TIDMYUJ
RNS Number : 1350I
Yujin International Ltd
28 June 2013
28 June 2013
YUJIN INTERNATIONAL LTD.
("Yujin", the "Company" or "the Group")
Final Results
Yujin, an owner and operator of a fleet of short range tankers,
providing logistics and ship management services to customers in
the chemical and oil industry in the Asia Pacific Region, announces
herewith its audited final results in respect of the year ended 31
December 2012.
The notes to this announcement contain additional information
that has been extracted from the Annual Report. This announcement
should be read in conjunction with, and not as a substitute for,
reading the full Annual Report.
Summary
v Yujin owned and operated a fleet of six vessels, with total
tonnage at 27,281. In April 2013, Yujin's tonnage was reduced to
18,557 following the sale of two of the bunker tankers.
v With lower charter rates, consolidated net revenue declined to
USD 13.5 million (2011: USD 18.0 million).
v Yujin's operating profit declined 50% to USD 0.6 million
(2011: USD 1.2 million) as a result of higher fuel costs as well as
higher repair and maintenance costs.
v One remaining bunker tanker contract was renewed for six
months plus a six month option while the other was renewed for one
month with the same charterers but at a lower rate than the
previous year.
v Yujin's chemical tanker was on spot charter until she
commenced term contract for six months plus a six months option
from May 2013. Yujin's bitumen tanker is currently on a one-year
term contract which expires end June 2013 and negotiations are
currently taking place..
Postperiod Events
v The Chinese shipyard finally settled and refunded all advance
payments including interest totaling approximately USD 14.5 million
for the unfulfilled contracts of two new 5,500 DWT chemical
tankers. Following the repayment of associated bank loans, a total
of USD 6 million was received by the Company.
v The directors do not recommend a dividend be paid for the year
ended 31 December 2012.
For further information please contact:
Yujin International Ltd. Tel: 00 (65) 6226 2963
Keen Whye LEE
Or visit www.yujininternational.com
Cantor Fitzgerald Europe Tel: 020 7894 7000
Rick Thompson/Catherine Leftley
NB: The currency used in this announcement is US Dollars unless
otherwise indicated.
CHAIRMAN'S STATEMENT
Yujin, an owner and operator of a fleet of short range tankers
providing logistics and ship management services to customers in
the chemical and oil industry in the Asia Pacific Region, announces
herewith its audited non-statutory annual results in respect of the
year ended 31 December 2012 for the purpose of reporting to its
shareholders.
The management of the Group continued to work closely with our
supportive customers and have managed to renew contracts at
reasonable, albeit, lower rates and this has kept our ships
employed in spite of the challenges the industry faced. With lower
charter rates, revenue from continuing operations fell by 17% to
USD 13.2 million as compared to USD 15.9 million in 2011. Operating
profit also fell to USD 0.6 million as a result of higher fuel
costs as well as higher repair and maintenance costs.
Revenue Operating profit
2012 2011 2012 2011
USD USD USD USD
External customers '000 '000 '000 '000
Bunker tankers 7,587 8,189 1,234 2,403
Regional tankers 4,582 6,611 (787) (1,380)
Ship management and other
income 1,057 1,121 158 171
------------ ----------- ------------- ------------
Continuing operations 13,226 15,921 605 1,194
Bunker trade (non core
activity) 239 2,045 3 -
------------- ------------
13,465 17,966 608 1,194
============ =========== ============= ============
Comments on the performance of each operating segment:
Bunker tankers
Yujin owned and managed four bunker tankers with a combined
tonnage of 17,284 DWT in 2012. In April 2013, tonnage was reduced
to 8,560 DWT when two of the bunker tankers were sold for a total
consideration of SGD 4.5 million. One remaining bunker tanker
contract was renewed for six months plus six month option while the
other was renewed for one month with the same charterers but at a
lower rate than the previous year.
Revenue decreased to USD 7.6 million from USD 8.2 million in
year 2011 due to lower charter rates and further weakening of the
United States Dollar against the Singapore Dollar. Operating profit
dropped slightly as higher repair and maintenance costs were
incurred to ensure operational efficiency.
