HALF-YEAR 2022 PRESS RELEASE
Antwerp - 09/09/2022 - 5.45 pm
Regulated information
Inside information
The Board of Directors of EXMAR has approved the interim accounts for the period ending June 30, 2022. The interim condensed consolidated financial statements have not been subjected to an audit or a review by the statutory auditor.
HIGHLIGHTS
- Five-yearcharter agreement of the regasification barge EEMSHAVEN LNG with GASUNIE delivering hire income as from Mid-August 2022
- Sale and delivery of the LPG carrier BRUSSELS and agreements to sell LPG carriers EUPEN and BASTOGNE
- Repayment NOK bond in May 2022
-
Significant subsequent events:
o Closing of the sale of the floating liquefaction barge TANGO FLNG to Eni for a value in range of USD 572 - 694 million o Repayment of the TANGO FLNG financing to Bank of China and repayment of the Sequoia loan
o 10-year bareboat charter agreement for EXCALIBUR signed with Eni
o Order of two new build Midsize LPG/ammonia carriers with dual fuel LPG propulsion, delivery expected end 2024, early 2025 at USD 69 million each; option for two more ammonia fueled vessels
CONSOLIDATED KEY FIGURES (non-audited)
International Financial Reporting | Management reporting based on | |||||||||
Standards (IFRS) (1) | proportionate consolidation (2) | |||||||||
Consolidated results (in million USD) | 30 June 2022 | 30 June 2021 | 30 June 2022 | 30 June 2021 | ||||||
Revenue | 57.1 | 107.9 | 100.3 | 159.1 | ||||||
EBITDA | 1.2 | 61.0 | 29.9 | 93.1 | ||||||
Depreciation and impairment losses | 0.4 | -35.0 | -5.9 | -47.2 | ||||||
Operating result (EBIT) | 1.6 | 26.1 | 24.0 | 45.9 | ||||||
Net finance result | -8.5 | -5.3 | -14.0 | -11.0 | ||||||
Share of result of equity accounted investees (net | ||||||||||
of income tax) | 17.0 | 13.1 | 0.2 | -1.0 | ||||||
Result before income tax | 33.9 | 33.9 | ||||||||
10.1 | 10.1 | |||||||||
Income tax expense | -0.4 | -1.2 | -0.4 | -1.2 | ||||||
Result for the period | 9.7 | 32.7 | 9.7 | 32.7 | ||||||
Of which Group share | 9.6 | 32.7 | 9.6 | 32.7 | ||||||
Information per share (in USD per share) | ||||||||||
Weighted average number of shares of the period | 57,226,737 | 57,226,737 | 57,226,737 | 57,226,737 | ||||||
EBITDA | 1.07 | 1.63 | ||||||||
0.02 | 0.52 | |||||||||
Operating result (EBIT) | 0.46 | 0.80 | ||||||||
0.03 | 0.42 | |||||||||
Result for the period | 0.57 | 0.57 | ||||||||
0.17 | 0.17 | |||||||||
Information per share (in EUR per share) | ||||||||||
Exchange rate | 1.1006 | 1.2089 | 1.1006 | 1.2089 | ||||||
EBITDA | 0.88 | 1.35 | ||||||||
0.02 | 0.47 | |||||||||
Operating result (EBIT) | 0.38 | 0.66 | ||||||||
0.02 | 0.38 | |||||||||
Result for the period | 0.47 | 0.47 | ||||||||
0.15 | 0.15 |
- The figures in these columns have been prepared in accordance with IFRS as adopted by the EU, i.e. joint-ventures accounted for at equity method.
- The figures in these columns reflect management presentation and include the joint-ventures based on the proportionate consolidation method instead of the equity method.
Half year report 2022 available on the website: today, September 9, 2022
Press Release | Half-year 2022 results
Contact: Christine Verhaert | CFO | +32 3 247 56 30 or
Wouter Goovaerts | Investor Relations | +32 3 247 56 22
www.exmar.be
HALF-YEAR 2022 PRESS RELEASE
Antwerp - 09/09/2022 - 5.45 pm
Regulated information
Inside Information
COMMENTARY KEY RESULTS
The figures discussed below are all based on the proportionate consolidation method.
SHIPPING:
Proportionate consolidation - SHIPPING | 6 months ended | |
(In millions of USD) | 30 June 2022 | 30 June 2021 |
Revenue | 69.8 | 68.7 |
EBITDA | 38.0 | 35.3 |
Operating result (EBIT) | 22.5 | 17.6 |
Segment result for the period | 12.0 | 10.9 |
Revenue increased by USD 1.1 million in the first half of 2022 compared to the same period in 2021 and is the combined effect of the contribution of the two new VLGC's (operational since the second half 2021), higher rates in all vessel types, partially offset by the unemployment of the LNG carrier EXCALIBUR and a lower number of midsize vessels in the fleet.
