Quarterly Report • Oct 30, 2013
Quarterly Report
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Q3
October 30, 2013 from Rederi AB TransAtlantic (publ)
Report Q3, 2013
| Key figures | January-September | |
|---|---|---|
| 2013 | 2012 | |
| Net sales, SEK M | 2 264 | 2 509 |
| EBITDA | 199 | 132 |
| Operational result before tax, SEK M ¹ | -113 | -287 |
| Result before tax, SEK M | -136 | -295 |
| Result after tax, SEK M | -156 | -298 |
| Earnings per share after tax, SEK | -1.4 | -2.7 |
| Shareholders' equity, SEK/share | 16.2 | 19.4 |
| Return on equity, % | -10.7 | -17.1 |
| Return on capital employed, % | -0.9 | -2.9 |
| Equity/asset ratio at balance day, % | 34.5 | 35.8 |
Result before tax in the third quarter was SEK 44 M, which is an improvement compared to both prior year period (-39) and the second quarter of 2013 (-42). The positive result was attributable to Viking Supply Ships' quarterly operational result, which amounted to SEK 100 M. The corresponding figure for Industrial Shipping was SEK -51 M.
In October, the financial asset that was related to tax-lease structures in the UK was sold, as announced in the preceding quarter. The sale will generate a positive cash flow effect and the Group's liquidity is now at a more stable level, however still strained.
On November 5, an Extraordinary Meeting of Shareholders will be held in Gothenburg. Shareholders will then decide whether to approve the Board's motion for a new share issue. Further information is provided in the official announcement, which was published earlier and is available on our website, www.rabt.se.
As part of improving the business area's "portfolio management" and become a more dominant player in RoRo and container traffic in the Baltic Sea and the Bothnian Bay, entered into an agreement with AtoB@C Shipping AB during the quarter, under which we have been managing all commercial operations related to TransAtlantic's Short Sea Bulk division since September 1, 2013. As a result of the agreement, the number of employees in the segment will be reduced by 15.
Over the last quarters the market has consistently weakened, hence Industrial Shipping has reduced its total onshore workforce by about 60 individuals over the past year. Furthermore, six offices have been closed and the fleet has been reduced by about 20 vessels, including the TransEagle and the TransFalcon, which were sold during the third quarter. The business area has sold and exited non-core assets and operations, and has in effect withdrawn from the Bulk segment. A project to more than half the number of legal entities by year-end has also been initiated.
Much work has been done and we are now seeing how our change efforts are beginning to generate results in the form of a changed organizational structure with fewer office units and process improvements. However, these measures have not been sufficient relative to the continued decline in volumes, and the operational result is essentially at the same level as one year ago. Earnings were also charged with costs that are related to restructuring initiatives.
In conclusion, the market detoriation has offset the efficiency gains, new client intake and reduce cost level, which explains the continued weak results over the last quarters.
The market for Industrial Shipping is difficult to assess at present, but we do not expect a significant improvement in the short term. We are continuing to focus on increasing commercial activities and reducing the cost base to thereby become more competitive.
The preceding quarter's positive spot market in the North Sea continued in the third quarter. This quarter entailed increased activity, which, combined with unchanged access to vessels, resulted in a continued high rate of utilization. The combination of increased rates, higher utilization and new long-term contracts for anchor-handling vessels generated improved earnings for the business area.
For icebreaking and offshore activities, we are anticipating a period of uncertain weather, thus making the spot market difficult to assess. The recently signed contract with the four anchorhandling vessels, at favorable market rates, will increase profitability for Viking Supply Ships the coming years.
To summarize, we have won a strategically important long term contract for Viking Supply Ships whilst the challenges for Industrial Shipping remain.
Gothenburg, October 30, 2013
Henning E. Jensen, CEO
Consolidated net sales for the nine-month period amounted to SEK 2 264 M (2 509). The Group reported a result after tax of SEK -156 M (-298), of which net restructuring costs and acquisition effects amounted a total of SEK -23 M (-8). The result before tax amounted to SEK -136 M (-295). The major restructuring items consisted of one-off revenues and provisions related to long term charter agreements, which also has been part of a during the year terminated tax lease arrangement, write downs of vessels whithin business area Industrial Shipping.
