TIDMYUJ
RNS Number : 0972P
Yujin International Ltd
30 September 2013
30 September 2013
Yujin International Ltd ("Yujin" or "the Company" or "the
Group")
Yujin International Ltd, the owner and charterer of a fleet of
tankers operating in the Asia Pacific region is pleased to announce
its unaudited interim results for the six months ended 30(th) June
2013.
Key Points
v Shipping Revenue up 6.5 % from US$ 6.8 million to US$ 7.2
million.
v Regional tanker Arcturus is on time charter for three months
from July 2013, with an option to extend another nine months. The
other regional tanker, Team Bee, is on time charter for six months
from May 2013, with an option to extend another six months.
v The Group's remaining bunker tanker is on time charter for six
months from June 2013, with an option to extend another six
months.
v Yujin expects business to remain difficult in the current
challenging shipping environment in the Asia Pacific region.
v As announced, the Company remains in discussions with
potential strategic partners to explore other business
opportunities in both related as well as non related
industries.
For further information please contact:
Yujin International Ltd. Tel: 00 (65) 6226 2963
Keen Whye LEE
Or visit www.yujininternational.com
Cantor Fitzgerald Europe
Rick Thompson/Catherine Leftley Tel: 020 7894 7000
CHAIRMAN'S STATEMENT
The Board of Yujin is pleased to present its interim financial
report for the six months ended 30 June 2013.
Shipping revenue is up 6.5% year on year to US$ 7.2 million,
with the regional tankers contributing to the increase from charter
income. If Bunker Trading revenue (non-core and not repeated) is
included, total revenue increased US$ 0.8 million to US$ 7.6
million, with a profit before taxation of US$ 1.8 million.
A summary of the Group's unaudited revenue, operating profit and
loss before tax for the six months ended 30 June 2013, and
comparative figures for the same period in 2012, is presented
below:
Operating (loss)
Revenue / profit
USD'000 2013 2012 Change 2013 2012 Change
Bunker tankers 2,956 3,869 (913) 914 1,092 (178)
Regional tankers 3,643 2,260 1,383 809 (1,210) 2,019
Ship management and other
income 591 628 (37) 120 165 (45)
------ ------ ------- ------ -------- -------
Shipping revenue 7,190 6,757 433 1,843 47 1,796
Bunker trade (non core
activity) 391 - 391 132 - 132
------ -------- -------
Total 7,581 6,757 824 1,975 47 1,928
====== ====== =======
Finance costs (158) (586) 428
Profit/Loss before tax 1,817 (539) 2,356
====== ======== =======
REGIONAL TANKERS
One of the regional tankers, Arcturus is on time charter with a
reliable counterparty for six months from July 2013, with an option
to extend another nine months and is scheduled for regulatory dry
docking in end November 2013. The other tanker, Team Bee is on time
charter with a reliable counterparty for six months from May 2013,
with an option to extend another six months.
BUNKER TANKERS
Three of the four Bunker Tankers have been sold between April
2013 and August 2013. The remaining bunker tanker is on time
charter from June 2013 for six months, with an option to extend
another six months.
SHIP MANAGEMENT AND RELATED ACTIVITIES
Yujin, through its wholly owned subsidiary, JR Orion Services,
managed three vessels owned by the Group plus ten vessels owned by
third parties. The level of activity in this segment has stayed
relatively stable in the six months to 30 June 2013 and is
anticipated to do so for the remainder of the year.
CURRENT TRADING AND OUTLOOK
As previously announced, the Chinese shipyard settled and
refunded all advance payments including interest totalling
approximately USD 14.5 million for the unfulfilled shipbuilding
contracts of two new 5,500 DWT chemical tankers it could not
deliver. In return, the yard was discharged from all claims arising
from the contracts. Following the repayment of associated bank
loans, a total of US$ 6 million was received by the Company.
The Company is still in discussions with the potential strategic
partner who had asked for the opportunity of a possible investment
with the Company that would maintain our listing on AIM.
