Teekay Corporation Reports Fourth Quarter and Annual Results
(Thomson Reuters ONE) -
HAMILTON, BERMUDA--(Marketwire - February 21, 2013) - Teekay Corporation (NYSE:
TK) -
Highlights
* Fourth quarter 2012 total cash flow from vessel operations of $217.9
million, up slightly from the same period of the prior year; fiscal year
2012 total cash from vessel operations of $821.4 million, up 18 percent from
the prior year.
* Fourth quarter 2012 adjusted net income attributable to stockholders of
Teekay of $2.9 million, or $0.04 per share (excluding specific items,
including a vessel impairment charge, which decreased GAAP net income by
$96.7 million, or $1.39 per share).
* Fiscal year 2012 adjusted net loss attributable to stockholders of Teekay of
$54.9 million, or $0.79 per share (excluding specific items, including a
vessel impairment charge, which increased GAAP net loss by $105.3 million,
or $1.52 per share).
* Cidade de Itajai FPSO unit achieved first oil and commenced its nine- year
time-charter with Petrobras on February 16, 2013.
* Completed a new $200 million, three-year corporate revolving credit facility
secured by a portion of Teekay Parent's common unit holdings of Teekay LNG
and Teekay Offshore.
Teekay Corporation (Teekay or the Company) today reported an adjusted net income
attributable to stockholders of Teekay(1) of $2.9 million, or $0.04 per share,
for the quarter ended December 31, 2012, compared to an adjusted net income
attributable to stockholders of Teekay of $1.6 million, or $0.02 per share, for
the same period of the prior year. Adjusted net income attributable to
stockholders of Teekay excludes a number of specific items that had the net
effect of decreasing GAAP net income by $96.7 million, or $1.39 per share, for
the three months ended December 31, 2012 and increasing GAAP net income by $57.1
million, or $0.82 per share, for the three months ended December 31, 2011, as
detailed in Appendix A to this release. Including these items, the Company
reported on a GAAP basis, net loss attributable to stockholders of Teekay of
$93.7 million, or $1.35 per share, for the quarter ended December 31, 2012,
compared to net income attributable to stockholders of Teekay of $58.7 million,
or $0.84 per share, for the same period of the prior year. Net revenues(2) for
the fourth quarter of 2012 were $484.4 million, compared to $472.7 million for
the same period of the prior year.
For the year ended December 31, 2012, the Company reported an adjusted net loss
attributable to stockholders of Teekay(1) of $54.9 million, or $0.79 per share,
compared to an adjusted net loss attributable to stockholders of Teekay of
$103.1 million, or $1.47 per share, for the year ended December 31, 2011.
Adjusted net loss attributable to stockholders of Teekay excludes a number of
specific items that had the net effect of increasing GAAP net loss by $105.3
million, or $1.52 per share, for the year ended December 31, 2012 and increasing
GAAP net loss by $255.5 million, or $3.64 per share, for the year ended December
31, 2011, as detailed in Appendix A to this release. Including these items, the
Company reported on a GAAP basis, a net loss attributable to stockholders of
Teekay of $160.2 million, or $2.31 per share, for the year ended December
31, 2012, compared to a net loss attributable to stockholders of Teekay of
$358.6 million, or $5.11 per share, for the year ended December 31, 2011. Net
revenues(2) for the year ended December 31, 2012 were $1,818.0 million, compared
to $1,777.2 million for the prior year.
On January 4, 2013, the Company declared a cash dividend on its common stock of
$0.31625 per share for the quarter ended December 31, 2012. The cash dividend
was paid on January 30, 2013, to all shareholders of record on January 16, 2013.
1. Adjusted net income (loss) attributable to stockholders of Teekay is a non-
GAAP financial measure. Please refer to Appendix A to this release for a
reconciliation of this non-GAAP measure as used in this release to the most
directly comparable financial measure under United States generally
accepted accounting principles (GAAP) and for information about specific
items affecting net income (loss) that are typically excluded by securities
analysts in their published estimates of the Company's financial results.
2. Net revenues represents revenues less voyage expenses, which comprise all
expenses relating to certain voyages, including bunker fuel expenses, port
fees, cargo loading and unloading expenses, canal tolls, agency fees and
commissions. Net revenues is a non-GAAP financial measure used by certain
investors to measure the financial performance of shipping companies.
Please see the Company's website at www.teekay.com for a reconciliation of
this non-GAAP measure as used in this release to the most directly
comparable financial measure under GAAP.
"The improvement in our fiscal 2012 results compared to the prior year largely
reflects the profitable growth from our continued investment in our fixed-rate
gas and offshore businesses as well as our cost reduction initiatives,"
commented Peter Evensen, Teekay Corporation's President and Chief Executive
Officer. "Our fiscal 2012 results include a full year of cash flows from the two
FPSO units acquired from Sevan at the end of 2011, cash flows from the LNG/LPG
and shuttle tanker newbuildings that delivered during 2011 and early 2012, and
cash flows from our 52 percent interest in the six LNG carriers we acquired from
A.P. Moller-Maersk in the first quarter of 2012. In addition, cash flows from
our existing assets increased during 2012 due to the renewal of offshore and LNG
contracts at higher rates, reduced operating expenses in our conventional and
shuttle tanker businesses resulting from an organization realignment, and lower
time-charter hire expenses due to the re-delivery of several time-chartered in
conventional tankers, partially offset by the Petrojarl Banff FPSO being off-
hire since its storm-related incident in December 2011."
