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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Frontline Plc | NYSE:FRO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.15 | 0.61% | 24.89 | 1,823 | 12:12:25 |
|
|
FRONTLINE LTD.
(registrant)
|
|
|
|
|
|
Dated: September 12, 2016
|
|
By:
|
/s/ Inger M. Klemp
|
|
|
|
Name: Inger M. Klemp
|
|
|
|
Title: Principal Financial Officer
|
|
|
|
|
|
|
|
· | Achieved net income attributable to the Company of $14.3 million, or $0.09 per share, for the second quarter of 2016 and $93.2 million, or $0.60 per share, for the six months ended June 30, 2016. |
· | Achieved net income attributable to the Company adjusted for certain non-cash charges of $48.7 million, or $0.31 per share, for the second quarter of 2016 and $138.1 million, or $0.88 per share, for the six months ended June 30, 2016. |
· | Announces a cash dividend of $0.20 per share for the second quarter of 2016. |
· | Secured bank financing of up to $548 million and is in the final stages of obtaining approval for further bank financing of up to $325 million to part finance twenty newbuilding contracts. |
· | Sold six medium range tankers for an aggregate price of $172.5 million to an unaffiliated third party. |
· | Acquired two VLCC newbuildings for a p urchase price of $84 million each. |
(i) | 30 vessels owned by the Company (six VLCCs, eight Suezmax tankers, six MR tankers (which the Company has agreed to sell) and ten LR2 tankers); |
(ii) | 14 vessels that are under capital leases (12 VLCCs and two Suezmax tankers); |
(iii) | one VLCC that is recorded as an investment in finance lease; |
(iv) | four vessels chartered-in for periods of 12 months including extension options (two VLCCs and two Suezmax tankers); |
(v) | one VLCC where the cost/revenue is split 50/50 with a third party; |
(vi) | two MR and one LR2 product tankers that are chartered-in on short term time charters with a remaining duration of less than one year; |
(vii) | five vessels that are under the Company's commercial management (two Suezmax tankers and three product/crude oil tankers); and |
(viii) | 24 newbuildings, comprised of eight VLCCs, eight Suezmax tankers and eight LR2 tankers. |
(i) | one Suezmax built 1997 at an average rate of $28,000 per day, expiry Q3 2016; |
(ii) | one Suezmax built 2010 at $28,500 per day, expiry Q2 2017; |
(iii) | one Suezmax built 2010 at $33,500 per day, expiry Q1 2017; |
(iv) | five LR2 tankers at an average rate of $27,600, expiry Q1 2018; |
(v) | one Suezmax tanker with a base rate of $30,000 per day for the first year and $27,000 per day for the second year with a profit share arrangement, expiry Q1 2018. The agreement is index-linked; |
(vi) | one VLCC built 2001 at $46,750 per day, expiry Q1 2017. |
International Dial-In/UK Local
|
+44(0)20 3427 1904
|
|
Norway Toll Free
|
800 56053
|
|
UK Toll Free
|
0800 279 4841
|
|
USA Toll Free
|
1877 280 2296
|
|
USA Local
|
+1212 444 0412
|
|
Conference ID
|
3610888
|
Replay Access Number
|
3610888
|
|
International Dial-In/UK Local
|
+44 (0)20 3427 0598
|
|
Norway Dial-In
|
+47 2100 0498
|
|
USA Local
|
+1 347 366 9565
|
2015
Apr-Jun
|
2016
Apr-Jun
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(in thousands of $)
|
2016
Jan-Jun
|
2015
Jan-Jun
|
2015
Jan-Dec
|
||||||||||||||
103,937
|
191,756
|
