TIDMYUJ
RNS Number : 1026N
Yujin International Ltd
04 June 2010
YUJIN INTERNATIONAL LTD.
("Yujin", the "Company" or "the Group")
Preliminary Unaudited Annual results, Trading Update and Notice of AGM
NB: The currency used in this report is in US$ unless otherwise indicated.
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 preliminary
unaudited annual results in respect of the year ended 31 December 2009. Yujin
was admitted into AIM in February 2009.
Highlights
· Yujin owned tonnage increased to 27,281 DWT as at 31st December 2009 from
22,282 DWT as at 31st December 2008 with the delivery of MT Arcturus in February
2009 bringing the fleet to six vessels.
· Revenue derived from chartering out the fleet increased to $13.3 million
from $10.8 million, up by 23%, in line with the Company's strategy of growing
its regional logistics business.
· Consolidated net revenue for 2009 was $15.43 million against $18.34 million
in 2008. This reduction is due to the deliberate curtailment in the second half
of 2009 in bunker (marine fuel oil) trading, a non-core activity which earns
minimal margins. Bunker sales were down by $5.51 million from $6.52 million in
2008 to $1.01 million in 2009 versus the drop in net revenue of $2.91 million.
This meant that core activities increased by $2.60 million in 2009.
· As previously announced, Yujin has contracted to build two new tankers with
an option for two more. Yujin expects to take delivery of the two tankers in the
first half of 2011. The option to build two more tankers was allowed to lapse as
Yujin believes that with the current situation of over supply versus demand,
other opportunities will avail themselves. The addition of these two tankers
will increase Yujin's owned tonnage by a further 40% to 38,281 DWT.
· Despite an increase in operating revenue (total revenue less bunker trade)
Yujin's group operating profit before financing charges, the one time AIM
admission costs and taxation fell from $4.04 million in 2008 to $1.38 million in
2009. This was due largely to the results of the regional tankers. Further
comments are provided below. Profit from operation for 2009 after the one time
write-off of AIM admission cost of $1.24 million was $135,055.
Unaudited revenue and operating results for the business segments are as
follows:
Revenue Operating result
(In US$ '000) 2009
20082009 2008
Bunker tankers 7,685 7,878
3,285 4,140
Regional tankers 4,922 2,210
(2,021) (340)
Ship management and other
related activities 1,811 1,733
112 132
Operating revenue 14,418 11,821
1,376 3,932
Bunker trade 1,012 6,520
- 85
Total revenue 15,430 18,341
1,376 4,017
AIM admission cost (one-time)
(1,241) - .
Profit from operations
135 4,017
Comments on the performance of each operating segment:
Bunker tankers
This segment is served by Yujin's four bunker tankers with a combined tonnage of
17,284 DWT. The ships have been on time charter and recently had their contracts
renewed until spring 2011. Yujin's bunker tankers operate in the port of
Singapore refuelling ships as they call at Singapore. Singapore is the largest
bunker port in the world and the board expects the tankers in this operating
segment to continue trading with such positive results.
Regional tankers
Team Bee and Arcturus are the two tankers owned by Yujin servicing this sector.
Team Bee is a chemical tanker of 4,998 DWT. Arcturus is a bitumen tanker of
4,999 DWT. Arcturus was added to Yujin's fleet in February 2009. These two
tankers earn freight income on the spot market. 2009 was a difficult period with
volume and freight rates falling significantly due to the poor economic
situation. Additionally, operating costs remained high in both bunker (fuel)
costs, which track crude oil prices, and crew wages. As reported previously,
Arcturus encountered a fire on board the vessel in May 2009 and although the
repair costs were covered by insurance, the off hire for repairs resulted in a
substantial loss of revenue. These were the key reasons for the losses incurred
in this sector. Management however remains optimistic with the growth potential
in this segment as the economy in Asia Pacific is expected to lead global
recovery. Yujin will be taking delivery of two new chemical tankers in the first
half of 2011 which will more than double its current tonnage in the regional
tanker segment from 9,997 DWT to 20,997. Yujin will be well poised to grow when
the economy recovers.
