CMB GROUP 
By CMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pmFINAL HALF YEAR RESULTS 2011During its meeting of 30 August 2011, CMB’s board of directors approved the final consolidated accounts for the six months period ended 30 June 2011.
The consolidated result for the first half of 2011 amounts to EUR 19.144.000 (2010: EUR 85.855.000).The most important key figures are:
first half
The contribution to the result is as follows:
first half
in thousands of EUR 2011 2010 turnover 237.412 217.828
EBITDA 76.843 75.713 depreciation -33.313 -25.004
EBIT (operating result) 43.530 50.709 financial result -21.438 36.712 result before income tax 22.092 87.421 income tax expense -2.948 -1.566 result for the period 19.144 85.855 attributable to
owners of the Company 19.144 85.855 non-controlling interest 0 0
in thousands of EUR 2011 2010
Bocimar - dry bulk 32.881 42.689
ASL Aviation - aviation 7.306 1.605
Other activities -21.043 41.561
result for the period 19.144 85.855
Information per share:
first half
in EUR per share 2011 2010 number of shares 34.800.000 34.800.000
EBITDA 2,21 2,18
EBIT (operating result) 1,25 1,46 result for the period 0,55 2,47
All figures were prepared under IFRS (International Financial Reporting
Standards).
Bocimar’s contribution to the half-yearly 2011 consolidated result amounts to EUR 32.881.000 (2010: EUR 42.689.000). As a reminder, the result for the first half of 2010 included an amount of EUR 9,9 million of capital gains on the sale of two vessels.In the course of the first half of 2011 the following Handysize vessels joined the Bocimar fleet:
the CMB Julliette (33.684 dwt), the CMB Boris (33.717 dwt), the CMB Yasmine (33.647 dwt), the CMB Virginie (32.626 dwt) and the CMB Ariane (33.660 dwt). Unless scrapping accelerates substantially and seaborne trade increases above average, Bocimar expects that the dry bulk markets for the next twelve to eighteen months will remain at low averages. Also second-hand values – that are already 15 to 20% lower compared to the start of the year – will further erode unless the market picks up.ASL Aviation (ASL) contributes EUR 7.306.000 (2010: EUR 1.605.000) to the half-yearly2011 consolidated result.
www.cmb.beCMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pm The Safair activities - acquired in September 2010 - have been fully integrated into the ASL Group and have achieved a better than expected result. The contribution of the Safair activities for the first half of the year amounts to EUR 4.762.000. ASL is optimistic about the outlook for the remainder of the year and will continue to focus on expanding its activities and renewing or extending existing business. ASL is a joint venture between CMB - 51% - and 3P Air Freighters (a private equity fund managed by Petercam) – 49%. The contribution of the Other activities amounts to a loss of EUR -21.043.000 (2010: EUR 41.561.000) to the consolidated result. This result takes into account, amongst others, a non-realised exchange rate loss of almost EUR 19 million on the USD cash position of the holding company CMB. For the same period in 2010 a non-realised exchange rate profit of approximately EUR 38 million was recorded. Early April the sale of Hessenatie Logistics to Groep H. Essers was finalised. The transaction price amounted to EUR 30.135.000. On this sale CMB realises a total capital loss of approximately EUR 5.632.000, of which EUR 1.364.000 was taken up in the 2010 results. The balance of EUR 4.268.000 million is included in the consolidated results for the first half of 2011. * * * On 30 June 2011 CMB owned 200.000 treasury shares. In the course of August CMB acquired a total of 300.000 treasury shares on the stock exchange at an average price of EUR 15,4349 per share. These transactions were carried out in accordance with the special mandate given to the board of directors by the extraordinary general meeting of 12 May 2009. Following these transactions CMB owns 500.000 treasury shares. * * *The board of directors has re-confirmed its policy to distribute an interim dividend and decided to maintain the amount of the interim dividend at EUR 0,28 gross per share (EUR
0,21 net per share). The net interim dividend will be paid to the holders of registered shares on 9 September 2011 (by the Company) and to the holders of dematerialised shares (through their financial institution). They will also be payable to the holders of bearer shares from the aforementioned date onwards against presentation of coupon no. 12 to a financial institution. As from 6 September 2011 the CMB share will trade ex-coupon.
