Earnings Release • Nov 2, 2011
Earnings Release
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| Quarter 3 (Jun–Sep) |
9 months (Jan–Sep) |
Full year |
|||
|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 2010 | |
| Net sales, SEK mill. |
145.5 | 127.9 | 421.6 | 367.9 | 513.4 |
| Result after tax, SEK mill. |
20.1 | 17.7 | 58.9 | 61.5 | 80.4 |
| Result per share, SEK |
0.42 | 0.37 | 1.23 | 1.29 | 1.68 |
| EBITDA, USD mill. | 10.9 | 7.5 | 28.3 | 22.2 | 30.5 |
| Available liquid funds1), SEK mill. |
668.1 | 653.0 | 668.1 | 653.0 | 698.0 |
1) Including unutilised credit facilities.
By scanning in the QR code on the left, you can watch Hans Norén present the Q3 report on your mobile. Read more about QR codes and how they are used on the last page.
Concordia Maritime is an international tanker shipping company. Our focus is on cost-effective and safe transportation of refined petroleum products such as gasoline, diesel and jet fuel. The company's B shares were admitted to trading on Nasdaq OMX Stockholm in 1984.
To provide our customers with safe and cost-efficient tanker transportation based on innovation and performance.
To be our customers' first choice for safe, innovative and efficient tanker transportation, which will result in good profitability, steady growth and financial stability.
2 CONCORDIA MARITIME | INTERIM REPORT JAN–SEPT 2011
Our customers include some of the world's largest oil and energy companies. Customer relations are characterised by partnership, cooperation and a long-term perspective.
Our main focus is on the transportation of refined petroleum products such as gasoline, diesel and jet fuel. As a complement to this focus, we are also active in the transportation of crude oil.
Our business and income model consists of providing vessels to customers in need of safe and cost-efficient transportation of oil and petroleum products. Income is generated mainly by chartering out vessels (spot or time charters), profit-sharing clauses in charters and the sale of ships.
| President's views | 3 |
|---|---|
| Business activities | 4 |
| Freight market development | 6 |
| Financial summary | 8 |
| Other information | 10 |
| Financial statements | 11 |
Concordia Maritime's result after tax for the third quarter amounted to SEK 20.1 (17.7) million, while EBITDA was USD 10.9 (7.5) million. Market development in tanker shipping remained weak. The freight rates for the time-charter contracts for our P-MAX and panamax tankers continued to be much higher than the rates in the open market and generated an average of just over USD 20,000 per day.
During the quarter, the Stena Performance and Stena Provence entered into the open market with our partner Stena Weco. On average, the vessels generated income of approx. USD 9,000 per day. After their redelivery from previous customers, the vessels have been positioned to adapt to Stena Weco's cargo system. The positioning voyages have meant a loss of income, although this has been offset by compensation from Total in connection with the early redelivery of Stena Provence.
During the quarter, two of our jointly owned vessels, Stena Poseidon and Palva, sailed the Northeast Passage between Murmansk in Russia and the Pacific Ocean for the first time. The voyage, done by our J/V-partner Neste Oil, took 20 days to complete, which is about half the time using the normal route through the Suez Canal. The vessels were escorted by a Russian nuclear-powered icebreaker and local pilots. Ice conditions along the route place high demands on both ships and crews.
Tanker shipping is currently going through a testing time. The big challenge for the market as a whole remains to achieve a better balance between supply and demand for transportation of oil and petroleum products.
The imbalance was even greater during the period, with declining rates in all segments. The largest decline was within the crude oil segment, above all for VLCCs, where direct costs are now sometimes exceeding income.
In the MR segment, rates also fell, although not as dramatically.
Consequently, we stand by our earlier assessment. 2011 will be another weak year, while 2012 and, in particular, 2013, show good prospects for a market in better balance for the MR-segment. Growth in the world tanker fleet is expected to decline during the current year, particularly in the area of product tankers.