Ship management and other Income
Yujin, through its wholly owned subsidiary, JR Orion Service Pte Ltd. managed
between 15 to 18 ships throughout 2009. This activity and other related ship
management activities generated a total revenue of $1.81 million, an increase of
4.6% from $1.73 million in 2008. The group's fleet is managed by JR Orion. Ship
management currently covers crew as well as technical management. This could be
extended to include commercial management, a future potential stream of income
which the Group will explore due to the synergies this could bring.
Bunker trading
This is not a trading activity that Yujin intends to pursue. This operation has
in the past been incidental to Yujin's core activities. Yujin has an allocation
of bunker fuel which is normally higher than required for its own usage. The
surplus has in the past been purchased and immediately resold as Yujin does not
take positions on bunker pricing. This activity generated insignificant margins
and as such, management has decided to discontinue bunker trading and have done
so in the second half of 2009.
Cash flow
Operational cash flows after the one time write off of $1.24 million relating to
the Company's admission to AIM in February of 2009 and after working capital
changes in 2009 were $2.95 million. This was sufficient to cover the loan
interest and principal repayments of the Group. Investing activities in 2009
were covered by cash held in reserves plus additional loan financing. No surplus
cash was generated in 2009.
Dividend
The directors do not recommend a dividend be paid for the year ended 31 December
2009.
Summary
The revenue and performance of both the bunker tankers and ship management
segments have been relatively stable despite the global financial and economic
crisis. This is due to the strong performance of the Singapore Bunker Port which
supports Yujin's bunker fuel logistic services and Yujin's strong technical
capability in managing ships on its own and third party owners' behalf. The
losses incurred in the regional logistics segments were due to two factors; a)
start up costs associated with taking delivery of Arcturus and the fire incident
and b) the fall in economic activities, specifically in the chemical and oil
trade in the region.
Yujin remains cautiously optimistic with its operations in the bunker tankers
and ship management sectors. However business in the regional tankers sector
continues to be uncertain and performance in this sector has to date not been up
to the board's expectations. The continued uncertainty in the regional tankers
sector in the first few months of 2010 is further being compounded with the Euro
Zone issues; the board now expects this sector to face extreme challenges till
at least the third or even the fourth quarter of 2010.
Keen Whye Lee
Chairman
Yujin International Limited
4 June 2010
For further information please contact:
Yujin International Ltd Tel: + (65) 6226 2963
Bernard Lim
Keen Whye Lee
www.yujininternational.com
Seymour Pierce Limited Tel: 020 7107 8000
Nicola Marrin
Catherine Leftley
Annual General Meeting ('AGM') and Posting of Annual Report
The AGM will be held on 30 June 2010 at 10.00 AM, Singapore time, at the
Company's registered office: 400 Orchard Road, #20-05 Orchard Towers, Singapore
238875. The Notice of AGM will be sent to shareholders together with a copy of
the Annual Report and Accounts.
