TIDMHCL
RNS Number : 6975A
Hellenic Carriers Limited
24 February 2014
2013 Financial Results
Press Release 24 February 2014
HELLENIC CARRIERS REPORTS PRELIMINARY RESULTS FOR THE
YEAR ENDED 31 DECEMBER 2013
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM:
HCL), owns and trades a fleet of dry bulk vessels that transport
iron ore, coal, grain, steel products, cement, alumina, and other
dry bulk cargoes worldwide. The Company is pleased to report today
its Preliminary Results for the year ended 31 December 2013.
The Company's management team will be holding a conference call
and webcast on Monday 24 February 2014, at 1pm (London), 3pm
(Athens) and 8am (New York) to discuss the results. Dial in details
are included below.
2013 HIGHLIGHTS
FINANCIAL
Þ Revenue US$ 10.9 million (2012: US$ 13.2 million)
Þ EBITDA(1) positive US$ 0.3 million (2012: US$ 0.2 million EBITDA negative)
Þ Operating loss US$ 9.2 million (2012: US$ 15.9 million or US$
9.4 million Operating loss before non-cash items)
Þ Net loss US$ 14.2 million (2012: Net loss US$ 20.7 million or
US$ 14.2 million loss before non-cash items)
Þ Gearing ratio(2) at 53.4% as of 31 December 2013 (31.9% as of 31 December 2012)
Þ Total cash including restricted cash US$ 27.7 million as of 31
December 2013 (US$ 47.7 million as of 31 December 2012)
Þ Gross debt US$ 97.3 million as of 31 December 2013 from US$
82.3 million as of 31 December 2012 resulting in a net debt
position of US$ 69.6 million from US$ 34.6 million on 31 December
2012
OPERATIONAL
Þ Delivery of the two newbuilding Kamsarmax vessels M/V Odysseas
and M/V Konstantinos II in August and September 2013
respectively
Þ Operation of a fleet of 3.7 vessels on average for the full
year 2013 compared to 4.0 vessels in 2012
Þ Time Charter Equivalent ("TCE") rate of US$ 7,614 (2012: US$ 7,414)
Þ Daily Operating expenses reduction to US$ 5,088 from US$ 5,234 (a decrease of 2.8%)
Þ Agreement reached in August 2013 for the acquisition of M/V
Pistis, a geared 52,388 dwt Supramax vessel built at Tsuneishi
Shipbuilding Corporation, Japan in 2004, at the price of US$ 16.16
million in cash
SUBSEQUENT
Þ Delivery of the 2004-built Supramax M/V Pistis on 7 January 2014
(1) EBITDA has been calculated as follows: Operating profit +
Depreciation + Depreciation of dry-docking costs + Impairment
charge - Gain on sale of vessels -- Other operating income
(2) Gearing ratio is defined as Net Debt to total capitalisation
(debt, net of deferred financing fees less cash
and cash equivalents to net debt and stockholders' equity)
Management Commentary
2013 was a transformative year for Hellenic Carriers. Within a
year, the fleet grew from three to six vessels and its profile
improved in terms of average age and overall carrying capacity.
Importantly, the new vessels were acquired at levels which are well
below the 10-year average prices for similar assets, and have come
at a time when the signs of recovery are apparent. We are confident
that these acquisitions are accretive, and will yield significant
profit generation capacity going forward. Furthermore, as we
avoided long term employment commitments at previously prevailing
low rates, the vessels can fully capitalize upon the gradually
improving freight market.
After almost three years of a shipping crisis which led rates
close to historical lows, we believe that the supply/demand
fundamentals are now turning positive. The crisis was not caused by
lackluster demand, on the contrary demand continued to steadily
grow, but rather by the oversupply of ships. The unprecedented
numbers of new vessels ordered during the peak of the last shipping
cycle have now been significantly absorbed, while many older
vessels have been scrapped. Newbuilding orders are continuing to
grow, but not, as things stand today, at levels that would threaten
industry fundamentals. Dry bulk commodity demand, both from the
developing world, as well as from mature economies continues to
strengthen. Considering all these factors together, we believe that
2014 will be the turning point towards a recovery cycle.