Total operating revenues
|
418,859
|
197,455
|
458,934
|
||||||||||||||
42,809
|
-
|
Gain on cancellation and sale of newbuilding contracts
|
-
|
63,735
|
108,923
|
||||||||||||||
26,256
|
31,989
|
Voyage expenses and commission
|
67,514
|
51,963
|
109,706
|
||||||||||||||
-
|
732
|
Contingent rental (income) expense
|
(2,654
|
)
|
-
|
-
|
|||||||||||||
16,066
|
32,487
|
Ship operating expenses
|
61,945
|
28,673
|
64,357
|
||||||||||||||
10,610
|
20,500
|
Charter hire expenses
|
34,552
|
17,076
|
43,387
|
||||||||||||||
-
|
25,480
|
Impairment loss on vessels
|
25,480
|
-
|
-
|
||||||||||||||
1,492
|
8,114
|
Administrative expenses
|
18,887
|
2,786
|
10,582
|
||||||||||||||
10,159
|
35,414
|
Depreciation
|
73,321
|
18,980
|
52,607
|
||||||||||||||
64,583
|
154,716
|
Total operating expenses
|
279,045
|
119,478
|
280,639
|
||||||||||||||
82,163
|
37,040
|
Net operating income
|
139,814
|
141,712
|
287,218
|
||||||||||||||
3
|
96
|
Interest income
|
183
|
8
|
47
|
||||||||||||||
(3,561
|
)
|
(13,829
|
)
|
Interest expense
|
(27,773
|
)
|
(6,023
|
)
|
(17,621
|
)
|
|||||||||
-
|
-
|
Share in results of associated companies
|
-
|
2,727
|
2,727
|
||||||||||||||
(1,138
|
)
|
(4,563
|
)
|
Impairment loss on shares
|
(6,914
|
)
|
(1,138
|
)
|
(10,507
|
)
|
|||||||||
(77
|
)
|
(155
|
)
|
Foreign currency exchange gain (loss)
|
183
|
(57
|
)
|
134
|
|||||||||||
1,186
|
(4,210
|
)
|
Mark to market (loss) gain on derivatives
|
(12,260
|
)
|
(2,258
|
)
|
(6,782
|
)
|
||||||||||
20
|
137
|
Other non-operating items
|
311
|
(72
|
)
|
320
|
|||||||||||||
78,596
|
14,526
|
Net income before income taxes and non-controlling interest
|
93,544
|
134,899
|
255,536
|
||||||||||||||
-
|
(54
|
)
|
Income tax expense
|
(104
|
)
|
-
|
(150
|
)
|
|||||||||||
78,596
|
14,472
|
Net income from continuing operations
|
93,440
|
134,899
|
255,386
|
||||||||||||||
(55,436
|
)
|
-
|
Net loss from discontinued operations
|
-
|
(131,006
|
)
|
(131,006
|
)
|
|||||||||||
23,160
|
14,472
|
Net income
|
93,440
|
3,893
|
124,380
|
||||||||||||||
-
|
(150
|
)
|
Net (income) loss attributable to non-controlling interest
|
(222
|
)
|
30,305
|
30,244
|
||||||||||||
23,160
|
14,322
|
Net income attributable to the Company
|
93,218
|
34,198
|
154,624
|
||||||||||||||
0.20
|
0.09
|
Basic and diluted earnings per share attributable to the Company from continuing operations ($)
|
0.60
|
1.15
|
2.13
|
||||||||||||||
-
|
-
|
Basic and diluted loss per share attributable to the Company from discontinued operations ($)
|
-
|
(0.86
|
)
|
(0.84
|
)
|
||||||||||||
0.20
|
0.09
|
Basic and diluted earnings per share attributable to the Company ($)
|
0.60
|
0.29
|
1.29
|
||||||||||||||
2015
Apr-Jun
|
2016
Apr-Jun
|
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in thousands of $)
|
2016
Jan-Jun
|
2015
Jun-Jun
|
2015
Jan-Dec
|
||||||||||||||
23,160
|
14,472
|
Net income
|
93,440
|
3,893
|
124,380
|
||||||||||||||
(475
|
)
|
2,767
|
Unrealized (losses) gains from marketable securities
|
(280
|
)
|
(509
|
)
|
(213
|
)
|
||||||||||
-
|
(238
|
)
|
Foreign exchange losses
|
(369
|
)
|
-
|
(170
|
)
|
|||||||||||
(475
|
)
|
2,529
|
Other comprehensive (loss) income
|
(649
|
)
|
(509
|
)
|
(383
|
)
|
||||||||||
22,685
|
17,001
|
Comprehensive income
|
92,791
|
3,384
|
123,997
|
||||||||||||||
-
|
150
|
Comprehensive income (loss) attributable to non-controlling interest
