Interim / Quarterly Report • Aug 31, 2022
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
First half year report
| Key financials | 3 |
|---|---|
| Future outlook and strategy | 4 |
| Interim consolidated statement of comprehensive income | 5 |
| Interim consolidated statement of financial position | 6 |
| Interim consolidated statement of cash flows | 7 |
| Interim consolidated statement of changes in equity | 8 |
| Notes to the interim consolidated financial statements | 9 |
| 6 months | Year | ||
|---|---|---|---|
| (In thousands of USD) | H1 2022 | H1 2021 | 2021 |
| Revenue | - | - | - |
| Vessel operating days | - | - | - |
| Operating profit | (130) | (226) | (233) |
| Net profit | (150) | (224) | (214) |
| EPS (in USD per share) | (0,01) | (0.01 | -0,00 |
| Dividend (in USD per share) | - | - | - |
| Total capital paid to shareholders | - | - | 51 000 |
| Cash flow from operations | (41) | 539 | 55 |
| Net cash flow | - | (50 461) | (50 989) |
| Cash and cash equivalents | 3 612 | 5 221 | 4 693 |
Following the vessel sales towards the end of 2020 the Company had no revenue generating assets during the first half of 2022 and thus revenue was nil. Total operating costs during the six-month period were USD 0.1 million (H1 2021 – USD 0.1 million) and the Company recorded a net loss of USD- 0.1 million (H1 2021 -USD 0.1 million).
During H1 2021 the Company returned USD 51 million to shareholders by way of a capital payment, funded by the net proceeds from the vessels sales completed at the end of 2020. At the end of the period H1-2022 the Company held cash and cash equivalents of USD 3.6 million (H1 2021 – USD 5.2 million).
In Q2 the Company subscribed for a 20% interest in a chartered-in VLCC trading in Navig8's VL8 pool for a firm period of 12 months and with an option period of an additional 12 months.
The Company will receive its share of the earnings from the Vessel as it trades in the Pool and will be liable to pay its share of the fixed time charter hire. The Vessel was delivered on charter May 2022. The Company also subscribed on similar terms for a 20% interest in a chartered-in scrubber-fitted MR trading in Navig8's MR pool for a firm period of 36 months +/- 60 days, delivery June.
In June 2022 the Company acquired a 5 % shareholding in AET Sea Shuttle AS and AET Sea Shuttle II AS, the owners of 4 modern shuttle tankers operating in the North Sea, mainly on long term charters to Equinor. Sellers were ADS Shipping Limited. The shares were acquired at a discount to valuations of the Vessels obtained from independent international brokers. The acquisition is financed by an interest-free sellers' credit repayable within 2 years.
The Company's strategy is to make counter-cyclical investments in quality ships bought at prices discounted to new building parity, particularly tankers and bulkers, as well as projects with long-term secured cashflow, low residual risk, and solid returns on equity. The Company continues to evaluate investment opportunities in a range of vessel types and segments. As the Company is reliant on new financing in order to support further growth, a Private Placement of NOK 100 mill. was arranged in July 2022.
In August the Company subcribed for 20 % stake in three LR 2/Aframax tankers and will act as Disponent Owner and Commercial Manager in a sale-leaseback deal with the Sellers. The vessels will enter into 3 years firm bareboat charters commencing from delivery end of August 2022, with options to extend 1+1 year. The Company expect the transaction to be finally concluded shortly.
| 6 months | 12 months | |||
|---|---|---|---|---|
| (In thousands of USD) | Note | H1 2022 | H1 2021 | 2021 |
| Revenue | ||||
| Charter revenues | - | - | - | |
| Gain on disposal of vessel | - | - | - | |
| Total revenue | - | - | - | |
| Operating expenses | ||||
| Voyage expenses | - | - | - | |
| Vessel operating expenses | - | 34 | 270 | |
| General & administrative costs | (130) | (260) | (503) | |
| Depreciation | - | - | - | |
| Total operating expenses | (130) | (226) | (233) | |
| Operating profit | (130) | (226) | (233) | |
| Finance cost | (39) | - | (45) | |
| Finance income | 19 | 2 | 64 | |
| Profit before tax | (150) | (224) | (214) | |
| Income tax | - | - | - | |
| Profit after tax and total comprehensive income |
(150) | (224) | (214) | |
| (In USD) | ||||
| Earnings per share attributable to equity holders |
||||
| - Basic and diluted | (0.01) | (0.01) | 0,00 |
| At end of | ||||
|---|---|---|---|---|
| (In thousands of USD) | Note | Q2 2022 | Q2 2021 | 2021 |
| Assets | ||||
| Non-current assets | ||||
| Vessels | - | - | - | |
| Investment in EQ_instruments | 11 429 | |||
| Other non-currents assets | 1 011 | |||
| Total non-current assets | 12 440 | - | - | |
| Current assets | ||||
| Receivables from customers | - | - | - | |
| Other current assets | 68 | 34 | 43 | |
| Restricted cash | - | - | - | |
| Cash and cash equivalents | 3 612 | 5 221 | 4 693 | |
| Total current assets | 3 680 | 5 255 | 4 736 | |