It is not surprising, therefore, that investor interest for
shipping has resumed. After all, shipping offers a solid investment
proposal backed by hard assets at prices which are attractive, as
well as the growing trade amongst the mature and the developing
economies. However, shipping remains a highly cyclical market and
timing plays a crucial role. The recent downturn is an example of
the importance of making the right employment and investment
decisions at the right time.
Hellenic's track record proves the point: when the market was at
or close to its peak, long term charter contracts were agreed which
helped build significant cash reserves. Then as the market
deteriorated, older assets were disposed of and through these sales
funding for the new acquisitions was secured. As a result, the
company managed to overcome challenging conditions and to emerge
stronger.
Today with a larger, younger and uncommitted fleet Hellenic, a
pure dry bulk shipping company, is well positioned to benefit from
the positive trend and shall consider further timely and accretive
acquisitions, which will continue to enhance shareholder value.
Vessels' Development
Details of the vessels as of the date of this announcement:
Vessel Type Year Yard Date Carrying
Built Acquired Capacity
(dwt)
------------------ ----------- -------- ------------------------ ----------- ----------
Tsuneishi Shipbuilding
Corporation,
M/V Pistis(1) Supramax 2004 Japan 2014 52,388
------------------ ----------- -------- ------------------------ ----------- ----------
Zhejiang Ouhua
M/V Konstantinos Shipbuilding
II Kamsarmax 2013 Co. Ltd., China 2013 81,698
------------------ ----------- -------- ------------------------ ----------- ----------
Zhejiang Ouhua
Shipbuilding
M/V Odysseas Kamsarmax 2013 Co. Ltd., China 2013 81,662
------------------ ----------- -------- ------------------------ ----------- ----------
Tsuneishi Shipbuilding
M/V Hellenic Corporation,
Wind Panamax 1997 Japan 2008 73,981
------------------ ----------- -------- ------------------------ ----------- ----------
Mitsui Engineering
M/V Konstantinos & Shipbuilding,
D Supramax 2000 Japan 2008 50,326
------------------ ----------- -------- ------------------------ ----------- ----------
Halla Engineering
M/V Hellenic & Heavy Industries,
Horizon Handymax 1995 Korea 2007 44,809
------------------ ----------- -------- ------------------------ ----------- ----------
As of the date of this announcement:
6 Vessels with average age 10.1 year 384,864
------------------------------------------------------------------- ----------- ----------
(1) M/V Pistis was delivered on 7 January 2014
In H2 2013, two sister Kamsarmax vessels were added to the
operating fleet increasing the carrying capacity to 332,476 dwt.
The two Kamsarmaxes were ordered at Zhejiang Ouhua Shipbuilding Co.
Ltd., China in June 2010 at a contract price of US$ 34.2 million
each for a scheduled delivery in H1 2013. In H1 2013 the contract
price of the vessels was renegotiated and reduced to US$ 26.3
million each and their delivery dates extended. Consequently, M/V
Odysseas, a 81,662 dwt Kamsarmax vessel was delivered on 12 August
2013 and M/V Konstantinos II, a 81,698 dwt Kamsarmax vessel, was
delivered on 25 September 2013.
In August 2013, one of the Company's subsidiaries agreed to
purchase from an unaffiliated third party the M/V Ocean Alliance, a
geared 52,388 dwt Supramax vessel built at Tsuneishi Shipbuilding
Corporation, Japan in 2004, at the price of US$ 16.16 million in
cash. The vessel was delivered on 7 January 2014 and was renamed to
Pistis.
As of the date of this announcement, the Company owns and
trades, through its wholly owned subsidiaries, a fleet of six dry
bulk carriers with total carrying capacity of 384,864 and an
average age of 10.1 years. Over the last fourteen months the
carrying capacity has increased by 127.6% (from 169,116 dwt to
384,864 dwt) and the fleet average age has dropped from 15.5 years
to 10.1 years.
