Quarterly Report • Jul 23, 2010
Quarterly Report
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July 23, 2010 from Rederi AB TransAtlantic (publ)
| Jan–June 2010 |
Jan–June 2009 |
|
|---|---|---|
| Net revenue, SEK M | 1,161 | 1,176 |
| Operating loss before tax, SEK M 1) | –115 | –80 |
| Loss before tax, SEK M | –115 | –82 |
| Loss after current tax, SEK M | –115 | –82 |
| Loss after full tax, SEK M | 41 | –67 |
| Return on shareholders' equity | 1.50 | –2.40 |
| Shareholders equity at end of period, SEK/share | 42.40 | 47.60 |
| Return on capital employed, % | –7.70 | –4.20 |
| Return on shareholder's equity, % | 6.70 | –9.80 |
| Equity/assets ratio on the closing date, % | 38 | 42 |
1) Operating loss: Earning before tax and restructuring costs.
The Global Economy during 2010 has had a positive development, but there are big differences in different continents. This difference has led to the demand of freights has become more differentiated between different areas of sale. Asia is still a strong market with rising volumes, USA has a rising demand, but Europe has had a continued weak economic development. The development was disturbed during the second quarter where the fi nancial crisis in the Euro-countries led to further tensing of the area.
Within the segments where TransAtlantic operates, we have been noticing a general increase of demand. Many of our clients ship more cargo today, than last year. But the condition and development are different for different areas. We can gladly see the development for business area Offshore/Icebreaking has been good. For the fi rst time all our vessels are out chartered on long term contracts, furthermore four of them operate in the Arctic, which we believe is the future. Our new building Loke Viking went directly to Greenland in the end of May, after her christening, to begin her contract. When completing this contract, she will begin a new charter for Statoil, in the Barents Sea. This is extra interesting since the design of our vessels, which are under construction, are made for the conditions in the Barents Sea.
The Tor Viking was temporarily held back by Obama's decision to stop all oil exploitation in U.S. waters, after the accident in the Gulf of Mexico, although now she is on her way to Alaska for other missions. We are looking closely to the development around the accident and its future consequences. In the short-term this will probably mean that some deepwater offshore projects will be postponed, especially in the North American waters. So far no other countries have stopped this type of activities, even if they are following the development closely. In the long-term we think the accident will lead to a larger focus on safety and environment issues, around the offshore activities, which is positive for us since we have a high ambition for our own safety- and environment issues.
The development within business area Industrial Shipping is a refl ection of the development of the global economy. Many of our clients are shipping larger volumes this year than last year, but they are shipping to markets outside Europe. This has been clear for the forest industries, which have increased their shipments to Asia and the U.S., under the fi rst six months year. This development has lead to problems with our fi lling degree, for some of our inter-European lines. As a result of this, we have an agreement with StoraEnso to reduce our timetable for TransSuomi Line, and temporarily restore one vessel, which will lead to a signifi cant cost reduction for our traffi c during the second half this year.
The task to suit our costs in relation to the market situation continues. We will return or renegotiate four vessels this fall, which will benefi t our Atlantic- and container traffi c.
Our strategy to change the structure for some of our areas will intensify during the second half this year. This, together with the market work for fi nding new market areas, will lead to a stronger competitiveness for TransAtlantic.
Stefan Eliasson Acting President and CEO
Consolidated net revenues amounted to SEK 1,161 M (1,176). The decrease in reventues was due primarily to the Industrial Shipping business area.
For the fi rst six months, the Group posted an net profi t of SEK 41 M (loss: 67) The loss before taxes amounted to SEK 115 M (loss: 82).
