Quarterly Report • Apr 26, 2012
Quarterly Report
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• Continuing good availability of liquid funds, SEK 642.6 (713.2) million
| Quarter 1 (Jan-Mar) |
Full year |
||
|---|---|---|---|
| 2012 | 2011 | 2011 | |
| Net sales, SEK mill. | 137.3 | 159.0 | 559.6 |
| Result after tax, SEK mill. | 20.6 | 20.9 | 84.8 |
| Result per share, SEK | 0.43 | 0.44 | 1.78 |
| EBITDA, USD mill. | 9.2 | 8.9 | 37.3 |
| Available liquid funds1), SEK mill. | 642.6 | 713.2 | 625.4 |
1) Including unutilised available credit facilities.
By scanning in the QR code on the left, you can watch Hans Norén present the report for Q1 2012 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), profitsharing clauses in charters and the sale of ships.
GROWTH >10% per year while maintaining profitability PROFITABILITY >12% return on equity EQUITY RATIO >50%
| President's views | 3 |
|---|---|
| Business activities | 4 |
| Freight market development | 6 |
| Financial summary | 7 |
| Other information | 9 |
| Financial statements | 11 |
Result after tax amounted to SEK 20.6 (20.9) million, while cash flow from operations, EBITDA, was SEK 61.8 (57.5) million.
The product tanker market continued to strengthen in the early part of 2012, albeit from low levels. The average freight rate on the open market was approx. USD 10,000 per day. There was a strengthening of freight rates in the larger tanker segments as well.
Concordia Maritime's business operations have developed in line with our expectations. The freight rates for timecharter contracts for the P-MAX and panamax tankers continued to be higher than the rates on the open market and generated an average of just over USD 20,000 per day.
The two P-MAX vessels operating on the open market had an average income of approx. USD 14,000 per day.
All the vessels have operated well.
After the end of the quarter, negotiations were initiated with Argo Shipping with regard to the early redelivery of the two P-MAX vessels Stena Primorsk and Stena President. The contracts were due to expire in 2016/2017, but redelivery of the vessels is very likely to be in the second quarter instead. The background to the early redelivery is a situation of financial difficulties at Argo Shipping.
This means that charter coverage for the full year 2012 will decline from approx. 75 percent to 65 percent.
Some compensation will be received from Argo Shipping, which means that earnings for 2012 will not be affected significantly. As the charters' lease level is considerably above current market levels, this may have an effect on earnings from 2013 onwards.
It remains our view that we can expect a slow and gradual improvement for the product tanker market from current levels. There are good prospects for a market in better balance in 2012 and even more so in 2013. Looking at the product tanker segment, there are many positive parameters – growth in the fleet has declined while demand for transportation increases.
Our own financial position continues to be stable, with capacity for further investments if the right business opportunities arise.
Our business is in the process of change. About 65 percent of the fleet's total number of income days are still covered by contracts. However, as we have more vessels on the open market than in 2011, we expect a reduction in income and therefore a lower profit for 2012. We have refrained from making a forecast in absolute figures.
| Key ratios | Quarter 1 | Full year |
|
|---|---|---|---|
| 2012 | 2011 | 2011 | |
| Result after tax, SEK mill. | 20.6 | 20.9 | 84.8 |
| EBITDA, SEK mill. | 61.8 | 57.5 | 242.6 |
| Available liquid funds, including unutilised credit facilities, SEK mill. |
642.6 | 713.2 | 625.4 |
| Result per share after tax, SEK | 0.43 | 0.44 | 1.78 |
| EBITDA per share, SEK | 1.29 | 1.20 | 5.08 |
| Dividend per share, SEK | 1.00 | ||
| Equity per share, including dividend, SEK |
36.77 | 35.01 | 37.24 |
| Equity ratio, % | 49 | 51 | 47 |
| Equity growth, including dividend, % | –1 | –3 | 4 |
| Return on equity, including dividend, % | 4 | 5 | 5 |
During the period, 10 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.