* * *
www.cmb.beCMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pm The board of directors took note of Mr. Thomas Leysen’s resignation and expresses its gratitude for his devotion and dedication to the CMB Group. On the proposal of the nomination and remuneration committee the board of directors has appointed Mrs. Fiona Morrison as independent director, to complete the term of Mr. Leysen’s mandate. This appointment will be submitted for approval to the next annual general shareholders’ meeting. * * *Statement on the true and fair view of the consolidated financial statements and the fair overview of the management reportThe board of directors, represented by Etienne Davignon, and the executive committee,
represented by Marc Saverys and Ludwig Criel hereby confirm that, to the best of their knowledge, the condensed consolidated interim financial statements for the six months period ended 30 June 2011, which have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation as a whole, and that the interim management report includes a fair overview of the important events that have occurred during the first six months of the financial year and of the major transactions with the related parties, and their impact on the condensed consolidated interim financial statements, together with a description of the principal risks and uncertainties for the remaining six months of the financial year.Annex:
- Consolidated statement of financial position;
- Consolidated income statement; - Consolidated statement of comprehensive income; - Consolidated statement of changes in equity; - Consolidated statement of cash flows.contact: Frank GEERTS
+32 3 – 247 59 10
CMB is a listed company. This press release contains information subject to the legal provisions regarding the transparency of listed companies.
Half year report (printed version) available: 6 September 2011
Announcement third quarter result: 20 October 2011
www.cmb.be
CMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pmCondensed consolidated interim financial statements for the six months period ended 30 June 2011Consolidated statement of financial position
www.cmb.be
CMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pm30.06.2011 31.12.2010EQUITY and LIABILITIESEQUITY ………………………………………………… 792.458 844.376Equity attributable to equity holders of the Company … 792.458 844.376Share capital ……………………………………………… 25.000 25.000
Share premium account …………………………………… 255 255
Translation reserves ……………………………………… -27.754 -1.343
Fair value reserve ………………………………………… 175.068 181.724
Hedging reserve …………………………………………… -3.340 -2.929
Treasury shares …………………………………………… -5.027 -5.027
Retained earnings ………………………………………… 628.256 646.696
Non-controlling interest ………………………………… - -NON-CURRENT LIABILITIES ……………………… 603.380 612.549Loans and borrowings …………………………………… 580.521 591.933Finance leases ……………………………………………… - -
Bank loans ………………………………………………… 575.942 586.138
Other loans ………………………………………………… 4.579 5.795
Deferred tax liabilities …………………………………… 8.481 7.588Employee benefits ………………………………………… 3.512 3.285Deferred government grants …………………………… - -Provisions ………………………………………………… 10.866 9.743CURRENT LIABILITIES ……………………………… 196.211 215.120Trade and other payables ………………………………… 124.683 126.293
Current tax liability ……………………………………… 544 857
Loans and borrowings …………………………………… 67.450 72.786
Provisions ………………………………………………… 3.534 6.273
Liabilities classified as held for sale ……………………… - 8.911
TOTAL EQUITY and LIABILITIES ………………… 1.592.049 1.672.045www.cmb.be
CMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pmCondensed consolidated interim financial statements for the six months period ended 30 June 2011Consolidated income statement
in thousands of EUR 30.06.2011 30.06.2010
Turnover …………………………………………………… 237.412 217.828
Capital gains on disposal of vessels ……………………… - 9.921
Other operating income ………………..………………… 19.704 3.051
Services and other goods …………………….…………… -148.124 -136.941
Capital losses on disposal of vessels ……………………… - -
Depreciation and amortisation expenses ………………… -33.313 -25.004
Impairment losses (-) / reversals (+) ………………..……… - -
Staff costs ………………………………………..………… -22.385 -23.948
Other operating expenses ………………………………… -10.411 927
