Golden Ocean Group : GOGL - Fourth Quarter and preliminary Year End 2012
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
The full report is available in the link below.
February 19, 2013
The Board of Directors
Golden Ocean Group Limited
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
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
information contained therein.
Source: Golden Ocean Group via Thomson Reuters ONE
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