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(YUJ.L) Yujin International Ltd Buy/Sell
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| Date/Time | Headline | Source |
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| 28-10-09 | RNS |
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RNS Number : 4976B Yujin International Ltd 28 October 2009 Yujin International Ltd ("Yujin" or "the Company" or "the Group") Trading Update Yujin International Ltd, the owner and charterer of a fleet of short range tankers operating in the Asia Pacific region, announces that since the beginning of October there has been an unexpected reduction in the demand for the transport of cargo in the Asia Pacific region which is affecting operators of all size and, as such, Yujin's three coastal tankers are being deployed with smaller cargoes and/or are waiting longer between shipments. The arrival of new tankers in the region as well as rising fuel costs have both exacerbated the situation and has led to a decrease in revenues in Yujin's coastal tankering business. The Directors are continuing to assess the market but at this stage believe that it is difficult to know when revenues in this may begin to increase again. Yujin's bunker tanker business remains strong - four of its seven tankers are deployed to this sector and are on fixed term charters (three until Q2 2011 and one until February 2010) - and in line with management and market expectations. In the near term, Yujin will therefore focus on protecting its bunker tanker business while managing the operating costs of its regional tankers. However, due to the downturn in the regional tankering business, Yujin currently expects that its earnings for the year to 31 December 2009 will be below market expectations. For further information please contact:
Bernard Lim Keen Whye Lee Or visit www.yujininternational.com
Nicola Marrin Catherine Leftley This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9314Z
Yujin International Ltd
30 September 2009
YUJIN INTERNATIONAL LTD
("Yujin", the "Company", the "Group")
The currency used in this report is in US$ unless otherwise indicated
Unaudited Interim Results for the Six months Ended 30 June 2009
The board of Yujin, an owner and operator of short range tankers operating in the Asia Pacific region, is pleased to announce its unaudited interim results for the six months ended 30th June 2009.
Highlights
* Shipping revenue increased by 36% to US$6.87 million (2008: US$5.07 million)
* Total revenue, which included marine fuel oil sales, was US$7.89 million (2008: US$9.44 million).
* Operating profit was US$849,000 (2008: US$1,660). The decrease is due to the cost of investing in the regional charter business and higher crewing costs.
* Finance expenses remained modest helped by the low interest rates.
Mr. Lee Keen Whye, Non Executive Chairman, commenting on the interim financial statements, said: "The results for the first half of 2009 are positive as we have achieved our objectives of maintaining our business in the bunker tanker segment while building a regional chartering business. It was unfortunate that Arcturus had the fire incident in May when the demand for its services was high. That would have contributed significantly to the profits of the Group during the period. Now that it has resumed operations, we look forward to its contribution towards the Group's revenue and profits in the coming months. Yujin will continue to grow its regional chartering business. Another two tankers are deployed to this business segment. It will leverage on this by chartering-in additional third party ships to provide the necessary tonnages to service its customers."
For further information please contact:
Yujin International Ltd. Tel: 00 (65) 6226 2963
Bernard LIM
Keen Whye LEE
Or visit www.yujininternational.com
Seymour Pierce Limited Tel: 020 7107 8000
Nicola Marrin
Catherine Leftley
Chairman's Statement
I am pleased to announce the interim results of Yujin International Ltd for the six months ended 30 June 2009. During that period, Yujin grew its shipping revenue by 36% to US$6.87 million (2008: US$5.07 million). These revenues did not include marine fuel oil sales which were US$1.02 million in the six months to June 2009 and US$4.38 million in the corresponding period in 2008. These sales are carried out as an additional service to Yujin's selected customers at a small margin above cost to cover its administrative expenses.
A summary of the Group's unaudited revenue and operating profit for the six months ended 30 June 2009 and for the corresponding period in 2008 is presented below:
US$'000 Revenue Operating profit / (loss)
2009 2008 Change 2009 2008 Change
Bunker tankers 3,733 3,897 (164) 1,445 1,983 (538)
Regional tankers 2,639 772 1,867 (692) (443) (249)
Others 498 396 102 96 120 (24)
Shipping revenue 6,870 5,065 1,805 849 1,660 (811)
Marine fuel oil 1,018 4,375 (3,357) - - -
Total revenue 7,888 9,440 (1,552) 849 1,660 (811)
Operational update
Bunker tanker revenue is generated by Yujin's four owned tankers which are on term charter. One ship is committed until February 2010 and the other three to either April or May 2011. The charter contracts are in Singapore dollars and their revenue, which Yujin reports in US Dollars, is subjected to currency exchange fluctuations.