| July - september | January - September | Full Year | |||
|---|---|---|---|---|---|
| SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Net sales | 753 | 784 | 2 264 | 2 509 | 3 274 |
| Result before capital costs, EBITDA | 108 | 112 | 199 | 132 | 120 |
| Operating result | 51 | 29 | -32 | -119 | -143 |
| Result before tax | 44 | -39 | -136 | -295 | -356 |
| Profit margin | 5,9% | -5,0% | -6,0% | -11,8% | -10,9% |
| Result before tax by business area | |||||
| Viking Supply Ships | 100 | -2 | 41 | -139 | -119 |
| Industrial Shipping | -51 | -31 | -154 | -148 | -208 |
| Total operational result | 49 | -33 | -113 | -287 | -327 |
| Restructuring items | -5 | -6 | -23 | -14 | -35 |
| Acquisition effects | - | - | - | 6 | 6 |
| Result before tax | 44 | -39 | -136 | -295 | -356 |
| Tax | -1 | -3 | -20 | -3 | -37 |
| Result before tax | 43 | -42 | -156 | -298 | -393 |
| SEK per share | |||||
| Result after current tax | 0,4 | -0,4 | -1,2 | -2,7 | -3,2 |
| Result after full tax | 0,4 | -0,4 | -1,4 | -2,7 | -3,5 |
For further information, please see tables on page 12-18.
The table below summarizes changes in cash and cash equivalents for the period:
| July - September | January - September | Full Year | |||
|---|---|---|---|---|---|
| SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Cah flow from current activities before changes in working capital |
39 | 33 | 26 | -54 | -119 |
| Changes in working capital | -79 | -34 | -64 | -114 | 28 |
| Cash flow from current operations | -40 | -1 | -38 | -168 | -91 |
| Cash flow from investing activities | 73 | -10 | 3 | -289 | 26 |
| Cashflow from financing activities | -129 | -34 | 67 | 154 | -115 |
| Change in cash and cash equivalents | -96 | -45 | 32 | -303 | -180 |
| Opening cash balance | 491 | 287 | 361 | 548 | 548 |
| Exchange-rate difference in cash and cash equivalents |
-10 | -7 | -8 | -10 | -7 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
385 | 235 | 385 | 235 | 361 |
Consolidated cash and cash equivalents at the end of the period amounted to SEK 385 M (235). Cash assets include client funds of SEK 41 M. Some of the Group's loan agreements contain cash covenants, i.e. cash level should be the higher of either 5% of the Group's interest-bearing debt or equivalent NOK 150 M, reduced with undrawn facilities.
At the end of June, the Group's equity was SEK 1 797 M (equivalent to 16.2 SEK / share), including non-controlling interests amounted to SEK 5 M (or 0.04 SEK / share). This represents a reduction of equity of SEK -308 M (SEK -2.8 per share) for the nine-month period 2013. Equity totally during the third quarter declined by SEK -22 M (SEK -0.2 per share), distributed by profit after tax of SEK 43 M (SEK 0.4 per share) and change in translation reserve by SEK -65 M (SEK -0.6 per share) attributable to currency differences on net investments in subsidiaries.
Viking Supply Ships has during the first quarter raised an additional tranch under the existing debt certificate, which in addition to the during second quarter new issued debt certificate, yielded a total Viking Supply Ships net proceeds of approximately SEK 211 M. Rederi AB TransAtlantic has during the second quarter issued short-term debt certificates, generating net of SEK 137 M. The certificates will be repaid by the end of the year when the SEK 150 M new planned issue has been completed.
Gross investments during the year amounted to SEK 78 M (461) before financing. These consisted mainly of capitalized docking expenses and complementary investments in vessels in the Business area Viking Supply Ships. The two bulk vessels TransFalcon and TransEagle have during the third quarter been divested at a total salesprice of SEK 54 M. The sales proceeds has been used to amortize ship loans. The financial asset related to a UK tax-lease structure, was sold in the beginning of the fourth quarter and brought a positive cash effect of SEK 52 M.
| September | December | |
|---|---|---|
| At the close of each period | 2013 | 2012 |
| Total assets, SEKM | 5 209 | 5 745 |
| Shareholders' equity, SEKM | 1 797 | 2 105 |
| Equity/assets ratio | 34.5% | 36.6% |
| Debt/equity ratio | 137.5% | 124.7% |
| Cash and cash equivalents, SEKM | 385 | 361 |
| Number of shares outstanding | 110 902 700 | 110 902 700 |
The business area offers integrated logistics solutions with vessel transportation. The operation is primarily active in system traffic in Northern Europe with RoRo, container vessels, as well as chartering of bulk vessels.
The operating result for the business area during the third quarter was SEK -51 M (-31) and the result for the nine-month period was SEK -154 M (-148).
The market continously deteriorated over the last quarters, which explains why restructuring and costsaving activities have not yielded the expected results. Measures taken in the form of office consolidations, staff reductions, downsizing of the fleet, divestment of non-core assets and a number of other initiatives have not been sufficient to counteract the weakening market due to lower volumes and falling prices. Restructuring costs have also had a negative effect on earnings.
Scheduled traffic has been conducted between Finland and Sweden/Germany/Belgium on four lines: TransLumi Line, TransBothnia Line, TransFeeder North and TransBothnia Container Line. Volumes from one of the division's largest customers declined during the period and several customers experienced a lower rate of production, which reduced customer demand for freighter services. The decline in volumes was partly offset by lower bunker costs and other vessel operation efficiencies.
