Golden Ocean Group : GOGL - Fourth Quarter and preliminary Year End 2012 Results Highlights oGolden Ocean generates fourth quarter 2012 EBITDA* of $23.3 million oGolden Ocean reports profit of $9.3 million for the fourth quarter of 2012 and $11.6 million for the year of 2012 oThe Company has in the fourth quarter cancelled four newbuilding contracts oThe Company has in January 2013 cancelled one newbuilding contract oThe Company took delivery of Golden Brilliant from Pipavav in January 2013 oThe Company received in December upfront payment related to five vessels of $25 million *EBITDA is equal to operating profit plus depreciations (including impairment related to vessels) and amortisation. Fourth Quarter and preliminary Year End 2012 Results Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of $9.3 million and earnings per share of $0.02 for the fourth quarter of 2012. This compares with the profit and earnings per share of $6.1 million and $0.01 respectively for the fourth quarter of 2011. Total operating revenues for the fourth quarter were $55.9 million, total operating expenses were $41.3 million and other gains/losses net were a loss of $0.4 million. Net financial items were negative with $4.8 million. The Company reports a profit of $11.6 million and earnings per share of $0.03 for the full year 2012. Total operating revenues were $229.8 million, total operating expenses were $193.8 million and other gain/losses net were negative with $1.7 million. Net financial items for the year ended December 31, 2012 were negative with $22.7 million. The profit for the period of $9.3 million is an increase of $26.4 million compared to last quarter. The operating revenues decreased by $0.6 million, and the operating expenses decreased by $25.5 million. Total other gains/ (losses) net decreased by $1.0 million. This leads to a net operating result of $14.2, which is $23.9 million higher than previous quarter. The main difference between the quarters is that the Company took impairment on several vessels in a total of $25.2 million in the third quarter. The Company's operating result before impairment is more or less in line with earlier quarters, due to the high contract coverage. The difference is mainly related to change in total other gains/ (losses) net. Net financial items decreased by $2.7 million from last quarter. Cash and cash equivalents increased by $11.3 million during the quarter. The Company generated cash from operating activities of $44.9 million during the quarter. The Company paid $8.6 million in installments, docking and other predelivery costs in the quarter. Financing activities were negative with $27.1 million in the quarter. Ordinary and extraordinary repayments of long term debt amounted to $22.0 million, the buy back of the convertible bond used $1.8 million. The full report is available in the link below. February 19, 2013 The Board of Directors Golden Ocean Group Limited Hamilton, Bermuda Questions should be directed to: Herman Billung: CEO Golden Ocean Management AS +47 22 01 73 41 Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS +47 22 01 73 53 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Q4 2012 Results ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Golden Ocean Group via Thomson Reuters ONE HUG#1679199
Golden Ocean Group : GOGL - Fourth Quarter and preliminary Year End 2012 Results
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