Operating profit fell in the first half of 2009 due mainly to 1) inflation related to crewing costs due to tight supply and 2) amortization charge arising from dry-docking expenses. Yujin does not expect the crewing cost to continue escalating due to the easing of manpower supply. Dry docking, which occurs twice every five years or about every 30 months, is a compliance requirement. These costs are amortised over 30 months and are expected to taper off once the cycles of dry docking are achieved.
Yujin has no plan at this time to add to the four tankers deployed to this business segment.
Regional tankers revenue has risen to 38% (2008: 15%) of total shipping revenue in the six months to 30 June 2009. Yujin began the period with two regional tankers, viz. Team Bee, owned by Yujin, and Heng Zhou, a third party owned Chemical tanker chartered-in in Q3/Q4 2008. Yujin's Arcturus, a bitumen tanker, was added in February 2009 increasing its tonnage available for regional charter to 16,325 dwt. Yujin's strategy is to operate a mix of owned as well as chartered-in tonnage. Yujin currently has contracted for two more tankers to be built, as announced in March 2009. These new buildings are planned to be deployed to this business segment upon delivery at the end of 2010, although they have the flexibility to be deployed as bunker tankers as well.
Chartered-in tankers include Bliss (4600 dwt) a third party owned tanker, chartered-in in Q2 2008 and Heng Zhou, another third party owned tanker, chartered-in in Q3/Q4 2008 (6,580 dwt). Bliss has since been returned to its owner. Heng Zhou too was returned in August 2009 and replaced with a larger tanker, Intan Premier (11,500 dwt) in September 2009.
Yujin will continue to develop and invest in this regional chartering business to complement its bunker tankers operations. Newly constructed owned ships, such as Arcturus, incur start-up and running-in costs additional to normal operating costs, in the initial stages of deployment to operations upon delivery from the shipyard. It was unfortunate that a fire incident occurred on Arcturus as reported on 22 May 2009, three months after delivery. During the period of repair Yujin retained the crew of Arcturus. The profitability of this business segment was therefore significantly affected by these events. Arcturus' repair has since been completed and operations have resumed in September 2009.
Ship managements and others. Yujin manages 16 ships, of which 10 are third party owned. Other income comprised mainly agency and professional fee income. Ship management is an important activity as it keeps the Company abreast on the latest technical and shipping requirements associated with short range tankers. It also helps Yujin focus on operational efficiency and cost management. Currently, Yujin may grow this business segment should the availability of officers and crew continues to improve.
Current trading and outlook. In view of the global economic downturn including its adverse impact on the shipping industry during the reporting period (1H 2009), the directors are pleased with the performance of the Group. It has stuck to its strategy of growing the regional chartering business to complement the bunker tanker chartering business without sacrificing too much profitability. 2H 2009 continues to be difficult, but there are initial signs that an upturn in the economy is happening. Yujin hopes to make sufficient headway in the regional chartering business to reap the rewards that would come when the economy recovers.
