Eitzen Bulk Shipping A/S

Size: px
Start display at page:

Download "Eitzen Bulk Shipping A/S"

Transcription

1 Annual Report 2009 Annual Report Annual Report 2009 Eitzen Bulk Shipping A/S

2 2 Annual Report 2009 Contents Contents MANAGEMENT REVIEW About Eitzen Bulk Shipping highlights and 2010 outlook 4 Group key figures and ratios 5 Eitzen Bulk Shipping - a new company with a long history 6 Strategic insight market review market outlook 16 Financial review 18 Corporate governance 20 People and planet 22 About the share 25 Management biographies 26 Management s statement on the Annual Report 28 Independent auditor s report 29 ANNUAL ACCOUNTS Consolidated Financial Statement 30 Notes to the Financial Statements 35 Financial Statements- Parent 61 Group Structure 74 Definitions of key figures and financial ratios 75 Company information 76

3 About Eitzen Bulk Shipping Annual Report About Eitzen Bulk Shipping Forestry products, discharging operations Eitzen Bulk Shipping is a globally recognised dry bulk cargo operator primarily in the supramax segment and secondarily in the panamax segment. The company aim for constant profitable growth based on a diversified earnings base, an attractive financial position, long-term customers and a management team with decade-long hands-on shipping experience. A strong market recognition has been consolidated through decades of shipping activities and close long-term customer relationships that maximise our access to cargo contracts. Eitzen Bulk Shipping controls the commercial management of vessels. The fleet size depends on market fluctuations and seasonal contractual commitments. A combination of short to medium term trading and arbitrage of vessels and cargoes, and long-term vessel charters with purchase options supports optimal flexibility and reduces the business impact of segment-specific changes in supply and demand. Eitzen Bulk Shipping reaps on its strong customer relations when expanding into shipowning to create additional value from existing operations and further increase earnings visibility. Additionally, we will make strategic investments in areas that create synergies with core shipping activities, such as cargo handling and warehousing facilities. Detailed market surveillance, risk management and planning systems have been implemented to optimise the balance between cargo contracts and tonnage commitments. The company carries no debt to financial institutions. By the end of 2009 Eitzen Bulk Shipping commercially controlled a fleet of 58 vessels and had 16 new buildings on order of which one will be fully owned and 15 long-term chartered with partly shared purchase options. The company had approximately 50 employees in offices in Copenhagen, New York, Rio de Janeiro, Singapore, Hong Kong and Beijing. In 2009 the total cargo carryings amounted to 18.7 million tons generating revenues of 376 MUSD. Eitzen Bulk Shipping is listed on Nasdaq OMX Copenhagen under the ticker name Eitzen.

4 4 Annual Report highlights and 2010 outlook 2009 highlights and 2010 outlook In December 2009, the global dry cargo activities in the Eitzen group were carved out into the independent company Eitzen Bulk Shipping A/S and listed on NASDAQ OMX Copenhagen through a merger with Dampskibsselskabet Orion A/S. As part of the merger restructuring, employees invested in the company with a shareholding of 14.7%. The business performance in 2009 is considered satisfactory viewed in the light of the difficult market conditions. The company reported a net profit of 19.0 MUSD and an EBITDA of 20.7 MUSD, which are in line with the latest expectations as published in the company announcement regarding the merger restructuring in November Adjusted EBITDA was 28.9 MUSD down 14% from 2008, excluding the non-cash impact of the share options program. New share options program expensed in 2009 reduced EBITDA by 8.2 MUSD. Treasury shares are allocated to cover the entire program. Revenues in 2009 were 376 MUSD, down 55% from 838 MUSD in 2008, reflecting the substantial change in market rates. Gross profit margin was 12.1%, an increase from 7.0% in The fleet activity level increased to 58 vessels by the end of 2009 from 41 vessels in Total number of ship days decreased from 15,129 days to 14,361 days (-5%). The Board of Directors will propose not to pay out any dividend for As part of the merger restructuring 57 MUSD was distributed as dividends settling intercompany accounts with Camillo Eitzen & Co. ASA. No debt to financial institutions. No major counterpart losses were recorded during DEVELOPMENTS IN FOURTH QUARTER Business performance showed positive results in fourth quarter with revenues increasing 11% to 147 MUSD, compared to Q4, Quarterly earnings (EBITDA) were reduced by 8.2 MUSD due to the expensed share options program implemented 22 December Adjusted EBITDA was 6.9 MUSD compared to -7.6 MUSD in OUTLOOK 2010 EBITDA of MUSD is expected based on the company s current coverage and market conditions. The estimate excludes the impact of the share options program and does not include provisions for any impairment on prepayments for the contracted new buildings. The shipping markets remain uncertain due to the ambiguity as to whether the current positive trend in short term economic confidence indices are sustainable or a provisional result of financial stimulus packages. Weak public finances with huge deficits in major economies require fiscal tightening and thus less spending and demand for goods transportation. Whether structural changes and increased spending in China, Brazil, South Africa and India will counterbalance the rest of the world remains uncertain. Although the bulk market will be under continued pressure and volatility is unavoidable, the volume of trade is set to grow and for an operator company such as Eitzen Bulk Shipping, opportunities to increase our activity level exists. Going into 2010 a substantial percentage of the known ship days has been covered. On December 31st 2009 the company had a cargo coverage of 86% on the known vessel days. As of 1st of March 2010 that figure remained at the same level. The company expects to increase its activities in 2010 with a corresponding increase in ship days. The current fleet activity level is around 70 vessels. In 2010 Eitzen Bulk Shipping will take delivery of two newbuilds on operational leases from Japanese shipyards as part of the newbuild program of 17 ships in total. Eitzen Bulk Shipping A/S and Camillo Eitzen & Co ASA will during 2010 aim at establishing a broader shareholder base for the company securing a larger free float and better liquidity in share of which the majority presently is owned by Camillo Eitzen & Co ASA and Eitzen Bulk Shipping A/S management and staff. At the same time, Camillo Eitzen & Co ASA has decided in the process to review other strategic opportunities for its ownership position in Eitzen Bulk Shipping A/S.

