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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hellenic Carr. | LSE:HCL | London | Ordinary Share | JE00B2904G88 | ORD USD0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHCL
RNS Number : 5493J
Hellenic Carriers Limited
08 April 2015
2014 Financial Results
Press Release 8 April 2015
HELLENIC CARRIERS REPORTS PRELIMINARY RESULTS FOR THE
YEAR ENDED 31 DECEMBER 2014
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), through its subsidiaries operates a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes worldwide. The Company is pleased to report today its Preliminary Results for the year ended 31 December 2014.
2014 HIGHLIGHTS
FINANCIAL
Þ 89% increase in revenue: US$ 20.6 million (2013: US$ 10.9 million) Þ 233% increase in EBITDA(1) : US$ 1.0 million (2013: US$ 0.3 million)
Þ 2% reduction in operating lossbefore non-cash impairment charge: US$ 9.0 million (2013: US$ 9.2 million)
Þ 10% reduction in net lossbefore non-cash impairment charge: US$ 12.8 million (2013: US$ 14.2 million)
Þ Non-cash impairment charge: US$ 4.2 million (2013: US$ nil) Þ Gearing ratio(2) at 67.1% as at 31 December 2014 (53.4% as at 31 December 2013)
(1) EBITDA has been calculated as follows: Operating loss + Depreciation + Depreciation of dry-docking costs + Impairment charge - Gain/(loss) on sale of vessels - Other operating income
(2) Gearing ratio is defined as Net Debt to total capitalisation (debt, net of deferred financing fees less
cash and cash equivalents including restricted cash to net debt and stockholders' equity)
OPERATIONAL
Þ Increase of the fleet size: operation of 5.9 vessels on average compared to 3.7 vessels in 2013
Þ Achieving higher time charter rates: Time Charter Equivalent ("TCE")-Gross rate of US$ 10,687 (2013: US$ 8,507) outperforming both the Panamax Average of US$ 7,718 and Supramax Average of US$ 9,818 for 2014
Þ Daily Operating expenses of US$ 5,231 (2013: US$ 5,088)
Management Commentary
Fotini Karamanli, Chief Executive Officer of Hellenic Carriers Limited, stated:
Despite the dry bulk market conditions remaining challenging during 2014, our operating results improved significantly for the year as compared to 2013. Our revenues and EBITDA increased by 89% and 233% respectively and we achieved a 25% increase in our gross daily rate in 2014 outperforming the average Panamax and Supramax daily rates. In the current market environment, we have been able to renew our fleet, contain our costs and achieve high fleet utilization.
While the timing of the market recovery is yet unclear, we note that the pace of ordering new vessels has slowed down, scrapping has picked up and therefore, the supply side is expected to improve from 2016 onwards. Given that we do not anticipate a slowdown in the world economy, we remain cautiously optimistic in respect of the longer term prospects of the market.
Fleet Developments
For the year ended 31 December 2014, the Company operated through its subsidiaries a fleet of 5.9 vessels on average compared to 3.7 vessels for the year ended 31 December 2013. Following the addition of two newbuilding Kamsarmax vessels (M/V Odysseas and M/V Konstantinos II) in the second half of 2013 and one second-hand Supramax vessel (M/V Pistis) in January 2014, the operating fleet in 2014 included one Panamax, two Supramax, one Handymax and two Kamsarmax vessels with an aggregate carrying capacity of 384,864 dwt and a weighted average age of 10.9 years as of 31 December 2014.
On 26 March 2015, the 1995-built, 44,809 dwt Handymax vessel M/V Hellenic Horizon was sold to an unaffiliated third party for a total cash consideration of US$ 3.8 million. As at the delivery date the vessel had a carrying value of US$ 6.9 million. The loss resulting from the sale of the vessel, after deducting all expenses directly related to the sale was US$ 3.9 million.
Fleet Deployment
During 2014 the performance of the dry bulk freight market was not as strong as initially anticipated and further deteriorated by the year end with rates coming under pressure as a result of factors such as: the reduction of coal shipments into China and Europe, the ban on Indonesian exports of minor metal ores, the disruption in grain shipments out of South America (and in particular Argentina) and lower port congestion combined with the continued supply of new tonnage entering the market.