| Group | April–June | January–June | Full-year | ||
|---|---|---|---|---|---|
| SEK M | 2010 | 2009 | 2010 | 2009 | 2009 |
| Net revenue | 598 | 573 | 1,161 | 1,176 | 2,284 |
| Profi t before capital costs (EBITDA) | 18 | 30 | –21 | 27 | –8 |
| Operating profi t | –21 | –16 | –98 | –61 | –243 |
| Profi t before tax | –30 | –21 | –115 | –82 | –276 |
| Profi t margin | –5.50 | –3.60 | –9.90 | –7.00 | –12.1% |
| Offshore/Icebreaking business area | 2 | 6 | –10 | 3 | –25 |
|---|---|---|---|---|---|
| Industrial Shipping business area | –18 | 22 | –78 | –64 | –140 |
| –16 | 28 | –88 | –61 | –165 | |
| Ship Management/Group wide | –14 | –5 | –27 | –19 | –48 |
| Total operating profi t 1) | –30 | –21 | –115 | –80 | –213 |
| Restructuring items 2) | – | – | – | –2 | –63 |
| Profi t before tax | –30 | –21 | –115 | –82 | –276 |
| Current tax 3) | 0 | 0 | 0 | 0 | –1 |
| Deferred tax 4) | 74 | 4 | 156 | 15 | 56 |
| Profi t after tax | 44 | –17 | 41 | –67 | –221 |
| Operating profi t after current tax | –1.10 | –0.70 | –4.20 | –3.00 | –7.70 |
|---|---|---|---|---|---|
| Profi t after current tax | –1.10 | –0.70 | –4.20 | –3.00 | –9.90 |
| Profi t after tax | 1.60 | –0.60 | 1.40 | –2.40 | –8.00 |
1) Operating profi t: Earnings before tax and restructing costs.
2) For the Industrial Shipping business, the amount for full-year 2009 included SEK 61 M for impairment losses on the value of vessels and SEK 2 M in personnel costs.
3) With current tax means tax payable or receivable for the current year.
4) See section "Corporate tax ", page 8.
Consolidated cash and cash equivalents amounted to SEK 259 M at the end of the period (SEK 327 M as of December 31, 2009).
The table below shows the overall changes in cash and cash equivalents for the period:
| January–June | ||||
|---|---|---|---|---|
| All amounts in SEK M | 2010 | 2009 | 2009 | |
| Cash fl ow from current operations before changes in working capital |
–47 | –9 | –50 | |
| Changes in working capital | 79 | –2 | 2 | |
| Cash fl ow from current operations | 32 | –11 | –48 | |
| Investing operations | –103 | –83 | –142 | |
| Financing operations | –15 | –101 | –19 | |
| Dividends payed | – | –70 | –70 | |
| Change in cash equivalents | –56 | –265 | –279 | |
| Cash equivalents at beginning of period | 327 | 574 | 574 | |
| Exchange-rate difference in cash equivalents | –12 | 27 | 32 | |
| Cash equivalents at end of period | 259 | 336 | 327 |
In addition to SEK 259 M in cash, SEK 13 M is available in the form av unutilized credit facilities. At June 30, the Group's shareholders' equity was SEK 1,175 M (corresponding to SEK 42.40 per share), of which the minority share of shareholders' equity was SEK 21 M, or SEK 0.80 per share.
The equity/asset ratio at the end of the period was 38 % (37 as of December 31, 2009).
Gross investment during the period amounted to SEK 178 M (143). These investments pertained primarily to new building in progress of three AHTS vessels, as well as capitalized docking fees.
| Financial position | June | December |
|---|---|---|
| SEK M at the close of each period | 2010 | 2009 |
| Total asset | 3,072 | 3,172 |
| Shareholders equity | 1,175 | 1,175 |
| Equity/assets ratio, % | 38 | 37 |
| Net indebtedness | 1,125 | 1,054 |
| Debt/equity ratio, % | 96 | 90 |
| Closing cash and cash equivalents | 259 | 327 |
| SEK per share | 42.40 | 42.40 |
These operations are conducted through the Norwegian joint venture company Trans Viking, in wich TransAtlantic owns 50% and the remaining 50% is owned by the Norwegian company, Viking Supply Ships AS. TransAtlantic is responsible for staffi ng, technical operations and safety, while Viking Supply Ships is responsible for marketing and freight. The fl eet comprises fi ve off shore vessels and three new bulding contracts scheduled for delivery in 2010–2011. Three of the existing off shore vessels are developed to cope with both icebreaking and off shore assignments.
The three combined AHTS vessels, which were called of for icebreaking in the Baltic Sea, at the beginning of this year, in accordance with the contract with The Swedish Maritime Administration. After the completed icebreaking the vessels have undergone routine shipyard calls. In combination with a weak offshore spot market, this lead to a negative result in the beginning of this period.