5 Group key figures and ratios Annual Report Group key figures and ratios (USD 000) INCOME STATEMENT Revenue 376, , , , ,314 Gross profit (Net earnings from shipping activites) 45,495 59,092 53, ,612 Profit before depreciation etc. (EBITDA) 20,741 33,665 29,185-9,118 25,198 Profits from sale of vessels 0 49,542 54, Operating profit (EBIT) 20,296 82,439 84,256-9,329 25,069 Net financials 2,399 3, ,745 Profit before tax 22,695 86,377 84,140-8,845 27,814 Net profit 19,037 92,769 81,576-8,065 22,307 Profit for the year for the Eitzen Bulk Shareholders 18,890 92,613 81,390-8,237 22,162 STATEMENT OF FINANCIAL POSITION Non-current assets 19,862 99,921 82,908 7,215 8,958 Current assets 82, , ,334 42,543 96,040 Total assets 102, , ,242 49, ,998 Equity 25,150 57,317 83,177 13,514 50,420 Non-current liabilities 9,825 51,570 20,479 1,032 3,803 Current liabilities 67, ,826 90,268 34,937 50,576 Net interest-bearing debt -24,533-54,750-44,298-6,221-21,399 Cash and securities 24,806 66,052 45,029 6,842 21,925 CASH FLOW From operating activities -19,526 14,605 46,648-24,587 49,925 From investing activities ,703 53,913 9,291-15,708 From financing activities -22, ,664-66, ,000 Total net cash flow -41,246 12,493 34,561-15,295 9,218 FINANCIAL RATIOS AND PER SHARE DATA Gross profit margin 12.1% 7.0% 6.9% 0.2% 9.5% EBITDA margin 5.5% 4.0% 3.8% -2.1% 5.5% Return on equity (ROE) 45.8% 131.8% 168.4% -25.8% 87.9% Payout ratio Equity ratio USD rate year-end Average USD rate Total number of physical ship days 14,361 15,129 18,746 21,441 22,867 Average number of employees No. of shares end of period, DKK 1 each 24,638,502 24,638,502 24,638,502 24,638,502 24,638,502 No. of shares excluding treasury shares, DKK 1 each 22,174,652 24,638,502 24,638,502 24,638,502 24,638,502 Earnings per share basic (EPS basic), USD Earnings per share diluted (EPS diluted), USD Dividend per share, USD Dividend per share, DKK Proposed dividend 0 47,800 66, ,000 Interim dividend 9,102 50, Share price at year end, DKK 40.0 * * * * The key figures for 2009 and 2008 have been calculated based upon the combined figures of Eitzen Bulk Shipping A/S. The key figures for 2007, 2006 and 2005 have been calculated based upon the figures of Eitzen dry bulk cargo activities. The key figures of Dampskibsselskabet Orion A/S for 2007, 2006 and 2005 have been eliminated in order to present key figures for a five years period, which is comparable with the continuing activities of Eitzen Bulk Shipping A/S. The only activity in Dampskibsselskabet Orion A/S in the period has been to carry through a closing of the former activity. The former activity of Dampskibsselskabet Orion A/S is not within the line of business or strategy of Eitzen Bulk Shipping A/S. Neither previously nor going forward. The result of Dampskibsselskabet Orion A/S is not material compared to the activity in Eitzen Bulk Shipping. Per share data for the period is based upon the share capital of Eitzen Bulk Shipping A/S after the capital reduction completed 22 March The reduction has been allocated to a separate fund under the equity. The share capital at 22 March 2010 amounts to DKK 24,638,502 shares of nominal DKK 1. This due to present comparable per share data figures for the period based upon a nominal share capital, which is deemed reasonable to former and current activity level of the Group. The number of shares excluding treasury shares is also calculated based on the number of treasury shares after the capital reduction. * There is no share price available for Eitzen Bulk Shipping A/S for the period reflecting the activity presented in the key figures. The share price for Dampskibsselskabet Orion A/S for the period is not comparable, whereas no share price is presented for the period in question.

6 6 Annual Report 2009 Eitzen Bulk Shipping Eitzen Bulk Shipping a new company with a long history Although presented as a new name, Eitzen Bulk Shipping A/S has roots going back to the 19th century. The origin of the company can be traced back to the ship owning company Myren, which was founded in Denmark in In 1973, Myren was taken over by the Danish shipping and trading group East Asiatic Company (EAC), which was established in EAC s initial shipping activity was a liner service between Europe and the Far East. Together with Burmeister & Wain Shipyard, EAC built the world s first diesel powered motor ship in 1912, allowing EAC to extend its shipping activities to other main trading routes. When EAC built its first containership in 1969, it was among the pioneers who started the transformation from conventional liner vessels to container ships. EAC developed into a major international conglomerate with offices around the world. In 1997 the EAC group divested its shipping activities to Norwegian Tschudi & Eitzen (T&E). T&E itself was founded in 1883 by Captain Camillo Eitzen in the name of Camillo Eitzen & Co. Captain Henry F. Tschudi joined the company as partner in 1894, and the company changed name to Tschudi & Eitzen in In 2003, the Tschudi and Camillo families decided to pursue their respective areas of interest. Since then, the dry bulk activities have been part of Camillo Eitzen & Co ASA. When taking over EAC s shipping activities in 1997, T&E decided to retain the organisation and commercial management of the fleet in Copenhagen in order to build on the existing team s skills and market insight. Since then, the dry cargo bulk activities have grown from about eight million DWT of cargo carried to almost 19 million DWT in In September 2007, Camillo Eitzen & Co ASA acquired 93.1% of the shares in the Danish listed company Dampskibselskab Orion A/S. At that time, Orion was an inactive company after 85 years of shipping activities. This acquisition paved the way for restructuring and consolidation of the Eitzen Group s bulk activities into one company.a major milestone was achieved on December 23, 2009, when shares in Eitzen Bulk Shipping A/S were traded on the NASDAQ OMX Copenhagen for the first time. Throughout more than a century entrepreneurship and dedication have been cornerstones in the company s ability to overcome market crisis and exploit growth opportunities. These are important values, which also in the future will supportthe growth for Eitzen Bulk Shipping A/S. Vision, values and promises VISION Through dedication and innovation we will make a difference VALUES High ethics Human touch Innovation Dynamics PROMISES We have transparancy in our business practices We are a dedicated and dynamic global partner We provide innovative, high quality shipping solutions We deliver Timeline Camillo Eitzen is established in Christiania (Oslo), Norway by Captain Camillo Eitzen Rederiet Myren is established in Denmark Camillo Eitzen changes name to Camillo Eitzen & Co as Captain Henry F. Tschudi becomes partner in the company From sail to steam. Camillo Eitzen & Co invests in its first steamship (S/S Uto), a 2,000 DTW tweendecker with a 650 HP steam engine The East Asiatic Company (EAC) is founded in Copenhagen, Denmark The Shipping Co. Orion Ltd. is founded EAC and Burmeister & Wain Shipyard built the world s first diesel powered motor ship Camillo Eitzen & Co changes name to Tschudi & Eitzen (T&E) EAC builts its first containership Rederiet Myren is taken over by EAC

7 Eitzen Bulk Shipping Annual Report The Eitzen Group were one of the first to develop tankers in the world, S/V Einar T&E acquires EAC Shipping, marking the company s re-entry into the dry bulk segment The bulk segment orders the first newbuilding Camillo Eitzen & Co is reestablished following the demerger of Tschudi & Eitzen Holding Camillo Eitzen & Co ASA is listed on the Oslo Stock Exchange The bulk segment enters into first landside investment in the form Perola S/A terminal, Santos, Brazil The bulk segment opens commercial office in Beijing, PRC Entry into the panamax segment Camillo Eitzen & Co ASA acquires 93.1% of the shares in D/S Orion A/S Eitzen Bulk Shipping A/S is created and listed on NASDAQ OMX Copenhagen following a merger of D/S Orion A/S and Camillo Eitzen & Co s Shipholding Holding A/S