Regional tankers
Yujin owns two foreign going vessels; MT Team Bee, a chemical
tanker of 4,998 DWT was on spot charter in 2012 until she commenced
term contract for six months with an option for another six months
from May 2013. MT Arcturus, a bitumen tanker of 4,999 DWT has been
on a one year term contract since June 2012 and is currently
negotiating for the renewal of her contract.
Revenue saw a drop to USD 4.5 million, as compared to USD 6.6
million in 2011, due to low charter rates as well as drop in bunker
costs which were passed on to our customers. However, operating
loss improved slightly to USD 0.8 million compared to a 2011 loss
of USD 1.4 million as fuel costs for Arcturus were borne by
charterers from June 2012.
Ship management and other income
Yujin, through its wholly owned subsidiary, JR Orion Services
Pte Ltd, managed 17 ships throughout 2012. This was reduced to 15
ships following the sale of 2 Yujin bunker tankers in April 2013.
By June 2013, 3 managed ships will be returned to 3(rd) party
Owners while taking over the management of 2 new build ships from
the same Owner due to ship sale and fleet renewal. The group's
fleet is managed by JR Orion and this segment has been stable.
New tankers
The Chinese shipyard finally settled and refunded all advance
payments including interest for the unfulfilled contracts of two
new 5,500 DWT chemical tankers it could not deliver. Proceeds
totaling approximately USD 14.5 million were received and in return
the yard was discharged from all claims arising from the ship
building contracts. The earlier reported figure of USD 6.0 million
was based on net receipt after the Company's repayment of the
associated bank loans.
Investment Opportunity
As previously announced, the Company is still in discussions
with the potential strategic partner who had asked for the
opportunity of a possible investment with the Company that would
maintain our listing on AIM.
Dividend
The Board will not recommend any dividends to be made in respect
of the year ended 31 December 2012.
Summary
The shipping market is expected to continue to remain weak.
Freight rates in many sectors have remained soft reflecting a
continued demand/supply imbalance and fuel costs, which have been
stable recently, remained high. If freight rates and fuel costs do
not improve, the environment in which the Group operates will
remain challenging with potential negative effects on its financial
performance.
Lee Keen Whye
Chairman
Yujin International Ltd.
28 June 2013
Yujin International Ltd.
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2012
2012 2011
USD USD
Revenue 9 13,159,841 17,648,319
Other income 9 305,312 317,345
------------------- ------------------
13,465,153 17,965,664
Costs and expenses
Cost of sales 6,834,414 10,270,245
Bad debts written off - 19,978
Depreciation 2 3,305,040 3,842,994
Directors' fees 96,967 104,708
Directors' salary 605,148 634,888
Staff costs 1,096,405 1,213,879
Other operating expenses 918,659 685,242
------------------- ------------------
(12,856,633) (16,771,934)
------------------- ------------------
Profit from operations 608,520 1,193,730
Non-operating expenses
Impairment loss on property, plant
and equipment 2 (1,936,225) (5,675,870)
Write off of deposit - (713,869)
Finance costs (1,437,854) (641,183)
------------------- ------------------
(Loss)/Profit before tax 4 (2,765,559) (5,837,192)
Income tax income/(expense) 1,211,850 (298,575)
(LOSS)/PROFIT FOR THE YEAR (1,553,709) (6,135,767)
=================== ==================
Other comprehensive income
Foreign currency translation differences
for subsidiaries 1,488,658 7,822
Revaluation of property, plant
and equipment 2 (5,088,588) (1,653,968)
------------------- ------------------
Other comprehensive income for the
year, net of tax (3,599,930) (1,646,146)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR
THE YEAR (5,153,639) (7,781,913)
=================== ==================
Attributable to :
Equity holders of the company (4,216,915) (6,557,383)
Non-controlling interests (936,724) (1,224,530)
Total comprehensive income/(loss)
for the year (5,153,639) (7,781,913)
=================== ==================
Attributable to :
Equity holders of the company (1,257,464) (5,962,409)
Non-controlling interests (296,245) (173,358)
Profit/(loss) for the year (1,553,709) (6,135,767)
=================== ==================
Earnings per share
Basic (in USD) 7 (0.04) (0.20)
Diluted (in USD) 7 (0.04) (0.20)
Yujin International Ltd.