The operating result for the Shipping segment in 2022 was higher than in 2021 as 2022 was positively impacted by higher revenue, lower operating charges and lower net depreciations and impairments.
Time Charter Equivalent (in USD per day) | 2022 | 2021 |
Midsize (100 pool points) | 23,835 | 22,956 |
VLGC (Average) | 31,594 | 27,861 |
Pressurized (Average) (3,500 m3) | 6,880 | 5,896 |
Pressurized (Average) (5,000 m3) | 8,725 | 8,028 |
INFRASTRUCTURE: | ||
Proportionate consolidation - INFRASTRUCTURE | 6 months ended | |
(In millions of USD) | 30 June 2022 | 30 June 2021 |
Revenue | 24.4 | 81.8 |
EBITDA | -4.4 | 60.6 |
Operating result (EBIT) | 5.6 | 31.5 |
Segment result for the period | -7.0 | 17.2 |
Revenue in the Infrastructure segment decreased in 2022 by USD 57.4 million as 2021 included an early termination fee of USD 56.8 million and charter income under previous contract.
Consequently, EBITDA and EBIT of the first-half 2022 were negatively impacted.
In 2021, EBIT included USD 19.0 million impairment charge of the EEMSHAVEN LNG (former FSRU S188) as a result of its unemployment, while in 2022 the market significantly improved and thus USD 18.3 million was reversed.
SUPPORTING SERVICES:
Proportionate consolidation - SUPPORTING SERVICES | 6 months ended | |
(In millions of USD) | 30 June 2022 | 30 June 2021 |
Revenue | 11.1 | 14.1 |
EBITDA | -3.7 | -2.8 |
Operating result (EBIT) | -4.1 | -3.3 |
Segment result for the period | 4.7 | 4.6 |
Revenues at the Supporting Services segment decreased, primarily due to lower activities (less vessels) at EXMAR Shipmanagement and no one-off revenue (2021: USD 0.5 million cancellation fees).
Press Release | Half-year 2022 results
Contact: Christine Verhaert | CFO | +32 3 247 56 30 or
Wouter Goovaerts | Investor Relations | +32 3 247 56 22
www.exmar.be
HALF-YEAR 2022 PRESS RELEASE
Antwerp - 09/09/2022 - 5.45 pm
Regulated information
Inside Information
Update on liquidity position
The uncertainties for EXMAR with regard to the going concern assessment relating to the liquidity position and the covenant compliance, as disclosed in the 2021 annual report, have been resolved.
Intermediary dividend
The Board of Directors of EXMAR has decided to convene a special general meeting of shareholders to decide on the distribution of an intermediary dividend of gross 0.95 euro per share.
***
Statement onthe true and fair view
The Board of Directors, represented by Nicolas Saverys (Chairman) and Carl-Antoine Saverys, and the Executive Committee, represented by Francis Mottrie, CEO (representing FMO BV) and Christine Verhaert, CFO (representing FINMORE BV), hereby confirm that, to the best of their knowledge,
- the interim condensed consolidated financial statements for the six-months ended June 30, 2022, which have been prepared in accordance with IAS 34 Interim financing reporting, issued by the International Accounting Standards Board (IASB) as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the entities included in the consolidation as a whole,
- the interim management report includes a fair overview of the information required under Article 13 §5 and §6 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
GLOSSARY
- EBITDA: Earnings before interests, taxes, depreciation, amortization and impairment.
- EBIT: Earnings before interests and taxes.