8 8 Annual Report 2009 Strategic insight Strategic insight Eitzen Bulk Shipping is organised in two business segments; 1. Operator, with a focus on short- and medium-term trading and arbitrage 2. Ship holding, with a focus on long-term activities The operator activities covers all opportunistic and arbitrage market positions that are concluded within the company. As an operator, Eitzen Bulk Shipping is not bound by a large fixed fleet, but has the flexibility to actively pursue suddenly emerging cargo or vessel opportunities. The overall principle is a year-on-year book building but with a constant focus on customer service ensuring the long-term viability of the business model. The portfolio of contracts of affreightments (CoA) represents the backbone of the company s operator activities. Nearly all of the company s coverage are done through CoAs with multiple counterparties. All contracts covering more than two cargoes are through CoAs with volume ranging from 3-60 cargoes and duration from one month to ten years under one contract. All existing long-term CoAs are based on fixed rates, except for one, which is index linked. The CoAs and associated partner relationships facilitate further opportunities for single voyage contracts as well as the potential to optimise trade legs and logistical efficiencies. Vessels are chartered in the spot market on shortor medium-term or as single trip. The Ship holding activities involves investment in vessels, charter commitments exceeding five years as well as operational and financial leases of vessels. Exposure related to ship owning is managed through coverage with industrial customers. Eitzen Bulk Shipping is focused on benefitting on the many synergies shared between the two segments whilst at the same time keeping a strict focus on the advantages of each of the strategies. In 2009, the short-term spot and arbitrage activities accounted for around 39% of ship days, while medium-term contracts of affreightments (CoA) covered with own or market tonnage, and own tonnage covered with market cargoes accounted for 61% of ship days. Long-term customer relationships, a very close market presence via the company s overseas offices and a unique real-time IT platform enables Eitzen Bulk Business model State of art information & business support systems Cargo contracts Spot and arbitrage activities Controlled Exposure Short and long term vessel charters Owned tonnage Effective market entry & exit policy Shipping to assess and act swiftly on attractive market opportunities. With the two business segments, the business model of Eitzen Bulk Shipping is tailored to combine the flexibility of a traditional operator with the long-term opportunities available to ship holders, always subject to strict exposure control and maintaining focus on profitability rather than volume trading days Segment focus and current fleet Medium/Long 3,971 1,223 Trading/arbitrage vesseles and cargoes Short 2009 trading days Total COA s covered with Market tonnage COA s covered with own tonnage Own tonnage covered with market cargoes 3,616 8,810 (61%) 5,551 (39%) 14,361 (100%) Supramax/Handymax (45-65,000 dwt) ~55 vessels on short/medim term charters 2 vessels and 12 newbuilds on long term charters 1 owned newbuild Panamax (65-85,000 dwt) ~15 vessels on short/medim term charters 1 newbuild on long term charter Only 1223 voyage days under COAs were covered with own tonnage. The remainder of the company s positions (cargo or vessels) were covered in the market, optimising the bottom line for the company, and securing the right vessel at the right time for the customers Handysize (37,000 dwt) 2 newbuilds on long term charter Eitzen Bulk Shipping is a major player in the Supramax segment, and the company continually strives to consolidate and expand on this position, supplemented by increased trading in the Panamax segment.

9 Strategic insight Annual Report Supramax vessel, Sibulk Quality Eitzen Bulk Shipping investment highlights Asset light business model Highly flexible business model with limited capital tied up Industrial client portfolioproviding an attractive platform for growth Best-in-class trade management Highly efficient and scalable operations bestin-class trade mngmt system Leading risk management with instant markto-market exposure systems Cash flow visibility 10 years earnings visibility though substantial fixed charter coverage Approximately 10 MUSD in contrated revenues per year from 2012 Upside potential plans and potential for expanding the trading activity Attractive spot exposure and purchase options on long term charters Strong track record Highly experienced management team with senior team members having worked years within dry-bulk shipping Team with proven trading record and also for identifying attractive asset investment opportunities Gross Profit per ship day in the Operator segment GROSS PROFIT PER SHIP DAY (USD) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, , , , ,000 50,000 BALTIC SUPRAMAX INDEX (USD) Our operator activities are focused on getting the right combination of cargo and vessel exposure, and provided the company is correct in its market forecast, we have historically been able to generate positive earnings per ship day irrespective of prevailing market levels. Earnings from the operator segment are secured by constantly striving for improving margins; in trading as well as in the daily post fixture work. The business model demonstrates an ability to absorb substantial market fluctuations.

10 10 Annual Report 2009 Strategic insight WORLD WIDE TRADING ROUTES AND NETWORK Eitzen Bulk Shipping constantly strives to maintain and further develop a strong and productive network in relation to both vessel owners and cargo customers alike. The strong relationship, built on high ethics and professionalism is important to maintain, as it expands the access to the widest possible range of available cargoes and vessels and ensures the ability to position the company in the best possible way when the world trade changes. Eitzen Bulk Shipping offices and staff are strategically sited around the world in terms of regions and time zones. Through this presence we achieve direct access to cargo and contract opportunities that would not have been available otherwise. In many cultures trust is only achieved by personal contacts between the cargo owners and the owners (or their representatives), and a local office is an important tool to establish such trust and develop new business opportunities. The main bulk trading routes are determined by regional supply and demand requirements in respect of the raw materials, which can be most economically transported in dry bulk shipments, the majority of which are steel or energy related as illustrated by the Eitzen Bulk Shipping 2009 lifting. Eitzen Bulk Shipping has been able to establish a comparatively diversified cargo portfolio. Involving our fleet in transportation of a diversified portfolio of commodities ranging from the mining industry to construction and farming related products like fertilizers, we have achieved a cargo platform minimising the dependency on one single industry Liftings 18.7 million tons Mineral/ ores Scrap 5% 11% 5% Iron Ore 5% Petcoke 11% Other Bauxite 6% 7% 40% Coal Fertilizer 10% Grain, Sugar Eitzen Bulk Shipping offices and major trading routes New York 4 employees Rio de Janeiro 3 employees Copenhagen (HQ) 31 employees Beijing 4 employees Hong Kong 4 employees Singapore 6 employees

