-- Gross Revenues were US$52.8 million in 2009 versus US$98.6 million
in 2008;
-- Net Revenues were US$49.1 million in 2009 versus US$91.9 million
in 2008;
-- EBITDA of US$4.7 million in 2009 versus US$69.2 million in 2008;
-- Net Income of US$19.0 million, after adjusting for the following
items: (1) a non-cash impairment charge of US$28.4 million, (2) a
loss on the sale of vessels of US$0.8 million, and (3) a non-cash
unrealized gain on derivative financial instruments of US$0.1
million. Not adjusting for these items the Company recorded a Net
Loss of US$10.1 million, versus Net Income of US$42.8 million
in 2008;
-- Loss per share basic and diluted of US$0.35 calculated on
28,769,477 weighted-average number of shares for the full year
ended December 31, 2009, compared to basic earnings per share of
US$1.495 and diluted earnings per share of US$1.481 on 28,650,255
and 28,907,066 respectively for the full year of 2008;
-- Net Cash from Operations of US$34.7 in 2009 million versus US$73.2
million in 2008;
-- Cash Balances of US$59.2 million in 2009 versus US$65.3 million
in 2008;
-- An average of 6.3 vessels were owned and operated during the
twelve months of 2009, earning an average Time Charter Equivalent
(TCE) rate of US$21,550 per day, versus an average of 7.9 vessels
owned and operated during 2008, earning an average TCE rate of
US$32,736 per day;
-- Fleet utilization was 98.6% in 2009 versus 99.0% in 2008.
Fourth Quarter 2009 Financial Highlights versus Fourth Quarter 2008
During the fourth quarter of 2009 the Company delivered to its new owners
the vessels "Gulf Globe" and "Lake Globe" generating net cash proceeds of
US$31.4 million. Furthermore, in November 2009 the Company agreed the sale
of two mid-1990s built vessels, the "Sea Globe" and the "Coral Globe" for a
selling price of US$34.0 million en block. Both vessels were delivered to
their new owners in February 2010 generating net cash proceeds of US$33.0
million.
-- Gross Revenues of US$11.3 million versus US$17.5 million;
-- Net Revenues of US$10.2 million versus US$15.2 million;
-- An average of 4.7 vessels were owned and operated during
Q4-09 earning an average TCE rate of US$23,546 per day,
versus an average of 7.5 vessels owned and operated during
Q4-08, earning an average TCE rate of US$22,672 per day;
-- Operating Expenses of US$1.9 million versus US$2.9 million;
-- EBITDA of US$1.0 million versus US$5.2 million;
-- Net Income of US$4.7 million which excludes (1) a US$0.1 million
gain from the sale of vessels, (2) a US$0.1 million non-cash
unrealized gain on derivative financial instruments and (3) a
non-cash impairment charge on fixed assets (namely the "Sea
Globe" and the "Coral Globe") of US$6.1 million. Including these
three items, the Company recorded a Net Loss of US$1.2 million.
Dividend
Based on these Results, the Directors do not recommend a dividend for the
fiscal year 2009. The elimination of the dividend for the year 2009
reinforces the Company's liquidity and is a further step towards optimizing
the use of the Company's cash by growing the fleet.
Management Commentary
Commenting on the Results, George Karageorgiou, Chief Executive Officer of
Globus Maritime Limited, said:
"We are pleased to report that the Company is in a strong financial
condition and managed to overcome the difficulties of the 2009 financial
year. It was a challenging year as we weathered an economic recession and
the liquidity crunch, which had begun in the last quarter of 2008. The
decline in demand for bulk carriers, coupled with the significant
newbuilding orderbook did not leave much space for market optimism.
"We are happy to report that, after adjusting for non-cash items, our net
income for 2009 was $19.0 million. We consider this a solid performance,
produced against a backdrop of weaker charter rates and the global economic
turmoil during the reporting year.
"For dry bulk shipping, the balance between supply and demand is decisive.
It is our view that the actual deliveries of newbuilding dry bulk vessels
in 2010 and 2011 will not be easily offset and absorbed by the growth in
demand, although demand is expected to be stronger than in the recent
period. In this context we have taken proactive initiatives and measures to
optimize our fleet composition so that Globus is able to weather the
current storm and come out of this turmoil even stronger.