Our financial position continues to be stable, with capacity for further investments if the right business opportunities arise. Larger part of the fleet will also be chartered on fixed contracts during 2012 but we already have two vessels operating on the spot market. And we are working continuously on making our ships as competitive and flexible in the market as possible. As part of this work, Stena Provence will be converted to an IMO III vessel in the fourth quarter. The conversion means the vessel will also be able to transport vegetable oils. Transportation of vegetable oils is currently a niche segment of the tanker market. Stena Performance and Stena Premium have already qualified for IMO III classification.
Our assessment remains unchanged, Concordia Maritime will achieve a result before tax of USD 10–13 million, equivalent to SEK 65–85 million, in the 2011 financial year, depending on how the market develops.
| Key ratios | 9 months (Jan–Sep) |
Full year |
|
|---|---|---|---|
| 2011 | 2010 | 2010 | |
| Result after tax, SEK mill. | 58.9 | 61.5 | 80.4 |
| EBITDA, MSEK | 181.4 | 163.5 | 219.5 |
| Available liquid funds, including unutilised credit facilities, MSEK |
668.1 | 653.0 | 698.0 |
| Result per share after tax, SEK | 1.23 | 1.29 | 1.68 |
| EBITDA per share, SEK | 3.80 | 3.42 | 4.60 |
| Equity per share, SEK | 36.39 | 35.58 | 35.94 |
| Equity ratio, % | 47 | 52 | 50 |
| Growth in equity, % | 1 | –5 | –4 |
| Return on equity, % | 5 | 3 | 5 |
During the period, 10 out of the fleet's 12 vessels were signed to charters. Current charter coverage means that freight rates are well in excess of those on the spot market.
The ten P-MAX tankers in the fleet operate worldwide, carrying both light and heavy oil products and crude oil.
Eight of the vessels are employed on fixed contracts, while two, Stena Performance and Stena Provence, have been employed on the open market since July 2011. The chartering is managed by Stena Weco, which is a joint venture between Stena Bulk and the Danish company Weco. After their redelivery from previous customers, the two vessels have been positioned to adapt to Stena Wecos' cargo system. The positioning voyages have meant a loss of income, which has had a negative effect on the period's results.
However, the lost income has been offset by the compensation from Total in connection with early redelivery of Stena Provence.
During the quarter, the two panamax tankers Stena Poseidon and Palva, owned in a joint venture with Neste Shipping, sailed the Northeast Passage, which lies between Murmansk in Russia and the Pacific Ocean.
The suezmax tanker which was ordered in early 2010 is scheduled for delivery in July 2012.
Handysize DWT 25,000–40,000
Here we are active at 30 September 2011.
Spot market (open market) Where a ship is contracted for each individual voyage.
The hire of a ship for a specified period at a fixed freight rate.
| USD millions | Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
Q2 2010 |
Q1 2010 |
|---|---|---|---|---|---|---|---|
| P-MAX, timecharter 1) | 11.2 | 8.3 | 8.8 | 8.6 | 8.1 | 7.6 | 6.9 |
| P-MAX, spot | –0.5 | ||||||
| Panamax | 1.2 | 1.4 | 1.2 | 1.2 | 0.7 | 1.2 | 1.3 |
| Aframax | 0.0 | 0.0 | 0.0 | 0.1 | |||
| Suezmax | 0.0 | 0.0 | 0.0 | –0.2 | 0.1 | 0.1 | |
| Admin. and others | –1.0 | –1.2 | –1.1 | –1.4 | –1.5 | –1.2 | –1.1 |
| Total | 10.9 | 8.5 | 8.9 | 8.3 | 7.4 | 7.7 | 7.1 |
1) EBITDA for P-MAX Q3 includes non-recurring compensation of USD 2.3 mill. for redelivery of Stena Provence.
| 9 months (Jan–Sep) | |||
|---|---|---|---|
| MSEK | 2011 | 2010 | |
| EU | 303.7 | 283.7 | |
| Rest of world | 117.9 | 84.2 | |
| Total income | 421.6 | 367.9 |
of the spot and time charter market and Concordia Maritime's income for vessels employed in these two markets. The company's income is depicted by green and red lines.