As in the preceding quarter, volumes were low for container-based liner traffic on the TransPal Line, primarily in the easterly direction, due to weak market conditions in the UK. However, volumes in the westerly direction increased and thus improved earnings. The volume of feeder traffic to Germany, TransFeeder South, was in line with the preceding quarter.
Industrial Shipping in effect withdrew from the Bulk segment early September as the commercial operations of Short Sea Bulk were outsourced to AtoB@C. Late in the quarter, only two vessels remained to be transferred to the new operator. In line with the rightsizing of the fleet, two vessels, TransEagle and TransFalcon, were sold during the quarter.
Industrial Shipping's strategy is to become a more dominant player in expected growth markets by operating liner operations in the RoRo and container segments, with the Baltic Sea and Bothnian Bay as a base. The commercial activities are focused to these geographical areas. A number of key sales and business development positions have been appointed and accelerated work is under way to expand the offering to new and existing customers.
If the deteriorating market trend continuous, the challenges for the business area will remain with continued negative profitability as a result.
| Industrial Shipping | July - September | January - September | ||||
|---|---|---|---|---|---|---|
| SEK M | 2013 | 2012 | 2013 | 2012 | 2012 | |
| Net sales | 427 | 462 | 1 405 | 1 689 | 2 212 | |
| Result before capital costs, EBITDA | -39 | -15 | -74 | -78 | -125 | |
| Operational result | -51 | -31 | -154 | -148 | -208 | |
| Profit margin | -11.9% | -6.7% | -11.0% | -8.8% | -9.4% |
Net Sales Industrial Shipping, SEK M
Operational result, Industrial Shipping, SEK M
The business area encompasses arctic offshore operations, the spot market for offshore in the North Sea and the global offshore sector. The fleet comprises of 14 offshore vessels, seven of which are equipped for operating in ice and harsh environments, such as arctic regions.
The result for the third quarter amounted to SEK 100 M (-2) and the result for the nine-month period to SEK 41 M (-139). The operational result in the third quarter improved compared to the preceding quarter as well as the prior year period. This quarter entailed increased activity, which combined with unchanged supply of vessels, resulted in charter rates remaining high. The average rate of utilization for the first three quarters was 72% (68) for the AHTS fleet and 79% (76) for the PSV fleet.
Compared with the corresponding quarter in 2012, earnings were positively impacted by operational improvements of SEK 20 M, lower depreciation/ amortization as a result of a change in the residual value estimates for the vessels of SEK 22 M, unrealized exchange-rate gains derived from the revaluation of loans of SEK 22 M, positive effects from the revaluation of interest rate hedging instruments of SEK 15 M and lower financing costs of SEK 15 M.
During the third quarter of 2013, four vessels entered into charter contracts, while four vessels were employed in the North Sea spot market. The vessels that entered into charter contracts generated average daily revenues of SEK 445 T (416). The vessels in the spot market generated average daily revenues of SEK 372 T (333), with a rate of utilization of 54% (56). During the third quarter, the AHTS fleet generated combined average
daily revenues of SEK 414 T (376), with a utilization of 74% (72). For part of the quarter, the Balder Viking was employed for icebreaking services in a seismic survey outside the northeastern coast of Greenland. The vessel returned to the North Sea early in the fourth quarter. Magne Viking began its charter for Chevron Canada early in the quarter. In October, Viking Supply Ships entered into a contract with a major oil company for the charter of the AHTS-vessels Loke Viking, Magne Viking, Brage Viking and Balder Viking. The contract covers the drilling seasons 2014/2015, with options for 2016/2017. The total value of the contract's firm period including mobilization fee, is around USD 120 M.
Six of the vessels were on contract early in the quarter. Three vessels ended their contracts during the quarter. The vessels on charter contracts generated average daily revenues of SEK 116 T (135). The vessels in the spot market generated average daily revenues of SEK 205 T (102), with an utilization of 65% (56). During the third quarter, the PSV fleet generated combined average daily revenues of SEK 135 T (124), with an utilization of 89% (78).