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2009
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | Unaudited | | Audited |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | 2009 | | 2008 |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | USD | | USD |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Revenue | | | 15,429,724 | | 18,341,361 |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| Costs and expenses | | | | | |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Cost of sales | | | 8,992,934 | | 10,266,129 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Agency fee | | | 2,485 | | |
| | | | | | | - |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Depreciation | | | 2,590,641 | | 1,803,370 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Directors' fees | | | 130,470 | | 28,873 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Staff costs | | | 1,590,755 | | 1,365,423 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Write off of AIM listing expenses | | | 1,240,780 | | |
| | | | | | | - |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Other operating expenses | | | 746,604 | | 859,811 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | (15,294,669) | | (14,323,606) |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Profit from operations | | | 135,055 | | 4,017,755 |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Finance costs | | | (508,023) | | (388,548) |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| Interest income | | | 71 | | 18,995 |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| Share of profit of an associated company | | | | | 3,325 |
| | | | - | | |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| (Loss)/profit before tax | | | (372,897) | | 3,651,527 |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Income tax expense | | | 67,353 | | (418,387) |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| (LOSS)/PROFIT FOR THE YEAR | | | (305,544) | | 3,233,140 |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Other comprehensive income | | | | | |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Foreign currency translation differences | | 263,661 | | (108,105) |
| | for subsidiaries | | | | |
+----------+--------------------------------------------+----------+-------------------+----------+--------------------+
| | Income tax on other comprehensive income | | | | | |
| | | | | - | | - |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Other comprehensive income for the year, net of tax | | | 263,661 | | (108,105) |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR | (41,883) | | 3,125,035 |
+------------------------------------------------------------------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Attributable to: | | | | | |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Equity holders of the company | | | 48,170 | | 3,126,801 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Non-controlling interests | | | (90,053) | | (1,766) |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR | (41,883) | | 3,125,035 |
+------------------------------------------------------------------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Attributable to: | | | | | |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Equity holders of the company | | | (215,491) | | 3,234,906 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Non-controlling interests | | | (90,053) | | (1,766) |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| (Loss)/profit for the year | | | (305,544) | | 3,233,140 |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| Earnings per share from continuing operations | | | | | |
+-----------------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Basic (in USD) | | | (0.007) | | 0.65 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | Diluted (in USD) | | | (0.007) | | 0.11 |
+----------+------------------------------------------+-+----------+-------------------+----------+--------------------+
| | | | | | | | |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
| |
+----------+----------+-------------------------------+-+----------+-------------------+----------+--------------------+
Yujin International Ltd.
Consolidated Statement of Financial Position as at 31 December 2009
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | Unaudited | | Audited |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | 2009 | | 2008 |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | USD | | USD |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| ASSETS | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| Non-current assets | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| | Plant and equipment | | | 33,004,285 | | 30,238,553 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Deferred tax | | | 972,988 | | 653,896 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | 33,977,273 | | 30,892,449 |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| Current assets | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| | Trade receivables | | | 1,033,519 | | 280,022 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Other receivables | | | 253,820 | | 15,934 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Deposits and prepayments | | | 1,034,854 | | 1,958,209 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Cash and cash equivalents | | | 620,569 | | 720,882 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | 2,942,762 | | 2,975,047 |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| Total assets | | | 36,920,035 | | 33,867,496 |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| EQUITY AND LIABILITIES | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| Equity attributable to equity holders of the Company | | | | |
+------------------------------------------------------+----------+-------------------+----------+-----------------+
| | Share capital | | | 3,317,897 | | 3,317,897 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Retained profits | | | 7,703,917 | | 7,919,408 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Translation reserve | | | 651,287 | | 387,626 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | 11,673,101 | | 11,624,931 |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| Non-controlling interest | | | 831 | | 90,884 |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| Total equity | | | 11,673,932 | | 11,715,815 |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| Non-current liabilities | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| | Loans from related companies | | | - | | 686,998 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Term loan (secured) | | | 12,310,168 | | 11,799,616 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Deferred tax | | | 2,980,328 | | 2,563,593 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | 15,290,496 | | 15,050,207 |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| Current liabilities | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| | Trade and other payables | | | 3,198,975 | | 2,992,931 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Loans from related companies | | | 711,744 | | - |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Term loan (secured) | | | 5,489,589 | | 3,947,054 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Bank overdraft (secured) | | | 533,806 | | - |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | Income tax payable | | | 21,493 | | 161,489 |
+----------+-----------------------------------------+-+----------+-------------------+----------+-----------------+
| | | | | | 9,955,607 | | 7,101,474 |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
| Total liabilities | | | 25,246,103 | | 22,151,681 |