For the fourth quarter of 2011, approx. 80 percent of the fleet is employed via time chartering. The equivalent figure for 2012 is approx. 75 percent. As the chart shows, just under 50 percent of the fleet is employed via time chartering in 2013.
The period was marked by plummeting rates on the spot market. The time charter market was more stable.
The graph shows the average value per month on a roundtrip basis. Source: Fearnleys
Relatively stable newbuilding prices
Despite the general market downturn, the price of ships has remained relatively stable over the past year. However, prices in a number of segments have fallen somewhat during the third quarter. The price of a newly built standard MR tanker was approx. USD 36 million at the end of the period, while in the suezmax segment prices were in the region of USD 65 million.
The graphs show the average value per month. Source: Fearnleys
Equity per share was SEK 36.39 (35.58). The Group's equity, which is denominated in US dollars, increased during 2011. This was due to the SEK/USD exchange rate having risen from SEK 6.73 to SEK 6.82 during the period. This has been partly covered by the parent company's equity hedge which generated a result of SEK –3.2 (43.9) million.
The parent company's functional currency is SEK, although the majority of the transactions in the Group are in USD. The Group's result is generated in USD, which means the result in SEK is a direct function of the SEK/USD exchange rate trend. In February 2009, Concordia Maritime reentered into an equity hedge amounting to approx. 50 percent of the equity in its foreign subsidiaries, corresponding to USD 125 million. The equity hedge generated a result after tax of SEK –3.2 (43.9) million, corresponding to SEK –0.07 (0.92) per share, during the first nine months of 2011, which is recognised in "Other comprehensive income".
Accumulated exchange differences including the effects of forward contracts, which are recognised in equity, amounted to SEK 74.9 (51.0) million. The changes are recognised in equity via "Other comprehensive income".
In connection with the order of four P-MAX tankers, a USD-EUR cash flow hedge was entered into for future payments to the shipyard. Now that the last vessel has been delivered, the gain of SEK 0.4 (2.3) million is reported under "Ships and equipment". In 2009, the company entered into additional interest hedges corresponding to USD 100 million in order to protect itself against interest fluctuations. At the end of the third quarter of 2011, the interest hedges totalled USD 140 million. They are structured in such a way as to cover approx. 60 percent of anticipated future borrowing within existing credit facilities and expire in 2015. At the end of the third quarter, the value of these contracts was SEK –15.4 (–47.5) million, which is recognised in the hedging reserve via "Other comprehensive income". At the end of the period, the total hedging reserve amounted to SEK –52.8 (–38.5) million.
| Quarter 3 | 9 months (Jan–Sep) | ||||
|---|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 | |
| Net sales | 145.5 | 127.9 | 421.6 | 367.9 | |
| Result after financial net |
21.8 | 18.8 | 57.0 | 59.0 | |
| Result after tax | 20.1 | 17.7 | 58.9 | 61.5 | |
| Result per share | 0.42 | 0.37 | 1.23 | 1.29 |
| SEK millions | 30 Sep 2011 |
30 Sep 2010 |
|---|---|---|
| Available liquid funds1) | 668.1 | 653.0 |
| Interest-bearing liabilities | 1,777.5 | 1,430.0 |
| Equity | 1,736.8 | 1,698.3 |
| Equity ratio, % | 47 | 52 |
1) Including unutilised credit facilities.
Investments during the first nine months of 2011 amounted to SEK 304.1 (381.1) million and related to deliveries of ships, advance payments and project costs.
The fact that all Concordia Maritime's vessels apart from two are chartered out counteracts the seasonal variations that otherwise characterise tanker shipping.
The number of employees in the Group at 31 December 2010 was 359, of whom 353 were seagoing employees. There are no option programs in place.
Part of the company's bond portfolio was sold during the first quarter. As a result, the bond portfolio is classified as "for sale" and is recognised at its market value in "Other comprehensive income". Other holdings (primarily mutual funds) are measured at their market value on each reporting date. Which is recognised in "Other Comprehensive Income". Total short-term investments corresponded to SEK 64.5 (84.3) million.