During this period the Company decided against locking in the vessels for the long term and focused on actively trading in the spot market and under short term period fixtures, thus being able to take full advantage of pockets of opportunities presented due to the freight market volatility. The 2014 Time Charter Equivalent-gross rate amounting to US$ 10,687 outperformed the Panamax Average of 4 T/C Routes (US$ 7,718) and the Supramax Average of 6 T/C Routes (US$ 9,818) as well as their combined average of US$ 8,768 for the same period.
Full year 2014 Results
Operating and Financial highlights
The following tables summarise the operating and financial results for full year 2014.
Year ended 31 Selected Operating data December 2014 2013 ---------- -------- Unaudited Audited Average number of operating vessels 5.9 3.7 Number of operating vessels at year end 6.0 5.0 Total dwt at year end 384,864 332,476 Ownership days (1) 2,184 1,335 Available days (2) 1,927 1,284 Operating days (3) 1,851 1,228 Fleet utilisation (4) 96.1% 95.6% Average daily results (in US$) Time Charter Equivalent (TCE) Gross rate (5) 10,687 8,507 Time Charter Equivalent (TCE) Net rate (6) 8,130 7,614 Average daily vessel operating expenses(7) 5,231 5,088
(1) Ownership days are the cumulative days in a period during which each vessel is owned by the respective vessel owning company.
(2) Available days are ownership days less the days that the vessels are at scheduled off-hire for maintenance or vessel repositioning.
(3) Operating days are the available days less all unforeseen off-hires.
(4) Fleet utilisation is measured by dividing the vessels' operating days by the vessels' available days.
(5) TCE-Gross is defined as vessels' total revenues divided by the number of the available days for the period.
(6) TCE-Net is defined as vessels' total revenues less voyage expenses divided by the number of the available days for the period.
(7) Average daily vessel operating expenses is defined as vessel operating expenses divided by ownership days.
Selected Income Statement Data (Amounts expressed in thousands of U.S. Dollars, except share and per share Year ended 31 data) December 2014 2013 ----------- ----------- Unaudited Audited Revenue 20,595 10,923 EBITDA (1) 1,030 272 Operating loss (13,190) (9,161) Adding back impairment loss 4,185 - Operating loss before non-cash items (9,005) (9,161) Net Finance costs (3,790) (5,036) Net loss before non-cash impairment charge (12,795) (14,197) Loss for the year (16,980) (14,197) Loss per share (US$): Basic and diluted LPS for the year (0.37) (0.31) Weighted average number of shares 45,616,851 45,616,851
(1) EBITDA has been calculated as follows: Operating loss + Depreciation + Depreciation of dry-docking costs + Impairment charge - Gain/(loss) on sale of vessels - Other operating income
During 2014, the Company, through its subsidiaries, operated 5.9 vessels which earned on average net earnings (TCE-net) of US$ 8,130 per day compared to 3.7 vessels and average net earnings of US$ 7,614 per day in 2013, an increase of 6.8%. Although average gross earnings (TCE-gross) achieved amounted to US$ 10,687 per day compared to US$ 8,507 per day in 2013, the vessels in 2014 had to perform greater ballast legs in search for more profitable routes and as a result, the cost of bunkers (included in voyage expenses) increased.
For the year ended 31 December 2014, total revenues were US$ 20.6 million (2013: US$ 10.9 million), an increase of US$ 9.7 million. The increase in revenues is attributed to the increase in the number of vessels operated during the period, in conjunction with higher dry bulk freight rates achieved during 2014 as compared to 2013. The fleet utilisation during 2014 was 96.1% compared to 95.6% in 2013.
Voyage expenses increased to US$ 4.9 million (2013: US$ 1.1 million). The increase in voyage expenses is mainly attributable to the increase in the number of vessels operated during 2014 as compared to 2013 as well as the higher cost of bunkers as a result of greater ballast legs as outlined above.
Vessel operating expenses increased by US$ 4.6 million to a total of US$ 11.4 million for the year ended 31 December 2014. The increase is mainly due to the increase in the number of vessels operated during 2014 as compared to 2013. The daily operating expenses for the year ended 31 December 2014 were US$ 5,231 (2013: US$ 5,088).
