Annual Report • Feb 21, 2013
Annual Report
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| Quarter 4 (Oct–Dec) |
Full year | ||||
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | ||
| Total income, SEK mill. | 126.3 | 138.0 | 543.4 | 559.6 | |
| EBITDA, SEK mill. | 52.9 | 61.2 | 228.4 | 242.6 | |
| Operating result before impairment, SEK mill. |
15.6 | 24.3 | 77.5 | 107.6 | |
| Impairment, SEK mill. | 0.0 | 0.0 | –411.0 | 0.0 | |
| Operating result after impairment, SEK mill. |
15.6 | 24.3 | –333.5 | 107.6 | |
| Result after tax, SEK mill. | 9.7 | 25.9 | –356.0 | 84.8 | |
| Result per share, SEK | 0.20 | 0.54 | –7.46 | 1.78 | |
| EBITDA, USD mill. | 8.0 | 9.1 | 33.7 | 37.3 | |
| Available liquid funds1), SEK mill. |
484.0 | 625.4 | 484.0 | 625.4 |
1) Including unutilised available credit facilities.
By scanning in the QR code on the left, you can watch Hans Norén present the Q4 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 and vegetable oils. 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.
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 and vegetable oils. 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.
GROWTH >10% per year while maintaining profitability
PROFITABILITY >12% return on equity EQUITY RATIO >50% over a business cycle
| President's overview | 3 |
|---|---|
| Business activities | 4 |
| Freight market development | 6 |
| Financial summary | 7 |
| Other information | 9 |
| Financial statements | 11 |
2012 was an eventful year. This was a year in which we moved another step closer to the open market, with five of our thirteen ships employed on the open market at year-end. We took delivery of one vessel and ordered two new ones, all three with the latest fuel-efficient design. We achieved a result before tax, excluding impairment, of SEK 41.6 (76.3) million for the full year. After the fleet's book value was written down in this year's six-month report, result before tax was SEK –369.4 million.
This was another strenuous year for tanker shipping. This was reflected in the fact that our P-MAX vessels employed on the open market generated an average income of just over USD 13,500 per day. Our fixed contracts continued to generate income of approx. USD 20,000 per day. Despite the weak market, we reported a relatively strong EBITDA of USD 33.7 (37.3) million for 2012.
Result after tax amounted to SEK 9.7 (25.9) million, while EBITDA was SEK 52.9 (61.2) million. Income from our P-MAX tankers in the open market was approx. USD 13,500 per day.
During the quarter, an agreement was signed on the financing of the two IMO II MAX product tankers ordered in June and scheduled for delivery in late 2014/early 2015. The agreement, which is with SEB, is expected to be fully completed during the first quarter of 2013.
In late December, an incident occurred in which Stena Primorsk ran aground near New York, resulting in some damage to the outer hull. The tanker underwent repairs and is back in service. Thanks to our insurance cover, which also includes loss of income, the results were only marginally affected by the incident.
Our operations have undergone a gradual change over the last two years, moving from fixed income contract coverage for the entire fleet towards increasing exposure to the open
market. As at February 2013, seven of our thirteen vessels are employed on the open market, and, as would be expected, the market's short-term ups and downs are having a significant impact on our earnings and cash flow. We are employing vessels on the open market at this time because we want to avoid locking in earnings for long periods in this weak market cycle that has brought low time charter rates. In other words, with this positioning we see scope for better earnings both in the short and long term.
During 2013, we expect the market to gradually continue to strengthen. An improvement was seen towards the end of 2012 and this has continued into January and February. However, we do not believe that income from our open vessels during the year will reach the average levels of our remaining time charters.
In addition to an improvement in the fundamental balance between supply and demand in the product tanker market, there are a number of driving forces of a structural nature. One example is the shift in refinery capacity from west to east. Another is price differentials between different markets which from time to time present arbitrage opportunities in the oil trade. This can lead to an increasing demand for transport.