Several AHTS vessels left the spot market during the latter part of the third quarter, which improved market conditions. At the same time, the market weakened ahead of the fourth quarter as more rigs than usal were at shipyards. As more rigs return to the market, it is expected that market fundamentals will improve. For the PSV segment, the market is expected to continue its positive trend. However, towards the year-end, reduced seasonal activity will lead to a softer market for both the AHTS- and PSV fleet.
| Viking Supply Ships | July - September | January - September | Full year | ||
|---|---|---|---|---|---|
| SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Net sales | 326 | 322 | 859 | 820 | 1 062 |
| Result before capital costs, EBITDA | 147 | 127 | 273 | 210 | 245 |
| Operational result | 100 | -2 | 41 | -139 | -119 |
| Profit margin | 30.7% | -0.6% | 4.8% | -17.0% | -11.2% |
The Parent Company's result before tax for the nine month period amounted to SEK -140 M (-108). The result after tax for the period amounted to SEK -160 M (-82). The result for the nine month period include write downs of shareholdings in subsidiaries. The Parent Company's equity amounted to SEK 2 447 M (2 607 on Dec 31, 2012), total assets to SEK 3 343 M (3 466 on Dec 31, 2012). The equity/assets ratio on the balance day was 73 % (75% on Dec 31, 2012). Cash and cash equivalents at the end of the period amounted to SEK 126 M (20). The improved cash balance is mainly related to short term debt certificate issued 2 quarter at the amount of SEK 137 M. The certificate will be repayed by the end of the year when the SEK 150 M new planned issue has been completed. The parent company has during the period been affected by restructuring items consisting of one-off revenues and provisions related to long term charter agreements, which also has been part of a during the year terminated taxlease arrangement, of net SEK 26 M.
Share distribution on September 30, 2013 is presented below:
| Number of Series A shares | 7 271 842 |
|---|---|
| Number of Series B shares, listed | 103 630 858 |
| Total number of shares | 110 902 700 |
See also Changes in Group's shareholders' equity, page 15.
The general situation for the Group is that taxes payable are highly limited. Accordingly, recognized corporate tax mainly comprises deferred tax. The tax losses carry forward amounted at end of the period, net for Swedish entities, to SEK 886 M, of which SEK 214 M has been capitalized. The recognized net deferred tax asset for the Swedish operations amounted by the end of the quarter to SEK 54 M (74, on Dec 31, 2012). The recognized deferred tax liability for the operations outside Sweden amounted to SEK -4 M (-18, on Dec 31, 2012).
At extra general shareholders' meeting, which will be held 5 November 2013, Transatlantic will seek for shareholders approval to the sale of Västerviks Logistik & Industri AB (VLI). The buyer is Carl-Johan Carlstedt, who is appointed as Managing Director and member of the Board of Directors in VLI.
Kistefos has, through an extended consulting contract, been compensated for their management work by SEK 9 M for the first nine months and by SEK 2 M for the third quarter.
TransAtlantic has during the quarter extended the lease for a container ship, TransAlrek, owned by a German shipping company, in which TransAtlantic's Vice Chairman Folke Patriksson has a minority interest via his company Enneff Rederi AB. The agreement is on market terms and will run until 2014 with a quarterly rent for 2013 of SEK 3 M.
Vessel operations for three of the Group's Dutchowned ships was during first quarter 2013 operated by an external company, partly owned by Felix Feleus, who also was the former CEO of TransAtlantic Netherlands BV. Fees for vessel operations was on commercial terms and amounted to SEK 246 T for the three vessels during the first quarter. The agreement ceased at the end of March.
Rederi AB TransAtlantic raised on commercial terms an unsecured loan on May 29, 2013 of SEK 17 M from Viking Invest, which is 100% owned by Kistefos. The loan was repaid in full interests as of July 2, 2013.
Apart from the above, there were no other significant transactions.
TransAtlantic operates in a highly competitive market with flat/negative growth and declining profit margins. The profitability is negative and the liquidity is strained and uncertain. TransAtlantic is exposed to various operational and financial risks factors.
The key financial risk is mainly related to liquidity risk, funding risk and currency risk. TransAtlantic is exposed to currency risk which mainly relates to the SEK and NOK exchange rates, where SEK is the functional currency for TransAtlantic and NOK is the functional currency for Viking Supply Ships.
The main operational risk factors relates to the overall macro economic market conditions, degree of competition, flow of goods in priority market segments and finally the overall balance of supply and demand of vessels affecting rates and profit margins. The objective of the overall risk management policy of the group is to ensure a balanced risk and return relationship.
TransAtlantic has been in breach for certain covenants for the third quarter, and has received waivers from relevant banks.There is risk for breaches upcoming quarters. The assessment is that waivers will be obtained, thus not causing any reclassification of the debt from long term to short term.
This interim report, for the Group, was prepared in accordance with the application of IAS 34 Interim Financial Reporting and applicable rules in the Swedish Annual Accounts Act and for the Parent Company, in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation FRF 2 Accounting for Legal Entities. Unless otherwise noted, the same accounting policies for both the Group and the Parent Company have been applied as those used in the most recent Annual Report.
The revised IAS 19, Employee Benefits, entered into force on January 1, 2013, with retrospective application. The biggest change is the option to defer actuarial gains and losses using the corridor approach disappears, they should on a current basis instead be included in other comprehensive income. Pension liabilities have been restated accordingly and included debt has been reduced by about SEK 2 M, with corresponding positive impact on equity capital.