During the period, eight of the ten P-MAX vessels were employed on fixed contracts, while two, Stena Performance and Stena Provence, were employed on the open market, and have been since July 2011. The chartering is managed by Stena Weco.
After the end of the quarter, negotiations were initiated with Argo Shipping with regard to the early redelivery of the two P-MAX vessels Stena Primorsk and Stena President. The contracts were due to expire in 2016/2017, but redelivery of the vessels is very likely to be in the second quarter instead.
The two Panamax tankers Stena Poseidon and Palva, which Concordia Maritime owns in a joint venture with Neste Shipping, have continued their transatlantic traffic for Neste Oil.
The suezmax tanker which was ordered in early 2010 is expected to be taken into operation in July 2012.
| USD millions | Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
Q2 2010 |
|---|---|---|---|---|---|---|---|---|
| P-MAX, timecharter1) | 8.7 | 8.8 | 11.23) | 8.3 | 8.8 | 8.6 | 8.1 | 7.6 |
| P-MAX, spot | 0.5 | –0.8 | –0.5 | |||||
| Panamax | 1.2 | 0.8 | 1.2 | 1.4 | 1.2 | 1.2 | 0.7 | 1.2 |
| Aframax | 0.0 | 0.0 | 0.1 | |||||
| Suezmax | 0.0 | 0.0 | –0.2 | 0.1 | 0.1 | |||
| Admin. and other | –1.2 | 0.24) | –1.0 | –1.2 | –1.1 | –1.4 | –1.5 | –1.2 |
| Total 2) |
9.2 | 9.0 | 10.9 | 8.5 | 8.9 | 8.3 | 7.4 | 7.7 |
1) 0% of accumulated income is attributable to profit sharing.
2) The company reports depreciation of dry dock as an operating cost. This amounts to SEK 5.3 million for Q1 2012.
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.
We are active here as at 31 March 2012. EBITDA per quarter
* We were active in the suezmax segment until the end of May 2011. We shall be active in the segment again from Q3 2012.
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.
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. The figures for the fleet are based on full employment, i.e. the income level for the fleet is adjusted downwards to reflect any off hire.
Market, Spot Concordia Maritime's income, spot Market, Time Charter ( 3 years) Concordia Maritime's income, time charter (base rate + profit-sharing)
For 2012, approx. 65% of the fleet is covered by time chartering.
The chart shows the average value per month on a strictly round trip basis. Source: Fearnleys
Concordia Maritime will be active in the suezmax segment again from the third quarter of 2012.
Newbuilding prices for ships were relatively stable during the last year, and this was also the case in the first quarter. The price of a newly built standard MR tanker was approx. USD 34.5 million at the end of the period, while in the suezmax segment, prices were in the region of USD 60 million.
The graphs show the average value per month. Source: Fearnleys
Equity per share was SEK 36.77 (35.01). The Group's equity, which is denominated in US dollars, declined in the first quarter of 2012. This was due to the exchange rate having weakened from SEK/USD 6.87 at the beginning of the year to SEK/USD 6.62 at the end of the year. This was partly offset by the parent company's equity hedge which generated a result of SEK 29.3 (37.5) 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 re-entered 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 29.3 (37.5) million, corresponding to SEK 0.61 (0.79) per share, in the first quarter of 2012, which is recognised in OCI (other comprehensive income).
Accumulated exchange differences including the effects of forward contracts, which are recognised in equity, amounted to SEK 41.4 (–26.2) million. The changes are recognised in equity through OCI.
The company has entered into interest hedges totalling USD 140 million in order 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 first quarter, the value of these contracts was SEK –46.9 (–28.1) million, which is recognised in the Hedging reserve through OCI.
During the quarter, the company hedged financial investments in NOK to USD in order to make them currencyneutral. The forward exchange contracts are recognised in the Hedging reserve through OCI. At the end of the first quarter of 2012, the value of these contracts was SEK –1.6 (0.0) million.
