(YUJ) Yujin International

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28-09-11

Yujin International - Half Yearly Report

RNS

RNS Number : 0312P

Yujin International Ltd

28 September 2011

26 September 2011

Yujin International Ltd ("Yujin" or "the Group")

Yujin International Ltd, the owner and charterer of a fleet of tankers operating in the Asia Pacific region is pleased to announce its unaudited interim results for the six months ended 30^th June 2011.

Key Points

v Shipping Revenue increased 17% from US$ 6.4 million to US$ 7.5 million.

v Fuel costs increased 35% year on year, partially offset by higher charter freight rates in the Spot Market.

v The charters of the Group's four bunker tankers were all renewed for another 12 months with their existing charterers.

v An asset revaluation exercise carried out in this period has led to greater depreciation charges for its owned tankers, in turn contributing to an operating loss for the period.

v Yujin expects business to remain difficult in the current challenging shipping environment in the Asia Pacific region.

For further information please contact:

Yujin International Ltd. Tel: 00 (65) 6226 2963

Pris Peh

Keen Whye LEE

Or visit www.yujininternational.com

Seymour Pierce Limited Tel: 020 7107 8000

Nicola Marrin/Catherine Leftley

Leti McManus

CHAIRMAN'S STATEMENT

The Board of Yujin International Ltd. ("Yujin", the "Company" or the "Group") is pleased to present its interim financial report for the six months ended 30 June 2011. During the period the Group recorded an increase in total revenue of US$ 2.3 million to US$ 9.6 million but incurred a loss before taxation of US$ 0.3 million.

Shipping Revenue increased 17% year on year as spot prices increased as a result of higher fuel costs which market will factor in the spot charter rates. However, on the other side, these higher fuel costs as well as higher depreciation charges resulted in an operating loss for the first six months.

A summary of the Group's unaudited revenue and operating profit for the six months ended 30 June 2011 and comparative figures for the same period in 2010 is presented below:

	Revenue			Operating (loss) / profit
USD'000	2011	2010	Change	2011	2010	Change

Bunker tankers	4,201	3,772	429	1,130	1,460	(330)
Regional tankers	2,718	2,094	624	(922)	(818)	(104)
Ship management and other income	592	535	57	141	152	(11)
Shipping revenue	7,511	6,401	1,110	349	794	(445)
Bunker trade (non core activity)	2,045	905	1,140	-	-	-
Total	9,556	7,306	2,250	349	794	(445)
Central costs				-	(113)	113
Finance costs				(630)	(229)	(401)
(Loss) / profit before tax				(281)	452	(733)

REGIONAL TANKERS

As previously announced, the impact of the devastating earthquake and tsunami that rocked Japan has negatively affected the shipping industry in the Asia Pacific region. The chemical trading pattern changed to smaller cargo parcels, lowering average tonnage per shipment.

In the Spot Charter market, higher freight rates reflected the market condition as well as variable costs including fuel costs. In spite of smaller cargo parcels, the higher freight rates resulted in our regional tankers revenue increasing USD 0.6 million to USD 2.7 million.

However, fuel costs went up 35% year on year and this, together with higher depreciation charges following an asset revaluation exercise pursuant to IAS 36 accounting standard's requirements during the period, resulted in the Regional Tankers incurring an operating loss of USD 0.9 million.

In this continuing difficult trading environment, the chartering team have had to continue to accept smaller cargo parcels. High fuel costs are expected to remain and higher depreciation will continue to be charged.

BUNKER TANKERS

Yujin's Bunker Tankers business continued to perform well. The Group's four tankers are on Time Charter and were all renewed for another 12 months with the current charterers.

As the Bunker Tankers revenue is denominated in Singapore Dollars, the increase in revenue was due to weakening United States Dollar, amounting to USD 0.4 million.

The reduction in operating profit was due to higher depreciation charges which went up USD 0.5 million compared to June 2010. The asset revaluation exercise carried out this year increased all the four vessels valuation, resulting in higher depreciation charge.

SHIP MANAGEMENT AND RELATED ACTIVITIES

Yujin, through its wholly owned subsidiary, JR Orion, managed the six vessels owned by the Group plus eleven vessels owned by third parties. The level of activity in this segment has stayed relatively stable in the six months to 30 June 2011.

CURRENT TRADING AND OUTLOOK

Looking ahead, the company faces a challenging operating environment due to an uncertain economic landscape, higher operating costs and the continued pressure from an oversupplied market in relation to its Regional Tankers business.

