TIDMYUJ
RNS Number : 6410R
Yujin International Ltd
30 June 2015
30 June 2015
YUJIN INTERNATIONAL LTD.
("Yujin", the "Company" or "the Group")
Final results Release
Yujin, an owner and operator of a fleet of short range tankers,
providing logistics and ship management services to customers in
the chemical and oil industry in the Asia Pacific Region, announces
herewith its audited final results in respect of the year ended 31
December 2014.
The notes to this announcement contain additional information
that has been extracted from the Annual Report. This announcement
should be read in conjunction with, and not as a substitute for,
reading the full Annual Report.
Summary
v Yujin currently owns and operates two vessels, with a combined
tonnage of 9,771.
v As a result of the sale of the four bunker tankers in 2013 and
reduced Ship Management income for 2014, the consolidated net
revenue declined to USD 7.2 million (2013: USD 10.4 million).
v Yujin's Regional Tankers has shown improvement of 13% increase
in revenue to USD 5.8 million (2013: USD 5.1 million) and operating
profit went up substantially to USD 0.6 million (2013: USD 0.3
million. This is mainly due to better charter rates with higher
fleet utilisation.
v Yujin's chemical tanker has been on continuous spot contract
in 2014. Yujin's bitumen tanker is on a term contract and her next
contract renewal is due in November 2015.
v Yujin managed ten vessels as at 31 December 2014, after the
sale of one managed ship by its 3(rd) party owner in March
2014.
v The full year impact, following the sale of four bunker
tankers in 2013 and a reduction in of managed ships resulted in a
decrease in operating profit in Ship Management income for 2014,
leading to an overall operating loss of USD 0.1 million (2013: USD
1.1 million)
v The directors do not recommend a dividend be paid for the year
ended 31 December 2014.
For further information please contact:
Yujin International Ltd. Tel: 00 (65) 6226 2963
Keen Whye LEE
Or visit www.yujininternational.com
Cantor Fitzgerald Europe Tel: 020 7894 7000
Rick Thompson/Michael Reynolds
NB: The currency used in this announcement is US Dollars unless
otherwise indicated.
CHAIRMAN'S STATEMENT
Yujin, an owner and operator of a fleet of short range tankers
providing logistics and ship management services to customers in
the chemical and oil industry in the Asia Pacific Region, announces
herewith its audited non-statutory annual results in respect of the
year ended 31 December 2014 for the purpose of reporting to its
shareholders.
With the sale of our bunker tankers in 2013 and reduced ship
management income, revenue from continuing operations fell by 27%
to USD 7.2 million compared to USD 9.9 million in 2013. While there
was an improvement in the revenue and operating profit for regional
tankers, losses in operating profit from ship management resulted
in an overall operating loss of USD 0.1 million (2013: operating
profit of USD 1.1 million).
Revenue Operating profit
2014 2013 2014 2013
External customers USD '000 USD '000 USD '000 USD '000
Bunker tankers - 3,139 - 438
Regional tankers 5,778 5,122 559 362
Ship management and other
income 1,464 1,685 (667) 287
------------ ------------ ------------ -------------
Continuing operations 7,242 9,946 (108) 1,087
Bunker trade (non core
activity) - 409 - 7
------------ -------------
7,242 10,355 (108) 1,094
============ ============ ============ =============
Comments on the performance of each operating segment:
Bunker tankers
There is no activity in 2014 due to the sale of the Group's
bunker tankers in 2013.
Regional tankers
Yujin owns two foreign going vessels; MT Team Bee, a chemical
tanker of 4,772 DWT and MT Arcturus, a bitumen tanker of 4,999 DWT.
MT Team Bee has been continuously on spot charter contract in 2014.
MT Arcturus has been on a term contract since June 2012 and her
next contract renewal will be due in November 2015.
Due to redeployment of the less efficient small tankers to
coastal and inland trade, there was an increase in demand for our
Regional tankers contributing to better rates and high usage
resulting in a 13% increase in Revenue to USD 5.7 million, as
compared to USD 5.1 million in 2013 while operating profit improved
substantially to USD 0.5 million as compared to a 2013 profit of
USD 0.3 million. The increased operating profit was due to better
charter rates with higher fleet utilisation.