"We sold our 'older' vessels, all built in the mid-1990s, which enabled us
to reduce bank debt and enhance our cash position. As a result we are now
in a position to take advantage of accretive fleet expansion opportunities
as these may occur, and renew our fleet at a fraction of the cost compared
to 2008.
"We are confident that the market will present us with many attractive
opportunities, given our strong balance sheet, and we will gradually seek
to take advantage of these and grow the earnings capacity of Globus, and
thus create value for our shareholders. In a year's time our fleet will
have a much younger age profile compared to the age profile at the time of
the Company's IPO in 2007."
Elias Deftereos, Chief Financial Officer of Globus Maritime, added:
"We are pleased that, amid challenging market conditions, we generated
steady cash flow. The Results of the Full Year 2009 reflect lower revenues
compared to 2008 due to the smaller number of vessels in our fleet and the
lower average time charter equivalent rate our vessels have achieved during
the year. Our Results for the Fourth Quarter 2009 were also lower compared
to the same period for 2008 for the same reasons.
"Our bottom line for 2009 was negatively affected by the losses on the
sales of mid-1990s-built vessels, as we implemented measures to increase
the Company's financial flexibility. However the total net proceeds of
US$49.0 million improved our balance sheet and financial strength.
"Early in 2009 a waiver was granted by one of our financing banks in
respect of the minimum asset coverage covenants in our loan agreement, with
effect until 2010. We also pledged an amount of cash in favour of our
second financing bank ensuring that we would not be affected by the
volatility in asset values. I am pleased to report that at the end of 2009
and on the date of this release, the Company is in compliance with the
covenants. During 2009, we have reduced our debt by approximately $87.0
million. As of the date of this release, we are in a "net cash" position
since our cash reserves have grown to US$67.8 million and exceed our bank
debt which is US$43.6 million."
Conference Call details:
The Company's management team will host a conference call and simultaneous
internet webcast to discuss these Results on the same day at 1:30pm UK,
3:30pm Athens, 8:30am Eastern Time.
Investors may access the webcast by visiting the Company's website at
www.globusmaritime.gr and clicking on the webcast link. Participants may
also dial into the call 10 minutes prior to the scheduled time using the
following numbers: 0800-953-0329 (from the UK), 1-866-819-7111 (from the
US), 00800-4413-1378 (from Greece), or +44 (0)1452-542-301 (all other
callers). Please quote "Globus Maritime."
A replay of the webcast will be available until March 16, 2010 on the
Company's website at www.globusmaritime.gr. A replay of the conference call
will also be available until March 16, 2010 by dialling 0800-953-1533 (from
the UK), 1-866-247-4222 (from the US), or +44(0)1452 550-000 (all other
callers). Access Code: 36407079#
REVIEW OF THE FOURTH QUARTER ENDED DECEMBER 31, 2009
Gross Revenues during Q4-09 reached US$11.3 million as compared to US$17.5
million in Q4-08 reflecting the lower number of vessels in the fleet as
well as lower time charter rates. In early December 2009 the Panamax vessel
"Tiara Globe" completed her time charter to Korea Lines Corp at the gross
rate of US$66,000 per day, which had begun in December 2007.
Net Revenues during Q4-09 reached US$10.2 million, representing a 33%
decrease over the US$15.2 million during the last quarter of 2008.
The vessels "Gulf Globe" and "Lake Globe," both built in 1994, were
delivered to their new owners, two unaffiliated third parties, on October
22, 2009 and November 12, 2009 respectively. The Company received the net
amount of US$31.4 million in cash, from which Globus repaid US$29.3 million
to Deutsche Schiffsbank.
General and administrative expenses reached US$1.3 million, versus US$0.6
million during the comparative period of 2008. A cash bonus to our staff
for the year 2009 was expensed in full during Q4-09 whereas no bonus had
been given to staff in 2008.