The parent company's sales for the first nine months amounted to SEK 38.3 (11.5) million, with intragroup invoicing representing SEK 0.0 (0.0) million of this amount. The parent company's result after financial items amounted to SEK –27.7 (–40.6) million. The parent company's available liquid funds, including "Unutilised credit facilities" amounted to SEK 1,969.7 (1,660.3) million.
As a result of the trend of the SEK/USD exchange rate in 2011, the company's profit expressed in SEK has changed, yet remains unchanged in USD. More information about how the company protects itself against currency and interest rate fluctuations can be found in "Changes in translation and hedging reserves".
As a result of the trend of the SEK/USD exchange rate in 2011, the company's profit in SEK has changed, yet remains unchanged in USD. More information about how the company protects itself against currency and interest rate fluctuations can be found in "Changes in translation and hedging reserves".
Concordia Maritime has a small organisation, and purchases services from companies in the Stena Sphere, including Stena Bulk. The latter company conducts tanker business which competes with Concordia Maritime in some respects. Accordingly, there is an agreement, entered into many years ago, which regulates the relationship between the two companies with respect to new business. Under the terms of this agreement, Concordia Maritime has the right to opt for 0, 50 or 100 percent participation in each new transaction.
At the beginning of April, Stena Bulk started a 50-50 joint venture together with the Danish company Weco, resulting in a newly established company, Stena Weco. Stena Weco specialises mainly in the transportation of vegetable oils.
Under a new agreement with Stena Bulk, Concordia Maritime is entitled to the financial result arising from vessels that may from time to time be chartered in by Stena Weco for a period of more than one year, should Concordia Maritime decide to participate in such charters. Other business generated by Stena Weco is not available to Concordia Maritime.
Concordia Maritime purchases services on a regular basis from the Stena Sphere in the following areas:
All related party transactions take place on commercial terms and at market-related prices.
Concordia Maritime is exposed to a number of risks of various types. The main market-related factors affecting the company include the general economy, freight rates, oil prices and political factors. Risks related to operational activities include ship management, insurance and employees. Concordia Maritime is also exposed to credit and financial risks.
The management and the board work actively to minimise risk exposure and to minimise the consequences and effects of a risk nevertheless materialising.
Further information can be found in the 2010 annual report.
| Type of risk | |||
|---|---|---|---|
| A Brand |
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| B Employees |
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| CLiquidity | |||
| D Financing risk |
|||
| A Economic trends |
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| B Freight rates | |||
| C Oil price |
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| D Political risk |
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| E War and instability |