The product tanker segment is currently attracting significant interest from investors, particularly in the U.S., and is widely considered to be leading the recovery of the generally weak shipping markets. We share this assessment and believe that we are well positioned to exploit the opportunities created by a dynamic and changing product tanker market.
| Key ratios | Q4, Oct–Dec | Full year | |||
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | ||
| EBITDA, SEK mill. | 52.9 | 61.2 | 228.4 | 242.6 | |
| Operating result before impairment, SEK mill. |
15.6 | 24.3 | 77.5 | 107.6 | |
| Impairment, SEK mill. | 0.0 | 0.0 | –411.01) | 0.0 | |
| Operating result after impairment, SEK mill. |
15.6 | 24.3 | –333.5 | 107.6 | |
| Result after tax, SEK mill. | 9.7 | 25.9 | –356.0 | 84.8 | |
| Available liquid funds, including unutilised credit facilities, SEK mill. |
484.0 | 625.4 | 484.0 | 625.4 | |
| Result per share after tax, SEK | 0.20 | 0.54 | –7.46 | 1.78 | |
| EBITDA per share, SEK | 1.1 | 1.28 | 4.8 | 5.08 | |
| Dividend per share, SEK | — | — | 1.002) | 1.00 | |
| Equity per share, SEK | 27.88 | 37.24 | 27.88 | 37.24 | |
| Equity ratio, % | 38 | 47 | 38 | 47 | |
| Growth in equity, % | 1 | 2 | –25 | 4 | |
| Return on equity, % | 3 | 6 | –23 | 5 |
1) The impairment loss of USD 60 million was defined using the average rate of 6.85 SEK/USD at 30 June and corresponds to SEK 411.0 million. 2) Relates to dividend per share in May 2012.
At the end of the fourth quarter, five of the fleet's 13 vessels were employed on the open market. Half of our ten P-MAX tankers have now been upgraded to allow them to transport vegetable oils.
Apart from the incident involving Stena Primorsk, the vessels in the fleet operated well. Our insurance cover meant that repairs to the tanker did not have an adverse effect on the financial results.
In December, Stena Perros was taken in to drydock in the French port of Brest, where she was also converted to IMO III class. The scheduled drydock resulted in a loss of 19 income days. In total, five of our ten P-MAX tankers have now been upgraded to allow them to carry vegetable oils in addition to refined petroleum products.
a joint venture with Neste Shipping, operated according to plan during the quarter.
Stena Supreme's employment in Stena Sonangol Suezmax Pool generated income of approx. USD 14,000 per day in the fourth quarter. Although this is lower than in the previous quarter, it is relatively good in what was a very weak quarter for the segment.
Project work on the two 50,000 DWT tankers that were ordered in 2012 is progressing according to plan at the Chinese Guangzhou Shipyard International (GSI).
Stena Poseidon and Palva, the Panamax tankers we own in
| USD millions | Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
|---|---|---|---|---|---|---|---|---|
| P-MAX, timecharter1) | 5.95) | 7.05) | 6.35) | 8.7 | 8.8 | 11.23) | 8.3 | 8.8 |
| P-MAX, spot | 1.8 | 0.3 | 2.5 | 0.5 | –0.8 | –0.5 | ||
| Panamax | 1.1 | 1.0 | 1.0 | 1.2 | 0.8 | 1.2 | 1.4 | 1.2 |
| Suezmax | 0.4 | 0.8 | — | — | — | — | — | — |
| Admin. and other | –1.2 | –1.3 | –1.1 | –1.2 | 0.24) | –1.0 | –1.2 | –1.1 |
| Total | 8.02) | 7.82) | 8.72) | 9.22) | 9.0 | 10.9 | 8.5 | 8.9 |
1) 0% of accumulated income is attributable to profit sharing.
2) The company reports depreciation of drydock as an operating cost.
3) Includes one-time payment of USD 2.3 million for redelivery of Stena Provence.
4) Includes one-time payment of USD 1.9 million on conclusion of insurance case relating to V-MAX tanker.
5) For quarter 4, 2012, includes insurance payment of USD 0.2 million. One-time payment of USD 1.0 million
(Q2 and Q3 2012) and USD 0.3 million (Q4 2012) for redelivery of Stena Primorsk and Stena President.
We are active here as at 31 December 2012.
Spot charter (open market) Hiring of vessels on a voyage-by-voyage basis.
Time charter
Hiring of vessels for a specified period at a fixed rate.
Contract portfolio
The charts show the average value per month on a strictly round trip basis. Source: Fearnleys
Newbuilding prices for ships have recently shown a downward trend, and looking over the past decade, the development is even clearer. At the end of the fourth quarter, newbuilding prices for both product tankers (approx. USD 32 million) and Suezmax tankers (approx. USD 57 million) were at their lowest level in 10 years.