"While Teekay has benefited from the attractive market fundamentals in our gas
and offshore businesses, the conventional tanker market continued to be
challenging in 2012 and is expected to remain weak through 2013," Mr. Evensen
continued. "Primarily as a result of the continuing weak spot tanker rates,
delays to the expected tanker market recovery, and further reductions in
conventional tanker values during 2012, for accounting purposes, we recorded a
non-cash impairment charge in the fourth quarter of 2012, with the largest
component related to certain conventional tankers owned by our 25 percent owned
subsidiary, Teekay Tankers Ltd. It is important to note that this impairment
charge is non-cash in nature and does not impact our operations, cash flows,
liquidity or any loan covenants."
Mr. Evensen continued, "Looking ahead to 2013, we remain focused on effective
project execution, with multiple projects scheduled for completion between 2013
and 2016. Last week, the Cidade de Itajai FPSO unit achieved first oil on its
Brazilian offshore field and commenced operations under its nine-year time-
charter contract with Petrobras. Field installation for the Voyageur Spirit FPSO
continues to progress, with the unit expected to achieve first oil in March
2013. Construction of the Petrojarl Knarr FPSO is on track for delivery in the
first half of 2014 and this past December the charterer, BG Group, exercised its
option to extend the firm period of the Petrojarl Knarr time-charter to 10
years. We are also making progress on the repair and upgrade work on the
Petrojarl Banff FPSO, which is expected to return to production during the
fourth quarter of 2013. Construction is proceeding on schedule on all four of
Teekay Offshore's shuttle tanker newbuildings, which will operate under 10-year
time-charters with BG in Brazil upon their respective deliveries in April
through November this year. Finally, Teekay LNG Partners recently completed the
acquisition of a 50 percent interest in a new LPG joint venture with Exmar and
ordered two fuel-saving newbuilding LNG carriers, which are scheduled for
delivery in the first half of 2016."
"As the current inventory of offshore and gas projects are completed, we expect
that Teekay Parent will benefit both through anticipated increased distributions
from our growing daughter subsidiaries, including the incentive distribution
rights from our two general partner interests, and through anticipated enhanced
financial strength as proceeds from the sale of warehoused assets are used to
delever Teekay Parent's balance sheet and build liquidity," Mr. Evensen added.
Operating Results
The following tables highlight certain financial information for each of
Teekay's four publicly-listed entities: Teekay Offshore Partners L.P. (Teekay
Offshore) (NYSE: TOO), Teekay LNG Partners L.P. (Teekay LNG) (NYSE: TGP), Teekay
Tankers Ltd. (Teekay Tankers) (NYSE: TNK) and Teekay Parent (which excludes the
results attributed to Teekay Offshore, Teekay LNG and Teekay Tankers). A brief
description of each entity and an analysis of its respective financial results
follow the tables below. Please also refer to the "Fleet List" section below and
Appendix B to this release for further details.
+-------------+----------------------------------------------------------------+
| | Three Months Ended December 31, 2012 |
| +----------------------------------------------------------------+
| | (unaudited) |
| | |
| | Teekay Teekay |
|(in thousands|Offshore LNG Teekay Teekay|
|of U.S. |Partners Partners Tankers Teekay Consolidation Corporation|
|dollars) | LP LP Ltd. Parent Adjustments Consolidated|
+-------------+----------------------------------------------------------------+
| | |
| | |
|Net revenues | 212,311 97,631 44,476 161,907 (31,898 ) 484,427|
| | |
| | |
| | |
|Vessel | |
|operating | |
|expense | 79,414 23,720 23,615 81,232 - 207,981|
| | |
|Time-charter | |
|hire expense | 15,493 - 841 43,447 (31,898 ) 27,883|
| | |
|Depreciation | |
|and | |
|amortization | 47,249 25,949 18,431 21,831 - 113,460|
+-------------+----------------------------------------------------------------+
|
+-------------+----------------------------------------------------------------+
| | |
| | |
|CFVO - | |
|Consolidated | |
|(1)(2)(3) | 97,892 67,354 15,989 (116 ) - 181,119|
| | |
|CFVO - Equity| |
|Investments | |
|(4) | - 38,498 - (1,691 ) - 36,807|
| | |
|CFVO - Total | 97,892 105,852 15,989 (1,807 ) - 217,926|
+-------------+----------------------------------------------------------------+
|
|
|
+-------------+----------------------------------------------------------------+
| | Three Months Ended December 31, 2011 |
| +----------------------------------------------------------------+
| | (unaudited) |
| | |
| | Teekay Teekay |
|(in thousands|Offshore LNG Teekay Teekay|
|of U.S. |Partners Partners Tankers Teekay Consolidation Corporation|
|dollars) | LP LP Ltd. Parent Adjustments Consolidated|
+-------------+----------------------------------------------------------------+
| | |
| | |
|Net revenues | 205,111 97,228 27,322 184,226 (41,162 ) 472,725|
| | |
| | |
| | |
|Vessel | |
|operating | |
|expense | 69,065 22,485 10,694 66,777 - 169,021|
| | |
|Time-charter | |
|hire expense | 17,406 - 2,436 71,621 (41,162 ) 50,301|
| | |
|Depreciation | |
|and | |
|amortization | 48,194 24,367 10,811 27,218 - 110,590|
+-------------+----------------------------------------------------------------+
|
+-------------+----------------------------------------------------------------+
| | |
| | |
|CFVO - | |
|Consolidated | |
|(1)(2)(3) | 101,593 70,896 12,310 5,104 - 189,903|
| | |
|CFVO - Equity| |
|Investments | |
|(4) | - 20,005 - 1,110 - 21,115|
| | |
|CFVO - Total | 101,593 90,901 12,310 6,214 - 211,018|
+-------------+----------------------------------------------------------------+
1. Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains and losses on the sale
of vessels, adjustments for direct financing leases to a cash basis, and
unrealized gains and losses relating to derivatives, but includes realized
gains and losses on the settlement of foreign currency forward contracts.
