4Q 2014: Odfjell SE initiates cost-cutting and efficiency programme
(Thomson Reuters ONE) -
Odfjell SE has initiated a restructuring plan that, when fully implemented, is
estimated to improve the net result by in excess of USD 100 million on a yearly
basis within year end 2016. The cost savings initiatives are related to
operating expenses, general and administrative expenses, trade optimisation and
bunker consumption. The items related to operating expenses and general and
administrative expenses are expected to account for in excess of 50 percent of
the improved result. Through these changes we will initiate a route back to
reach our goal of being a profitable global provider of transportation of liquid
chemicals.
Fourth quarter shows EBITDA of USD 25 million, compared to USD 19 million in the
third quarter. Net result for the quarter ended at negative USD 18 million,
compared to negative USD 9 million in the last quarter. EBITDA for the full year
2014 shows and EBITDA of USD 66 million compared to USD 41 million in 2013.
The Odfjell chemical freight index (ODFIX) was up more than 10% compared with
last quarter. The time-charter result was down 6% due to bunker hedging.
The results for gas carriers improved on underlying operations for the fourth
quarter were up from previous quarter due to stronger market conditions.
With the exception of the tank terminals in Rotterdam and Charleston, the
terminal results were positive and in line with the previous quarter. The tank
terminal group, excluding our terminal in Rotterdam, improved the gross
occupancy compared with last quarter to 96% from 92%.
We expect first quarter of 2015 to improve from the fourth quarter 2014 for our
chemical tankers on a reduced cost base. With regard to terminals, we expect
increased utilization and result improvements at Odfjell Terminals (Rotterdam)
and continued stable financial results from the other terminals.
Please find 4Q14 report and presentation attached.
For more information please contact:
Tore Jakobsen, President/CEO Odfjell SE
Tel.: + 47 55 27 00 00 / E-mail: tore.jakobsen(at)odfjell.com
Terje Iversen, CFO Odfjell SE
Tel.: + 47 55 27 00 00 / E-mail: terje.iversen(at)odfjell.com
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
4Q14 report:
http://hugin.info/156/R/1893812/671176.pdf
4Q14 presentation:
http://hugin.info/156/R/1893812/671178.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: Odfjell SE via GlobeNewswire
[HUG#1893812]
Unternehmensinformation / Kurzprofil:
Datum: 12.02.2015 - 07:58 Uhr
Sprache: Deutsch
News-ID 371144
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