At the end of May the new built AHTS-Vessel Loke Viking, was delivered from Zamakona Shipyard, Bilbao Spain. She went directly in charter for the English oil company Capricorn. The mission assignment is to assist oil drilling west of Greenland. This mission also includes the AHTS-Vessels Vidar Viking and Balder Viking. The mission ranges to December 2010. After the Greenland mission Loke Viking has a charter for the oil company Statiol, in the Barents Sea.
Tor Viking has started her charter for the oil company Shell in Beaufort Sea and Chukchi Sea. The contract is over a two year period.
For Odin Viking a long-term contract has been signed for offshore duties in the sea outside Rio de Janeiro, Brazil. The contract has been extended to the summer 2011. Brazil is steadily increasing their campaign for oil exploitation at sea, and Odin Vikings contract is a good positioning for this market.
This means that all fi ve AHTS-vessels are contracted for long-term charters at good rates and our investment on Arctic offshore shows results.
The construction work of another three anchor handling vessels continues. The second vessels in the series, Njord Viking, is expected to be delivered mid December 2010. The remaining two vessels, are expected to be delivered 2011.
| Offshore /Icebreaking | April–June | January–June | |||
|---|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | 2009 | |
| Net revenue | 39 | 37 | 66 | 72 | 125 |
| Loss after net fi nancial items | 2 | 6 | –10 | 3 | –25 |
| Profi t margin | 5% | 16% | –15% | 4% | –20% |
The business area conducts systems traffi c in the Baltic Sea using RoRo and container vessels (RoRo Baltic Division), container based scheduled service operations between Sweden and the UK (Container Division), contract based bulk transport in the Baltic Sea, Mediterranean Sea and North Sea (Bulk/LoLo Division) as well as RoRo services across the Atlantic and with side port vessels traffi c along the US east cost, USEC (Atlantic Division).
The RoRo Baltic Division conducts scheduled operations between Finland and Sweden/Germany with two RoRo lines and one container line. The division also leases cargo space of StoraEnso in its systems taffi c, which serves ports in the Gulf of Bothnia. The volume trend was faborable for traffi c in northern Finland.
The traffi c in southern Finland, TransSuomi Line, has a continuing weak development with lower volumes from Finland in form of forest products. However the volumes have increased to Finland. During the third quarter there will be tonnage changes in southern Finland in order to increase the fi lling degree in the vessels and there by increasing the profi t. This is due to redelivery of one vessel.
The traffi c will receive additional tonnage in form of two chartered container vessels, which will traffi c the line between northern Finland and Hamburg/Bremerhafen. The rotation will expand with port calls to Gothenburg and Mäntyluato in Finland. The Time Charter Party has been extended for the RoRo-vessel TransReel, which steams in a set rotation in the Baltic Sea for the forest industy M-Real, till August 2012.
Division Container runs container based line traffi c to England, TransPal Line, and the feeder traffi c, TransFeeder South. Within TransPal Line the volumes and capacity utilization was high, because of the increased production in the Swedish steel industries.
In the segment TransFeeder South the freight rates are still on low levels, even if the capacity utilization has been high.
For Division Bulk/LoLo the freight volume continued to increase, but there is still a lack of balance in the freight fl oes. For the smaller bulk tonnage the supply of cargoes on southern routes was good, but the positioning trips back from Western Europe respective the Mediterranean was under price press.
In Division Atlanten har bound volumes have slightly increased during the second quarter. The increase of container rates for the destinations contributed to the positive change. The eastward bound paper volumes from Canada to Europe have stabilized on a low rate due to over capacity in Europe and the weak Euro.
The quantities within the USEC (US East Coast) is characterized by small volumes because of over production, large supplies and a continuing price press on newspaper. So far there aren't any indications of increasing volumes, but the demand has stabilized from a declining trend. The fl ow imbalances lead to that the fl eet's capacity is still in need of a reduction and that the fi lling capacity shall be prioritized. A vessel has been redelivered during the second quarter, and two additional will be redelivered at the end of the year.
The business area's operating loss for the fi rst six months amounted to SEK 78 M (loss: 64).
| April–June | January–June | Full-year | |||
|---|---|---|---|---|---|
| Industrial Shipping | 2010 | 2009 | 2010 | 2009 | 2009 |
| Net revenue | 492 | 464 | 949 | 964 | 1,900 |
| Loss after net fi nancial items | –18 | –22 | –78 | –64 | –140 |
| Profi t margin | –4% | –5% | –8% | –7% | –7% |
Group management comprises company management, cental administration, fi nance management and Ship Management. In addition to TransAtlantic's fl eet, the Ship Management unit includes assignments for external vessel owners. These are responsible for all operating costs, and TransAtlantic invoices actural expenses incurred and fess for operating the external vessels. The primary reason for accepting external assignments is to achieve economies of scale for shipboard employees and for purchases undertaken for the Group's fl eet of vessels.