REVIEW OF THE FISCAL YEAR ENDED DECEMBER 31, 2009
Fleet Development
Continuing the fleet renewal program that began with the sale of the
1995-built vessel "Ocean Globe" in November 2008, the Company sold three
more vessels in 2009, namely the Panamax "Island Globe" and the Handymax
vessels "Gulf Globe" and "Lake Globe," all sold to unaffiliated third
parties:
-- The 1995-built vessel "Island Globe" was delivered
on September 2 2009;
-- The 1994-built vessel "Gulf Globe" was delivered
on October 22, 2009;
-- The 1994-built vessel "Lake Globe" was delivered
on November 12, 2009.
On December 31, 2009 Globus' fleet comprised a total of four bulk carriers,
consisting of three Handymaxes and one Panamax, with a weighted average age
of approximately 10.5 years and a total carrying capacity of 212,789 DWT.
In November 2009, the company agreed the sale of the Handymax vessels "Sea
Globe" and "Coral Globe" for a selling price of US$34.0 million en block.
Both vessels were delivered to their new owners in February 2010 generating
net cash proceeds of US$33.0 million in total.
On the date of this release therefore, Globus' fleet comprises a total of
two bulk carriers, consisting of one Handymax (a Supramax) and one Panamax,
with a weighted average age of approximately 7.7 years and a total carrying
capacity of 126,429 DWT.
The following table represent our fleet as on the date of this release:
Year Month/Yr
Vessel Built Yard Type(1) Delivered DWT FLAG
----- -------- ---------- --------- ------- --------
Yangzhou Handymax Marshall
River Globe 2007 Dayang (Supramax) 12/2007 53,500 Islands
----- -------- ---------- --------- ------- --------
Hudong Marshall
Tiara Globe 1998 Zhonghua Panamax 12/2007 72,929 Islands
----- -------- ---------- --------- ------- --------
Years at
W. Average Age 7.7 31/01/10 126,429
----- -------- ---------- --------- ------- --------
Note (1): Both vessels are geared.
Fleet Deployment
Since December 2007, the Panamax vessel "Tiara Globe" was employed under a
time charter to Korea Lines Corp at the gross rate of US$66,000 per day.
The vessel completed this time charter without any renegotiation or
extension, and was redelivered to the Company on December 9, 2009. After
working the vessel in the spot market for a few months, the Company
utilised the strengthening in the bulk carrier market in February 2010 and
entered into a new time charter agreement with Transgrain Shipping at the
gross rate of US$20,000 per day for a minimum of 24 months.
Since July 2007, the Panamax vessel "Island Globe" was employed under a
time charter to DS Norden at the gross rate of US$30,000 per day. The
vessel completed this time charter without any renegotiation or extension,
and was redelivered to the Company just prior to its sale in September
2009.
On August 14, 2009 the Company had chartered the "Sea Globe" to COSCO at
the gross rate of US$14,000 per day. The time charter commenced in early
September 2009 and was concluded upon the delivery of the vessel to her new
owners in February 2010.
During 2009 and up to the date of this report, the vessel "River Globe" has
operated in the spot market.
An average of 6.3 vessels were owned and operated during the twelve months
of 2009, earning an average daily Time Charter Equivalent (TCE) rate of
US$21,550 per day, versus an average of 7.9 vessels owned and operated
during the twelve months of 2008, earning an average TCE rate of US$32,736
per day.
The following table represent the employment profile of our fleet as on the
date of this release:
Charter Charter
Expiration Date Expiration Date Gross Daily
Vessel Charterer (Earliest) (Latest)(1) rate (US$)
----------------- ---------------- ---------------- -----------
River Globe Currently on Spot
----------------- ---------------- ---------------- -----------
Tiara Globe Transgrain 2/2012 5/2012 20,000
----------------- ---------------- ---------------- -----------
Note:
(1) The latest charter expiration date represents the last day on which the
charterer may redeliver the vessel upon the termination of the charter
assuming that all options for additional hire periods under the charter are
exercised, including taking into account expected off-hire days because of
scheduled dry-dockings.
Revenues
As a result of the prevailing market rates and the decrease in the number
of vessels in the Company's fleet, Gross Revenues during 2009 decreased by
46% to US$52.8 million from US$98.6 million. Net Revenues during 2009
reached US$49.1 million, representing a 47% decrease from the US$91.9
million in 2008.
