GOGL - Fourth Quarter and Preliminary Year End 2014 Results
(Thomson Reuters ONE) -
Highlights
· Golden Ocean generates fourth quarter 2014 and 2014 EBITDA* of $69.7 and
$128.8 million, respectively
· Golden Ocean reports loss of $135.1 million for the fourth quarter of 2014 and
loss of $135.6 million for 2014
· While the underlying operation in Q4 has been in line with Q3, the Company has
taken a non-cash impairment on owned vessels of $116.6 million due to drop in
asset values and non-cash impairment related to leased assets of $66.7 million
and reversed lease obligations of $51.5 million
· The Company announced the agreement to merge with Knightsbridge Shipping
Limited in October 2014
· The Company obtained favourable final awards on four appeals in High Court in
London in December 2014 and the Company received $72 million in refund of
instalments and interest from Jinhaiwan in January and February 2015
· In December 2014 the Company completed a financing of 19 vessels at attractive
terms
*EBITDA is equal to operating profit plus depreciation (including impairment
related to vessels) and amortisation.
Fourth Quarter and Preliminary Year End 2014 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports loss of
$135.1 million and loss per share of $0.30 for the fourth quarter of 2014. This
compares with loss of $11.6 million and loss per share at $0.03 for the third
quarter of 2014. Total operating revenues for the fourth quarter were $53.0
million and total operating expenses were $235.4 million including $183.3
million in impairment charges. Other gains/losses net were positive with $56.4
million, including $51.5 million in reversal of lease obligations. Net financial
items were negative with $9.0 million.
The loss for the period of $135.1 million is an increase in loss of $123.4
million compared to last quarter. Net operating income is down by $120.6 million
and net financial items are down by $2.7 million. The changes are largely
explained by the impairment charge and reversal of lease obligation in the
quarter. The Company has also booked a gain of $8.8 million in relation to
refundable installments of cancelled newbuildings as the Company obtained
positive award on interest payments for two contracts in December 2014. When
excluding one-off items of impairment, reversal of liability and profit in
relation to the receivable from Jinhawan, the net operating income is at the
same level in the fourth quarter as in the third quarter. The net financial cost
increased in the fourth quarter relative to the third quarter as the interest
rate swaps had a negative mark to market change in the quarter.
Cash and cash equivalents decreased by $23.0 million during the quarter. Cash
from operating activities was positive with $8 million in the quarter. The
Company paid $13.3 million in installments and docking costs during the fourth
quarter. Financing activities were negative with $18.4 million in the quarter,
including dividends declared of $3.1 million for the third quarter of 2014.
The full report is available in the link below.
February 27, 2015
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
Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53
Important Information For Investors And Shareholders
This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval. In
connection with the proposed transaction between Golden Ocean Group Limited
("Golden Ocean") and Knightsbridge Shipping Limited ("Knightsbridge"),
Knightsbridge has filed relevant materials with the Securities and Exchange
Commission (the "SEC"), including a registration statement of Knightsbridge on
Form F-4, including Amendments No. 1, 2 and 3 thereto, containing a joint proxy
statement of Golden Ocean and Knightsbridge that also constitutes a prospectus
of Knightsbridge. The registration statement has been declared effective by the
SEC on February 25, 2015, and Golden Ocean and Knightsbridge commenced mailing
the definitive joint proxy statement/prospectus to shareholders of Golden Ocean
and Knightsbridge on or about February 26, 2015. INVESTORS AND SECURITY HOLDERS
OF GOLDEN OCEAN AND KNIGHTSBRIDGE ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED OR THAT WILL BE FILED WITH THE
SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to
obtain free copies of the registration statement and the joint proxy
statement/prospectus and other documents filed with or furnished to the SEC by
Knightsbridge through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with or furnished to the SEC by Knightsbridge will
be available free of charge on Knightsbridge's website at
http://www.knightsbridgeshipping.com. Additional information regarding the
participants in the proxy solicitations and a description of their direct and
indirect interests, by security holdings or otherwise, are contained in the
joint proxy statement/prospectus and other relevant materials to be filed with
or furnished to the SEC when they become available.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q4 2014 Results:
http://hugin.info/135378/R/1897925/673793.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#1897925]
Unternehmensinformation / Kurzprofil:
Datum: 27.02.2015 - 08:11 Uhr
Sprache: Deutsch
News-ID 374815
Anzahl Zeichen: 6759
contact information:
Town:
Hamilton
Kategorie:
Business News
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