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| A Ship operation and insurance |
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| B Environment |
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| A Counterparty risks – customer |
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| BCounterparty risks – shipyards and partners | |||
| SEK millions | Quarter 3 2011 | Quarter 3 2010 | 9 months (Jan–Sep) 2011 |
9 months (Jan–Sep) 2010 |
Full year 2010 |
|---|---|---|---|---|---|
| Consolidated Income Statement | |||||
| Average exchange rate SEK/USD | 6.48 | 7.27 | 6.41 | 7.35 | 7.20 |
| Time charter income | 137.3 | 127.9 | 413.4 | 367.9 | 513.4 |
| Spot charter income | 8.2 | 8.2 | |||
| Total income | 145.5 | 127.9 | 421.6 | 367.9 | 513.4 |
| Operating costs, ships | –35.2 | –40.7 | –128.6 | –104.7 | –155.4 |
| Seagoing personnel costs | –30.1 | –25.5 | –82.9 | –74.7 | –101.9 |
| Other external costs | –7.1 | –5.4 | –20.5 | –17.8 | –25.6 |
| Personnel costs | –2.5 | –2.1 | –8.2 | –7.2 | –11.0 |
| Depreciation | –35.9 | –30.8 | –98.1 | –89.0 | –119.3 |
| Total operating costs | –110.8 | –104.5 | –338.3 | –293.4 | –413.2 |
| Operating result | 34.7 | 23.4 | 83.3 | 74.5 | 100.2 |
| Dividends | 0.0 | 0.5 | 0.7 | ||
| Interest income and similar items | 0.3 | 1.5 | 4.3 | 9.6 | 10.6 |
| Interest expenses and similar items | –13.2 | –10.1 | –31.1 | –28.7 | –38.2 |
| Exchange differences | 4.0 | 3.6 | 3.6 | ||
| Financial net | –12.9 | –4.6 | –26.3 | –15.5 | –23.3 |
| Result after financial net | 21.8 | 18.8 | 57.0 | 59.0 | 76.9 |
| Tax | –1.7 | –1.1 | 1.9 | 2.5 | 3.5 |
| Result after tax | 20.1 | 17.7 | 58.9 | 61.5 | 80.4 |
| Other comprehensive income | |||||
| Result for the period | 20.1 | 17.7 | 58.9 | 61.5 | 80.4 |
| Exchange differences, net after tax | 145.5 | –258.0 | 29.0 | –107.7 | –112.0 |
| Equity hedge, net after tax | –53.0 | 100.7 | –3.2 | 43.9 | 46.3 |
| Available-for-sale financial assets, net after tax | –0.6 | 5.4 | –0.6 | 5.4 | 4.8 |
| Cash flow hedges, currency-related, net after tax | 0.0 | 0.8 | 0.4 | 2.1 | –3.3 |
| Cash flow hedges, interest-related, net after tax | –15.1 | –5.1 | –15.4 | –47.5 | –41.4 |
| Comprehensive income for the period | 96.9 | –138.5 | 69.1 | –42.3 | –25.2 |
| Per-share data, SEK | |||||
| Number of shares | 47,729,798 | 47,729,798 | 47,729,798 | 47,729,798 | 47,729,798 |
| Result per share, before/after dilution | 0.42 | 0.37 | 1.23 | 1.29 | 1.68 |
| Equity per share, SEK | 36.39 | 35.58 | 36.39 | 35.58 | 35.94 |
| SEK millions | 30 Sep 2011 | 30 Sep 2010 | 31 Dec 2010 |
|---|---|---|---|
| Closing exchange rate SEK/USD | 6.82 | 6.77 | 6.73 |
| Assets | |||
| Ships and equipment | 3,295.0 | 2,507.6 | 2,919.6 |
| Ships under construction | 138.9 | 482.1 | 262.0 |
| Financial assets | 1.8 | 8.5 | 2.1 |
| Total fixed assets | 3,435.7 | 2,998.2 | 3,183.7 |
| Current receivables | 84.0 | 141.8 | 124.8 |
| Short-term investments | 64.5 | 84.3 | 84.0 |
| Cash and bank balances | 98.6 | 61.0 | 68.3 |
| Total current assets | 247.1 | 287.1 | 277.1 |
| Total assets | 3,682.8 | 3,285.3 | 3,460.8 |
| Equity and liabilities | |||
| Equity | 1,736.8 | 1,698.3 | 1,715.4 |
| Long-term liabilities | 1,787.5 | 1,450.9 | 1,608.8 |
| Current liabilities | 158.5 | 136.1 | 134.0 |
| Overdraft facilities | 2.6 | ||