The Company's general and administrative expenses for the year ended 31 December 2014 decreased by US$ 0.6 million to US$ 1.0 million (2013: US$ 1.6 million) .
Earnings before Tax, Interest, Depreciation and Amortisation (EBITDA) was reported at US$ 1.0 million for the year ended 31 December 2014 (2013: US$ 0.3 million).
Operating loss amounted to US$ 13.2 million for the year ended 31 December 2014 (2013: US$ 9.2 million). For the year ended 31 December 2014, the operating loss figure included a non-cash impairment charge of US$ 4.2 million relating to M/V Hellenic Horizon.
As a result of the significant drop in asset values by 31 December 2014, an impairment indication was identified and the relevant tests were performed in order to determine the vessels' recoverable amounts. The book value of one vessel was adjusted to her recoverable amount and an impairment charge was reported for the year ended 31 December 2014 in the amount of US$ 4.2 million (31 December 2013: US$ nil). The impairment charge of US$ 4.2 million relates only to M/V Hellenic Horizon, built in 1995, with less than 6 years remaining useful life as of 31 December 2014. Excluding the above mentioned non-cash item, Hellenic reported for the year ended 31 December 2014 an operating loss of US$ 9.0 million compared to an operating loss of US$ 9.2 million for the year ended 31 December 2013.
The total finance expense comprising of i) interest payable on bank debt, ii) amortization of deferred loan fees and iii) other finance costs, was reported at US$ 3.9 million for the year ended 31 December 2014, compared to US$ 5.4 million for the same period of 2013. Interest payable on bank debt decreased by US$ 0.7 million and the amortization of deferred loan fees decreased by US$ 0.8 million. The weighted average interest rate for the year ended 31 December 2014 was 3.56% decreasing considerably from 4.90% reported in 2013.
Net loss for the year ended 31 December 2014 amounted to US$ 17.0 million or US$ 0.37 basic loss per share calculated on 45,616,851 weighted average number of shares. Net loss for the year ended 31 December 2013 amounted US$ 14.2 million or US$ 0.31 basic loss per share calculated on 45,616,851 weighted average number of shares.
Financial Position and Cash Flow highlights
Selected Financial Position Year ended 31 Data December (Amounts expressed in thousands of U.S. Dollars) 2014 2013 ---------- -------- Unaudited Audited Vessels, net 128,469 124,701 Restricted cash 200 200 Other non-current assets - 1,617 Total non-current assets 128,669 126,518 Cash and cash equivalents including restricted cash 6,822 27,504 Other current assets 8,210 7,094 Total current assets 15,032 34,598 ---------- -------- Total assets 143,701 161,116 Total equity 43,897 60,877 Total bank debt 96,584 97,326 Other liabilities 3,220 2,913 Total liabilities 99,804 100,239 Total equity and liabilities 143,701 161,116 Net Debt (1) 89,562 69,622
(1) Net Debt has been calculated as follows: Total Bank Debt - Cash and Cash equivalents
including restricted cash
Year ended 31 Selected Cash Flow Data December (Amounts expressed in thousands of U.S. Dollars) 2014 2013 ---------- --------- Unaudited Audited Cash flows provided by/ (used in) operating activities 5,141 (617) Cash flows used in investing activities (12,290) (29,727) Cash flows (used in)/ provided by financing activities (4,639) 20,055
Debt / Financing Activities & Capitalisation
As at 31 December 2014, total bank debt (divided into three facilities) was reported at US$ 96.6 million compared to US$ 97.3 million at 31 December 2013. The amount of US$ 2.5 million was drawndown in January 2014 to partly finance the acquisition of M/V Pistis. Scheduled principal payments during 2014 amounted to US$ 3.4 million.
As at 31 December 2014, Hellenic and its subsidiaries are in compliance with debt covenants.
Cash and cash equivalents including restricted cash (current and non-current) were reported at US$ 7.0 million compared to US$ 27.7 million at 31 December 2013. Restricted cash (current and non-current) reported at 31 December 2014 amounted to US$ 0.6 million compared to US$ 9.5 million at 31 December 2013. The decrease in restricted cash represents mainly the utilization of the proceeds from the sale of M/V Hellenic Sea (US$ 5.4 million) which were pledged with the respective lender until January 2014 and were then transferred as bank debt towards the acquisition of M/V Pistis, as well as the release of a bank guarantee amounting to US$ 3.4 million.