At the end of the period, the total hedging reserve stood at SEK –48.5 (–28.1) million.
| Quarter 1 | Full year | ||
|---|---|---|---|
| SEK millions | 2012 | 2011 | 2011 |
| Net sales | 137.3 | 159.0 | 559.6 |
| Result after financial net | 17.5 | 19.0 | 76.3 |
| Result after tax | 20.6 | 20.9 | 84.8 |
| Result per share after tax | 0.43 | 0.44 | 1.78 |
| SEK millions | 31 Mar 2012 |
31 Mar 2011 |
|---|---|---|
| Available liquid funds1) | 642.6 | 713.2 |
| Interest-bearing liabilities | 1,698.6 | 1,480.0 |
| Equity | 1,754.8 | 1,670.9 |
| Equity ratio, % | 49 | 51 |
1) Includes unutilised available credit facilities.
Investments during the quarter amounted to SEK 11.7 (56.6) million and related to 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 March 2012 was 380. The number of seagoing employees was 374. There are no option programs in place.
The bond portfolio is classified as "for sale" and is recognised at its market value in OCI. Other holdings (primarily mutual funds) are measured at market value at each reporting date and recognised in the income statement.
At the end of the quarter, bonds were owned in Teekay Offshore, Rabobank, Norska Eksportfinans, Golden Close Maritime, Kungsleden Fastigheter, Vimpelcom, Bonheur and Svensk Exportkredit. The total value of the bond portfolio was USD 15.4 million. We did not make any further investments during the first quarter due to pricing in the bond market. It remains our intention to increase the portfolio value to approx. USD 20 million. The aim is to invest excess liquidity with a reasonable level of risk and return. Total short-term investments corresponded to SEK 102.1 (71.2) million.
The parent company's sales for the first quarter amounted to SEK 0.0 (35.6) million. Intragroup invoicing represented SEK 0.0 (0.0) million of this amount. The parent company's result after financial items for the fourth quarter amounted to SEK 29.7 (56.7) million. The parent company's available liquid funds, including unutilised credit facilities amounted to SEK 1,880.1 (1,778.1) million.
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. 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 internal organisation, and purchases services from the 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, which are conducted , 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 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 2011 annual report.
| Type of risk | |
|---|---|
| 1. Corporate risks | A Brand |
| B Employees | |
| C Liquidity | |
| D Financing risk | |
| 2. Marketrelated | A Economic trend |
| 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 – shipyardsand partners |
| SEK millions | Quarter 1 2012 | Quarter 1 2011 | Full year 2011 |
|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT | |||
| Average exchange rate SEK/USD | 6.75 | 6.48 | 6.50 |
| Time charter income | 119.9 | 159.0 | 541.5 |
| Spot charter income | 17.4 | 18.1 | |
| Total income | 137.3 | 159.0 | 559.6 |
| Operating costs, ships | –33.6 | –64.7 | –162.6 |
| Seagoing personnel costs | –31.1 | –27.3 | –114.5 |
| Other external costs | –6.2 | –6.6 | –27.4 |
| Personnel expenses | –4.6 | –2.9 | –12.5 |