The charts show the value at the end of each period. Source: Clarkson
Equity per share was SEK 27.88 (37.24).
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 August, the Board of Concordia Maritime decided to terminate the equity hedge that amounted to approx. 50 percent of equity in foreign subsidiaries (corresponding to USD 125 million).
The accumulated exchange differences including the effects of forward contracts, which are recognised in equity, amounted to SEK 30.6 (83.6) million. The changes are recognised in equity through OCI.
The company has entered into interest rate swaps totalling USD 140 million to protect itself against interest rate fluctuations 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 fourth quarter, the value of these contracts was SEK –38.9 (–47.6) million, which are recognised in the Hedging reserve through OCI.
Since 2011, financial investments in NOK have been hedged by NOK/USD foreign exchange forward contracts in order to make them currency-neutral. Hedging was previously used, with the change in value of the forward contract being recognised in the hedging reserve through OCI. In the fourth quarter, the Group stopped using hedge accounting for currency risks, and the changes in value of the forward contracts are now recognised in the income statement. At the end of the period, the total hedging reserve stood at SEK –37.2 (–46.6) million.
Investments during the period January to December amounted to SEK 428.3 (330.1) million and relate to advance payment and final delivery of Stena Supreme, and advance payments for two tankers, with delivery of the first scheduled for the end of 2014.
| Quarter 4 | Full year | |||
|---|---|---|---|---|
| SEK millions | 2012 | 2011 | 2012 | 2011 |
| Total income | 126.3 | 138.0 | 543.4 | 559.6 |
| Operating result before impairment |
15.6 | 24.3 | 77.5 | 107.6 |
| Operating result after impairment |
15.6 | 24.3 | –333.5 | 107.6 |
| Result after financial net |
4.6 | 19.3 | –369.4 | 76.3 |
| Result per share after tax, SEK |
0.20 | 0.54 | –7.46 | 1.78 |
| SEK millions | 31 Dec 2012 |
31 Dec 2011 |
|---|---|---|
| Available liquid funds1) | 484.0 | 625.4 |
| Interest-bearing liabilities | 1,993.3 | 1,815.4 |
| Equity | 1,330.8 | 1,777.6 |
| Equity ratio, % | 38.2 | 47.0 |
1) Includes unutilised available credit facilities.
The Group's assets are assessed on a six-monthly basis to determine whether there is any indication of impairment. The fleet is defined as a cash-generating unit, and an impairment loss is recognised when the carrying amount of an asset or cash generating unit exceeds its recoverable amount. An impairment loss of USD 60 million (SEK 411 million) was recognised for the fleet on 30 June 2012 and was based on an overall assessment of future earnings, newbuilding prices and average values from three independent ship brokers. When assessing asset values at 31 December, no impairment was found.
The fact that 8 of our total fleet of 13 vessels were chartered out on fixed contracts partly counteracts the seasonal variations that can otherwise occur in tanker shipping.
The number of employees in the Group at 31 December 2012 was 427 (380), 421 (374) of whom were seagoing employees. There are no option programs in place.
The bond portfolio is classified under available-for-sale financial assets and is recognised at market value in OCI. At the end of the quarter, bonds were owned in Teekay Offshore, Teekay LNG, Rabobank, Golden Close Maritime, Kungsleden Fastigheter, Wind Acquisition, Bonheur and Svensk Exportkredit. The total value of the bond portfolio was USD 14.9 (15.2) million.
Total short-term investments corresponded to SEK 97.1 (104.8) million.
The parent company's total income for the fourth quarter amounted to SEK 0 (0.6) million. Intragroup invoicing represented SEK 0 (0) million of this amount. The parent company's result after financial items for the fourth quarter amounted to SEK –5.4 (–7.2) million. The parent company's available liquid funds, including unutilised credit facilities, amounted to SEK 1,723.8 (1,928.9) million.
The Board proposes a dividend of SEK 0.50. This is lower than the previous year's dividend, which was SEK 1.00. The dividend decision is based on the fact that the net result for the year has declined compared with the previous year, despite the write-down of the fleet's carrying amount. The Company's financial position and available liquidity is good, even after the proposed dividend.
As a result of SEK/USD exchange rate movements in 2012, the company's profit in SEK has changed, while profit in USD remains unchanged.