LEE Keen Whye
Non Executive Chairman
29 September, 2009
Consolidated Statement of Comprehensive Income
Unaudited interim results for the six months ended 30 June 2009
Unaudited Unaudited, as Audited
restated
Note Six months to 30 Six months to 30 Year ended 31
June 2009 June 2008 December 2008
US$'000 US$'000 US$'000
Revenue 7,888 9,440 18,360
- Shipping Activities 6,870 5,065 11,840
- Marine Fuel oil Sales 1,018 4,375 6,520
Cost of sales (5,331) (5,946) (9,314)
Gross profit 2,557 3,494 9,046
Operating and administrative (1,708) (1,834) (5,010)
expenses
Operating profit 849 1,660 4,036
Financial expenses (178) (184) (388)
Share of profit of associate - - 3
Profit before tax 671 1,476 3,651
Taxation (3) (74) (169) (418)
Profit for the period 597 1,307 3,233
Other comprehensive income
Exchange differences in 252 (643) (108)
translating foreign currency
operations
Other comprehensive income for 252 (643) (108)
the period, net of tax
Total comprehensive income for 849 664 3,125
the period
Profit / (loss) attributable
to:
Owners of the parent 597 1,307 3,235
Non-controlling interests - - (2)
597 1,307 3,233
Total comprehensive income /
(loss) attributable to:
Owners of the parent 849 664 3,123
Non-controlling interest - - (2)
849 664 3,125
(4) 0.02 0.26
Earnings per share (US$)
Basic
0.65
Diluted (based on 30,000,010 (4) 0.02 0.04 0.11
shares)
Consolidated Statement of Financial Position
Unaudited interim results at 30 June 2009
Unaudited Unaudited, as Audited
restated
As at 30 June 2009 As at 30 June 2008 As at 31 December
2008
US$'000 US$'000 US$'000
ASSETS
Non-current assets
Property, plant and equipment 30,601 26,424 30,238
Investments in associated - 36 -
company
Deferred tax assets 654 654 654
31,255 27,114 30,892
Current assets
Trade debtors 633 796 280
Other debtors 452 - 16
Deposit and prepayments 5,701 1,500 1,958
Cash and cash equivalents 739 643 721
7,525 2,939 2,975
Total assets 38,780 30,053 33,867
EQUITY AND LIABILITIES
Equity attributable to
equity holders of the parent
Share capital 3,318 3,217 3,318
Retained profits 8,516 7,421 7,919
Translation reserve 640 (46) 388
12,474 10,592 11,625
Minority interest 91 93 91
12,565 10,685 11,716
Non current liabilities:
Term loan (secured) 16,511 10,938 11,800
Loan from holding and related 687 - 687
companies
Deferred tax liabilities 2,638 2,317 2,563
19,836 13,255 15,050
Current liabilities
Trade and other creditors 2,272 2,012 2,993
Term loan (secured) 3,947 3,947 3,947
Income tax payable 160 154 161
6,379 6,113 7,101
Total equity and liabilities 38,780 30,053 33,867
Consolidated cash flow statements
Unaudited interim results for the six months ended 30 June 2009
Unaudited Unaudited, as Audited
restated
Six months to 30 Six months to 30 Year ended
June 2009 June 2008 31 December 2008
US$'000 US$'000 US$'000
Cash flows from operating
activities
Net profit before tax 671 1,476 3,651
Adjustment for :
Translation reserve 250 (188) (174)
Bank loan interest 178 184 389
Fixed assets written off - - 2
Depreciation 1,227 793 1,803
Interest received (8) - (19)
Share of profit of an - - (3)
associated company
1,647 789 1,998
Operating profit before 2,318 2,265 5,649
working capital changes
Increase in deposits and (3,742) (1,245) (1,688)
prepayments
Decrease / (increase) in (353) (314) 190
trade debtors
Increase in other debtors (436) - (4)
Increase/(decrease) in trade (721) 210 1,120
and other creditors
(5,252) (1,349) (382)
Cash generated from/(absorbed (2,934) 916 5,267
by) operations
Income tax paid - - (4)
Net cash generated (2,934) 916 5,263
from/(absorbed by) operating
activities
(5,294)
Cash flows from/(to)
investing activities
Purchase of property, plant (1,589) (15,580)
and equipment
Interest received 8 - 19
Net cash used in investing (1,581) (15,580) (5,275)
activities
Cash flows from/(to)
financing activities
Dividends paid - - (1,430)
Bank loans received 7,065 12,025 -
Payment of term loan interest (178) (184) (389)
Payment of term loan (2,354) (1,238) (2,839)
financing
Loans from holding and - - 687
related companies
Net cash used in financing 4,533 10,603 (3,971)
activities
Net (decrease)/increase in 18 (4,061) (3,983)
cash and cash equivalents
Cash and cash equivalents at 721 4,704 4,704
beginning of period
Cash and cash equivalents at 739 643 721
end of period
Unaudited
Translation reserve Retained profits Minority interest Total
Share capital
US$'000 US$'000 US$'000 US$'000 US$'000
496 6,114 10,021
As at 1 January 2008 3,318 93
Dividend paid - (1,430) (1,430)
- -
Total comprehensive income for 3,235 3,125
the period - (108) (2)
Balance as at 31 December 2008 388 7,919 11,716
3,318 91
Total comprehensive income for - 252 597 - 849
the period
640 8,516 12,565
Balance as at 30 June 2009 3,318 91
Period ended 30 June 2008
Translation reserve Retained profits Minority interest Total
Share capital
US$'000 US$'000 US$'000 US$'000 US$'000
As at 1 January 2008, as 490 7,645 11,546
previously stated 3,318 93
Prior year adjustment (note 6) - 6 (1,531) - (1,525)
As at 1 January 2008, as 3,318 496 6,114 93 10,021
restated
Translation movement - -
(101) 101 -
Total comprehensive income for (643) 1,307 664
the period - -
Balance as at 30 June 2008 (46) 7,421 10,685
3,217 93
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. GENERAL CORPORATE INFORMATION
The Group is the owner and charterer of a fleet of short range tankers, operating in the Asia Pacific region.