| Depreciation | –37.2 | –31.6 | –135.0 |
| Total operating costs | –112.7 | –133.1 | –452.0 |
| Operating result | 24.6 | 25.9 | 107.6 |
| Dividends | 0.5 | ||
| Interest income and similar items | 4.4 | 1.7 | 7.8 |
| Interest expenses and similar items | –11.5 | –8.6 | –39.6 |
| Financial net | –7.1 | –6.9 | –31.3 |
| Result after financial net | 17.5 | 19.0 | 76.3 |
| Tax | 3.1 | 1.9 | 8.5 |
| Result after tax | 20.6 | 20.9 | 84.8 |
| Other comprehensive income | |||
| Result for the period | 20.6 | 20.9 | 84.8 |
| Exchange differences, net of tax | –71.5 | –112.8 | 41.3 |
| Equity hedge, net of tax | 29.3 | 37.5 | –6.8 |
| Available-for-sale financial assets, net of tax | 0.7 | 0.2 | –0.6 |
| Cash flow hedges, currency-related, net of tax | –2.6 | 0.4 | 1.4 |
| Cash flow hedges, interest-related, net of tax | 0.7 | 9.3 | –10.2 |
| Comprehensive income for the period | –22.8 | –44.5 | 109.9 |
| Per-share data, SEK | |||
| Number of shares | 47,729,798 | 47,729,798 | 47,729,798 |
| Result per share, before/after dilution | 0.43 | 0.44 | 1.78 |
| Equity per share, SEK | 36.77 | 35.01 | 37.24 |
| SEK millions | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
|---|---|---|---|
| Closing exchange rate SEK/USD | 6.62 | 6.31 | 6.87 |
| Assets | |||
| Ships and equipment | 3,130.4 | 2,706.5 | 3,291.1 |
| Ships under construction | 142.5 | 291.3 | 143.0 |
| Financial assets | 1.8 | 1.8 | 1.8 |
| Total non-current assets | 3,274.7 | 2,999.6 | 3,435.9 |
| Current receivables | 74.0 | 103.3 | 80.5 |
| Short-term investments | 102.1 | 71.2 | 113.6 |
| Cash and bank balances | 163.4 | 109.2 | 128.2 |
| Total current assets | 339.5 | 283.7 | 322.3 |
| Total assets | 3,614.2 | 3,283.3 | 3,758.2 |
| Equity and liabilities | |||
| Equity | 1,754.8 | 1,670.9 | 1,777.6 |
| Non-current liabilities | 1,709.4 | 1,507.5 | 1,820.2 |
| Current liabilities | 150.0 | 104.9 | 160.4 |
| Total equity and liabilities | 3,614.2 | 3,283.3 | 3,758.2 |
| SEK millions | Share capital |
Other paid in capital |
Translation reserve |
Hedging reserve |
Fair value reserve |
Retained earnings |
Total |
|---|---|---|---|---|---|---|---|
| Changes Jan-Mar 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 |
–42.2 | –1.9 | 0.7 | 20.6 | –22.8 | ||
| Closing balance 31.03.2012 | 381.8 | 61.9 | 41.4 | –48.5 | 4.9 | 1,313.3 | 1,754.8 |
| Changes Jan-Mar 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 |
–75.3 | 9.7 | 0.2 | 20.9 | –44.5 | ||
| Closing balance 31.03.2011 | 381.8 | 61.9 | –26.2 | –28.1 | 5.0 | 1,276.5 | 1,670.9 |
| SEK millions | Quarter 1 2012 | Quarter 1 2011 | Full year 2011 |
|---|---|---|---|
| Operating activities | |||
| Result after financial net | 17.4 | 19.0 | 76.2 |
| Adjustments: | |||
| Depreciation | 42.5 | 35.8 | 153.8 |
| Result, sale of non-current assets | 0.4 | –0.6 | |
| Result, sale of securities | –2.9 | –0.4 | 1.7 |
| Other items | –0.3 | –1.4 | |
| Cash flow from operating activities before changes in working capital | 57.1 | 53.0 | 231.1 |
| Changes in working capital | 83.2 | 53.9 | 65.5 |
| Cash flow from operating activities | 140.3 | 106.9 | 296.6 |
| Investing activities | |||
| Sale of non-current assets | –0.4 | 5.4 | |
| Ships under construction | –11.7 | –56.6 | –330.1 |
