RNS Number:4535R
Bergesen d.y. ASA
14 February 2002
Fourth-quarter interim report and provisional results for 2001
Full year Fourth quarter
INCOME STATEMENT 2001 2000 1999 2001 2000
(Unaudited figures in USD million)
Operating revenue 767.7 737.1 666.7 153.5 211.0
Voyage expenses -171.4 -180.0 -189.6 -42.6 -49.6
T/C (time charter) income 596.3 557.1 477.1 110.9 161.4
Other operating expenses -277.2 -278.8 -310.1 -67.6 -62.5
Provision for severance payments 0.0 -4.9 0.0 0.0 2.7
Gains/losses on sale of vessels 63.3 18.9 12.5 1.3 3.2
Operating profit before depreciation 382.4 292.3 179.5 44.6 104.9
Depreciation -119.6 -103.8 -110.0 -28.9 -26.9
Write-down of vessels -46.3 0.0 0.0 -46.3 0.0
Operating profit 216.5 188.5 69.5 -30.6 78.0
Interest income 19.9 24.0 -2.6 3.6 7.1
Interest expenses -37.7 -40.9 1.0 -7.1 -8.1
Gains/losses on sale of securities 3.7 -22.7 8.3 3.8 -24.8
Write-down of shares -22.6 0.0 -7.0 -3.7 24.3
Foreign exchange gains/losses -5.8 -38.3 -16.5 -3.2 14.8
Write-down of financial fixed items -2.9 0.0 0.0 -2.9 0.0
Dividend income and other financial items 4.5 1.9 0.0 3.9 -0.1
Gains/losses on sale of property 0.0 3.9 0.4 0.0 3.0
Profit before tax 175.6 116.4 53.1 -36.2 94.2
Tax -1.1 0.4 -1.7 -0.7 -0.5
Profit after tax 174.5 116.8 51.4 -36.9 93.7
Minority interests 7.0 6.2 -4.5 -1.3 2.8
Profit after minority interests 167.5 110.6 55.9 -35.6 90.9
Earnings per share 2.80 1.68 0.70 -0.62 1.36
Cashflow per share 5.52 3.17 2.18 0.69 1.76
Average number of shares 62,256,759 69,689,936 74,109,273 59,730,752 68,709,729
BALANCE SHEET 31/12/01 31/12/00
(Unaudited figures in USD million)
ASSETS
Intangible fixed assets 1 1
Vessels 1,463 1,678
Vessels under construction 222 167
Other tangible fixed assets 108 47
Financial fixed assets 53 50
Total fixed assets 1,847 1,943
Inventories 13 14
Receivables 61 91
Investments 59 66
Bank deposits, cast etc 172 281
Total current assets 305 452
Total assets 2,152 2,395
EQUITY AND LIABILITIES
Paid-in capital 287 287
Retained earnings 1,088 1,049
Minority interests 59 63
Total equity 1,434 1,399
Provisions for liabilities 22 21
Other long-term liabilities 554 819
Current liabilities 142 156
Total liabilities and provisions 718 996
Total liabilities and equity 2,152 2,395
RESULTS AND DIVIDENDS
The Bergesen group recorded full-year operating profit of USD 216.5 million
(2000: USD 188.5 million) after gains on the sale of vessels of USD 63.3 million
(USD 18.9 million) and vessel write-downs of USD 46.3 million (USD 0 million).
These write-downs meant that the group recorded an operating loss of USD 30.6
million in the fourth quarter, compared with operating profit of USD 78.0
million in 2000.
Freight income on a T/C basis totalled USD 596.3 million, up from USD 557.1
million m 2000.
The accounts show net financial expenses of USD 40.9 million, compared with USD
76.0 million in 2000. The USD appreciated from NOK 8.85 to NOK 9.01 and
averaged NOK 8.99 during the year, compared with NOK 8.81 in 2000.
Profit before tax came to USD 175.6 million, up from USD 116.4 million in 2000,
and profit after tax was USD 174.5 million, up from USD 116.8 million in 2000.
The board is proposing a dividend for the year of NOK 7 per share (total payout
of USD 46.3 million), up from NOK 5 per share for 2000 (total payout of USD
36.3 million).
The accounts for 2001 have been prepared using the same accounting policies as
the previous year.
VALUE-ADJUSTED EQUITY
Allowing for share buybacks, the group's value-adjusted equity before tax was
USD 26.26 (NOK 237) per share at the year-end (including provision for NOK 7
dividend), compared with USD 27.10 (NOK 240) at the beginning of the year
(before distribution of NOK 5 dividend).