|
222
|
(30,305
|
)
|
(30,244
|
)
|
||||||||||||
22,685
|
16,851
|
Comprehensive income attributable to the Company
|
92,569
|
33,689
|
154,241
|
||||||||||||||
22,685
|
17,001
|
Comprehensive income
|
92,791
|
3,384
|
123,997
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of $)
|
Jun 30
2016
|
Jun 30
2015
|
Dec 31
2015
|
|||||||||
ASSETS
|
||||||||||||
Short term
|
||||||||||||
Cash and cash equivalents
|
129,617
|
167,978
|
264,524
|
|||||||||
Restricted cash
|
5,505
|
14,700
|
368
|
|||||||||
Marketable securities
|
6,659
|
10,123
|
13,853
|
|||||||||
Other current assets
|
159,465
|
96,976
|
188,720
|
|||||||||
Long term
|
||||||||||||
Newbuildings
|
326,200
|
187,930
|
266,233
|
|||||||||
Vessels and equipment, net
|
1,249,027
|
1,076,960
|
1,189,198
|
|||||||||
Vessels under capital lease, net
|
639,655
|
-
|
694,226
|
|||||||||
Investment in finance lease
|
35,887
|
-
|
40,656
|
|||||||||
Goodwill
|
225,273
|
-
|
225,273
|
|||||||||
Vessels held for sale
|
170,775
|
-
|
-
|
|||||||||
Other long-term assets
|
-
|
1,046
|
417
|
|||||||||
Total assets
|
2,948,063
|
1,555,713
|
2,883,468
|
|||||||||
LIABILITIES AND EQUITY
|
||||||||||||
Short term liabilities
|
||||||||||||
Short term debt
|
65,966
|
52,882
|
57,575
|
|||||||||
Current portion of obligations under capital lease
|
90,336
|
-
|
89,798
|
|||||||||
Other current liabilities
|
76,529
|
100,231
|
94,663
|
|||||||||
Long term liabilities
|
||||||||||||
Long term debt
|
896,406
|
596,227
|
745,695
|
|||||||||
Obligations under capital lease
|
394,492
|
-
|
446,553
|
|||||||||
Other long-term liabilities
|
2,961
|
-
|
2,841
|
|||||||||
Commitments and contingencies
|
||||||||||||
Equity
|
||||||||||||
Frontline Ltd. equity
|
1,421,487
|
806,373
|
1,446,282
|
|||||||||
Non-controlling interest
|
(114
|
)
|
-
|
61
|
||||||||
Total equity
|
1,421,373
|
806,373
|
1,446,343
|
|||||||||
Total liabilities and equity
|
2,948,063
|
1,555,713
|
2,883,468
|
2015
Apr-Jun
|
2016
Apr-Jun
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands of $)
|
2016
Jan-Jun
|
2015
Jan-Jun
|
2015
Jan-Dec
|
||||||||||||||
OPERATING ACTIVITIES
|
|||||||||||||||||||
23,160
|
14,462
|
Net income
|
93,440
|
3,893
|
124,380
|
||||||||||||||
55,436
|
-
|
Net loss from discontinued operations
|
-
|
131,006
|
131,006
|
||||||||||||||
78,596
|
14,462
|
Net income from continuing operations
|
93,440
|
134,899
|
255,386
|
||||||||||||||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
|
|||||||||||||||||||
10,454
|
35,818
|
Depreciation and amortization of deferred charges
|
73,878
|
19,564
|
54,524
|
||||||||||||||
(42,809
|
)
|
-
|
Gain on cancellation and sale of newbuilding contracts
|
-
|
(63,735
|
)
|
(108,923
|
)
|
|||||||||||
-
|
-
|
Share of results from associated companies
|
-
|
(2,727
|
)
|
(2,727
|
)
|
||||||||||||
704
|
(2,237
|
)
|
Amortization of time charter contract value
|
(6,061
|
)
|
1,400
|
816
|
||||||||||||
-
|
732
|
Contingent rental (income) expense
|
(2,654
|
)
|
-
|
-
|
|||||||||||||
-
|
25,480
|
Impairment loss on vessels
|
25,480
|
-
|
|||||||||||||||
1,138
|
4,563
|
Impairment loss on shares
|
6,914
|
1,138
|
10,507
|
||||||||||||||
(1,995
|
)
|
2,737
|
Mark to market loss (gain) on derivatives
|
9,222
|
632
|
3,618
|
|||||||||||||
-
|
-
|
Dividends received from Avance Gas
|