Vessels' Employment
From the beginning of 2012 until the end of H1 2013 the dry bulk
freight market dropped to its lowest levels of the last 27 years,
since inception of the Baltic Dry Index (BDI). During this period
the Company decided to avoid committing the vessels at low hire
rates and focused on a combination of employment in the spot market
and short term period fixtures.
In H2 2013 and especially during Q4 2013 the first signs of a
market recovery became apparent. The BDI increased by 86% from an
average of 842 points in H1 to 1,564 points in H2 2013. The
sharpest rise was witnessed in the cape size sector; however the
sub cape size segments also benefited from the improvement in the
freight market. The chartering strategy during Q4 2013 remained the
same; employment in the spot market or short period fixtures.
M/V Konstantinos II is currently employed under a time charter
agreement for a period of about 6 to 8 months at a daily floating
hire rate linked to the average of the four routes of the Baltic
Exchange Panamax Index (BPI) plus a 12% premium and with a
guaranteed minimum floor rate of US$ 9,000 gross. The charter
commenced on 19 November 2013, with the earliest expiration date on
4 May 2014 and the latest on 3 August 2014. The average gross daily
rate from 19 November 2013 until the date of this announcement is
US$ 14,328.
M/V Odysseas is currently performing a time charter trip with an
estimated duration of approximately 90 days at a gross daily rate
of US$ 13,900. This trip commenced on 11 December 2013 and is
expected to expire on 10 March 2014.
M/V Hellenic Wind is currently performing a time charter trip
with an estimated duration of 65 days at a gross daily rate of US$
11,100. The trip commenced on 19 December and is expected to expire
at the earliest on 26 February 2014.
M/V Konstantinos D is currently performing a time charter trip
with an estimated duration of 25 days at a gross daily rate of US$
14,000. The trip commenced on 2 February and is expected to expire
at the earliest on 26 February 2014.
M/V Hellenic Horizon is currently performing a time charter trip
with an estimated duration of 20 days at a gross daily rate of US$
6,000 plus a ballast bonus of US$ 60,000. This charter commenced on
31 January 2014 and is expected to expire on about 22 February
2014.
M/V Pistis is currently under repairs.
The fleet deployment profile as of the date of this announcement
is outlined below:
Vessel Type Charter T/C Earliest Daily Charter
Type Expiration Rate US$
Date(1) (Gross)
------------------ ----------- -------------- -------------- --------------
M/V Konstantinos Kamsarmax T/C 4 May 2014 BPI average
II +12% premium
------------------ ----------- -------------- -------------- --------------
Time Charter 10 March
M/V Odysseas Kamsarmax Trip 2014 13,900
------------------ ----------- -------------- -------------- --------------
M/V Hellenic Time Charter
Wind Panamax Trip 26 Feb 2014 11,100
------------------ ----------- -------------- -------------- --------------
M/V Konstantinos Time Charter
D Supramax Trip 26 Feb 2014 14,000
------------------ ----------- -------------- -------------- --------------
M/V Hellenic Time Charter
Horizon Handymax Trip 22 Feb 2014 6,000
------------------ ----------- -------------- -------------- --------------
M/V Pistis Supramax - - -
------------------ ----------- -------------- -------------- --------------
(1) The earliest charter expiration date represents the first
day on which the Charterer may redeliver the vessel to the ship
owning company.
Full year 2013 Results
Operating and Financial highlights
The following tables summarise the operating and financial
results for full year 2013.
Year ended 31
Selected Operating data December
2013 2012
---------- --------
Unaudited Audited
Average number of operating
vessels 3.7 4.0
Number of operating vessels
at year end 5.0 3.0
Number of vessels under construction
at year end - 2.0
Total dwt at year end 332,476 169,116
Ownership days (1) 1,335 1,471
Available days (2) 1,284 1,355
Operating days (3) 1,228 1,241
Fleet utilisation (4) 95.6% 91.6%
Average daily results (in US$)
Time Charter Equivalent (TCE)
rate (5) 7,614 7,414
Average daily vessel operating
expenses(6) 5,088 5,234
(1) Ownership days are the cumulative days in a period during
which each vessel is owned by the respective vessel owning
company.
(2) Available days are ownership days less the days that the
vessels are at scheduled off-hire for maintenance or vessel
repositioning.