The Directors are of the opinion that, aside from the cash flows
generated from ongoing operating activities, the Group will need to
find other sources of funding to enable the Group to grow the
current business. This is most likely to be through cash flows
arising on investing or financing activities.
The shipping market is expected to continue to remain weak.
Freight rates in many sectors have remained soft reflecting a
continued demand/supply imbalance and fuel costs, which have been
stable recently, remained high. If freight rates and fuel costs do
not improve, the environment in which the Group operates will
remain challenging with potential negative effects on its financial
performance.
LEE Keen Whye
Non Executive Chairman
30 September 2013
Consolidated Statement of Comprehensive Income
Unaudited interim results for the six months ended 30 June
2013
Unaudited Unaudited Audited
Six months Six months Year ended
to 30
to 30 June June 31 December
Note 2013 2012 2012
USD'000 USD'000 USD'000
Revenue 7,007 6,670 13,160
Other income 574 87 305
----------- ----------- ------------
7,581 6,757 13,465
Costs and expenses
Cost of sales 3,565 3,744 6,835
Bad debts written off - - -
Depreciation 1,422 1,748 3,305
Directors' fees - - 97
Directors' salary - - 605
Staff costs - 1,096
Other operating expenses 1,392 1,218 919
----------- ----------- ------------
(6,379) (6,710) (12,857)
----------- ----------- ------------
Profit from operations 1,202 47 608
Non-operating expenses
Impairment loss on property,
plant and equipment - - (1,936)
Write off deposit - - -
Finance income / (costs) 615 (586) (1,438)
----------- ----------- ------------
Profit/(Loss) before tax 1,817 (539) (2,766)
Income tax expense 3 - - 1,212
PROFIT/(LOSS) FOR THE PERIOD 1,817 (539) (1,554)
=========== =========== ============
Other comprehensive income
Foreign currency translation
differences for subsidiaries 88 473 1,489
Revaluation of property, plant
and equipment - - (5,089)
------ -------- --------
Other comprehensive income/(loss)
for the year, net of tax 88 473 (3,600)
TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD 1,905 (66) (5,154)
====== ======== ========
Attributable to :
Equity holders of the Company 1,782 48 (4,217)
Non-controlling interests 123 (114) (937)
Total comprehensive income/(loss)
for the period 1,905 (66) (5,154)
====== ======== ========
Attributable to :
Equity holders of the Company 1,694 (425) (1,258)
Non-controlling interests 123 (114) (296)
Loss for the period 1,817 (539) (1,554)
====== ======== ========
Earnings per share
Basic (in USD) 4 0.050 (0.014) 0.040
Diluted (in USD) 4 0.050 (0.014) 0.040
Consolidated Statement of Financial Position
Unaudited interim results at 30 June 2013
Unaudited Unaudited Audited
As at As at As at
30 30 31
June June December
Note 2013 2012 2012
ASSETS USD'000 USD'000 USD'000
Non-current assets
Property, plant and equipment 15,358 41,142 34,507
Deferred tax 1,168 1,165 1,168
------------ ------------ -------------
16,526 42,307 35,675
Current assets
Trade and other receivables 5 1,271 1,582 1,478
Amount receivable from a
related company - 48 -
Cash and cash equivalents 3,058 146 475
------------ ------------ -------------
4,329 1,776 1,953
Total assets 20,855 44,083 37,628
============ ============ =============
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the Company
Share capital 3,318 3,318 3,318
Revaluation reserve 2,519 6,975 2,519
Currency translation reserve 2,703 2,481 3,497
Retained earnings 2,236 1,374 542
------------ ------------ -------------
10,776 14,148 9,876
Non-controlling interests (308) 384 (431)
Total equity 10,468 14,532 9,445
============ ============ =============
Non-current liabilities
Loans from related companies 1,970 943 2,206
Term loan (secured) - 15,646 12,531
Deferred tax 2,863 4,126 2,903
------------ ------------ --------------
4,833 20,715 17,640
Current liabilities
Trade and other payables 2,467 3,281 3,915