LEE Keen Whye

Non Executive Chairman

26 September 2011

Consolidated Statement of Comprehensive Income

Unaudited interim results for the six months ended 30 June 2011

			Unaudited	Unaudited	Audited
			Six months	Six months	Year ended
			to 30 June	to 30 June	31 December
		Note	2011	2010	2010
			USD'000	USD'000	USD'000
Revenue			9,321	6,401	15,120
Other income			235	905	517
			9,556	7,306	15,637
Costs and expenses
	Cost of sales		5,595	4,070	8,229
	Agency fee		60	-	2
	Depreciation		2,240	1,412	3,103
	Other operating expenses		1,312	1,143	2,494
			(9,207)	(6,625)	(13,828)
Profit from operations			349	681	1,808
Finance costs			(630)	(229)	(1,282)
Profit/(loss) before tax			(281)	452	526
Income tax income/(expense)		3	-	(21)	(441)
PROFIT/(LOSS) FOR THE PERIOD			(281)	431	85

Other comprehensive income
	Foreign currency translation differences for subsidiaries		653	124	1,360
	Revaluation of property, plant and equipment		-	-	9,262
Other comprehensive income for the year, net of tax			653	124	10,622
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR			372	555	10,707
Attributable to :
	Equity holders of the company		518	502	8,985
	Non-controlling interests		(146)	53	1,722
Total comprehensive income/(loss) for the year			372	555	10,707
Attributable to :
	Equity holders of the company		(135)	378	48
	Non-controlling interests		(146)	53	37
Profit/(loss) for the year			(281)	431	85
Earnings per share
	Basic (in USD)	4	(0.005)	0.010	0.002
	Diluted (in USD)	4	(0.005)	0.010	0.002

Consolidated Statement of Financial Position

Unaudited interim results at 30 June 2011

			Unaudited	Unaudited	Audited
			As at 30	As at 30	As at 31
			June	June	December
		Note	2011	2010	2010
ASSETS			USD'000	USD'000	USD'000

Non-current assets
	Property, plant and equipment		48,578	36,805	48,245
	Deferred tax		1,481	973	1,481
			50,059	37,778	49,726
Current assets
	Trade and other receivables	5	3,440	1,997	2,792
	Amount receivable from a related company		50	-	48
	Cash and cash equivalents		162	233	753
			3,652	2,230	3,593
Total assets			53,711	40,008	53,319

EQUITY AND LIABILITIES

Equity attributable to equity holders of the Company
	Share capital		3,318	3,318	3,318
	Revaluation reserve		7,688	-	7,578
	Currency translation reserve		2,554	775	2,011
	Retained earnings		7,617	8,082	7,752
			21,177	12,175	20,659
Non-controlling interests			1,576	54	1,722
Total equity			22,753	12,229	22,381

			Unaudited	Unaudited	Audited
			As at 30	As at 30	As at 31
			June	June	December
		Note	2011	2010	2010
			USD'000	USD'000	USD'000

Non-current liabilities
	Loans from related companies		966	712	774
	Term loan (secured)		15,180	13,605	15,483
	Deferred tax		4,196	2,980	4,109
			20,342	17,297	20,366
Current liabilities
	Trade and other payables		4,308	4,552	5,154
	Amount payable from a related company		78	-	19
	Term loan (secured)		5,016	4,443	5,399
	Bank overdraft (secured)		1,214	1,446	-
	Income tax payable		-	42	-
			10,616	10,483	10,572
Total liabilities			30,958	27,780	30,938

Total equity and liabilities			53,711	40,008	53,319

Consolidated Cash Flow Statement

Unaudited interim results for the six months ended 30 June 2011


			Unaudited	Unaudited	Audited
			Six months	Six months	Year ended
			to 30 June	to 30 June	31 December
		Note	2011	2010	2010
			USD'000	USD'000	USD'000
Cash flows from operating activities
	Profit/(loss) before taxation		(281)	452	526
Adjustments for:
	Bank loan interest		267	229	649
	Exchange gains and losses		-	123	-
	Property, plant and equipment written off		-	15	9
	Depreciation		2,240	1,412	3,103
			2,507	1,779	3,761
Operating profit before working capital changes			2,226	2,231	4,287
	(Increase) in trade and other receivables		(650)	324	(470)
	Increase in trade and other payables		(846)	1,353	1,955
			(1,496)	1,677	1,485
Cash generated from/(used in) operations			730	3,908	5,772
	Income tax paid		-	-	-
Net cash flows from operating activities			730	3,908	5,772
Cash flows from investing activities
	Purchase of property, plant and equipment		(1,743)	(5,228)	(3,348)
Net cash flows from/(used in) investing activities			(1,743)	(5,228)	(3,348)
Cash flows from financing activities
	Payment of term loan interest		(267)	(229)	(649)
	Payment of term loan financing		(2,262)	(2,902)	(4,682)
	Amount payable to a related company		59	-	34
	Proceeds from term loan		1,575	3,151	3,038
Net cash flows from/(used in) financing activities			(895)	20	(2,259)
Net increase/(decrease) in cash and cash equivalents			(1,908)	(1,300)	165
Cash and cash equivalents at beginning of year			753	87	87
Effect of exchange rate changes			103	-	501
Cash and cash equivalents at end of year			(1,052)	(1,213)	753

Consolidated Statement of Changes in Equity

Unaudited interim results for the six months ended 30 June 2011

		Share	Translation	Revaluation	Retained	Total attributable to equity holders	Non-controlling	Total
		capital	reserve	reserve	earnings	of the Company	interests	equity
		USD'000	USD'000	USD'000	USD'000	USD'000	USD'000	USD'000

