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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pan European Terminals | LSE:PAN | London | Ordinary Share | GB00B12V3082 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 22.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
TIDMPAN
RNS Number : 1908P
Pan European Terminals PLC
30 September 2013
30 September 2013
Pan European Terminals PLC
("PAN" or "the Company")
INTERIM RESULTS
For the Six Months ended 30 June 2013
Pan European Terminals (AIM: PAN), which provides transhipment and storage facilities into Europe and Russia for the hydro-carbon industry, is pleased to announce its interim results for the six month period ended 30 June 2013.
HIGHLIGHTS
-- Revenues of GBP7.4m (H1 2012: GBP12.1m), lower due to elimination of low margin business in Baltic Top as announced in 2012 results and AGM
-- Operating Profit of GBP1.0m (H1 2012: GBP1.6m) as a consequence of the lower sales from Baltic Top and a one off net provision for a potential bad debt of GBP136,000
-- Costs reduced by 4% to GBP1.16m -- Total Assets at 30 June 2013 increased to GBP49.4m (31 Dec 2012: GBP47.6m) -- Group cash in bank at 30 June 2013: GBP1.4m (31 Dec 2012: GBP1.1m) -- Current cash in bank: GBP2.4m -- Dan Balt refurbishment completed and all Group terminals now operating at full capacity -- Strong trading over the summer months
Simon Escott, CEO of Pan European Terminals, commented, "We are delighted that despite the operational disruption caused by the refurbishment work at our Dan Balt terminal in the first half of the year, it still managed to make a contribution to the Group's overall performance. As a result of the upgrade, which was completed at the end of May, the facility is now operating and we are very pleased to be working with Monjasa, which became our client in August.
"The re-alignment of our marketing efforts at Baltic Top in Kaliningrad, has been completed as planned. This has allowed the terminal to be more selective in its choice of clients and, at the same time, reduce overheads and ultimately, its cost of sales. However, we should recognise that due to the cyclical nature of our business and the market positions of our esteemed clients within Russia, we expect to revert to the original model for some of Q3 and all of Q4 2013. This is expected to result in a similar level of revenue as we saw in 2012 for Baltic Top, with margins in-line or better than last year.
"I would like to thank our operational management staff in Denmark, Holland and Kaliningrad for their great efforts in the first half of this year; dealing with the major upgrade at Dan Balt and a complete re-alignment of the operations in Kaliningrad.
"The full year 2013 will be important for the Group and I am confident that the results will repay the hard work that has been put in by the whole team."
Enquiries:
Pan European Terminals plc Tel: +44 (0)20 3145 1908
Simon Escott, Chief Executive Mob: +44 (0)972 009 5800
Westhouse Securities Ltd (Nomad and Broker) Tel: +4 (0)20 7601 6000
Richard Johnson / Antonio Bossi
Leander (Financial PR) Tel: +44 (0)7795 168 157
Christian Taylor-Wilkinson
Notes to Editors:
Pan European Terminals Plc operates hydrocarbon refined product Storage and Transhipment Terminals in Aabenraa (Denmark), Kaliningrad City (Russia) and Baltysk (Russia). It also leases and operates tanks in Rotterdam (Holland). The Group presently has approx. 400,000 Cubic Meters of tank capacity under ownership or management, with approximately 40% of its annual profit now being derived from its non-Russian assets. The Group has been building critical mass in this field for three years and offers its customers flexibility, competitive rates and excellent facilities for storage, transhipment and bunkering services.
Interim Results Statement
As stated in the Group's 2012 Report and Accounts it was the board's intention to increase margins in 2013, especially with regards to the Baltic Top facility. We have achieved this, although with lower overall sales in Russia for the period. However, we now expect to see sales increase once again for the full year 2013, having established a pricing pattern with our customers and trading partners. Trading at our other facilities, Petro Bunker International ("PBI") and Dan Balt Tank Lager ("Dan Balt") were in-line with management expectations, providing over 50% of the period's revenue between them.
Operating Profit for the six months was GBP1.0m (H1 2012: GBP1.6m), reflecting the lower revenue contribution from Baltic Top, albeit at a higher margin. This also included net provisions against certain outstanding receivables of GBP136,000 and, although the board will continue to pursue recovery of these monies, the most appropriate approach at this time is to make the provision.
