TIDMYUJ
RNS Number : 0312P
Yujin International Ltd
28 September 2011
26 September 2011
Yujin International Ltd ("Yujin" 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
2011.
Key Points
v Shipping Revenue increased 17% from US$ 6.4 million to US$ 7.5
million.
v Fuel costs increased 35% year on year, partially offset by
higher charter freight rates in the Spot Market.
v The charters of the Group's four bunker tankers were all
renewed for another 12 months with their existing charterers.
v An asset revaluation exercise carried out in this period has
led to greater depreciation charges for its owned tankers, in turn
contributing to an operating loss for the period.
v Yujin expects business to remain difficult in the current
challenging shipping environment in the Asia Pacific region.
For further information please contact:
Yujin International Ltd. Tel: 00 (65) 6226 2963
Pris Peh
Keen Whye LEE
Or visit www.yujininternational.com
Seymour Pierce Limited Tel: 020 7107 8000
Nicola Marrin/Catherine Leftley
Leti McManus
CHAIRMAN'S STATEMENT
The Board of Yujin International Ltd. ("Yujin", the "Company" or
the "Group") is pleased to present its interim financial report for
the six months ended 30 June 2011. During the period the Group
recorded an increase in total revenue of US$ 2.3 million to US$ 9.6
million but incurred a loss before taxation of US$ 0.3 million.
Shipping Revenue increased 17% year on year as spot prices
increased as a result of higher fuel costs which market will factor
in the spot charter rates. However, on the other side, these higher
fuel costs as well as higher depreciation charges resulted in an
operating loss for the first six months.
A summary of the Group's unaudited revenue and operating profit
for the six months ended 30 June 2011 and comparative figures for
the same period in 2010 is presented below:
Operating (loss)
Revenue / profit
USD'000 2011 2010 Change 2011 2010 Change
Bunker tankers 4,201 3,772 429 1,130 1,460 (330)
Regional tankers 2,718 2,094 624 (922) (818) (104)
Ship management
and other income 592 535 57 141 152 (11)
------ ------ ------- ------ ------ -------
Shipping revenue 7,511 6,401 1,110 349 794 (445)
Bunker trade
(non core activity) 2,045 905 1,140 - - -
------ ------ -------
Total 9,556 7,306 2,250 349 794 (445)
====== ====== =======
Central costs - (113) 113
Finance costs (630) (229) (401)
(Loss) / profit
before tax (281) 452 (733)
====== ====== =======
REGIONAL TANKERS
As previously announced, the impact of the devastating
earthquake and tsunami that rocked Japan has negatively affected
the shipping industry in the Asia Pacific region. The chemical
trading pattern changed to smaller cargo parcels, lowering average
tonnage per shipment.
In the Spot Charter market, higher freight rates reflected the
market condition as well as variable costs including fuel costs. In
spite of smaller cargo parcels, the higher freight rates resulted
in our regional tankers revenue increasing USD 0.6 million to USD
2.7 million.
However, fuel costs went up 35% year on year and this, together
with higher depreciation charges following an asset revaluation
exercise pursuant to IAS 36 accounting standard's requirements
during the period, resulted in the Regional Tankers incurring an
operating loss of USD 0.9 million.
In this continuing difficult trading environment, the chartering
team have had to continue to accept smaller cargo parcels. High
fuel costs are expected to remain and higher depreciation will
continue to be charged.
BUNKER TANKERS
Yujin's Bunker Tankers business continued to perform well. The
Group's four tankers are on Time Charter and were all renewed for
another 12 months with the current charterers.
As the Bunker Tankers revenue is denominated in Singapore
Dollars, the increase in revenue was due to weakening United States
Dollar, amounting to USD 0.4 million.
The reduction in operating profit was due to higher depreciation
charges which went up USD 0.5 million compared to June 2010. The
asset revaluation exercise carried out this year increased all the
four vessels valuation, resulting in higher depreciation
charge.
SHIP MANAGEMENT AND RELATED ACTIVITIES
Yujin, through its wholly owned subsidiary, JR Orion, managed
the six vessels owned by the Group plus eleven vessels owned by
third parties. The level of activity in this segment has stayed
relatively stable in the six months to 30 June 2011.
CURRENT TRADING AND OUTLOOK
Looking ahead, the company faces a challenging operating
environment due to an uncertain economic landscape, higher
operating costs and the continued pressure from an oversupplied
market in relation to its Regional Tankers business.