Yujin International Ltd, company registration No. 200414709R, is a limited liability company, incorporated and domiciled in Singapore.
The registered office of the Company is 79 Robinson Road, ¿03-12, CPF Building, Singapore 068897.
The Company was admitted to the AIM market of the London Stock Exchange on 10th February, 2009.
Copies of this interim financial information is available on the Company's website www.yujininternational.com
2. Basis of preparation
The consolidated interim financial information of the Group for the six months ended June 2009 and the comparative numbers, unless indicated, are unaudited and do not comprise statutory accounts within the provisions of the Singapore Companies Act, Chapter 50.
The results for the year ended 31 December 2008 have been extracted from the financial statements for Yujin International Ltd for the year ended 31 December 2008 which are prepared under International Financial Reporting Standards. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2008.
The accounting policies, presentation and methods of computation have been followed in this unaudited interim financial information as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2008, except for the impact of the adoption of the Standards and Interpretations described below:
IFRS 8 - Operating Segments (effective for annual periods beginning on or after 1 January 2009)
IFRS 8 is a disclosure Standard that has resulted in a re-designation of the Group's reportable segments (see note 8), but has had no impact on the reported results or financial position of the Group.
IAS 1 (revised 2007) - Presentation of Financial Statements (effective for annual periods beginning on or after 1 January 2009)
The revised Standard has introduced a number of terminology changes (including revised titles for the financial statements) and has resulted in a number of changes in presentation and disclosure. However, the revised standard has had no impact on the reported results or financial position of the Group.
The interim financial information for the six months ended 30 June 2009 was approved by the directors on 29 September 2009.
3. Taxation
The tax charge for the six months period to 30 June 2009 is estimated at US$74,000 (2008: US$169,000) or 11% (2008: 11%), which is the estimated effective rate of tax.
4. Earnings per share
The basic and diluted earnings per share in each period are calculated by reference to the earning attributable to ordinary shareholders divided by the weighted average number of shares in issue, as follows:
Basic
Profit attributable to equity holders of the company: US$ 597,000 (2008: US$ 1,307,000).
Weighted average number of ordinary shares in issue for the purpose of calculating basic earnings per share: 30,000,010 (2008: 5,000,010)
Basic profit per share: US$ 0.02 (2008: US$ 0.26)
Diluted
Profit attributable to equity holders of the company: US$ 597,000 (2008: US$ 1,307,000).
Weighted average number of ordinary shares in issue for the purpose of calculating diluted earnings per share: 30,000,010 (2008: 30,000,010)
Diluted profit per share: US$ 0.02 (2008: US$ 0.04)
5. Dividend
No dividend has been declared or paid in this interim period.
6. Prior year adjustment
As disclosed in the 2008 financial statements, the Company has reassessed its policy on, and basis of deriving accounting estimates in relation to, the treatment of deferred tax assets arising on capital allowances and other tax losses in the year ended 31 December 2008. As a consequence of this reassessment, a material adjustment has been recognised in this financial information in relation to prior periods.