Viking Supply Ships will publish a separate report which is demanded due to the issued bond. Some values in that report are not comparable since there are different acquisition values and depreciation plans in VSS and the Group. VSS has from Q3 in 2011 been built through Group-internal transfers of vessels and operations at then current marketing prices, why disparities have arisen.
The average number of employees in the Group at the end of the period was 901 (Jan-Dec 2012: 843). The increase due to the insourcing of Ship Management.
Announcement of an Extraordinary General Meeting to be held on November 5, 2013 in Gothenburg, Sweden.
The financial asset that was related to a tax-lease structure in the UK was sold in the fourth quarter and generated a positive effect on cash flow of SEK 52 M.
Viking Supply Ships has entered into a contract with a major oil company for the charter of the AHTSvessels Loke Viking, Magne Viking, Brage Viking and Balder Viking. The contract applies to the
drilling seasons 2014/2015, with options for 2016/2017. The drilling season is expected to commence around April / May each year.
The total value of the contract's firm period including mobilization fee is around MUSD 120.
In conjunction with the publication of the Q3-report 2013, an earnings call will take place on October 30, 2013 at 09.30 am (GMT + 1) with TransAtlantic's CEO, Henning E. Jensen and CFO Tomas Bergendahl. In connection with the conference, a presentation will be available at the company's website, www.rabt.se. Please see Investor Relations/Q3 Report 2013.
This information is such that TransAtlantic is obligated to publish in accordance with the Swedish Securities Act and/or the Swedish Financial Instruments Trading Act. This report has been prepared in both Swedish and English versions. In case of variations in the content between the two versions, the Swedish version shall govern. This report was submitted for publication at 8:30 am (CET). on October 30, 2013.
The undersigned certify that the interim report gives a true and fair picture of the Group's financial position and results, and describes material risks and uncertainties facing the Parent Company and the companies included in the Group.
Gothenburg, October 30, 2013
The Board of Directors of Rederi AB TransAtlantic
For further information, please contact Head of Corporate Communications Carina Dietmann, ph +46 (0) 31-763 2334.
| February 27 | Year end report |
|---|---|
| April 23 | Annual General Meeting |
| May 15 | Interim report January-March |
| August 7 | Interim report January-June |
| October 30 | Interim report January-September |
The interim report is available in its entirety on the company's website.
Rederi AB Transatlantic, org. nr 556161-0113
We have reviewed the condensed interim report for Rederi AB Transatlantic as at September 30, 2011 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements, SÖG 2410 Review of Interim Reports Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material aspects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.
Without having any effect on our conclusion above we would like to draw attention to the following.
As stated in the condensed interim report the company is making a loss for the period and the liquidity of the company is strained. The earnings development during the last quarter is positive compared to previous periods but not sufficient to avoid non-compliance with covenants. The negative results have had the effect that the company is not fulfilling the conditions (covenants) in accordance with its loan agreements. These circumstances indicate that there is an uncertainty that could lead to doubt about the company's ability to continue as a going concern.
As also stated in the report the company has taken action in order to improve the profitability. Additional actions have also been decided that are expected to improve liquidity in short and long term. The company has also received so called waivers from banks regarding the covenants that are not fulfilled. The company is also discussing future financing conditions with banks.
Further, as stated in the report, the Board of Directors has proposed to an extra shareholders meeting that a new share issue should be performed that should be treated at an extra shareholders meeting on November 5, 2013. The capital then contributed will be used for repayment of short term debt obligations.
Provided that the company's performed and planned actions will develop according to plan, that the company's lenders will continue to give waivers for expected covenant breaches, and that the planned new share issue is fulfilled, there is in our opinion a possibility to secure the liquidity in short and medium term and continuous possibility to classify the company's loans as long term.
