Belgium: Exmar 1H EBIT at USD 52.5 Mln

Exmar reported the provisional results for the first half of 2012.

The Group (EBIT) has an operating result of USD 52.5 million for the first semester 2012 (USD -11.6 million for the first semester 2011). This result includes a capital gain of USD 23.9 million on the final settlement of the sale of the OPTI-EX, a net profit of USD 6.3 million on the sale of the CHACONIA and the ELVERSELE.

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 -1.0 million (first semester 2011: USD -3.7 million) and by USD -0.3 million unrealised exchange loss (first semester 2011: USD 1.6 million).

The consolidated result after taxation for the first half 2012 amounts to USD 33.6 million (first semester 2011 USD -37.9 million).

LNG

All LNGC’s and LNGRV’s will continue to contribute fully to the results of the second half of 2012 with the exception of the dry-docking of the EXCALIBUR planned for end September.

The EXCEL is on time-charter until mid-September; due to the existing Facility Agreement that guaranteed in the past a minimum earning for the vessel, the contribution to the Profit & Loss accounts will be capped at approximately USD 60,000 per day for the remaining of the year.

[mappress]
LNG World News Staff, August 31, 2012