11 Strategic insight Annual Report COMPETITIVE EDGE THROUGH TAILORED BACK OFFICE SYSTEMS Eitzen Bulk Shipping has a long track record of efficient operations and cost effective trading. The company s fleet management and control system offers single point data entry with full integration of commercial-, operational- and financial operations as well as risk management. It has been tailored to the company s requirements with a strong focus on scalability and optimal matching of cargoes and vessels. The system provides a global overview of both present and future cargo and vessel commitments, the minute a vessel and/ or a cargo commitment is concluded and inserted. The information is a live platform and is simultaneously available to all our offices and departments worldwide. This way, the company can fully utilise the local offices customer relations and access to cargoes with the global organisation s ability to provide real-time mark-to-market values of future concluded commitments for any segment, counterparty or financial period that may be required for decision making.the tailored back-office system provides a competitive edge, which together with the high activity level forms a platform that facilitates the ability to perform cost effective trading through: Efficient operations due to critical mass Minimised ballasting, by amongst other optimising of triangular trades Effective fleet scheduling Optimal matching of cargoes & vessels Hedging opportunities, due to consistent high volumes High activity level which creates opportunity for attractive spot / arbitrage trading The company has adopted a conservative but flexible risk profile and an active risk management policy tonnage and cargo commitments are matched by adjusting the physical exposure, or hedged in the FFA market. Trading and risk management systems are fully integrated giving instant mark-to-market exposure reports.

12 12 Annual Report 2009 Strategic insight Sibulk Quality, discharging af Perola Terminal, Santos, Brazil VALUE ADDING ACTIVITIES Whilst operator and owner activities are the primary business segments, Eitzen Bulk Shipping has also established cargo handling and port facilities. Presently cargo-handling equipment consists of 78 cargo grabs and three purpose designed grabs for log-handling. The grabs are used for own cargo handling purposes but also leased to third parties. Eitzen Bulk Shipping grab activities in India are developed through a joint venture in the name of Eitzen Logistic Services. Port facility involvement is presently in the form of investment in Perola a fertilizer terminal in Santos, Brazil. In 2009 the terminal was hit and damaged by an extreme storm. The terminal remained partly operative, but re-building and possible expansion options are currently being reviewed. Cargo handling and port facility investment opportunities are pursued in order to create value added activities and/or consolidate co-operations with core clients. The cargo handling and port facilities supports and increases trading efficiency. NEWBUILDING PROGRAM AND COVERAGE Eitzen Bulk Shipping has committed to 18 newbuildings of which two vessels are already in service. The remaining vessels will be delivered in the period 2010 to Of the 16 new buildings still to be delivered, one vessel to be delivery in 2011 will be owned. The remaining vessels are on long-term operational leases from Japanese shipowners. When securing these vessels under operational leases, Eitzen Bulk Shipping secured a long-term tonnage portfolio (up to 13 years) with fixed daily lease cost for the full contract period. The capital, cost and currency exposure rests with the operational lease counterparts. In line with the company s conservative approach to exposure, by the end of 2009, 80 per cent of all exposure related to newbuildings was covered with longterm contracts at profitable returns. All operational leases carry purchase options to Eitzen Bulk Shipping, of which the majority are partly shared. For many years it has been an industry standard that Handymax vessels has a length of 190 meters. However, after extensive analysis of the Eitzen Bulk Shipping trading pattern and in close coordination with industrial customers and ship yards, results showed that the majority of the regular ports of call wereable to accommodate a vessel with 200 meter length. The newbuilding program of Eitzen Bulk Shipping consists of 12 Supramax vessels with a length of 200 meters, which means that their cargo carrying capacity is increased by an estimated 10-15%, making them more competitive than the standard industry index for Supramax bulk carriers, the so called BSI std52 design. STABILITY DURING FINANCIAL CRISES AND PLATFORM FOR FUTURE PROFITABLE GROWTH Although many businesses are still battling against the financial crises, the dry bulk market showed an early and remarkable recovery in Seen in historical perspective 2009 did not represent at setback for Eitzen Bulk Shipping as the operational, financial and exposure control systems proved their value in allowing the company to adjust quickly and benefit from the market development. The business model proved to be an invaluable asset during 2009 in terms of controlling vessel and cargo exposure. Running in parallel to which, time and efforts are continually invested in practicing due diligence towards reviewing the creditability of new contractual counterpart as well as current clients on a regular basis. As a result thereof Eitzen Bulk Shipping only suffered losses in 2009 from one counterpart as consequence of the crises in respect of cargo contracts, Forward Freight Agreements, bunker and currency hedges. The present business model and support systems are structured to facilitate absorption of the increasing numbers of vessels, cargo and contract commitments resulting from our three to five years growth plan, without further major investment in new systems and people.

13 Strategic insight Annual Report Newbuild program expected delivery Owned Operational leasing Supramax Mitsui (Sibulk Initiator) 56,000 DWT Supramax Imabari (Sibulk Tradition) 53,000 DWT Supramax Oshima (Sibulk Prosperity) 60,700 DWT Imabari 61,000 DWT Supramax Imabari 61,000 DWT Oshima 60,700 DWT Imabari 61,000 DWT Panamax Sanoyasa (Sibulk Panache) 78,000 DWT Handysize Imabari 37,000 DWT Supramax Imabari 61,000 DWT Imabari 61,000 DWT Oshima 60,700 DWT Imabari 61,000 DWT Handysize Imabari 37,000 DWT Supramax Imabari 61,000 DWT Supramax Imabari 61,000DWT Oshima 60,700 DWT Tsuneishi 58,100 DWT

14 14 Annual Report market review 2009 market review 2009 was a challenging year for many businesses and dry cargo shipping was no exception. The time charter rates for a Supramax vessel was at the beginning of the year USD 4,000 per day lower than the actual costs of operating a vessel, but by yearend the daily rate was USD 25,000 giving an annual average of USD 17,300 substantially higher than most analysts had forecasted at the beginning of the year. During 2009 the world dry bulk fleet grew from 418 to 460 million dwt. 43 million dwt entered the market as newbuildings and approximately 10 million dwt were conversions from tank to bulk. 11 million dwt of old ships were scrapped. This fleet growth would have sent hundreds of older ships into layup, and even more to the demolition yards had it not been for the strength of the emerging markets. China again demonstrated how the world has changed since the 1990 s from a world with OECD as the focal point to a situation with big emerging markets and the developed economies falling behind. The financial melt-down was an OECD problem affecting China, but irrespective of which China and other emerging economies grew as much in dry cargo volume as OECD shrank. During the financial turmoil China consumed raw materials at a level which hardly anybody had forecasted, and it naturally poses the question of shortand mid-term sustainability. In 2009 China imported 628 million tons of iron ore occupying about 25% of the world dry bulk fleet. In 2008 the corresponding figure was 440 mill tons. The long term sustainability of China s demand is considered pretty certain. China s price-corrected industrial production is now bigger than that of USA. China consumes more cars than USA, and produces as much steel as the rest of the world accumulated. China constitutes 42 percent of the world coal market. BSI and forward curves, monthly averages, USD per day Baltic historical Baltic forward feb 24, ,000 50,000 30,000 10, Eitzen Research using Baltic Exchange Data Dry Bulk Cargo Ships, million DWT In Operation Demolished Expected Delivery Eitzen Research