Concordia Maritime has a small internal organisation, and purchases services from related-party companies in Stena Sphere, which include 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 2011, 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 are conducted 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 2011 annual report.
| Type of risk | ||||
|---|---|---|---|---|
| 1. Corporate risks | A Brand |
|||
| B Employees |
||||
| CLiquidity | ||||
| D Financing risk |
||||
| 2. Market– | A Economic trend |
|||
| related risks |
B Freight rates | |||
| C Oil price |
||||
| D Political risk |
||||
| E War and instability |
||||
| 3. Operational | A Ship operation and insurance |
|||
| risks | B Environment |
|||
| 4. Credit risks | A Counterparty risks – customer |
|||
| B Counterparty risks – shipyards and partners |
| SEK millions | Quarter 4 2012 | Quarter 4 2011 | Full year 2012 | Full year 2011 |
|---|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT | ||||
| Average exchange rate SEK/USD | 6.66 | 6.75 | 6.78 | 6.50 |
| Time charter income | 87.1 | 128.1 | 411.3 | 541.5 |
| Spot charter income | 39.2 | 9.9 | 132.1 | 18.1 |
| Total income | 126.3 | 138.0 | 543.4 | 559.6 |
| Operating costs, ships | –30.7 | –34.0 | –139.7 | –162.6 |
| Seagoing personnel costs | –33.3 | –31.6 | –134.2 | –114.5 |
| Other external costs | –4.3 | –6.9 | –26.0 | –27.4 |
| Personnel expenses | –5.1 | –4.3 | –15.1 | –12.5 |
| Depreciation | –37.3 | –36.9 | –150.9 | –135.0 |
| Total operating costs | –110.7 | –113.7 | –465.9 | –452.0 |
| Operating result before impairment | 15.6 | 24.3 | 77.5 | 107.6 |
| Impairment | 0.0 | 0.0 | –411.01) | 0.0 |
| Operating result after impairment | 15.6 | 24.3 | –333.5 | 107.6 |
| Dividends | 0.0 | 0.0 | 0.0 | 0.5 |
| Interest and similar income | 3.4 | 3.5 | 12.4 | 7.8 |
| Interest and similar expense | –14.4 | –8.5 | –48.3 | –39.6 |
| Financial net | –11.0 | –5.0 | –35.9 | –31.3 |
| Result after financial net | 4.6 | 19.3 | –369.4 | 76.3 |
| Tax | 5.1 | 6.6 | 13.4 | 8.5 |
| Result after tax | 9.7 | 25.9 | –356.0 | 84.8 |
| Other comprehensive income | ||||
| Result for the period | 9.7 | 25.9 | –356.0 | 84.8 |
| Exchange differences, net of tax | –7.7 | 12.3 | –82.6 | 41.3 |
| Equity hedges, net of tax | 2.9 | –3.6 | 29.6 | –6.8 |
| Available-for-sale financial assets, net of tax | 2.4 | 0.0 | 0.5 | –0.6 |
| Cash flow hedges, currency-related, net of tax | 0.6 | 1.0 | 0.7 | 1.4 |
| Cash flow hedges, interest-related, net of tax | 4.7 | 5.2 | 8.7 | –10.2 |
| Comprehensive income for the period | 12.6 | 40.8 | –399.1 | 109.9 |
| Per-share data, SEK | ||||
| Number of shares | 47,729,798 | 47,729,798 | 47,729,798 | 47,729,798 |
| Result per share, before/after dilution | 0.20 | 0.54 | –7.46 | 1.78 |
| Equity per share, SEK | 27.88 | 37.24 | 27.88 | 37.24 |
1) The impairment loss of USD 60 million was defined using the average rate of 6.85 SEK/USD at 30 June and corresponds to SEK 411.0 million.