CFVO - Consolidated represents CFVO from vessels that are consolidated on the
Company's financial statements. Cash flow from vessel operations is a non-
GAAP financial measure used by certain investors to measure the financial
performance of shipping companies. Please refer to Appendix B and Appendix C
of this release and see the Company's website at www.teekay.com for a
reconciliation of this non- GAAP measure as used in this release to the most
directly comparable GAAP financial measure.
2. Excludes CFVO relating to assets acquired from Teekay Parent for the periods
prior to their acquisition by Teekay Offshore, Teekay LNG and Teekay Tankers,
respectively, as those results are included in the historical results for
Teekay Parent.
3. In addition to CFVO from directly owned vessels, Teekay Parent also receives
cash dividends and distributions from its daughter public companies. For the
three months ended December 31, 2012 and 2011, Teekay Parent received
daughter company dividends and distributions totaling $38.2 million and $34.8
million, respectively. The dividends and distributions received by Teekay
Parent include, among others, those made with respect to its general partner
interests in Teekay Offshore and Teekay LNG. Please refer to Appendix D to
this release for further details.
4. CFVO - Equity Investments represents the Company's proportionate share of
CFVO from its equity-accounted vessels and other investments. Please refer to
Appendix B of this release and see the Company's website at www.teekay.com
for a reconciliation of this non-GAAP measure as used in this release to the
most directly comparable GAAP financial measure.
Teekay Offshore Partners L.P.
Teekay Offshore is an international provider of marine transportation, oil
production and storage services to the offshore oil industry through its fleet
of 37 shuttle tankers (including four chartered-in vessels and four newbuildings
under construction), three floating, production, storage and offloading (FPSO)
units, five floating storage and offtake (FSO) units and six conventional oil
tankers, in which its interests range from 50 to 100 percent. Teekay Offshore
also has the right to participate in certain other FPSO and vessel
opportunities. Teekay Parent currently owns a 29.4 percent interest in Teekay
Offshore (including the 2 percent sole general partner interest).
For the fourth quarter of 2012, Teekay Offshore's quarterly distribution was
$0.5125 per common unit. The cash distribution received by Teekay Parent based
on its common unit ownership and general partnership interest in Teekay Offshore
totaled $14.6 million for the fourth quarter of 2012, as detailed in Appendix D
to this release.
Cash flow from vessel operations from Teekay Offshore decreased to $97.9 million
in the fourth quarter of 2012, from $101.6 million in the same period of the
prior year. The decrease was primarily due to the sale of two conventional
tankers and the lay-up of two conventional tankers during 2012 following expiry
of their time-charter contracts. This was partially offset by incremental cash
flows from the acquisition of the Piranema Spirit FPSO unit on November
30, 2011, increased revenue from the acquisition of volatile organic compound
(VOC) equipment from Teekay Parent in the fourth quarter of 2012, a decrease in
time-charter hire expense due to the redelivery of one in-chartered vessel in
the fourth quarter of 2011, and lower vessel operating costs as a result of
cost-savings initiatives and the sale of two shuttle tankers during 2012 and the
lay-up of the Navion Torinita shuttle tanker, which commenced in the second
quarter of 2012 upon expiration of its time-charter contract.
In January 2013, Teekay Offshore completed the issuance of NOK 1,300 million of
new senior unsecured Norwegian bonds, issued in two tranches maturing in January
2016 (NOK 500 million) and January 2018 (NOK 800 million), respectively. The
aggregate principal amount of the bonds is equivalent to approximately USD 233
million and all interest and principal payments were swapped into USD at a fixed
rate of 4.80 percent for the tranche maturing in January 2016 and 5.93 percent
for the tranche maturing in January 2018. In connection with the offering,
Teekay Offshore repurchased NOK 388.5 million of its existing NOK 600 million
bond issue maturing in November 2013. The net proceeds of approximately USD 167
million from the new bond issuance and repurchase of existing notes were used to
reduce amounts outstanding under Teekay Offshore's revolving credit facilities
and for general corporate purposes. Teekay Offshore is applying to list the new
bonds on the Oslo Stock Exchange.
In January 2013, Teekay Offshore sold a 1992-built conventional tanker, the
Leyte Spirit, and a 1992-built shuttle tanker, the Basker Spirit, to third party
buyers for total net proceeds of $13.25 million.
In December 2012, Teekay Offshore sold a 1992-built conventional tanker, the
Luzon Spirit, and a 1994-built conventional tanker, the Torben Spirit, to third
party buyers for total net proceeds of $12.65 million.