Consolidated Statement of Financial Position
as at 31 December 2012
2012 2011
ASSETS USD USD
Non-current assets
Property, plant and equipment 2 34,506,789 40,947,597
Deferred tax 6 1,167,692 1,165,057
----------------- -----------------
35,674,481 42,112,654
Current assets
Trade and other receivables 1,477,885 1,654,015
Amount receivable from a
related company - 47,485
Cash and cash equivalents 474,716 295,624
----------------- -----------------
1,952,601 1,997,124
Total assets 37,627,082 44,109,778
================= =================
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the Company
Share capital 8 3,317,897 3,317,897
Retained earnings 542,564 6,974,898
Currency translation reserve 3,496,966 2,008,308
Revaluation reserve 2,519,360 1,800,028
----------------- -----------------
9,876,787 14,101,131
Non-controlling interests (431,368) 497,927
Total equity 9,445,419 14,599,058
================= =================
Non-current liabilities
Loans from related companies 2,205,702 923,574
Term loan (secured) 5 12,531,319 14,449,056
Deferred tax 2,902,658 4,097,289
----------------- -----------------
17,639,679 19,469,919
Current liabilities
Trade and other payables 3,915,408 4,020,994
Amount payable from a related
company 98,542 111,707
Term loan (secured) 6,528,034 5,442,305
Bank overdraft (secured) 5 - 465,795
Income tax payable - -
----------------- -----------------
10,541,984 10,040,801
----------------- -----------------
Total liabilities 28,181,663 29,510,720
Total equity and liabilities 37,627,082 44,109,778
================= =================
Yujin International Ltd.
Consolidated Statement of Changes in Equity
for the year ended 31 December 2012
Total attributable
to equity
Share Translation Revaluation Retained holders Non-controlling Total
capital reserve reserve earnings of the Company interests equity
USD USD USD USD USD USD USD
Balance at 31
December 2010 3,317,897 2,010,978 7,577,694 7,751,945 20,658,514 1,722,457 22,380,971
Total comprehensive
income/(loss) for
the year
Loss for the
year - - - (5,962,409) (5,962,409) (173,358) (6,135,767)
Other
comprehensive
income
:
Revaluation of
property,
plant and
equiptment - - (602,796) - (602,796) (1,051,172) (1,653,968)
Currency
translation
differences - (2,670) - 10,492 7,822 - 7,822
--------------- --------------- ----------------- ---------------- ------------------------ ---------------- ----------------
Total
comprehensive
income - (2,670) (602,796) (5,951,917) (6,557,383) (1,224,530) (7,781,913)
--------------- --------------- ----------------- ---------------- ------------------------ ---------------- ----------------
Balance at 31
December 2011 3,317,897 2,008,308 6,974,898 1,800,028 14,101,131 497,927 14,599,058
Total comprehensive
income/(loss) for
the year
Loss for the
year - - - (1,257,464) (1,257,464) (296,245) (1,553,709)
Other
comprehensive
income
:
Revaluation of
property,
plant and
equiptment - - (4,455,538) - (4,455,538) (633,050) (5,088,588)
Currency
translation
differences - 1,488,658 - - 1,488,658 - 1,488,658
--------------- --------------- ----------------- ---------------- ------------------------ ---------------- ----------------
Total
comprehensive
income - 1,488,658 (4,455,538) (1,257,464) (4,224,344) (929,295) (5,153,639)
--------------- --------------- ----------------- ---------------- ------------------------ ---------------- ----------------
Balance at 31
December 2012 3,317,897 3,496,966 2,519,360 542,564 9,876,787 (431,368) 9,445,419
=============== =============== ================= ================ ======================== ================ ================
Yujin International Ltd.