| SEK millions | 31 Dec 2012 | 31 Dec 2011 |
|---|---|---|
| Closing exchange rate SEK/USD | 6.51 | 6.87 |
| Assets | ||
| Ships and equipment | 3,064.5 | 3,291.1 |
| Ships under construction | 48.0 | 143.0 |
| Financial assets | 0.0 | 1.8 |
| Total non-current assets | 3,112.5 | 3,435.9 |
| Current receivables | 126.7 | 80.5 |
| Short-term investments | 97.1 | 113.6 |
| Cash and bank balances | 144.4 | 128.2 |
| Total current assets | 368.2 | 322.3 |
| Total assets | 3,480.7 | 3,758.2 |
| Equity and liabilities | ||
| Equity | 1,330.8 | 1,777.6 |
| Non-current liabilities | 1,979.6 | 1,820.2 |
| Current liabilities | 170.3 | 160.4 |
| Total equity and liabilities | 3,480.7 | 3,758.2 |
| SEK millions | Share capital |
Other paid in capital |
Translation reserve |
Hedging reserve |
Fair value reserve |
Retained earnings |
Total |
|---|---|---|---|---|---|---|---|
| Changes Jan–Dec 2012 | |||||||
| Opening balance 01.01.2012 | 381.8 | 61.9 | 83.6 | –46.6 | 4.2 | 1,292.7 | 1,777.6 |
| Comprehensive income for the period | –53.0 | 9.4 | 0.5 | –356.0 | –399.1 | ||
| Dividend | –47.7 | –47.7 | |||||
| Closing balance 31.12.2012 | 381.8 | 61.9 | 30.6 | –37.2 | 4.7 | 889.0 | 1,330.8 |
| Changes Jan–Dec 2011 | |||||||
| Opening balance 01.01.2011 | 381.8 | 61.9 | 49.1 | –37.8 | 4.8 | 1,255.6 | 1,715.4 |
| Comprehensive income for the period | 34.5 | –8.8 | –0.6 | 84.8 | 109.9 | ||
| Dividend | –47.7 | –47.7 | |||||
| Closing balance 31.12.2011 | 381.8 | 61.9 | 83.6 | –46.6 | 4.2 | 1,292.7 | 1,777.6 |
| SEK millions | Quarter 4 2012 | Quarter 4 2011 | Full year 2012 | Full year 2011 |
|---|---|---|---|---|
| Operating activities | ||||
| Result after financial net | 4.6 | 19.2 | –369.4 | 76.2 |
| Adjustments: | ||||
| Depreciation/impairment | 35.2 | 43.7 | 573.2 | 153.8 |
| Result, sale of non-current assets | 0.0 | –0.6 | 0.4 | –0.6 |
| Result, sale of securities | –0.7 | –0.4 | –5.0 | 1.7 |
| Other items | –5.5 | 0.0 | –8.7 | 0.0 |
| Cash flow from operating activities before changes in working capital |
33.6 | 61.9 | 190.5 | 231.1 |
| Changes in working capital | –19.8 | 6.2 | –22.6 | 65.5 |
| Cash flow from operating activities | 13.8 | 68.1 | 167.9 | 296.6 |
| Investing activities | ||||
| Sale of non-current assets | 0.0 | 5.4 | –0.4 | 5.4 |
| Investment in non-current assets | –17.7 | –26.0 | –428.3 | –330.1 |
| Investment in financial assets | –6.6 | –50.6 | –65.8 | –57.0 |
| Sale of financial assets | 4.6 | 11.5 | 75.8 | 27.0 |
| Cash flow from investing activities | –19.7 | –59.7 | –418.7 | –354.7 |
| Financing activities | ||||
| New loans | 245.8 | 1,271.8 | 815.1 | 3,545.5 |
| Amortisation of loans | –229.5 | –1,249.4 | –500.0 | –3,380.3 |
| Dividend to shareholders | 0.0 | 0.0 | –47.7 | –47.7 |
| Cash flow from financing activities | 16.3 | 22.4 | 267.4 | 117.5 |
| Cash flow for the period | 10.4 | 30.8 | 16.6 | 59.4 |
| Balance at beginning of period (Note 1) | 135.1 | 98.6 | 128.2 | 68.3 |
| Exchange differences (Note 2) | –1.1 | –1.2 | –0.4 | 0.5 |
| Balance at end of period (Note 1) | 144.4 | 128.2 | 144.4 | 128.2 |
| Note 1. Balance consists of cash, bank balances and credit facility |
||||
| Note 2. Exchange differences attributable to: | ||||
| Balance at beginning of year | 0.7 | 0.0 | 0.5 | 0.1 |
| Cash flow for the period | –1.8 | –1.2 | –0.9 | 0.4 |
| –1.1 | –1.2 | –0.4 | 0.5 |
| SEK millions | Quarter 4 2012 |
Quarter 3 2012 |
Quarter 2 2012 |
Quarter 1 2012 |
Quarter 4 2011 |
Quarter 3 2011 |
Quarter 2 2011 |
Quarter 1 2011 |
|