Ship management and other income
Yujin, through its wholly owned subsidiary, JR Orion Services
Pte Ltd, managed ten (10) ships as at 31 December 2014 following
the sale of one managed ship by its 3(rd) party Owner in March
2014. The big drop in income for 2014 was mainly due to full year
impact of the sale of our four bunker tankers in 2013.
Dividend
The Board will not recommend any dividends to be made in respect
of the year ended 31 December 2014.
Summary
The Company continues to review opportunities to develop and
grow the business with potential strategic partners, with a view to
maintaining its AIM listing.
The regional shipping market is expected to improve marginally.
Freight rates strengthened in some sectors and fuel costs have
weakened and expected to remain soft. If freight rates and fuel
costs continue to improve, the market for regional tankers remains
strong.
Lee Keen Whye
Chairman
Yujin International Ltd.
30 June 2015
Yujin International Ltd.
Consolidated Statement of Financial Position
as at 31 December 2014
Note 2014 2013
ASSETS USD USD
Non-current assets
Property, plant and equipment 5 11,529,025 11,248,869
Deferred tax 11 - 200,421
----------------- ---------------
11,529,025 11,449,290
Current assets
Trade and other receivables 6 825,349 1,254,828
Cash and cash equivalents 7 313,748 744,195
----------------- ---------------
1,139,097 1,999,023
Total assets 12,668,122 13,448,313
================= ===============
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the Company
Share capital 8 3,317,897 3,317,897
Retained earnings 8 (717,267) (501,180)
Currency translation reserve 1,938,491 2,604,010
Revaluation reserve 3,003,083 1,744,296
----------------- ---------------
7,542,204 7,165,023
Non-controlling interests (260,197) (505,814)
Total equity 7,282,007 6,659,209
================= ===============
Non-current liabilities
Term loan (secured) 9 1,006,562 1,711,562
Deferred tax 11 1,476,853 1,623,238
----------------- ---------------
2,483,415 3,334,800
Current liabilities
Trade and other payables 12 1,444,948 1,853,258
Amount payable from a related
company 12 167,102 114,490
Term loan (secured) 9 705,000 705,000
Provisions 10 60,158 80,816
Income tax payable 13 525,492 700,740
----------------- ---------------
2,902,700 3,454,304
----------------- ---------------
Total liabilities 5,386,115 6,789,104
Total equity and liabilities 12,668,122 13,448,313
================= ===============
Yujin International Ltd.
Consolidated Statement of Changes in Equity
for the year ended 31 December 2014
Total attributable
Share Translation Revaluation Retained to equity holders Non-controlling Total
capital reserve reserve earnings of the Company interests equity
USD USD USD USD USD USD USD
Balance at 31
December 2012 3,317,897 3,496,966 2,519,360 542,564 9,876,787 (431,368) 9,445,419
Total comprehensive
income/(loss) for the
year
Loss for the
year - - - (1,043,744) (1,043,744) (74,649) (1,118,393)
Other
comprehensive
income :
Revaluation of
property,
plant
and
equiptment - - (1,041,258) - (1,041,258) - (1,041,258)
Currency
translation
differences - (892,956) 266,194 - (626,762) 203 (626,559)
--------------- --------------- ----------------- ---------------- ------------------------- ---------------- ----------------
Total
comprehensive
income/(loss) - (892,956) (775,064) (1,043,744) (2,711,764) (74,446) (2,786,210)
--------------- --------------- ----------------- ---------------- ------------------------- ---------------- ----------------
Balance at 31
December 2013 3,317,897 2,604,010 1,744,296 (501,180) 7,165,023 (505,814) 6,659,209
Total comprehensive
income/(loss) for the
year
Loss for the
year - - - (216,087) (216,087) 135,141 (80,946)
Other
comprehensive
income : -
Revaluation of
property,
plant
and
equiptment - - 1,258,787 - 1,258,787 110,476 1,369,263
Currency
translation
differences - (665,519) - - (665,519) - (665,519)
--------------- --------------- ----------------- ---------------- ------------------------- ---------------- ----------------
Total
comprehensive
income/(loss) - (665,519) 1,258,787 (216,087) 377,181 245,617 622,798
--------------- --------------- ----------------- ---------------- ------------------------- ---------------- ----------------
Balance at 31
December 2014 3,317,897 1,938,491 3,003,083 (717,267) 7,542,204 (260,197) 7,282,007
=============== =============== ================= ================ ========================= ================ ================
Yujin International Ltd.