Vessel Operating Expenses
As a result of the decrease in the number of vessels in the Company's
fleet, Operating Expenses during the year 2009 decreased by 19% to US$10.1
million, versus US$12.5 million in 2008. There were 2,314 ownership days in
2009, giving an average daily Operating Expense figure of US$4,381 per
vessel per day, compared to 2,878 ownership days in 2008 and US$4,356
average Operating Expenses per vessel per day in 2008.
We still maintain one of the lowest operating cost structures among the
listed shipping companies which, we believe, is one of our advantages.
The breakdown of our Operating Expenses for the year is as follows: Crew
expenses 52%; repairs and spares 17%; stores 9%; insurances 11%; lubricants
9%; and Other 2%. We continue to focus on controlling and reducing our
costs while ensuring safe operations for our fleet.
General and Administrative Expenses
General and Administrative expenses for the FY 2009 were US$5.0 million
versus US$4.1 million during the comparative period of 2008. In the 2009
figure the amount of US$1.7 million relates to non-cash executive
compensation. A cash bonus for the year 2009 was expensed in full during
Q4-09 whereas no bonus had been given to staff in 2008.
EBITDA, Adjusted EBITDA and Net Income
EBITDA for 2009 reached US$4.7 million versus US$69.2 million in 2008.
Adjusted EBITDA for the FY 2009 was US$33.8 million excluding the following
items:
(i) loss from the sale of vessels of US$0.8 million,
(ii) non-cash unrealized gain on derivative financial instruments of
US$0.1 million, and
(iii) non-cash impairment charge on fixed assets of US$28.4 million.
The group had a Net Loss for the year 2009 of US$10.0 million, as opposed
to Net Income of US$42.8 for the year 2008. Excluding the US$0.8 million
loss from the sale of vessels during the year and the US$28.4 million
impairment charge, Net Loss becomes Net Income adjusted of US$19.0 million.
Basic and diluted loss per share of US$0.35 calculated on 28,769,477
weighted-average number of shares for the full year ended December 31,
2009, compared to basic earnings per share of US$1.495 on 28,650,255
weighted-average number of shares and diluted earnings per share of
US$1.481 on 28,907,066 weighted-average number of shares for the full year
of 2008.
Cash Flow
Net cash provided by operating activities for the twelve months ended
December 31, 2009 and 2008, was US$34.7 million and US$73.2 million,
respectively. The decrease was primarily due to the operation of a smaller
fleet and a lower TCE during the period.
Adjustments to reconcile net income to operating cash flows include the
US$0.8 million loss from the sale of the vessels "Island Globe," "Gulf
Globe" and "Lake Globe," the US$0.1 million non-cash gain on derivative
financial instruments, the US$28.4 million non-cash impairment charge, and
US$1.7 million in non-cash share-based payments to the Directors and other
personnel of the Company.
Net cash provided from investing activities in 2009 was US$59.1 million,
relating mostly to the sale proceeds of the "Island Globe," "Gulf Globe"
and "Lake Globe," as compared to net cash provided from investing
activities in 2008 of US$24.3 million that related mostly to the proceeds
from the sale of the "Ocean Globe" in the amount of US$36.7 million.
Net cash used in financing activities for the twelve months ended December
31, 2009 was US$74.5 million as compared to net cash used in financing
activities of US$72.9 million for the twelve months ended December 31,
2008. For the twelve months ended December 31, 2009 net cash used in
financing activities relates mostly to debt repayment which is off-set by
the release of US$15.4 million from a US$21.4 million pledged time deposit.
For the twelve months ended December 31, 2008, net cash used in financing
activities mainly consisted of the drawdown of the new loan of US$85.0
million from Deutsche Schiffsbank in March, offset by the repayment of
US$120.6 million of bank debt (including the full repayment of the 2006 HSH
Nordbank credit facility in March), the payment of both the 2007-final
dividend plus the 2008-interim dividends totalling US$18.5 million, and the
pledge of a deposit of US$21.4 million.