Interim financial report for the period 1 January to 30 September 2011

Interim financial report for the period 1 January to 30 September 2011 Company announcement no. 11/ 18 November Page 1 of 9 Interim financial report for the period 1 January to 30 September Highlights Results improved in the third quarter with a gross profit of USD 8 million

More information

NORDEN RESULTS. 1 st quarter of 2013. Hellerup, Denmark 15 May 2013. Our business is global tramp shipping. NORDEN 1st quarter of 2013 results 1

NORDEN RESULTS. 1 st quarter of 2013. Hellerup, Denmark 15 May 2013. Our business is global tramp shipping. NORDEN 1st quarter of 2013 results 1 NORDEN RESULTS 1 st quarter of 2013 Hellerup, Denmark 15 May 2013 NORDEN 1st quarter of 2013 results 1 AGENDA Group highlights Financial highlights Market update Full year financial guidance Q & A NORDEN

More information

CAPITAL MARKETS DAY DRY CARGO

CAPITAL MARKETS DAY DRY CARGO CAPITAL MARKETS DAY DRY CARGO THE PREFERRED PARTNER IN GLOBAL TRAMP SHIPPING UNIQUE PEOPLE, OPEN MINDED TEAM SPIRIT, NUMBER ONE New York City, 22 January 2008 1 GUIDANCE AGENDA Norden Dry cargo Organization

More information

Golden Ocean Group Limited Q3 2006 results December 1, 2006

Golden Ocean Group Limited Q3 2006 results December 1, 2006 Golden Ocean Group Limited Q3 2006 results December 1, 2006 PROFIT & LOSS 2005 2006 (in thousands of $) 2006 2005 2005 Jul-Sep Jul-Sep Jan - Sep Jan - Sep Jan - Dec Operating Revenues 26,265 66,431 Time

More information

Turn to slide 2, please. The agenda for today will be as follows:

Turn to slide 2, please. The agenda for today will be as follows: NORDEN Interim Report Q1 2012, transcript of tele conference, 15 May 2012. Welcome to the presentation of NORDEN s interim report for the first quarter of 2012. My name is Carsten Mortensen and I am the

More information

Welcome to the presentation of NORDEN s interim report for the third quarter of 2012. My name

Welcome to the presentation of NORDEN s interim report for the third quarter of 2012. My name Welcome to the presentation of NORDEN s interim report for the third quarter of 2012. My name is Carsten Mortensen and I am the CEO. I will be presenting together with our CFO Michael Tønnes Jørgensen

More information

Earnings Conference Call First Quarter Ended March 31, 2015

Earnings Conference Call First Quarter Ended March 31, 2015 Earnings Conference Call First Quarter Ended March 31, 2015 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements within the meaning

More information

Second quarter report 2014

Second quarter report 2014 Second quarter report 2014 In the second quarter of 2014, TORM has continued to deliver competitive results and positive cash flow from operations after full interest payment even though the product tanker

More information

Earnings Conference Call Second Quarter & 6 Months Ended June 30, 2015

Earnings Conference Call Second Quarter & 6 Months Ended June 30, 2015 Earnings Conference Call Second Quarter & 6 Months Ended June 30, 2015 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements within

More information

First quarter report 2015

First quarter report 2015 First quarter report 2015 The combination of lower oil prices and wider refinery margins boosted the demand for transportation of refined oil products in the first quarter of 2015, says CEO Jacob Meldgaard

More information

BROSTRÖM AB (publ) Reg No 556005-1467

BROSTRÖM AB (publ) Reg No 556005-1467 Broström is one of the leading logistics companies for the oil and chemical industry, focusing on industrial product and chemical tanker shipping and marine services. Broström is based all over the world

More information

Reports Results for First Quarter 2007 and Declares Quarterly Dividend

Reports Results for First Quarter 2007 and Declares Quarterly Dividend Ship Finance International Limited (NYSE: SFL) Reports Results for First Quarter and Declares Quarterly Dividend Ship Finance International Limited ( Ship Finance or the Company ) announces today the financial

More information

NORDIC SHIPHOLDING. Interim Report H1 2015. 26 August 2015 CVR-no. 76 35 17 16

NORDIC SHIPHOLDING. Interim Report H1 2015. 26 August 2015 CVR-no. 76 35 17 16 NORDIC SHIPHOLDING Interim Report H1 2015 26 August 2015 CVR-no. 76 35 17 16 Summary The comparison figures for period ended 30 June 2014 are stated in parenthesis. The Group generated a profit before

More information

AnnuAl RepoRt 2014. DampSKibSSelSKabeT NORDeN a/s

AnnuAl RepoRt 2014. DampSKibSSelSKabeT NORDeN a/s AnnuAl RepoRt 2014 DampSKibSSelSKabeT NORDeN a/s CONTeNTS management COmmeNTaRy 2014-15 at a glance 3 Highlights 2014-15 4 Key figures and financial ratios for the Group 5 outlook for 2015 6 Strategy update

More information

Note 24 Financial Risk Management

Note 24 Financial Risk Management Note Financial Risk Management Risk management principles and process Stora Enso is exposed to several financial market risks that the Group is responsible for managing under policies approved by the Board

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights

FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER Highlights Frontline reports net income of $73.8 million and earnings per share of $0.99 for the third quarter of. Frontline reports nine month results of

More information

Investeringsselskabet. Nasdaq OMX Copenhagen A/S Announcement No 7 Nikolaj Plads 6 page 1 of 19 PO Box 1040 date 27 August 2015

Investeringsselskabet. Nasdaq OMX Copenhagen A/S Announcement No 7 Nikolaj Plads 6 page 1 of 19 PO Box 1040 date 27 August 2015 Investeringsselskabet LUXOR Frederiksborggade 50, 1360 København K Telefon 33 32 50 15 Telefax 33 12 41 70 CVR-nr. 49 63 99 10 Nasdaq OMX Copenhagen A/S Announcement No 7 Nikolaj Plads 6 page 1 of 19 PO

More information

1. Supplemental explanation of FY2014 Q3 financial results

1. Supplemental explanation of FY2014 Q3 financial results February 2015 1. Supplemental explanation of FY2014 Q3 financial results Overall view Despite the favorable winds of a depreciating yen and lower bunker prices, we could not fully leverage these benefits,

More information

CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004

CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004 CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004 This document has been prepared as a guide to non-japanese investors and contains forwardlooking statements that

More information

TORM signs restructuring agreement with its banks and time charter partners

TORM signs restructuring agreement with its banks and time charter partners The restructuring agreement secures TORM substantial deferral of bank debt, new liquidity and savings from the restructured time charter book. This will enable TORM to become cash flow positive even at

More information

Nordic American Tanker Shipping Ltd. (NAT) (NYSE: NAT) Announces 3 rd quarter 2005 Results

Nordic American Tanker Shipping Ltd. (NAT) (NYSE: NAT) Announces 3 rd quarter 2005 Results Nordic American Tanker Shipping Ltd. (NAT) (NYSE: NAT) Announces 3 rd quarter Results Hamilton, Bermuda, October 10 th, Nordic American Tanker Shipping Ltd (the Company ) today announced its result for

More information

DAMPSKIBSSELSKABET NORDEN A/S. Annual Report 2015

DAMPSKIBSSELSKABET NORDEN A/S. Annual Report 2015 DAMPSKIBSSELSKABET NORDEN A/S Annual Report 2015 Contents Management commentary Key figures and financial ratios 3 2015 at a glance 4 Highlights 5 Strategy 6 Financial position 8 Outlook for 2016 9 Value

More information

The Sumitomo Warehouse Co., Ltd.