Gothenburg, October 30, 2013
Ernst & Young AB
Staffan Landén
Authorized Public Accountant
| Consolidated income statement | |||||
|---|---|---|---|---|---|
| All amounts in SEK M | 2013 | July - September 2012 |
January - September 2013 |
2012 | Full year 2012 |
| Net sales | 753 | 784 | 2 264 | 2 509 | 3 274 |
| Other operating revenue | 4 | 0 | 105 | 2 0 |
2 8 |
| Direct voyage cost | -283 | -330 | -904 | -1 148 | -1 489 |
| Personnel costs | -170 | -161 | -540 | -511 | -670 |
| Other costs | -196 | -180 | -726 | -737 | -1 024 |
| Depreciation/impairment | -57 | -84 | -231 | -252 | -263 |
| Operating result | 5 1 |
2 9 |
-32 | -119 | -144 |
| Net financial items | -7 | -68 | -104 | -176 | -212 |
| Result before tax | 4 4 |
-39 | -136 | -295 | -356 |
| Tax | -1 | -3 | -20 | -3 | -37 |
| Result for the period | 4 3 |
-42 | -156 | -298 | -393 |
| Attributable to: | |||||
| Parent Company's shareholders | 4 3 |
-43 | -150 | -299 | -392 |
| Non-controlling interests | 0 | 1 | -6 | 1 | -1 |
| INCOME FOR THE PERIOD | 4 3 |
-42 | -156 | -298 | -393 |
| Earnings per share, attributable to Parent Company's | |||||
| shareholders, per share in SEK (before and after dilution) | 0.4 | -0.4 | -1.4 | -2.7 | -3.5 |
| Consolidated statement of comprehensive income | |||||
|---|---|---|---|---|---|
| July - September | January - September | Full year | |||
| All amounts in SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Result for the period | 4 3 |
-42 | -156 | -298 | -393 |
| Other comprehensive income for the period: | |||||
| Change in hedging reserve, net | 0 | -2 | 0 | -1 | 0 |
| Change in translation reserve, net | -65 | -41 | -152 | -48 | 3 |
| Other comprehensive income | -65 | -43 | -152 | -49 | 3 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | -22 | -85 | -308 | -347 | -390 |
| Total comprehensive income attributable to: | |||||
| Parent Company's shareholders | -22 | -86 | -302 | -348 | -387 |
| Non-controlling interests | 0 | 1 | -6 | 1 | -3 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | -22 | -85 | -308 | -347 | -390 |
| July - September | January - September | Full year | |||
|---|---|---|---|---|---|
| All amounts in SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Viking Supply Ships business area | 326 | 322 | 859 | 820 | 1 062 |
| Industrial Shipping business area | 427 | 462 | 1405 | 1 689 | 2 212 |
| TOTAL NET SALES | 753 | 784 | 2 264 | 2 509 | 3 274 |
| Result before tax by business area | |||||
|---|---|---|---|---|---|
| July - September | January - September | Full year | |||
| All amounts in SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Viking Supply Ships | 100 | -2 | 4 1 |
-139 | -119 |
| Industrial Shipping | -51 | -31 | -154 | -148 | -208 |
| OPERATIONAL RESULT BEFORE TAX | 4 9 |
-33 | -113 | -287 | -327 |
| Restructuring items | -5 | -6 | -23 | -14 | -35 |
| Acquisition effects | - | - | - | 6 | 6 |
| RESULT BEFORE TAX | 4 4 |
-39 | -136 | -295 | -356 |
| Attributable to: | |||||
| Parent Company's shareholders | 4 4 |
-40 | -130 | -296 | -355 |
| Non-controlling interests | 0 | 1 | -6 | 1 | -1 |
| All amounts in SEK M | 30.9.2013 31.12.2012 | |
|---|---|---|
| Viking Supply Ships | 4 446 | 4 777 |
| Industrial Shipping | 763 | 968 |
| TOTAL ASSETS | 5 209 | 5 745 |
| Consolidated balance sheet | ||
|---|---|---|
| All amounts in SEK M | 30.9.2013 31.12.2012 | |
| Vessels | 4 096 | 4 608 |
| Other tangible fixed assets | 3 4 |
5 0 |
| Intangible fixed assets | 3 0 |
3 4 |
| Financial assets | 177 | 207 |
| Total fixed assets | 4 337 | 4 899 |
| Current assets | 872 | 846 |
| TOTAL ASSETS | 5 209 | 5 745 |
| Shareholders' equity | 1 797 | 2 105 |
| Long-term liabilities | 2 496 | 2 785 |
| Current liabilities | 916 | 855 |
| TOTAL SHAREHOLDERS' EQUITY, PROVISIONS AND LIABILITIES |
5 209 | 5 745 |
The valuation of financial assets and liabilities in the balance sheet are based on aquisition value or fair value. The valuation of FX derivatives and interest rate derivatives are based on fair value. The balance items "Current assets" includes derivatives by SEK 0 M (0), "Long-term liabilities" by SEK 25 M (43) and "Current liabilities" by SEK 0 M (2). Valuation of other financial assets and liabilities items in the balance sheets are based on aquisition value.