In November 2012, Teekay Offshore sold a 1992-built shuttle tanker, the Navion
Savonita, to a third party buyer for total net proceeds of $6.1 million.
In November 2012, Teekay Offshore agreed to acquire a 2010-built HiLoad Dynamic
Positioning (DP) unit from Remora AS, a Norway-based offshore marine technology
company, for a total purchase price of approximately $55 million, including
modification costs. The transaction remains subject to finalizing a 10-year
time-charter contract with Petroleo Brasileiro SA (Petrobras) in Brazil. The
acquired unit is expected to commence operating at its full time-charter rate in
early 2014 following the completion of capital modifications, delivery of the
HiLoad DP unit to offshore Brazil and operational testing.
Teekay LNG Partners L.P.
Teekay LNG provides liquefied natural gas (LNG), liquefied petroleum gas (LPG)
and crude oil marine transportation services primarily under long-term, fixed-
rate charter contracts with major energy and utility companies through its
current fleet of 29 LNG carriers (including two newbuildings under
construction), 25 LPG carriers (including eight newbuildings under construction)
and 11 conventional tankers. Teekay LNG's interests in these vessels range from
33 to 100 percent. In addition, Teekay LNG, through its 50 percent owned LPG
joint venture with Exmar NV, charters-in five LPG carriers. Teekay Parent
currently owns a 37.5 percent interest in Teekay LNG (including the 2 percent
sole general partner interest).
For the fourth quarter of 2012, Teekay LNG's quarterly distribution was $0.675
per common unit. The cash distribution received by Teekay Parent based on its
common unit ownership and general partnership interest in Teekay LNG totaled
$23.0 million for the fourth quarter of 2012, as detailed in Appendix D to this
release.
Including cash flows from equity-accounted vessels, Teekay LNG's total cash flow
from vessel operations increased to $105.9 million in the fourth quarter of
2012, from $90.9 million in the same period of the prior year. This increase was
primarily due to the acquisition of a 52 percent interest in six LNG carriers
from A.P. Moller-Maersk (the MALT LNG Carriers) in February 2012 and the
acquisition of a 33 percent interest in two Angola LNG carriers from Teekay
between October 2011 and January 2012. This was partially offset by higher
general and administrative costs as a result of increased business development
activities.
In mid-February 2013, Teekay LNG entered into a joint venture with Belgium-based
Exmar NV to own and charter-in LPG carriers with a primary focus on the mid-size
gas carrier segment. The joint venture entity, called Exmar LPG BVBA, took
economic effect as of November 1, 2012 and includes 16 owned LPG carriers
(including four newbuildings scheduled for delivery in 2014) and five chartered-
in LPG carriers. In addition, the joint venture recently ordered another four
medium-size gas carrier newbuildings for delivery in 2015 and 2016, with options
for an additional four vessels. In exchange for its 50 percent ownership in
Exmar LPG BVBA, including newbuilding payments made prior to the establishment
of the joint venture, Teekay LNG invested approximately $134 million of equity
and assumed approximately $108 million of pro rata debt and lease obligations
secured by certain vessels in the Exmar LPG BVBA fleet. A new $355 million debt
facility is currently in documentation to refinance the Exmar LPG BVBA fleet.
In December 2012, Teekay LNG entered into an agreement with Daewoo Shipbuilding
& Marine Engineering Co., Ltd., (DSME) of South Korea for the construction of
two 173,400-cubic meter LNG carrier newbuildings, for a total purchase price of
approximately $400 million, with options to order up to three additional
vessels. The newbuildings will be constructed with M-type, Electronically
Controlled, Gas Injection (MEGI) twin engines, which are expected to be
significantly more fuel-efficient and have lower emission levels than engines
currently being utilized in LNG shipping. Teekay LNG intends to secure long-term
contract employment for both vessels prior to their scheduled deliveries in the
first half of 2016.
Teekay Tankers Ltd.
Teekay Tankers currently owns a fleet of 28 vessels, including 11 Aframax
tankers, 10 Suezmax tankers, three Long Range 2 (LR2) product tankers, three MR
product tankers, and a 50 percent interest in a Very Large Crude Carrier (VLCC)
newbuilding which is scheduled to deliver in April 2013. In addition, Teekay
Tankers currently time-charters in two Aframax tankers and has invested $115
million in first-priority mortgage loans secured by two 2010-built VLCCs. Of the
28 vessels currently in operation, 15 are employed on fixed-rate time-charters,
generally ranging from one to three years in initial duration, with the
remaining vessels trading in Teekay's spot tanker pools. Based on its current
ownership of Class A common stock and its ownership of 100 percent of the
outstanding Teekay Tankers Class B stock, Teekay Parent currently owns a 25.1
percent economic interest in and has voting control of Teekay Tankers.
On February 20, 2013, Teekay Tankers declared a fourth quarter 2012 dividend of
$0.03 per share, which will be paid March 11, 2013 to all shareholders of record
on March 4, 2013. Based on its ownership of Teekay Tankers Class A and Class B
shares, the dividend to be paid to Teekay Parent will total $0.6 million for the
fourth quarter of 2012. In line with Teekay Tankers' growth strategy, commencing
in the first quarter of 2013, Teekay Tankers will change from a variable full-
payout dividend policy to a fixed annual dividend of $0.12 per share, payable
quarterly.