Restructuring costs ………………………………………… - -
Net result on freight and other similar derivatives ………… 647 4.875
Result from operating activities………………………… 43.530 50.709Finance income …………………………………………… 1.266 2.204
Finance expenses ………………………………………… -9.679 -9.939
Net finance expense …………..…………………………… -8.413 -7.735
Share of result of equity accounted investees (net of tax) … 842 1.180
Net result from other financial assets ……………………… 2.383 1.241
Net foreign exchange gains (+) / losses (-) ………………… -16.250 42.026
Result before income tax ………………………………… 22.092 87.421Income tax expense ……………………………………… -2.948 -1.566
Result for the period ……………………………………… 19.144 85.855Attributable to:
Owners of the Company ……………………………… 19.144 85.855
Non-controlling interest ……………………………… - -
Weighted number of shares ................................................. 34.800.000 34.800.000
Basic earnings per share (in EUR) ………………………… 0,55 2,47
Diluted earnings per share (in EUR) ……………………… 0,55 2,47
www.cmb.be
CMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pmCondensed consolidated interim financial statements for the six months period ended 30 June 2011Consolidated statement of comprehensive income
in thousands of EUR | 30.06.2011 | 30.06.2010 |
Result for the period ……………………………………………… | … 19.144 | 85.855 |
Other comprehensive income Foreign currency translation differences …………………………… Net change in fair value of available-for-sale financial assets ……… Net change in fair value of available-for-sale financial assets transferred to profit or loss ……….…………………….…………… Net change in fair value of cash flow hedges …………………….… Net change in fair value of cash flow hedges transferred to profit or loss ……….…………………….………………………………… Income tax on other comprehensive income ………………..……… Other comprehensive income for the period, net of income tax … | -31.790 -794 -248 -1.670 1.024 - | 47.059 1.562 - -1.912 -5.270 - |
Other comprehensive income Foreign currency translation differences …………………………… Net change in fair value of available-for-sale financial assets ……… Net change in fair value of available-for-sale financial assets transferred to profit or loss ……….…………………….…………… Net change in fair value of cash flow hedges …………………….… Net change in fair value of cash flow hedges transferred to profit or loss ……….…………………….………………………………… Income tax on other comprehensive income ………………..……… Other comprehensive income for the period, net of income tax … | -33.478 | 41.439 |
Total comprehensive income for the period …………………… | … -14.334 | 127.294 |
Attributable to: Owners of the Company ………………………………………… Non-controlling interest ………………………………………… | -14.334 - | 127.294 - |
www.cmb.be
CMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pmCondensed consolidated interim financial statements for the six months period ended 30 June 2011
Consolidate d state me nt of change s in e quity
in thousands of EUR
Share capital
Share premium
Translation reserve
Fair value reserve
Hedging reserve
Treasury shares
Retained earnings
Capital and reserves
account
Balance at 1 January 2010 …………………………… 25.000 255 -17.990 82.165 6.564 -3.541 570.369 662.822
Total comprehensive income for the period | |||||
Result for the period ……………………………………… | - - - | - | - | - 85.855 | 85.855 |
Other comprehensive income: | |||||
Foreign currency translation differences …………………… | - - 41.962 | 4.665 | 432 | - - | 47.059 |
Net change in fair value of available-for-sale financial assets,
net of tax …………………….…………………….……. Net change in fair value of available-for-sale financial assets transferred to profit or loss, net of tax ……….……………
- - - 1.562 - - - 1.562
- - - - - - - -
Net change in fair value of cash flow hedges, net of tax …… - - - - -1.912 - - -1.912
Net change in fair value of cash flow hedges transferred to
- - - - -5.270 - - -5.270
profit or loss, net of tax ……….…………………….……
Total other comprehensive income ………………………… - - 41.962 6.227 -6.750 - - 41.439
Total comprehensive income for the period …………… - - 41.962 6.227 -6.750 - 85.855 127.294
Transactions by and distributions to owners
Dividends to equity holders …………………………..…… - - - - - - -35.000 -35.000
Treasury shares …………………………..……………… - - - - - -1.486 200 -1.286
