RNS Number:9631D
Bergesen d.y. ASA
22 May 2001
BERGESEN D.Y. GROUP
First-quarter interim report 2001
First quarter Full year
INCOME STATEMENT 2001 2000 2000
(Unaudited figures in USD million)
Operating revenue 238.9 150.1 737.1
Voyage expenses -42.0 -36.2 -180.0
T/C (time charter) income 197.0 113.9 557.1
Other operating expenses -69.5 -72.6 -278.8
Provision for severance payments 0.0 0.0 -4.9
Gains on sale of vessels 7.2 7.0 18.9
Operating profit before depreciation 134.6 48.3 292.3
Depreciation -30.3 -26.0 -103.8
Operating profit 104.3 22.3 188.5
Interest income 5.6 5.7 24.0
Interest expenses -12.8 -10.3 -40.9
Losses on sale of securities 0.0 0.0 -22.7
Write-down of shares -6.7 0.0 0.0
Foreign exchange losses -10.6 -7.0 -38.3
Dividend income and other financial items -0.1 -0.5 1.9
Gains on sale of property 0.0 0.0 3.9
Profit before tax 79.7 10.2 116.4
Tax 0.0 0.0 0.4
Profit after tax 79.7 10.2 116.8
Minority interests 6.0 -0.6 6.2
Profit after minority interests 73.7 10.8 110.6
Earnings per share 1.15 0.15 1.68
Cash flow per share 1.65 0.55 3.17
Average number of shares 63,955,558 70,019,056 69,689,936
BALANCE SHEET
(Unaudited figures in USD million) 31/3/01 31/3/00 31/12/00
ASSETS
Intangible fixed assets 1 1 1
Tangible fixed assets 2,011 1,667 1,892
Financial fixed assets 58 39 50
Total fixed assets 2,070 1,707 1,943
Inventories 13 17 14
Receivables 88 51 91
Investments 59 231 66
Bank deposits, cash etc 218 322 281
Total current assets 378 621 452
Total assets 2,448 2,328 2,395
31/3/01 31/3/00 31/12/00
EQUITY AND LIABILITIES
Paid-in capital 287 289 287
Retained earnings 1,099 1,071 1,049
Minority interests 70 73 63
Total equity 1,456 1,433 1,399
Provisions for liabilities 21 23 21
Other long-term liabilities 814 755 819
Current liabilities 157 117 156
Total liabilities and provisions 992 895 996
Total liabilities and equity 2,448 2,328 2,395
RESULTS
The Bergesen group recorded first-quarter operating profit of USD 104.3 million,
a major increase from USD 22.3 million last year. This year's figure includes
capital gains of USD 7.2 million on the sale of vessels, compared with USD 7.0
million last year.
The fleet generated T/C income of USD 197.0 million, compared with USD 113.9
million last year.
The accounts show net financial expenses of USD 24.6 million, including foreign
exchange losses of USD 10.6 million resulting primarily from the appreciation of
the USD, which climbed from NOK 8.85 to NOK 9.12 and averaged NOK 8.89 during
the period.
Profit before tax came to USD 79.7 million, compared with USD 10.2 million last
year.
The accounts for the first quarter of 2001 have been prepared using the same
accounting policies as the annual accounts for the year 2000.
VALUE-ADJUSTED EQUITY
Allowing for share buybacks and including the provision for dividends, the
group's value-adjusted equity before tax was USD 28.55 (NOK 260) per share at
the end of the period, compared with USD 27.10 (NOK 240) at the beginning of
the year.
The value of the Bergesen fleet in USD terms fell 3.0% during the period (gas
-2.7%, tankers -2.7%, dry bulk -5.5% and offshore -3.5%) to USD 2,140 million
(gas USD 1,015 million, tankers USD 834 million, dry bulk USD 119 million and
offshore USD 172 million), including USD 74 million attributable to minority
interests. The market value of vessels under construction was USD 61 million
over their book value. These market values are based on the average estimates
for charter-free vessels obtained from three independent brokers, except for
the offshore fleet where the company's own estimates have had to be used on
account of the vessels' high degree of specialisation.
FLEET REPORT
The operation of the fleet was satisfactory during the quarter. Except for
scheduled maintenance and one gas carrier which spent 18 days off-hire for
engine repairs, the fleet spent no material time off-hire for technical
reasons. Five vessels were dry-docked for scheduled maintenance, including two
25-year-old VLLCs which were taken through their fifth special survey and
will now operate with a reduced capacity in line with the hydrostatic
balanced loading (HBL) principle.
