TIDMYUJ
RNS Number : 8705K
Yujin International Ltd
30 June 2014
30 June 2014
YUJIN INTERNATIONAL LTD.
("Yujin", the "Company" or "the Group")
Final results Release
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 2013.
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 Following the sale of two bunker tankers in April and the sale
of the remaining two bunker tankers in August and October 2013,
Yujin currently owns and operates two vessels, with a combined
tonnage of 9,771.
v As a result of lower charter rates and the sale of the four
bunker tankers during the year, consolidated net revenue declined
to USD 10.4 million (2012: USD 13.5 million).
v Yujin's operating profit increased by 80% to USD 1.1 million
(2012: USD 0.6 million) as a result of lower operating costs in
ship management and improved efficiency in regional tanker
operations.
v In April 2013, two of the bunker tankers were sold for a total
consideration of SGD 4.5 million. In August 2013, one of the two
remaining bunker tankers was sold for USD 0.5 million and in
October 2013, the final remaining bunker tanker was sold for USD
0.485 million.
v Yujin's chemical tanker is currently on spot contract after
completing a term contract of six months between May 2013 and
November 2013. Yujin's bitumen tanker is on a term contract and her
next contract renewal is due in October 2014.
v The directors do not recommend a dividend be paid for the year
ended 31 December 2013.
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 2013 for the purpose of reporting to
itsshareholders.
The management of the Group continued to work closely with our
supportive customers and have kept our regional tankers employed
with renewed contracts at commercial rates. With the sale of all of
the Group's bunker tankers completed by October 2013, charter
income was further reduced and our revenue from continuing
operations fell by 25% to USD 9.9 million as compared to USD 13.2
million in 2012.
However, overall operating profit improved to USD 1.1 million as
a result of lower operating costs in ship management and improved
efficiency in regional tanker operations.
Revenue Operating profit
2013 2012 2013 2012
External customers USD '000 USD '000 USD '000 USD '000
Bunker tankers 3,139 7,587 438 1,234
Regional tankers 5,122 4,582 362 (787)
Ship management and other
income 1,685 1,057 287 158
------------ ------------ -------------- --------------
Continuing operations 9,946 13,226 1,087 605
Bunker trade (non core
activity) 409 239 7 3
-------------- --------------
10,355 13,465 1,094 608
============ ============ ============== ==============
Comments on the performance of each operating segment:
Bunker tankers
In April 2013, two of the four bunker tankers were sold for a
total consideration of SGD 4.5 million. In August 2013, one of the
two remaining bunker tankers was sold for USD 0.5 million and by
October 2013, the last remaining bunker tanker was sold for USD
0.485 million.
Revenue decreased to USD 3.1 million in 2013 from USD 7.5
million in 2012 due to lower charter rates and decreased charter
income owing to the progressive sales of the bunker tankers during
the year. Operating profit dropped with reduced bunker tanker
operations and higher repair and maintenance costs more than offset
improvements in operational efficiency.
Regional tankers
Yujin owns two foreign going vessels; MT Team Bee, a chemical
tanker of 4,772 DWT and MT Arcturus, a bitumen tanker of 4,999 DWT.
MT Team Bee is now on spot contract after completing a term
contract of six months which ended in November 2013. MT Arcturus
has been on a term contract since June 2012 and her next contract
renewal will be due in October 2014.
Revenue increased slightly to USD 5.1 million, as compared to
USD 4.5 million in 2012, while operating profit improved
substantially to USD 0.3 million compared to a 2012 loss of USD 0.8
million due to better charter rates, higher utilization of the
ships and operational efficiencies.
Ship management and other income
Yujin, through its wholly owned subsidiary, JR Orion Services
Pte Ltd, managed 11 ships as at 31 December 2013. The reduced
number of ships managed was due to the sale of the four Yujin
bunker tankers and the return of four 3(rd) party owned managed
ships while only two newly built ships were taken over for
management from the 3(rd) party Owner. The managed fleet was
further reduced to 10 ships following the sale of one managed ship
by its 3(rd) party Owner in March 2014.
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. These
discussions 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 2013.
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 having been
stable recently, remain 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 2014
Yujin International Ltd.