Atlantic Container Line (ACL) has terminated the ship management mandate of its nine RoRo/Container vessels per December 2010. Termination of the agreement is not expected to pose any negative impact on earnings.
Earnings for the year were attributable to the company's administration costs.
| April–June | January–June | Full-year | ||||
|---|---|---|---|---|---|---|
| Group organization/Ship Management | 2010 | 2009 | 2010 | 2009 | 2009 | |
| Net revenue | 67 | 72 | 146 | 140 | 259 | |
| Loss after net fi nancial items | –14 | –5 | –27 | –19 | –48 | |
| Profi t margin | –21% | –7% | –18% | –14% | –19% |
The parent Company reported loss before tax of SEK –131 MSEK (loss: 103). Loss after tax was amounted to SEK 104 M (loss: 83). The amount includes impairment losses of SEK 20 M on shareholding in subsidiaries. The Parent Company shareholder's equity amounted to SEK 579 M (683 at 2009-12-31), total assets amounted to SEK 1,231 M (1,252 at December 31, 2009). The equity/assets ratio on the balance sheet date was 47% (55 at December 2009). Liquidity at the end of the period amounted to SEK 42 M (73 at December 2009).
The total number of treasury shares totaled 704,800 Series B shares at December 31, 2009.
| 2010 | |
|---|---|
| Registered number of Series B shares | 26 ,612, 514 |
| Repurchased series B shares held in treasury | –704,800 |
| Series B shares in the market | 25,907,714 |
In addition, there are 1,817,960 A shares.
The general situation for the Group's current structure is that taxes payable are highly limited. Accordingly, recognized corporate tex mainly comprises deferred tax.
In January 2010, the Supreme Court in Norway declared void the nonrecurring tax expensed in 2007 in connection with the introduction of the new Norweigian tonnage tax regulation. The consequence of this rulings is that TransAtlantic can reverse an amount of SEK 65 M in its January–March interim report. A new law was adopted by the Norwegian Stortingent in June 18, 2010, which means that shipping companies to a reduced one-time tax, again given the opportunity to enter the new tonnage tax regulation. The tax consequences for TransAtlantic means a one-time tax of SEK 23 M.
An agreement for the acquisition of bareboat chartered vessels have been signed during the quarter. An assessment of the tax situation has been made, which meant that the group dissolved a tax reserve of SEK 78 M attributable to these vessels.
The recognized deferred tax liability for the Swedish operations amounted to SEK 16 M at the end of June 2010 (87 at December 31, 2009).
No transactions took place between TransAtlantic and its closely related parties that had a signifi cant effect on the company's position and earnings.
TransAtlantic is a Group characterized by a high degree of international operations, thereby exposing it to a number of operational and fi nancial risks. TransAtlantic works actively to identify and manage these risks, and risk management is included as an element of the ongoing reviews of the operations. It has been deemed that no further key risks and uncertainties have arisen in addition to those risks and uncertainties described in TransAtlantic's 2009 Annual Report, page 44. Due to the year unfavourable profi tability the company has held discussions with the banks on fi nancing terms and conditions. These discussions are partly closed, but the Group has not fi nally agreed terms with two of the concerned banks. Negotiations are expected to be fully completed in July.
This interim report was prepared, for the Group, 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 RFR 2.3 Accounting for Legal Entities. Unless otherwise noted, the same accounting policies and calculation bases for both the Group and Parent Company have been applied as those used in the most recent Annual Report.
Revised IFRS 3 Business Combinations and amended IAS 27 Consolidated and Separate Financial Statements have been applied in connection with the acquisition and divestment of operations from 2010.
A new contract has been signed with the oil company Statoil for the newly-built AHTS vessel Loke Viking. The contract runs until mid-2011 with an option of further extension. Acquisitions have been made by the owner companies for the three RoRo vessels, Ortviken, Östrand and Obbola. In connection with the acquisition the vessels were refi nanced which has meant that the Group's cash balance was reinforced by about SEK 200 M.
