Ocean Yield ASA Q3 2013 Results
11 Nov 2013
Oslo, 11th November 2013, Ocean Yield ASA ("Ocean Yield" or the "Company") announces preliminary results for the third quarter ending 30th September, 2013. Highlights · The Board of Directors has declared a dividend of USD 0.12 per share. On an annualized basis, this equals USD 0.48 per share, which is above Ocean Yield's previously communicated annual dividend target of USD 0.46 per share. · EBITDA was USD 55.6 million for the third quarter 2013 compared to USD 38.1 million for the third quarter 2012. · Net Profit after tax was USD 19.1 million for the third quarter 2013 compared to USD 12.1 million for the third quarter 2012. Adjusted Net Profit after tax for the third quarter 2013 was USD 24.9 million, which includes adjustments for non-cash foreign exchange losses of USD 3.3 million, mark-to-market of derivatives of negative USD 2.7 million and other non- recurring items of USD 0.2 million. · In July, Ocean Yield completed a Public Offering of 33.7 million new shares. The shares commenced trading on the Oslo Stock Exchange on 5th July 2013. · In September, Ocean Yield entered into newbuilding contracts for two Pure Car Truck Carriers (PCTC) of 8500 car capacity with Xiamen Shipbuilding Industry Co. Ltd. The vessels will be delivered in January and April 2016 respectively, and will after delivery be chartered on 12-year bareboat charter contracts to Höegh Autoliners. The ex-dividend date will be 20th November 2013 with expected payable date on or about 2nd December 2013. Company contact: Lars Solbakken, Chief Executive Officer +47 24 13 01 90 Eirik Eide, Chief Financial Officer +47 24 13 01 91 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.