thomas Posted februar 1, 2005 Report Share Posted februar 1, 2005 Fant ingen topic for denne dessverre. Rart, siden de tjener så inni helv.. med penger i kjemikaliemarkedet. Odfjell - Preliminary Result 2004 * Gross revenue reached USD 1 billion * Daily time-charter earnings in fourth quarter 2004 were 24% higher than fourth quarter 2003 * Continued high bunker cost * Lower net result fourth quarter 2004 due to bonuses and antitrust expenses * EBIT in 2004 was up 36% over last year * Stable result from tank terminal activities * Sale of tank container joint-venture * Proposed dividend of NOK 4 per share Results Odfjell's consolidated net result after tax was USD 86 million in 2004, compared to USD 22 million in 2003. The 2003 figure included net extraordinary cost of USD 55 million, while the 2004 figure includes bonuses of USD 9 million and antitrust expenses of USD 23 million. Time-charter results per day for 2004 improved by 15.6% compared to 2003. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2004 were USD 194 million, up from USD 170 million last year. The operating result (EBIT), including a USD 9 million capital gain on assets, was USD 106 million in 2004, compared to USD 78 million last year. Our operating expenses were higher in 2004 primarily due to increased number of owned ships in Global Trade. General and administrative expenses were higher in 2004, due to a general bonus to employees, performance bonus allocation to senior and middle management as well as expenses related to the antitrust issue. Net interest expenses for 2004 were USD 27 million, compared to USD 22 million last year. The average USD/NOK exchange rate for 2004 was 6.74, compared to 7.08 last year. The USD weakened against the NOK from 6.68 at year-end 2003 to 6.04 at 31 December 2004. The currency gain, primarily from hedging, was USD 18 million, compared to USD 30 million last year. Taxes were USD 11 million in 2004, compared to USD 2 million last year. The fourth quarter 2004 net result of USD 2 million compares with a net result of USD 27 million the third quarter 2004, USD 22 million the second quarter 2004 and USD 34 million first quarter 2004. The fourth quarter 2004 include bonuses and antitrust expenses of altogether USD 32 million, while the first quarter 2004 included a capital gain on fixed assets of USD 9 million. The underlying operating result, adjusted for the above expenses, improved from the third to the fourth quarter 2004 by about 15%, primarily as a result of better market conditions. Business Segments Global Trade EBITDA for 2004 was up 21% to USD 127 million, compared to USD 105 million in 2003. Operating profit (EBIT) increased to USD 66 million in 2004, compared to USD 43 million in 2003. Improved market conditions led to time-charter income expressed in USD per day of about 16% higher in 2004, compared to last year, and time-charter income increased by 7.8% from the third to the fourth quarter 2004. The average cost of bunkers in 2004 was USD 165 per ton (including compensation related to bunker escalation clauses), compared to USD 154 last year. Operating expenses on a comparable fleet basis were 4% higher in 2004 than the full year 2003 figure, also as a consequence of bonuses. In October 2004 Odfjell reached an agreement with the major Russian shipyard "Sevmash" at Severodvinsk near Archangel to build a series of eight to twelve advanced product/chemical carriers, for delivery 2007 onwards. These will be IMO type II fully coated vessels of about 45,000 dwt. and will replace some of our older chemical carriers. Odfjell expects an enhanced commercial demand for such ships due to recently enacted, stricter IMO rules for carrying vegetable oils and certain other bulk liquid products by double-hulled chemical tankers. The first eight of the "Sevmash" vessels will cost on average about USD 41 million each. The optional four vessels will be priced according to a mutually agreed market-related formula. In fourth quarter 2004 Odfjell sold the two sister ships M/T Bow Giovanni (11,290 dwt./built 1987) and M/T Bow Marino (11,289/1988) for an aggregate sum of USD 12 million. The sales price was slightly above the book value for the two ships. The two ships were acquired in connection with the merger with Seachem in 2000 and have primarily been operating in our regional trades in the Americas and in Asia. Regional Trade As from 1 January 2004 the activities of Odfjell Americas was transferred from Regional Trade to Global Trade. EBITDA for 2004 was USD 14 million, compared to USD 15 million last year. EBIT for 2004 was USD 8 million, compared to USD 4 million in 2003. Tank Terminals EBITDA for 2004 was USD 49 million, an improvement from USD 45 million last year. EBIT for 2004 was USD 29 million, up from USD 27 million last year. EBITDA of Odfjell Terminals (Rotterdam) was USD 24.6 million in 2004, up from USD 21.1 million last year. Odfjell Terminals (Houston) showed an EBITDA of USD 17.1 million in 2004, compared to USD 17.3 million in 2003. Our share of the terminals in Onsan, Korea, Singapore and the two