(3) Operating days are the available days less all unforeseen
off-hires.
(4) Fleet utilisation is measured by dividing the vessels'
operating days by the vessels' available days.
(5) TCE is defined as vessels' total revenues less voyage
expenses divided by the number of the available days for the
period.
(6) Average daily vessel operating expenses is defined as vessel
operating expenses divided by ownership days.
Selected Income Statement Data
(Amounts expressed in thousands
of U.S. Dollars,
except share and per share Year ended 31
data) December
2013 2012
----------- -----------
Unaudited Audited
Revenue 10,923 13,168
EBITDA (1) 272 (166)
Operating loss (9,161) (15,947)
Adding back impairment loss - 8,580
Adding back gain on sale of
vessels - (2,072)
Operating loss before non-cash
items (9,161) (9,439)
Net Finance costs (5,036) (4,784)
Net loss before non-cash items (14,197) (14,223)
Net loss (14,197) (20,731)
Loss per share (US$):
Basic and diluted LPS for the
year (0.31) (0.45)
Weighted average number of shares 45,616,851 45,616,851
(1) EBITDA has been calculated as follows: Operating profit +
Depreciation + Depreciation of dry-docking costs + Impairment
charge - Gain on sale of vessels - Other operating income
During 2013 the Company, through its subsidiaries, operated 3.7
vessels which earned on average US$ 7,614 per day compared to 4.0
vessels and average earnings of US$ 7,414 per day in 2012, an
increase of 2.7%.
For the year ended 31 December 2013, Hellenic reported total
revenues of US$ 10.9 million compared to US$ 13.2 million for the
same period of 2012, a decrease of US$ 2.3 million. The decrease in
revenues is attributed to the reduction in the number of vessels
operated during the period, in conjunction with the prolonged
weakness of the dry bulk freight rates. The fleet utilisation
during the period was reported at 95.6% compared to 91.6% in the
same period of 2012 as result of the decrease in vessels' ballast
days for repositioning purposes.
Voyage expenses decreased by 64.5% to US$ 1.1 million compared
to US$ 3.1 million for the same period of 2012. The decrease in
voyage expenses is mainly attributable to the increased fleet
utilization during the year 2013 which translates to reduced days
in ballast and therefore reduced fuel oil expenses.
Vessel operating expenses dropped by US$ 0.9 million to a total
of US$ 6.8 million for the year ended 31 December 2013. The
decrease is mainly due to cost control and fleet renewal after
delivery of the new building Kamsarmax vessels in Q3 and Q4 2013.
The daily operating expenses for the year ended 31 December 2013
were reported at US$ 5,088 from US$ 5,234 for the same period of
2012, a decrease of 2.8% demonstrating the effect of an efficiently
run younger fleet.
The Company's general and administrative expenses for the year
ended 31 December 2013 amounted to US$ 1.6 million compared to US$
1.5 million reported for the same period of 2012.
Earnings before Tax, Interest, Depreciation and Amortisation
(EBITDA) was reported positive at US$ 0.3 million for the year
ended 31 December 2013 compared to negative US$ 0.2 million for the
same period in 2012.
Operating loss amounted to US$ 9.2 million for the year ended 31
December 2013 compared to US$ 15.9 million for the same period of
2012. For the year ended 31 December 2012, the operating loss
figure included non-cash impairment charge of US$ 8.6 million and
non-cash gain resulting from the sale of M/V Hellenic Sky and M/V
Hellenic Sea in the amount of US$ 2.1 million.
The total finance expense comprising of i) interest payable on
bank debt, ii) amortization of deferred loan fees and iii) other
finance costs, was reported at US$ 5.4 million for the year ended
31 December 2013, in line with the amount reported for the same
period of 2012. Interest payable on bank debt decreased
considerably by US$ 0.9 million due to the termination of the swap
agreements in August 2013, but an almost equal increase was
realized in amortization of deferred loan fees due to the fact that
borrowing costs and commitment fees paid under a loan commitment
were written off upon its full cancellation in September 2013.