+----------------------------------------------------+-+----------+-------------------+----------+-----------------+
| Total equity and liabilities | | | 36,920,035 | | 33,867,496 |
+----------+----------+------------------------------+-+----------+-------------------+----------+-----------------+
Consolidated Statement of Changes in Equity for the year ended 31 December 2009
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | Total | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | attributable | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | to | | |
| | | | | equity | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | holders | Non | |
| | | | | | - | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | Share | Translation | Retained | of the | Controlling | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | capital | reserve | profits | Company | interest | Total |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | USD | USD | USD | USD | USD | USD |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Balance at 31 | 3,317,897 | 495,731 | 6,114,190 | 9,927,818 | 92,650 | 10,020,468 |
| December 2007 - | | | | | | |
| Audited (restated) | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Net profit for the | - | - | 3,234,906 | 3,234,906 | (1,766) | 3,233,140 |
| year | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Other | | | | | | |
| comprehensive | | | | | | |
| income: | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Currency | | (108,105) | | (108,105) | | (108,105) |
| translation | | | | | | |
| differences | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Total | - | (108,105) | 3,234,906 | 3,126,801 | (1,766) | 3,125,035 |
| comprehensive | | | | | | |
| income / (loss) | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Dividends paid | - | - | (1,429,688) | (1,429,688) | - | (1,429,688) |
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Balance at 31 | 3,317,897 | 387,626 | 7,919,408 | 11,624,931 | 90,884 | 11,715,815 |
| December 2008 - | | | | | | |
| Audited | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Net loss for the | - | | (215,491) | (215,491) | (90,053) | (305,544) |
| year | | - | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Other | | | | | | |
| comprehensive | | | | | | |
| income: | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Currency | - | 263,661 | - | 263,661 | | 263,661 |
| translation | | | | | - | |
| differences | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Total | - | 263,661 | (215,491) | 48,170 | (90,053) | (41,883) |
| comprehensive | | | | | | |
| income/(loss) | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
| Balance at 31 | 3,317,897 | 651,287 | 7,703,917 | 11,673,101 | 831 | 11,673,932 |
| December 2009 - | | | | | | |
| Unaudited | | | | | | |
+--------------------+---------------+--------------+-----------------+------------------+---------------+-----------------+
Consolidated Statement of Cash Flows for the year ended 31 December 2009
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | Unaudited | | Audited |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | 2009 | | 2008 |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | USD | | USD |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Operating activities | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | Net (loss)/profit before tax | | | (372,897) | | 3,651,527 |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Adjustments for: | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | Exchange gains and losses | | | 88,122 | | (174,582) |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Finance costs | | | 508,023 | | 388,548 |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Property, plant and equipment written | | | 45 | | 2,302 |
| | off | | | | | |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Depreciation | | | 2,590,641 | | 1,803,370 |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Interest received | | | (71) | | (18,995) |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Share of profit of an associated | | | - | | (3,325) |
| | company | | | | | |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | 3,186,760 | | 1,997,318 |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Operating profit before working capital changes | | | 2,813,863 | | 5,648,845 |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| | Decrease/(increase) in deposits and | | | 923,355 | | (1,687,514) |
| | prepayments | | | | | |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | (Increase)/decrease in trade | | | (753,497) | | 189,610 |
| | receivables | | | | | |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Increase in other receivables | | | (237,886) | | (4,013) |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Increase in trade and other payables | | | 206,044 | | 1,120,191 |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | 138,016 | | (381,726) |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Cash flows from operations | | | 2,951,879 | | 5,267,119 |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | Income tax paid | | | - | | (3,620) |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| Net cash flows from operating activities | | | 2,951,879 | | 5,263,499 |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Investing activities | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | Purchase of plant and equipment | | | (3,969,719) | | (5,294,350) |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Interest received | | | 71 | | 18,995 |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| Net cash flows from investing activities | | | (3,969,648) | | (5,275,355) |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Financing activities | | | | | |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | Dividends paid | | | - | | (1,429,688) |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Payment of term loan interest | | | (508,023) | | (388,548) |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Payment of term loan financing | | | (2,460,327) | | (2,839,824) |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Drawdown of loan financing | | | 3,352,000 | | |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| | Loan from related parties | | | - | | 686,998 |
| | | | | | | |
+----------+-----------------------------------------+-+----------+-------------------+----------+------------------+
| Net cash flows from financing activities | | | 383,650 | | (3,971,062) |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Net decrease in cash and cash equivalents | | | (634,119) | | (3,982,918) |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Cash and cash equivalents at beginning of year | | | 720,882 | | 4,703,800 |
+----------------------------------------------------+-+----------+-------------------+----------+------------------+
| | | | | | | | |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
| Cash and cash equivalents at end of year | | | 86,763 | | 720,882 |
+----------+----------+------------------------------+-+----------+-------------------+----------+------------------+
Notes to the financial information
For the year ended 31 December 2009
1. Basis of preparation
The non-statutory financial information set out in this announcement does not
constitute the Company's non-statutory accounts for the years ended 31 December
2009 and 2008. Except as shown below, the financial information for the year
ended 31 December 2009 has been prepared using the accounting policies which are
consistent with those adopted in the non-statutory audited accounts for the year
ended 31 December 2009. The non-statutory financial information for the year
ended 31 December 2008 is derived from the non-statutory accounts for that year.