More information about these events can be found at webpage; www.rabt.se
In conjuction with the publication of the interim report, a teleconference will be held on Friday 23, at 09,30 a.m attended by TransAtlantic's President Stefan Eliasson and CFO Ola Helgesson. For further information, visit the company's website: www.rabt.se.
The Board of Directors and the CEO confi rm that the half year report gives an accurate summary of the Company's and the Group's activities, position and results and describes the noteworthy risks and uncertainties faced by the Company and companies that are includes within the Group.
Skärhamn, July 23, 2010
Stefan Eliasson Folke Patriksson Acting President Chairman
Håkan Larsson Helena Levander Christer Lindgren
Board member Board member Employee representative
Christer Olsson Lena Patriksson Keller Björn Rosengren Board member Board member Board member
Magnus Sonnorp Board member
This report has not been audited.
For further information, please contact acting President Stefan Eliasson or CFO Ola Helgesson, Tel: +46 (0)304-67 47 00
October 28 Interim report January–September February 22 End Year Report 2010 April 28 Interim report January–March April 28 General Annual Meeting
This report is available in its entirety on the company's website, www.rabt.se
| April–June | January–June | ||||
|---|---|---|---|---|---|
| All amounts in SEK M | 2010 | 2009 | 2010 | 2009 | 2009 |
| Net sales | 598 | 573 | 1,161 | 1,176 | 2,284 |
| Other operating revenue | 0 | 0 | 0 | 1 | 3 |
| Direct voyage costs | –309 | –264 | –613 | –525 | –1,116 |
| Personnel costs | –171 | –162 | –362 | –332 | –648 |
| Other costs | –100 | –119 | –207 | –293 | –531 |
| Depreciation / write-downs | –39 | –44 | –77 | –88 | –235 |
| Operating profi t/loss | –21 | –16 | –98 | –61 | –243 |
| Net fi nancial items | –9 | –5 | –17 | –21 | –33 |
| Profi t before tax | –30 | –21 | –115 | –82 | –276 |
| Tax on profi t/loss for the period 1) | 74 | 4 | 156 | 15 | 55 |
| PROFIT FOR THE PERIOD 2) | 44 | –17 | 41 | –67 | –221 |
| Attributable to: | |||||
| Shareholders of the parent company | 44 | –12 | 40 | –62 | –214 |
| Minority interests in subsidiaries | 8 | –5 | 1 | –5 | –7 |
| INCOME FOR THE PERIOD | 44 | –17 | 41 | –67 | –221 |
| Earning per share, calculated on profi t attributable to Parent Company's shareholders, per share, SEK (before and after |
|||||
| dilution) | 1.6 | –0.4 | 1.5 | –2.2 | –7.7 |
1) See section "Corporate tax, page 8.
2) For full-year 2009, the Industrial Shipping business area included restructuring costs of SEK 61 M for the impairment of vessels and personnel costs of SEK 2 M.
| Consolidated statement of comprehensive income | April–June | January–June | |||
|---|---|---|---|---|---|
| All amounts in SEK M | 2010 | 2009 | 2010 | 2009 | 2009 |
| Profi t for the period | 44 | –17 | 41 | –67 | –221 |
| Other comprehensive income for the period: | |||||
| Change in hedging reserve | –4 | 11 | 5 | 5 | 16 |
| Change in translation reserve | –15 | –16 | –46 | 38 | 35 |
| Total other comprehensive income for the period | –19 | –5 | –41 | 43 | 51 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 25 | –22 | 0 | –24 | –170 |
| Attributable to: | |||||
| Shareholders of the parent company | 25 | –17 | –1 | –19 | –163 |
| Minority interests in subsidiaries | 0 | –5 | 1 | –5 | –7 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 25 | –22 | 0 | –24 | –170 |
| April–June | January–June | Full-year | ||||
|---|---|---|---|---|---|---|
| All amounts in SEK M | 2010 | 2009 | 2010 | 2009 | 2009 | |
| Offshore/Icebreaking 1) | 39 | 37 | 66 | 72 | 125 | |
| Industrial Shipping 1) | 492 | 465 | 949 | 964 | 1,900 | |
| TOTAL – BUSINESS OPERATIONS | 531 | 501 | 1,015 | 1,036 | 2,025 | |
| Ship Management/Group-wide items | 329 | 294 | 630 | 563 | 1,108 | |
| ./. eliminated internal sales | –262 | –222 | –484 | –423 | –849 | |
| TOTAL NET SALES | 598 | 573 | 1,161 | 1,176 | 2,284 |
1) Internal sales missing.