Balance at 1 January 2010		3,318	651	-	7,704	11,673	1	11,674
Total comprehensive income/(loss) for the year
Profit for the year		-	-	-	48	48	37	85
Other comprehensive income :
	Revaluation of property, plant and equipment	-	-	7,578	-	7,578	1,684	9,262
	Currency translation differences	-	1,360	-	-	1,360	-	1,360
Total comprehensive income		-	1,360	7,578	48	8,986	1,721	10,707
Balance at 31 December 2010		3,318	2,011	7,578	7,752	20,659	1,722	22,381
Profit for the period		-	-	-	(135)	(135)	(146)	(281)
Other comprehensive income :
	Currency translation differences	-	543	110		653	-	653
Total comprehensive income		-	543	110	(135)	518	(146)	372
Balance at 30 June 2011		3,318	2,554	7,688	7,617	21,177	1,576	22,753

Notes to the Interim Financial Information

1. General Corporate Information

Yujin International Ltd., company registration No. 200414709R, is a limited liability company, incorporated and domiciled in Singapore.

2. Basis of preparation

The consolidated interim financial information of the Group for the six months ended 30 June 2011 and the comparative numbers, unless indicated, are unaudited and do not comprise statutory accounts within the provision of the Singapore Companies Act, Chapter 50. The results for the year ended 31 December 2010 have been extracted from those financial statements.

The results for the year ended 31 December 2010 have been extracted from the financial statements for Yujin International Ltd for the year ended 31 December 2010 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 2010, as described in those financial statements.

The accounting policies applied by the Group in this interim financial information are the same as those applied in the Group's consolidated financial statements for the year ended 31 December 2010 and are also those expected to be applied in the forthcoming financial statements for the year ended 31 December 2011.

The interim financial information for the six months ended 30 June 2011 was approved by the directors on 26 September 2011.

3. Taxation

The tax charge for the six months period to 30 June 2011 is estimated at US$ Nil (2010: US$ 21,000) or Nil (2010: 5%) which is the estimated effective rate of tax.

4. Earnings/(loss) per share

The basic and diluted earnings/(loss) per share in each period are calculated by reference to the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue, as follows:

Basic and diluted

(Loss)/profit attributable to equity holders of the Company: (US$ 135,000)

(2010: US$ 378,000)

Weighted average number of ordinary shares in issue for the purpose of calculating earnings per share: 30,000,010 (2010: 30,000,010)

(Loss)/profit per share: (US$ 0.005) (2010: US$ 0.01)

5. Trade and other receivables

	Unaudited	Unaudited	Audited
	Six months	Six months	Year ended
	to 30 June	to 30 June	31 December
USD'000	2011	2010	2010

Trade receivables	1,169	1,164	1,267
Other receivables	998	527	272
Deposits	821	37	738
Prepayments	452	269	515
	3,440	1,997	2,792

Included in deposits and prepayments, as at 30 June 2010 and 31 December 2010, were payments towards the new builds at the initial stage. These payments were transferred to "vessels under construction" under the property, plant and equipment account, once construction work began.

6. Dividend

No dividend has been declared or paid in this interim period.

7. Operating segment

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 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. The Group's reportable segments are as follows :

1. Bunker tanker chartering

2. Regional tanker chartering

3. 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 Board does not consider this to be a core business segment activity. It is carried out as an additional service to support selected customers.

The segmented revenue and their corresponding operating profit and loss are presented below.

7. Operating segment (continued)

	Revenue
	Unaudited	Unaudited	Audited
	Six months	Six months	Year ended
	to 30 June	to 30 June	31 December
USD'000	2011	2010	2010

Bunker tankers	4,201	3,772	7,377
Regional tankers	2,718	2,094	5,981
Ship management and other income	592	535	994
Shipping revenue	7,511	6,401	14,352
Bunker trade (non core activity)	2,045	905	1,285
	9,556	7,306	15,637


	Operating (loss) / profit
	Unaudited	Unaudited	Audited
	Six months	Six months	Year ended
	to 30 June	to 30 June	31 December
USD'000	2011	2010	2010

Bunker tankers	1,130	1,460	2,451
Regional tankers	(922)	(818)	(938)
Ship management and other income	141	152	295
Shipping revenue	349	794	1,808
Bunker trade (non core activity)	-	-	-
	349	794	1,808
Central costs	-	(113)	-
Finance costs	(630)	(229)	(1,282)
(Loss) / profit before tax	(281)	452	526

There have been no material changes to the total assets from the amounts disclosed in the last financial statements.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR MMGZLDNGGMZM

28-06-11

Yujin International - Result of AGM

RNS

13-06-11

Yujin International - Final Results & Notice of AGM

RNS

RNS Number : 3224I

Yujin International Ltd

13 June 2011

YUJIN INTERNATIONAL LTD.

("Yujin", the "Company" or "the Group")

Final results and Notice of AGM

Yujin, an owner and operator of a fleet of short range tankers, providing logistics and ship management services to customers in the chemical and oil industry in the Asia Pacific Region, announces herewith its audited final results in respect of the year ended 31 December 2010.