Certain comparative line items within the cost and expenses section of the
consolidated income statement have been re-analysed to conform to the current
year presentation. The non-statutory auditors have reported on the 2008
accounts; their report was unqualified. Whilst the non-statutory auditors have
not yet reported on the non-statutory financial statements for the year ended 31
December 2009, they anticipate issuing an unqualified report. The non-statutory
accounts for the year ended 31 December 2009 will be finalised on the basis of
the non-statutory financial information presented by the Directors in this
preliminary announcement. The non-statutory financial information set out in
this announcement was approved by the Board of Directors on 4 June 2010
2. Summary of significant accounting policies
Basis of accounting
The Company's non-statutory financial information has been prepared in
accordance with the accounting policies adopted by the Group which are
consistent with those adopted in the non-statutory financial statements for the
year ended 31 December 2009 and with the recognition and measurement criteria of
International Financial Reporting Standard (IFRS).
The Company has adopted the following standards in the year, IAS1 (revised)
Presentation of Financial Statements and IFRS 8 Operating Segments.
Basis of consolidation
The consolidated non-statutory financial statements incorporate the
non-statutory financial statements of the Company and enterprises controlled by
the Company (its subsidiaries) made up to 31 December each year. Control is
achieved where the Company has the power to govern the financial and operating
policies of a subsidiary.
Non-controlling interests in the net assets of consolidated subsidiaries are
identified separately from the group's equity therein. Non-controlling interests
consist of the amount of those interests at the date of the original business
combination and the non-controlling interests' share of changes in equity since
the date of the combination. Losses applicable to the non-controlling party's
interests in excess of the non-controlling interests' interest in the
subsidiary's equity are allocated against the interests of the group except to
the extent that the non-controlling interests has a binding obligation and is
able to make additional investment to cover the losses.
The results of subsidiaries acquired or disposed of during the period are
included in the consolidated income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
All intra-group transactions and balances are eliminated on consolidation.
Plant and equipment
Plant and equipment are stated at cost or valuation less accumulated
depreciation and any impairment in value. All items of plant and equipment are
initially recorded at cost.
Depreciation is calculated on the straight line method to write off the cost or
valuation of the assets, less residual value, over their estimated useful lives.
The estimated useful lives have been taken as follows:
Group
Vessels 10 to 30 years
Computer software 3 years
Office equipment 5 years
Office furniture 5 years
Office renovation 3 years
Fully depreciated assets still in use are retained in the financial statements.
The bunker tankers, which were purchased second hand are being depreciated over
10 to 12 years. A second hand tanker which was converted to double hull is being
depreciated over 20 years and new vessels are depreciated over 30 years.
Loans
The group term loans and banking overdrafts are secured by:
- A first priority legal mortgage on the Company's vessels
- Joint and several guarantee from two of the Company's directors; and
- Corporate guarantee from the Company and its subsidiaries.
