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Yujin International (YUJ)

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Wednesday 28 September, 2011

Yujin International

Half Yearly Report

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 30th 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
 
 
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