Consolidated Statement of Cash flow
for the year ended 31 December 2012
2012 2011
Cash flows from operating activities USD USD
Profit/(loss) before taxation (2,765,559) (5,837,192)
Adjustments for:
Bank loan interest - 430,592
Bad debts written off 381,706 19,978
Property, plant and equipment
written off - -
Impairment loss on property, plant
and equipment 1,936,225 5,675,870
Depreciation 2 3,305,040 3,842,994
Write off of deposit - 713,869
Interest received - -
---------------- -----------------
5,622,971 10,683,303
---------------- -----------------
Operating profit before working
capital changes 2,857,412 4,846,111
Decrease/(Increase) in trade and
other receivables 176,130 1,118,026
(Decrease)/Increase in trade and
other payables (108,201) (1,132,659)
---------------- -----------------
67,929 (14,633)
---------------- -----------------
Cash generated from/(used in)
operations 2,925,341 4,831,478
Income tax paid 4 (72,149) -
---------------- -----------------
Net cash flows from operating
activities 2,853,192 4,831,478
Cash flows from investing activities
Purchase of property, plant
and equipment 2 (1,499,612) (469,660)
Interest received - -
---------------- -----------------
Net cash flows from/(used in)
investing activities (1,499,612) (469,660)
Cash flows from financing activities
Payment of term loan interest (302,686) (430,592)
Payment of term loan financing (1,787,495) (4,339,736)
Loan from related party 1,282,128 149,161
Amount payable to a related
company 47,485 (128,280)
Amount receivable from relased
company (89,570) -
---------------- -----------------
Net cash flows from/(used in)
financing activities (850,138) (4,749,447)
Net increase/(decrease) in cash and
cash equivalents 503,442 (387,629)
Cash and cash equivalents at
beginning of year 3 (170,171) 753,552
Effect of exchange rate changes 141,445 (536,094)
Cash and cash equivalents at
end of year 3 474,716 (170,171)
================ =================
Yujin International Ltd.
Notes to the financial information
for the year ended 31 December 2012
1. Basis of preparation
The financial information has been prepared in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board ("IFRS's") and using
accounting policies which are consistent with those adopted in the
non-statutory financial statements for the year ended 31 December
2012.
The financial information set out in this announcement does not
constitute the Company's non-statutory financial statements for the
year ended 31 December 2012, but it is derived from those
non-statutory financial statements.
The financial information is prepared in US Dollars (USD) except
where otherwise stated.
Whilst the financial information included in these full year
results has been prepared in accordance with IFRS, this
announcement itself does not contain sufficient information to
comply with IFRS. A copy of the non-statutory financial statements
prepared under IFRS for the year ended 31 December 2012 will be
issued prior to the Company's Annual General Meeting. The
announcement was approved on 28 June 2013.
The company's current auditors have reported on the
non-statutory financial statement for the year ended 31 December
2012, their report was unqualified.
The directors do not propose a dividend in respect of the year
ended 31 December 2012 (2011: Nil).
Going Concern
The non-statutory financial statements have been prepared on the
going concern basis of accounting which assumes adequate financial
resources will be available to the Group for a period of at least
twelve months from the date of approval of these non-statutory
financial statements. In support of this assumption, the Directors
have prepared detailed budgets and cash flow projections based on
continuing operations and the Group's currently available cash and
cash projected to be generated from its operations. Those budgets
and cash flow projections include future estimated cash flows
generated from operating activities from the ongoing Group trade as
well as, where and if required, other source of funding such as
those generated from investing or financing activities and those
received from vessel sales and arbitration rulings. These budgets
and cash flow projections have been reviewed and approved by the
Board of Directors.