terminals in China made an EBITDA of USD 7.5 million. Tank Containers EBITDA for 2004 was USD 4 million, compared to USD 5 million last year. EBIT for 2004 was USD 2 million, compared to USD 3 million in 2003. In December 2004 Odfjell agreed to sell its 50% shareholding in the tank container joint-venture company Hoyer-Odfjell BV, Rotterdam to our joint-venture partner Hoyer. The agreement will be effective from 1 January 2005 and, in connection with the sale of the shares in Hoyer-Odfjell BV to Hoyer, we will be repaid shareholder loans and released of guarantees established for Hoyer-Odfjell`s financial commitments. Based on the sales price of the shares in Hoyer-Odfjell, the sales gain for Odfjell will be about USD 5 million. The transaction is subject to approval from relevant competition authorities and we expect the closing to take place in the first quarter 2005. During 2004 Odfjell`s share of Hoyer-Odfjell`s gross revenue was USD 57 million compared to the total consolidated gross revenue of the Odfjell Group of USD 1,001 million. Our share of the net profit in Hoyer-Odfjell during the same period was less than USD 1 million of our USD 86 million Group bottom line result. We decided to sell our share of the business to Hoyer due to different views on the strategic development of the company. Key Figures Return on equity was 15.5% and return on total assets was 6.6%. Return on capital employed (ROCE) was 8.0% in 2004. Earnings per share amounted to USD 1.97 (NOK 13.28) in 2004, compared to USD 1.78 (NOK 12.61) in 2003 before extraordinary items. Cash flow per share was USD 4.23 (NOK 28.48), compared to USD 3.91 (NOK 27.68). As per 31 December 2004 the Price/Earnings ratio (P/E) was 17.8 and the Price/Cash flow ratio was 8.3. Based on book value the Enterprise Value (EV)/EBITDA multiple is 7.0 while, based upon market value as per 31 December 2004, the EV/EBITDA multiple is 11.9. Interest coverage ratio (EBITDA/Net interest expenses) stays high in 2004 at 7.4, compared to 7.5 last year. Finance Cash and bonds as of 31 December 2004 increased to USD 233 million from USD 203 million as of 31 December 2003. Interest bearing debt increased from USD 944 million year-end 2003 to USD 1,026 million per 31 December 2004 as a consequence of investment in new ships. Net interest bearing debt was USD 793 million as per 31 December 2004. The equity ratio was 32% as per 31 December 2004 and the current ratio was 2.1. Shareholder Information The Odfjell shares were split in two as per 1 December 2004 and consequently the number of shares doubled and par value was reduced to NOK 5 per share. At year-end 2004 the A-shares were trading at NOK 212 (USD 35), up 186% compared to NOK 74 (USD 11) a year earlier. The B-shares were trading at NOK 206 (USD 34) at year-end, up 187% from NOK 72 (USD 11) a year earlier. The share price expressed in USD increased during the year by 218% and 209% respectively for the A- and B-share. During 2004 an ordinary dividend of NOK 3 per share was paid out in May and an extraordinary dividend of NOK 3 per share was paid out in December. Adjusted for this dividend, the shares increased by 200% and 201% for the A- and B-share respectively expressed in NOK. By way of comparison, the Oslo Stock Exchange benchmark index rose by 38%, the marine index rose 85% and the transportation index improved by 73% during the year. The market capitalisation of Odfjell increased by close to NOK 6 billion (USD 1 billion) in 2004, from NOK 3.2 billion (USD 477 million) as per 31 December 2003 to NOK 9.1 billion (USD 1.5 billion) as per 31 December 2004. The Annual General Meeting will be held on 4 May 2005 at 16:00 hours at the Company's headquarter. The Board recommends a dividend of NOK 4 (USD 0.66) per share for 2004, equal to NOK 173.5 million (USD 28.7 million). In line with recently established dividend policy, the Board aims for another dividend later this year. Based on the average share price in 2004 the direct yield, through dividend payments in 2004 equals about 4.3%. Legal Matters We have previously reported extensively on the different actions related to the antitrust issue in the parcel tanker industry. Since third quarter of 2004 we have made progress in settling antitrust issues with a number of major customers. Such settlements include a refund of customers' legal expenses against their releasing Odfjell from any claims related to this subject. We are continuing such dialog with other customers. At this point in time it is not possible to estimate the total financial impact of future settlements, but we believe that such settlements will not have a material impact upon future net result or cash flow. These negotiations have not prevented us from doing business with our customers on market terms. Under General and administrative expenses in the fourth quarter 2004, we have included USD 23 million as legal and other expenses related to the antitrust matter, of which USD 19 million are provisions for future expenses. These expenses are included in short term liabilities. Implementation of IFRS Odfjell will