The Company also gives notice that the Annual General Meeting will be held at 400 Orchard Road, #20-05 Orchard Towers, Singapore 238875at 10.00 AM, Singapore time,on 28 June 2011.

The notice convening the Annual General Meeting, together with the annual report and accounts of the Company for the year ended 31 December 2010 (the "Annual Report") and the form of proxy for use at the AGM, are being posted to shareholders and are available on the Company's website www.yujininternational.com.

The notes to this announcement contain additional information which has been extracted from the Annual Report. This announcement should be read in conjunction with, and not as a substitute for, reading the full Annual Report.

Highlights

· Consolidated net revenue improved very slightly, at USD15.64 million compared to USD 15.43 million in 2009. Despite rising fuel costs and oversupply of vessels in the chemical and oil industry market in the Asia Pacific region, the Directors believe that they have been able to manoeuvre in this niche market and have optimised freight rates for its regional tankers.

· Yujin operating profit increased 31% to USD 1.81 million from USD 1.38 million in 2009. Effective cost control measures saw the cost of sales decrease by more than 10% and the Directors will continue to closely monitor this in the current year as well.

· Yujin Group owns and operates a fleet of six vessels, with total tonnage at 27,281. Yujin has revalued all 6 vessels to reflect the appreciation of the vessels' value and posted a revaluation surplus of USD 7.58 million to its reserve in 2010.

· All 4 bunker tankers' contracts have been renewed for another 12 months with the current charterers, at a slightly lower rate as compared to last year.

· As previously announced, Yujin has contracted to build two new tankers for delivery in the first half of 2011. However, China suffered severe floods in July 2010 which delayed the construction of the vessels and accordingly the Company now expects to take delivery in the first half of 2012.

· The directors do not recommend a dividend be paid for the year ended 31 December 2010.

For further information please contact:

Yujin International Ltd Tel: + (65) 6226 2963

Pris Peh

Keen Whye Lee

www.yujininternational.com

Seymour Pierce Limited Tel: 020 7107 8000

Nicola Marrin

Catherine Leftley

NB : The currency used in this announcement is US Dollars unless otherwise indicated.

Chairman's Statement

During what has been a challenging period for the market globally, Yujin has continued to deliver results and was able to improve operating profit by an impressive 31% to USD 1.81 million.

	Revenue		Operating profit
	2010	2009	2010	2009
External customers	USD	USD	USD	USD

Bunker tankers	7,377	7,685	2,451	3,285
Regional tankers	5,981	4,922	(938)	(2,021)
Ship management and other income	994	1,811	295	112
Continuing operations	14,352	14,418	1,808	1,376
Bunker trade (non core activity)	1,285	1,012	-	-
	15,637	15,430	1,808	1,376
Listing cost (one-time)				(1,241)
			1,808	135

Comments on the performance of each operating segment :

Bunker tankers

Yujin owns and manages four bunker tankers with a combined tonnage of 17,284 DWT. All four tankers are on time charter and had their contracts renewed for another 12 months till first half of 2012.

During the year, all four tankers underwent dry docking, a regulatory requirement to ensure safely running of the vessels. The off hire period accounted for the dip in revenue from USD7.69 million in year 2009 to USD7.38 million in year 2010.

Regional tankers

Yujin own 2 foreign going vessels; MT Team Bee, a chemical tanker of 4,998 DWT and MT Arcturus, a bitumen tanker of 4,999 DWT. These 2 vessels were deployed in the spot market to secure higher charter rates as compared to term contracts.

Escalating bunker fuel cost and crew wages were beyond any owner's control and the general economic environment has made it difficult to maintain our past cost structure. We will focus on keeping our fleet well deployed and running efficiently.

Tonnage oversupply will most probably remain a challenge for owners for another few years, since demolition activities, though elevated in recent months isn't enough to ease pressure on freight rates.

Financial Review

Yujin has adopted the revaluation model of reporting its current fleet of 6 vessels for year ended 31 December 2010. The Board believes the new methodology is more reflective of the Group underlying value and presents a more meaningful set of financial statements to shareholders.

Yujin has subsidiaries operating with functional currency in both Singapore dollars and United States dollars; as such there is a likelihood of foreign currency risk when United States dollars depreciate significantly as seen in recent months.

As announced earlier in April 2011, Yujin suffered an unrealized foreign exchange loss of USD 1.18 million. However, if the unrealized foreign exchange gain of USD 0.36 million is taken into account the net unrealized foreign exchange difference suffered by the Group is USD 0.82 million. As a big part of the net unrealized foreign exchange loss arose out of intercompany year end balances, this can be partially offset with currency translation gain of USD 1.36 million reported under Other Comprehensive Income.

To conserve reserves as a buffer against potential financial difficulties that may surface in the current economic situation, the directors will not be recommending any dividends to be made in 2011.