Total contributions by and distributions to owners ………… - - - - - -1.486 -34.800 -36.286
Total changes in ownership interests in subsidiaries ………… - - - - - - - -
Total transactions with owners ………………………… - - - - - -1.486 -34.800 -36.286
Balance at 30 June 2010 ……………………………… 25.000 255 23.972 88.392 -186 -5.027 621.424 753.830
Balance at 1 January 2011 …………………………… 25.000 255 -1.343 181.724 -2.929 -5.027 646.696 844.376
Total comprehensive income for the period Result for the period ……………………………………… | - - - | - | - | - 19.144 | 19.144 |
Other comprehensive income: | |||||
Foreign currency translation differences …………………… | - - -26.411 | -5.614 | 235 | - - | -31.790 |
Net change in fair value of available-for-sale financial assets, - - - -794 net of tax …………………….…………………….……. | - | - - -794 | |||
Net change in fair value of available-for-sale financial assets - - - -248 transferred to profit or loss, net of tax ……….…………… | - | - - -248 | |||
Net change in fair value of cash flow hedges, net of tax …… - - - - Net change in fair value of cash flow hedges transferred to - - - - profit or loss, net of tax ……….…………………….…… | -1.670 1.024 | - - -1.670 - - 1.024 | |||
Total other comprehensive income ………………………… - - -26.411 -6.656 | -411 | - - -33.478 | |||
Total comprehensive income for the period …………… - - -26.411 -6.656 | -411 | - 19.144 -14.334 |
Transactions by and distributions to owners
Dividends to equity holders …………………………..…… - - - - - - -37.800 -37.800
Treasury shares …………………………..……………… - - - - - - 216 216
Total contributions by and distributions to owners ………… - - - - - - -37.584 -37.584
Total changes in ownership interests in subsidiaries ………… | - - - - - - - | - |
Total transactions with owners ………………………… | - - - - - - -37.584 | -37.584 |
Balance at 30 June 2011 ……………………………… 25.000 255 -27.754 175.068 -3.340 -5.027 628.256 792.458
www.cmb.be
CMB
Persmededeling – Gereglementeerde informatie
Press release- Regulated information 30 August 2011 – 5.45 pmCondensed consolidated interim financial statements for the six months period ended 30 June 2011Consolidated statement of cash flows
in thousands of EUR 30.06.2011 30.06.2010
Net cash and cash equivalents at the beginning of the period …… 79.334 145.791Result before income tax …………………………………………… 22.092 87.421
Adjustments for non-cash transactions ……………………………… 41.559 33.763
Adjustments for items disclosed seperately or under investing or
financing activities 22.352 -45.419
Changes in working capital ………………………………………… -23.944 -24.767
Income taxes paid during the period ………………………………… -762 388
Interest paid ………………………………………………………… -10.489 -8.573
Interest received ……………………………………………………… 1.062 1.687
Dividends received …………………...……………………………… 4.657 3.327
Cash flows from operating activities ……………………………… 56.527 47.827Acquisition of vessels ………………………………………………… -75.092 -129.804
Proceeds from the sale of vessels …………………………………… - 76.274
Acquisition of other (in)tangible assets ……………………………… -6.847 -8.361
Proceeds from the sale of other (in)tangible assets ………………… 2.884 1.174
Investment in securities ……………………………..……………… - -
Capital increase/decrease in subsidiaries, joint ventures & associates -249 -4.746
Proceeds from the sale of securities ………………………………… 336 2
Loans to related parties ……………………………………………… -48 -4.812
Repayment of loans to related parties ……………………………… - -
Proceeds of disposals of subsidiaries & joint ventures net of cash
disposed of and of associates 30.029 -1.242
Purchase of subsidiaries, joint ventures & associates net of
cash acquired …...…..……………………......……………………… -1.407 -2.454
Cash flows from investing activities …………………………..…… -50.394 -73.969Proceeds from issue of share capital ……………………………...… - -
Repurchase / sale of treasury shares ………………………………… - -1.486
New long-term borrowings …………………………………………… 65.791 74.016
Repayment of long-term borrowings ………………………………… -40.954 -89.731
Proceeds from loans from related parties …………………………… - -
Repayment of loans from related parties …………………………… - -
Dividends paid …………………...…………………………………… -37.460 -34.676
Cash flows from financing activities ……………………………..… -12.623 -51.877Effect of changes in exchange rates ……………………………… -4.354 12.487Net cash and cash equivalents at the end of the period ………… 68.490 80.259www.cmb.be