BREAKDOWN BY FLEET
FIRST QUARTER (1/1-31/3) GAS TANKERS DRY BULK OFFSHORE TOTAL
(Unaudited figures in
USD million) 2001 2000 2001 2000 2001 2000 2001 2000 2001 2000
Operating revenue 118.1 88.2 92.4 42.9 14.8 12.2 13.6 6.8 238.9 150.1
Voyage expenses -22.4 -15.9 -13.2 -14.1 -4.7 -4.3 -1.7 -1.9 -42.0 -36.2
T/C (time charter)
income 95.7 72.3 79.2 28.8 10.1 7.9 11.9 4.9 197.0 113.9
Operating expenses -40.6 -43.3 -19.8 -22.7 -3.6 -3.6 -4.2 -2.2 -68.2 -71.8
Charter hire expenses 0.0 0.0 0.0 0.0 -1.3 -0.7 0.0 0.0 -1.3 -0.7
Gains/losses on sale
of vessels 7.2 0.0 0.0 7.0 0.0 0.0 0.0 0.0 7.2 7.0
Operating profit before
depreciation 62.4 29.0 59.3 13.1 5.2 3.5 7.8 2.7 134.6 48.3
Depreciation -14.7 -15.4 -9.6 -7.6 -2.3 -2.0 -3.7 -1.0 -30.3 -26.0
Operating profit 47.7 13.6 49.7 5.5 2.9 1.5 4.1 1.7 104.3 22.3
Minority interests 5.1 0.8 0.0 0.3 0.0 0.0 0.0 0.0 5.1 0.5
T/C income per
day/month* (USD 1.000) 639* 475* 44.2 16.3 22.0 20.1 - - 28.4 16.6
Average T/C income per unit is not reported for the offshore fleet.
GAS
The gas fleet generated operating profit of USD 47.7 million, compared with USD
13.6 million last year. Earnings were higher than last year in all segments,
especially the VLGC, LGC and MGC segments.
Bergesen's VLGCs (over 70,000 cbm) generated average T/C income of USD
837,000/month, compared with USD 625,000/month last year. Charter cover at the
end of the period stood at around 40% for the rest of this year and 13% for next
year.
The spot market for VLGCs was strong throughout the first quarter with good
cargo availability and reduced waiting times. A strong market for clean
petroleum products (primarily naphtha) played a major role in these high
levels of employment. At one point Bergesen had ten VLGCs employed on these
trades, with one vessel fixed on a 12-month time charter at a rate of USD
1,200,000/month. However, a seasonal drop in rates for large product carriers
during the period gradually undermined demand for VLGCs for the transportation
of naphtha.
There was generally little activity in the LPG spot market, with high LPG prices
curbing demand for products in Asia. The Atlantic basin market held up better
thanks to continued high natural gas prices in the USA and healthy demand from
the petrochemical industry. A drop in demand for LPG in Turkey led to an
increase in shipments from Algeria to the USA, which had a favourable impact on
demand for tonnage. LPG prices fell towards the end of the period in line with
oil prices and have continued to tumble in the second quarter, which may lead to
a recovery in demand for products and so higher levels of shipping activity.
Two newbuilds were delivered during the quarter to leave the world VLGC fleet at
100 vessels. 12 vessels were on order at the end of the period, including six
due to be delivered later this year. Bergesen took delivery of its second VLGC
newbuild from the Gdynia yard in Poland in mid-February.
Bergesen's LGCs (50-60,000 cbm) recorded average T/C income of USD
721,000/month, compared with USD461,000/month last year. Charter cover at the
end of the period stood at 49% for the rest of this year and 29% for next year.
The LGC market was strong during the period. High natural gas prices in North
America resulted in substantial imports of both LPG and ammonia. However, a
sharp rise in the price of ammonia prompted US ammonia producers to reopen some
of the production capacity closed last year and ammonia imports fell back
somewhat during the quarter. Ammonia prices climbed as high as USD 290/ton in
January but have since dropped to USD 135/ton and are forecast to fall further.
This may result in a fresh round of closures of US production capacity.
The slight increase in VLGC tonnage in the Atlantic basin due to the low levels
of activity in the Asian market has yet to have a negative impact on LGC
earnings.
High spot rates led to greater interest among charterers and traders in fixing
vessels on time charters. Bergesen's four modern LGCs were fixed on time
charters running for at least two years at rates of USD 750-775,000/month, while
older vessels commanded T/C rates of USD 650,000/month.