| Total equity and liabilities | 3,682.8 | 3,285.3 | 3,460.8 |
| Closing balance 30-09-2010 | 381.8 | 61.9 | 51.0 | –38.5 | 5.4 | 1,236.7 | 1,698.3 |
|---|---|---|---|---|---|---|---|
| Dividend | –47.7 | –47.7 | |||||
| Comprehensive income for the period | –63.8 | –45.4 | 5.4 | 61.5 | –42.3 | ||
| Opening balance 01-01-2010 | 381.8 | 61.9 | 114.8 | 6.9 | 0.0 | 1,222.9 | 1,788.3 |
| Changes Jan–Sep 2010 | |||||||
| Closing balance 30-09-2011 | 381.8 | 61.9 | 74.9 | –52.8 | 4.2 | 1,266.8 | 1,736.8 |
| Dividend | –47.7 | –47.7 | |||||
| Comprehensive income for the period | 25.8 | –15.0 | –0.6 | 58.9 | 69.1 | ||
| Opening balance 01-01-2011 | 381.8 | 61.9 | 49.1 | –37.8 | 4.8 | 1,255.6 | 1,715.4 |
| Changes Jan-Sep 2011 | |||||||
| SEK millions | Share capital |
Other paid-in capital |
Translation reserve |
Hedging reserve |
Fair value reserve |
Retained earnings |
Total |
| SEK millions | Quarter 3 2011 |
Quarter 3 2010 |
9 months (Jan–Sep) 2011 |
9 months (Jan–Sep) 2010 |
Full year 2010 |
|---|---|---|---|---|---|
| Operating activities | |||||
| Result after financial net | 21.8 | 18.8 | 57.0 | 59.0 | 76.9 |
| Adjustments: | |||||
| Depreciation | 41.7 | 34.1 | 110.1 | 96.8 | 129.9 |
| Result, sale of financial assets | –1.5 | ||||
| Result, sale of securities | 2.5 | 0.0 | 2.1 | ||
| Other items | –5.8 | 0.0 | 5.4 | ||
| Cash flow from operating activities before changes in working capital |
60.2 | 52.9 | 169.2 | 155.8 | 210.7 |
| Changes in working capital | –14.8 | 1.9 | 59.3 | 108.5 | 131.3 |
| Cash flow from operating activities | 45.4 | 54.8 | 228.5 | 264.3 | 342.0 |
| Investing activities | |||||
| Ships under construction | –60.2 | –58.0 | –304.1 | –381.1 | –638.6 |
| Investment in financial assets | –0.1 | –6.4 | |||
| Sale of financial assets | 4.8 | 25.7 | 15.5 | 78.9 | 94.7 |
| Cash flow from investing activities | –55.5 | –32.3 | –295.0 | –302.2 | –543.9 |
| Financing activities | |||||
| New loans | 25.2 | 0.0 | 2,273.7 | 286.9 | 716.9 |
| Amortisation of loans | –2.9 | –46.3 | –2,130.9 | –226.8 | –482.1 |
| Dividend to shareholders | 0.0 | 0.0 | –47.7 | –47.7 | –47.7 |
| Cash flow from financing activities | 22.3 | –46.3 | 95.1 | 12.4 | 187.1 |
| Cash flow for the period | 12.2 | –23.8 | 28.6 | –25.5 | –14.8 |
| Balance at beginning of period (Note 1) | 84.2 | 79.5 | 68.3 | 82.5 | 82.5 |
| Exchange differences (Note 2) | 2.2 | 5.2 | 1.7 | 4.0 | 0.6 |
| Balance at end of period (Note 1) | 98.6 | 61.0 | 98.6 | 61.0 | 68.3 |
| Note 1. Balance consists of cash, bank balances and credit facility |
|||||
| Note 2. Exchange differences attributable to: | |||||
| Balance at beginning of year | 0.4 | 2.5 | 0.1 | 1.5 | 0.4 |
| Cash flow for the period | 1.8 | 2.7 | 1.6 | 2.5 | 0.2 |
| 2.2 | 5.2 | 1.7 | 4.0 | 0.6 |
| SEK millions | Quarter 3 2011 |
Quarter 2 2011 |
Quarter 1 2011 |
Quarter 4 2010 |
Quarter 3 2010 |
Quarter 2 2010 |
Quarter 1 2010 |
Quarter 4 2009 |
|
|---|---|---|---|---|---|---|---|---|---|
| Profit/loss | |||||||||
| items | Net sales | 145.5 | 117.1 | 159.0 | 145.5 | 127.9 | 132.7 | 107.3 | 111.2 |
| Operating costs | –110.8 | –94.4 | –133.1 | –119.8 | –104.5 | –106.0 | –82.9 | –94.4 | |
| Operating result (EBIT) | 34.7 | 22.7 | 25.9 | 25.7 | 23.4 | 26.7 | 24.4 | 16.8 | |
| of which profit/loss on ship sales | |||||||||