The value of the Bergesen fleet in USD terms fell 17% during the year (gas -11%,
tankers -24%, dry bulk -21% and offshore -17%) to USD 1,585 million (gas USD 929
million, tankers USD 450 million, dry bulk USD 139 million and offshore USD 67
million), including USD 68 million attributable to minority interests. The
market value of vessels under construction was USD 65 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 been used. Vessels sold but not yet.
handed over have been valued at the price for which they were sold.
FLEET REPORT
The operation of the fleet was satisfactory during the fourth quarter. 25
vessels were dry-docked for scheduled maintenance during the year, including
three during the fourth quarter, compared with 22 in 2000.
BREAKDOWN BY FLEET
FULL YEAR GAS TANKERS DRYBULK OFFSHORE TOTAL
(Unaudited figures in USD million) 2001 2000 2001 2000 2001 2000 2001 2000 2001 2000
Operating revenue 388.0 371.0 271.0 278.3 58.6 56.3 50.1 31.5 767.7 737.1
Voyage expenses -87.8 -83.6 -58.5 -69.9 -19.4 -17.8 -5.8 -8.7 -171.4 -180.0
T/C (time charter) income 300.2 287.4 212.6 208.4 39.2 38.5 44.3 22.8 596.3 557.1
Operating expenses -164.8 -159.8 -77.0 -82.9 -14.0 -14.2 -16.4 -9.2 -272.2 -266.0
Charter hire expenses 0.0 0.0 0.0 0.0 -5.0 -12.7 0.0 0.0 -5.0 -12.7
Provision for severance payments 0.0 -4.1 0.0 -0.8 0.0 0.0 0.0 0.0 0.0 -4.9
Gains/losses on sale of vessels 7.2 3.1 54.8 15.8 0.0 0.0 1.3 0.0 63.3 18.9
Operating profit before 142.6 126.6 190.4 140.5 20.2 11.6 29.2 13.6 382.4 292.3
Depreciation -59.9 -57.2 -36.4 -33.6 -9.4 -8.1 -13.9 -4.9 -119.6 -103.8
Write-down of vessels -46.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -46.3 0.0
Operating profit 36.4 69.4 154.0 106.9 10.8 3.5 15.3 8.7 216.5 188.5
Minority interests 7.2 7.0 0.0 0.2 0.0 0.0 0.1 0.1 7.3 7.3
T/C income per day/month* (USD) 502* 484* 31.0 29.3 20.7 20.6 - - 21.6 20.2
FOURTH QUARTER GAS TANKERS DRY BULK OFFSHORE TOTAL
(Unaudited figures in USD million) 2001 2000 2001 2000 2001 2000 2001 2000 2001 2000
Operating revenue 80.3 95.4 49.0 92.2 14.3 13.6 9.9 9.8 153.5 211.0
Voyage expenses -22.0 -23.9 -14.8 -18.9 -5.4 -4.6 -0.4 -2.2 -42.6 -49.6
T/C (time charter) income 58.3 71.5 34.2 73.3 8.9 9.0 9.5 7.7 110.9 161.4
Operating expenses -41.5 -36.3 -18.3 -18.2 -3.8 -3.2 -3.4 -2.4 -67.0 -60.2
Charter hire expenses 0.0 0.0 0.0 0.0 -0.6 -2.3 0.0 0.0 -0.6 -2.3
Provision for severance payments 0.0 1.8 0.0 0.8 0.0 0.1 0.0 0.0 0.0 2.7
Gains/losses on sale of vessels 0.0 3.2 0.0 0.0 0.0 0.0 1.3 0.0 1.3 3.2
Operating profit before 16.8 40.2 15.9 55.9 4.5 3.6 7.4 5.3 44.6 104.9
Depreciation -15.2 -14.2 -8.0 -8.7 -2.6 -2.1 -3.1 -1.9 -28.9 -26.9
Write-down of vessels -46.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -46.3 0.0
Operating profit -44.7 26.0 7.9 47.2 1.9 1.5 4.3 3.4 -30.6 78.0
Minority interests -1.6 2.3 0.0 0.0 0.0 0.0 0.0 0.2 -1.6 2.5
T/C income per day/month* (USD) 391* 484* 21.8 41.1 17.8 20.0 - - 16.3 23.4
GAS
The gas fleet generated full-year operating profit of USD 36.4 million (2000:
USD 69.4 million) after gains on the sale of vessels of USD 7.2 million (USD 3.1
million) and vessel write-downs of USD 46.3 million (USD 0 million). Earnings
were higher in the VLGC, LGC and MGC segments but lower for the Handygas and
Igloo vessels. 17 gas carriers were dry-docked during the year, compared with 18
in 2000.
