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EXMAR NV — Interim / Quarterly Report 2011
Aug 29, 2011
3948_iss_2011-08-29_ee322246-40ea-4c8b-a937-e70eebd5228f.pdf
Interim / Quarterly Report
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HALF YEAR RESULTS AS PER 30 June 2011
29/08/2011 5.45 p.m. Regulated information
The Board of Directors of EXMAR has drawn up the accounts for the period ending 30th June 2011. This press release also refers to the one distributed on 28th July 2011 (provisional results).
| Consolidated income statement according IFRS | First Semester | First Semester | Contribution to the consolidated operating result (EBIT) | First Semester | First Semester |
|---|---|---|---|---|---|
| (in million USD) | 2011 | 2010 | of the various operating segments (in million USD) | 2011 | 2010 |
| Turnover | 224.0 | 200.8 | LPG | -32.3 | 1.9 |
| EBITDA | 54.1 | 63.5 | LNG | 14.6 | 23.6 |
| Depreciations | -65.7 | -47.7 | Offshore | 5.1 | -11.0 |
| Operating result (EBIT) | -11.6 | 15.8 | Services and Holding | 1.0 | 1.4 |
| Net financial Result: | -23.9 | -60.1 | Consolidated operating result | -11.6 | 15.9 |
| Share in the result of equity accounted investees | -0.6 | -0.5 | |||
| Result before taxes | -36.1 | -44.8 | Information per share (in USD per share) | First Semester | First Semester |
| Income taxes | -1.8 | -1.1 | 2011 | 2010 | |
| Consolidated result after taxation | -37.9 | -45.9 | Weighted average number of shares during the period | 56,669,432 | 56,989,697 |
| Equity holders of the company | -37.9 | -45.9 | EBITDA | 0.95 | 1.11 |
| EBIT | -0.20 | 0.28 | |||
| Consolidated result after taxation | -0.67 | -0.81 |
All figures in this press release have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union.
The Group had an operating result (EBIT) of USD -11.6 million for the first semester 2011 (USD 15.8 million for the first semester 2010). This includes an impairment loss of USD -26.7 million on the sale of two VLGCs to BW Gas.
The financial result was negatively impacted by the change in fair value of interest rate derivatives entered to hedge the interest rate exposure on long term financing of the fleet, which resulted in a non-cash unrealised loss of USD -3.7 million (first semester 2010: USD – 26.0 million) and by USD -1.0 million unrealised exchange loss (first semester 2010: USD -13.9 million) valued at the closing rate of 30 June 2011 of EUR / USD 1.4453. The consolidated result after taxation for the first half 2011 amounts to USD -37.9 million (first semester 2010: USD -45.9 million).
OUTLOOK SECOND SEMESTER
LPG : Time-charter levels for the Midsize and Pressurised fleet are currently enjoying a firming trend, justifying a more optimist outlook for the balance of the year.
The additional spot stems which are currently being marketed should also benefit VLGC's.
LNG : With all LNGC's and LNGRV's in full operation during the second semester results should improve compared to the actual results for the 1st semester.
OFFSHORE : The completion of the sale of the OPTI-EX® in early July will result in an estimated pre-tax gain on disposal of approximately USD 45 million (approximately USD 35 million after tax) . The balance of approximately USD 85 million gain on disposal will be progressively recognised in the financial results over the remaining period of the contract (5.5 years).
SERVICES AND HOLDING
Results are expected to be in line with the first semester.
INTERIM DIVIDEND
The board of directors approved the distribution of a gross interim dividend of EUR 0.15 per share (EUR 0.1125 net per share, or EUR 0.1275 net per share with VVPR right attached).
The net interim dividend will be payable to the holders of registered shares on 6 September 2011 and to the holders of dematerialised shares through their financial institution. To the holders of bearer shares the proposed dividend will be paid out at the counters of a financial institution against delivery of coupon no 12. (ex-date 1 September – record-date 5 September)
A full version of the condensed consolidated interim financial statements including the half year report and the statutory auditor's review report and the statement on the true and fair view of the condensed consolidated interim financial statements and the fair overview of the interim management report, will be available on www.exmar.be as from 31st August 2011.
Contact : Miguel de Potter - CFO Half year report available on the EXMAR website as from 31st August 2011 ℡+32 3 247 56 70 www.exmar.be Trading update third quarter 2011 : 27th October 2011