| Financial Statement And Related Announcement | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | GOLDEN OCEAN GROUP LIMITED |
| Company Registration No. | N.A. |
| Announcement submitted on behalf of | GOLDEN OCEAN GROUP LIMITED |
| Announcement is submitted with respect to * | GOLDEN OCEAN GROUP LIMITED |
| Announcement is submitted by * | Per Heiberg |
| Designation * | VP Finance |
| Date & Time of Broacast | 23-Aug-2013 14:08:52 |
| Announcement No. | 00035 |
| Price Sensitivity | No |
| >> Announcement Details | |
| The details of the announcement start here ... |
| For the Financial Period Ended * | 30-06-2013 |
| Description | GOGL - Second Quarter and First Half Year 2013 Results Highlights • Golden Ocean generates second quarter 2013 EBITDA* of $49.5 million • Golden Ocean reports profit of $43.5 million for the second quarter of 2013 • Golden Ocean announces dividends of US $0.01 per share for the second quarter of 2013 • The Company entered into an agreement for three Supramax vessels and three options at Chengxi • Golden Ocean settled a dispute related to non-performance on a 10 year charter and received $30 million • The Company took delivery of the ice class Panamax vessel Golden Pearl in June 2013 • The JV owned 50% by the Company took delivery of the Capesize vessel Golden Magnum in June 2013 • The Company has cancelled two newbuilding contracts in the second quarter *EBITDA is equal to operating profit plus depreciations (including impairment related to vessels) and amortisation. Second Quarter and First Half Year 2013 Results Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of $43.5 million and earnings per share of $0.10 for the second quarter of 2013. This compares with profit and earnings per share of $6.8 million and $0.015 respectively for the first quarter of 2013. Total operating revenues for the second quarter were $104.7 million, total operating expenses were $63.5 million and other gains/losses net were negative with $1.4 million. Net financial items were positive with $3.7 million. The profit for the period of $43.5 million is an increase of $36.7 million compared to last quarter. This increase is mainly related to the settlement of $30 million received for an old non-performing ten year charter contract and the increased value of interest rate swaps. The operating revenues increased by $50.3 million, and the operating expenses increased by $18.7 million. In addition to the settlement, higher activity on short term contracts increased both revenues and costs for the quarter. Total other gains/ (losses) net decreased by $3.2 million. This leads to an increase in operating income of $28.4 million. Except for the settlement and the interest rate swaps the results are more or less in line with the first quarter 2013. Cash and cash equivalents decreased by $2.0 million during the quarter. The Company generated cash from operating activities of $40.2 million during the quarter and the change in restricted cash was negative with $2.4 million. The Company paid $35.2 million in installments and other predelivery costs and investments in new assets in the quarter. The Company invested $18.3 million in a Joint Venture for the purchase of the Capesize vessel Golden Magnum (financing is expected to take place within the next three months, which will reduce the investment by $11.8 million). Financing activities were positive with $13.4 million in the quarter. Ordinary repayments of long term debt amounted to $6.1 million while the Company obtained new bank financing and seller-s credit related to delivery of Golden Pearl of $24.0 million. The full report is available in the link below. August 23, 2013 The Board of Directors Golden Ocean Group Limited Hamilton, Bermuda Questions should be directed to: Herman Billung: CEO Golden Ocean Management AS +47 22 01 73 41 Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS +47 22 01 73 53 |
| Attachment(s) | 20130823_140852_KU3_EA7817AB5B4585A448257BD0002162EB.1.pdf |