Scheduled Vessel Repairs
1. The "Gulf Globe" underwent her scheduled repairs during Q2-09; 2. The "Lake Globe" and the "Coral Globe" completed their scheduled repairs during Q3-09.The US$1.1 million cost of these scheduled repairs was funded with cash from operations. The "River Globe" is scheduled for dry-docking in Q4-10. We budget 20 days per dry docking per vessel. Actual length will vary based on the condition of the vessel, yard schedules, and other factors. Depreciation and Dry Dock Amortization Expenses Depreciation of fixed assets reached US$11.2 million in 2009 versus US$17.4 million during 2008. The Company continues the policy to depreciate vessels over a useful life of 25 years, on a straight line basis down to their scrap value calculated at their lightweight at US$200 per tonne. Dry Dock Amortization reached US$1.5 million in 2009 as compared to US$1.6 million in 2008. Interest and Finance Expenses Interest and Finance expenses decreased to US$2.9 million versus US$7.7 million in 2008 due to the lower prevailing interest rates and debt amount outstanding. Interest income reached US$1.0 million, approximately the same amount as in the prior year. Update on Credit Facilities The sharp correction of vessel values in 2008 had caused a breach of the collateral maintenance covenants in our two bank loans, for which the Company took the following actions ensuring that it would not be affected during 2009: 1. The Company obtained a waiver from Credit Suisse valid until January 31, 2010; and 2. The Company pledged an amount of US$21.4 million in favour of the Deutsche Schiffsbank. Following the sales of vessels in 2009 the company repaid the following amounts to its financing banks: A. US$18.5 million was repaid to Credit Suisse upon the sale of the "Island Globe"; B. US$15.3 million was repaid to Deutsche Schiffsbank upon the sale of the "Gulf Globe"; C. US$14.0 million was repaid to Deutsche Schiffsbank upon the sale of the "Lake Globe." Scheduled instalments were also paid to the two financing banks and, as a result, the Company reduced debt by approximately $87.0 million during 2009, from US$157.6 million at December 31, 2008 to US$70.6 million at December 31, 2009. Following each repayment, the amount of the pledged cash was reduced pro-rata. Furthermore, the bank debt to Deutsche Schiffsbank was completely repaid upon the sale of the "Sea Globe" and the "Coral Globe" in February 2010 when the amount of US$27.0 million was repaid to the Bank. At the end of 2009, and on the date of this release, the Company is in compliance with the covenants of the bank debt. As of the date of this release, cash reserves exceed US$67.8 million while outstanding bank debt is US$43.6 million to Credit Suisse. The Credit Suisse loan facility is a revolving facility, and an amount up to US$36.4 million remains committed and available for the acquisition of additional bulk carriers. The scheduled bank debt repayments in 2010, 2011, and 2012 are about $7.1 million per year.
SELECTED FINANCIAL INFORMATION (Unaudited)
For the 3-Months Ended For the 12-Months Ended
------------------------ ---------------------
(in thousands of US 31 December 31 December 31 December 31 December
dollars) 2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (audited)
Income Statement Data:
Gross Revenue 11,314 17,468 52,812 98,597
Voyage expenses (incl.