Amount payable from a related
company - 95 99
Term loan (secured) 3,087 5,315 6,528
Bank overdraft (secured) - 145 -
------------ ------------ --------------
5,554 8,836 10,542
------------ ------------ --------------
Total liabilities 10,387 29,551 28,182
Total equity and liabilities 20,855 44,083 37,627
============ ============ ==============
Consolidated Cash Flow Statement
Unaudited interim results for the six months ended 30 June
2013
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30
June June 31 December
2013 2012 2012
USD'000 USD'000 USD'000
Cash flows from operating activities
Profit/(loss) before taxation 1,817 (539) (2,766)
Adjustments for:
Bank loan interest 159 266 -
Bad debts written off - - 382
Impairment loss on property,
plant and equipment - - 1,936
Depreciation 1,422 1,748 3,305
Write off deposit - - -
----------- ----------- ------------
1,581 2,014 5,623
----------- ----------- ------------
Operating profit before working
capital changes 3,398 1,475 2,857
Decrease/(Increase) in trade and
other receivables 207 72 176
Decrease in trade and other
payables (1,547) (740) (108)
----------- ----------- ------------
(1,340) (668) 68
----------- ----------- ------------
Cash generated from operations 2,058 807 2,925
Income tax paid - - (72)
----------- ----------- ------------
Net cash flows from operating
activities 2,058 807 2,853
Cash flows from investing activities
Sale / (Purchase) of property,
plant and equipment 17,694 (1,676) (1,500)
----------- ----------- ------------
Net cash flows used in investing
activities 17,694 (1,676) (1,500)
Cash flows from financing activities
Payment of term loan interest (159) (266) (303)
Payment of term loan financing (15,972) (547) (1,787)
Loan from related company - - 1,282
Amount payable to a related company (244) (17) 48
Proceeds from term loan - 1,575 (89)
--------- ------ --------
Net cash flows from/(used in)
financing activities (16,375) 745 (849)
Net decrease in cash and cash
equivalents 3,377 (124) 504
Cash and cash equivalents at beginning
of period 475 (170) (170)
Effect of exchange rate changes (794) 295 141
Cash and cash equivalents at end
of period 3,058 1 475
========= ====== ========
Consolidated Statement of Changes in Equity
Unaudited interim results for the six months ended 30 June
2013
Total
attributable
to equity
Share Translation Revaluation Retained holders Non-controlling Total
capital reserve reserve earnings of the Company interests equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Balance at 1
January 2012 3,318 2,008 6,975 1,800 14,101 498 14,599
Total comprehensive
income/(loss)
for the year
Loss for the year - - - (1,257) (1,257) (296) (1,553)
Other
comprehensive
income
:
Revaluation of
property,
plant and
equipment - - (4,456) - (4,456) (633) (5,089)
Currency
translation
differences - 1,489 - - 1,489 - 1,489
-------- ------------ ------------ --------- ------------------ ---------------- --------
Total
comprehensive
income - 1,489 (4,456) (1,257) (4,224) (929) (5,153)
-------- ------------ ------------ --------- ------------------ ---------------- --------
Balance at 31
December 2012 3,318 3,497 2,519 543 9,877 (431) 9,446
Total comprehensive
income/(loss)
for the period
Loss for the
period - - - 1,694 1,694 123 1,817
Other
comprehensive
income
:
Currency
translation
differences - 88 - - 88 - 88
-------- ------------ ------------ --------- ------------------ ---------------- --------
Total
comprehensive
income - 88 - 1,694 1,782 123 1,905
-------- ------------ ------------ --------- ------------------ ---------------- --------
Balance at 30 June
2013 3,318 3,585 2,519 2,237 11,659 (308) 11,351
======== ============ ============ ========= ================== ================ ========
Notes to the Interim Financial Information
1. General Corporate Information
Yujin International Ltd., company registration No. 200414709R,
is a limited liability company, incorporated and domiciled in
Singapore.