In the fourth quarter of 2012, cash flow from vessel operations from Teekay
Tankers increased to $16.0 million from $12.3 million in the same period of the
prior year, primarily due to the contribution from 13 vessels acquired from
Teekay Corporation in June 2012, partially offset by the expiration of certain
time-charter contracts, and the subsequent redeployment of certain vessels on
time-charter contracts at lower rates, throughout the course of 2012.
In January 2013, Teekay Tankers sold a 1998-built Aframax tanker, the Nassau
Spirit, to a third party buyer for net proceeds of $9.1 million.
Teekay Parent
In addition to its equity ownership interests in Teekay Offshore, Teekay LNG and
Teekay Tankers, Teekay Parent directly owns several vessels which currently
includes four conventional Suezmax tankers and five FPSO units (including a 50
percent interest in a recently converted FPSO unit). In addition, Teekay Parent
currently owns one newbuilding FPSO unit under construction and has agreed to
acquire another FPSO unit upon the expected commencement of its time-charter
contract in March 2013, at which time the FPSO unit will be immediately acquired
from Teekay Parent by Teekay Offshore for $540 million. As at January 1, 2013,
Teekay Parent also had 11 chartered-in conventional tankers (including four
Aframax tankers owned by Teekay Offshore), two chartered-in LNG carriers owned
by Teekay LNG, and two chartered-in shuttle tankers and two chartered-in FSOs
owned by Teekay Offshore.
For the fourth quarter of 2012, Teekay Parent generated negative cash flow from
vessel operations of $1.8 million, compared to positive cash flow from vessel
operations of $6.2 million in the same period of the prior year. The decrease in
cash flow is due to the sale of the 13 conventional tankers to Teekay Tankers in
June 2012, the off-hire of the Petrojarl Banff FPSO which was undergoing repairs
in 2012 following damage from a December 2011 storm-related incident and lower
revenue from the Petrojarl Foinaven FPSO (Foinaven) as a result of temporarily
lower oil production during the fourth quarter of 2012 compared to the same
period last year, and reduced revenues under the Foinaven FPSO contract
associated with annual performance targets paid annually in the fourth quarter
each year. This was partially offset by lower time-charter hire expense as a
result of the redelivery of time-chartered in vessels during the past year and
the contribution from the Hummingbird Spirit FPSO following Teekay Parent's
acquisition of this unit in November 2011.
On February 16, 2013, Cidade de Itajai FPSO unit, which is 50 percent owned by
Teekay Parent, achieved first oil on its Brazil offshore field and commenced
operations under its nine-year time-charter contract with Petrobras.
In December 2012, Teekay Parent completed a new $200 million, three-year
corporate revolving credit facility secured by a portion of its common unit
holdings in each of Teekay LNG and Teekay Offshore.
In November 2012, concurrent with Teekay Offshore's agreement to acquire a 2010-
built HiLoad DP unit from Remora AS, Teekay Parent agreed to invest
approximately $4.4 million to acquire a 49.9 percent ownership interest in a
recapitalized Remora AS.
Vessel Impairment Charge
Due to the current economic environment for the conventional tanker industry and
the Company's outlook for expected future earnings from the Company's
conventional fleet, the estimated future cash flows for certain of the Company's
tankers are lower than the book values of these vessels at December 31, 2012. As
a result, under US GAAP, the Company was required to reduce the book value of
the affected vessels on its December 31, 2012 balance sheet to their estimated
fair market values, which are $429 million lower than the prior carrying values.
This difference is included in the Company's fourth quarter and fiscal 2012
statement of loss as "asset impairments". The large majority of this non-cash
impairment charge relates to certain conventional tankers owned by Teekay
Tankers (primarily seven Suezmax tankers aged between eight and ten years with
similar carrying values) as well as certain conventional tankers owned by each
of Teekay Offshore, Teekay LNG and Teekay Parent. As most of these conventional
tankers are owned by Teekay's publicly-traded subsidiaries, the net impact of
the impairment charges to the income attributable to the stockholders of Teekay,
after the effect of non-controlling interest, is $135 million. The impairment
charge is non-cash in nature and thus, has no impact on the Company's cash
flows, liquidity, or loan covenants. As at December 31, 2012, the Company was in
compliance with all covenants relating to its revolving credit facilities and
term loans. Only $165 million of conventional tanker revolving credit facilities
and term loans, or approximately 3 percent, of the Company's outstanding loan
balances as at December 31, 2012, has covenants related to minimum vessel value
to loan ratios, which are currently above the minimum ratio requirements.