Profit Before Tax was GBP0.6m (H1 2012: GBP3.1m), due to the inclusion of the above mentioned non-recurring bad debt provisions and reflecting the absence of contribution from Rosbunker, following its reclassification as an Investment as detailed in the 2012 full year results. For the six months to 30 June 2012, Rosbunker's contribution, as classified as an Associate, was GBP2.1m, therefore like-for-like H1 2012 profit before tax was GBP1.0m, slightly higher than the period under review.
Revenue for the six months to 30 June 2013, declined in line with management expectations as outlined in the 2012 full year results and the AGM presentation, to GBP7.4m (H1 2012: GBP12.1m), due to a more selective client choice at Baltic Top in Russia, where the Group saw higher margins but on lower throughput. As we move into the second half of the year, the cyclical nature of the market is expected to reverse this position once more, with margins falling against a rise in revenue for this terminal. As expected, the Group posted only a small contribution in the period from Dan Balt, due to the extensive refurbishment of the facility in the first half of the current year.
Cash at 30 June 2013 was GBP1.4m (31 December 2012: GBP1.1m), while the Group's current cash position is GBP2.4m.
As with previous periods, the Company has kept costs under tight control and recurring administrative expenses fell 4% to GBP1.16m.
Operational Update
PAN's progress in building an integrated portfolio of refined product terminals in Europe and Russia continues apace. It is responding to the market's needs by establishing a network of interlinking, but stand alone terminals, which supply the needs of producers, traders and distributors.
The Company's key assets are now all performing at maximum capacity, including Dan Balt in Denmark, which came fully online in late May 2013 following its refurbishment at the start of the year. As announced on 6 August 2013, the Company has entered into a storage and transhipment contract with the Monjasa Group to handle the loading and discharging of fuel oil and marine gas oil at Dan Balt, where its 160,000m(3) of storage is now fully utilised.
In Rotterdam, PBI, which leases tanks in the heart of Europort, Europe's largest refined oil product terminal, now provides 240,000m(3) of heated fuel oil and gas oil storage, and its tanks are fully rented until late spring 2014.
Baltic Top, the Company's fully operational refined products terminal in Kaliningrad, is seeing a throughput of between 15,000-20,000 tonnes per month for diesel and gasoline.
The board continues to pursue opportunities in relation to Rosbunker and will update shareholders when a suitable transaction has been agreed. There has been no change in the directors' assessment since the publication of the 2012 Report and Accounts, with regards to judgements applied on the fair value of this asset as at 30 June 2013.
Outlook
The Company has seen a good summer's trading which it expects will continue for the remainder of the year. The Board continues to look at opportunities to expand operations into new geographies and to help mitigate potential risk caused by sudden changes in market conditions. The Company is also looking into increasing its bunkering facilities outside Russia, which will allow it to be more adaptable in its operational model.
Consolidated income statement
For the six months ended 30 June 2013
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended 30 ended 31
30 June June 2012 December
2013 2012
GBP'000 GBP'000
GBP'000
-------------------------------------------- ---------- ----------- -----------
Revenue 7,398 12,130 20,590
Cost of sales (5,093) (9,264) (16,026)
-------------------------------------------- ---------- ----------- -----------
Gross Profit 2,305 2,866 4,564
-------------------------------------------- ---------- ----------- -----------
Administrative expenses - recurring (1,162) (1,214) (2,549)
Administrative expenses - non-recurring (136) - (3,722)
Total administrative expenses (1,298) (1,214) (6,271)
-------------------------------------------- ---------- ----------- -----------
Operating profit / (loss) before finance
items, investment fair value movements
and share of associate profits 1,007 1,652 (1,707)
Share of profits of associates - 2,114 -
Investment fair value gain on initial
recognition - - 2,801
Investment fair value gain during
the year - - 1,362
Finance costs (433) (623) (1,309)
-------------------------------------------- ---------- ----------- -----------
Profit before taxation 574 3,143 1,147
Taxation (251) (509) (470)
-------------------------------------------- ---------- ----------- -----------
Profit for the period 323 2,634 677
-------------------------------------------- ---------- ----------- -----------
Attributable to:
Equity shareholders of the Company 323 2,634 677
-------------------------------------------- ---------- ----------- -----------