The effect of this change has been to increase the tax charge and decrease profit for the 6 month period ended 30 June 2008 by US$ 139,000. This change has reduced net assets by US$ 1,525,000 as at 1 January 2008 and by US$ 1,664,000 as at 30 June 2008.
7. Operating segment
IFRS 8 is a disclosure standard that has resulted in re-designation of the Group's reportable segments but has no impact on the reportable results or financial position of the Group. The Group has adopted IFRS 8 Operating Segments with effect from 1 January 2009. IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision makers as defined in IFRS 8, in order to allocate resources to the segment and to assess its performance. The primary format is based upon the Group's management and internal reporting structure which reflects the statutory subsidiaries of the Group. Segment results constitute items directly attributable to the business. Certain centrally funded costs are allocated to the business segments to arrive at operating profits or losses. Following the adoption of IFRS 8, the identification of the Group's reportable segments are as follows:
* Bunker tanker chartering
* Regional tanker chartering
* Ship management and other related shipping activities.
The Group occasionally trades in marine fuel oil. This activity does not have a significant impact on the Company's profitability as the trades are done on cost plus a thin margin to cover administrative costs associated with the trades. The aggregate amount of the marine fuel oil trade is disclosed in the financial statements. The Company does not consider this to be a core business segment activity. It is carried out as an additional service to support selected customers.
The unaudited segmented revenue and their corresponding operating profit and loss are presented below.
Segments Revenue Operating profit / (loss)
6 months ended 30 6 months ended 30 Year ended 31 Dec 08 6 months ended 30 6 months ended 30 Year ended 31 Dec 08
US$'000 Jun 09 Jun 08 Jun 09 Jun 08
Bunker tankers 3,733 3,897 7,878 1,445 1,983 3,989
Regional tankers 2,639 772 2,891 (692) (502) (115)
Others 498 396 1,071 96 120 162
Shipping activities 6,870 5,065 11,840 849 1,601 4,036
Marine fuel oil 1,018 4,375 6,520 - - -
Total 7,888 9,440 18,360 849 1,601 4,036
Assets and liabilities of the various segments as at 30 June 2009 are as follows:
Segments As at 30 June 2009
US$'000 Total Assets Total Liabilities
Bunker tankers 18,504 10,558
Regional tankers 24,097 25,073
Others (3,821) (9,416)
Group 38,780 26,215
The negative assets and liabilities in the other segments are due to funding by the holding and related companies
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEIIFEDAIIIVIA
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| 02-09-09 | RNS |
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RNS Number : 3944Y Yujin International Ltd 02 September 2009 Yujin International Ltd ("Yujin" or "the Company" or "the Group") Result of EGM Yujin International Ltd, the owner and charterer of a fleet of small range tankers operating in the Asia Pacific region, is pleased to announce that at the Extraordinary General Meeting of the Company held today, all resolutions were duly passed. For further information please contact:
Bernard LIM Keen Whye LEE Or visit www.yujininternational.com
Nicola Marrin Catherine Leftley This information is provided by RNS The company news service from the London Stock Exchange END
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| 18-08-09 | RNS |
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RNS Number : 5303X Yujin International Ltd 18 August 2009 18 August 2009 Yujin International Ltd ("Yujin" or "the Company") Statutory Auditors: CHANGE IN ENTITY OF PRACTICE. Yujin International Ltd, the owner and charterer of a fleet of small range tankers, operating in the Asia Pacific region, will be convening an Extraordinary General Meeting of shareholders on the 2nd of September, 2009 (Singapore time) to ratify the appointment of its statutory auditors, C. S. Choong & Co. PAC. C. S. Choong & Co. (an accounting firm) has transferred its practice to C. S. Choong & Co. PAC. (a public accounting corporation) in January 2009 A notice to shareholders, with additional details of this change has been sent out. A copy of this notice is posted on the Company's website. For further information please contact:
Website: http://www.yujininternational.com/ Bernard LIM Keen Whye LEE
Nicola Marrin Catherine Leftley This information is provided by RNS The company news service from the London Stock Exchange END
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Yujin International – Seymour Pierce has initiated coverage with an "Outperform" recommendation and 45p target price.
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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