After Japan's devastating earthquake and tsunami on 13 March 2011, companies worldwide are struggling with unraveled supply chains and sluggish consumer demand, making predicting future profits difficult if not impossible. Freight rates in both crude and product tanker segments will remain under pressure in the coming months

The Group remains cautious on the outlook for this year and expects the financial performance for 2011 to be affected by the current challenging economic environment and uncertain outlook. We will also build on the good relationship with our customers to sustain delivering value to our shareholders.

Keen Whye Lee

Chairman

Yujin International Ltd.

10 June 2011

Yujin International Ltd.

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2010

		Audited	Audited
		2010	2009
		USD	USD
Revenue		15,119,804	14,049,709
Other income		516,770	1,246,832
		15,636,574	15,296,541
Costs and expenses
	Cost of sales	8,228,812	8,992,934
	Agency fee	2,489	2,485
	Depreciation	3,103,112	2,590,641
	Directors' fees	93,560	130,470
	Directors' salary	621,339	616,937
	Staff costs	1,031,639	973,818
	Other operating expenses	747,462	746,604
		(13,828,413)	(14,053,889)
Profit from operations		1,808,161	1,242,652
Non-operating expenses
	Listing costs	-	(1,240,780)
Finance costs		(1,281,735)	(374,769)
Profit/(loss) before tax		526,426	(372,897)

Income tax income/(expense)		(440,995)	67,353
PROFIT/(LOSS) FOR THE YEAR		85,431	(305,544)

Other comprehensive income
	Foreign currency translation differences for subsidiaries	1,359,691	263,661
	Revaluation of property, plant and equipment	9,261,917	-
Other comprehensive income for the year, net of tax		10,621,608	263,661
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR		10,707,039	(41,883)
Attributable to :
	Equity holders of the company	8,985,413	48,170
	Non-controlling interests	1,721,626	(90,053)
Total comprehensive income/(loss) for the year		10,707,039	(41,883)
Attributable to :
	Equity holders of the company	48,028	(215,491)
	Non-controlling interests	37,403	(90,053)
Profit/(loss) for the year		85,431	(305,544)
Earnings per share
	Basic (in USD)	0.002	(0.007)
	Diluted (in USD)	0.002	(0.007)

Yujin International Ltd.

Consolidated Statement of Financial Position as at 31 December 2010

			Audited	Audited
		Note	2010	2009
ASSETS			USD	USD

Non-current assets
	Property, plant and equipment	2	48,244,580	33,004,285
	Deferred tax		1,481,400	972,988
			49,725,980	33,977,273
Current assets
	Trade and other receivables		2,792,019	2,322,193
	Amount receivable from a related company		47,585	-
	Cash and cash equivalents		753,552	620,569
			3,593,156	2,942,762

Total assets			53,319,136	36,920,035

Yujin International Ltd.

Consolidated Statement of Financial Position as at 31 December 2010 (continued)

			Audited	Audited
		Note	2010	2009
			USD	USD
EQUITY AND LIABILITIES

Equity attributable to equity holders of the Company
	Share capital		3,317,897	3,317,897
	Revaluation reserve		7,577,694	-
	Currency translation reserve		2,010,978	651,287
	Retained earnings		7,751,945	7,703,917
			20,658,514	11,673,101
Non-controlling interests			1,722,457	831
Total equity			22,380,971	11,673,932

Non-current liabilities
	Loans from related companies		774,413	711,744
	Term loan (secured)	4	15,483,480	12,310,168
	Deferred tax		4,109,105	2,980,328
			20,366,998	16,002,240
Current liabilities
	Trade and other payables		5,153,653	3,198,975
	Amount payable from a related company		18,657	-
	Term loan (secured)	4	5,398,857	5,489,589
	Bank overdraft (secured)		-	533,806
	Income tax payable		-	21,493
			10,571,167	9,243,863

Total liabilities			30,938,165	25,246,103

Total equity and liabilities			53,319,136	36,920,035

Yujin International Ltd.

Consolidated Statement of Changes in Equity

for the year ended 31 December 2010

		Share	Translation	Revaluation	Retained	Total attributable to equity holders	Non-controlling	Total
		capital	reserve	reserve	earnings	of the Company	interests	equity
		USD	USD	USD	USD	USD	USD	USD

Balance at 31 December 2008		3,317,897	387,626	-	7,919,408	11,624,931	90,884	11,715,815
Total comprehensive income/(loss) for the year
Loss for the year		-	-	-	(215,491)	(215,491)	(90,053)	(305,544)
Other comprehensive income :
	Currency translation differences	-	263,661	-	-	263,661	-	263,661
Total comprehensive income/(loss)		-	263,661	-	(215,491)	48,170	(90,053)	(41,883)
Balance at 31 December 2009		3,317,897	651,287	-	7,703,917	11,673,101	831	11,673,932
Total comprehensive income/(loss) for the year
Profit for the year		-	-	-	48,028	48,028	37,403	85,431
Other comprehensive income :
	Revaluation of property, plant and equipment	-	-	7,577,694	-	7,577,694	1,684,223	9,261,917
	Currency translation differences	-	1,359,691	-	-	1,359,691	-	1,359,691
Total comprehensive income		-	1,359,691	7,577,694	48,028	8,985,413	1,721,626	10,707,039
Balance at 31 December 2010		3,317,897	2,010,978	7,577,694	7,751,945	20,658,514	1,722,457	22,380,971

Yujin International Ltd.

