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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Ocean Yield ASA    OCY   NO0010657448

OCEAN YIELD ASA (OCY)
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Ocean Yield ASA: Second Quarter and First Half Year 2018 Report

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07/12/2018 | 05:16pm CEST

Fornebu, 12th July 2018, Ocean Yield ASA ("Ocean Yield" or the "Company") announces results for the second quarter and first half year ending 30th June 2018.

HIGHLIGHTS:

· Declared a dividend of USD 0.1910 per share for Q2 2018. This is an increase of 0.05 cents per share compared with the previous quarter.

· EBITDA for Q2 2018 was USD 84.3 million and EBITDA adjusted for finance lease effects was USD 95.1 million.

· Net profit before tax for Q2 2018 was USD 36.9 million and Net profit after tax was USD 35.1 million. Adjusted net profit was USD 37.9 million.

· Delivery of two handy-size dry bulk vessels with long-term charters, which were acquired during Q1 2018.

· Acquisition of four 2014 built 3,800 TEU container vessels with 12-year bareboat charters to companies owned and guaranteed by CMB NV.

· Completed a new five-year unsecured bond issue of NOK 750 million carrying a coupon of NIBOR + 3.65% p.a. and subsequently called and repaid in early July the outstanding amounts of NOK 661 million under the bond loan OCY02.

· Sale of bonds in American Shipping Company ASA with net sale proceeds of USD 49.6 million.

· Signed loan agreements with a total amount of USD 330 million for the long -term bank financing of recent acquisitions.

Commenting on the second quarter results, Lars Solbakken, CEO of Ocean Yield, said:

"The high activity experienced during the first quarter continued into the second quarter, with the investment in another four container vessels on long -term charter. In addition we have completed a number of new loan facilities for the long-term financing of recently announced investments and successfully issued a new unsecured bond at attractive terms. Based on the dividend for Q2 2018, the Ocean Yield share is yielding 8.8% p.a. and the Company has priority on payment of an attractive and stable dividend."

Ocean Yield ASA Second Quarter and First Half Year 2018 Report (http://mb.cision.com/Public/15361/2574420/9c63f73958c47589.pdf) Company contact:

Eirik Eide (CFO), Tel +47 24 13 01 91

Investor Relations contact:

Marius Magelie (SVP Finance & IR), Tel +47 24 13 01 82 Company information:

Ocean Yield ASA is a ship owning company with investments in vessels on long -term charters. The company has a significant contract backlog that offers visibility with respect to future earnings and dividend c

Click here for more information: http://www.newsweb.no/index.jsp?messageId=455524

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials ($)
Sales 2018 342 M
EBIT 2018 206 M
Net income 2018 103 M
Debt 2018 1 510 M
Yield 2018 9,59%
P/E ratio 2018 12,03
P/E ratio 2019 11,95
EV / Sales 2018 8,09x
EV / Sales 2019 10,1x
Capitalization 1 258 M
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Mean consensus HOLD
Number of Analysts 9
Average target price 8,92 $
Spread / Average Target 13%
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Managers
NameTitle
Lars Solbakken Chief Executive Officer
Frank Ove Reite Chairman
Eirik Eide Chief Financial Officer
Kjell Inge Røkke Deputy Chairman
Anne-Christin Døvigen Independent Director
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