2. Fixed Assets
Vessels
Office Office Office Computer under
Group - 2012 Equipment Furniture Renovation Software Vessels Construction Total
USD USD USD USD USD USD USD
Cost or Valuation
Balance at beginning
of year:
At cost 10,232 31,308 43,781 64,493 - 12,243,698 12,393,512
At valuation - - - - 31,915,721 - 31,915,721
---------- ---------- ----------- --------- ------------ ------------- ---------------------
10,232 31,308 43,781 64,493 31,915,721 12,243,698 44,309,233
- Additions - - 6,432 1,971 1,101,231 1,965,418 3,075,052
- Disposals - - - - - - -
- Adjustments - - - - - - -
- Revaluation
deficit - - - - (5,088,588) - (5,088,588)
- Elimination
on revaluation - - - - (8,468,006) - (8,468,006)
- Net exchange
difference 599 1,833 2,672 3,675 811,239 - 820,018
Balance at
end of year 10,831 33,141 52,885 70,139 20,271,597 14,209,116 34,647,709
---------- ---------- ----------- --------- ------------ ------------- ---------------------
Accumulated depreciation
and impairment
Balance at
beginning of
year: 9,437 18,536 22,901 60,762 3,250,000 - 3,361,636
- Charge for
current year 893 4,844 15,557 1,966 3,281,781 - 3,305,041
- Impairment
loss - - - - 1,936,225 - 1,936,225
- Disposals - - - - - - -
- Elimination
on revaluation - - - - (8,468,006) - (8,468,006)
- Net exchange
difference 500 932 1,051 3,541 - - 6,024
Balance at
end of year 10,830 24,312 39,509 66,269 - - 140,920
---------- ---------- ----------- --------- ------------ ------------- ---------------------
Net Book Value
At end of year 1 8,829 13,376 3,870 20,271,597 14,209,116 34,506,789
---------- ---------- ----------- --------- ------------ ------------- ---------------------
At beginning
of year 795 12,772 20,880 3,731 28,665,721 12,243,698 40,947,597
---------- ---------- ----------- --------- ------------ ------------- ---------------------
2. Fixed Assets (continued)
Vessels
Office Office Office Computer under
Group - 2011 Equipment Furniture Renovation Software Vessels Construction Total
USD USD USD USD USD USD USD
Cost or
Valuation
Balance at beginning
of year:
At cost 10,253 30,482 41,633 62,631 - 8,637,252 8,782,251
At
valuation - - - - 49,789,710 - 49,789,710
------------------ ------------- ----------------- ------------------ --------------------- ----------------------- --------------------
10,253 30,482 41,633 62,631 49,789,710 8,637,252 58,571,961
- Additions - - - 3,701 231,823 3,606,446 3,841,970
- Disposals - - - (1,775) - - (1,775)
- Adjustment - - - - (28,024) - (28,024)
-
Revaluation
deficit - - - - (1,653,968) - (1,653,968)
-
Elimination
on
revaluation - - - - (16,487,718) - (16,487,718)
- Net
exchange
difference (21) 826 2,148 (64) 63,898 - 66,787
Balance at
end
of year 10,232 31,308 43,781 64,493 31,915,721 12,243,698 44,309,233
================== ============= ================= ================== ===================== ======================= ====================
Accumulated depreciation
and
impairment
Balance at
beginning
of year: 7,620 11,968 9,531 60,989 10,237,273 - 10,327,381
- Charge for
current
year 1,822 6,418 15,117 3,253 3,816,384 - 3,842,994
- Impairment
loss - - - - 5,675,870 - 5,675,870
- Disposals - - - (1,839) - - (1,839)
-
Elimination
on
revaluation - - - - (16,487,718) - (16,487,718)
- Net
exchange
difference (5) 150 (1,747) (1,641) 8,191 - 4,948
Balance at
end
of year 9,437 18,536 22,901 60,762 3,250,000 - 3,361,636
================== ============= ================= ================== ===================== ======================= ====================
Net Book
Value
At end of
year 795 12,772 20,880 3,731 28,665,721 12,243,698 40,947,597
================== ============= ================= ================== ===================== ======================= ====================
At beginning
of
year 2,633 18,514 32,102 1,642 39,552,437 8,637,252 48,244,580
================== ============= ================= ================== ===================== ======================= ====================
During the year, the Group acquired property, plant and
equipment with an aggregate cost of USD 3,075,052 (2011: USD
3,841,970) of which USD 1,575,440 (2011: USD 3,372,310) was
acquired by means of term loan facilities. Cash payments of USD
1,499,612 (2011: USD 469,660) were made for purchase of property,
plant and equipment.