| Financial net | –12.9 | –6.5 | –6.9 | –7.8 | –4.6 | –7.2 | –3.7 | 1.8 | |
| Result after financial items | 21.8 | 16.2 | 19.0 | 17.9 | 18.8 | 19.5 | 20.7 | 18.6 | |
| Result after tax | 20.1 | 17.9 | 20.9 | 18.9 | 17.7 | 20.9 | 22.9 | 30.2 | |
| Cash flow from operating activities | 60.2 | 56.0 | 53.0 | 54.9 | 52.9 | 53.1 | 49.8 | 44.1 | |
| EBITDA | 70.6 | 53.3 | 57.5 | 56.0 | 54.2 | 58.1 | 51.2 | 41.8 | |
| Balance-sheet items |
Ships (number) | 3,295.0 (11) | 3,066.8 (11) | 2,706.5 (10) | 2,919.6 (10) | 2,507.6 (9) | 2,903.0 (9) | 2,730.5 (9) | 2,265.0 (8) |
| Ships under construction (number) | 138.9 (1) | 87.5 (1) | 291.3 (2) | 262.0 (2) | 482.1 (3) | 494.9 (3) | 442.1 (3) | 619.0 (3) | |
| Liquid funds incl. investments | 163.1 | 162.0 | 180.4 | 152.3 | 145.3 | 102.0 | 88.1 | 119.6 | |
| Other assets | 85.8 | 102.3 | 105.1 | 126.9 | 150.3 | 191.9 | 176.9 | 376.8 | |
| Interest-bearing liabilities | 1,777.5 | 1,619.8 | 1,480.0 | 1,596.1 | 1,430.0 | 1,688.1 | 1,535.6 | 1,458.5 | |
| Other liabilities and provisions | 168.5 | 158.9 | 132.4 | 149.3 | 157.0 | 166.9 | 103.3 | 124.6 | |
| Equity | 1,736.8 | 1,639.9 | 1,670.9 | 1,715.4 | 1,698.3 | 1,836.8 | 1,798.7 | 1,788.3 | |
| Total assets | 3,682.8 | 3,418.6 | 3,283.3 | 3,460.8 | 3,285.3 | 3,691.8 | 3,437.6 | 3,371.4 | |
| Key ratios, % | Equity ratio | 47 | 48 | 51 | 50 | 52 | 50 | 52 | 53 |
| Return on total capital | 3 | 3 | 3 | 2 | 2 | 3 | 3 | 3 | |
| Return on capital employed | 3 | 3 | 3 | 2 | 2 | 3 | 4 | 3 | |
| Return on equity | 5 | 5 | 5 | 5 | 3 | 5 | 5 | –4 | |
| Operating margin | 24 | 19 | 16 | 18 | 18 | 20 | 23 | 15 | |
| Share data | Net sales | 3.05 | 2.45 | 3.33 | 3.05 | 2.68 | 2.78 | 2.25 | 2.33 |
| Operating costs | –2.32 | –1.98 | –2.79 | –2.51 | –2.19 | –2.22 | –1.74 | –1.98 | |
| Operating result | 0.73 | 0.48 | 0.54 | 0.54 | 0.49 | 0.56 | 0.51 | 0.35 | |
| Financial net | –0.27 | –0.14 | –0.14 | –0.16 | –0.10 | –0.15 | –0.08 | 0.04 | |
| Result after tax | 0.42 | 0.38 | 0.44 | 0.40 | 0.37 | 0.44 | 0.48 | 0.63 | |
| Cash flow | 1.26 | 1.17 | 1.11 | 1.15 | 1.11 | 1.11 | 1.04 | 0.92 | |
| EBITDA | 1.48 | 1.12 | 1.20 | 1.17 | 1.14 | 1.22 | 1.07 | 0.88 | |
| Equity | 36.59 | 34.36 | 35.01 | 35.94 | 35.58 | 38.48 | 37.69 | 37.47 |
Please note that there has been no dilution effect since 2002. Definitions: see page 16
| SEK millions | 9 months 2011 | 9 months 2010 |
|---|---|---|
| Net sales | 38.3 | 11.5 |
| Operating costs, ships | -38.6 | –10.5 |
| Other external costs | -11.6 | –10.9 |
| Personnel costs | -5.6 | –5.3 |
| Operating result | -17.5 | –15.2 |
| Interest income and similar items | 17.0 | 83.0 |
| Interest expenses and similar items | -27,2 | –27.2 |
| Result after financial items | -27.7 | 40.6 |
| Tax | 7.0 | –10.2 |
| Result for the period | -20.7 | 30.4 |
| MSEK | 30 Sep 2011 | 30 Sep 2010 |
| Assets | ||
| Equipment | 0.1 | 0.1 |
| Financial assets | 32.4 | 36.1 |
| Shares in group companies | 745.8 | 745.8 |
| Total fixed assets | 778.3 | 782.0 |
| Current receivables | 6.5 | 70.3 |
| Short-term investments | 28.5 | 40.8 |
| Cash and bank balances | 1,400.2 | 1,068.3 |
| Total current assets | 1,435.2 | 1,179.4 |
| Total assets | 2,213.5 | 1,961.4 |
| Equity and liabilities | ||
| Equity | 604.8 | 678.8 |
| Long-term liabilities | 1,570.9 | 1,214.9 |
| Current liabilities | 37.8 | 67.7 |