Consolidated Statement of Cash flow

for the year ended 31 December 2010

		Audited	Audited
		2010	2009
		USD	USD
Cash flows from operating activities
	Profit/(loss) before taxation	526,426	(372,897)

Adjustments for:
	Bank loan interest	648,883	508,023
	Property, plant and equipment written off	9,455	45
	Depreciation	3,103,112	2,590,641
	Interest received	-	(71)
		3,761,450	3,098,638
Operating profit before working capital changes		4,287,876	2,725,741

	(Increase) in trade and other receivables	(469,826)	(68,028)
	Increase in trade and other payables	1,954,678	206,044
		1,484,852	138,016
Cash generated from/(used in) operations		5,772,728	2,863,757
	Income tax paid	-	-
Net cash flows from operating activities		5,772,728	2,863,757
Cash flows from investing activities
	Purchase of property, plant and equipment	(3,348,337)	(617,719)
	Interest received	-	71
Net cash flows from/(used in) investing activities		(3,348,337)	(617,648)
Cash flows from financing activities
	Payment of term loan interest	(648,883)	(508,023)
	Payment of term loan financing	(4,681,637)	(2,460,327)
	Amount payable to a related company	33,741	-
	Proceeds from term loan	3,037,897	-
Net cash flows from/(used in) financing activities		(2,258,882)	(2,968,350)

Net increase/(decrease) in cash and cash equivalents		165,509	(722,241)
Cash and cash equivalents at beginning of year		86,763	720,882
Effect of exchange rate changes		501,280	88,122
Cash and cash equivalents at end of year		753,552	86,763

Yujin International Ltd.

Notes to the financial information

for the year ended 31 December 2010

1. Basis of preparation

The financial information has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS's") and using accounting policies which are consistent with those adopted in the non-statutory financial statements for the year ended 31 December 2010 except for changing the measurement of vessel from the cost model to the revaluation model.

Any revaluation increase arising on the revaluation of the vessels is recognized in the other comprehensive income and accumulated in equity under revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognized in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of vessels is charged to profit and loss to the extent that it exceeds the balance, if any, held in the revaluation reserve relating to a previous revaluation of the vessels.

The financial information set out in this announcement does not constitute the Company's non-statutory financial statements for the year ended 31 December 2010, but it is derived from those non-statutory financial statements.

Whilst the financial information included in these full year results has been prepared in accordance with IFRS, this announcement itself does not contain sufficient information to comply with IFRS. A copy of the non-statutory financial statements prepared under IFRS for the year ended 31 December 2010 will be issued prior to the Company's Annual General Meeting. The announcement was approved on 10 June 2011.

The company's current auditors have reported on the non-statutory financial statement for the year ended 31 December 2010, their report was unqualified.

The directors do not propose a dividend in respect of the year ended 31 December 2010 (2009: Nil).

2. Fixed Assets

	Office	Office	Office	Computer		Vessels under
	Equipment	Furniture	Renovation	Software	Vessels	Construction	Total
	USD	USD	USD	USD	USD	USD	USD
Cost or Valuation
Balance at beginning of year:
At cost	11,458	14,340	46,509	88,248	36,303,777	3,352,000	39,816,332
At valuation	-	-	-	-	-	-	-
	11,458	14,340	46,509	88,248	36,303,777	3,352,000	39,816,332
- Additions	-	16,553	41,633	1,240	2,729,979	5,285,252	8,074,657
- Disposals	(2,214)	(1,675)	(50,608)	(34,632)	-	-	(89,129)
- Revaluation surplus	-	-	-	-	9,261,917	-	9,261,917
- Net exchange difference	1,009	1,264	4,099	7,775	1,494,037	-	1,508,184
Balance at end of year	10,253	30,482	41,633	62,631	49,789,710	8,637,252	58,571,961

Accumulated depreciation
and impairment
Balance at beginning of year:	6,833	8,001	38,321	81,971	6,676,921	-	6,812,047
- Charge for current year	1,995	4,849	11,246	4,659	3,080,363	-	3,103,112
- Impairment loss	-	-	-	-	-	-	-
- Disposals	(1,810)	(1,587)	(43,413)	(32,864)	-	-	(79,674)
- Net exchange difference	602	705	3,377	7,223	479,989	-	491,896
Balance at end of year	7,620	11,968	9,531	60,989	10,237,273	-	10,327,381

Net Book Value
At end of year	2,633	18,514	32,102	1,642	39,552,437	8,637,252	48,244,580
At beginning of year	4,625	6,339	8,188	6,277	29,626,856	3,352,000	33,004,285

During the year, the Group acquired property, plant and equipment with an aggregate cost of USD 8,074,657 of which USD 4,726,320 was acquired by means of term loan facilities. Cash payments of USD 3,348,337 were made for purchase of property, plant and equipment.

