News Content

Exmar announces final 2013 results

The operating result (EBIT) for the year amounts to USD 100.3 million (USD 88.9 million in 2012), positively influenced by the capital gain realized on the sale of 50% of EXMAR LPG to TEEKAY LNG PARTNERS L.P. (USD 52.8 million) as well as a capital gain realized on the sale of the DONAU (USD 0.9 million). The financial result has been impacted by the change in fair value of hedging instruments entered to hedge the interest rate and foreign exchange exposure on long-term financing of the fleet, which resulted in a non-cash unrealized profit of USD 26.8 million (USD 2.2 million in 2012).

The consolidated result after taxation for 2013 amounts to USD 104.9 million (USD 56.4 million in 2012).

Prospects 2014

LNG : The LNG fleet is expected to perform in accordance with the underlying time-charter contracts. The construction of the CARIBBEAN FLNG barge is progressing well. EXMAR, in joint - venture with PACIFIC RUBIALES, will also start the construction of a regasification barge in the second quarter of 2014, with delivery scheduled 2015. Discussions for the employment of this barge are ongoing.
OFFSHORE : The Offshore division will continue to perform as expected under its long-term charter contracts with the accommodation barges OTTO 5, KISSAMA and NUNCE. EXMAR will continue to enjoy the tariff fee on the production of the OPTI-EX® which is expected to remain throughout 2014.

LPG : The majority of the LPG fleet has contributed to a Joint-Venture with TEEKAY LNG (ticker: TGP) from early 2013 and will continue to enjoy a stable and diversified coverage portfolio. EXMAR LPG (the Joint- Venture) will take delivery of its first newbuild (WAASMUNSTER - 38,000m3) end of March with a further 2 new Midsize Gas Carriers to be delivered in the course of 2014. Nine additional vessels will be delivered between June 2015 and January 2018. The sale of the TEMSE (35,754 m3 – 1994 built) and the FLANDERS HARMONY (85,826 m3 – 1993 built), respectively in the first and second quarter of 2014 will generate a capital gain of approximately USD 10.4 million for EXMAR’s share in EXMAR LPG. The LPG market has been very active in the first part of 2014, similar to the position at the end of 2013, with rates for the Very Large Gas Carriers reaching all-time highs after a weaker first two months of the year.

Dividend
At the general meeting of shareholders on 20th May 2014, the Board of Directors will propose to distribute a gross dividend of EUR 0.90 per share, of which EUR 0.60 per share was paid in September 2013 as an interim dividend. If approved by the general shareholders’ meeting, the dividend of EUR 0.30 gross per share (EUR 0.225 net per share) will be payable from 28 May 2014. (ex-date 23 May – record date 27 May).
Source: EXMAR