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2013
Note 2013 2012
USD USD
Revenue 9 9,367,445 13,159,841
Other income 9 987,458 305,312
------------------- -----------------
10,354,903 13,465,153
Costs and expenses
Cost of sales 4,579,321 6,834,414
Depreciation 2 2,080,476 3,305,040
Directors' fees 93,611 96,967
Directors' salary 602,260 605,148
Staff costs 1,052,855 1,096,405
Other operating expenses 852,353 918,659
------------------- -----------------
(9,260,876) (12,856,633)
------------------- -----------------
Profit from operations 1,094,027 608,520
Non-operating expenses
Impairment loss on property, plant and equipment 2 (705,982) (1,936,225)
Loss on disposal on property, plant and equipment 2 (867,038) -
Finance costs (216,205) (1,437,854)
------------------- -----------------
(Loss)/Profit before tax (695,198) (2,765,559)
Income tax income/(expense) 4 (423,195) 1,211,850
(LOSS)/PROFIT FOR THE YEAR (1,118,394) (1,553,709)
=================== =================
Other comprehensive income
Items reclassified subsequently to net income upon derecognition
Foreign currency translation differences for subsidiaries 626,559 1,488,658
Items that will not be reclassified subsequently to profit or loss
Revaluation of property, plant and equipment 2 (1,041,258) (5,088,588)
------------------- -----------------
Other comprehensive income for the year, net of tax (1,667,817) (3,599,930)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (2,786,210) (5,153,639)
=================== =================
Attributable to :
Equity holders of the company (2,711,561) (4,216,915)
Non-controlling interests (74,649) (936,724)
Total comprehensive income/(loss) for the year (2,786,210) (5,153,639)
=================== =================
Attributable to :
Equity holders of the company (1,043,744) (1,257,464)
Non-controlling interests (74,649) (296,245)
Profit/(loss) for the year (1,118,393) (1,553,709)
=================== =================
Earnings per share
Basic (in USD) 7 (0.03) (0.04)
Diluted (in USD) 7 (0.03) (0.04)
Yujin International Ltd.
Consolidated Statement of Financial Position
as at 31 December 2013
Note 2013 2012
ASSETS USD USD
Non-current assets
Property, plant and equipment 2 11,248,869 34,506,789
Deferred tax 6 200,421 1,167,692
----------------- -----------------
11,449,290 35,674,481
Current assets
Trade and other receivables 1,254,828 1,477,885
Cash and cash equivalents 744,195 474,716
----------------- -----------------
1,999,023 1,952,601
Total assets 13,448,313 37,627,082
================= =================
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital 8 3,317,897 3,317,897
Retained earnings (501,180) 542,564
Currency translation reserve 2,604,010 3,496,966
Revaluation reserve 1,744,296 2,519,360
----------------- -----------------
7,165,023 9,876,787
Non-controlling interests (505,814) (431,368)
Total equity 6,659,209 9,445,419
================= =================
Non-current liabilities
Loans from related companies - 2,205,702
Term loan (secured) 5 1,711,562 12,531,319
Deferred tax 1,623,238 2,902,658
----------------- -----------------
3,334,800 17,639,679
Current liabilities
Trade and other payables 1,934,074 3,915,408
Amount payable from a related company 114,490 98,542
Term loan (secured) 5 705,000 6,528,034
Income tax payable 700,740 -
----------------- -----------------
3,454,304 10,541,984
----------------- -----------------
Total liabilities 6,789,104 28,181,663
Total equity and liabilities 13,448,313 37,627,082
================= =================
Yujin International Ltd.