commissions) (1,142) (2,278) (3,742) (6,674)
----------- ----------- ----------- --------
Net Revenue 10,172 15,190 49,070 91,923
Vessels operating expenses (1,929) (2,864) (10,137) (12,537)
Administrative expenses (1,293) (589) (5,030) (4,108)
Gain/(loss) from Sale of
Vessels 94 15,095 (802) 15,095
Impairment Loss (6,104) (20,224) (28,429) (20,224)
Other (expenses)/income (70) (2) (106) 408
Depreciation (1,665) (4,068) (11,204) (17,407)
Amortization of
dry-docking costs (171) (422) (1,512) (1,572)
----------- ----------- ----------- --------
Operating (loss)/income
before finance costs (966) 2,116 (8,150) 51,578
Interest expense (565) (1,673) (2,926) (7,707)
Interest income 264 464 1,032 946
Gain/(loss) on Derivative
financial instruments 95 (1,373) 143 (1,373)
Foreign exchange losses (8) (30) (178) (626)
----------- ----------- ----------- --------
(Loss)/profit for the
period (1,180) (496) (10,079) 42,818
----------- ----------- ----------- --------
EBITDA(8) 965 5,233 4,709 69,184
Impairment Loss 6,104 20,224 28,429 20,224
(Gain)/loss from Sale of
Vessel (94) (15,095) 802 (15,095)
(Gain)/loss on Derivative
financial instruments (95) 1,373 (143) 1,373
----------- ----------- ----------- --------
ADJUSTED EBITDA 6,880 11,735 33,797 75,686
----------- ----------- ----------- --------
Share based payments 202 205 1,754 770
Provision 1 6 13 -
Decrease/(increase) in
working capital 21 (1,332) (863) (3,250)
----------- ----------- ----------- --------
Net cash flow from
operating activities 7,104 10,614 34,701 73,206
Net cash flow from
investing activities 31,647 26,502 59,118 24,254
Net cash flow used in
financing activities (26,982) (41,401) (74,496) (72,857)
Net Debt(9) to Assets (at
year end) 6% 32%
Net Debt to Book
Capitalization(9) (at
year end) 9% 43%
FLEET OPERATING DATA
Fleet Data:
Average number of
vessels(1) 4.7 7.5 6.3 7.9
Number of vessels at end
of period 4 7.0 4 7.0
Ownership days(2) 432 686 2,314 2,878
Available days(3) 432 670 2,277 2,808
Operating days(4) 428 658 2,246 2,781
Fleet utilization(5) 99.1% 98.2% 98.6% 99.0%
Average Daily Results:
Vessel operating expenses
(U.S. dollars)(6) 4,465 4,175 4,381 4,356
Administrative Expenses
(U.S. dollars) 2,993 859 2,174 1,427
Time Charter Equivalent
rate (U.S. dollars)(7) 23,546 22,672 21,550 32,736
Notes:
(1) Average number of vessels is the number of vessels that constituted the
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of the fleet during the period divided by the number
of calendar days in the period.
(2) Ownership days are the aggregate number of days in a period during
which each vessel in the fleet has been owned. Ownership days are an
indicator of the size of the fleet over a period and affect both the amount
of revenues and the amount of expenses that the Company records during a
period.
(3) Available days are the number of ownership days less the aggregate
number of days that the vessels are off-hire due to scheduled repairs or
repairs under guarantee, vessel upgrades or special surveys and the
aggregate amount of time spent positioning the vessels. The shipping
industry uses available days to measure the number of days in a period
during which vessels should be capable of generating revenues.
(4) Operating days are the number of available days in a period less the
aggregate number of days that the vessels are off-hire due to any reason,
including unforeseen circumstances. The shipping industry uses operating
days to measure the aggregate number of days in a period during which
vessels generate revenues.
(5) Fleet utilisation is measured by dividing the number of operating days
during a period by the number of available days during the same period. The
shipping industry uses fleet utilisation to measure a company's efficiency
in finding suitable employment for its vessels and minimising the amount of
days that its vessels are off-hire for reasons other than scheduled repairs
or repairs under guarantee, vessel upgrades, special surveys or vessel
positioning.
(6) Average daily vessel operating expenses, which include crew wages and
related costs, the cost of insurance, expenses relating to repairs and
maintenance, the costs of spares and consumable stores, tonnage taxes and
other miscellaneous expenses, are calculated by dividing vessel operating
expenses by ownership days for the relevant period.
(7) TCE rates are defined as time and voyage charter revenues less voyage
expenses during a period divided by the number of available days during the
period, which is consistent with industry standards. Voyage expenses
include port charges, bunker (fuel oil and diesel oil) expenses, canal
charges and commissions. TCE rate is a standard shipping industry
performance measure used primarily to compare daily earnings generated by
vessels on time charters with daily earnings generated by vessels on voyage
charters, because charter hire rates for vessels on voyage charters are
generally not expressed in per day amounts while charter hire rates for
vessels on time charters are generally expressed in such amounts.
(8) EBITDA has been calculated as follows: Profit + Depreciation +
Depreciation of dry-docking costs + interest expense - interest income + FX
losses (gains).