The input used in the valuation of financial instruments base the three level classification: Level 1, fair values based on market values, where the instruments are traded on an active market, are available. Level 2, no market values based on an active market are available, valuations are instead based on measurements of discounted cash flows. Level 3, at least one variable is based on own assessments. The fair value valuation of the Group´s FX- and intrerest rate instruments are based on input according to level 2.
| Consolidated cash-flow statement | ||||||
|---|---|---|---|---|---|---|
| July - September | January - September | Full year | ||||
| MSEK | 2013 | 2012 | 2013 | 2012 | 2012 | |
| Cash flow from operations before changes in working capital |
3 9 |
3 3 |
2 6 |
-54 | -119 | |
| Changes in working capital | -79 | -34 | -64 | -114 | 2 8 |
|
| Cash flow from current operations | -40 | -1 | -38 | -168 | -91 | |
| Cash flow from investing activities | 7 3 |
-10 | 3 | -289 | 2 6 |
|
| Cash flow from financing activities | -129 | -34 | 6 7 |
154 | -115 | |
| Changes in cash and cash equivalents | -96 | -45 | 3 2 |
-303 | -180 | |
| Cash flow at beginning of period | 491 | 287 | 361 | 548 | 548 | |
| Exchange-rate difference in cash and cash equivalents | -10 | -7 | -8 | -10 | -7 | |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 385 | 235 | 385 | 235 | 361 |
| July - September | January - September | Full year | |||
|---|---|---|---|---|---|
| All amounts in SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Equity at beginning of period | 1 819 | 2 233 | 2 105 | 2 493 | 2 493 |
| Effect of change in accounting principles | - | - | - | 2 | 2 |
| Adjusted equity at beginning of period | 1 819 | 2 233 | 2 105 | 2 495 | 2 495 |
| Total comprehensive income for the period | -22 | -85 | -308 | -347 | -390 |
| SHAREHOLDERS' EQUITY AT END OF PERIOD | 1 797 | 2 148 | 1 797 | 2 148 | 2 105 |
| July - September | January - September | Full year | ||||
|---|---|---|---|---|---|---|
| Share capital in SEK M | 2013 | 2012 | 2013 | 2012 | 2012 | |
| Share capital at beginning of period | 111 | 111 | 111 | 1 109 | 1 109 | |
| Reduction of the share capital | - | - | - | -998 | -998 | |
| Share capital at end of period | 111 | 111 | 111 | 111 | 111 |
| July - September January - September |
Full year | ||||
|---|---|---|---|---|---|
| Number of shares ('000) | 2013 | 2012 | 2013 | 2012 | 2012 |
| Number of outstanding shares at beginning of period | 110 903 | 110 903 | 110 903 | 110 903 | 110 903 |
| Total number of shares at end of period | 110 903 | 110 903 | 110 903 | 110 903 | 110 903 |
| Average number of shares outstanding (´000) | 110 903 | 110 903 | 110 903 | 110 903 | 110 903 |
| July - September | January - September | Full year | |||
|---|---|---|---|---|---|
| All amounts in SEK | 2013 | 2012 | 2013 | 2012 | 2012 |
| Earnings before capital expenses (EBITDA) | 1.0 | 1.0 | 1.8 | 1.2 | 1.1 |
| Operating result (EBIT) | 0.5 | -0.3 | -0.3 | -1.1 | -1.3 |
| Result after current tax | 0.4 | -0.4 | -1.2 | -2.7 | -3.2 |
| Result after full tax | 0.4 | -0.4 | -1.4 | -2.7 | -3.5 |
| Shareholders' equity end of period incl. non-controlling interests 16.2 | 19.4 | 16.2 | 19.4 | 19.0 | |
| Operating cash flow | 0.9 | 0.4 | 0.9 | -0.5 | -0.8 |
| Total cash flow | -0.9 | -0.5 | 0.3 | -2.8 | -1.6 |
| Key data | ||||||
|---|---|---|---|---|---|---|
| July - September | January - September | Full year | ||||
| 2013 | 2012 | 2013 | 2012 | 2012 | ||
| Earnings before capital expenses (EBITDA) | SEK M | 108 | 112 | 199 | 132 | 120 |
| Operating result (EBIT) | SEK M | 5 1 |
2 9 |
-32 | -119 | -143 |
| Shareholders' equity | SEK M | 1 797 | 2 146 | 1 797 | 2 146 | 2 105 |
| Net indebtedness | SEK M | 2 471 | 2 953 | 2 471 | 2 953 | 2 623 |
| Operating cash flow | SEK M | 102 | 4 5 |
9 5 |
-59 | -94 |
| Total cash flow | SEK M | -96 | -55 | 3 2 |
-313 | -180 |
| Return on capital employed | % | 4.2 | 2.1 | -0.9 | -2.9 | -2.7 |
| Return on shareholders' equity | % | 9.5 | -7.7 | -10.7 | -17.1 | -17.1 |
| Equity/assets ratio | % | 34.5 | 35.8 | 34.5 | 35.8 | 36.6 |
| Debt/equity ratio | % | 137.5 | 137.6 | 137.5 | 137.6 | 124.7 |
| Profit margin | % | 5.9 | -5.0 | -6.0 | -11.8 | -10.9 |
| Parent Company income statement | |||||
|---|---|---|---|---|---|
| July - September | January - September | Full year | |||
| All amounts in SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Net sales | 292 | 293 | 872 | 886 | 1 247 |
| Other operating revenue | 4 | 0 | 105 | 1 8 |
1 8 |