Bergesen's VLGCs (over 70,000 cbm) generated average T/C income of USD
612,000/month, up from USD 571,000/month in 2000. Charter cover for 2002 stood
at around 23% at the year-end.
The market for VLGCs was weak during the fourth quarter, resulting in lengthy
waits between cargoes. Activity in the LPG market picked up towards the end of
the quarter but rates still barely covered vessel operating expenses. Saudi
Arabia kept LPG prices high relative to prices for oil products, which
undermined demand for LPG, especially in the price-sensitive industrial market.
The market for naphtha and other light petroleum, products deteriorated
throughout the quarter, with rates lying below vessel operating expenses at the
year-end.
Bergesen's VLGC pool again encountered lengthy waiting times in the fourth
quarter. Ten of its vessels were without employment at the year-end, reduced to
three at the beginning of February 2002. The number of vessels in the pool
increased from 24 to 30 during the year and a further three vessels have joined
so far this year.
Seven newbuilds joined the world VLGC fleet during the year and no vessels were
scrapped, putting the world fleet at 104 vessels at the year-end. A further 11
vessels were on order at the year-end, two of which have yet to be confirmed.
Three newbuilds are due to be delivered in 2002.
Bergesen's LGCs (50-60,000 cbm) generated average T/C income of USD
553,000/month, up from USD 544,000/month in 2000. Charter cover for 2002 stood
at 40% at the year-end.
The market in the Atlantic basin, primarily served by the LGCs, was weak during
the fourth quarter but slightly better than in the third. The limited
availability of both LPG and ammonia cargoes resulted in lengthy waiting times.
Unlike the previous year, there was no helping hand from the US natural gas
market, with demand for natural gas, LPG and ammonia in the USA sliding as the
economy faltered. It was primarily demand from industrial users that fell away.
Cold weather in Europe towards the end of the year fuelled demand for LPG and so
boosted shipping activity.
Bergesen's LGC pool had three vessels without employment at the year-end,
reduced to two at the beginning of February 2002. The world LGC fleet was
unchanged throughout 2001 at 23 vessels. Two vessels are sold for scrap in
February 2002, Four vessels are on order, two for Bergesen and two for its pool
partner Solvang.
Bergesen's MGCs (20-40,000 cbm) generated average T/C income of USD
521,000/month, up from USD 477,000/month in 2000. Cargo availability
deteriorated in this segment too during the fourth quarter, resulting in long
waiting times. A number of vessels were fixed for LPG shipments from the North
Sea to the Mediterranean towards the end of the year.
The world MGC fleet numbered 50 vessels (excluding four LNG-vessels) at the
year-end, of which 13 were semirefrigerated. One vessel was sold for scrap
during the year. Five fully refrigerated and two semirefrigerated MGCs were on
order at the year-end, with five of these due to be delivered in 2002.
Bergesen's Handygas vessels (12,000 cbm) generated average T/C income of USD
234,000/month, compared with USD 258,000/month in 2000, while its Igloo vessels
(8-15,000 cbm) generated average T/C income of USD 278,000/month, compared with
USD 327,000/month in 2000.
The market for Igloo and Handygas vessels took a sharp turn for the worse during
the fourth quarter. There was little activity in the spot market for
petrochemical cargoes and there was slack demand for - and so surpluses of -
ethylene in most regions. Other than contractual volumes, shipments of butadiene
from Europe to the USA came virtually to a standstill. There was also little
activity in the market for LPG and ammonia for much of the quarter but this
situation did improve towards the end of the year.
One newbuild was delivered in the 8-15,000 cbm segment during the year and 16
vessels were on order at the year-end. A further ten vessels were on order in
the 6-8,000 cbm segment.
Bergesen has three LNG-carriers of 138,000 cbm under construction at Daewoo. The
first vessel was sea-launced in fourth quarter, and is now being outfitted at
the yard. The vessel is due for delivery in first quarter 2003, while the next
two vessels are due for delivery in second quarter 2003 and in third quarter
2004 respectively.
Bergesen's two LNG-carriers of 30-000 cbm, Century and Havfru, are employed on
timecharter contracts until October 2007 and February 2003 respectively. These
are included in the MGC-segment for reporting purposes.
TANKERS
Bergesen's VLCC fleet generated full-year operating profit of USD 154.0 million
(2000: USD 106.9 million) after gains on the sale of vessels of USD 54.8 million
(USD 15.8 million). The fleet generated average T/C income of USD 31,000/day,
compared with USD 29,300/day in 2000. Six VLCCs were dry-docked during the year,
compared with three in 2000. Three vessels were taken through their fifth
special survey.