The weighted average interest rate for the year ended 31
December 2013 was 4.90% decreasing considerably from 5.95% reported
in 2012.
Net loss for the year ended 31 December 2013 amounted to US$
14.2 million or US$ 0.31 basic loss per share calculated on
45,616,851 weighted average number of shares. Net loss for the year
ended 31 December 2012 amounted US$ 20.7 million or US$ 0.45 basic
loss per share calculated on 45,616,851 weighted average number of
shares.
Financial Position and Cash Flow highlights
Selected Financial Position Year ended 31
Data December
(Amounts expressed in thousands
of U.S. Dollars) 2013 2012
---------- --------
Unaudited Audited
Vessels, net 124,701 77,028
Vessels under construction - 28,877
Other non-current assets 1,617 717
Total non-current assets 126,318 106,622
Cash and cash equivalents including
restricted cash 27,704 47,700
Other current assets 7,094 5,459
Total current assets 34,798 53,159
---------- --------
Total assets 161,116 159,781
Total equity 60,877 73,916
Total bank debt 97,326 82,324
Other liabilities 2,913 3,541
Total liabilities 100,239 85,865
Total equity and liabilities 161,116 159,781
Net Debt (1) 69,622 34,624
(1) Net Debt has been calculated as follows: Total Bank Debt -
Cash and Cash equivalents
including restricted cash
Year ended 31
Selected Cash Flow Data December
(Amounts expressed in thousands
of U.S. Dollars) 2013 2012
---------- ---------
Unaudited Audited
Cash flows used in operating
activities (617) (596)
Cash flows (used in)/ provided
by investing activities (29,727) 11,463
Cash flows provided by/ (used
in) financing activities 20,055 (26,463)
Debt / Financing Activities & Capitalisation
As of 31 December 2013, total Bank Debt was reported at US$ 97.3
million compared to US$ 82.3 million at 31 December 2012.
The amounts were analysed as follows:
(Amounts expressed in thousands Year ended 31
of U.S. Dollars) December
2013 2012
Bank Loan Vessel(s) U.S.$'000 U.S.$'000
Hellenic Sky: sold
in 2012
Hellenic Horizon,
Loan a Konstantinos II 31,765 31,300
Hellenic Sea: sold
in 2012
Konstantinos D
Hellenic Wind
Pistis: delivered
Loan b in January 2014 49,485 51,615
Loan c Odysseas 17,080 -
---------- ----------
Total 98,330 82,915
Less: debt
discount (1,004) (591)
---------- ----------
Total Bank
debt 97,326 82,324
---------- ----------
Loan a: Further to the sale of the vessel M/V Hellenic Sky in
May 2012 the proceeds in the amount of US$ 10.3 million (included
in restricted cash at 31 December 2012) were transferred as bank
financing towards the acquisition cost of the Kamsarmax M/V
Konstantinos II coupled with new debt in the amount of US$ 2.2
million drawn upon the vessel's delivery. The loan tenor was
extended, the new maturity date being 8 May 2023. The outstanding
balance which, as of 31 December 2013 amounted to US$ 31.77 million
(inclusive of the new debt of US$ 2.2 million as described above)
is repayable in eight quarterly instalments of US$ 0.22 million
each, followed by thirty quarterly instalments of US$ 0.43 million.
The first instalment was due on 10 February 2014 and the final
instalment is due on 8 May 2023, along with a balloon payment of
US$ 12.30 million. An interim balloon in the amount US$ 4.81
million is payable in February 2018.
Loan b: Further to the sale of the vessel M/V Hellenic Sea in
August 2012 the proceeds in the amount of US$ 5.4 million together
with additional debt of US$ 2.5 million were transferred as bank
financing towards the acquisition of M/V Pistis, which was
delivered on 7 January 2014. The maturity of the loan has now been
extended to 7 May 2020. The outstanding balance as of 31 December
2013 amounted to US$ 49.48 million and along with the new debt of
US$ 2.5 million drawn down in January 2014 (as described above), is
repayable in eight quarterly instalments of US$ 0.41 million each,
followed by four quarterly instalments of US$ 0.7 million each,
four quarterly instalments of US$ 0.75 million each, an interim
balloon of US$ 1.4 million payable in November 2017, four quarterly
instalments of US$ 1.12 million each, a second interim balloon of
US$ 1.25 million payable in November 2018, four quarterly
instalments of US$ 1.12 million each, a third interim balloon of
US$ 1.25 million payable in November 2019, and two quarterly
instalments of US$ 2.0 million, the last one being payable on
maturity 7 May 2020 along with a balloon payment of US$ 26.04
million.