(9) Net Debt is defined as bank debt net of unamortized fees less cash and
cash equivalents and pledged and restricted deposits. Net Debt to Book
Capitalization is defined as Net Debt divided by the sum of Net Debt and
Total Equity.
GLOBUS MARITIME LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at December 31, 2009
(Expressed in thousands of U.S. Dollars, except share and per share data)
December 31,
-------------------------
2009 2008
ASSETS (unaudited) (audited)
------------ ------------
NON-CURRENT ASSETS
Vessels, net 93,166 216,007
Office furniture and equipment 28 58
Other assets 10 10
------------ ------------
Total non-current assets 93,204 216,075
CURRENT ASSETS
Cash and bank balances and bank deposits 59,157 65,342
Trade receivables, net 336 830
Inventories 355 565
Prepayments and other assets 1,488 1,634
------------ ------------
61,336 68,371
Non-current assets held for sale 33,030 -
------------ ------------
Total current assets 94,366 68,371
------------ ------------
TOTAL ASSETS 187,570 284,446
============ ============
EQUITY AND LIABILITIES
EQUITY ATTRIBUTABLE TO SHAREHOLDERS
Share capital 29 29
Share premium 88,516 87,600
Retained earnings 24,913 34,154
------------ ------------
Total shareholders' equity 113,458 121,783
------------ ------------
NON-CURRENT LIABILITIES
Long-term borrowings, net of current portion 36,175 79,705
Provision 43 30
------------ ------------
Total non-current liabilities 36,218 79,735
------------ ------------
CURRENT LIABILITIES
Current portion of long-term borrowings 33,900 77,278
Trade accounts payable 1,158 2,212
Accrued liabilities and other payables 1,095 707
Derivative financial instruments 1,230 1,373
Deferred revenue 511 1,358
------------ ------------
Total current liabilities 37,894 82,928
------------ ------------
TOTAL LIABILITIES 74,112 162,663
------------ ------------
TOTAL EQUITY AND LIABILITIES 187,570 284,446
============ ============
GLOBUS MARITIME LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2009
(Expressed in thousands of U.S. Dollars, except share and per share data)
For the year ended
December 31,
------------------------
2009 2008
(unaudited) (audited)
----------- -----------
REVENUE:
Time charter revenue 52,812 98,597
EXPENSES & OTHER OPERATING INCOME:
Voyage expenses (3,742) (6,674)
Vessels operating expenses (10,137) (12,537)
Depreciation (11,204) (17,407)
Depreciation of dry docking costs (1,512) (1,572)
Administrative expenses (2,004) (2,122)
Administrative expenses payable to related
parties (1,272) (1,216)
Share based payments (1,754) (770)
Impairment loss (28,429) (20,224)
(Loss)/gain on sale of vessel (802) 15,095
Other (expenses)/income, net (106) 408
----------- -----------
Operating (loss)/profit before finance costs (8,150) 51,578
Interest income from bank balances & deposits 1,032 946
Interest expense and finance costs (2,926) (7,707)
Gain/(loss) on derivative financial instruments 143 (1,373)
Foreign exchange losses, net (178) (626)
----------- -----------
Total finance costs, net (1,929) (8,760)
----------- -----------
TOTAL (LOSS)/PROFIT FOR THE YEAR (10,079) 42,818
Other comprehensive (loss)/income - -
----------- -----------
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE
YEAR (10,079) 42,818
=========== ===========
Attributable to:
----------- -----------
Globus Maritime Limited shareholders (10,079) 42,818
=========== ===========
(Loss)/earnings per share (U.S.$):
- Basic (LPS)/EPS for the year (0.35) 1.495
- Diluted (LPS)/EPS for the year (0.35) 1.481
GLOBUS MARITIME LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended December 31, 2009
(Expressed in thousands of U.S. Dollars, except share and per share data)
Ordinary shares
------------------------
Issued Total
Number of Par Share Share Retained Shareholders'
Shares Value Capital Premium Earnings Equity
---------- ----- ------- ------- ------- ------------
Balance at January
1, 2008 (audited) 28,636,153 0.001 29 87,411 9,237 96,677
Profit for the year - - - - 42,818 42,818
Other comprehensive