Fleet List
The following table summarizes Teekay's consolidated fleet of 168 vessels as at
February 1, 2013, including chartered-in vessels and vessels under
construction/conversion but excluding vessels managed for third parties:
+-----------------------------+-----------------------------------------+
| |Number of Vessels(1) |
| +-----------------------------------+-----+
| |Owned Chartered-in Newbuildings /| |
| | | |
| |Vessels Vessels Conversions |Total|
+-----------------------------+-----------------------------------+-----+
|Teekay Parent Fleet(2)(3) | | |
| | | |
| Aframax Tankers (4) |- 6 - |6 |
| | | |
| Suezmax Tankers |4 - - |4 |
| | | |
| MR Product Tanker |- 1 - |1 |
| | | |
| FPSO Units (5) |4 - 3 |7 |
+-----------------------------+-----------------------------------+-----+
| Total Teekay Parent Fleet |8 7 3 |18 |
+-----------------------------+-----------------------------------+-----+
| | | |
| | | |
|Teekay Offshore Fleet |43 4 4 |51 |
| | | |
| | | |
| | | |
|Teekay LNG Fleet |55 5 10 |70 |
| | | |
| | | |
| | | |
|Teekay Tankers Fleet |27 1 1 |29 |
| | | |
| | | |
+-----------------------------+-----------------------------------+-----+
|Total Teekay Consolidated | | |
|Fleet |133 17 18 |168 |
+-----------------------------+-----------------------------------+-----+
1. Ownership interests in these vessels range from 33 percent to 100percent.
Excludes vessels managed on behalf of third parties.
2. Excludes two LNG carriers chartered-in from Teekay LNG.
3. Excludes two shuttle tankers and two FSOs chartered-in from Teekay Offshore.
4. Excludes four Aframax tankers chartered-in from Teekay Offshore.
5. Includes one FPSO unit, the Voyageur Spirit, which for accounting purposes is
a variable interest entity (VIE) whereby Teekay is the primary beneficiary.
As a result, the Company has consolidated the VIE even though the Company
does not expect to acquire the FPSO unit until March 2013.
Liquidity and Capital Expenditures
As at December 31, 2012, Teekay had consolidated liquidity of $1.9 billion
(consisting of $639.5 million cash and cash equivalents and $1,210.9 million of
undrawn revolving credit facilities), of which $608.2 million of liquidity
(consisting of $293.2 million cash and cash equivalents and $315.0 million of
undrawn revolving credit facilities) is attributable to Teekay Parent. Pro forma
for the approximately $167 million of net proceeds from Teekay Offshore's
January 2013 Norwegian bond offering and concurrent Norwegian bond repurchase
and Teekay LNG's $134 million equity contribution to acquire its 50 percent
ownership interest in the Exmar LPG BVBA joint venture, Teekay's total
consolidated liquidity remained at approximately $1.9 billion as at December
31, 2012.
The following table provides the Company's remaining capital commitments
relating to its portion of acquisitions and newbuildings and related total
financing completed as at December 31, 2012:
+-------------------------+-----+-----+----+-----+-------+---------------------+
| | | | | | |Amount Financed to |
| (in millions) |2013 |2014 |2015|2016 |Total |Date |
+-------------------------+-----+-----+----+-----+-------+---------------------+
|Teekay Offshore (1) |$ 323| - | - | - |$ 323 |$ 170 |
+-------------------------+-----+-----+----+-----+-------+---------------------+
|Teekay LNG(2) |$ 26 |$ 106|$ 93|$ 305|$ 530 |$ 70 |
+-------------------------+-----+-----+----+-----+-------+---------------------+
|Teekay Tankers (3) |$ 27 | - | - | - |$ 27 |$ 27 |
+-------------------------+-----+-----+----+-----+-------+---------------------+
|Teekay Parent (4) |$ 81 |$ 343| - | - |$ 424 |$ 119((5)) |
+-------------------------+-----+-----+----+-----+-------+---------------------+
|Total Teekay Corporation | | | | | | |
|Consolidated |$ 457|$ 449|$ 93|$ 305|$ 1,304|$ 386((5)) |
+-------------------------+-----+-----+----+-----+-------+---------------------+
1. Includes capital expenditures related to four newbuilding shuttle tankers.
2. Includes capital expenditures related to two newbuilding LNG carriers and
Teekay LNG's 50 percent interest in the eight newbuilding LPG carriers being
constructed for the Exmar LPG BVBA joint venture.
3. Includes remaining capital expenditures related to Teekay Tankers' 50 percent
interest in the Wah Kwong VLCC Newbuilding.
4. Includes remaining capital expenditures related to the Petrojarl Knarr FPSO
newbuilding and the upgrade and acquisition by Teekay from Sevan Marine ASA
(Sevan) of the Voyageur Spirit FPSO unit (net of the existing $230 million
debt facility which Teekay Parent will assume as part of the acquisition and
is currently accounted for on Teekay Parent's Balance Sheet as the Voyageur
Spirit is deemed a variable interest entity).
5. Includes a firm commitment to upsize the Voyageur Spirit FPSO debt facility
by $100 million syndicated by a bank group in November 2012.
As indicated above, the Company had total capital expenditure commitments
pertaining to its portion of acquisitions and newbuildings of approximately $1.3
billion as at December 31, 2012. The Company's current pre-arranged financing of
approximately $386 million primarily relates to its 2013 capital expenditure
commitments. The Company is in the process of obtaining additional debt
financing to fund its remaining capital expenditure commitments relating to the
last two shuttle tanker newbuildings, which are scheduled to deliver in the
second half of 2013; the Petrojarl Knarr FPSO newbuilding, which is scheduled to
deliver in the second quarter of 2014; the two LNG carrier newbuildings, which
are scheduled to deliver in the first half of 2016; and four of the eight LPG
carrier newbuildings being constructed by the Exmar LPG BVBA joint venture,
which are scheduled to deliver in 2015 and 2016.
Conference Call
The Company plans to host a conference call on February 21, 2013 at 11:00 a.m.