| Total assets | 16 120 | 5 255 | 4 736 | |
| Equity and liabilities | ||||
| Equity | ||||
| Issued share capital | 4 678 | 4 678 | 4 678 | |
| Share premium | 207 | 207 | 207 | |
| Retained earnings | (406) | (266) | (256) | |
| Total equity | 4 479 | 4 619 | 4 629 | |
| Non-current liabilities | ||||
| Non Interest-bearing debt | 11 400 | - | - | |
| Total non-current liabilities | - | - | - | |
| Current liabilities | ||||
| Other current liabilities | 120 | 570 | 75 | |
| Trade payables | 120 | 66 | 32 | |
| Total current liabilities | 240 | 636 | 107 | |
| Total equity and liabilities | 16 120 | 5 255 | 4 736 |
| 6 months | |||
|---|---|---|---|
| (In thousands of USD) | H1 2022 | H1 2021 | 2021 |
| Cash flow from operating activities | |||
| Profit for the period | (150) | (224) | (215) |
| Adjustment for non-operating cash flow items | |||
| Depreciation | - | - | - |
| Gain on disposal of vessel | - | - | - |
| Interest expense | 1 | - | 45 |
| Interest income | - | - | - |
| Operating cash flow before working capital items | (149 | (224) | (170) |
| Working capital movements | 108 | 763 | 226 |
| Total operating cashflow | (41) | 539 | 55 |
| Cash flow from investing activities | |||
| Payments for vessels and equipment | - | - | - |
| Proceeds from disposal of vessels | - | - | - |
| Total cash flows used in investing activities | - | - | - |
| Cash flow from financing activities | |||
| Investments | (12 436) | ||
| Loan | 11 400 | ||
| Repayment of loan | - | - | - |
| Interest paid | (4) | - | (45) |
| Decrease/(increase) in restricted cash | - | - | - |
| Interest received | - | (51 000) | |
| Dividends and capital paid | - | (51 000) | (51 045) |
| Total cash flow from financing activities | (1 040) | (51 000) | (50 990) |
| Net increase in cash and cash equivalents | (1 080) | (50 461) | 55 682 |
| Cash and cash equivalents at beginning of period | 4 693 | 55 682 | 4 693 |
| Cash and cash equivalents at end of period | 3 612 | 5 221 | 4 693 |
| (In thousands of USD apart from number of shares) | Number of | Issued share | Share | Retained | Total |
|---|---|---|---|---|---|
| shares | capital | premium | earnings | equity | |
| Balance at 1 January 2022 | 23 390 300 | 4 678 | 207 | (256) | 4 629 |
| Total comprehensive income for the period | - | - | - | (150) | (150) |
| Repayment of share premium | - | - | - | - | - |
| Balance at 30 June 2022 | 23 390 300 | 4 678 | 207 | (406) | 4 479 |
At 30 June 2022 the Company had issued 23,390,300 shares with par value USD 0.20 per share, totaling USD 4.7 million.
These interim consolidated financial statements of ADS Maritime Holding Plc ("ADS Maritime Holding" or the "Company") were authorized for issue in accordance with a resolution of the Board of Directors passed on 30 August 2022.
ADS Maritime Holding Plc is a public limited company listed on the Euronext Growth at the Oslo Stock Exchange.
The Company is incorporated in Cyprus and the address of its registered office is OSM House, 22 Amathountos, 4532 Agios Tychonas, Limassol, Cyprus. The Company is domiciled in Cyprus and has Norwegian subsidiaries based in Arendal, Norway. The Company has been managed by Arendals Dampskibsselskab AS, a service agreement that has been terminated. The Company has from 1 June 2022 management employed by the company. The principal activities of the Company are shipping investments.
2.1 Basis of preparation
These interim financial statements are prepared in accordance with IAS 34 Interim financial reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the EU. The interim financial
statements do not include all the information and disclosures required by International Financial Reporting Standards (IFRS) for a complete set of financial statements.
The accounting principles applied by the Company in these interim consolidated financial statements are consistent with those applied in the audited annual consolidated financial statements for the year ended 31 December 2021 unless otherwise stated below. Please refer to Note 2 Significant accounting policies in the 2021 Annual Report for information on the Company's accounting policies.
These financial statements have been prepared based on the assumption of going concern.
Towards the end of 2020 the Company completed the sale of ADS Page, ADS Stratus and ADS Serenade. After repayment of vessel loans, sales related and operational costs the remaining net proceeds of the combined vessel sales were paid to shareholders by a reduction in share premium of USD 51 million, which was paid to shareholders on 1 March 2021. The Company had at the end of Q2-2022 approx. 3.6 MUSD cash at bank.
ADS Maritime Holding Plc, OSM House, 22 Amathountos 4532 Agios Tychonas Limassol, Cyprus Tel +357 25335501
ADSMH Management AS, PO Box 198, 4802 Arendal, Norway Tel: +47 41 49 40 00
Visiting Address Norway Sandvigveien 19 4816 Kolbjørnsvik Norway
Email: [email protected]
www.adsmh.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.