GOGL - Third Quarter and Interim Nine Months 2013 Results
(Thomson Reuters ONE) -
Highlights
· Golden Ocean generates third quarter 2013 EBITDA* of $31.9 million
· Golden Ocean reports profit of $16.1 million for the third quarter
of 2013
· Golden Ocean announces dividends of $0.01 per share for the third
quarter of 2013
· JVs owned 50% by the Company took delivery of the Capesize vessel
Golden Opus and the Handysize vessel Golden Azalea in September 2013
· The Company has cancelled two newbuilding contracts in the third
quarter
· The Company took delivery of the ice class Panamax vessel Golden
Diamond in October 2013
· Golden Ocean declared the options for three further Supramax
newbuildings from Chengxi in October 2013
· The Company invested $10 million in Greenship Bulk Trust in October
2013
· The Handysize vessel Golden Azalea owned 50% by the Company was sold
in November 2013
*EBITDA is equal to operating profit plus depreciations (including impairment
related to vessels) and amortisation.
Third Quarter and Interim Nine Months 2013 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of
$16.1 million and earnings per share of $0.04 for the third quarter of 2013.
This compares with profit and earnings per share of $43.5 million and $0.10
respectively for the second quarter of 2013. Total operating revenues for the
third quarter were $78.8 million; total operating expenses were $62.2 million
and other gains/losses net were positive with $5.5 million. Net financial items
were negative with $5.9 million.
The profit for the period of $16.1 million is a decrease of $27.4 million
compared to last quarter. Excluding the one off gain of $30 million in second
quarter related to a settlement of a dispute, the profit is up by $2.6 million.
The operating revenues decreased by $25.9 million, and the operating expenses
decreased by $1.2 million. Excluding the mentioned settlement the net operating
result is $5.3 million higher than previous quarter. This is mainly explained by
a reversal of earlier provisions for onerous contracts, higher margin and
increased volume on short term trading in the quarter. Total other
gains/(losses) net increased by $6.9 million mainly due to change in profit on
FFA positions of $5.5 million and bunkers hedges of $1.1 million and the
remaining is due to increased contribution from Joint Ventures. Net operating
income is $22.0 million, which is $17.8 million lower than previous quarter. Net
financial items of $5.9 million are $9.6 million lower than in second quarter.
This is mainly related to changes in fair value of the Company's interest rate
hedges.
Cash and cash equivalents decreased by $7.0 million during the quarter. The
Company generated cash from operating activities of $16.7 million during the
quarter and the change in restricted cash was positive with $2.2 million. The
Company paid $9.1 million in installments, other predelivery costs and
capitalized dry-dock expenses on Golden Opportunity. The Company invested $24.5
million in Joint Ventures for the purchase of the Capesize vessel Golden Opus
and the Handysize vessel Golden Azalea, while the financing of Golden Magnum
reduced investment in JV's with $11.9 million. Golden Opus was financed by a
short term loan in third quarter which will be replaced by a long term loan in
the JV. Financing activities were negative with $5.0 million in the quarter of
which $4.5 million relates to payment of the second quarter dividend. Ordinary
repayments of long term debt amounted to $6.1 million.
The full report is available in the link below.
November 26, 2013
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 41
Per Heiberg: Acting CFO Golden Ocean Management AS
+47 22 01 73 45
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q3 2013 Results:
http://hugin.info/135378/R/1745727/587565.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golden Ocean Group via GlobeNewswire
[HUG#1745727]
Unternehmensinformation / Kurzprofil:
Datum: 26.11.2013 - 07:53 Uhr
Sprache: Deutsch
News-ID 320298
Anzahl Zeichen: 5132
contact information:
Town:
Hamilton
Kategorie:
Business News
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