- Term loans are repayable over 60 monthly instalments and carry interest
varying between 1.89% and 3.84% p.a. (2008: 2.94% to 7.01%)
- Overdraft loans are charged interest at the Company banker's prime rate of
4.25%
- Based on the Company's outstanding loan of $18,333,563 at the end of 2009,
an increase of 1% in interest charge will increase it financing cost by
$183,336.
Taxation
The tax charge represents the sum of current and deferred tax.
Current tax payable is based on taxable profits for the year. Taxable profits
differ from net profits as reported in the income statement because it excludes
items that are taxable or deductible in other years and items that are not
taxable or deductible. The group's liability for current tax is calculated using
tax rates that have been enacted or substantively enacted at the balance sheet
date.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the liability method. Deferred tax
liabilities are recognised for all temporary differences and deferred tax assets
are recognised to the extent that it is probable that taxable profits will be
available against which temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability or the asset is realised.
3. Taxation on profit from ordinary activities
+------------------------------+----------------+-+----------------+
| | Unaudited | | Audited |
+------------------------------+----------------+-+----------------+
| | 2009 | | 2008 |
+------------------------------+----------------+-+----------------+
| | USD | | USD |
+------------------------------+----------------+-+----------------+
| Current year income tax | - | | 140,384 |
+------------------------------+----------------+-+----------------+
| Over provision in prior year | (138,437) | | (107,818) |
+------------------------------+----------------+-+----------------+
| | (138,437) | | 32,566 |
+------------------------------+----------------+-+----------------+
| Deferred tax | 71,084 | | 385,821 |
+------------------------------+----------------+-+----------------+
| | (67,353) | | 418,387 |
+------------------------------+----------------+-+----------------+
The income tax expense varied from the amount of income tax expense determined
by applying the Singapore income tax rate of 17% (2008: 18%) to estimated
chargeable income as a result of the following differences:
+------------------------------+------------------+-+------------------+
| | Unaudited | | Audited |
+------------------------------+------------------+-+------------------+
| | 2009 | | 2008 |
+------------------------------+------------------+-+------------------+
| | USD | | USD |
+------------------------------+------------------+-+------------------+
| Current tax change | | | |
+------------------------------+------------------+-+------------------+
| Income tax expense at | 565,113 | | 720,218 |
| statutory rate | | | |
+------------------------------+------------------+-+------------------+
| Non-allowable items | 454,135 | | 330,956 |
+------------------------------+------------------+-+------------------+
| Non-taxable items | (174) | | (658) |
+------------------------------+------------------+-+------------------+
| Unabsorbed capital | (232,530) | | (854,906) |
| allowances utilised | | | |
+------------------------------+------------------+-+------------------+
| Over provision in prior year | (138,436) | | (107,818) |
+------------------------------+------------------+-+------------------+
| Section 14Q deduction | (710) | | - |
| | | | |
+------------------------------+------------------+-+------------------+
| Tax exemption | (88,447) | | (55,226) |
+------------------------------+------------------+-+------------------+
| Group relief to be utilised | (697,388) | | - |
+------------------------------+------------------+-+------------------+
| Movement in deferred tax | (319,565) | | 126,350 |
| assets | | | |
+------------------------------+------------------+-+------------------+
| Movement in deferred tax | 390,649 | | 259,471 |
| liability | | | |
+------------------------------+------------------+-+------------------+
| Total income tax expense | (67,353) | | 418,387 |
+------------------------------+------------------+-+------------------+
4. Earnings per share: The basic and diluted earnings per share (EPS) in each
year are calculated by reference to the earnings attributable to ordinary
shareholders divided by the weighted average number of shares in issue as
follows:
Basic
Loss attributable to equity holders of the company USD (215,491) (2008: profit
of USD 3,234,906). Weighted average number of ordinary shares in issue for the
purpose of calculating basic EPS: 30,000,010 (2008: 5,000,010).