|---|---|---|---|---|---|---|---|---|---|
| Profit/loss items | Total income | 126.3 | 135.8 | 144.0 | 137.3 | 138.0 | 145.5 | 117.1 | 159.0 |
| Operating costs excluding impairment | –110.7 | –120.6 | –121.9 | –112.7 | –113.7 | –110.8 | –94.4 | –133.1 | |
| Operating result (EBIT) | 15.6 | 15.2 | –388.9 | 24.6 | 24.3 | 34.7 | 22.7 | 25.9 | |
| of which profit/loss on ship sales | |||||||||
| Financial net | –11.0 | –11.1 | –6.7 | –7.1 | –5.0 | –12.9 | –6.5 | –6.9 | |
| Result after financial items | 4.6 | 4.1 | –395.6 | 17.5 | 19.3 | 21.8 | 16.2 | 19.0 | |
| Result after tax | 9.7 | 7.4 | –393.7 | 20.6 | 25.9 | 20.1 | 17.9 | 20.9 | |
| Cash flow from operating activities | 33.6 | 44.6 | 55.1 | 57.1 | 61.9 | 60.2 | 56.0 | 53.0 | |
| EBITDA | 52.9 | 52.7 | 60.6 | 61.8 | 61.2 | 70.6 | 53.3 | 57.5 | |
| Balance-sheet items | Ships (number) | 3,064.5 (12) | 3,105.1 (12) | 3,287.5 (12) | 3,130.4 (11) | 3,291.1 (11) | 3,295.0 (11) | 3,066.8 (11) | 2,706.5 (10) |
| Ships under construction (number) | 48 (2) | 46.6 (2) | 0 | 142.5 (1) | 143.0 (1) | 138.9 (1) | 87.5 (1) | 291.3 (2) | |
| Liquid funds incl. investments | 241.5 | 230.0 | 280.7 | 265.5 | 241.8 | 163.1 | 162.0 | 180.4 | |
| Other assets | 126.7 | 102.3 | 113.1 | 75.8 | 82.3 | 85.8 | 102.3 | 105.1 | |
| Interest-bearing liabilities | 1,993.3 | 2,000.8 | 2,130.0 | 1,698.6 | 1,815.4 | 1,777.5 | 1,619.8 | 1,480.0 | |
| Other liabilities and provisions | 156.6 | 165.0 | 182.4 | 160.8 | 165.2 | 168.5 | 158.9 | 132.4 | |
| Equity | 1,330.8 | 1,318.2 | 1,368.9 | 1,754.8 | 1,777.6 | 1,736.8 | 1,639.9 | 1,670.9 | |
| Total assets | 3,480.7 | 3,484.0 | 3,681.3 | 3,614.2 | 3,758.2 | 3,682.8 | 3,418.6 | 3,283.3 | |
| Key ratios, % | Equity ratio | 38 | 38 | 37 | 49 | 47 | 47 | 48 | 51 |
| Return on total capital | 2 | 2 | –10 | 3 | 3 | 3 | 3 | 3 | |
| Return on capital employed | 2 | 2 | –9 | 3 | 3 | 3 | 3 | 3 | |
| Return on equity | 3 | 2 | –24 | 5 | 5 | 5 | 5 | 5 | |
| Operating margin | 12 | 11 | –270 | 18 | 18 | 24 | 19 | 16 | |
| Share data | Total income | 2.65 | 2.85 | 3.02 | 2.88 | 2.89 | 3.05 | 2.45 | 3.33 |
| Operating costs excluding impairment | –2.32 | –2.53 | –2.55 | –2.36 | –2.38 | –2.32 | –1.98 | –2.79 | |
| Operating result before impairment | 0.33 | 0.32 | 0.46 | 0.52 | 0.51 | 0.73 | 0.48 | 0.54 | |
| Financial net | –0.23 | –0.23 | –0.14 | –0.15 | –0.10 | –0.27 | –0.14 | –0.14 | |
| Result after tax | 0.20 | 0.15 | –8.25 | 0.43 | 0.54 | 0.42 | 0.38 | 0.44 | |
| Cash flow | 0.70 | 0.93 | 1.15 | 1.20 | 1.30 | 1.26 | 1.17 | 1.11 | |
| EBITDA | 1.11 | 1.10 | 1.27 | 1.29 | 1.28 | 1.48 | 1.12 | 1.20 | |
| Equity | 27.88 | 27.62 | 28.68 | 36.77 | 37.24 | 36.39 | 34.36 | 35.01 |
Please note that there has been no dilution effect since 2002. Definitions: see page 16
| SEK millions | Full year 2012 | Full year 2011 |
|---|---|---|
| Total income | 38.9 | |
| Operating costs, ships | –38.6 | |
| Other external costs | –13.6 | –14.8 |
| Personnel expenses | –11.1 | –8.6 |
| Operating result | –24.7 | –23.1 |
| Other interest and similar income | 59.9 | 25.3 |
| Interest and similar expense | –30.8 | –37.1 |
| Result after financial items | 4.4 | –34.9 |
| Tax | –5.7 | 9.5 |
| Result for the period | –1.3 | –25.4 |
The Concordia Maritime Group applies International Financial Reporting Standards (IFRS) as adopted by the EU. The Group prepares its interim reports in accordance with the accounting policies and calculation methods used in the 2011 annual report, unless otherwise indicated in this report.