As at 31 December 2014, net debt amounted to US$ 89.6 million (2013: US$ 69.6 million). Consequently, the gearing ratio being defined as net debt (debt less cash and cash equivalents) to total capitalisation amounted to 67.1% and 53.4% at 31 December 2014 and 31 December 2013, respectively.
In relation to cash flows used in investing activities, the amount of US$ 12.3 million consists mainly of the following items:
-- The amount of US$ 15.1 million paid during the year ended 31 December 2014 in relation to the acquisition of M/V Pistis delivered in January 2014.
-- Release of the pledged amount US$ 5.3 million held with one of our lenders and used to partly finance the acquisition of M/V Pistis.
-- The amount of US$ 2.2 million represents the total dry-docking cost for the M/V Pistis and M/V Konstantinos D. which performed their special surveys during 2014.
Dividend
In order to reinforce the Company's liquidity, the Directors of the Company recommended that no dividend payment will be made in respect of the year ended 31 December 2014.
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanli, Chief Executive Officer
Alkis Papadopoulos, Chief Financial Officer
E-mail: info@hellenic-carriers.com +30 210 455 8900
Charles Stanley Securities
Nominated Adviser & Broker
Mark Taylor +44 (0) 207 149 6000 Carl Holmes +44 (0) 207 149 6000
Capital Link
Nicolas Bornozis +1 212 661 7566 (New York)
Maria Chercheletzi +44 (0) 20 3206 1322 (London)
E-mail: helleniccarriers@capitallink.com
Further Information - Notes to Editors
About Hellenic Carriers Limited
Hellenic Carriers Limited operates through its subsidiaries a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes worldwide. The fleet consists of five vessels, including one Panamax, two Supramax and two Kamsarmax vessels with an aggregate carrying capacity of 340,055 dwt and a weighted average age of 9.4 years.
Hellenic Carriers is listed on the AIM of the London Stock Exchange under ticker HCL.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2014
(Amounts expressed in thousands of U.S. Dollars, except share and per share data)
31 December ------------------------ 2014 2013 ----------- ----------- Unaudited Audited ----------- ----------- US$'000 US$'000 Revenue 20,595 10,923 ----------- ----------- Expenses and other income Voyage expenses (4,722) (1,087) Voyage expenses - related parties (206) (60) Vessel operating expenses (11,425) (6,793) Management fees - related parties (2,184) (1,153) Depreciation (9,721) (7,516) Depreciation of dry-docking costs (1,592) (1,917) Impairment loss (4,185) - General and administrative expenses (1,028) (1,558) Other operating income 1,278 - Operating loss (13,190) (9,161) Finance expense (3,884) (5,413) Finance income 12 403 Foreign currency loss, net 82 (26) (3,790) (5,036) ----------- ----------- Loss for the year (16,980) (14,197) =========== =========== Loss per share (US$): Basic and diluted LPS for the year (0.37) (0.31) Weighted average number of shares 45,616,851 45,616,851
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2014
(Amounts expressed in thousands of U.S. Dollars)
31 December --------------------- 2014 2013 ---------- --------- Unaudited Audited ---------- --------- US$'000 US$'000 Loss for the year (16,980) (14,197) Other comprehensive income Other comprehensive income to be reclassified to profit and loss in subsequent periods: Reclassification during the year to profit or loss - 1,158 Net other comprehensive income reclassified to profit and loss - 1,158 ---------- --------- Total comprehensive loss for the year (16,980) (13,039) ========== =========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2014
(Amounts expressed in thousands of U.S. Dollars)