Basic EPS USD (0.007) (2008 : USD 0.65)
Diluted
Loss attributable to equity holders of the company USD (215,491) (2008: profit
of USD 3,234,906). Weighted average number of ordinary shares in issue for the
purpose of calculating basic EPS: 30,000,010 (2008: 30,000,010). Diluted EPS ;
USD (0.007) (2008 : USD 0.11)
5. Share capital
+------------------------------+---------------+---------+----------------+
| | | Group | |
| | | and | |
| | |Company | |
+------------------------------+---------------+---------+----------------+
| | Unaudited | | Audited |
+------------------------------+---------------+---------+----------------+
| | 2009 | | 2008 |
+------------------------------+---------------+---------+----------------+
| | USD | | USD |
+------------------------------+---------------+---------+----------------+
| Issued and fully paid | | | |
+------------------------------+---------------+---------+----------------+
| Balance at beginning of year | 3,317,897 | | 3,317,897 |
+------------------------------+---------------+---------+----------------+
| Current year issued | - | | - |
| | | | |
+------------------------------+---------------+---------+----------------+
| Balance at end of year | 3,317,897 | | 3,317,897 |
+------------------------------+---------------+---------+----------------+
| | | | |
+------------------------------+---------------+---------+----------------+
| Comprises of the following: | | | |
+------------------------------+---------------+---------+----------------+
| (i) Ordinary shares | | | |
+------------------------------+---------------+---------+----------------+
| - Balance at beginning of | 3,317,897 | | 691,230 |
| year | | | |
+------------------------------+---------------+---------+----------------+
| - Reclassified | | | 2,626,667 |
| | - | | |
+------------------------------+---------------+---------+----------------+
| - Balance at beginning of | 3,317,897 | | 3,317,897 |
| year | | | |
+------------------------------+---------------+---------+----------------+
| | | | |
+------------------------------+---------------+---------+----------------+
| (ii) Preference shares | | | |
+------------------------------+---------------+---------+----------------+
| - Balance at beginning of | | | 2,626,667 |
| year | - | | |
+------------------------------+---------------+---------+----------------+
| - Reclassified | | | (2,626,667) |
| | - | | |
+------------------------------+---------------+---------+----------------+
| - Balance at beginning of | - | | - |
| year | | | |
+------------------------------+---------------+---------+----------------+
(a) As at 1 January 2008, the number of redeemable preference shares in issue
was 5,000,000. During 2008, all 5,000,000 issued redeemable preference shares of
the Company were converted into ordinary shares at a conversion ratio of one
preference share to one ordinary share on 31 December 2008. This converted
ordinary shares were aggregated with the 1,000,002 ordinary shares in issue as
at 1 January 2008 making the total 6,000,002. This combined number of ordinary
shares were then subdivided on 31 December 2008 in such manner so that every one
ordinary share was divided into five ordinary shares and that the issued
6,000,002 ordinary shares of the Company were in aggregate subdivided into
30,000,010 ordinary shares. The above is summarised as follows:
+------------------------------+--------------+-+---------------+
| | Unaudited | | Audited |
+------------------------------+--------------+-+---------------+
| | 2009 | | 2008 |
+------------------------------+--------------+-+---------------+
| | Number | | Number |
+------------------------------+--------------+-+---------------+
| | | | |
+------------------------------+--------------+-+---------------+
| Issued ordinary shares at | 30,000,010 | | 1,000,002 |
| beginning of the year | | | |
+------------------------------+--------------+-+---------------+
| Reclassification of | - | | 5,000,000 |
| preference shares | | | |
+------------------------------+--------------+-+---------------+
| Subdivision of shares | - | | 24,000,008 |
| | | | |
+------------------------------+--------------+-+---------------+
| Issued shares at 31 December | 30,000,010 | | 30,000,010 |
| | | | |
+------------------------------+--------------+-+---------------+
(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.
(c) At 31 December 2009, the Company has no Share Option Scheme.
6. 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 .
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KKQDDBBKDQAK
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