Consolidated Statement of Cash flow
for the year ended 31 December 2014
Note 2014 2013
USD USD
Cash flows from operating activities
Loss before taxation (148,867) (695,198)
Adjustments for:
Bank loan interest 40,273 216,205
Bad debts written off 50,000 31,459
Provision for impairment loss on
receivable (trade) 6 34,419 42,301
Impairment loss on property, plant
and equipment 5 - 705,982
Depreciation 5 1,089,676 2,080,476
Loss on disposal of property, plant
and equipment 5 - 867,038
1,214,368 3,943,461
------------------ ------------------
Operating profit before working capital
changes 1,065,501 3,248,263
Decrease in trade and other receivables 345,060 112,935
Decrease in trade and other payables (1,073,829) (2,455,012)
Provisions (20,658) -
------------------ ------------------
(749,427) (2,342,077)
------------------ ------------------
Cash generated from operations 316,074 906,186
Income tax paid 13 (28,621) -
------------------ ------------------
Net cash flows from operating activities 287,453 906,186
Cash flows from investing activities
Purchase of property, plant and
equipment 5 (1,862) (611,449)
Proceeds from disposal of property,
plant and equipment - 11,147,383
------------------ ------------------
Net cash flows from/(used in) investing
activities (1,862) 10,535,934
Cash flows from financing activities
Payment of term loan interest (40,273) (204,185)
Payment of interest to related parties - (19,163)
Payment of term loan financing (705,000) (8,744,187)
Loan from related party (2,205,702)
Amount payable to a related company 52,612 15,948
------------------ ------------------
Net cash flows used in financing activities (692,661) (11,157,289)
Net increase in cash and cash equivalents (407,070) 284,831
Cash and cash equivalents at beginning
of year 7 744,195 474,716
Effect of exchange rate changes (23,377) (15,352)
Cash and cash equivalents at end of
year 7 313,748 744,195
================== ==================
295,624 295,624
od (465,795) (465,795)
(170,171) (170,171)
------------------ ------------------
483,919 914,366
Yujin International Ltd.
Notes to the financial information
for the year ended 31 December 2014
1. Basis of preparation
The financial information has been prepared in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board ("IFRS's") and using
accounting policies which are consistent with those adopted in the
non-statutory financial statements for the year ended 31 December
2014.
The financial information set out in this announcement does not
constitute the Company's non-statutory financial statements for the
year ended 31 December 2014, but it is derived from those
non-statutory financial statements.
The financial information is prepared in US Dollars (USD) except
where otherwise stated.
Whilst the financial information included in these full year
results has been prepared in accordance with IFRS, this
announcement itself does not contain sufficient information to
comply with IFRS. A copy of the non-statutory financial statements
prepared under IFRS for the year ended 31 December 2014 will be
issued prior to the Company's Annual General Meeting. The
announcement was approved on 29 June 2015.
The company's current auditor has reported on the non-statutory
financial statement for the year ended 31 December 2014, their
report was unqualified.
The directors do not propose a dividend in respect of the year
ended 31 December 2014 (2013: Nil).
Going concern
The non-statutory financial statements have been prepared on the
going concern basis of accounting which assumes adequate financial
resources will be available to the Group for a period of at least
twelve months from the date of approval of these non-statutory
financial statements. In support of this assumption, the Directors
have prepared detailed budgets and cash flow projections based on
continuing operations and the Group's currently available cash and
cash projected to be generated from its operations. Those budgets
and cash flow projections include future estimated cash flows
generated from operating activities from the ongoing Group trade as
well as, where and if required, other source of funding such as
those generated from investing or financing activities. These
budgets and cash flow projections have been reviewed and approved
by the Board of Directors.