ANNEX
-
Interim condensed consolidated statements
The Board of Directors, Antwerp, September 9, 2022
Press Release | Half-year 2022 results
Contact: Christine Verhaert | CFO | +32 3 247 56 30 or Wouter Goovaerts | Investor Relations | +32 3 247 56 22 www.exmar.be
HALF-YEAR 2022 PRESS RELEASE
Antwerp - 09/09/2022 - 5.45 pm
Regulated information
Inside Information
Interim condensed consolidated statement of financial position
31 December | ||||
(In thousands of USD) | 30 June 2022 | 2021 | ||
Non-current assets | 537,000 | 767,317 | ||
Vessels and barges | 648,436 | |||
399,125 | ||||
Other property, plant and equipment | 1,274 | |||
1,265 | ||||
Intangible assets | 82 | |||
68 | ||||
Right-of-use assets | 6,000 | |||
5,121 | ||||
Investments in equity accounted investees | 86,780 | |||
103,638 | ||||
Borrowings to equity accounted investees | 24,740 | |||
25,666 | ||||
Deferred tax assets | 5 | |||
2,116 | ||||
Current assets | 234,079 | |||
426,580 | ||||
Derivative financial assets | 920 | |||
0 | ||||
Other investments | 1,849 | |||
1,705 | ||||
Trade and other receivables | 55,149 | |||
40,783 | ||||
Borrowings to equity accounted investees | 15,407 | |||
7,553 | ||||
Current tax assets | 1,003 | |||
515 | ||||
Restricted cash | 76,121 | |||
0 | ||||
Cash and cash equivalents | 71,130 | |||
43,313 | ||||
Assets held for sale | 12,500 | |||
332,710 | ||||
Total assets | 963,579 | 1,001,395 | ||
Equity | 542,226 | 536,503 | ||
Equity attributable to owners of the Company | 536,231 | |||
542,042 | ||||
Share capital | 88,812 | |||
88,812 | ||||
Share premium | 209,902 | |||
209,902 | ||||
Reserves | 225,918 | |||
233,681 | ||||
Result for the period | 11,600 | |||
9,648 | ||||
Non-controlling interest | 272 | |||
184 | ||||
Non-current liabilities | 315,347 | |||
235,570 | ||||
Borrowings | 234,040 | 313,816 | ||
Employee benefit obligations | 730 | |||
730 | ||||
Provisions | 800 | |||
800 | ||||
Current liabilities | 149,546 | |||
185,783 | ||||
Borrowings | 21,683 | 110,995 | ||
Trade and other payables | 37,241 | |||
35,257 | ||||
Current tax liability | 1,309 | |||
3,260 | ||||
Liabilities held for sale | 0 | |||
125,583 | ||||
Total liabilities | 464,892 | |||
421,353 | ||||
Total equity and liabilities | 963,579 | 1,001,395 |
Press Release | Half-year 2022 results
Contact: Christine Verhaert | CFO | +32 3 247 56 30 or Wouter Goovaerts | Investor Relations | +32 3 247 56 22 www.exmar.be
ANNEX TO THE HALF-YEAR 2022 PRESS RELEASE
Interim condensed consolidated statement of profit and loss
(In thousands of USD) | 6 months ended | ||
CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 30 June 2022 | 30 June 2021 | |
Revenue | 57,083 | 107,877 | |
Gain on disposal | 36 | ||
502 | |||
Other operating income | 456 | ||
1,969 | |||
Operating income | 108,370 | ||
59,555 | |||
Vessel expenses | -20,443 | ||
-29,632 | |||
General and administrative expenses | -12,651 | ||
-14,327 | |||
Personnel expenses | -14,093 | ||
-14,402 | |||
Depreciations and amortisations | -14,803 | ||
-17,967 | |||
Impairment losses and reversals | -20,165 | ||
18,345 | |||
Loss on disposal | -100 | ||
0 | |||
Other operating expenses | -50 | ||
-1 | |||
Result from operating activities | 26,064 | ||
1,570 | |||
Interest income | 900 | 732 | |
Interest expenses | -8,440 | ||
-10,768 | |||
Other finance income | 4,993 | ||
6,005 | |||
Other finance expenses | -2,566 | ||
-4,630 | |||
Net finance result | -5,282 | ||
-8,493 | |||
Result before income tax and share of result of equity accounted investees | 20,782 | ||
-6,923 | |||
Share of result of equity accounted investees (net of income tax) | 17,036 | 13,082 | |
Result before income tax | 33,865 | ||
10,114 | |||
Income tax expense | -424 | -1,162 | |
Result for the period | 9,689 | 32,703 | |
Attributable to: | |||
Non-controlling interest | 38 | ||
41 | |||
Owners of the Company | 32,665 | ||
9,648 | |||
Result for the period | 9,689 | 32,703 | |
Basic earnings per share (in USD) | 0.17 | 0.57 | |
Diluted earnings per share (in USD) | 0.17 | 0.57 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Result for the period | 9,689 | 32,703 | |
Items that are or may be reclassified subsequently to profit or loss: | |||
Equity accounted investees - share in other comprehensive income | 1,578 | 161 | |
Foreign currency translation differences | -322 | ||
-522 | |||
Total other comprehensive income for the period (net of tax) | 1,056 | -161 | |
Total comprehensive income for the period | 10,746 | 32,541 | |
Attributable to: | |||
Non-controlling interest | 29 | ||
32 | |||
Owners of the Company | 32,513 | ||
10,713 |
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Exmar NV published this content on 09 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2022 15:49:03 UTC.