(loss)/income - - - - - -
---------- ----- ------- ------- ------- ------------
Total comprehensive
income for the year - - - - 42,818 42,818
Share based payment 29,297 0.001 - 189 581 770
Dividends paid - - - - (18,482) (18,482)
---------- ----- ------- ------- ------- ------------
Balance at December
31, 2008 (audited) 28,665,450 0.001 29 87,600 34,154 121,783
---------- ----- ------- ------- ------- ------------
Loss for the year - - - - (10,079) (10,079)
Other comprehensive
(loss)/income - - - - - -
---------- ----- ------- ------- ------- ------------
Total comprehensive
loss for the year - - - - (10,079) (10,079)
Share based payment 290,722 0.001 - 916 838 1,754
---------- ----- ------- ------- ------- ------------
Balance at December
31, 2009
(unaudited) 28,956,172 0.001 29 88,516 24,913 113,458
---------- ----- ------- ------- ------- ------------
GLOBUS MARITIME LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2009
(Expressed in thousands of U.S. Dollars, except share and per share data)
For the year ended
December 31,
------------------------
2009 2008
(unaudited) (audited)
----------- -----------
Cash Flows from Operating Activities:
(Loss)/profit for the year (10,079) 42,818
Adjustments for:
Depreciation 11,204 17,407
Depreciation of deferred dry docking costs 1,512 1,572
Loss/(gain) on sale of vessel 802 (15,095)
Impairment loss 28,429 20,224
Provision 13 -
(Gain)/loss on derivative financial
instruments (143) 1,373
Interest expense and finance costs 2,926 7,707
Interest income (1,032) (946)
Foreign exchange losses, net 178 626
Share based payment 1,754 770
(Increase)/Decrease in:
Trade receivables, net 494 (795)
Inventories 210 (12)
Prepayments and other assets (46) (591)
Increase/(Decrease) in:
Trade accounts payable (1,054) (881)
Accrued liabilities and other payables 380 110
Deferred revenue (847) (1,081)
----------- -----------
Net cash generated from operating activities 34,701 73,206
----------- -----------
Cash Flows from Investing Activities:
Vessels improvements - (307)
Deferred dry docking costs (1,135) (2,823)
Time deposits with maturity of three months or
more 10,000 (10,000)
Net proceeds from sale of vessel 49,031 36,752
Fixed asset purchase (2) (24)
Interest received 1,224 656
----------- -----------
Net cash generated from investing activities 59,118 24,254
----------- -----------
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt - 95,000
Repayment of long-term debt (87,038) (120,635)
Pledged Bank deposits 15,400 (21,400)
Restricted cash - 732
Payment of financing costs - (284)
Dividends paid - (18,482)
Interest paid (2,858) (7,788)
----------- -----------
Net cash used in financing activities (74,496) (72,857)
----------- -----------
Net increase in cash and cash equivalents 19,323 24,603
Foreign exchange losses on cash and bank deposits (108) (2)
Cash and cash equivalents at the beginning of the
year 33,942 9,341
----------- -----------
Cash and cash equivalents at the end of the year 53,157 33,942
=========== ===========
Further Information - Notes to Editors
About Globus Maritime Limited
Globus is a global provider of seaborne transportation services for dry
bulk cargoes, including among others iron ore, coal, grain, cement, and
fertilizers, along worldwide shipping routes. Globus owns and operates one
panamax and one supramax vessel, with a weighted average age of 7.7 years
(as at January 31, 2010) and a total carrying capacity of 126,429 DWT. Both
vessels are geared.
Globus is listed on the AIM of the London Stock Exchange under ticker GLBS.
Jefferies International Limited is acting as nominated adviser and broker
to the Company.
Contact Information: For further information please contact: Globus Maritime Limited +30 210 960 8300 Elias Deftereos CFO deftereos@globusmaritime.gr Jefferies International Limited +44 (0) 20 7029 8000 Schuyler Evans Anne Dovigen Capital Link - London +44 (0) 20 3206 1322 globus@capitallink.com Annie Evangeli Capital Link - New York +1 212 661 7566 globus@capitallink.com Ramnique Grewal