2. Fixed Assets
Vessels
Office Office Office Computer under
Group - 2014 Equipment Furniture Renovation Software Vessels Construction Total
USD USD USD USD USD USD USD
Cost or Valuation
Balance at beginning
of year:
At cost 9,286 31,970 51,016 99,556 - - 191,828
At valuation - - - - 11,200,000 - 11,200,000
---------- ---------- ----------- --------- ------------ ------------- ------------
9,286 31,970 51,016 99,556 11,200,000 - 11,391,828
- Additions - - - 1,862 - - 1,862
- Disposals (370) - - (48,542) - - (48,912)
- Adjustments - - - - - - -
- Revaluation
surplus - - - - 1,369,263 - 1,369,263
- Elimination
on revaluation - - - - (1,069,263) - (1,069,263)
- Net exchange
difference - - - - - - -
Balance at end
of year 8,916 31,970 51,016 52,876 11,500,000 - 11,644,778
---------- ---------- ----------- --------- ------------ ------------- ------------
Accumulated depreciation
and impairment
Balance at beginning
of year: 9,285 27,210 47,168 59,296 - - 142,959
- Charge for
current year - 3,555 2,106 14,755 1,069,263 - 1,089,679
- Impairment
loss - - - - - - -
- Disposals (370) - - (48,539) - - (48,909)
- Elimination
on revaluation - - - - (1,069,263) - (1,069,263)
- Net exchange
difference - 270 369 648 - - 1,287
Balance at end
of year 8,915 31,035 49,643 26,160 - - 115,753
---------- ---------- ----------- --------- ------------ ------------- ------------
Net Book Value
At end of year 1 935 1,373 26,716 11,500,000 - 11,529,025
---------- ---------- ----------- --------- ------------ ------------- ------------
At beginning
of year 1 4,760 3,848 40,260 11,200,000 - 11,248,869
---------- ---------- ----------- --------- ------------ ------------- ------------
During the year, the Group acquired property, plant and
equipment with an aggregate cost of USD 1,862 (2013: USD acquired
575,895) of which USD NIL (2013: USD NIL) was acquired by means of
term loan facilities. Cash payments of USD 1,862 (2013: USD
611,448) were made for purchase of property, plant and
equipment.
During the year, the Group had revalued the two (2013: two)
operating vessels based on the valuation reports verified by a firm
of independent professional valuers, on an open market basis. The
cumulative valuation surplus amounting to USD 1,369,263 (deficit in
2013: USD 13,902) has been transferred to the revaluation reserves
of the Group (note 8).
The Group disposed of four of its vessels for a consideration of
USD 11,147,383 to third parties. Loss on disposal of USD 1,021,561
was taken up in the Statement of Comprehensive Income.
The Group had reversed the valuation reserve of USD1,027,356 for
the disposal of the vessels.
The carrying amount of the vessels would have been USD 9,209,195
(2013: USD 10,278,458) had the vessel been carried at cost less
accumulated depreciation and impairment loss.
The Group's vessels are mortgaged to the bank to obtain term
loan facility (note 10).
3. Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and with banks
as follows:
2014 2013
USD USD
Cash on hand 7,099 10,018
Cash at bank 306,649 734,177
------------- -----------
Balance per Statement
of Financial Position 313,748 744,195
Balance as per Statement
of Cash Flows 313,748 744,195
============= ===========
4. Taxation on profit from ordinary activities
Note 2014 2013
USD USD
Balance at the beginning
of year 700,740 -
Add: Current year provision 19 - 670,846
Add:(Over)/Under-provision
in prior year 19 (121,957) 29,894
Less: Translation difference (24,670) -
--------------- ---------------
554,113 700,740
Less: Payments (28,621) -
Add: Tax refund - -
Balance at the end of year 525,492 700,740
=============== ===============
The income tax expense varied from the amount of income tax
expense determined by applying the Singapore income tax rate of 17%
(2013: 17%) to estimated chargeable income as a result of the
following differences:
2014 2013
USD USD
Profit/(loss) for the year (80,946) (1,118,393)
Total income tax (income)/expense (67,921) 423,195
Profit/(loss) before tax (148,867) (695,198)
---------- ------------
Income tax expenses at statutory
rate (25,307) (118,184)
Translation differences - (8,395)
Non-deductible items 177,180 710,841
Non-taxable items (108,965) (122,786)
Effect on taxable income
on sale of asset - 725,536
Effect utilisation of capital
allowance (210,004) (196,782)
Effect on partial tax exemption - (82,767)
Effect on tax incentives (3,886) (101,147)
Utilisation of tax losses/capital
allowances - (174,479)
Under/(over) provision in
prior year (121,958) 29,894
Current year losses for which
no deferred
tax asset was recognised 225,019 39,009
Group relief to be utilised - -
Deferred tax movement - (277,545)
Total income tax expense (67,921) 423,195
========== ============
5. Term Loan
(i) The term loans are secured by:
- A first priority legal mortgage on the Group's vessels (note
5);
- An assignment of all rights, earnings and benefits of the
vessel (on a notification basis) in a form acceptable to the
bank;
- The assignment of insurance policies covering Hull and
Machinery, War Risks, Mortgagee Interest and Protection and
Indemnity in respect of the vessel, in a form acceptable to the
bank;
- Joint and several guarantee from the Company's directors;
and
- Corporate guarantee from the holding company and certain
subsidiaries.
(ii) The loans are repayable in 60 monthly installments from the
date of last draw down after the completed vessel has been
delivered. Effective interest varies from 1.90% to 1.92% (2013:
1.91% to 1.96% per annum). Interests are charged and paid
monthly.
6. Deferred Tax
Note 2014 2013
USD USD
Deferred tax liabilities:
Opening balance 1,623,238 2,902,658
Translation difference - (26,613)
Temporary differences
movement 19 (146,385) (1,252,807)
---------------- ----------------
Closing balance 1,476,853 1,623,238
================ ================
Deferred tax assets:
Opening balance 200,421 1,167,692
Translation difference - -
Temporary differences
movement 19 (200,421) (967,271)
---------------- ----------------
Closing balance - 200,421
================ ================
Deferred tax liability refers to the difference between the net
book value of the vessels and their tax written down values.
Deferred tax asset relates to excess capital allowances claimed for
the vessels and has been recognised to the extent that it is
probable that the unused capital allowances claimed will be
subsequently utilised.
7. Earnings per share
The calculation of basic earnings per share and diluted earnings
per share at 31 December 2014 was based on the loss attributable to
ordinary shareholders of USD 216,087 (2013: USD 1,043,744 loss) and
a weighted average number of ordinary shares, calculated as
follows:
2014 2013
No. of shares No. of shares
Issued ordinary shares at beginning
of the year 30,000,010 30,000,010
Weighted number of shares issued
during the year - -
Weighted average number of ordinary
shares
in issue during the year 30,000,010 30,000,010
============== ==============
Basic loss per share : USD 0.007 2013: USD 0.03
Diluted loss per share : USD 0.007 2013: USD 0.03
8. Share capital
Group and Company
2014 2013
USD USD
Fully paid ordinary shares
with no par value:
Balance at beginning of year 30,000,010 30,000,010
Issued during year - -
Balance at end of year 30,000,010 30,000,010
================== =================
Number of shares 30,000,010 30,000,010
================== =================
The Company had 30,000,010 ordinary shares in issue as at 31
December 2014
(2013: 30,000,010).
(a) The Companies Act Chapter 50 of Singapore abolished the
concept of authorized share capital and the Company is not
constrained by an authorized share capital in the memorandum of
association of the Company.
(b) The holders of ordinary shares are entitled to receive
dividends as declared from time to time and are entitled to one
vote per share at meetings of the company. All shares rank equally
with regard to the Company's residual assets.
At 31 December 2014, the Company has no Share Option Scheme.
9. Segmental reporting
For management purposes, the Group is organised into operating
segments based on the type of customers served and has three
segments plus a non-core activity which is being done on an ad-hoc
basis as follows:
(a) Bunker tankers: Our customers are principally bunker traders
operating in the port of Singapore. These traders charter the
Group's ships to supply bunker fuel to ships calling at the
port.
