02 per
basic and diluted share. The respective net profit, excluding
non-cash items for the year ended 31 December 2010 amounted to
US$19.1 million, or a profit of US$0.42 per basic and diluted
share.
Fleet Operating Data:
2011 2010
----------------------------------------- -------- --------
Fleet data:
----------------------------------------- -------- --------
Average number of operating vessels 5.0 5.6
----------------------------------------- -------- --------
Number of operating vessels at year
end 5.0 5.0
----------------------------------------- -------- --------
Number of vessels under construction
at year end 2.0 2.0
----------------------------------------- -------- --------
Total dwt at year end 303,141 303,141
----------------------------------------- -------- --------
Ownership days ((1) () 1,825 2,049
----------------------------------------- -------- --------
Available days ((2) () 1,723 1,984
----------------------------------------- -------- --------
Operating days ((3) () 1,694 1,821
----------------------------------------- -------- --------
Fleet utilisation ((4) () 98.3% 91.8%
----------------------------------------- -------- --------
Average daily results (in US$):
----------------------------------------- -------- --------
Time Charter Equivalent (TCE) rate
((5) () 17,369 26,089
----------------------------------------- -------- --------
Average daily vessel operating expenses
((6) () 5,456 4,934
----------------------------------------- -------- --------
(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.
During 2011 the Company, through its subsidiaries, operated 5.0
vessels which earned on average US$17,369 per day compared to 5.6
vessels and average earnings of US$26.089 per day in 2010. We note
that Panamax and Supramax average time charter rates for the year
ended 31 December 2011 were reported at US$13,895 and US$13,792,
respectively compared to US$24,995 and US$21,867 for the same
period of in 2010.
Earnings before Tax, Interest, Depreciation and Amortisation
(EBITDA) was reported at US$16.9 million for the twelve months
ended 31 December 2011 compared to US$38.4 million for the same
period of in 2010.
The Company's general and administrative expenses for the twelve
months of 2011 were approximately US$1.8 million, in line with the
expenses charged in the same period of 2010.
Vessel operating expenses decreased by US$0.1 million to a total
of US$10.0 million, however daily operating expenses increased to
US$5,456 from US$4,934. This increase is partly attributed to
higher crew costs and lubricant expenses and higher supply costs
for the vessel's trading in the Atlantic basin.
Debt / Financing Activities & Capitalisation
Debt as of 31 December 2011 amounted to US$88.2 million compared
to US$105.3 million as of 31 December 2010. Repayment of long-term
debt during the twelve months of 2011 totaled to US$17.2 million.
In order to maintain sufficient liquidity Hellenic and its
subsidiaries reached an agreement with one lender to lighten up
their debt repayment schedule for the next two years. An earnings
recapture clause has been agreed based on which part of the excess
earnings generated by the vessels will be paid to the lending bank
commencing from financial year 2012.
Furthermore, as of 31 December 2011, Hellenic and its
subsidiaries have obtained the appropriate waivers from their
lenders.
Restricted cash reported at 31 December 2011 was US$4.0 million.
Out of this amount, US$0.6 million represents funds held in
retention account for the repayment of the next debt instalment and
interest due under one of the existing loan agreements. The amount
of US$3.4 million is retained against issuance of a Bank Guarantee
of US$3.1 million provided as security to Setsea SpA, the former
charterers of the vessel M/V Hellenic Sea, pending the outcome of
arbitration proceedings already commenced in London between Owners
and Charterers on the occasion of vessel's grounding in the Amazon
River in July 2010. Input from legal advisors is supportive to
Owners' position, therefore, as of date, the Company has not
recorded a provision in the financial statements.
As of 31 December 2011 debt (debt, net of deferred financing
fees) to total capitalisation (debt and stockholders' equity)
amounted to 48.7% compared to 45.6% in 2010. Net debt (debt less
cash and cash equivalents) to total capitalisation amounted to
30.2% on 31 December 2011 compared to 26.5% on 31 December 2010.
The respective increase is a result of the impairment charge
recorded in 2011.
Total cash, including restricted cash amounted to US$48.0
million and US$60.0 million as of 31 December 2011 and 31 December
2010, respectively.
Post balance sheet events
In February 2012, the Company and its subsidiaries agreed with
the second lender to enter into an agreement for the restructuring
of the repayment schedule for the next two years and the extension
of the tenor by three more years. An earnings recapture clause has
been agreed based on which part of the excess earnings generated by
the vessels financed under this loan facility agreement during each
year, commencing from financial year 2012 and until 31 December
2013, will be paid to the lending bank.
Following the restructuring of the loan facilities with both
existing lenders, the scheduled debt repayments falling due in 2012
have been reduced to US$6.3 million. In addition, the main
financial covenants have been waived until 1 January 2014.
Dividend
In order to reinforce the Company's liquidity and optimize the
use of cash when market opportunities arise, the Directors of the
Company recommended that dividend payment for the year 2011 be
suspended.
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 (U.S. Toll Free Dial-in), or +44 (0)1452-542-301
(Standard International Dial-in). Please quote "Hellenic
Carriers".
