Press release from Ship Finance International Limited - 28.05.2004
Highlights
Year |
VLCC |
Suezmax |
|
|
|
2003 to 2006............................................................................................ |
$25,575 |
$21,100 |
2007 to 2010............................................................................................ |
$25,175 |
$20,700 |
2011 and beyond...................................................................................... |
$24,175 |
$19,700 |
INCOME STATEMENT
(in thousands of $) |
2004
Jan-Mar |
2003
Jan-Dec
(Audited) |
2003
Jan-Dec
Predecessor
(Audited) |
|
|
|
|
Total operating revenues |
126,266 |
- |
695,068 |
Voyage expenses |
8,173 |
- |
148,533 |
Ship operating expenses |
24,639 |
- |
81,989 |
Administrative expenses |
486 |
14 |
9,715 |
Operating income (loss) before depreciation |
92,968 |
(14) |
454,831 |
Depreciation |
13,271 |
- |
106,015 |
Operating income (loss) after depreciation |
79,697 |
(14) |
348,816 |
Interest income |
1,475 |
199 |
5,866 |
Interest expense |
(25,440) |
(2,122) |
(35,117) |
Share of results from associated companies |
- |
- |
22,098 |
Other financial items |
(11,753) |
- |
3,591 |
Foreign currency exchange gain (loss) |
137 |
- |
(10,442) |
Net income (loss) |
44,116 |
(1,937) |
334,812 |
|
|
|
|
BALANCE SHEET
(in thousands of $) |
2004
Mar 31 |
2003
Dec 31
(Audited) |
2003
Dec 31
Predecessor
(Audited) |
ASSETS |
|
|
|
Short term |
|
|
|
Cash and cash equivalents |
138,777 |
565,500 |
26,519 |
Other current assets |
78,058 |
211 |
84,545 |
Long term |
|
|
|
Newbuildings and vessel purchase options |
- |
- |
8,370 |
Vessels and equipment, net |
526,994 |
- |
1,863,504 |
Investment in finance leases |
1,518,170 |
- |
- |
Investment in associated companies |
- |
- |
160,082 |
Deferred charges and other long-term assets |
29,319 |
16,481 |
13,328 |
Total assets |
2,291,318 |
582,192 |
2,156,348 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Short term |
|
|
|
Short term interest bearing debt |
88,842 |
- |
141,522 |
Amount due to parent |
83,539 |
102 |
299,166 |
Other current liabilities |
20,245 |
4,015 |
43,546 |
Long term |
|
|
|
Long term interest bearing debt |
1,468,858 |
580,000 |
850,088 |
Other long term liabilities |
16,092 |
- |
- |
Stockholders' equity |
613,742 |
(1,925) |
822,026 |
Total liabilities and stockholders' equity |
2,291,318 |
582,192 |
2,156,348 |
STATEMENT OF CASHFLOWS
(in thousands of $) |
2004
Jan-Mar |
2003
Jan-Dec
(Audited) |
2003
Jan-Dec
Predecessor
(Audited) |
OPERATING ACTIVITIES |
|
|
|
Net income (loss) |
44,118 |
(1,937) |
334,812 |
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
Depreciation and amortisation |
18,323 |
69 |
107,034 |
Unrealised foreign currency exchange (gain) loss |
(137) |
- |
10,716 |
Results from associated companies |
- |
- |
(22,098) |
Adjustment of financial derivatives to market value |
10,438 |
- |
(6,850) |
Other |
- |
- |
(2,880) |
Change in operating assets and liabilities |
9,704 |
1,868 |
(5,211) |
Net cash provided by operating activities |
82,446 |
- |
415,523 |
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
Purchase of short term investment |
(9,988) |
- |
- |
Investments in associated companies, net |
- |
- |
(70,045) |
Proceeds from sale of investments in associated companies |
- |
- |
17,245 |
Net maturity of loans receivable |
|
- |
1,168 |
Repayment of investments in finance leases |
7,762 |
- |
- |
Net maturities (placement) of restricted cash |
556,222 |
(565,500) |
- |
Acquisition of subsidiaries, net of cash acquired |
(1,058,293) |
|
|
Net cash used in investing activities |
(504,297) |
(565,500) |
(51,632) |
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
Equity contribution from parent company |
525,000 |
- |
- |
Amount due to parent company |
83,437 |
- |
(178,785) |
Proceeds from long-term debt, net of fees paid |
977,700 |
580,000 |
- |
Debt fees paid |
(13,621) |
(14,500) |
(985) |
Repayment of long-term debt |
(982,671) |
- |
(178,236) |
Equity adjustment for charter rate differential |
(38,495) |
- |
- |
Net cash used in financing activities |
551,350 |
565,500 |
(358,006) |
|
|
|
|
Net increase in cash and cash equivalents |
129,499 |
- |
5,885 |
Cash and cash equivalents at start of period |
- |
- |
20,634 |
Cash and cash equivalents at end of period |
129,499 |
- |
26,519 |