-
|
4,101
|
4,101
|
||||||||||||||
460
|
(990
|
)
|
Other, net
|
(2,294
|
)
|
430
|
1,015
|
||||||||||||
(8,093
|
)
|
1,781
|
Change in operating assets and liabilities
|
5,889
|
(1,193
|
)
|
(4,561
|
)
|
|||||||||||
-
|
-
|
Cash used in operating activities of discontinued operations
|
-
|
(6,410
|
)
|
(6,410
|
)
|
||||||||||||
38,455
|
82,346
|
Net cash provided by operating activities
|
203,814
|
88,099
|
207,346
|
||||||||||||||
INVESTING ACTIVITIES
|
|||||||||||||||||||
24,748
|
-
|
Refund of newbuilding installments and interest
|
-
|
32,334
|
58,793
|
||||||||||||||
(147,880
|
)
|
(176,599
|
)
|
Additions to newbuildings, vessels and equipment
|
(337,952
|
)
|
(468,624
|
)
|
(786,772
|
)
|
|||||||||
7,350
|
(4,811
|
)
|
Change in restricted cash
|
(5,137
|
)
|
21,100
|
35,713
|
||||||||||||
-
|
2,299
|
Finance lease payments received
|
4,579
|
-
|
-
|
||||||||||||||
111,789
|
-
|
Proceeds from sale of vessels and equipment
|
-
|
225,802
|
456,366
|
||||||||||||||
-
|
-
|
Cash acquired on reverse business acquisition
|
-
|
-
|
87,443
|
||||||||||||||
-
|
-
|
Cash used in investing activities of discontinued operations
|
-
|
(305,154
|
)
|
(310,822
|
)
|
||||||||||||
(3,993
|
)
|
(179,111
|
)
|
Net cash used in investing activities
|
(338,510
|
)
|
(494,542
|
)
|
(459,279
|
)
|
|||||||||
FINANCING ACTIVITIES
|
|||||||||||||||||||
33,000
|
61,463
|
Proceeds from long-term debt
|
192,363
|
159,600
|
659,700
|
||||||||||||||
(11,830
|
)
|
(15,219
|
)
|
Repayment of long-term debt
|
(29,612
|
)
|
(23,885
|
)
|
(427,338
|
)
|
|||||||||
-
|
-
|
Repayment of related party loan note
|
-
|
-
|
(112,687
|
)
|
|||||||||||||
-
|
(28,680
|
)
|
Repayment of capital leases
|
(40,997
|
)
|
-
|
(5,491
|
)
|
|||||||||||
484
|
-
|
Debt fees paid
|
(4,204
|
)
|
-
|
(485
|
)
|
||||||||||||
-
|
-
|
Lease termination receipt
|
-
|
-
|
3,266
|
||||||||||||||
(3
|
)
|
(62,814
|
)
|
Dividends paid
|
(117,744
|
)
|
(14
|
)
|
(39,228
|
)
|
|||||||||
-
|
-
|
Payment of fractional shares on reverse share split
|
(17
|
)
|
-
|
-
|
|||||||||||||
-
|
-
|
Cash provided by financing activities of discontinued operations
|
-
|
141,775
|
141,775
|
||||||||||||||
21,651
|
(45,250
|
)
|
Net cash (used in) provided by financing activities
|
(211
|
)
|
277,476
|
219,512
|
||||||||||||
56,113
|
(142,015
|
)
|
Net change in cash and cash equivalents
|
(134,907
|
)
|
(128,967
|
)
|
(32,421
|
)
|
||||||||||
-
|
-
|
Net change in cash balances included in held for distribution
|
-
|
61,144
|
61,144
|
||||||||||||||
111,865
|
271,632
|
Cash and cash equivalents at start of period
|
264,524
|
235,801
|
235,801
|
||||||||||||||
167,978
|
129,617
|
Cash and cash equivalents at end of period
|
129,617
|
167,978
|
264,524
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands of $ except number of shares)
|
2016
Jan-Jun
|
2015
Jan-Jun
|
2015
Jan-Dec
|
|||||||||
NUMBER OF SHARES OUTSTANDING
|
||||||||||||
Balance at beginning of period
|
781,937,649
|
635,205,000
|
635,205,000
|
|||||||||
Treasury shares cancelled
|
-
|
-
|
(17,319,898
|
)
|
||||||||
Cancellation of shares held by the Company prior to the Merger
|
-
|
-
|
(34,323,000
|
)
|
||||||||
Effect of reverse business acquisition
|
-
|
-
|
198,375,547
|
|||||||||
Effect of reverse share split
|
(625,551,143
|
)
|
-
|
-
|
||||||||
Balance at end of period
|