The world LGC fleet consisted of 25 vessels at the end of the period, with a
further two vessels on order. These are the vessels commissioned by Bergesen and
its partner Solvang ASA, which ordered a 59,000 cbm LGC each from Kawasaki Heavy
Industries in Japan in mid-February for delivery in 2003 and each hold an option
to order a further vessel from the same yard. At the beginning of March Bergesen
sold a 43% stake in the 1978-built 54,200 cbm LGC Havkong as part of the
vessel's long-term employment, generating a capital gain for accounting purposes
of USD 7.2 million.
Bergesen's MGCs (20-40,000 cbm) generated average T/C income of USD
579,000/month, compared with USD 475,000/month last year.
The MGC fleet enjoyed good access to both LPG and ammonia cargoes during the
period and rates were stable at high levels. Spot market rates for the largest
and most modern vessels were around USD 800,000/month. As in the LGC segment,
access to ammonia cargoes fell back during the period. The LNG carrier Havfru
was fixed on a two-year time charter.
The world fleet consisted of 45 vessels at the end of the period, with four
newbuilds on order: three for delivery in 2002 and one in 2003.
Bergesen's Handygas vessels (12,000 cbm) generated average T/C income of USD
262,000/month, compared with USD 223,000/month last year, while its Igloo
vessels (8-15,000 cbm) recorded average T/C income of USD 337,000/month,
compared with USD 307,000 last year.
The market for the Igloo and Handygas carriers strengthened during the first
quarter. There was a growing number of fixtures on LPG trades from the North Sea
to America in January but this activity gradually fell back. Most activity in
the market for petrochemical products related to exports of ethylene and
propylene from Saudi Arabia to Europe and Asia. There were limited exports of
butadiene from Europe to the USA.
No newbuilds in the 8-15,000 cbm segment were delivered during the period. Eight
vessels were on order at the end of the period, including two for delivery later
this year.
TANKERS
Bergesen's VLCC fleet generated operating profit of USD 49.7 million, compared
with USD 5.5 million last year. Average T/C income was USD 44,200/day, compared
with USD 16,300/day last year.
The VLCC market fell back slightly at the beginning of the quarter. Spot rates
hovered between USD 50,000/day and USD 60,000/day for modern tonnage, with the
average spot rate for the period being around USD 56,000/day for modern vessels
and USD 38,000/day for older turbine tankers. OPEC's quota reduction of 1.5 mb/d
with effect from 1 February had little impact on activity in the VLCC market.
This was due mainly to higher production in Iraq, which is not covered by OPEC's
production cuts, but there was also an increase in non-OPEC output of around 0.4
mb/d. OPEC decided at its March meeting to cut production by a further 1.0 mb/d
with effect from 1 April 2001 to ensure stable oil prices during a period of
seasonally weaker demand.
Five VLCC newbuilds were delivered during the period and only two were sold for
scrap due to the strong market. A further three vessels were sold for
conversion to FPSO duties. 91 VLCCs equivalent to 21% of the existing fleet,
were on order at the end of the period, including 27 vessels due to be delivered
later this year.
Bergesen took delivery of the Hitachi-built VLCCs Berge Ariake in mid-January
and Berge Sakura in mid-March. Three of the eight vessels in the Hitachi series
remained to be delivered at the end of the period, with the Berge Kyoto due to
follow at the end of May and the last two in February and June next year. An
agreement was entered into in May 2001 on the sale of the Berge Kyoto for USD 83
million in mid-June, which will generate a capital gain for accounting purposes
of around USD 12 million.
DRY BULK
Bergesen's dry bulk fleet generated operating profit of USD 2.9 million,
compared with USD 1.5 million last year. Average T/C income was USD 22,000/day,
compared with USD 20,100/day last year. Charter cover at the end of the period
stood at around 90% for both the rest of this year and next year.
The dry bulker market deteriorated during the period due to rapid fleet growth
and a limited increase in shipping volumes. World steel output was only 0.2% up
on the same period last year.
Nine Capesize newbuilds were delivered during the period and a further 16
vessels over 100,000 dwt are due to follow by the end of the year. No Capesize
vessels were sold for scrap. 41 vessels, equivalent to around 8% of the existing
Capesize fleet over 100,000 dwt, were on order at the end of the period.
OFFSHORE
Bergesen's offshore fleet generated operating profit of USD 4.1 million,
compared with USD 1.7 million last year.