| Investment in financial assets | –43.8 | –57.0 | |
| Sale of financial assets | 52.6 | 10.6 | 27.0 |
| Cash flow from investing activities | –3.3 | –46.0 | –354.7 |
| Financing activities | |||
| New loans | 1,932.4 | 1,128.2 | 3,545.5 |
| Amortisation of loans | –2,034.5 | –1,109.8 | –3,380.3 |
| Dividend to shareholders | –47.7 | ||
| Cash flow from financing activities | –102.1 | –18.4 | 117.5 |
| Cash flow for the period | 34.9 | 42.5 | 59.4 |
| Balance at beginning of period (Note 1) | 128.2 | 68.3 | 68.3 |
| Exchange differences (Note 2) | 0.3 | –1.6 | 0.5 |
| Balance at end of period (Note 1) | 163.4 | 109.2 | 128.2 |
| Note 1. Balance consists of cash, bank balances and credit facility | |||
| Note 2. Exchange differences attributable to: | |||
| Balance at beginning of year | 0.2 | –0.3 | 0.1 |
| Cash flow for the period | 0.1 | –1.3 | 0.4 |
| 0.3 | –1.6 | 0.5 |
| SEK millions | Quarter 1 2012 |
Quarter 4 2011 |
Quarter 3 2011 |
Quarter 2 2011 |
Quarter 1 2011 |
Quarter 4 2010 |
Quarter 3 2010 |
Quarter 2 2010 |
|
|---|---|---|---|---|---|---|---|---|---|
| Profit/loss | |||||||||
| items | Net sales | 137.3 | 138.0 | 145.5 | 117.1 | 159.0 | 145.5 | 127.9 | 132.7 |
| Operating costs | –112.7 | –113.7 | –110.8 | –94.4 | –133.1 | –119.8 | –104.5 | –106.0 | |
| Operating result (EBIT) | 24.6 | 24.3 | 34.7 | 22.7 | 25.9 | 25.7 | 23.4 | 26.7 | |
| of which profit/loss on ship sales | |||||||||
| Financial net | –7.1 | –5.0 | –12.9 | –6.5 | –6.9 | –7.8 | –4.6 | –7.2 | |
| Result after financial items | 17.5 | 19.3 | 21.8 | 16.2 | 19.0 | 17.9 | 18.8 | 19.5 | |
| Result after tax | 20.6 | 25.9 | 20.1 | 17.9 | 20.9 | 18.9 | 17.7 | 20.9 | |
| Cash flow from operating activities | 57.1 | 61.9 | 60.2 | 56.0 | 53.0 | 54.9 | 52.9 | 53.1 | |
| EBITDA | 61.8 | 61.2 | 70.6 | 53.3 | 57.5 | 56.0 | 54.2 | 58.1 | |
| Balance-sheet | |||||||||
| items | Ships (number) | 3,130.4 (11) | 3,291.1 (11) | 3,295.0 (11) | 3,066.8 (11) | 2,706.5 (10) | 2,919.6 (10) | 2,507.6 (9) | 2,903.0 (9) |
| Ships under construction (number) | 142.5 (1) | 143.0 (1) | 138.9 (1) | 87.5 (1) | 291.3 (2) | 262.0 (2) | 482.1 (3) | 494.9 (3) | |
| Liquid funds incl. investments | 265.5 | 241.8 | 163.1 | 162.0 | 180.4 | 152.3 | 145.3 | 102.0 | |
| Other assets | 75.8 | 82.3 | 85.8 | 102.3 | 105.1 | 126.9 | 150.3 | 191.9 | |
| Interest-bearing liabilities | 1,698.6 | 1,815.4 | 1,777.5 | 1,619.8 | 1,480.0 | 1,596.1 | 1,430.0 | 1,688.1 | |
| Other liabilities and provisions | 160.8 | 165.2 | 168.5 | 158.9 | 132.4 | 149.3 | 157.0 | 166.9 | |
| Equity | 1,754.8 | 1,777.6 | 1,736.8 | 1,639.9 | 1,670.9 | 1,715.4 | 1,698.3 | 1,836.8 | |
| Total assets | 3,614.2 | 3,758.2 | 3,682.8 | 3,418.6 | 3,283.3 | 3,460.8 | 3,285.3 | 3,691.8 | |
| Key ratios, % | Equity ratio | 49 | 47 | 47 | 48 | 51 | 50 | 52 | 50 |
| Return on total capital | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 3 | |
| Return on capital employed | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 3 | |
| Return on equity | 5 | 5 | 5 | 5 | 5 | 5 | 3 | 5 | |
| Operating margin | 18 | 18 | 24 | 19 | 16 | 18 | 18 | 20 | |
| Share data | Net sales | 2.88 | 2.89 | 3.05 | 2.45 | 3.33 | 3.05 | 2.68 | 2.78 |
