Belgium: Exmar Announces Final 2010 Results

During its meeting of 31st March 2011, the Board of Directors of EXMAR reviewed the results for the year ending 31st December 2010. They are in line with the results announced on 27th January 2011.

The operating result (EBIT) for the year amounts to USD 87.4 million (USD 44.5 million in 2009), positively influenced by the profit realised on sale of assets but still influenced by relatively weak spot LPG rates.

The financial result has been negatively influenced 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 -15.9 million (USD 54.6 million profit in 2009), and by USD 0.3 million unrealised EUR/USD exchange profit (USD 13 million profit in 2009).

The consolidated result after taxation for 2010 amounts to USD 14.4 million (USD 43.5 million for 2009). Excluding the change in fair value of hedging instruments (Mark-to-Market), consolidated result after tax would have been USD 30 million.

Prospects 2011:

− The LPG fleet will keep enjoying the support of a solid contract portfolio with creditworthy counterparties. While spot market conditions are improving, one must continue to pay close attention to the evolution of the market value of the vessels, especially for the VLGC segment.

− The LNG fleet is expected to perform as per the underlying time-charter contracts. The fleet will remain fully utilised during the year.

− The anticipated delivery of the OPTI-EX™ to LLOG by mid-2011 will generate substantial cash flow and profit that will show a significant uplift in the contribution of the offshore segment compared to prior years.

Dividend:

The Board of Directors will propose to the general meeting of shareholders of 17 May 2011 to distribute a gross dividend of EUR 0.40, of which EUR 0.30 paid in November 2010 as an interim dividend. If approved by the general shareholders’ meeting, the final dividend of EUR 0.10 gross per share (EUR 0.075 net per share or EUR 0.085 net per share with VVPR right attached) will be payable from 25 May 2011. (ex-date 20 May – record date 24 May)

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Source: Exmar, April 1, 2011;