Exmar announces first half results

The Board of Directors of EXMAR has approved the accounts for the period ending 30th June 2013. The Group has an operating result (EBIT) of USD 73.8 million for the first semester 2013, including 52.8 USD million capital gain on the sale of 50% of EXMAR LPG to Teekay LNG Partners (USD 52.5 million for the first semester 2012).
The financial result has been positively influenced by the change in fair value of interest rate derivatives entered to hedge the interest rate exposure on long-term financing of the fleet, which resulted in an non-cash unrealized profit of USD 27.1 million (2012: USD -1.0 million), and by USD -0.1 million unrealized exchange loss (2012: USD -0.3 million). The consolidated result after taxation for the first half 2013 amounts to USD 90.2 million (2012: USD 33.6 million).  
OUTLOOK SECOND SEMESTER
LNG : All LNGC’s and LNGRV’s will continue to contribute fully to the results of the second half of 2013 with the exception of the EXCEL which is employed up to the planned dry-docking scheduled for end September.  Construction of the world’s first liquefaction barge for Pacific Rubiales Energy (ticker: PRE) is progressing well.  
Keel laying of the FLRSU took place on 1 July; the construction is on schedule and within budget.  
OFFSHORE: The accommodation barges NUNCE and KISSAMA as well as the OTTO 5 are employed fully for the balance of 2013 and will continue to contribute positively to the results.  
LPG : EXMAR LPG controls 21 owned midsize carriers out of which 10 are under construction. This investment reinforces EXMAR’s focus on worldwide medium-size LPG and Ammonia shipping.  It also confirms EXMAR’s willingness to dedicate its maritime gas expertise to support the future needs of the North Sea based LPG industry in particular.  Fleet coverage for the balance of 2013 is 85%.  
VLGC fleet coverage for the balance of 2013 is 75%.       
EXMAR’s entire pressurized fleet has been extended on Time Charter; none of the ships are trading on the spot market. Fleet coverage for the balance of 2013 is 100%.
SERVICES AND HOLDING: Results are expected to be in line with the first semester.
INTERIM DIVIDEND
The board of directors approved the distribution of a gross interim dividend of EUR 0.60 per share (EUR 0.45 net per share).   
The net interim dividend will be payable to the holders of registered shares and to the holders of dematerialized shares (through their financial institution) on 23 September 2013. To the holders of bearer shares the proposed dividend will be paid out at the counters of a financial institution against delivery of coupon no 15. (ex-date 18 September 2013 – record-date 20 September 2013).
To read the full report, click: http://www.exmar.be/file.aspx?id=931
Source: EXMAR