(ET) to discuss its results for the fourth quarter and fiscal year 2012. An
accompanying investor presentation will be available on Teekay's website at
www.teekay.com prior to the start of the call. All shareholders and interested
parties are invited to listen to the live conference call by choosing from the
following options:
* By dialing (800) 820-0231 or (416) 640-5926, if outside North America, and
quoting conference ID code 3432706.
* By accessing the webcast, which will be available on Teekay's website at
www.teekay.com (the archive will remain on the website for a period of 30
days).
The conference call will be recorded and available until Thursday, February
28, 2013. This recording can be accessed following the live call by dialing
(888) 203-1112 or (647) 436-0148, if outside North America, and entering access
code 3432706.
About Teekay
Teekay Corporation is an operational leader and project developer in the marine
midstream space. Through its general partnership interests in two master limited
partnerships, Teekay LNG Partners L.P. (NYSE: TGP) and Teekay Offshore Partners
L.P. (NYSE: TOO), its controlling ownership of Teekay Tankers Ltd. (NYSE: TNK),
and its fleet of directly-owned vessels, Teekay is responsible for managing and
operating consolidated assets of over $11 billion, comprised of approximately
170 liquefied gas, offshore, and conventional tanker assets. With offices in 16
countries and approximately 6,400 seagoing and shore-based employees, Teekay
provides a comprehensive set of marine services to the world's leading oil and
gas companies, and its reputation for safety, quality and innovation has earned
it a position with its customers as The Marine Midstream Company.
Teekay's common stock is listed on the New York Stock Exchange where it trades
under the symbol "TK".
---------------------------------------------------------------------------------------
TEEKAY CORPORATION
SUMMARY CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(in thousands of U.S. dollars, except share and per share data)
+--------------+------------------------------------------+---------------------------+
| | Three Months Ended | Year Ended |
| +------------------------------------------+---------------------------+
| | December September December | December December |
| | 31, 30, 31, | 31, 31, |
| +------------------------------------------+---------------------------+
| | 2012 2012 2011 | 2012 2011 |
| +------------------------------------------+---------------------------+
| |(unaudited) (unaudited) (unaudited) |(unaudited) (unaudited) |
+--------------+------------------------------------------+---------------------------+
| | | |
| | | |
|REVENUES(1)(2)| 515,223 463,537 512,730 | 1,956,235 1,953,782 |
+--------------+------------------------------------------+---------------------------+
| | | |
| | | |
|OPERATING | | |
|EXPENSES | | |
| | | |
|Voyage | | |
|expenses (2) | 30,796 29,674 40,005 | 138,283 176,614 |
| | | |
|Vessel | | |
|operating | | |
|expenses | | |
|(1)(2) | 207,981 182,581 169,021 | 730,119 677,687 |
| | | |
|Time-charter | | |
|hire expense | 27,883 27,386 50,301 | 130,739 214,179 |
| | | |
|Depreciation | | |
|and | | |
|amortization | 113,460 112,756 110,590 | 455,898 428,608 |
| | | |
|General and | | |
|administrative| | |
|(2) | 49,187 49,630 53,324 | 202,967 223,616 |
| | | |
|Loss on sale | | |
|of vessels and| | |
|equipment / | | |
|asset | | |
|impairments | 428,792 9,193 49,845 | 441,057 151,059 |
| | | |
|Bargain | | |
|purchase gain | | |
|(3) | - - (68,535 )| - (68,535 )|
| | | |
|Goodwill | | |
|impairment | - - - | - 36,652 |
| | | |
|Restructuring | | |
|charges | 2,121 3,919 - | 7,565 5,490 |
+--------------+------------------------------------------+---------------------------+
| | 860,220 415,139 404,551 | 2,106,628 1,845,370 |
+--------------+------------------------------------------+---------------------------+
|(Loss) income | | |
|from vessel | | |
|operations | (344,997 ) 48,398 108,179 | (150,393 ) 108,412 |
+--------------+------------------------------------------+---------------------------+
|OTHER ITEMS | | |
| | | |
|Interest | | |
|expense (2) | (40,956 ) (41,652 ) (37,645 )| (167,615 ) (137,604 )|
| | | |
|Interest | | |
|income (2) | 1,794 674 2,762 | 6,159 10,078 |
| | | |
|Realized and | | |
|unrealized | | |
|gain (loss) on| | |
|derivative | | |
|instruments | | |
|(2) | 44,580 (35,149 ) (44,269 )| (80,352 ) (342,722 )|
| | | |
|Equity income | | |
|(loss) (4) | 26,097 30,179 4,971 | 79,211 (35,309 )|
| | | |
|Income tax | | |
|recovery | | |
|(expense) | 13,028 (4,039 ) 31 | 14,406 (4,290 )|
| | | |
|Foreign | | |
|exchange | | |
|(loss) gain | (6,405 ) (8,504 ) 13,921 | (12,898 ) 12,654 |
| | | |
|Other (loss) | | |
|income - net | (1,690 ) (376 ) 10,540 | 366 12,360 |
+--------------+------------------------------------------+---------------------------+
|Net (loss) | | |
|income | (308,549 ) (10,469 ) 58,490 | (311,116 ) (376,421 )|
| | | |
|Less: Net | | |
|(income) loss | | |
|attributable | | |
|to non- | | |
|controlling | | |
|interests | 214,838 (9,792 ) 160 | 150,936 17,805 |
+--------------+------------------------------------------+---------------------------+
|Net (loss) | | |
|income | | |
|attributable | | |
|to | | |
|stockholders | | |
|of Teekay | | |
|Corporation | (93,711 ) (20,261 ) 58,650 | (160,180 ) (358,616 )|
+--------------+------------------------------------------+---------------------------+
|(Loss) income | | |
|per common | | |
|share of | | |
|Teekay | | |
| | | |
| - Basic | ($1.35 ) ($0.29 ) $ 0.85 | ($2.31 ) ($5.11 )|
| | | |
| - Diluted | ($1.35 ) ($0.29 ) $ 0.84 | ($2.31 ) ($5.11 )|
| | | |
| | | |
+--------------+------------------------------------------+---------------------------+
|Weighted- | | |
|average number| | |
|of common | | |
|shares | | |
|outstanding | | |
| | | |
| - Basic | 69,589,200 69,372,220 68,726,590 | 69,263,369 70,234,817 |
| | | |
| - Diluted | 69,589,200 69,372,220 69,883,057 | 69,263,369 70,234,817 |
| | | |
| | | |
+--------------+------------------------------------------+---------------------------+
1. Business development and engineering studies relating to one North Sea FPSO
project and two North Sea FSO projects that the Company is currently pursuing
were completed in December 2012, the costs of which are substantially
reimbursable from customers. As a result, $26.3
million of revenues and $28.1 million of costs were recognized in the
fourth quarter of 2012 upon completion of the studies.