| April–June | January–June | ||||
|---|---|---|---|---|---|
| All amounts in SEK M | 2010 | 2009 | 2010 | 2009 | 2009 |
| Offshore/Icebreaking | 2 | 6 | –10 | 3 | –25 |
| Industrial Shipping | –18 | –22 | –78 | –64 | –140 |
| TOTAL – BUSINESS OPERATIONS | –16 | –16 | –88 | –61 | –165 |
| Ship Management/Group-wide items | –14 | –5 | –27 | –19 | –48 |
| OPERATING PROFIT/LOSS BEFORE TAX 1) | –30 | –21 | –115 | –80 | –213 |
| Restructuring items 2) | – | 0 | – | –2 | –63 |
| RESULT BEFORE TAX | –30 | –21 | –115 | –82 | –276 |
| Attributable to: | |||||
| Shareholders of the parent company | –30 | –16 | –116 | –77 | –269 |
| Minority interests in subsidiaries | 0 | –5 | 1 | –5 | –7 |
1) Operating result: Result before tax and restructing costs.
2) The full-year 2009 includes restructuring costs in the Industrial Shipping business area, comprising impairment losses on vessels of SEK –61 M and personnel expenses of SEK –2 M.
| January–June | Full-year | |
|---|---|---|
| All amounts in SEK M | 2010 | 2009 |
| Offshore/Icebreaking | 1,076 | 974 |
| Industrial Shipping | 1,457 | 1,555 |
| TOTAL – BUSINESS AREAS | 2,533 | 2,529 |
| Ship Management/Group-wide items | 539 | 643 |
| TOTAL ASSETS | 3,072 | 3,172 |
| All amounts in SEK M | 2010-06-30 | 2009-12-31 |
|---|---|---|
| Vessels | 2,259 | 2,195 |
| Other tangible fi xed assets | 81 | 87 |
| Intangible fi xed assets 1) | 12 | 12 |
| Financial assets | 87 | 105 |
| Total fi xed assets | 2,439 | 2,399 |
| Current assets | 633 | 773 |
| TOTAL ASSETS | 3,072 | 3,172 |
| Shareholders' equity 2) | 1,175 | 1,175 |
| Long-term liabilities 3) | 1,262 | 1,447 |
| Current liabilities 3) | 635 | 550 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3,072 | 3,172 |
1) The amount includes goodwill with SEK 2 M (2).
2) Minority interests are included with SEK 21 M (22). 3) The total of the Group's long- and short-term interest-bearing liabilities amounts to SEK 1,384 M (1,381).
| April–June | January–June | ||||
|---|---|---|---|---|---|
| All amounts in SEK M | 2010 | 2009 | 2010 | 2009 | 2009 |
| Cash fl ow from current operations before | |||||
| changes in working capital | –9 | 15 | –47 | –9 | –50 |
| Changes in working capital | 87 | –38 | 79 | –2 | 2 |
| Cash fl ow from current operations | 78 | –23 | 32 | –11 | –48 |
| Investing operations 1) | –90 | –64 | –103 | –83 | –142 |
| Financing operations | –43 | –65 | 15 | –101 | –19 |
| Dividends payed | – | –70 | – | –70 | –70 |
| Change in cash equivalent continuing operations | –55 | –222 | –56 | –265 | –279 |
| Cash equivalents at beginning of period | 317 | 565 | 327 | 574 | 574 |
| Exchange-rate difference in cash equivalents | 3 | –7 | –12 | 27 | 32 |
| CASH EQUIVALENTS AT END OF PERIOD2) | 259 | 336 | 259 | 336 | 327 |
1) Gross investments before fi nancing during January–June amounted to SEK 178 M (Jan–June 2009: 143; Jan–Dec 2009: 364). Investments during the period mainly comprised capitalized docking fees and the new building in progress of four AHTS vessels.