Loan c: On 30 March 2011, Ithaca Maritime Ltd, the owner of the
Kamsarmax vessel under construction M/V Odysseas, entered into a
term-loan facility agreement for the financing of up to 65% of the
vessel's market value upon delivery. Further to the reduction in
the vessel's contract price (at US$ 26.28 million from US$ 34.20
million), the amount of US$ 17.08 million was drawn down upon the
vessel's delivery in August 2013. The loan outstanding balance as
of 31 December 2013 is repayable in twelve semi-annual instalments
of US$ 0.46 million each. The first instalment was due on 10
February 2014 and the final instalment is due on 9 August 2019,
along with a balloon payment of US$ 11.56 million.
An earnings recapture clause has been agreed under loan
facilities a and b based on which part of any excess earnings
generated by the vessels after payment of their debt service
(principal and interest) will be paid to the lending banks. The
payment due under this clause for the fiscal year 2013 is US$
nil.
The gross debt repayments (without taking into account any
payments under the earning recapture clauses as described above)
amount to US$ 3.4 million per year for the years 2014 and 2015.
As of 31 December 2013, Hellenic and its subsidiaries are in
compliance with debt covenants.
Cash and cash equivalents including restricted cash were
reported at US$ 27.7 million compared to US$ 47.7 million at 31
December 2012.
Restricted cash reported at 31 December 2013 amounted to US$ 9.5
million (2012: US$ 19.2 million). This amount consisted of a) US$
5.3 million being the aggregate of the proceeds from the sale of
the vessel Hellenic Sea which were pledged with the vessel's lender
for the purpose of being transferred as bank debt towards the
acquisition of M/V Pistis in January 2014 and US$ 0.2 million being
pledged as minimum cash requirement under one of the loan facility
agreements, b) US$ 3.4 million being retained against issuance of a
bank guarantee in the amount of US$ 3.1 million and c) US$ 0.6
million being cash held in bank accounts of the vessel owning
companies that are retained for the payment of future
instalments.
As of 31 December 2013 net debt amounted to US$ 69.6 million
compared to US$ 34.6 million as of 31 December 2012. This increase
in net debt is attributable to additional debt drawn down upon
delivery of the two Kamsarmax vessels in the amount of US$ 19.3
million and utilization of the pledged amount of US$ 10.3 million
(included in restricted cash as at 31 December 2012) for the same
purpose. Consequently, the gearing ratio being defined as net debt
(debt less cash and cash equivalents) to total capitalisation
amounted to 53.4% on 31 December 2013 compared to 31.9% on 31
December 2012.
In relation to cash flows used in investing activities, the
amount of US$ 29.7 million consists mainly of the following
items:
-- The amount of US$ 26.8 million paid during the year ended 31
December 2013 in relation to the construction of the two new
building Kamsarmax vessels delivered in H2 2013. This amount
included the last instalment payable to the yard (US$ 12.7 million
per vessel) and other related costs.
-- The amount of US$ 1.7 million represents i) dry-docking cost
for the M/V Hellenic Wind and M/V Konstantinos D which performed
their intermediate surveys at a total cost of US$ 1.3 and ii) the
estimated dry-docking component of the new building vessels upon
their delivery in H2 2013 amounting to US$ 0.2 million per vessel.
(Deferred dry-docking cost for the year ended 31 December 2012
amounted to US$ 1.2 million).
-- The amount of US$ 1.6 million being 10% advance payment made
in October 2013 for the acquisition of the 2004 built Supramax
vessel M/V Pistis under the terms of the MOA dated August 2013.