The VLCC market was weak throughout the fourth quarter, with spot rates
averaging USD 20,900/day for modem vessels and USD 8,500/day for older turbine
tonnage. The downturn in the global economy has combined with persistently high
oil prices to erode demand for oil. World consumption averaged 76.0 mb/d in
2001, an increase of just 0.1 mb/d on 2000. Fourth-quarter consumption was just
76.3 mb/d, a drop of 0-7% from 76.8 mb/d in 2000.
There was also a shift in the production pattern, with non-OPEC producers
increasing their output by around 0.7 mb/d in 2001 while OPEC cut its output by
the same amount. It was primarily the countries of the FSU that stepped up
production. Most of OPEC's production cuts took place during the fourth quarter,
when OPEC output was 2.8 mb/d down on the same period in 2000. Despite the quota
reductions, the IEA estimates that world oil stocks grew by around 0.8 mb/d over
the year as a whole.
Oil prices came under pressure towards the end of the year and so OPEC and other
leading producers decided to cut production by 2 mb/d from 1 January 2002. This
will put further pressure on prices in an already weak VLCC market. The IEA
expects world oil consumption excluding the FSU to grow by a modest 0.5 mb/d or
0.7% in 2002.
26 VLCC newbuilds were delivered in 2001. Scrapping activity accelerated towards
the end of the year, with a total of 29 vessels being sold for scrap during the
year. A further seven VLCCs were sold for conversion into FPSO units and one was
wrecked. 84 VLCCs were on order at the year-end, equivalent to 19% of the
existing fleet. 42 of these are due to be delivered in 2002. A total of eight
VLCCs have been sold for scrap so far this year.
DRY BULK
Bergesen's dry bulk fleet generated full-year operating profit of USD 10.8
million, up from USD 3.5 million in 2000. Average T/C income was USD 20,700/day,
compared with USD 20,600/day in 2000. Two vessels were dry-docked during the
year, compared with one in 2000. Charter cover for 2002 stood at around 90% at
the year-end.
The world dry bulk fleet continued to expand during the fourth quarter due to
high newbuilding deliveries and limited scrapping activity. Falling steel
production in the USA, the EU and Japan resulted in poor demand for tonnage,
although steel production held up in South Korea and the FSU and actually grew
by more than 12% in China. Overall, world steel output was 1% down on 2000. Some
70% of steel production is based on iron ore and metallurgical coal while the
remainder is based on scrap metal. Scrap-based production has fallen most while
ore/coal-based production - which is most important in shipping terms - held at
roughly the same level as in 2000. Shipments of iron ore dropped by 1% in 2001.
Spot rates for modern Capesize vessels ended the year at around USD 7,000/day
and one-year time charter rates at USD 8,500/day. 32 Capesize newbuilds were
delivered during the year and 16 Capesize vessels were sold for scrap. 46
vessels were on order at the year-end, equivalent to 8% of the existing fleet.
22 of these are due to be delivered in 2002.
Bergesen took delivery ofnewbuild Berge Arctic from Daewoo in mid-November. The
vessel is now operating under a fixed contract that provides employment for 60%
of the year. In January 2002 Bergesen terminated talks with its US dry bulk
partner on creating a new independent dry bulk company.
OFFSHORE
Bergesen's offshore fleet generated full-year operating profit of USD 15.3
million, compared with USD 8.7 million in 2000.
The FPSO Sendje Berge has produced oil on the Ceiba field off Equatorial Guinea
in West Africa Since November 2000. The completion of the conversion of the VLCC
Berge Hus into the FPSO Sendje Ceiba on time and on budget in December 2001
meant that the vessel was able to take over from the Sendje Berge on Ceiba at
the end of January. The Sendje Ceiba has a production capacity of 160,000 b/d,
compared with 60,000 for the Sendje Berge. The charter runs for four years from
delivery with a six-year extension option for the charterer. The charterer also
has a purchase option for the life of the charter.
Bergesen has entered into an agreement with the charterer on compensation for
the return of the Sendje Berge prior to the expiry of her charter, which will be
recognised as income in 2002, Work on finding employment for the vessel is under
way.
Preparations for the conversion of the Berge Helene into a generic FPSO with a
production capacity of 60,000 b/d are running to schedule. The vessel is
expected to reach the yard in Singapore at the beginning of March and the
conversion work is due to be completed in September. Work on finding employment
for the vessel is under way.
The Berge Hugin was handed over to her purchaser in mid-November but with effect
from 1 September 2001 for accounting purposes. The gain of USD 1.3 million on
the sale of the vessel has been recognised as income in the fourth-quarter
accounts.
FINANCIAL INFORMATION
Bergesen had liquid assets (bank deposits, bonds, certificates and equities) of
USD 230 million at the year-end.
