Interim Financial Report first six months of 2012

Transcription

1 Interim Financial Report first six months of 2012 A partner you can trust August

2 Leading dry bulk shipping company servicing customers from Handysize to Panamax segment worldwide We operate a fleet of commercially controlled vessels, varying between vessels depending on the fluctuating and seasonal contractual commitments. During the first six months, operated vessels averaged 86 and number of ship days amounted to 15,415. No. of ship days first six month FFA % Panamax % Handysize % Supramax % 2

3 Group highlights - first six months of 2012 and full year guidance Key highlights first six months Dry bulk actitivies consolidated into Ultrabulk Shipping within Ultragas Group Three super eco-designed handysize vessels ordered (owned) w. two optional vessels, to meet customer needs Cargo coverage for the second half of 2012 in excess of 100% EBITDA improved by 173% compared to H1, 2011 EBITDA full year guidance maintained and narrowed to USD mill. Key financials first six months EBITDA USD 8.2 mill. Net Profit USD 6.0 mill. Equity USD 128 mill. Debt/equity ratio 0% Liquidity ratio (current assets/current liabilities) 1.8 Guidance 2012 EBITDA USD mill. 3

4 Financial highlights - Profit & Loss USD mill. H1, 2012 H1, Revenue Voyage & vessel related expenses Gross Profit Overhead EBITDA Depreciation & Impairment EBIT Share of result associated companies Net finance items Profit before tax Taxes Net result

5 Financial highlights - Balance Sheet Assets (USD mill.) H1, 2012 Equity & Liabilities (USD mill.) H1, 2012 Vessels 58.0 Fixtures, fittings and equipment 0.6 Total tangible assets 58.6 Investment in associates 13.4 Deferred tax assets 4.6 Other 1.3 Financial assets, non-current 19.3 Total non-current assets 77.9 Inventories 35.5 Trade and other receivables 39.5 Prepayments 16.3 Cash and cash equivalents 23.3 Total current assets Equity - majority Non-controlling interest 0.4 Total equity Total non-current liabilities 0,0 Trade and other payables 60.9 Other current liabilities 3.3 Total current liabilities 64.2 Total Liabilities 64.2 Total Equity and Liabilities Total Assets

6 Additional information

7 Asset light business model - with strong focus on Risk Management Risk management is embedded in our culture and an integral part of our decision making process Our risk management tools and systems are a key factor to success in a volatile business environment Our risk management system monitors real-time the risks and we remain through same responsive to optimising the value of our contract portfolio In Ultrabulk we are Operators, not Speculators 7

8 .thinking globally, acting locally Meeting our partners and customers needs via eight strategically placed offices around the world 8

9 Customer driven dry bulk operator - we build long term partnerships based on integrity, excellence and enthusiasm Our aim is to be recognized as a dynamic and innovative cargo/customer driven dry bulk operator A partner you can trust The backbone of our activities is a portfolio of long term Contracts of Affreightment (CoA) as well as a substantial amount of spot shipments. Some of our CoAs 5 million tons of Steel Slabs per year until ,5-2,1 million tons of Coal per year until ,2 million tons of Fertilizers per year until

10 Diversified cargo mix - servicing the needs of our strategic (industrial) partners Majority of cargoes lifted with strategic (industrial) partners A diversified cargo mix helps us from being too dependant towards one specific industry Geographic split with appropriate balance between Atlantic and Pacific 10

11 Newbuilding Program - strong foundation for future growth Long term vessels (owned or leased +10yrs) fixed against long term CoAs 16 long term vessels delivered since delivered in the last two years 2 are fully owned vessels and 1 vessel in a Joint Venture (50% owned) 10 long term vessels still to be delivered until 2014, and optionally 2 vessels in 2014/2015 three are fully owned vessels, including options for another two owned vessels We expect to further expand the ship owning activities utilizing our strong position as a dry cargo operator 11

12 Long term fleet Vessels delivered To be delivered Vessel name DWT Delivered Tronador (Owned) Ultra Tradition Ultra Initiator U-SEA Prosperity Ultra Saskatchewan Ultra Panache (Part Owned) Ultra Wollongong Ultra Dynamic (Owned) Ultra Corbita Ultra Colonsay Ultra Saskatoon Ultra Lanigan Ultra Rocanville Ultra Gujarat Ultra Dwarka Ultra Esterhazy Ultra Bellambi Shipyard name/hull DWT Delivery Zhoushan Jinhaiwan TBN Zhoushan Jinhaiwan TBN Imabari 566 / Imabari SK Imabari SK Samjin 1060 (Owned) Samjin 1060 Option (Owned) Tbn (Owned) Tbn (Owned) Tbn Option (Owned)

13 Professional & empowered staff - covering all time zones Multicultural organization with 14 nationalities +90 team members world wide Good mix of experienced professionals and dynamic youth 13

14 Part of a large and diversified group - The Ultramar Group 14

15 Shipping Companies - Ultragas Group Coastal Trade Continental Trade Global Trade 15