During the year, the Group had revalued the six operating vessels base on the valuation reports verified by a firm of independent professional valuers, at an open market basis. The valuation surplus amounting to USD 9,261,917 have been transferred to the revaluation reserves of the Group. The carrying amount of the six operating vessels would have been USD 30,290,520 had the vessel been carried at cost less accumulated depreciation and impairment loss.

The Group's vessels and vessels under construction are mortgaged to the bank to obtain term loan facility. The "vessels under construction" represent progress payments for two ships under construction. The final sum is expected to be between USD 10 million to USD 20 million. The Company expects to take delivery of these two ships in the first half of 2012. No interest has been capitalized during the year.

3. Taxation on profit from ordinary activities

		Group
		2010	2009
Current year income/(expense)		USD	USD
	Current year	-	-
	Adjustment for prior year	21,405	138,437
		21,405	138,437
Deferred tax income/(expense)
	Deferred tax liability	(970,812)	(390,649)
	Deferred tax asset	508,412	319,565
		(462,400)	(71,084)
		(440,995)	67,353

The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17% (2009: 17%) to estimated chargeable income as a result of the following differences:

		Group
		2010	2009
		USD	USD
Profit/(loss) for the year		85,431	(305,544)
Total income tax (income)/expense		440,995	(67,353)
Profit/(loss) before tax		526,426	(372,897)

Income tax expenses at statutory rate		89,492	565,113
Translation differences		53,279	-
Non-deductible items		693,504	454,135
Non-taxable items		-	(174)
Utilisation of tax losses/capital allowances		(332,792)	(232,530)
Under/(over) provision in prior year		(21,405)	(138,436)
Section 14Q deduction		-	(710)
Tax exempt income		(95,572)	(88,447)
Current year losses for which no deferred
	tax asset was recognised	206,158	-
Group relief to be utilised		(614,069)	(697,388)
Total income tax expense		(21,405)	(138,437)

4. Term Loan

	Group
	2010	2009
	USD	USD

Due within one year	5,398,857	5,489,589
Due within 2 to 5 years	15,189,775	12,310,168
Due after 5 years	293,705	-
	15,483,480	12,310,168
	20,882,337	17,799,757

Term loans
- secured	20,346,530	16,942,143
- unsecured	535,807	857,614
	20,882,337	17,799,757

The term loans are secured by:

§ A first priority legal mortgage on the Group's vessels;

§ An assignment of all rights, earnings and benefits of the vessel (on a notification basis) in a form acceptable to the bank;

§ The assignment of insurance policies covering Hull and Machinery, War Risks, Mortgagee Interest and Protection and Indemnity in respect of the vessel, in a form acceptable to the bank;

§ Joint and several guarantee from the Company's directors; and

§ Corporate guarantee from the holding company and certain subsidiaries.

The loans are repayable in 60 monthly installments from the date of last draw down after the completed vessel has been delivered. Effective interest varies from 1.99% to 3.92% (2009: 1.40% to 3.84%) per annum. Interests are charged and paid monthly.

5. Deferred Tax

	Group
	2010	2009
	USD	USD
Deferred tax liabilities :
Opening balance	2,980,328	2,563,593
Translation difference	157,965	26,086
Temporary differences movement	970,872	390,649
Closing balance	4,109,165	2,980,328



Deferred tax assets :
Opening balance	972,988	653,896
Translation difference	-	(473)
Temporary differences movement	508,412	319,565
Closing balance	1,481,400	972,988

Deferred tax liability refers to the difference between the net book value of the vessels and their tax written down values. Deferred tax asset relates to excess capital allowances claimed for the vessels and has been recognized to the extent that it is probable that the unused capital allowances claimed will be subsequently utilised.

6. Earnings per share

The calculation of basic earnings per share and diluted earnings per share at 31 December 2010 was based on the profit/(loss) attributable to ordinary shareholders (2010: USD 49,938 profit; 2009: USD 215,491 loss) and a weighted average number of ordinary shares, calculated as follows:

Basic

Profit attributable to equity holders of the company USD 48,028 (2009: loss of USD 215,491). Weighted averaged number of ordinary shares in issue for the purpose of calculating basic EPS: 30,000,010 (2009: 30,000,010).

Basic EPS USD 0.002 (2009: USD (0.007)).

Diluted

Basic EPS USD 0.002 (2009: USD (0.007)).

7. Share capital

	Group and Company
	2010	2009
	USD	USD
Fully paid ordinary shares with no par value:
Balance at beginning of year	3,317,897	3,317,897
Issued during year	-	-
Balance at end of year	3,317,897	3,317,897

Number of shares	30,000,010	30,000,010

The Company had 30,000,010 ordinary shares in issue as at 31 December 2010 (2009: 30,000,010).

(a) The Companies Act Chapter 50 of Singapore abolished the concept of authorized share capital and the Company is not constrained by an authorized share capital in the memorandum of association of the Company.

(b) The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All shares rank equally with regard to the Company's residual assets.

At 31 December 2010, the Company has no Share Option Scheme.