Production on board all units ran to schedule during the period. The conversion
of the VLCC Berge Hus into an FPSO unit began at the Jurong yard in Singapore
during January and is due to be completed by the end of the year. The vessel may
be chartered by Triton Energy to replace the Sendje Berge, which is producing
oil off Equatorial Guinea in West Africa. In this case the Berge Hus will be
given a greater production capacity than the Sendje Berge.
It has been decided also to convert the VLCC Berge Helene into an FPS0 unit.
The vessel was laid up at the beginning of May 2001 to prepare for the
conversion work, which is scheduled to begin during the third quarter for
completion in the summer of 2002.
FINANCIAL INFORMATION
Bergesen had liquid assets (bank deposits, bonds, certificates and equities)
of USD 277 million at the end of the period.
Net interest expenses for the period came to USD 7.2 million, compared with
USD 4.6 million last year. Additional interest charges of USD 1.7 million
relating to newbuilding contracts were capitalised and included in the cost
of the vessels in question. Interest-bearing liabilities totalled USD 824
million at the end of the period.
The company's equity holdings (excluding its own shares) were written down by
USD 6.7 million during the period to reflect their market value. The
write-down charge is due to a negative currency effect on account of the
appreciation of the USD since the shares were purchased.
Bergesen bought back 1,250,450 of its shares during the period (732,150
A-shares and 518,300 B-shares) at an average price of NOK 170.88 for the
A-shares and NOK 160.87 for the B-shares, making a total price of NOK 208
million. Including the shares acquired during the fourth quarter last year,
this means that the company held around 10% of its own shares at the end of the
period. This holding has been eliminated when calculating value-adjusted equity
and per-share data. The annual general meeting on 25 April 2001 resolved to
cancel the company's holdings of its own shares. The earliest that this can be
done is August 2001 on account of the rules on notice to creditors etc in the
Norwegian Public Limited Companies Act.
A dividend of NOK 5 per share was paid to shareholders on 11 May 2001.
OUTLOOK
There have been negative signals about economic developments in the USA for
some time, but the estimated growth in the US economy during the first quarter
of 2.2% on an annualised basis far exceeded expectations and may have
positive knock-on effects outside the USA.
The VLGC market is expected to see moderate growth in shipping volumes this
year, followed by stronger volume growth next year. However, fleet growth is
expected to outstrip growth in demand for tonnage for the transportation of
LPG. A still strong tanker market and the shortage of refinery capacity in
the USA bode well for the continued employment of VLGCs on naphtha trades,
especially during the winter months. In addition, the USA is expected to step
up LPG imports on account of high natural gas prices, which will have a
positive ton-mile effect for VLGCs and LGCs. Otherwise the outlook for LGCs
and MGCs has not changed significantly since the beginning of the year.
Continued high natural gas prices may have a positive impact on trade in
ammonia as local production is closed down again in the traditional import
nations. However, ammonia prices have plummeted in recent weeks and so
shipping volumes may fall in the short term while the market regains its
balance. Trade in petrochemical gases grew by around 4% last year and further
growth is anticipated this year. Much of the growth in shipping volumes is
expected to be within Asia and Latin America.
Unsurprisingly the VLCC market has deteriorated during the second quarter due
to a seasonal drop in demand for oil and the impact of OPEC's decision to cut
output by 1.0 mb/d from April. Demand for oil is expected to pick up again
during the summer and OPEC is likely to step up production again, leading to
higher activity in the VLCC market and rising rates. The final IMO regulations
on phasing out older tankers will enter into force in 2003 as expected but
there have been some changes to the original proposals, with the timing of
the phase-out being postponed by an average of six months.
The board expects the group to generate a substantially higher operating
profit this year than last.
CASH FLOW STATEMENT 1/1-31/3/01 1/1-31/3/00
(Unaudited figures in USD million)
Cash flow from operating activities 118.9 29.4
Cash flow from investing activities -177.1 -170.3
Cash flow from financing activities -4.8 124.1
Net change in cash -63.0 -16.8
Cash at beginning of period 282.0 350.8
Cash at end of period 219.0 334.0
MOVEMENTS IN EQUITY 1/1-31/3/01 1/1-31/3/00
(Unaudited figures in USD million)
Equity at beginning of period 1,399 1,423
Net profit for the period 80 10
Share buybacks -23
Equity at end of period 1,456 1,433
Oslo. 21 May 2001
The board of Bergesen d.y. ASA
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