Belgium: Exmar Posts Half Year Results

Exmar announced results for the period ended 30th June 2011.

The Group had an operating result (EBIT) of USD -11.6 million for the first semester 2011 (USD 15.8 million for the first semester 2010). This includes an impairment loss of USD -26.7 million on the sale of two VLGCs to BW Gas.

The financial result was negatively impacted 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 a non-cash unrealised loss of USD -3.7 million (first semester 2010: USD – 26.0 million) and by USD -1.0 million unrealised exchange loss (first semester 2010: USD -13.9 million) valued at the closing rate of 30 June 2011 of EUR / USD 1.4453. The consolidated result after taxation for the first half 2011 amounts to USD -37.9 million (first semester 2010: USD -45.9 million).

OUTLOOK SECOND SEMESTER

LPG : Time-charter levels for the Midsize and Pressurised fleet are currently enjoying a firming trend, justifying a more optimist outlook for the balance of the year. The additional spot stems which are currently being marketed should also benefit VLGC’s.

LNG : With all LNGC’s and LNGRV’s in full operation during the second semester results should improve compared to the actual results for the 1st semester.

OFFSHORE : The completion of the sale of the OPTI-EX® in early July will result in an estimated pre-tax gain on disposal of approximately USD 45 million (approximately USD 35 million after tax) . The balance of approximately USD 85 million gain on disposal will be progressively recognised in the financial results over the remaining period of the contract (5.5 years).

INTERIM DIVIDEND

The board of directors approved the distribution of a gross interim dividend of EUR 0.15 per share.

The net interim dividend will be payable to the holders of registered shares on 6 September 2011 and to the holders of dematerialised shares through their financial institution. 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 12. (ex-date 1 September – record-date 5 September).

[mappress]

Source: Exmar, August 30, 2011;