LEE Keen Whye
Non Executive Chairman
26 September 2011
Consolidated Statement of Comprehensive Income
Unaudited interim results for the six months ended 30 June
2011
Unaudited Unaudited Audited
Six Six
months months Year ended
to 30 to 30
June June 31 December
Note 2011 2010 2010
USD'000 USD'000 USD'000
Revenue 9,321 6,401 15,120
Other income 235 905 517
---------- ---------- ------------
9,556 7,306 15,637
Costs and expenses
Cost of sales 5,595 4,070 8,229
---------- ---------- ------------
Agency fee 60 - 2
Depreciation 2,240 1,412 3,103
Other operating expenses 1,312 1,143 2,494
---------- ---------- ------------
(9,207) (6,625) (13,828)
---------- ---------- ------------
Profit from operations 349 681 1,808
Finance costs (630) (229) (1,282)
---------- ---------- ------------
Profit/(loss) before
tax (281) 452 526
Income tax income/(expense) 3 - (21) (441)
PROFIT/(LOSS) FOR THE
PERIOD (281) 431 85
========== ========== ============
Other comprehensive
income
Foreign currency
translation differences
for subsidiaries 653 124 1,360
---------- ---------- ------------
Revaluation of property,
plant and equipment - - 9,262
---------- ---------- ------------
Other comprehensive income
for the year, net of tax 653 124 10,622
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE
YEAR 372 555 10,707
========== ========== ============
Attributable to :
Equity holders of
the company 518 502 8,985
Non-controlling interests (146) 53 1,722
Total comprehensive
income/(loss) for the
year 372 555 10,707
========== ========== ============
Attributable to :
Equity holders of
the company (135) 378 48
Non-controlling interests (146) 53 37
Profit/(loss) for the
year (281) 431 85
========== ========== ============
Earnings per share
Basic (in USD) 4 (0.005) 0.010 0.002
Diluted (in USD) 4 (0.005) 0.010 0.002
Consolidated Statement of Financial Position
Unaudited interim results at 30 June 2011
Unaudited Unaudited Audited
As As
at at As at
30 30 31
June June December
Note 2011 2010 2010
ASSETS USD'000 USD'000 USD'000
Non-current assets
Property, plant and
equipment 48,578 36,805 48,245
---------- ---------- ---------
Deferred tax 1,481 973 1,481
---------- ---------- ---------
50,059 37,778 49,726
Current assets
Trade and other receivables 5 3,440 1,997 2,792
---------- ---------- ---------
Amount receivable
from a related company 50 - 48
Cash and cash equivalents 162 233 753
---------- ---------- ---------
3,652 2,230 3,593
Total assets 53,711 40,008 53,319
========== ========== =========
EQUITY AND LIABILITIES
Equity attributable to
equity holders of the Company
Share capital 3,318 3,318 3,318
---------- ---------- ---------
Revaluation reserve 7,688 - 7,578
Currency translation
reserve 2,554 775 2,011
Retained earnings 7,617 8,082 7,752
---------- ---------- ---------
21,177 12,175 20,659
Non-controlling interests 1,576 54 1,722
Total equity 22,753 12,229 22,381
========== ========== =========
Unaudited Unaudited Audited
As As
at at As at
30 30 31
June June December
Note 2011 2010 2010
USD'000 USD'000 USD'000
Non-current liabilities
Loans from related
companies 966 712 774
---------- ---------- ---------
Term loan (secured) 15,180 13,605 15,483
Deferred tax 4,196 2,980 4,109
---------- ---------- ---------
20,342 17,297 20,366
Current liabilities
Trade and other payables 4,308 4,552 5,154
---------- ---------- ---------
Amount payable from
a related company 78 - 19
Term loan (secured) 5,016 4,443 5,399
Bank overdraft (secured) 1,214 1,446 -
Income tax payable - 42 -
---------- ---------- ---------
10,616 10,483 10,572
---------- ---------- ---------
Total liabilities 30,958 27,780 30,938
Total equity and liabilities 53,711 40,008 53,319
========== ========== =========
Consolidated Cash Flow Statement
Unaudited interim results for the six months ended 30 June
2011
Unaudited Unaudited Audited
Six Six
months months Year ended
to 30 to 30
June June 31 December
Note 2011 2010 2010
USD'000 USD'000 USD'000
Cash flows from operating
activities
Profit/(loss) before
taxation (281) 452 526
Adjustments for:
Bank loan interest 267 229 649
---------- ---------- ------------
Exchange gains and
losses - 123 -
Property, plant and
equipment written off - 15 9
Depreciation 2,240 1,412 3,103
2,507 1,779 3,761
---------- ---------- ------------
Operating profit before
working capital changes 2,226 2,231 4,287
(Increase) in trade
and other receivables (650) 324 (470)
---------- ---------- ------------
Increase in trade and
other payables (846) 1,353 1,955
---------- ---------- ------------
(1,496) 1,677 1,485
---------- ---------- ------------
Cash generated from/(used
in) operations 730 3,908 5,772
Income tax paid - - -
---------- ---------- ------------
Net cash flows from operating
activities 730 3,908 5,772
Cash flows from investing
activities
Purchase of property,
plant and equipment (1,743) (5,228) (3,348)
---------- ---------- ------------
Net cash flows from/(used
in) investing activities (1,743) (5,228) (3,348)
Cash flows from financing
activities