156,386,506
|
635,205,000
|
781,937,649
|
|||||||||
SHARE CAPITAL
|
||||||||||||
Balance at beginning of period
|
781,938
|
635,205
|
635,205
|
|||||||||
Treasury shares cancelled
|
-
|
-
|
(17,320
|
)
|
||||||||
Cancellation of shares held by the Company prior to the Merger
|
-
|
-
|
(34,323
|
)
|
||||||||
Effect of reverse business acquisition
|
-
|
-
|
198,376
|
|||||||||
Effect of reverse share split
|
(625,551
|
)
|
-
|
-
|
||||||||
Balance at end of period
|
156,387
|
635,205
|
781,938
|
|||||||||
TREASURY SHARES
|
||||||||||||
Balance at beginning of period
|
-
|
(50,397
|
)
|
(50,397
|
)
|
|||||||
Shares cancelled
|
-
|
-
|
50,397
|
|||||||||
Balance at end of period
|
-
|
(50,397
|
)
|
-
|
||||||||
ADDITIONAL PAID IN CAPITAL
|
||||||||||||
Balance at end of period
|
109,386
|
382,373
|
382,373
|
|||||||||
Gain attributable to change in non-controlling ownership
|
-
|
27,485
|
27,485
|
|||||||||
Stock dividends
|
-
|
(187,784
|
)
|
(187,784
|
)
|
|||||||
Effect of reverse business acquisition
|
-
|
-
|
361,441
|
|||||||||
Transfer to contributed surplus
|
-
|
-
|
(474,129
|
)
|
||||||||
Payment for fractional shares on reverse share split
|
(17
|
)
|
-
|
-
|
||||||||
Balance at end of period
|
109,369
|
222,074
|
109,386
|
|||||||||
CONTRIBUTED CAPITAL SURPLUS
|
||||||||||||
Balance at beginning of period
|
474,129
|
-
|
-
|
|||||||||
Transfer from additional paid in capital
|
-
|
-
|
474,129
|
|||||||||
Effect of reverse share split
|
625,551
|
-
|
-
|
|||||||||
Balance at beginning and end of period
|
1,099,680
|
-
|
474,129
|
|||||||||
OTHER COMPREHENSIVE LOSS
|
||||||||||||
Balance at beginning of period
|
(383
|
)
|
-
|
-
|
||||||||
Other comprehensive loss
|
(649
|
)
|
(509
|
)
|
(383
|
)
|
||||||
Balance at end of period
|
(1,032
|
)
|
(509
|
)
|
(383
|
)
|
||||||
RETAINED EARNINGS
|
||||||||||||
Balance at beginning of period
|
81,212
|
156,399
|
156,399
|
|||||||||
Net income attributable to the Company
|
93,218
|
34,198
|
154,624
|
|||||||||
Cash dividends
|
(117,347
|
)
|
(14
|
)
|
(39,228
|
)
|
||||||
Stock dividends
|
-
|
(190,583
|
)
|
(190,583
|
)
|
|||||||
Balance at end of period
|
57,083
|
-
|
81,212
|
|||||||||
EQUITY ATTRIBUTABLE TO THE COMPANY
|
1,421,487
|
806,373
|
1,446,282
|
|||||||||
NON-CONTROLLING INTEREST
|
||||||||||||
Balance at beginning of period
|
61
|
323,770
|
323,770
|
|||||||||
Impact of sale of shares in subsidiary
|
-
|
(27,485
|
)
|
(27,485
|
)
|
|||||||
Net income (loss) attributable to non-controlling interest
|
222
|
(30,305
|
)
|
(30,244
|
)
|
|||||||
Dividend paid to non-controlling interest
|
(397
|
)
|
-
|
-
|
||||||||
Impact of de-consolidation
|
-
|
(265,980
|
)
|
(265,980
|
)
|
|||||||
Balance at end of period
|
(114
|
)
|
-
|
61
|
||||||||
TOTAL EQUITY
|
1,421,373
|
806,373
|
1,446,343
|
(in thousands of $)
|
2016
Jan-Jun
|
2015
Jan-Jun
|
2015
Jan-Dec
|
|||||||||
Net income from continuing operations after non-controlling interest
|
93,218
|
134,889
|
255,325
|
|||||||||
Net loss from discontinued operations after non-controlling interest
|
-
|
(100,701
|
)
|
(100,701
|
)
|
|||||||
Net income attributable to the Company
|
93,218
|
34,198
|
154,624
|
|||||||||
(in thousands)
|
||||||||||||
Weighted average number of ordinary shares
|
156,387
|
116,712
|
120,082
|
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