2. Fixed Assets (continued)
During the year, the Group had revalued the six operating
vessels based on the valuation reports verified by a firm of
independent professional valuers, on an open market basis. The
cumulative valuation deficit amounting to USD 5,016,742 (deficit in
2011: USD 1,653,968) has been transferred to the revaluation
reserves of the Group (note 8).
The carrying amount of the vessels would have been USD
21,319,036 (2011: USD 23,488,073) had the vessel been carried at
cost less accumulated depreciation and impairment loss.
The Group's vessels and vessels under construction are mortgaged
to the bank to obtain term loan facility (note 10).
The vessels under construction represent progress payments of
USD12,243,698 for first vessel and second vessel amounting to
USD6,963,274 and USD5,280,424 respectively. Prior to the year end,
the Company notified the shipbuilding yard that this contract had
been cancelled and requested a refund for all monies paid. The yard
paid on 14 June 2013 (see note 26). The valuation of property,
plant and equipment is considered to be a critical judgment. Any
change in the valuation of PPE would have a corresponding impact on
comprehensive income.
3. Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and with banks
as follows:
2012 2011
USD USD
Cash on hand 7,022 1,343
Cash at bank 467,694 294,281
--------------- -----------------
Balance per Statement
of Financial Position 474,716 295,624
Bank overdraft
(secured) - (465,795)
Balance as per
Statement of Cash
Flows 474,716 (170,171)
=============== =================
The bank overdraft is secured by:
(i) A second legal mortgage on 4 of the Group's vessels (note 5) and
(ii) Joint and several guarantees from the Company's directors.
4. Taxation on profit from ordinary activities
2012 2011
USD USD
Balance at the beginning
of year - -
Add: Current year provision - -
Less: Over-provision
in prior year 72,149 (288)
Less: Translation difference - -
--------------- --------------
72,149 (288)
Less: Payments (72,149) -
Add: Tax refund - 288
Balance at the end of
year - -
=============== ==============
The income tax expense varied from the amount of income tax
expense determined by applying the Singapore income tax rate of 17%
(2011: 17%) to estimated chargeable income as a result of the
following differences:
Group
2012 2011
USD USD
Profit/(loss) for the year (1,553,709) (6,135,767)
Total income tax (income)/expense (1,211,850) 298,575
Profit/(loss) before tax (2,765,559) (5,837,192)
---------------- ----------------
Income tax expenses at statutory
rate (467,722) (992,323)
Translation differences (4,864) (4,775)
Non-deductible items 1,001,182 2,038,401
Non-taxable items 34,363 (80,133)
Utilisation of tax losses/capital
allowances (69,547) (180,111)
Under/(over) provision in
prior year (72,149) (288)
Tax exempt income (96,481) (103,769)
Current year losses for
which no deferred
tax asset was recognised 114,308 23,359
Group relief to be utilised (516,103) (700,649)
Deferred tax movement 1,288,863 298,863
Total income tax expense 1,211,850 298,575
================ ================
5. Term Loan
Group
2012 2011
USD USD
Within one year 6,528,034 5,442,305
Due within 2 to
5 years 12,531,319 14,449,056
Due after 5 years - -
---------------------- -------------------
12,531,319 14,449,056
19,059,353 19,891,361
====================== ===================
Term loans
- secured 19,059,353 19,891,361
- unsecured - -
19,059,353 19,891,361
====================== ===================
(i) The term loans are secured by:
- A first priority legal mortgage on the Group's vessels (note
5);
- An assignment of all rights, earnings and benefits of the
vessel (on a notification basis) in a form acceptable to the
bank;
- The assignment of insurance policies covering Hull and
Machinery, War Risks, Mortgagee Interest and Protection and
Indemnity in respect of the vessel, in a form acceptable to the
bank;
- Joint and several guarantee from the Company's directors;
and
- Corporate guarantee from the holding company and certain
subsidiaries.
(ii) The loans are repayable in 60 monthly installments from the
date of last draw down after the completed vessel has been
delivered. Effective interest varies from 1.94% to 3.08% (2011:
1.94% to 3.08% per annum. Interests are charged and paid
monthly.