Subsequent Events
The vessel M/V Pistis, a geared 52,388 dwt Supramax vessel built
at Tsuneishi Shipbuilding Corporation, Japan in 2004 was delivered
on 7 January 2014 under the terms of the acquisition agreement
dated August 2013. The acquisition price of US$ 16.16 million was
funded partly by cash reserves of US$ 8.3 million and partly by
loan b using the proceeds from the sale of M/V Hellenic Sea in the
amount of US$ 5.4 million coupled with new debt in the amount of
US$ 2.5 million as described above (loan b). The vessel is
currently under repairs.
Arkadia Maritime Corp, the owner of M/V Hellenic Horizon
assigned the outstanding net admitted cash rehabilitation claim
against Samsum Logix Corp. to unaffiliated third party interests
and received a consideration of US$ 1.1 million.
Dividend
In order to reinforce the Company's liquidity and optimise the
use of cash when market opportunities arise, the Directors of the
Company recommended that dividend payment for the year 2013 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 3 March 2014 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 7886 2500
Capital Link
Nicolas Bornozis +1 212 661 7566 (New York)
Christina Daouti +44 (0) 20 3206 1320 (London)
E-mail: helleniccarriers@capitallink.com
Further Information - Notes to Editors
About Hellenic Carriers Limited
Hellenic Carriers Limited owns and trades through its
subsidiaries 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 six vessels, including one
Panamax, two Supramax, one Handymax and two Kamsarmax vessels with
an aggregate carrying capacity of 384,864 dwt and a weighted
average age of 10.1 years.
Hellenic Carriers is listed on the AIM of the London Stock
Exchange under ticker HCL.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2013
(Amounts expressed in thousands of U.S. Dollars, except share
and per share data)
31 December
------------------------
2013 2012
----------- -----------
Unaudited Audited
----------- -----------
US$'000 US$'000
Revenue 10,923 13,168
----------- -----------
Expenses and other income
Voyage expenses (1,087) (3,121)
Voyage expenses - related
parties (60) -
Vessel operating expenses (6,793) (7,699)
Management fees - related
parties (1,153) (1,062)
Depreciation (7,516) (8,086)
Depreciation of dry-docking
costs (1,917) (1,454)
Impairment loss - (8,580)
Gain on sale of vessels - 2,072
General and administrative
expenses (1,558) (1,452)
Other operating income - 267
Operating loss (9,161) (15,947)
Finance expense (5,413) (5,397)
Finance income 403 613
Foreign currency loss,
net (26) -
(5,036) (4,784)
----------- -----------
Loss for the year (14,197) (20,731)
=========== ===========
Loss per share (US$):
Basic and diluted LPS
for the year (0.31) (0.45)
Weighted average number
of shares 45,616,851 45,616,851
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2013
(Amounts expressed in thousands of U.S. Dollars)
31 December
---------------------
2013 2012
---------- ---------
Unaudited Audited
---------- ---------
US$'000 US$'000
Loss for the year (14,197) (20,731)
Net gain on cash flow
hedges 1,158 1,801
---------- ---------
Total comprehensive loss
for the year (13,039) (18,930)
========== =========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2013
(Amounts expressed in thousands of U.S. Dollars)
31 December
--------------------
2013 2012
---------- --------
Unaudited Audited
---------- --------
US$'000 US$'000
ASSETS
Non-current assets
Vessels, net 124,701 77,028
Advances for vessel acquisition 1,616 -
Vessels under construction - 28,877
Deferred charges - 714
Office furniture and equipment 1 3
---------- --------
126,318 106,622
---------- --------
Current assets
Inventories 458 264
Trade receivables, net 1,701 878
Claims receivable 238 251
Available for sale investments,
net of impairment - -
Due from related parties 3,845 3,711
Prepaid expenses and other
assets 852 355
Restricted cash 9,525 19,232
Cash and cash equivalents 18,179 28,468
---------- --------
34,798 53,159
---------- --------
TOTAL ASSETS 161,116 159,781
========== ========
EQUITY AND LIABILITIES
Shareholders' equity
Issued share capital 46 46