The Sumitomo Warehouse Co., Ltd. Consolidated Financial Results for the Year Ended March 31, 2014[ Japan GAAP ] May 13, 2014 The Sumitomo Warehouse Co., Ltd. Securities code: 9303 Stock exchange listings: URL: Representative: Inquiries:

More information

Earnings Conference Call Third Quarter & 9 Months Ended September 30, 2014

Earnings Conference Call Third Quarter & 9 Months Ended September 30, 2014 Earnings Conference Call Third Quarter & 9 Months Ended September 30, 2014 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements within

More information

Summary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP)

Summary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP) This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the Second

More information

Registration no. 33 36 97 94

Registration no. 33 36 97 94 Registration no. 33 36 97 94 Viking Supply Ships A/S Financial Report Contents Page Summary of events 3 Operational highlights 3 Financial highlights 3 Financing and capital structure 4 Subsequent events

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines 1. Introduction Entra ASA ( Entra ), and together with its subsidiaries, ( the group ) will be subject to the reporting requirements on corporate governance set out in 3

More information

Annual Report 2006. "We seek excellence through a dedicated team effort from competent and motivated people" Dampskibsselskabet NORDEN A/S

Annual Report 2006. We seek excellence through a dedicated team effort from competent and motivated people Dampskibsselskabet NORDEN A/S Dampskibsselskabet NORDEN A/S Annual Report 2006 Annual Report 2006 "We seek excellence through a dedicated team effort from competent and motivated people" Dampskibsselskabet NORDEN A/S Contents Highlights

More information

FOURTH QUARTER 2005. Highlights from fourth quarter 2005 include:

FOURTH QUARTER 2005. Highlights from fourth quarter 2005 include: FOURTH QUARTER 2005 Highlights from fourth quarter 2005 include: Revenues of 675 MNOK (+2% percent relative to fourth quarter 2004, +6% after adjusting for currency effects and acquisitions/disposals)

More information

Third Quarter 2012 Results Oslo 14 November 2012

Third Quarter 2012 Results Oslo 14 November 2012 Third Quarter 212 Results Oslo 14 November 212 1 Agenda Highlights Financials Operational review Market update and prospects Summary Q&A Session 2 Highlights Highlights EBITDA of USD 8 million reflects

More information

FINANCIAL RESULTS Q2 2015

FINANCIAL RESULTS Q2 2015 FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution

More information

3. Forecast of Consolidated Results for Fiscal Year ending March 31, 2013

3. Forecast of Consolidated Results for Fiscal Year ending March 31, 2013 October 31, 2012 Financial Highlights: The Second Quarter Ended September 30, 2012 1. Consolidated Financial Highlights ( from April 1, 2012 to September 30, 2012 ) (All financial information has been

More information

Welcome to Annual General Meeting 2013/14. 17 December 2014 IDA Mødecenter

Welcome to Annual General Meeting 2013/14. 17 December 2014 IDA Mødecenter Welcome to Annual General Meeting 2013/14 17 December 2014 IDA Mødecenter Agenda 1. Management s review 2. Annual report and consolidated financial statements 3. Appropriation of the net profit for the

More information

Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010

Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010 Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010 Overall trading conditions continue to improve GROUP Operating income 251 million ( 163 million in Q1 20); quarter benefited from four

More information

February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP]

February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co.,Ltd. (URL http://www.idemitsu.com)

More information

PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010

PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010 PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010 - Net sales were EUR 171.8 (Q1-Q3/2009 EUR 98.9) million. - Q3 net sales were EUR

More information

Contents FINAL TRANSCRIPT CALL SUBJECT: NORDEN A/S INTERIM REPORT - 1ST QUARTER OF 2013 DATE:15/05/2013 TIME:15:30

Contents FINAL TRANSCRIPT CALL SUBJECT: NORDEN A/S INTERIM REPORT - 1ST QUARTER OF 2013 DATE:15/05/2013 TIME:15:30 Contents Corporate Participants Page 3 Conference Call Participants Page 3 Question and Answer Page 3 InterCall Transcription Document Page 2 of 11 Commercial in Confidence Corporate Participants Norden

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

FORACO INTERNATIONAL REPORTS Q3 2014

FORACO INTERNATIONAL REPORTS Q3 2014 NEWS RELEASE FORACO INTERNATIONAL REPORTS Q3 2014 Toronto, Ontario / Marseille, France Tuesday, November 4, 2014 Foraco International SA (TSX:FAR) (the Company or Foraco ), a leading global provider of

More information

Fourth quarter 2007. February 19, 2008 (1)

Fourth quarter 2007. February 19, 2008 (1) Fourth quarter 1 3 2 4 February 19, 2008 (1) Highlights Strong year for Hydro hit by lower aluminium prices in NOK and weaker downstream markets Solid operational performance Qatalum on track, 9% complete

More information

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

INFORMATION DEVELOPMENT CO., LTD.

INFORMATION DEVELOPMENT CO., LTD. INFORMATION DEVELOPMENT CO., LTD. Financial results of Apr. 2014-Mar. 2015 June 2015 President and Representative Director Masaki Funakoshi TSE 1st section Code:4709 1 Today s Presentation 1. Performance

More information

The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance

The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results Profits double as strategy delivers continued improved performance The Group (AIM: RTG), one of the UK s leading recruitment

More information

Nippon Yusen Kabushiki Kaisha (NYK Line)

Nippon Yusen Kabushiki Kaisha (NYK Line) Third Quarter Financial Results For the Nine Months Ended January 29, 2010 Nippon Yusen Kabushiki Kaisha (NYK Line) Security Code: 9101 Listings: The First Section of Tokyo, Osaka and Nagoya Stock Exchanges

More information

Rella Holding A/S in liquidation CVR-No. 15 35 94 39. Final Liquidation Accounts 1 January 2015 13 July 2015

Rella Holding A/S in liquidation CVR-No. 15 35 94 39. Final Liquidation Accounts 1 January 2015 13 July 2015 CVR-No. 15 35 94 39 Final Liquidation Accounts 1 January 2015 13 July 2015 1 CONTENTS Page STATEMENT BY THE LIQUIDATOR... 2 STATEMENT BY THE COMPANY S INDEPENDENT AUDITOR 3 COMPANY INFORMATION.. 5 KEY

More information

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7 APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015

More information

Financial Results. siemens.com

Financial Results. siemens.com s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014

More information

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Net interest-bearing debt at 30 June 2015 was DKK 560 million (30 June 2014: DKK 595 million).