Payment of term loan
interest (267) (229) (649)
---------- ---------- ------------
Payment of term loan
financing (2,262) (2,902) (4,682)
Amount payable to a
related company 59 - 34
Proceeds from term
loan 1,575 3,151 3,038
---------- ---------- ------------
Net cash flows from/(used
in) financing activities (895) 20 (2,259)
---------- ---------- ------------
Net increase/(decrease)
in cash and cash equivalents (1,908) (1,300) 165
Cash and cash equivalents
at beginning of year 753 87 87
Effect of exchange rate
changes 103 - 501
Cash and cash equivalents
at end of year (1,052) (1,213) 753
========== ========== ============
Consolidated Statement of Changes in Equity
Unaudited interim results for the six months ended 30 June
2011
Total
attributable
to equity
Share Translation Revaluation Retained holders Non-controlling Total
of the
capital reserve reserve earnings Company interests equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Balance at 1
January 2010 3,318 651 - 7,704 11,673 1 11,674
Total comprehensive
income/(loss) for the
year
Profit for the
year - - - 48 48 37 85
Other
comprehensive
income :
Revaluation of
property,
plant and
equipment - - 7,578 - 7,578 1,684 9,262
Currency
translation
differences - 1,360 - - 1,360 - 1,360
-------- ------------ ------------ --------- ------------- ---------------- --------
Total
comprehensive
income - 1,360 7,578 48 8,986 1,721 10,707
-------- ------------ ------------ --------- ------------- ---------------- --------
Balance at 31
December 2010 3,318 2,011 7,578 7,752 20,659 1,722 22,381
Profit for the
period - - - (135) (135) (146) (281)
Other
comprehensive
income :
Currency
translation
differences - 543 110 653 - 653
-------- ------------ ------------ --------- ------------- ---------------- --------
Total
comprehensive
income - 543 110 (135) 518 (146) 372
-------- ------------ ------------ --------- ------------- ---------------- --------
Balance at 30
June 2011 3,318 2,554 7,688 7,617 21,177 1,576 22,753
======== ============ ============ ========= ============= ================ ========
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 2011 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 2010 have
been extracted from those financial statements.
The results for the year ended 31 December 2010 have been
extracted from the financial statements for Yujin International Ltd
for the year ended 31 December 2010 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 2010, 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
2010 and are also those expected to be applied in the forthcoming
financial statements for the year ended 31 December 2011.
The interim financial information for the six months ended 30
June 2011 was approved by the directors on 26 September 2011.
3. Taxation
The tax charge for the six months period to 30 June 2011 is
estimated at US$ Nil (2010: US$ 21,000) or Nil (2010: 5%) which is
the estimated effective rate of tax.
4. Earnings/(loss) per share
The basic and diluted earnings/(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
(Loss)/profit attributable to equity holders of the Company:
(US$ 135,000)
(2010: US$ 378,000)
Weighted average number of ordinary shares in issue for the
purpose of calculating earnings per share: 30,000,010 (2010:
30,000,010)
(Loss)/profit per share: (US$ 0.005) (2010: US$ 0.01)
5. Trade and other receivables
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30
June June 31 December
USD'000 2011 2010 2010
Trade receivables 1,169 1,164 1,267
Other receivables 998 527 272
Deposits 821 37 738
Prepayments 452 269 515
----------- ----------- ------------
3,440 1,997 2,792
=========== =========== ============
Included in deposits and prepayments, as at 30 June 2010 and 31
December 2010, were payments towards the new builds at the initial
stage. These payments were transferred to "vessels under
construction" under the property, plant and equipment account, once
construction work began.
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 to 30
June June 31 December
USD'000 2011 2010 2010
Bunker tankers 4,201 3,772 7,377
Regional tankers 2,718 2,094 5,981
Ship management
and other income 592 535 994
----------- ----------- ------------
Shipping revenue 7,511 6,401 14,352
Bunker trade (non
core activity) 2,045 905 1,285
9,556 7,306 15,637
=========== =========== ============
Operating (loss) /
profit
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30
June June 31 December
USD'000 2011 2010 2010
Bunker tankers 1,130 1,460 2,451
Regional tankers (922) (818) (938)
Ship management
and other income 141 152 295
----------- ----------- ------------
Shipping revenue 349 794 1,808
Bunker trade (non
core activity) - - -
----------- ----------- ------------
349 794 1,808
Central costs - (113) -
Finance costs (630) (229) (1,282)
(Loss) / profit
before tax (281) 452 526
=========== =========== ============
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
IR MMGZLDNGGMZM
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