Share premium 54,355 54,355
Capital contributions 10,826 10,826
Cash flow hedging reserves - (1,158)
(Accumulated deficit)/
Retained earnings (4,350) 9,847
---------- --------
Total equity 60,877 73,916
---------- --------
Non-current liabilities
Long-term debt 94,081 62,331
---------- --------
94,081 62,331
---------- --------
Current liabilities
Trade payables 1,320 1,055
Current portion of long-term
debt 3,245 19,993
Current portion of other
non-current financial liabilities - 1,158
Accrued liabilities and
other payables 1,325 1,328
Deferred revenue 268 -
6,158 23,534
---------- --------
Total Liabilities 100,239 85,865
---------- --------
TOTAL EQUITY AND LIABILITIES 161,116 159,781
========== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2013
(Amounts expressed in thousands of U.S. Dollars, except share
and per share data)
Cash (Accumulated
Issued flow deficit)/
Par share Share Capital hedging Retained Total
Number value capital premium contributions reserves earnings equity
of shares US$ US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------- -------- ---------- ---------- --------------- ---------- ------------- ----------
As at 1
January 2012 45,616,851 0.001 46 54,355 10,826 (2,959) 30,578 92,846
Loss for the
year - - - - - - (20,731) (20,731)
Other
comprehensive
income - - - - - 1,801 - 1,801
----------- -------- ---------- ---------- --------------- ---------- ------------- ----------
Total
comprehensive
loss - - - - - 1,801 (20,731) (18,930)
As at 31
December
2012 45,616,851 0.001 46 54,355 10,826 (1,158) 9,847 73,916
=========== ======== ========== ========== =============== ========== ============= ==========
Loss for the
year - - - - - - (14,197) (14,197)
Other
comprehensive
income - - - - - 1,158 - 1,158
----------- -------- ---------- ---------- --------------- ---------- ------------- ----------
Total
comprehensive
loss - - - - - 1,158 (14,197) (13,039)
As at 31
December
2013 45,616,851 0.001 46 54,355 10,826 - (4,350) 60,877
=========== ======== ========== ========== =============== ========== ============= ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2013
(Amounts expressed in thousands of U.S. Dollars)
31 December
---------------------
2013 2012
---------- ---------
Unaudited Audited
---------- ---------
US$'000 US$'000
Operating activities
Loss for the year (14,197) (20,731)
Adjustments to reconcile loss
to net cash flows:
Depreciation 7,516 8,086
Depreciation of dry-docking
costs 1,917 1,454
Impairment loss - 8,580
Gain on sale of vessels - (2,072)
Finance expense 5,413 5,397
Finance income (403) (613)
---------- ---------
246 101
(Increase)/ Decrease in inventories (194) 1,973
(Increase)/ Decrease in trade
receivables, claims receivable,
prepaid expenses and other
assets (1,367) 176
Increase in due from related
parties (134) (747)
Increase/ (Decrease) in trade
payables, accrued liabilities
and otherpayables 564 (2,020)
Increase/ (Decrease) in deferred
revenue 268 (79)
---------- ---------
Net cash flows used in operating
activities (617) (596)
---------- ---------
Investing activities
Acquisition/ improvement of
vessels (103) (504)
Advances for vessels under
construction (26,798) (1,035)
Advances for vessel acquisition (1,616) -
Dry-docking costs (1,673) (1,207)
Proceeds from sale of vessels - 13,653
Office furniture and equipment - (1)
Interest received 463 557
---------- ---------
Net cash flows (used in)/ provided
by investing activities (29,727) 11,463
---------- ---------
Financing activities
Proceeds from issue of long-term
debt 19,300 -
Repayment of long-term debt (3,885) (5,655)
Restricted cash 9,707 (15,258)
Finance expenses paid (5,067) (5,550)
Net cash flows provided by/
(used in) financing activities 20,055 (26,463)
---------- ---------
Net decrease in cash and cash
equivalents (10,289) (15,596)
Cash and cash equivalents at
1 January 28,468 44,064
---------- ---------
Cash and cash equivalents at
31 December 18,179 28,468
========== =========
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SELSMDFLSEIE
Hellenic Carr. (LSE:HCL)
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