Consolidated Statement of Changes in Equity
for the year ended 31 December 2013
Total
attributable
to equity
Share Translation Revaluation Retained holders Non-controlling Total
of the
capital reserve reserve earnings Company interests equity
USD USD USD USD USD USD USD
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 equipment - - (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/(loss) - 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
Total comprehensive
income/(loss) for
the year
Loss for the
year - - - (1,043,744) (1,043,744) (74,649) (1,118,393)
Other
comprehensive
income : -
Revaluation of
property,
plant
and equipment - - (1,041,258) - (1,041,258) - (1,041,258)
Currency
translation
differences - (892,956) 266,194 - (626,762) 203 (626,559)
--------------- ------------ ------------ ------------ ------------- ---------------- ------------
Total
comprehensive
income/(loss) - (892,956) (775,064) (1,043,744) (2,711,764) (74,446) (2,786,210)
--------------- ------------ ------------ ------------ ------------- ---------------- ------------
Balance at 31
December 2013 3,317,897 2,604,010 1,744,296 (501,180) 7,165,023 (505,814) 6,659,209
=============== ============ ============ ============ ============= ================ ============
Yujin International Ltd.
Consolidated Statement of Cash flow
for the year ended 31 December 2013
Note 2013 2012
Cash flows from operating activities USD USD
Loss before taxation (695,198) (2,765,559)
Adjustments for:
Bank loan interest 216,205 381,706
Bad debts written off 31,459 -
Provision for impairment loss on receivable (trade) 42,301 -
Impairment loss on property, plant and equipment 2 705,982 1,936,225
Depreciation 2 2,080,476 3,305,040
Loss on disposal of property, plant and equipment 867,038 -
3,943,461 5,622,971
------------------ ----------------
Operating profit before working capital changes 3,248,263 2,857,412
Decrease in trade and other receivables 112,935 176,130
Decrease in trade and other payables (2,455,012) (108,201)
------------------ ----------------
(2,342,079) 67,929
------------------ ----------------
Cash generated from operations 906,186 2,925,341
Income tax paid 4 - (72,149)
------------------ ----------------
Net cash flows from operating activities 906,186 2,853,192
Cash flows from investing activities
Purchase of property, plant and equipment 2 (611,449) (1,499,612)
Proceeds from disposal of property, plant and equipment 11,147,383 -
------------------ ----------------
Net cash flows from/(used in) investing activities 10,535,934 (1,499,612)
Cash flows from financing activities
Payment of term loan interest (204,185) (302,686)
Payment of interest to related parties (19,163)
Payment of term loan financing (8,744,187) (1,787,495)
Loan from related party (2,205,702) 1,282,128
Amount payable to a related company - 47,485
Amount receivable from related company 15,948 (89,570)
------------------ ----------------
Net cash flows used in financing activities (11,157,289) (850,138)
Net increase in cash and cash equivalents 284,831 503,442
Cash and cash equivalents at beginning of year 3 474,716 (170,171)
Effect of exchange rate changes (15,535) 141,445
Cash and cash equivalents at end of year 3 744,195 474,716
================== ================
Yujin International Ltd.
Notes to the financial information
for the year ended 31 December 2013
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
2013.
The financial information set out in this announcement does not
constitute the Company's non-statutory financial statements for the
year ended 31 December 2013, 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 2013 will be
issued prior to the Company's Annual General Meeting. The
announcement was approved on 28 June 2014.
The company's current auditor has reported on the non-statutory
financial statement for the year ended 31 December 2013, their
report was unqualified.