2) In the Group, current assets include cash and cash equivalents of SEK 259 M (336). The Group also has unutilized credit facilities totaling SEK 13 M. Utilized overdraft facilities at June 31, 2010 amounted to SEK 87 M (June 30, 2009: – and Dec 31, 2009: 6).
| April–June | January–June | ||||
|---|---|---|---|---|---|
| All amounts in SEK M | 2010 | 2009 | 2010 | 2009 | 2009 |
| Shareholders' equity at beginning of period | 1,150 | 1,419 | 1,175 | 1,421 | 1,421 |
| Dividend | – | –70 | – | –70 | –70 |
| Acquisition of own shares | – | –6 | – | –6 | –6 |
| Total comprehensive income | 25 | –22 | 0 | –24 | –170 |
| SHAREHOLDERS' EQUITY AT END OF PERIOD1) | 1,175 | 1,321 | 1,175 | 1,321 | 1,175 |
There are no warrants or other equity instruments in TransAtlantic Group.
1) Shareholders' equity includes minority interests of SEK 21 M (2009-06-30: 21 and 2009-12-31: 22)
| April–June | January–June | ||||
|---|---|---|---|---|---|
| Number of shares ('000) | 2010 | 2009 | 2010 | 2009 | 2009 |
| Number of outstanding shares at beginning of period | 27,726 | 27,926 | 27,726 | 27,926 | 27,926 |
| Buy-back of shares | – | –200 | – | –200 | –200 |
| Number of outstanding shares at end of period | 27,726 | 27,726 | 27,726 | 27,726 | 27,726 |
| Number of shares held as treasury shares | 705 | 705 | 705 | 705 | 705 |
| Total number of shares at end of period | 28,431 | 28,431 | 28,431 | 28,431 | 28,431 |
| Average number of outstanding shares | 27,726 | 27,859 | 27,726 | 27,893 | 27,809 |
| April–June | January–June | Full-year | ||||
|---|---|---|---|---|---|---|
| All amounts in SEK | 2010 | 2009 | 2010 | 2009 | 2009 | |
| Earnings before capital expenses (EBITDA) | 0.7 | 1.1 | –0.7 | 1.0 | –0.3 | |
| Earnings before interest expenses (EBIT) | –0.8 | –0.4 | –3.5 | –2.0 | –8.4 | |
| Profi t after current tax | –1.1 | –0.7 | –4.2 | –3.0 | –9.9 | |
| Profi t after full tax | –1.6 | –0.6 | 1.5 | –2.4 | –8.0 | |
| Shareholders' equity at end of period | 42.4 | 47.6 | 42.4 | 47.6 | 42.4 | |
| Operating cash fl ow | 0.3 | 0.9 | –1.4 | 0.2 | –1.5 | |
| Total cash fl ow | –2.0 | –8.0 | –2.0 | –9.5 | –10.0 |
| April–June | January–June | ||||
|---|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | 2009 | |
| Earnings before capital expenses (EBITDA), SEK M | 18 | 30 | –21 | 27 | –8 |
| Earnings before interest expenses (EBIT), SEK M | –21 | –12 | –98 | –55 | –233 |
| Shareholders' equity, SEK M | 1,175 | 1,321 | 1,175 | 1,321 | 1,175 |
| Net interestbearing debts, SEK M | 1,125 | 841 | 1,125 | 841 | 1,054 |
| Operating cash fl ow, SEK M | 10 | 24 | –38 | 6 | –41 |
| Total cash fl ow, SEK M | –55 | –222 | –56 | –265 | –279 |
| Return on capital employed, % | –3.3 | –3.2 | –7.7 | –4.2 | –9.0 |
| Return on shareholders' equity, % | 14.7 | –5.1 | 6.7 | –9.8 | –17.1 |
| Interest-coverage ratio, TIMES | 2.0 | 3.6 | –0.9 | 1.2 | 0.0 |
| Equity/assets ratio, % | 38.2 | 41.7 | 38.2 | 41.7 | 37.0 |
| Debt/equity ratio, % | 95.7 | 63.6 | 95.7 | 63.6 | 89.7 |
| Profi t margin, % | –5.0 | –3.6 | –9.9 | –7.0 | –12.1 |
Key fi gures are calculated in the same manner as in the most recent Annual Report. Also refer to page 15.