2. Basis of preparation
The consolidated interim financial information of the Group for
the six months ended 30 June 2013 and the comparative numbers,
unless indicated, are unaudited and do not comprise statutory
accounts within the provision of the Singapore Companies Act,
Chapter 50.
The results for the year ended 31 December 2012 have been
extracted from the consolidated financial statements for the
Company for the year ended 31 December 2012 which are prepared
under International Financial Reporting Standards. The interim
financial information should be read in conjunction with the annual
financial statements for the year ended 31 December 2012, as
described in those financial statements.
The accounting policies applied by the Group in this interim
financial information are the same as those applied in the Group's
consolidated financial statements for the year ended 31 December
2012 and are also those expected to be applied in the forthcoming
financial statements for the year ending 31 December 2013.
The interim financial information for the six months ended 30
June 2013 was approved by the directors on [27] September 2013.
3. Taxation
The tax charge for the six months period to 30 June 2013 is
estimated at US$ Nil (2012: US$ Nil) or Nil (2012: Nil) which is
the estimated effective rate of tax.
4. Earnings/(loss) per share
The basic and diluted loss per share in each period are
calculated by reference to the earnings attributable to ordinary
shareholders divided by the weighted average number of shares in
issue, as follows:
Basic and diluted
Profit attributable to equity holders of the Company: US$
1,694,000
(2012: US$ 425,000)
Weighted average number of ordinary shares in issue for the
purpose of calculating earnings per share: 30,000,010 (2011:
30,000,010)
Profit per share: US$ 0.050 (2012: US$ 0.014)
5. Trade and other receivables
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 June to 30 June 31 December
USD'000 2013 2012 2012
Trade receivables 801 901 876
Other receivables 244 414 93
Deposits 76 23 78
Prepayments 150 244 431
----------- ----------- ------------
1,271 1,582 1,478
=========== =========== ============
6. Dividend
No dividend has been declared or paid in this interim
period.
7. Operating segment
IFRS 8 requires operating segments to be identified on the basis
of internal reports about components of the Group that are
regularly reviewed by the chief operating decision makers in order
to allocate resources to the segment and to assess its performance.
The primary format is based upon the Group's management and
internal reporting structure which reflects the statutory
subsidiaries of the Group. Segment results constitute items
directly attributable to the business. Certain centrally funded
costs are allocated to the business segments to arrive at operating
profits or losses. The Group's reportable segments are as follows
:
1. Bunker tanker chartering
2. Regional tanker chartering
3. Ship management and other related shipping activities.
The Group occasionally trades in marine fuel oil. This activity
does not have a significant impact on the Company's profitability
as the trades are done on cost plus a thin margin to cover
administrative costs associated with the trades. The aggregate
amount of the marine fuel oil trade is disclosed in the financial
statements. The Board does not consider this to be a core business
segment activity. It is carried out as an additional service to
support selected customers.
The segmented revenue and their corresponding operating profit
and loss are presented below.
7. Operating segment (continued)
Revenue
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 June to 30 June 31 December
USD'000 2013 2012 2012
Bunker tankers 2,956 3,869 7,587
Regional tankers 3,643 2,260 4,582
Ship management and other
income 591 628 1,057
----------------- ------------------ -----------------
Shipping revenue 7,190 6,757 13,226
Bunker trade (non core
activity) 391 - 239
7,581 6,757 13,465
================= ================== =================
Operating profit
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 June to 30 June 31 December
USD'000 2013 2012 2012
Bunker tankers 914 1,092 2,403
Regional tankers 809 (1,210) (1,380)
Ship management and other
income 120 165 171
----------------- ------------------ -----------------
Continuing operations 1,843 47 1,194
================= ================== =================
There have been no material changes to the total assets from the
amounts disclosed in the last financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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