8. Segment reporting

For management purposes, the Group is organised into operating segments based on the type of customers served and has three segments plus a non-core activity which is being done on an ad-hoc basis as follows:

(a) Bunker tankers: Our customers are principally bunker traders operating in the port of Singapore. These traders charter the Group's ships to supply bunker fuel to ships calling at the port.

(b) Regional tankers: Yujin customers are manufacturers and traders of chemicals, including bitumen and vegetable oils, mainly palm oils, Yujin provides logistics support to these customers by transporting their products mainly within the Asia Pacific region.

(c) Ship management and other related activities: The Group, through it ship management company JR Orion Services Pte. Ltd, provides crew and technical management as well as ancillary services to ship owners.

(d) Bunker trade: Yujin is allocated an amount of bunker fuel by suppliers for its own use. Yujin occasionally sells off any excess over its own requirements. This non-core activity is being done at the request of customers on ad hoc basis.

	Revenue		Operating profit
	2010	2009	2010	2009
External customers	USD	USD	USD	USD

Bunker tankers	7,377	7,685	2,451	3,285
Regional tankers	5,981	4,922	(938)	(2,021)
Ship management and other income	994	1,811	295	112
Continuing operations	14,352	14,418	1,808	1,376
Bunker trade (non core activity)	1,285	1,012	-	-
	15,637	15,430	1,808	1,376
Listing cost (one-time)				(1,241)
			1,808	135

The chief operating decision making of Yujin lies with Yujin Group Joint Managing Director, Captain Joseph Ting Siew Chiong and Captain Liew Chin Chye. With both their extensive shipping experience and contacts, the Group has been able to operate effectively in selected niche market.

9. Availability of this announcement

Copies of this announcement will be available from the Company's registered office, at 400 Orchard Road, #20-05 Orchard Towers, Singapore 238875 and on the Company's website, www.yujininternational.com .

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR GGURPQUPGGUW

20-04-11

Yujin International - Trading Update

RNS

RNS Number : 2801F

Yujin International Ltd

20 April 2011

Yujin International Ltd ("Yujin" or "the Group")

Trading Update

Yujin International Ltd, the owner and charterer of a fleet of tankers operating in the Asia Pacific region today announces an update on trading.

Regional Tankers

Further to the announcement of 15 February 2011, the Group reports the engine repair of MT Arcturus ("Arcturus") has been completed and the vessel is now on spot charter.

MT Arcturus, which reported engine failure, had her engine replaced with a brand new one in a Singapore shipyard. The vessel was fixed in the spot market after successfully completing a sea trial last weekend.

The impact of the devastating earthquake and tsunami that rocked Japan, and the deepening nuclear crisis, is expected to have a negative impact on the shipping industry. The chemical trading pattern has changed to smaller cargoes, lowering average income per day.

In addition, bunker fuel costs have surged this year in tandem with multi-year high oil prices. This is coupled with an increase in new vessels into the global market which worsens a lingering oversupply problem. The oversupply problem stems from the industry's buying spree before the economic downturn two years ago, with those vessels only now coming to the market.

Bunker Tankers

The term charter contracts for all four vessels were renewed for another 12 months with the current charter parties. Yujin management was able to minimise the reductions in charter rates to less than 10%.

New Ship Buildings

As previously announced, the delivery of the two vessels under construction in China will be delayed due to flooding at the shipyard. The flood has impeded the progress of the construction and Management are discussing with the shipyard a possible delivery date. Completion of the ships is now expected in 2012.

Yujin currently expects to announce its final results to the year ended 31 December 2010 by mid June. It expects that its revenue for the year to be slightly below market expectation due principally to lower freight rates as well as freight income for the last voyage of regional tankers which will now fall into this current financial year. Underlying PBT is expected to be materially below market expectation partly as the result of the decline in revenue but principally due to the impact of an unrealised foreign exchange loss of approximately US$1.1m due to the weakening US dollar against the Singapore dollar. As Yujin Group has subsidiaries in both functional currencies of US and Singapore dollars, it may be exposed to a fluctuation of currency risk from time to time.

For further information please contact:

Yujin International Ltd. Tel: 00 (65) 6226 2963

Pris Peh

Keen Whye LEE

Or visit www.yujininternational.com

Seymour Pierce Limited Tel: 020 7107 8000

Nicola Marrin

Catherine Leftley

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTSEUFESFFSEEL

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Result Pages: 1
01-03-11	Sinking feeling	Optomust


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I have hung on here for years, and think this is really a sinker. Know they have a bit of engine trouble with one ship, but sounds like the whole fleet is down the drain. More View thread 1 Respond Login to Vote up
10-08-10	Buy Not a lie -	Optomust


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Sorry about that should be like a charter More View thread 1 Respond Login to Vote up
10-08-10	A move????	Optomust


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What's going on then? Jump that big - looks lie a charter. More View thread 1 Respond Login to Vote up
30-09-09	Interim slide at Yujin	InvestingGarden


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Interim slide at Yujin http://www.growthcompany.co.uk/news/1077577/interim-slide-at-yujin.thtml More View thread 1 Respond Login to Vote up

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