| Operating costs | –2.36 | –2.38 | –2.32 | –1.98 | –2.79 | –2.51 | –2.19 | –2.22 | |
| Operating result | 0.52 | 0.51 | 0.73 | 0.48 | 0.54 | 0.54 | 0.49 | 0.56 | |
| Financial net | –0.15 | –0.10 | –0.27 | –0.14 | –0.14 | –0.16 | –0.10 | –0.15 | |
| Result after tax | 0.43 | 0.54 | 0.42 | 0.38 | 0.44 | 0.40 | 0.37 | 0.44 | |
| Cash flow | 1.20 | 1.30 | 1.26 | 1.17 | 1.11 | 1.15 | 1.11 | 1.11 | |
| EBITDA | 1.29 | 1.28 | 1.48 | 1.12 | 1.20 | 1.17 | 1.14 | 1.22 | |
| Equity | 36.77 | 37.24 | 36.39 | 34.36 | 35.01 | 35.94 | 35.58 | 38.48 |
Please note that there has been no dilution effect since 2002. Definitions: see page 16
| SEK millions | Quarter 1 2012 | Quarter 1 2011 |
|---|---|---|
| Net sales | 35.6 | |
| Operating costs, ships | –35.5 | |
| Other external costs | –2.0 | –2.1 |
| Personnel expenses | –3.6 | –3.6 |
| Operating result | –5.6 | –5.6 |
| Interest income and similar items | 45.6 | 67.1 |
| Interest expenses and similar items | –10.3 | –4.8 |
| Result after financial items | 29.7 | 56.7 |
| Tax | 2.5 | –14.9 |
| Result for the period | 32.2 | 41.8 |
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, in addition to those described 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. This report has not been reviewed by the company's auditors.
Gothenburg, 26 April 2012
| SEK millions | 31.03.2012 | 31.03.2011 |
|---|---|---|
| Assets | ||
| Equipment | 0.1 | 0.1 |
| Financial assets | 35.1 | 40.9 |
| Shares in Group companies | 745.8 | 745.8 |
| Total non-current assets | 781.0 | 786.8 |
| Current receivables | 16.9 | 45.4 |
| Short-term investments | 4.2 | 36.6 |
| Cash and bank balances | 1,354.6 | 1,174.8 |
| Total current assets | 1,375.7 | 1,256.8 |
| Total assets | 2,156.7 | 2,043.6 |
| Equity and liabilities | ||
| Equity | 629.8 | 715.1 |
| Non-current liabilities | 1,504.4 | 1,313.6 |
| Current liabilities | 22.5 | 14.9 |
| Total equity and liabilities | 2,156.7 | 2,043.6 |
| Pledged assets | ||
| Contingent liabilities1) |
1) The parent company has also provided a guarantee for a subsidiary, which relates to vessel financing. The loan can only be drawn on delivery of the vessel, and was not available at the reporting date. Consequently, the value of the guarantee cannot be defined.
Hans Norén President
Q3 Interim Report 2012 7 November 2012 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 (Interim Reports) of the Swedish Annual Accounts Act. For the Group and parent company, the same accounting principles and computation methods have applied 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 26 April 2012 at approx. 2 p.m.
Cash flow from operating activities Result after net financial 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 financialitems plus financial expenses as a percentage ofaverage 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.
Q2 Interim Report 2012 16 August 2012
Hans Norén, President +46 31 85 51 01 or +46 704 85 51 01 hans.noren @ concordiamaritime.com
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Concordia Maritime 405 19 Gothenburg, Sweden Tel +46 31 85 50 00 Reg. no. 556068-5819 www.concordiamaritime.com
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