GOGL - Fourth Quarter and preliminary Year End 2012 Results

2013-02-19 07:58:47 -

Highlights



  * Golden Ocean generates fourth quarter 2012 EBITDA* of $23.3 million

  * Golden Ocean reports profit of $9.3 million for the fourth quarter of 2012

    and $11.6 million for the year of 2012

  * The Company has in the fourth quarter cancelled four newbuilding contracts

  * The Company has in January 2013 cancelled one newbuilding contract

  * The Company took delivery of Golden Brilliant from Pipavav in January 2013

  * The Company received in December upfront payment related to five vessels of

    $25 million







*EBITDA is equal to operating profit plus depreciations (including impairment

related to vessels) and amortisation.







Fourth Quarter and preliminary Year End 2012 Results



Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports

profit of

$9.3 million and earnings per share of $0.02 for the fourth quarter of 2012.

This compares with the profit and earnings per share of $6.1 million and $0.01

respectively for the fourth quarter of 2011. Total operating revenues for the

fourth quarter were $55.9 million, total operating expenses were $41.3 million

and other gains/losses net were a loss of $0.4 million. Net financial items were

negative with $4.8 million.



The Company reports a profit of $11.6 million and earnings per share of $0.03

for the full year 2012. Total operating revenues were $229.8 million, total

operating expenses were $193.8 million and other gain/losses net were negative

with $1.7 million. Net financial items for the year ended December 31, 2012 were

negative with $22.7 million.



The profit for the period of $9.3 million is an increase of $26.4 million

compared to last quarter. The operating revenues decreased by $0.6 million, and

the operating expenses decreased by $25.5 million. Total other gains/ (losses)

net decreased by $1.0 million. This leads to a net operating result of $14.2,

which is $23.9 million higher than previous quarter. The main difference between

the quarters is that the Company took impairment on several vessels in a total

of $25.2 million in the third quarter. The Company's operating result before

impairment is more or less in line with earlier quarters, due to the high

contract coverage. The difference is mainly related to change in total other

gains/ (losses) net. Net financial items decreased by $2.7 million from last

quarter.



Cash and cash equivalents increased by $11.3 million during the quarter. The

Company generated cash from operating activities of $44.9 million during the

quarter. The Company paid $8.6 million in installments, docking and other

predelivery costs in the quarter. Financing activities were negative with $27.1

million in the quarter. Ordinary and extraordinary repayments of long term debt

amounted to $22.0 million, the buy back of the convertible bond used $1.8

million.





The full report is available in the link below.



February 19, 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







This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.



Q4 2012 Results: 

 hugin.info/135378/R/1679199/548290.pdf







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Source: Golden Ocean Group via Thomson Reuters ONE

[HUG#1679199]