Net interest-bearing debt at 30 June 2015 was DKK 560 million (30 June 2014: DKK 595 million). H+H International A/S Interim financial report Company Announcement No. 327, 2015 H+H International A/S Dampfærgevej 3, 3rd Floor 2100 Copenhagen Ø Denmark Tel. +45 35 27 02 00 info@hplush.com www.hplush.com

More information

Annual Report 2010, A.P. Moller - Maersk Group Press Release. 2010 Highlights

Annual Report 2010, A.P. Moller - Maersk Group Press Release. 2010 Highlights A.P. Møller - Mærsk A/S Press Release 23 February 2011 1/6 Annual Report 2010, A.P. Moller - Maersk Group Press Release (In parenthesis the figures for 2009) The Board of Directors of A.P. Møller - Mærsk

More information

November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP]

November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP] November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co., Ltd. (URL http://www.idemitsu.com)

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable

More information

Result up on higher volumes and prices

Result up on higher volumes and prices Result up on higher volumes and prices First quarter presentation 2013 (1) highlights Underlying EBIT NOK 1 077 million Higher sales volumes driven by seasonality Increased realized alumina and aluminium

More information

Q2 REPORT 2016. Variance Percentage variance Figures in MNOK except for per share figures 2Q 2016 2Q 2015 1Q 2016 2Q 2015 1Q 2016 2Q 2015 1Q 2016

Q2 REPORT 2016. Variance Percentage variance Figures in MNOK except for per share figures 2Q 2016 2Q 2015 1Q 2016 2Q 2015 1Q 2016 2Q 2015 1Q 2016 Q2 REPORT 2016 Highlights; - Earnings from shipping activities (ship management and ship ownership combined) of NOK 52 million, up from NOK 35.6 million in second quarter 2015. - Earnings before tax of

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

Clear weather on the horizon?

Clear weather on the horizon? PwC annual Global Shipping Benchmarking Analysis Market Developments p / Sustainability p1 / Financial Performance review p17 / Companies covered by the analysis p Clear weather on the horizon? 3% of the

More information

Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]

Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:

More information

Agreement to Acquire 100% Ownership of Protective Life Corporation

Agreement to Acquire 100% Ownership of Protective Life Corporation [Unofficial Translation] June 4, 2014 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Agreement to Acquire 100% Ownership

More information

Presentation at Shippingklubben 29 October, 2004

Presentation at Shippingklubben 29 October, 2004 Presentation at Shippingklubben 29 October, 2004 Profit & loss statement - Total WW Group MUSD Quarter 01.01-30.09 Year 2004 2003 2004 2003 2003 Gross revenue 283 246 804 706 966 EBITDA 57 45 139 114 147

More information

FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013

FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 Based on US GAAP Mitsubishi Corporation 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN 100-8086 http://www.mitsubishicorp.com/ Mitsubishi Corporation and

More information

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards] The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued

More information

Restructuring of Wilh. Wilhelmsen Group - Listing and IPO of shipping and logistics as an independent company

Restructuring of Wilh. Wilhelmsen Group - Listing and IPO of shipping and logistics as an independent company Restructuring of Wilh. Wilhelmsen Group - Listing and IPO of shipping and logistics as an independent company Creating a world leading pure-play shipping and logistics company Lysaker, 15 March 2010 Disclaimer

More information

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated.

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated. Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes

More information

Key figures as of June 30, 2013 1st half

Key figures as of June 30, 2013 1st half Never standing still. Interim Report as of June 30, 2013 Contents 2 Key figures as of June 30, 2013 1st half 3 Key figures as of June 30, 2013 2nd quarter 6 Strong revenue growth 12 Consolidated interim

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016

Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016 Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016 [Japan GAAP] July 21, 2015 Listed company name: YASKAWA Electric Corporation http://www.yaskawa.co.jp/en/ Representative:

More information

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges Where

More information

Mitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016

Mitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016 MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3023 Investor Relations Inquiries Investor Relations Group,

More information

STAR BULK CARRIERS CORP. REPORTS PROFITS FOR THE SECOND QUARTER AND FIRST HALF OF 2013

STAR BULK CARRIERS CORP. REPORTS PROFITS FOR THE SECOND QUARTER AND FIRST HALF OF 2013 STAR BULK CARRIERS CORP. REPORTS PROFITS FOR THE SECOND QUARTER AND FIRST HALF OF 2013 ATHENS, GREECE, August 27, 2013 Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping

More information

Icelandair Group hf.

Icelandair Group hf. Icelandair Group hf. Condensed Consolidated Interim Financial Information 1 January - 31 March 2010 ISK Icelandair Group hf. Reykjavíkurflugvöllur 101 Reykjavík Iceland Reg. no. 631205-1780 Contents Endorsement

More information

NIPPON PAINT HOLDINGS CORPORATE GOVERNANCE POLICY

NIPPON PAINT HOLDINGS CORPORATE GOVERNANCE POLICY Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original

More information

Consolidated financial summary

Consolidated financial summary 1-8-1 Marunouchi Chiyoda-ku Tokyo 100-8289, Japan (URL http://www.daiwasmbc.co.jp/) Consolidated financial summary (For fiscal year ended March 31, 2005) April 27, 2005 (1)Consolidated Operating results

More information

Shipping Companies Financial Performance Measurement using Industry Key Performance Indicators Case Study: The highly volatile period 2007-2010

Shipping Companies Financial Performance Measurement using Industry Key Performance Indicators Case Study: The highly volatile period 2007-2010 Shipping Companies Financial Performance Measurement using Industry Key Performance Indicators Case Study: The highly volatile period 2007-2010 Maro Varvate Managing Director, OceanFinance Ltd Scope of

More information

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2014

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2014 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

MECHEL REPORTS THE 1Q 2015 FINANCIAL RESULTS

MECHEL REPORTS THE 1Q 2015 FINANCIAL RESULTS MECHEL REPORTS THE 1Q 2015 FINANCIAL RESULTS amounted to $1.1 billion Consolidated EBITDA(a) * amounted to $211 million Net loss attributable to shareholders of Mechel OAO amounted to $273 million Moscow,

More information

D.E MASTER BLENDERS 1753 N.V.

