TIDMYUJ
RNS Number : 6172A
Yujin International Ltd
30 September 2015
30 September 2015
Yujin International Ltd
("Yujin" or "the Company" or "the Group")
Interim Results
Yujin International Ltd, the owner and charterer of a fleet of
tankers operating in the Asia Pacific region is pleased to announce
its unaudited interim results for the six months ended 30(th) June
2015.
Key Points
v Shipping Revenue decreased by 4% from US$ 3.2 million to US$
3.1 million year-on-year. The decline in year-on-year revenue
reflects the Company's continued weak charter rates and reduction
in ship management activities.
v Regional chemical tanker, MT Team Bee is on a spot contract
until her scheduled dry docking in mid-October 2015. The other
regional bitumen tanker, MT Arcturus is on a term contract which is
due for renewal in November 2015.
v Yujin's subsidiary, JR Orion Services, managed nine (9) ships
as of 30 June 2015. This reflects the sale of one (1) managed ship
by its third party owner in February 2015.
v Reduction of operating expenses through a combination of
reduced staff numbers, freezing of all staff salaries and closure
of non-operating companies.
v Yujin expects business to remain difficult due to the
challenging shipping environment which currently exists in the Asia
Pacific region.
v The Company remains in discussions to develop and grow the
business with potential strategic partners and to maintain its AIM
listing.
For further information please contact:
Yujin International Ltd. Tel: 00 (65) 6226 2963
Keen Whye LEE
Or visit www.yujininternational.com
Cantor Fitzgerald Europe
Rick Thompson / Michael Reynolds Tel: 020 7894 7000
CHAIRMAN'S STATEMENT
The Board of Yujin is pleased to present its interim financial
report for the six months ended 30 June 2015.
Shipping revenue has decreased by four per cent 4% year-on-year
to US$ 3.10 million due to weaker charter rates and reduced in ship
management, resulting in an operating loss of US$ 0.56 million.
A summary of the Group's unaudited revenue, operating profit or
loss before tax for the six months ended 30 June 2015, and
comparative figures for the same period in 2014, is presented
below:
Operating (loss)
Revenue / profit
USD'000 2015 2014 Change 2015 2014 Change
Bunker tankers - - - - - -
Regional tankers 2,752 2,792 (40) 26 (185) 211
Ship management
and other income 345 447 (102) (588) (455) (133)
------ ------ ------- ------ ------ -------
Shipping revenue 3,097 3,239 (142) (562) (640) 78
Bunker trade (non-core
activity) - - - - - -
------ ------ -------
Total 3,097 3,239 (142) (562) (640) 78
====== ====== =======
Finance income
/ (costs) 31 (265) 296
Profit/Loss before
tax (531) (905) 374
====== ====== =======
REGIONAL TANKERS
Yujin owned 4772 DWT chemical tanker, MT Team Bee, has been
continuously on spot charter contract in 2015 until her scheduled
dry docking in mid-October 2015. Yujin's other owned 4999 DWT
bitumen tanker, MT Arcturus, has been on a term contract and her
next renewal will be due in November 2015.
BUNKER TANKERS
There has been no activity in 2015 due to the sale of the
Group's bunker tankers in 2013. The Company is in the process of
closing the non-operating ship owning companies with the completion
of 2014 audit.
SHIP MANAGEMENT AND RELATED ACTIVITIES
Yujin, through its wholly owned subsidiary, JR Orion Services
Pte Ltd, managed nine (9) ships as of 30 June 2015 following the
sale of one managed ship by its third party owner in February
2015.
FINANCE INCOME
Finance income is mainly attributable to foreign exchange gain
of US$ 62,000 and offset by interest expense on bank loan of US$
31,000.
CURRENT TRADING AND OUTLOOK
The Company continues to review opportunities to develop and
grow the business with potential strategic partners, with a view to
maintaining its AIM listing.
The regional shipping market is expected to continue to remain
weak. Demand for regional tankers is marginally strong as the
number of similar small range size vessels has shrunk while
regional cargo movement has eased for the past six (6) months.
Hence, freight rates in many sectors have remained soft reflecting
a continued demand/supply imbalance while fuel costs have remained
low.
If freight rates and cargo demand does not improve, the
environment in which the Group operates will remain challenging
with potential negative effects on its financial performance.
In response to this challenging operating environment and
decline in the Group's financial performance, the Board has
implemented plans to reduce operating expenses through a
combination of reduced staff numbers, freezing of all staff
salaries and closure of non-operating companies.