2. Realized and unrealized gains and losses related to derivative instruments
that are not designated as hedges for accounting purposes are included as a
separate line item in the statements of loss. The realized gains (losses)
relate to the amounts the Company actually received or paid to settle such
derivative instruments and the unrealized gains (losses) relate to the change
in fair value of such derivative instruments, as detailed in the table below:
Three Months Ended Year Ended
--------------------------------------------------------
December September December December December
31, 30, 31, 31, 31,
--------------------------------------------------------
2012 2012 2011 2012 2011
--------------------------------------------------------
Realized (losses) gains
relating to:
Interest rate swaps (33,164 ) (30,027 ) (33,803 ) (123,277 ) (132,931 )
Interest rate swap
resets and
terminations - - (22,560 ) - (149,666 )
Foreign currency
forward contracts 646 (876 ) 870 1,155 9,965
Bunkers, freight
forward agreements
(FFAs) and other - - - 11,452 36
--------------------------------------------------------
(32,518 ) (30,903 ) (55,493 ) (110,670 ) (272,596 )
--------------------------------------------------------
Unrealized gains
(losses) relating to:
Interest rate swaps 76,095 (8,036 ) 15,765 26,770 (58,405 )
Foreign currency
forward contracts 1,003 3,790 (4,323 ) 6,933 (11,399 )
Bunkers, FFAs and
other - - (218 ) (3,385 ) (322 )
--------------------------------------------------------
77,098 (4,246 ) 11,224 30,318 (70,126 )
--------------------------------------------------------
Total realized and
unrealized gains
(losses) on non-
designated derivative
instruments 44,580 (35,149 ) (44,269 ) (80,352 ) (342,722 )
--------------------------------------------------------
3. The income statements for the three months and year ended December 31, 2011
have been adjusted as a result of the finalization of the purchase price
allocation for the acquisition of three FPSO units from Sevan Marine ASA
(Sevan) and a 40 percent equity investment in Sevan.
4. Equity income excluding the Company's proportionate share of items identified
in Appendix A of this release is as detailed in the table below:
Three Months Ended Year Ended
-----------------------------------------------------------------
December September December December December
31, 30, 31, 31, 31,
-----------------------------------------------------------------
2012 2012 2011 2012 2011
-----------------------------------------------------------------
Equity income
(loss) 26,097 30,179 4,971 79,211 (35,309 )
Gain on sale of
equity
investment - (10,830 ) - (10,830 ) -
(gains) on
derivative
instruments (10,676 ) 1,896 364 (5,272 ) 35,163
Impairments of
equity
investments 1,767 - - 1,767 19,411
Other 750 269 833 1,620 830
-----------------------------------------------------------------
Equity income
adjusted for
items in
Appendix A 17,938 21,514 6,168 66,496 20,095
-----------------------------------------------------------------
--------------------------------------------------------------------------------
TEEKAY CORPORATION
SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars)
--------------------------------------------------------------------------------
As at As at As at
December September December
31, 30, 31,
------------- ------------- ------------
2012 2012 2011
------------- ------------- ------------
(unaudited) (unaudited) (unaudited)
------------- ------------- ------------
ASSETS
Cash and cash equivalents 639,491 586,901 692,127
Other current assets 692,389 623,335 495,357
Restricted cash - current 39,390 35,051 4,370
Restricted cash - long-term 494,429 496,309 495,784
Vessels held for sale 22,364 8,000 19,000
Vessels and equipment(2) 6,628,383 7,174,448 7,382,854
Advances on newbuilding
contracts/conversions 692,675 590,114 507,908
Derivative assets
Unternehmensinformation / Kurzprofil:
Datum: 21.02.2013 - 17:29 Uhr
Sprache: Deutsch
News-ID 232053
Anzahl Zeichen: 65577
contact information:
Town:
HAMILTON
Kategorie:
Business News
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