31 December -------------------- 2014 2013 ---------- -------- Unaudited Audited ---------- -------- US$'000 US$'000 ASSETS Non-current assets Vessels, net 128,469 124,701 Advances for vessel acquisition - 1,616 Office furniture and equipment - 1 Restricted cash 200 200 ---------- -------- 128,669 126,518 ---------- -------- Current assets Inventories 770 458 Trade receivables, net 2,831 1,701 Claims receivable 643 238 Available for sale investments, net of impairment - - Due from related parties 3,618 3,845 Prepaid expenses and other assets 348 852 Restricted cash 431 9,325 Cash and cash equivalents 6,391 18,179 ---------- -------- 15,032 34,598 ---------- -------- TOTAL ASSETS 143,701 161,116 ========== ======== EQUITY AND LIABILITIES Shareholders' equity Issued share capital 46 46 Share premium 54,355 54,355 Capital contributions 10,826 10,826 Accumulated deficit (21,330) (4,350) ---------- -------- Total equity 43,897 60,877 ---------- -------- Non-current liabilities Long-term debt 93,325 94,081 ---------- -------- 93,325 94,081 ---------- -------- Current liabilities Trade payables 1,713 1,320 Current portion of long-term debt 3,259 3,245 Accrued liabilities and other payables 1,397 1,325 Deferred revenue 110 268 6,479 6,158 ---------- -------- Total Liabilities 99,804 100,239 ---------- -------- TOTAL EQUITY AND LIABILITIES 143,701 161,116 ========== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2014
(Amounts expressed in thousands of U.S. Dollars, except share and per share data)
Cash (Accumulated Issued flow deficit)/ Par share Share Capital hedging Retained Total Number value capital premium contributions reserves earnings equity of shares US$ US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 ----------- -------- --------- --------- --------------- ---------- ------------- ---------- As at 1 January 2013 45,616,851 0.001 46 54,355 10,826 (1,158) 9,847 73,916 Loss for the year - - - - - - (14,197) (14,197) Other comprehensive income - - - - - 1,158 - 1,158 ----------- -------- --------- --------- --------------- ---------- ------------- ---------- Total comprehensive loss - - - - - 1,158 (14,197) (13,039) As at 31 December 2013 45,616,851 0.001 46 54,355 10,826 - (4,350) 60,877 =========== ======== ========= ========= =============== ========== ============= ========== Loss for the year - - - - - - (16,980) (16,980) Other comprehensive income - - - - - - - - ----------- -------- --------- --------- --------------- ---------- ------------- ---------- Total comprehensive loss - - - - - - (16,980) (16,980) As at 31 December 2014 45,616,851 0.001 46 54,355 10,826 - (21,330) 43,897 =========== ======== ========= ========= =============== ========== ============= ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2014
(Amounts expressed in thousands of U.S. Dollars)
31 December --------------------- 2014 2013 ---------- --------- Unaudited Audited ---------- --------- US$'000 US$'000 Operating activities Loss for the year (16,980) (14,197) Adjustments to reconcile loss to net cash flows: Depreciation 9,721 7,516 Depreciation of dry-docking costs 1,592 1,917 Impairment loss 4,185 - Finance expense 3,884 5,413 Finance income (12) (403) ---------- --------- 2,390 246 Increase in inventories (312) (194) Increase in trade receivables, claims receivable, prepaid expenses and other assets (1,032) (1,367) Decrease/ (Increase) in due from related parties 227 (134) Restricted cash 3,400 - Increase in trade payables, accrued liabilities and other payables 626 564 (Decrease)/ Increase in deferred revenue (158) 268 ---------- --------- Net cash flows provided by/ (used in) operating activities 5,141 (617) ---------- --------- Investing activities Acquisition/ improvement of vessels (15,461) (103) Advance payments for vessels under construction - (26,798) Advance payments for vessel acquisition - (1,616) Dry-docking costs (2,188) (1,673) Restricted cash 5,346 - Interest received 13 463 ---------- --------- Net cash flows used in investing activities (12,290) (29,727) ---------- --------- Financing activities Proceeds from issue of long-term debt 2,500 19,300 Repayment of long-term debt (3,440) (3,885) Restricted cash 148 9,707 Finance expenses paid (3,847) (5,067) Net cash flows (used in)/ provided by financing activities (4,639) 20,055 ---------- --------- Net decrease in cash and cash equivalents (11,788) (10,289) Cash and cash equivalents at 1 January 18,179 28,468 ---------- --------- Cash and cash equivalents at 31 December 6,391 18,179 ========== =========
This information is provided by RNS
The company news service from the London Stock Exchange
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