LEE Keen Whye
Non Executive Chairman
Yujin International Ltd
30 September 2015
Consolidated Statement of Comprehensive Income
Unaudited interim results for the six months ended 30 June
2015
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 June to 30 June 31 December
Note 2015 2014 2014
USD'000 USD'000 USD'000
Revenue 3,026 3,104 6,346
Other income 71 135 896
------------------ ------------------- -----------------
3,097 3,239 7,242
Costs and expenses
Cost of sales 2,204 2,091 3,982
Bad debts written off - - -
Depreciation 514 664 1,090
Directors' fees - - 98
Directors' salary - - 554
Staff costs 928
Other operating expenses 941 1,124 699
------------------ ------------------- -----------------
(3,659) (3,879) (7,351)
------------------ ------------------- -----------------
Profit from operations (562) (640) (109)
Non-operating expenses
Impairment loss on property, plant and equipment - - -
Loss on disposal on property, plant and
equipment - - -
Finance income / (costs) 31 (265) (40)
------------------ ------------------- -----------------
Profit/(Loss) before tax (531) (905) (149)
Income tax expense 3 - - 68
PROFIT/(LOSS) FOR THE PERIOD (531) (905) (81)
================== =================== =================
Other comprehensive income
Foreign currency translation differences for subsidiaries 136 209 (665)
Revaluation of property, plant and equipment - - 1,369
-------- -------- --------
Other comprehensive income/(loss) for the year, net of tax 136 209 704
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD (395) (696) 623
======== ======== ========
Attributable to :
Equity holders of the Company (323) (718) 377
Non-controlling interests (72) 22 246
Total comprehensive income/(loss) for the period (395) (696) 623
======== ======== ========
Attributable to :
Equity holders of the Company (459) (927) (216)
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Non-controlling interests (72) 22 135
Loss for the period (531) (905) (81)
======== ======== ========
Earnings per share
Basic (in USD) 4 (0.015) (0.031) (0.007)
Diluted (in USD) 4 (0.015) (0.031) (0.007)
Consolidated Statement of Financial Position
Unaudited interim results at 30 June 2015
Unaudited Unaudited Audited
As at As at As at
30 30 31
June June December
Note 2015 2014 2014
ASSETS USD'000 USD'000 USD'000
Non-current assets
Property, plant and
equipment 11,006 10,586 11,529
Deferred tax - 200 -
------------ ------------- -------------
11,006 10,786 11,529
Current assets
Trade and other receivables 5 558 975 825
Amount receivable
from a related company - - -
Cash and cash equivalents 639 439 314
------------ ------------- -------------
1,197 1,414 1,139
Total assets 12,203 12,200 12,668
============ ============= =============
EQUITY AND LIABILITIES
Equity attributable to equity
holders of the Company
Share capital 3,318 3,318 3,318
Revaluation reserve 3,113 1,744 3,003
Currency translation
reserve 1,778 1,792 1,938
Retained earnings (1,176) (1,428) (717)
------------ ------------- -------------
7,033 5,426 7,542
Non-controlling interests (332) (484) (260)
Total equity 6,701 4,942 7,282
============ ============= =============
Non-current liabilities
Loans from related companies - - -
Term loan (secured) 1,007 1,712 1,006
Deferred tax 1,477 1,623 1,477
------------ ---------------- -------------
2,484 3,335 2,483
Current liabilities
Trade and other payables 2,666 3,571 1,506
Amount payable from a
related company - - 167
Term loan (secured) 352 352 705
Income tax (payable) - - 525
------------ ---------------- -------------
3,018 3,923 2,903
------------ ---------------- -------------
Total liabilities 5,502 7,258 5,386
Total equity and liabilities 12,203 12,200 12,668
============ ================ =============
Consolidated Cash Flow Statement
Unaudited interim results for the six months ended 30 June
2015
Unaudited Unaudited Audited
Six Year
Six months months ended
to 30 to 30
June June 31 December
2015 2014 2014
USD'000 USD'000 USD'000
Cash flows from operating
activities
Profit/(loss) before
taxation (531) (905) (149)
Adjustments for:
Bank loan interest (31) 21 40
Bad debts written off - - 50
Impairment loss on property,
plant and equipment - - -
Provision for impairment
loss on receivable (trade) 32 - 34
Loss on disposal of property,
plant and equipment - - -
Depreciation 514 663 1,090
Write off deposit - - -
------------------ -------------- --------------------
515 684 1,214
------------------ -------------- --------------------
Operating profit before
working capital changes (16) (221) 1,065
Decrease/(Increase) in
trade and other receivables 267 280 345
(Decrease)/Increase in
trade and other payables 1,080 822 (1,042)
------------------ -------------- --------------------
1,347 1,102 (697)
------------------ -------------- --------------------
Cash generated from operations 1,331 881 368
Income tax paid (525) - (28)
------------------ -------------- --------------------
Net cash flows from operating
activities 806 881 340
Cash flows from investing
activities
Sale / (Purchase) of property,
plant and equipment - - (2)
------------------ -------------- --------------------
Net cash flows used in
investing activities - - (2)
Cash flows from financing
activities
Payment of term loan interest 31 (21) (40)
Payment of interest to
related parties - - -
Payment of term loan financing (352) (353) (705)
Loan from related company - - -
Amount payable to a related
company - - -
-------------- -------------- ------------------
Net cash flows from/(used
in) financing activities (321) (374) (745)
Net decrease in cash and
cash equivalents 485 507 (407)
Cash and cash equivalents
at beginning of period 314 744 744
Effect of exchange rate
changes (160) (812) (23)
Cash and cash equivalents
at end of period 639 439 314
============== ============== ==================
Consolidated Statement of Changes in Equity
Unaudited interim results for the six months ended 30 June
2015
Total attributable
to equity
Share Translation Revaluation Retained holders Non-controlling Total
of the
capital reserve reserve earnings Company interests equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Balance at 1
January
2014 3,318 2,604 1,744 (501) 7,165 (506) 6,659
Total comprehensive
income/(loss)
for the year
Loss for the
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