| Total equity and liabilities | 2,213.5 | 1,961.4 |
Authorised Public Accountant Gothenburg, 2 November 2011 Concordia Maritime AB (publ)
Hans Norén President
To the Board of Concordia Maritime AB (publ) Reg. no. 556068-5819
I have conducted a review of the interim financial information in summary (interim report) for Concordia Maritime AB (publ) at 30 September 2011, and the nine-month period ended on that date. The Board of Directors and CEO are responsible for the preparation and presentation of this interim financial report in accordance with IAS 34 and the Swedish Annual Accounts Act. My responsibility is to express an opinion on this interim report based on my review.
I conducted my review in accordance with the Swedish Standard on Review Engagements (SÖG) 2410 – Review of Interim Report 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 ISA and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable me to obtain a level of assurance that would make me aware of all significant matters that might be identified during an audit. Accordingly, conclusions based on a review do not have the level of assurance of conclusions based on an audit.
Based on my review, nothing has come to my attention that causes me to believe that the attached interim financial report has not been prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act for the Group and the Swedish Annual Accounts Act for the parent company.
Gothenburg, 2 November 2011
Johan Kratz
This interim financial report in summary for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and relevant provisions of the Swedish Annual Accounts Act. The interim report for the parent company has been prepared in accordance with chapter 9 (Interim Reports) of the Swedish Annual Accounts Act. The same accounting principles and computation methods have been applied for the Group and parent company as in the most recent annual report.
This information in this report is information that Concordia Maritime is required to disclose in accordance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was made public on 2 November 2011 at approx. 8 a.m.
Reports and information, 2011/2012
End-of-year Report 2011 22 February 2012 Q1 Report 2012 26 April 2012
Hans Norén, President +46 31 85 51 01 or +46 704 85 51 01 hans.noren @ concordiamaritime.com
Göran Hermansson, CFO +46 31 85 50 46 or +46 704 85 50 46 goran.hermansson @ concordiamaritime.com
Cash flow from operating activities Result after net finan cial items plus depreciation minus tax paid (cash flow before change in working capital and investments and before effect of ship sales).
Return on total capital Result after net financial items plus financial expenses as a percentage of average total assets.
Return on capital employed Result after net financial items plus financial expenses as a percentage of average capital employed. Capital employed refers to total assets minus noninterest-bearing liabilities, including deferred tax liability.
Return on equity Result for the year as a percentage of average equity.
Equity ratio Equity as a percentage of total assets.
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Concordia Maritime 405 19 Gothenburg Tel +46 31 85 50 00 Reg. no. 556068-5819 www.concordiamaritime.com
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