apply the International Financial Reporting Standards (IFRS), approved by the EU, for the consolidated accounts as from 1 January 2005. The main effects on Odfjell's accounts arising from the change in accounting principles will be positive, by increased asset values and equity as well as improved net results due to lower depreciations, primarily caused by a revaluation of residual values for ships and terminals. In order to present comparable figures in the 2005 quarterly accounts, an opening balance according to IFRS will be prepared as of 1 January 2004, and the quarterly accounts for 2004 will be recalculated accordingly. In February 2005, a more complete description of the changes in accounting principles, restated quarterly results and balance sheets for 2004 will be published and made available on Odfjell's website www.odfjell.com. The same comprehensive description will also be included in the Annual Report for 2004. Prospects The world economy, helped by growth in the BRIC-countries (Brazil, Russia, India and China), continues to be strong. The current upward trend in the chemical industry started late 2003 and is continuing. Most shipping segments show strong results and we believe recently introduced legislations from the European Union and the International Maritime Organisation (IMO) will further favourably impact the supply/demand balance of chemical tankers going forward. Furthermore, there seems to be a balance in newbuilding orders. Fewer yards are keen to build specialized chemical tankers and those that are, quote significantly higher prices. Accordingly, we expect strong chemical tanker markets the next few years as well as a continued solid result in our tank terminal business. Based on the above assumptions, we anticipate a significantly improved operating result in 2005. Preliminary Result 2004 Press contact: Espen Bjelland, Vice President Investor Relations, ph. +47 5527 4479 or +47 900 15570, E-mail: espen.bjelland@odfjell.com Additional information about Odfjell is available at: www.odfjell.com This press release was brought to you by Hugin Online, distributor of electronic press releases for companies listed on selected European stock exchanges. Address: http://www.huginonline.com/Norway/ODF To alter your subscription profile or to unsubscribe, please go to: http://www.huginonline.com/email The Hugin Team Link to comment Share on other sites More sharing options...
Pantera Posted april 11, 2005 Report Share Posted april 11, 2005 Odfjell A [ODF], kurs 274.00 Odfjell A ligger i en stigende trend og videre oppgang innenfor denne indikeres. Ved reaksjoner tilbake er det støtte mot gulvet i trendkanalen. Har også brutt et motstandsnivå på kort sikt og gitt kjøpssignal fra kortsiktig trading range. Aksjen har brutt opp gjennom motstanden ved ca 256 kr. Videre oppgang er dermed signalisert, og det er nå støtte ved 256 kr ved reaksjoner tilbake. RSI-kurven viser en fallende trend, noe som er et tidlig signal om mulig trendbrudd ned. Aksjen anses samlet sett teknisk positiv på middels lang sikt. Link to comment Share on other sites More sharing options...
Zoonic Posted juni 20, 2005 Report Share Posted juni 20, 2005 Innkommet 20.06.05 09:34 OIL - MOTTATT TILBUD - Odfjell Invest Ltd ble etter børsens stengetid fredag 17. juni underrettet om at Seadrill Ltd. har fremmet et tilbud til utvalgte aksjonærer i Odfjell Invest Ltd. om kjøp av deres aksjer i selskapet for NOK 16 pr. aksje som tilsvarer sluttkurs på Oslo Børs fredag 17. juni 2005. Odfjell Invest Ltd ble etter børsens stengetid fredag 17. juni underrettet om at Seadrill Ltd. har fremmet et tilbud til utvalgte aksjonærer i Odfjell Invest Ltd. om kjøp av deres aksjer i selskapet for NOK 16 pr. aksje som tilsvarer sluttkurs på Oslo Børs fredag 17. juni 2005. I tillegg tilbys aksjonærene som aksepterer tilbudet innen svarfristen som var satt til søndag 19. juni 2005 kl 18.00 å benytte vederlaget til å tegne aksjer i Seadrill Ltd. til en kurs lik NOK 29 pr. aksje i selskapet, som er marginalt under kursen for Seadrill Ltd. på OTC listen ved stengetid fredag. Odfjell Invest Ltd. har 2 jack-up rigger under bygging ved KeppelFels i Singapore, og har opsjon på bygging av ytterligere en rigg av samme type. Den første enheten har levering i 2. kvartal 2006, med levering i 2. kvartal 2007 for enhet nummer 2. Uten samtykke fra KeppelFels vil finansieringsopsjonen for rigg nr 1 og opsjonen for rigg nr 3 falle bort hvis ikke Odfjell Partners Ltd eier mer enn 25% av aksjene i Odfjell Invest Ltd. For nærmere opplysninger kontakt Finansdirektør Atle Sæbø, Odfjell Drilling AS, på telefon 55998900/93240306 eller på mail : ase@odfjelldrilling.com. Link to comment Share on other sites More sharing options...
Zoonic Posted september 7, 2005 Report Share Posted september 7, 2005 DnBNOR MED EN OPPDATERING Link to comment Share on other sites More sharing options...
Zoonic Posted november 15, 2005 Report Share Posted november 15, 2005 DnBNOR OM ODFJELL Link to comment Share on other sites More sharing options...
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