The directors do not propose a dividend in respect of the year
ended 31 December 2013 (2012: 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. 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 - 2013 Equipment Furniture Renovation Software Vessels Construction Total
USD USD USD USD USD USD USD
Cost or
Valuation
Balance at beginning
of year:
At cost 10,831 33,141 52,885 70,139 - 14,209,116 14,376,112
At
valuation - - - - 20,271,597 - 20,271,597
------------------ --------------------- -------------------- ------------------ ----------------------- ------------------------- -----------------------
10,831 33,141 52,885 70,139 20,271,597 14,209,116 34,647,709
- Additions - - - 40,695 535,200 - 575,895
- Disposals (1,176) - - (8,646) (6,554,952) (14,209,116) (20,773,890)
-
Adjustments - - - - - - -
-
Revaluation
deficit - - - - (1,041,258) - (1,041,258)
-
Elimination
on
revaluation - - - - (1,821,298) - (1,821,298)
- Net
exchange
difference (369) (1,171) (1,869) (2,632) (189,289) - (195,330)
Balance at
end of year 9,286 31,970 51,016 99,556 11,200,000 - 11,391,828
------------------ --------------------- -------------------- ------------------ ----------------------- ------------------------- -----------------------
Accumulated depreciation
and
impairment
Balance at
beginning of
year: 10,830 24,312 39,509 66,269 - - 140,920
- Charge for
current
year - 3,799 9,159 3,752 2,063,766 - 2,080,476
- Impairment
loss - - - - 705,982 - 705,982
- Disposals (1,176) - - (8,436) (948,450) - (958,062)
-
Elimination
on
revaluation - - - - (1,821,298) - (1,821,298)
- Net
exchange
difference (369) (901) (1,500) (2,289) - - (5,059)
Balance at
end of year 9,285 27,210 47,168 59,296 - - 142,959
------------------ ------------- ------------------- ----------------- ------------------------- ------------------------- ------------------------
Net Book
Value
At end of
year 1 4,760 3,848 40,260 11,200,000 - 11,248,869
------------------ ------------- ------------------- ----------------- ------------------------- ------------------------- ------------------------
At beginning
of year 1 8,829 13,376 3,870 20,271,597 14,209,116 34,506,789
------------------ ------------- ------------------- ----------------- ------------------------- ------------------------- ------------------------
2. Fixed Assets (continued)
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
---------- ---------- ----------- --------- ------------ ------------- ---------------------
During the year, the Group acquired property, plant and
equipment with an aggregate cost of USD 575,895 (2012: USD acquired
3,075,052) of which USD NIL (2012: USD 1,575,440) was acquired by
means of term loan facilities. Cash payments of USD 611,448 (2012:
USD 1,499,612) were made for purchase of property, plant and
equipment.
2. Fixed Assets (continued)
During the year, the Group had revalued the two (2012: 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 13,902 (deficit in
2012: USD 5,016,742) has been transferred to the revaluation
reserves of the Group (note 8).
The Group had disposed of four of its vessels for a
consideration of $4,647,987 to third parties. Loss on disposal of
$1,021,561 was taken up in the Income and Expenditure Account.
The Group had reversed the valuation reserve of USD1,027,356
(2012: USD NIL) for the disposal of the vessels.
The carrying amount of the vessels would have been USD
10,278,458 (2012: USD 21,319,036) had the vessel been carried at
cost less accumulated depreciation and impairment loss.
The Group's vessels are mortgaged to the bank to obtain term
loan facility (note 10).
The Company acquired property, plant and equipment with an
aggregate cost of USD 35,553 (2012: USD 1,965,418) of which USD NIL
(2012: USD 1,575,440) was acquired by means of term loan
facilities. Cash payment of USD NIL (2012: USD 389,978) were made
for purchase of property, plant and equipment. The remaining
balance of USD 35,553 was amount due to subsidiary.
The vessels under construction represent progress payments to
suppliers for the construction of two vessels. During the year
2012, the Company notified the shipbuilding yard that the contracts
had been cancelled and requested a refund for all monies paid.
During the year 2013, the supplier refunded an amount of USD
14,399,196 to the Company. Net proceed of USD 6,499,396 was taken
up after settlement of term loan.
3. Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and with banks
as follows:
2013 2012
USD USD
Cash on hand 10,018 7,022
Cash at bank 734,177 467,694
------------ ------------
Balance per Statement
of Financial Position 744,195 474,716
Balance as per Statement
of Cash Flows 744,195 474,716
------------ ------------
4. Taxation on profit from ordinary activities
2013 2012
USD USD
Balance at the beginning
of year - -
Add: Current year provision 670,846 -
Less: Over-provision
in prior year 29,894 72,149
-------- ---------------
700,740 72,149
Less: Payments - (72,149)
Add: Tax refund - -
Balance at the end of
year 700,740 -
======== ===============
The income tax expense varied from the amount of income tax
expense determined by applying the Singapore income tax rate of 17%
(2012: 17%) to estimated chargeable income as a result of the
following differences:
2013 2012
USD USD
Profit/(loss) for the year (1,118,393) (1,553,709)
Total income tax (income)/expense 423,195 (1,211,850)
Profit/(loss) before tax (695,198) (2,765,559)
------------ ------------
Income tax expenses at statutory
rate (118,184) (467,722)
Translation differences (8,395) (4,864)
Non-deductible items 710,841 1,001,182
Non-taxable items (122,786) 34,363
Effect on taxable income
on sale of asset 725,536 -
Effect utilisation of capital
allowance (196,782) -
Effect on partial tax exemption (82,767) (96,481)
Effect on tax incentives (101,147) -
Utilisation of tax losses/capital
allowances (174,479) (69,547)
Under/(over) provision in
prior year 29,894 (72,149)
Current year losses for
which no deferred
tax asset was recognised 39,009 114,308
Group relief to be utilised - (516,103)
Deferred tax movement (277,545) 1,288,863
Total income tax expense 423,195 1,211,850
============ ============
5. Term Loan
Group
2013 2012
USD USD
Within one year 705,000 6,528,034
Due within 2 to
5 years 1,711,562 12,531,319
Due after 5 years - -
---------- -----------
1,711,562 12,531,319
2,416,562 19,059,353
========== ===========
Term loans
- secured 2,416,562 19,059,353
- unsecured - -
2,416,562 19,059,353
========== ===========
(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 1.91% to 1.96% (2012:
1.96% to 3.08% per annum). Interests are charged and paid
monthly.
6. Deferred Tax
2013 2012
USD USD
Deferred tax liabilities:
Opening balance 2,902,658 4,097,289
Translation difference (26,613) 87,139
Temporary differences
movement (1,252,807) (1,281,770)
---------------- ----------------
Closing balance 1,623,238 2,902,658
================ ================
Deferred tax assets:
Opening balance 1,167,692 1,165,057
Translation difference - 5,270
Temporary differences
movement (967,271) (2,635)
---------------- ----------------
Closing balance 200,421 1,167,692
================ ================
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 2013 was based on the loss attributable to
ordinary shareholders of USD 1,043,744 (2012: USD 1,257,464 loss)
and a weighted average number of ordinary shares, calculated as
follows:
2013 2012
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 0.03 2012: USD 0.04
Diluted loss per share : USD 0.03 2012: USD 0.04
8. Share capital
Group and Company
2013 2012
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 2013
(2012: 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 2013, 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
2013 2012 2012 2012
USD USD USD USD
External customers '000 '000 '000 '000
Bunker tankers 3,139 7,587 438 1,234
Regional tankers 5,122 4,582 362 (787)
Ship management and other
income 1,685 1,057 287 158
------------ ------------ ------------ ------------
Continuing operations 9,946 13,226 1,087 605
Bunker trade (non core
activity) 409 239 7 3
------------ ------------
10,355 13,465 1,094 608
============ ============ ============ ============
Property, plant and equipment (In USD ' 000)
At cost
1-Jan-13 Additions Disposals Adjustments Revaluation 31-Dec-13
Bunker tankers 7,772 - (6,555) (190) (1,027) -
Regional tankers 26,709 535 (14,209) (1,821) (14) 11,200
Ship management and
others 167 41 (10) (6) 192
Total 34,648 576 (20,774) (2,017) (1,041) 11,392
============= ============= ============== =============== ================ =============
Accumulated depreciation
1-Jan-13 Additions Disposals Adjustments Impairment loss 31-Dec-13
Bunker tankers - 948 (948) - - -
Regional tankers - 1,115 - (1,821) 706 -
Ship management and
others 141 17 (10) (5) - 143
Total 141 2,080 (958) (1,826) 706 143
============= ============= ============== =============== ================ =============
Net book value
1-Jan-13 Additions Disposals Adjustments Revaluation 31-Dec-13
Bunker tankers 7,772 (948) (5,607) (190) (1,027) -
Regional tankers 26,708 (580) (14,209) - (720) 11,200
Ship management and
others 26 24 - (1) - 49
Total 34,506 (1,504) (19,816) (191) (1,747) 11,249
============= ============= ============== =============== ================ =============
9. Segment reporting (continued)
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
1-Jan-12 Additions Disposals Adjustments Impairment 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
============= ============== ============= ============== ================ =============
Additions in the bunker tankers segment in 2013 and 2012 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 if needed.
10. 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 2013 have been posted to shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR QKKDBOBKKNAN
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