6. Deferred Tax
Group
2012 2011
USD USD
Deferred tax liabilities:
Opening balance 4,097,289 4,109,105
Translation difference 87,139 5,664
Temporary differences
movement (1,281,770) (17,480)
---------------- ----------------
Closing balance 2,902,658 4,097,289
================ ================
Deferred tax assets:
Opening balance 1,165,057 1,481,400
Translation difference 5,270 -
Temporary differences
movement (2,635) (316,343)
---------------- ----------------
Closing balance 1,167,692 1,165,057
================ ================
Deferred tax liability refers to the difference between the net
book value of the vessels and their tax written down values.
Deferred tax asset relates to excess capital allowances claimed for
the vessels and has been recognised to the extent that it is
probable that the unused capital allowances claimed will be
subsequently utilised.
7. Earnings per share
The calculation of basic earnings per share and diluted earnings
per share at 31 December 2012 was based on the profit/(loss)
attributable to ordinary shareholders of USD 1,257,464 loss (2011:
USD 5,962,409 loss) and a weighted average number of ordinary
shares, calculated as follows:
2012 2011
No. of No. of
shares shares
Issued ordinary shares at beginning
of the year 30,000,010 30,000,010
Weighted number of shares issued
during the year - -
Weighted average number of ordinary
shares
in issue during the year 30,000,010 30,000,010
=============== ===============
Basic loss per share : USD 0.04 2011: USD 0.20
Diluted loss per share : USD 0.04 2011: USD 0.20
8. Share capital
Group and Company
2012 2011
USD USD
Fully paid ordinary shares
with no par value:
Balance at beginning of year 30,000,010 30,000,010
Issued during year - -
Balance at end of year 30,000,010 30,000,010
================== =================
Number of shares 30,000,010 30,000,010
================== =================
The Company had 30,000,010 ordinary shares in issue as at 31
December 2012 (2011: 30,000,010).
(a) The Companies Act Chapter 50 of Singapore abolished the
concept of authorized share capital and the Company is not
constrained by an authorized share capital in the memorandum of
association of the Company.
(b) The holders of ordinary shares are entitled to receive
dividends as declared from time to time and are entitled to one
vote per share at meetings of the company. All shares rank equally
with regard to the Company's residual assets.
At 31 December 2012, the Company has no Share Option Scheme.
9. Segment reporting
For management purposes, the Group is organised into operating
segments based on the type of customers served and has three
segments plus a non-core activity which is being done on an ad-hoc
basis as follows:
(a) Bunker tankers: Our customers are principally bunker traders
operating in the port of Singapore. These traders charter the
Group's ships to supply bunker fuel to ships calling at the
port.
(b) Regional tankers: Yujin's customers are manufacturers and
traders of chemicals, including bitumen and vegetable oils, mainly
palm oils. Yujin provides logistics support to these customers by
transporting their products mainly within the Asia Pacific
region.
(c) Ship management and other related activities: The Group,
through its ship management company JR Orion Services Pte. Ltd,
provides crew and technical management as well as ancillary
services to ship owners.
(d) Bunker trade: Yujin is allocated an amount of bunker fuel by
suppliers for its own use. Yujin occasionally sells off any excess
over its own requirements. This non-core activity is being done at
the request of customers on ad hoc basis.