(b) Regional tankers: Yujin's customers are manufacturers and
traders of chemicals, including bitumen and vegetable oils, mainly
palm oils. Yujin provides logistics support to these customers by
transporting their products mainly within the Asia Pacific
region.
(c) Ship management and other related activities: The Group,
through its ship management company JR Orion Services Pte. Ltd,
provides crew and technical management as well as ancillary
services to ship owners.
(d) Bunker trade: Yujin is allocated an amount of bunker fuel by
suppliers for its own use. Yujin occasionally sells off any excess
over its own requirements. This non-core activity is being done at
the request of customers on ad hoc basis.
Revenue Operating profit
2014 2013 2014 2013
External customers USD '000 USD '000 USD '000 USD '000
Bunker tankers - 3,139 - 438
Regional tankers 5,778 5,122 559 362
Ship management and other
income 1,464 1,685 (667) 287
------------ ------------ ------------ -------------
Continuing operations 7,242 9,946 (108) 1,087
Bunker trade (non core
activity) - 409 - 7
------------ -------------
7,242 10,355 (108) 1,094
============ ============ ============ =============
Property, plant and equipment
(In USD ' 000)
At cost
1-Jan-14 Additions Disposals Adjustments Revaluation 31-Dec-14
Bunker tankers - - - - - -
Regional tankers 11,200 - - (1,069) 1,369 11,500
Ship management
and others 192 2 (49) - 145
Total 11,392 2 (49) (1,069) 1,369 11,645
========= ========== ========== ============ ============ ==========
Accumulated depreciation
Impairment
1-Jan-14 Additions Disposals Adjustments loss 31-Dec-14
Bunker tankers - - - - - -
Regional tankers - 1,069 - (1,069) - -
Ship management
and others 143 20 (47) - 116
Total 143 1,089 (47) (1,069) - 116
========= ========== ========== ============ ============ ==========
Net book value
1-Jan-14 Additions Disposals Adjustments Revaluation 31-Dec-14
Bunker tankers - - - - - -
Regional tankers 11,200 (1,069) - - 1,369 11,500
Ship management
and others 49 (18) (2) - - 29
Total 11,249 (1,087) (2) - 1,369 11,529
========= ========== ========== ============ ============ ==========
At cost
1-Jan-13 Additions Disposals Adjustments Revaluation 31-Dec-13
Bunker
tankers 7,772 - (6,555) (190) (1,027) -
Regional
tankers 26,709 535 (14,209) (1,821) (14) 11,200
Ship
management
and
others 167 41 (10) (6) 192
Total 34,648 576 (20,774) (2,017) (1,041) 11,392
================ ============== ============= =================== ================= ================
Accumulated depreciation
1-Jan-13 Additions Disposals Adjustments Impairment 31-Dec-13
loss
Bunker
tankers - 948 (948) - - -
Regional
tankers - 1,115 - (1,821) 706 -
Ship
management
and
others 141 17 (10) (5) - 143
Total 141 2,080 (958) (1,826) 706 143
================ ============== ============= =================== ================= ================
Net book value
1-Jan-13 Additions Disposals Adjustments Revaluation 31-Dec-13
Bunker
tankers 7,772 (948) (5,607) (190) (1,027) -
Regional
tankers 26,708 (580) (14,209) - (720) 11,200
Ship
management
and
others 26 24 - (1) - 49
Total 34,506 (1,504) (19,816) (191) (1,747) 11,249
================ ============== ============= =================== ================= ================
Additions in the regional tankers segment in 2014 and 2013
relate to dry docking expenditure and exchanges differences.
Impairment loss and total liabilities are not disclosed on a
segmental basis because that information is not provided to the
Chief Operating Decision maker of the group.
Geographical segments: The assets and operations of the Company
are primarily located in Singapore, except the regional tankers
which ply in the oceans in the Asia Pacific region, but may
occasionally sail beyond if needed.
10. Availability of this announcement
Copies of this announcement will be available from the Company's
registered office, at 400 Orchard Road, #20-05 Orchard Towers,
Singapore 238875 and on the Company's website,
www.yujininternational.com. The Report & Accounts for the year
ended 31 December 2014 have been posted to shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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