| Direct voyage costs | -127 | -113 | -386 | -366 | -486 |
| Personnel costs | -37 | -36 | -117 | -117 | -166 |
| Other costs | -162 | -167 | -534 | -478 | -695 |
| Depreciation/impairment | -1 | 0 | -4 | -2 | -3 |
| Operating result | -31 | -23 | -64 | -59 | -85 |
| Net financial items | -75 | -122 | -76 | -49 | -126 |
| Result before tax | -106 | -145 | -140 | -108 | -211 |
| Tax on result for the year | -1 | 8 | -20 | 2 6 |
-67 |
| RESULT FOR THE PERIOD | -107 | -137 | -160 | -82 | -278 |
| Other comprehensive income | - | - | - | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | -107 | -137 | -160 | -82 | -278 |
| Parent Company balance sheet | ||
|---|---|---|
| All amounts in SEK M | 30.9.2013 31.12.2012 | |
| Tangible fixed assets | 2 | 3 |
| Intangible fixed assets | 2 0 |
2 3 |
| Financial fixed assets | 2 663 | 2 793 |
| Total fixed assets | 2 685 | 2 819 |
| Current asstes | 658 | 647 |
| TOTAL ASSETS | 3 343 | 3 466 |
| Shareholders' equity | 2 447 | 2 607 |
| Provisions | 7 2 |
7 |
| Longterm liabilities | 475 | 584 |
| Current liabilities | 349 | 268 |
| TOTAL SHAREHOLDERS' EQUITY, PROVISIONS AND LIABILITIES |
3 343 | 3 466 |
| July - September | January - September | Full year | |||
|---|---|---|---|---|---|
| All amounts in SEK M | 2013 | 2012 | 2013 | 2012 | 2012 |
| Shareholders' equity at beginning of period | 2 554 | 2 938 | 2 607 | 2 883 | 2 883 |
| Effect of change in accounting principles | - | 2 | - | 2 | 2 |
| Adjusted equity at beginning of period | 2 554 | 2 940 | 2 607 | 2 885 | 2 885 |
| Total comprehensive income for the period | -107 | -137 | -160 | -82 | -278 |
| SHAREHOLDERS' EQUITY AT END OF PERIOD | 2 447 | 2 803 | 2 447 | 2 803 | 2 607 |
Interest-bearing liabilities and shareholders' equity.
Interest-bearing liabilities minus cash and cash equivalents divided by shareholders' equity.
Divestment of fixed assets.
Dividend per share divided by the closing share price at year-end.
Profit after financial items less 1) current tax, 2) tax on profit for the year (current and deferred tax) in accordance with the consolidated income statement.
Earnings before interest and taxes, corresponding to operating profit/loss.
Earnings before interest, taxes, depreciation and amortization, corresponding to profit/loss before capital expenses and tax.
Shareholders' equity divided by total assets.
Equity divided by the number of shares outstanding.
A general term for financial measures taken to avoid undesirable effects on earnings due to variations in interest rates, exchange rates, etc.
International Financial Reporting Standards – an international accounting standard used by all listed companies. Some older standards included in IFRS include IAS (International Accounting Standards).
Operating profit/loss before depreciation plus interest income divided by interest expense.
Interest-bearing liabilities less cash and cash equivalents.
Profit/loss after financial income/expense adjusted for capital gains/losses, depreciation/amortization and impairment.
Profit/loss before tax and before restructuring costs.
Profit/loss before financial items and tax, and before restructuring costs.
Profit after financial items divided by net sales.
Profit after financial items less tax on profit for the year, divided by average shareholders' equity.
Profit before depreciation and amortization (EBIT) divided by average capital employed.
Includes revenues and expenses of a non-recurring nature, such as capital gains/losses from the sale of vessels, impairment of vessels and costs related to personnel cutbacks.
Equity and deferred tax (including minority share) divided by total assets.
Cash flow from operating activities, investing activities and financing activities
Rederi AB TransAtlantic (RABT) is a leading Swedish shipping company with headquarters in Gothenburg, Sweden, and additional offices in Europe. TransAtlantic is organized into two business areas: Industrial Shipping and Viking Supply Ships. Viking Supply Ships, which is active in offshore and icebreaking, is also a wholly owned subsidiary of RABT. The Industrial Shipping business area consists of three divisions: Container, RoRo and Bulk. The Group has about 900 employees and generated sales of SEK 3,274 M in 2012. The company's Series B shares are listed on the NASDAQ OMX Stockholm, Small Cap segment. www.rabt.com
Rederi AB TransAtlantic (publ) Visiting address: Lindholmsallén 10 Box 8809, SE-402 71 Gothenburg, Sweden Tel: +46 31–763 23 00 E-mail: [email protected] www.rabt.com
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