323 2,634 677
-------------------------------------------- ---------- ----------- -----------
Earnings per share attributable to
equity shareholders of the Company:
Basic and diluted 0.31p 2.58p 0.69p
-------------------------------------------- ---------- ----------- -----------
Consolidated statement of comprehensive income
For the six months ended 30 June 2013
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2013 2012 2012
GBP'000
GBP'000 GBP'000
------------------------------------------- ---------- ---------- -------------
Profit after tax 323 2,634 677
------------------------------------------- ---------- ---------- -------------
Other comprehensive expenses
Exchange differences on translating
foreign operations 737 (246) (150)
------------------------------------------- ---------- ---------- -------------
Other comprehensive expenses for the
period, net of tax 737 (246) (150)
Total comprehensive income for the year
attributable to equity shareholders 1,060 2,388 527
------------------------------------------- ---------- ---------- -------------
Total comprehensive income for the period 1,060 2,388 527
------------------------------------------- ---------- ---------- -------------
Consolidated statement of financial position
As at 30 June 2013
Unaudited Unaudited Audited
30 June 30 June 31 December
2013 2012 2012
GBP'000 GBP'000 GBP'000
-------------------------------------------- ---------- ---------- -------------
Non current assets
Intangible assets - - -
Property, plant and equipment 6,903 6,674 6,360
Investment in associates 1,189 21,622 1,189
Fair value of investments 22,481 - 22,481
Goodwill 11,598 11,598 11,598
-------------------------------------------- ---------- ---------- -------------
42,171 39,894 41,628
-------------------------------------------- ---------- ---------- -------------
Current assets
Inventories 724 514 864
Trade and other receivables 3,979 4,523 2,957
Prepayments and other current assets 1,132 1,234 1,040
Cash and cash equivalents 1,407 1,434 1,143
-------------------------------------------- ---------- ---------- -------------
7,242 7,705 6,004
-------------------------------------------- ---------- ---------- -------------
TOTAL ASSETS 49,413 47,599 47,632
-------------------------------------------- ---------- ---------- -------------
Share capital 1,063 1,018 1,018
Share premium 51,276 50,437 50,437
Other reserves - Equity - foreign exchange
reserves (631) (1,464) (1,368)
Retained losses (14,043) (12,409) (14,366)
-------------------------------------------- ---------- ---------- -------------
Total equity 37,665 37,582 35,721
-------------------------------------------- ---------- ---------- -------------
Non current liabilities
Borrowings 8,850 - 8,500
Deferred tax liabilities 499 553 486
-------------------------------------------- ---------- ---------- -------------
9,349 553 8,986
Current liabilities
Trade and other payables 2,399 2,537 2,880
Borrowings - 6,927 45
-------------------------------------------- ---------- ---------- -------------
2,399 9,464 2,925
-------------------------------------------- ---------- ---------- -------------
Total liabilities 11,748 10,017 11,911
-------------------------------------------- ---------- ---------- -------------
TOTAL EQUITY AND LIABILITIES 49,413 47,599 47,632
-------------------------------------------- ---------- ---------- -------------
Consolidated cash flow statement
For the six months ended 30 June 2013
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended 30 ended 31
30 June June 2012 December
2013 2012
GBP'000 GBP'000
GBP'000
----------------------------------------------- ---------- ----------- -----------
Cash flows from operating activities
Profit before taxation 574 3,143 1,147
Adjustments to reconcile profit before
taxation to net cash outflows from operating
activities
Share of profits of associates - (2,114) -
Investments fair value gain - - (4,163)
Finance costs 433 623 1,309
Foreign exchange loss / (gain) 542 (169) (24)
Depreciation of property, plant and equipment 56 64 431
Loss on disposal of property, plant and
equipment - - 8
Decrease / (increase) in inventories 140 (316) (666)
(Increase) / decrease in trade and other
receivables (1,201) (1,623) 137
(Decrease) / increase in trade and other
payables (526) (140) 313
----------------------------------------------- ---------- ----------- -----------
Cash inflow / (outflow) from operations 18 (532) (1,508)
Income tax paid (263) 1 (115)
Interest paid (346) (549) (1,026)
----------------------------------------------- ---------- ----------- -----------
Net cash outflow from operating activities (591) (1,080) (2,649)
----------------------------------------------- ---------- ----------- -----------
Cash flows from investing activities
Purchase of property, plant and equipment (379) - (30)
Net cash outflows from investing activities (379) - (30)