A telephonic replay of the conference call will be available
until 21 March 2012 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
Nicolas Bornozis +1 212 661 7566 (New York)
Eleni Theodoropoulou +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 and a weighted average
date of 16.4 years 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 2011
31 December
------------------------
2011 2010
----------- -----------
US$'000 US$'000
Revenue 33,186 57,531
----------- -----------
Expenses and other income
Voyage expenses (3,258) (5,770)
Vessel operating expenses (9,957) (10,109)
Management fees - related
party (1,278) (1,394)
Depreciation (11,873) (12,508)
Depreciation of dry-docking
costs (1,927) (2,039)
Impairment loss (29,282) -
Gain on sale of vessel - 8,451
General and administrative
expenses (1,809) (1,810)
Other operating income 534 593
Operating (loss) / profit (25,664) 32,945
Finance expense (5,194) (6,045)
Finance income 480 672
Foreign currency gain / (loss),
net 11 (36)
(4,703) (5,409)
----------- -----------
(Loss) / Profit for the year (30,367) 27,536
=========== ===========
(Loss) / Earnings per share
(US$):
Basic and diluted (LPS) /
EPS for the year (0.67) 0.60
Weighted average number of
shares 45,616,851 45,616,851
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year
ended 31 December 2011
31 December
-------------------
2011 2010
--------- --------
US$'000 US$'000
(Loss) / Profit for the year (30,367) 27,536
Net gain / (loss) on cash flow
hedges 1,637 (488)
--------- --------
Total comprehensive (loss) /
income for the year (28,730) 27,048
========= ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2011
31 December
------------------
2011 2010
-------- --------
US$'000 US$'000
ASSETS
Non-current assets
Vessels, net 105,014 146,491
Vessels under construction 27,842 27,396
Deferred charges 714 -
Office furniture and equipment 6 8
-------- --------
133,576 173,895
-------- --------
Current assets
Inventories 2,237 634
Trade receivables, net 945 418
Claims receivable 239 3,772
Available for sale investments,
net of impairment - -
Due from related parties 2,964 2,496
Prepaid expenses and other assets 420 506
Restricted cash 3,974 1,033
Cash and cash equivalents 44,064 58,993
-------- --------
54,843 67,852
-------- --------
TOTAL ASSETS 188,419 241,747
======== ========
EQUITY AND LIABILITIES
Shareholders' equity
Issued share capital 46 46
Share premium 54,355 54,355
Capital contributions 10,826 10,826
Other reserves (2,959) (4,596)
Retained earnings 30,578 64,963
-------- --------
Total equity 92,846 125,594
-------- --------
Non-current liabilities
Long-term debt 79,150 88,278
Other non-current financial liabilities 1,265 2,507
-------- --------
80,415 90,785
-------- --------
Current liabilities
Trade payables 2,593 2,529
Current portion of long-term debt 9,002 17,036
Current portion of other non-current
financial liabilities 1,694 2,089
Accrued liabilities and other payables 1,790 1,709
Deferred revenue 79 2,005
15,158 25,368
-------- --------
Total Liabilities 95,573 116,153
-------- --------
TOTAL EQUITY AND LIABILITIES 188,419 241,747
======== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2011
.
Issued
share Share Capital Other Retained Total
Number Par value capital premium contributions reserves earnings equity
of shares US$ US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------- ----------- ------------- --------- -------------- ---------- ---------- ---------
As at 1
January 2010 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
=========== =========== ============= ========= ============== ========== ========== =========
Loss for the
year - - - - - - (30,367) (30,367)
Other
comprehensive
income - - - - - 1,637 - 1,637
----------- ----------- ------------- --------- -------------- ---------- ---------- ---------
Total
comprehensive
loss - - - - - 1,637 (30,367) (28,730)
Dividends to
equity
shareholders - - - - - - (4,018) (4,018)
----------- ----------- ------------- --------- -------------- ---------- ---------- ---------
At 31 December
2011 45,616,851 0.001 46 54,355 10,826 (2,959) 30,578 92,846
=========== =========== ============= ========= ============== ========== ========== =========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2011
31 December
--------------------
2011 2010
--------- ---------
US$'000 US$'000
Operating activities
(Loss) / Profit for the year (30,367) 27,536
Adjustments to reconcile (loss)/profit
to net cash flows:
Depreciation 11,873 12,508
Depreciation of dry-docking costs 1,927 2,039
Impairment loss 29,282 -
Gain on sale of vessel - (8,451)
Finance expense 5,194 6,045
Finance income (480) (672)
--------- ---------
17,429 39,005
Increase in inventories (1,603) (185)
Decrease / (Increase) in trade receivables,
claims receivable, prepaid expenses
and other assets 3,054 (2,989)
Increase in due from related parties (468) (3)
Increase in trade payables, accrued
liabilities and other payables 203 692
Decrease in deferred revenue (1,926) (443)
--------- ---------
Net cash flows provided by operating
activities 16,689 36,077
--------- ---------
Investing activities
Advances for vessels under construction (446) (27,396)
Dry-docking costs (1,601) (2,217)
Proceeds from sale of vessels - 23,092
Office furniture and equipment (2) -
Interest received 517 750
--------- ---------
Net cash flows used in investing activities (1,532) (5,771)
--------- ---------
Financing activities
Repayment of long-term debt (17,170) (32,560)
Borrowing cost for vessels under construction (714) -
Restricted cash (2,941) (773)
Interest paid (5,243) (5,951)
Dividends paid to equity shareholders (4,018) (3,209)
--------- ---------
Net cash flows used in financing activities (30,086) (42,493)
--------- ---------
Net decrease in cash and cash equivalents (14,929) (12,187)
Cash and cash equivalents at 1 January 58,993 71,180
--------- ---------
Cash and cash equivalents at 31 December 44,064 58,993
========= =========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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