D.E MASTER BLENDERS 1753 N.V. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL

More information

SECOND QUARTER 2006. Highlights from second quarter 2006 include: Strong performance in all business areas

SECOND QUARTER 2006. Highlights from second quarter 2006 include: Strong performance in all business areas SECOND QUARTER 2006 Highlights from second quarter 2006 include: Strong performance in all business areas Revenues of 1,021 MNOK (+72 percent relative to 593 MNOK in second quarter 2005) Operating profit

More information

Annual General Meeting of Fresenius SE on May 12, 2010. Speech of Dr. Ulf M. Schneider, Chairman of the Management Board

Annual General Meeting of Fresenius SE on May 12, 2010. Speech of Dr. Ulf M. Schneider, Chairman of the Management Board Annual General Meeting of Fresenius SE on May 12, 2010 Speech of Dr. Ulf M. Schneider, Chairman of the Management Board The spoken word has precedence. Chart: Welcome Good morning, ladies and gentlemen.

More information

Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 (2Q FY2011)

Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 (2Q FY2011) November 8, 2011 Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 () Name of the company: Iwatani Corporation Share traded: TSE, OSE, and NSE first sections Company

More information

AMENDED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS PERIOD ENDED JULY 31, 2015. (Expressed in Canadian Dollars)

AMENDED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS PERIOD ENDED JULY 31, 2015. (Expressed in Canadian Dollars) AMENDED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS PERIOD ENDED JULY 31, 2015 1 NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure INTERIM REPORT 1(39) Nokia Corporation Interim Report for Q1 2014 FINANCIAL AND OPERATING HIGHLIGHTS First quarter 2014 highlights for continuing operations*: Nokia s non-ifrs diluted EPS in Q1 2014 of

More information

Diluted net income per share (Yen) 90.03 129.05. Net assets per share assets. Equity

Diluted net income per share (Yen) 90.03 129.05. Net assets per share assets. Equity Summary of Consolidated Financial Results for the Nine months Ended December 31, 2008 February 3, 2009 Listed company name : Sysmex Corporation Code : 6869 Listed stock exchanges : Tokyo Stock Exchange

More information

condensed consolidated interim financial statements 2015

condensed consolidated interim financial statements 2015 January march 2015 condensed consolidated interim financial statements 2015 (unaudited) contents 1. Income Statement 1 2. Statement of Comprehensive Income 2 3. Balance Sheet 3 4. Statement of Changes

More information

OW BUNKER ANNOUNCES INTENTION TO LAUNCH AN IPO AND TO SEEK A LISTING ON NASDAQ OMX COPENHAGEN

OW BUNKER ANNOUNCES INTENTION TO LAUNCH AN IPO AND TO SEEK A LISTING ON NASDAQ OMX COPENHAGEN PRESS RELEASE 5 March 2014 NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN This announcement is not a prospectus

More information

1. TORM s financial results for 2014 and the Company s financial position

1. TORM s financial results for 2014 and the Company s financial position In connection with TORM A/S Annual General Meeting today, the Board of Directors report is hereby made public. Contact TORM A/S Flemming Ipsen, Chairman, tel.: +45 3917 9200 Jacob Meldgaard, CEO, tel.:

More information

Q3 2015. Oslo 12 November 2015 Baard Schumann, CEO Sverre Molvik, CFO

Q3 2015. Oslo 12 November 2015 Baard Schumann, CEO Sverre Molvik, CFO Q3 2015 Oslo 12 November 2015 Baard Schumann, CEO Sverre Molvik, CFO Agenda Highlights Operational update Financial update Market Outlook and summary 2 HIGHLIGHTS Highlights Q3 2015 Continued strong margins

More information

Navig8 Product Tankers Inc. Reports Results for the Three and Nine Months Ended September 30, 2015

Navig8 Product Tankers Inc. Reports Results for the Three and Nine Months Ended September 30, 2015 NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND THE DISTRICT OF COLUMBIA) OR ANY

More information

SOLTEQ PLC S INTERIM REPORT 1.1.-30.6.2013

SOLTEQ PLC S INTERIM REPORT 1.1.-30.6.2013 Stock Exchange Bulletin 1 (13) SOLTEQ PLC S INTERIM REPORT 1.1.-30.6.2013 Solteq Plc Stock Exchange Bulletin - Solteq Plc s turnover increased 2.2 per cent and totalled 19.7 million euros (19.3 million

More information

Press release Regulated information

Press release Regulated information Press release Regulated information 26 February 2010 Annual results 2009 Press Katelijn Bohez T +32 56 23 05 71 Investor Relations Jacques Anckaert T +32 56 23 05 72 www.bekaert.com www.bekaert.mobi Bekaert

More information

Introduction. Strong growth continues. Implementing the strategy - 3 - H2 Group revenue H1 Group revenue

Introduction. Strong growth continues. Implementing the strategy - 3 - H2 Group revenue H1 Group revenue !" #$% $ Disclaimer This presentation, prepared by IG Group Holdings plc (the Company ), contains forward-looking statements about the IG Group. By their very nature, forward-looking statements involve

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

More information

Logwin AG. Interim Financial Report as of 31 March 2015

Logwin AG. Interim Financial Report as of 31 March 2015 Logwin AG Interim Financial Report as of 31 March 2015 Key Figures 1 January 31 March 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 274,433 278,533 Change on 2014-1.5% Solutions 101,821

More information

NOTES NOTE 1 SUBSIDIARIES NOTE 2 RECEIVABLES. Cash flow statement

NOTES NOTE 1 SUBSIDIARIES NOTE 2 RECEIVABLES. Cash flow statement Blueway annual report 2010 Blueway AS Notes to the Accounts 47 Taxes related to paid group contributions which is booked as an increase of the cost price of the related shares, and taxes related to received

More information

` SIEM SHIPPING INC.

` SIEM SHIPPING INC. ` SIEM SHIPPING INC. REPORT FOR THE FIRST QUARTER 2016 9 May 2016 SIEM SHIPPING INC. (the Company ; OSE Symbol: SSI), announces its results for the quarter ended 31 March 2016, prepared in accordance with

More information

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements.

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements. Management s Review Principal activities Arla Foods amba and its subsidiary enterprises operate dairy activities based on milk weighed in by its members in Denmark, Sweden, Germany and now also the United

More information

2015/2016 INTERIM RESULTS ANNOUNCEMENT

2015/2016 INTERIM RESULTS ANNOUNCEMENT (Incorporated in the Cayman Islands with limited liability) (Stock code: 8051) 2015/2016 INTERIM RESULTS ANNOUNCEMENT CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG

More information

FIRESWIRL TECHNOLOGIES INC.

FIRESWIRL TECHNOLOGIES INC. FIRESWIRL TECHNOLOGIES INC. Management Discussion and Analysis of the Financial Condition and Results of Operation, for the three months ended March 31, 2007 and 2006. 1 MANAGEMENT DISCUSSION AND ANALYSIS

More information