----------------------------------------------- ---------- ----------- -----------
Cash flows from financing activities
Proceeds from shares issued net of issue
costs 884 910 910
Proceeds from borrowings 350 - 8,500
Repayment of borrowings - (10) (7,202)
----------------------------------------------- ---------- ----------- -----------
Net cash inflows from financing activities 1,234 900 2,208
----------------------------------------------- ---------- ----------- -----------
Increase / (decrease) in cash and cash
equivalents 264 (180) (471)
Cash and cash equivalents at beginning
of period 1,143 1,614) 1,614
Increase / (decrease) in cash and cash
equivalents 264 (180) (471)
----------------------------------------------- ---------- ----------- -----------
Cash and cash equivalents at end of period 1,407 1,434 1,143
----------------------------------------------- ---------- ----------- -----------
Consolidated statement of changes in equity
For the six months ended 30 June 2013
Attributable to equity shareholders of the
parent
------------------------- --------------------------------------------------------------------------
Foreign
currency
Share capital Share premium transaction Retained Total
adjustment losses equity
GBP'000 GBP'000
GBP'000 GBP'000 GBP'000
------------------------- ---------------- ---------------- ------------- ----------- ----------
At 1 January 2012 945 49,600 (1,218) (15,043) 34,284
Exchange differences
on translating foreign
operations - - (246) - (246)
Profit for the period - - - 2,634 2,634
------------------------- ---------------- ---------------- ------------- ----------- ----------
Total comprehensive
income for the period - - (246) 2,634 2,388
------------------------- ---------------- ---------------- ------------- ----------- ----------
Transactions with
owners - shares issued
during the period 73 837 - - 910
------------------------- ---------------- ---------------- ------------- ----------- ----------
At 30 June 2012 and
1 July 2012 1,018 50,437 (1,464) (12,409) 37,582
------------------------- ---------------- ---------------- ------------- ----------- ----------
Exchange differences
on translating foreign
operations - - 96 - 96
Profit for the period - - - (1,957) (1,957)
------------------------- ---------------- ---------------- ------------- ----------- ----------
Total comprehensive
income for the period - - 96 (1,957) (1,861)
------------------------- ---------------- ---------------- ------------- ----------- ----------
At 31 December 2012
and 1 January 2013 1,018 50,437 (1,368) (14,366) 35,721
------------------------- ---------------- ---------------- ------------- ----------- ----------
Exchange difference
on translating foreign
operations
Profit for the period - - 737 - 737
- - - 323 323
------------------------- ---------------- ---------------- ------------- ----------- ----------
Total comprehensive
income for the period - - 737 323 1,060
------------------------- ---------------- ---------------- ------------- ----------- ----------
Transactions with
owners - shares issued
during the period 45 839 - - 884
------------------------- ---------------- ---------------- ------------- ----------- ----------
At 30 June 2013 1,063 51,276 (631) (14,043) 37,665
------------------------- ---------------- ---------------- ------------- ----------- ----------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
Period ended 30 June 2013
Basis of preparation
The condensed financial statements comprise the unaudited results for the six months to 30 June 2013 and 30 June 2012 and the audited results for the twelve months ended 31 December 2012. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006.
The Annual Report and Financial Statements for 2012 have been filed with the Registrar of Companies.
The Independent Auditors' Report on the Annual Report and Financial Statements for 2012 was qualified in relation to a Disclaimer of Opinion, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. A copy of the 2012 Annual Report, the auditors' report referred to above, is available on the Company's website: www.peterminals.com.
These condensed half year financial statements have not been audited or reviewed by the independent auditors pursuant to the Auditing Practices Board guidance on the "Review of Interim Financial Information".
Accounting policies
The condensed financial statements have been prepared in a manner consistent with the accounting policies set out in the Group financial statements for the twelve months ended 31 December 2012 and on the basis of the International Financial Reporting Standards (IFRS) as adopted for use in the EU as at 31 December 2012. IFRS are subject to amendment and interpretation by the International Accounting Standards Board (IASB) and there is an ongoing process of review and endorsement by the European Commission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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