Net interest expenses for the year came to USD 37.7 million, compared with USD
40.9 million in 2000. Additional interest charges of USD 7.98 million relating
to newbuilding contracts have been capitalised and included in the cost of the
vessels in question. Interest-bearing liabilities totalled USD 564 million at
the year-end and net interest-bearing liabilities USD 333 million.
Bergesen made gains of USD 3.7 million on the sale of shares during the year.
The company's equity holdings (excluding its own shares) were written down by
USD 22.6 million in 2001 to reflect the decrease in their market value, which
was due in part to movements in exchange rates.
Financial fixed assets relating to the company's Igloo business have been
written down by USD 2.9 million. Other financial income include income from
investments in associates of USD 5.7 million, including a USD 2.0 million
reversal of previous write-downs.
The board has been authorised by the general meeting to buy back up to 10% of
the company's shares. Bergesen bought back 1,000,000 A-shares during the fourth
quarter at an average price of NOK 140, making a total price of NOK 140 million.
This meant that the company held 3,399,000 or 5.4% of its own shares (2,866,860
A-shares and 532,140 B-shares) at the year-end. This holding has been eliminated
when calculating value-adjusted equity and per-share data.
The RISK adjustment for Norwegian shareholders has been set at NOK -3.58 per
share for 1 January 2001 (both A-shares and B-shares) and the RISK adjustment
for 1 January 2000 has been altered to NOK -2-66 per share (both A-shares and B-
shares).
OUTLOOK
Key economic indicators confirm that the global economy is now in recession. The
most optimistic forecasters are predicting a strong upswing in the US economy as
early as the second half of this year, while others are being significantly more
restrained in their predictions. The outlook for Japan, which has been in
recession for a decade now, still appears to be extremely uncertain.
The market for large and medium-sized gas carriers is expected to feature excess
capacity for a period. The forecast increase in shipments of LPG from the Middle
East, especially during the second half of the year, will boost demand for VLGC
tonnage but will not be sufficient to bring the segment into equilibrium. Three
VLGC newbuilds are due to be delivered in 2002 and a weak market will prompt the
scrapping of older tonnage. Alternative employment in the market for clean
petroleum products will probably be harder to come by in 2002 due to a subdued
product tanker market.
The outlook for the LGC and MGC segments is better, thanks to the anticipated
increase in LPG shipments in the Atlantic basin, moderate newbuilding deliveries
and the phasing out of older tonnage. Shipments of ammonia are forecast to
increase in 2002 but changes in trading patterns may result in a drop in ton-
miles.
The market for petrochemical gases is likely to remain in the doldrums. It may
pick up slightly during the second half of the year but excess supply of
semirefrigerated tonnage and continued growth in the fleet will limit any
recovery.
The VLCC market is expected to remain under substantial pressure during the
first half of this year due to poor demand for oil and production cuts by OPEC
and other major producers. Scrapping activity is likely to remain high but the
tanker fleet is still expected to grow in 2002 due to high newbuilding
deliveries in all segments. However, any upswing in the global economy during
the second half of the year could lead to an improvement in the market.
The market for Capesize bulkers is forecast to remain weak in 2002 but
Bergesen's fleet enjoys high levels of charter cover and will therefore be
affected by this to only a limited extent. The steel industry will probably need
to cut production further as a result of a cyclical decline in demand. The
Capesize market may pick up towards the end of the year.
Sluggish demand for oil and low oil prices will probably cause the oil industry
to cut back on exploration and development activity in 2002. However, there may
be substantial regional variations and so activity in low-cost areas like West
Africa is expected to remain high. Continued strong interest in floating
production solutions of the type offered by Bergesen is anticipated.
The board expects the group's operating results for 2002 to be significantly
down on 2001.
CASH FLOW STATEMENT 1/1-31/12/01 1/1-31/12/00
(Unaudited figures in USD million)
Cash flow from operating activities 296.9 199.6
Cash flow from investing activities -104.3 -420.5
Cash flow from financing activities -301.3 151.9
Net change in cash -108.7 -69
Cash at beginning of period 282 351
Cash at end of period 173.3 282
MOVEMENTS IN EQUITY 1/1-31/12/01 1/1-31/12/00
(Unaudited figures in USD million)
Equity at beginning of period 1,399 1,423
Net profit for the period 175 117
Share buybacks -84 -90
Sale proceeds to minority interests -10 -16
Provision for dividends -46 -35
Equity at end of period 1,435 1,399
Oslo, 13 February 2002
The Board of Bergesen d.y. ASA
This information is provided by RNS
The company news service from the London Stock Exchange
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