| April–June | January–June | ||||
|---|---|---|---|---|---|
| All amounts in SEK M | 2010 | 2009 | 2010 | 2009 | 2009 |
| Net sales | 329 | 304 | 634 | 619 | 1,245 |
| Other operating revenue | 0 | 0 | 0 | 0 | 1 |
| Direct voyage costs | –103 | –98 | –206 | –186 | –382 |
| Personnel costs | –67 | –58 | –138 | –122 | –255 |
| Other costs | –198 | –164 | –385 | –382 | –756 |
| Depreciation / write-downs | –5 | –5 | –11 | –10 | –22 |
| Operating profi t/loss | –44 | –21 | –106 | –81 | –169 |
| Net fi nancial items 1) | 0 | –27 | –25 | –22 | –24 |
| Profi t/loss before tax | 44 | –48 | –131 | –103 | –193 |
| Tax on profi t/loss for the period 2) | 11 | 7 | 27 | 20 | 47 |
| PROFIT/LOSS FOR THE PERIOD | –33 | –41 | –104 | –83 | –146 |
1) The amount for the period January–June2010 includes impairment losses of SEK 20 M on shareholdings in subsidiaries.
| All amounts in SEK M | 2010–06–30 | 2009–12–31 |
|---|---|---|
| Tangible fi xed assets | 57 | 59 |
| Intangible fi xed assets 1) | 22 | 30 |
| Financial assets | 854 | 799 |
| Total fi xed assets | 933 | 888 |
| Current assets 2) | 298 | 364 |
| TOTAL ASSETS | 1,231 | 1,252 |
| Shareholders' equity | 579 | 683 |
| Provisions | 35 | 35 |
| Long term liabilities 3) | 127 | 118 |
| Current liabilities 3) | 490 | 416 |
| TOTAL SHAREHOLDERS' EQUITY, PROVISIONS AND LIABILITIES | 1,231 | 1,252 |
1) Amount includes goodwill of SEK – M (–).
2) Liquid funds are included with SEK 43 M (73). 3) The total of the parent company interest-bearing liabilities amounts to SEK 193 M (114).
A fi nancial interest-rate instrument used to ensure that interest expense does not exceed a certain set level.
Interest-bearing liabilities and shareholders' equity.
Interest-bearing liabilities minus cash and cash equivalents divided by shareholders' equity.
Divestment of fi xed assets.
Dividend yield Closing share price at year-end divided by
Profi t after fi nancial items less: 1) current tax, 2) tax on profi t for the year (current and deferred tax) in accordance with the consolidated income statement.
Earnings before interest and taxes, corresponding to operating profi t/loss.
Earnings before Interest, Taxes, Depreciation and Amortization, corresponding to profi t/loss before capital expenses and tax.
Shareholders' equity divided by total assets.
Equity divided by the number of shares outstanding.
Hedging
A general term for fi nancial 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 that all listed companies within the EU must have adopted by 2005.
Operating profi t/loss before depreciation plus interest income divided by interest expense.
Interest-bearing liabilities less cash and cash equivalents.
Profi t/loss after fi nancial income/expenses adjusted for capital gains/losses, depreciation/amortization and impairment.
Operating profi t/loss (before tax) Profi t/loss before tax and before and restructuring costs.
Profi t/loss after fi nancial items and before Group-wide expenses and central/Groupwide net fi nancial income/expenses.
Closing share price divided by profi t after fi nancial items with a deduction made for full tax per share.
Shareholders' equity and deferred tax liabilities (including minority share), divided by total assets.
Operating profi t/loss for each business area, reported before Group-wide expenses.
Profi t after fi nancial items divided by net sales.
Includes revenues and expenses of a nonrecurring nature, such as capital gains/losses from the sale of vessels, impairment of vessels and costs related to personnel cutbacks. Also includes costs arising from the merger with Gorthon Lines.
Profi t after fi nancial items less tax on profi t for the year, divided by average shareholders' equity.
Profi t after fi nancial items plus interest expense, divided by average capital employed.
Equity and deferred tax (including minority share) divided by total assets.
Cash fl ow from operating activities, investing activities and fi nancing activities.
Rederi AB Transatlantic (publ) (Org nr 556161-0113) Visiting address: Södra Hamnen 27 P.O. Box 32, SE-471 21 Skärhamn, Sweden Telephone: +46–304–67 47 00 Fax: +46–304–67 47 70 E-mail: [email protected] Internet: www.rabt.se
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