9. Segment reporting (continued)
Revenue Operating profit
2012 2011 2012 2011
USD USD USD USD
External customers '000 '000 '000 '000
Bunker tankers 7,587 8,189 1,234 2,403
Regional tankers 4,582 6,611 (787) (1,380)
Ship management and other
income 1,057 1,121 158 171
------------ ----------- ------------- ------------
Continuing operations 13,226 15,921 605 1,194
Bunker trade (non core
activity) 239 2,045 3 -
------------- ------------
13,465 17,966 608 1,194
============ =========== ============= ============
Property, plant and equipment
(In USD ' 000)
At cost
1-Jan-12 Additions Disposals Adjustments Revaluation 31-Dec-12
Bunker tankers 14,915 474 - (3,302) (4,315) 7,772
Regional tankers 29,244 2,593 - (4,427) (702) 26,708
Ship management and
others 150 8 - 9 167
Total 44,309 3,075 - (7,720) (5,017) 34,647
============= ============== ============= ============== ============= =============
Accumulated depreciation
Impairment
1-Jan-12 Additions Disposals Adjustments loss 31-Dec-12
Bunker tankers - 2,353 - (4,114) 1,761 -
Regional tankers 3,250 929 - (4,354) 175 -
Ship management and
others 112 23 - 6 - 141
Total 3,362 3,305 - (8,462) 1,936 141
============= ============== ============= ============== ============= =============
Net book value
1-Jan-12 Additions Disposals Adjustments Revaluation 31-Dec-12
Bunker tankers 14,915 (1,879) - 812 (6,076) 7,772
Regional tankers 25,994 1,664 - (73) (877) 26,708
Ship management and
others 38 (15) - 3 - 26
Total 40,947 (230) - 742 (6,953) 34,506
============= ============== ============= ============== ============= =============
9. Segment reporting (continued)
Property, plant and equipment
(In USD ' 000)
At cost
1-Jan-11 Additions Disposals Adjustments Revaluation 31-Dec-11
Bunker tankers 22,094 11 - (9,793) 2,603 14,915
Regional tankers 35,713 3,827 - (6,039) (4,257) 29,244
Ship management and
others 764 4 2 (620) - 150
Total 58,571 3,842 2 (16,452) (1,654) 44,309
============== ============= ============= ================ ============== ==============
Accumulated depreciation
1-Jan-11 Additions Disposals Adjustments Revaluation 31-Dec-11
Bunker tankers 7,514 2,678 - (10,192) - -
Regional tankers 2,101 1,138 - (5,665) 5,676 3,250
Ship management and
others 712 27 (2) (625) - 112
Total 10,327 3,843 (2) (16,482) 5,676 3,362
============== ============= ============= ================ ============== ==============
Net book value
1-Jan-11 Additions Disposals Adjustments Revaluation 31-Dec-11
Bunker tankers 14,580 (2,667) - 399 2,603 14,915
Regional tankers 33,612 2,689 - (374) (9,933) 25,994
Ship management and
others 52 (23) 4 5 - 38
Total 48,244 (1) 4 30 (7,330) 40,947
============== ============= ============= ================ ============== ==============
Additions in the bunker tankers segment in 2012 and 2011 relate
to dry docking expenditure and exchanges differences.
Impairment loss and total liabilities are not disclosed on a
segmental basis because that information is not provided to the
Chief Operating Decision maker of the group.
Geographical segments: The assets and operations of the Company
are primarily located in Singapore, except the regional tankers
which ply in the oceans in the Asia Pacific region, but may
occasionally sail beyond is needed.
The chief operating decision making of Yujin lies with Yujin
Group Joint Managing Director, Captain Joseph Ting Siew Chiong and
Captain Liew Chin Chye. With both their extensive shipping
experience and contacts, the Group has been able to operate
effectively in selected niche market.
10. Subsequent events
Subsequent to year ended 31 December 2012, with regards to the
"Vessel under construction" which represents progress payments for
two ships under construction, as previously disclosed, the Board of
the Company had started the necessary formalities associated with
the contract and notified the yard that the Company had cancelled
the contract and request refund for all monies paid including
interest and demand on the refund guarantee. The yard signed a
final settlement agreement with the Company dated 22 May 2013, in
which it was agreed that all advance payments made to the yard
shall be refunded to the Company including interest. The yard shall
be discharged from all claims arising from the ship building
contract upon full payment.
The yard paid the full refund, with interest, to the Company on
14 June 2013 and the refund guarantee has been fully
discharged.
11. Availability of this announcement
Copies of this announcement will be available from the Company's
registered office, at 400 Orchard Road, #20-05 Orchard Towers,
Singapore 238875 and on the Company's website,
www.yujininternational.com. The Report & Accounts for the year
ended 31 December 2012 have been posted to shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR NKFDKKBKDBAB
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