The Group's interim report has been prepared in accordance with IAS 34. The report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR recommendations. This report gives a true and fair view of the operations, financial position and performance of the Parent Company and Group, and describes significant risks and uncertainties to which the Group is exposed. The report has not been reviewed by the company's auditors.
| SEK millions | 31 Dec 2012 | 31 Dec 2011 |
|---|---|---|
| Assets | ||
| Ships and equipment | 0.0 | 0.1 |
| Financial assets | 29.4 | 35.0 |
| Shares in Group companies | 745.8 | 745.8 |
| Total non-current assets | 775.2 | 780.9 |
| Current receivables | 7.8 | 7.0 |
| Short-term investments | 0.3 | 26.0 |
| Cash and bank balances | 1,384.2 | 1,431.7 |
| Total current assets | 1,392.3 | 1,464.7 |
| Total assets | 2,167.5 | 2,245.6 |
| Equity and liabilities | ||
| Equity | 551.1 | 600.4 |
| Non-current liabilities | 1,577.2 | 1,610.4 |
| Current liabilities | 39.2 | 34.8 |
| Total equity and liabilities | 2,167.5 | 2,245.6 |
| Pledged assets | 65.1 | 68.7 |
| Contingent liabilities1) | 302.1 |
1) The parent company has provided a guarantee for a subsidiary, which relates to vessel financing.
Gothenburg, 21 February 2013 Concordia Maritime AB (publ)
Q3 Interim Report 2013 6 November 2013 ACCOUNTING POLICIES 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 of the Swedish Annual Accounts Act. For the Group and parent company, the same accounting princi ples and computation methods have been applied as in the most recent annual report, apart from the fact that currency -related hedge accounting is no longer used.
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 21 February 2013 at approx. 2 p.m.
The AGM will be held at Lorensbergsteatern, Lorensbergsparken, Gothenburg, at 2.00 p.m. on 23 April 2013. The interim report for the first quarter will be also be presented at the meeting. The annual report for 2012 will be sent to all regis tered shareholders in April and will be available at Concordia Maritime's offices from week 13.
16 CONCORDIA MARITIME | YEAR-END REPORT JAN–DEC 2012
Q1 Interim Report 2013 23 April 2013 Q2 Interim Report 2013 14 August 2013
Hans Norén, President +46 31 85 51 01 or +46 704 85 51 01 hans.noren @ concordiamaritime.com
Anna Forshamn, CFO +46 31 85 51 72 or +46 704 85 51 72 anna.forshamn @ 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 non -interest -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.
QR codes are used to refer to more information on the Internet. The code in this report links to a video. The video can also be viewed on Concordia Maritime's website.
The QR code is scanned in with the help of your smart phone camera. You are then taken to the web page containing the information To be able to use QR codes, your mobile must be equipped with a camera, a QR reader and an Internet connection.
If you do not already have a QR reader in your mobile, it can be downloaded free of charge. There are different readers for different types of mobile phones. Search for QR on sites where you download applications for your smartphone, e.g. App Store or Android Market.
Concordia Maritime 405 19 Gothenburg, Sweden Tel +46 31 85 50 00 Reg. no. 556068-5819 www.concordiamaritime.com
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