Exhibit
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Description
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99.1
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Press Release dated October 30, 2013
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DHT Holdings, Inc. | |||
(Registrant)
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|||
Date: October 31, 2013
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By:
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/s/ Eirik Ubøe | |
Eirik Ubøe | |||
Chief Financial Officer | |||
Q3 2013
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Q2 2013
|
Q1 2013
|
Q4 2012
|
2012
|
2011
|
|
Net Revenue
|
11.2
|
10.3
|
12.4
|
16.9
|
86.4
|
100.1
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EBITDA*
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3.2
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0.9
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4.2
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9.8
|
43.1
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52.7
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Adjusted Net Income**
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(4.1)
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(7.7)
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(3.1)
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0.6
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6.0
|
14.8
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Adjusted EPS**
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(0.26)
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(0.50)
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(0.20)
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0.04
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0.39
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2.83
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Interest bearing debt
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156.4
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156.4
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203.7
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212.7
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212.7
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280.6
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Cash
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50.0
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43.1
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75.5
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71.3
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71.3
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42.6
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Dividend***
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0.02
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0.02
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0.02
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0.02
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0.52
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3.12
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Fleet (dwt)
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1,776,349
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1,776,349
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2,086,315
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2,086,315
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2,086,315
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2,574,304
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Spot days****
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47.2%
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59.0%
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61.6%
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46.3%
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31%
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13%
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Unscheduled off hire****
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0
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0.25%
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1.32%
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0.06%
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0.19%
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0.27%
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Scheduled off hire****
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2.4%
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2.2%
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0
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0
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0.88%
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1.90%
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·
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EBITDA for the quarter of $3.2 million and net loss for the quarter of $4.1 million ($0.26 per share).
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·
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As of September 30, 2013 the cash balance was $50.0 million, equal to $3.22 per share; an increase of $6.9 million from June 30, 2013.
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·
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The Company will pay a dividend of $0.02 per common share for the quarter payable on November 21, 2013 for shareholders of record as of November 13, 2013. When determining the dividend our Board has taken into account general business conditions and the continued weak tanker market.
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·
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During the quarter we concluded period business for the following vessels: DHT Target, DHT Trader, DHT Sophie and DHT Chris (extension). As of September 30, 2013, six of our eight vessels are on time charters of 6 to 12 months of which five of the charters are at fixed rates above cash break even (operating expenses, debt service and G&A) and one at a variable rate related to market development.
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·
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As of September 30, 2013 DHT had 15,640,975 shares of common stock outstanding. The 359,427 shares of preferred stock outstanding on June 30, 2013 were mandatorily exchanged into common shares on July 1, 2013.
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ASSETS
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Note
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Sept. 30, 2013
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December 31, 2012
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|||||||||
Current assets
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Unaudited
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Audited
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||||||||||
Cash and cash equivalents
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$ | 50,003 | 71,303 | |||||||||
Accounts receivable
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8 | 14,042 | 13,874 | |||||||||
Prepaid expenses
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68 | 485 | ||||||||||
Bunkers
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943 | 3,616 | ||||||||||
Total current assets
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65,057 | 89,278 | ||||||||||
Non-current assets
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||||||||||||
Vessels
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5 | 269,583 | 310,023 | |||||||||
Other property, plant and equipment
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328 | 458 | ||||||||||
Total non-current assets
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269,912 | 310,481 | ||||||||||
Total assets
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334,968 | 399,759 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||||||
Current liabilities
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||||||||||||
Accounts payable and accrued expenses
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3,446 | 6,199 | ||||||||||
Derivative financial instruments
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4 | — | 772 | |||||||||
Current portion long term debt
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4 | — | 9,000 | |||||||||
Deferred income
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6,894 | — | ||||||||||
Deferred Shipping Revenues
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1,436 | 155 | ||||||||||
Total current liabilities
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11,776 | 16,125 | ||||||||||
Non-current liabilities
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||||||||||||
Long term debt
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4 | 156,004 | 202,637 | |||||||||
Total non-current liabilities
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156,004 | 202,637 | ||||||||||
Total liabilities
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167,780 | 218,762 | ||||||||||
Stockholders' equity
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||||||||||||
Stock
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6,7 | 156 | 95 | |||||||||
Additional paid-in capital
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6,7 | 386,098 | 386,159 | |||||||||
Retained earnings/(deficit)
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(221,714 | ) | (205,258 | ) | ||||||||
Reserves
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2,648 | — | ||||||||||
Total stockholders equity
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167,189 | 180,997 | ||||||||||
Total liabilities and stockholders' equity
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334,968 | 399,759 |
Q3 2013 | Q3 2012 |
9 months 2013
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9 months 2012
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|||||||||||||||||
Note
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Jul. 1-Sept. 30, 2013
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Jul. 1-Sept. 30, 2012
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Jan. 1-Sept. 30, 2013
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Jan. 1-Sept. 30, 2012
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||||||||||||||||
Unaudited
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Unaudited
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Unaudited
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Unaudited
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|||||||||||||||||
Shipping revenues
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$ | 17,327 | 24,615 | $ | 56,068 | 76,614 | ||||||||||||||
Operating expenses
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||||||||||||||||||||
Voyage expenses
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(6,149 | ) | (6,594 | ) | (22,252 | ) | (7,139 | ) | ||||||||||||
Vessel operating expenses
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(5,765 | ) | (6,258 | ) | (18,296 | ) | (19,650 | ) | ||||||||||||
Charter hire expense
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- | (2,202 | ) | - | (6,892 | ) | ||||||||||||||
Depreciation and amortization
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5 | (6,430 | ) | (10,574 | ) | (19,754 | ) | (24,530 | ) | |||||||||||
Impairment charge
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5 | — | (92,500 | ) | — | (92,500 | ) | |||||||||||||
Profit /( loss), sale of vessel
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— | — | (669 | ) | (2,231 | ) | ||||||||||||||
General and administrative expense
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(2,209 | ) | (2,251 | ) | (6,496 | ) | (7,401 | ) | ||||||||||||
Total operating expenses
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$ | (20,553 | ) | (120,380 | ) | $ | (67,467 | ) | (160,343 | ) | ||||||||||
Operating income
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$ | (3,226 | ) | (95,764 | ) | $ | (11,399 | ) | (83,729 | ) | ||||||||||
Interest income
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15 | 124 | 117 | 190 | ||||||||||||||||
Interest expense
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(959 | ) | (1,773 | ) | (3,820 | ) | (5,665 | ) | ||||||||||||
Fair value gain/(loss) on derivative financial instruments
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4 | — | 642 | — | 1,533 | |||||||||||||||
Other Financial income/(expenses)
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15 | 98 | (443 | ) | 8 | |||||||||||||||
Profit/(loss) before tax
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$ | (4,154 | ) | (96,674 | ) | $ | (15,545 | ) | (87,663 | ) | ||||||||||
Income tax expense
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50 | (49 | ) | (38 | ) | (123 | ) | |||||||||||||
Net income/(loss) after tax
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$ | (4,104 | ) | (96,723 | ) | $ | (15,583 | ) | (87,786 | ) | ||||||||||
Attributable to the owners of parent
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$ | (4,104 | ) | (96,723 | ) | $ | (15,583 | ) | (87,786 | ) | ||||||||||
(Adjusted)*
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(Adjusted)*
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|||||||||||||||||||
Basic net income/(loss) per share
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(0.26 | ) | (6.27 | ) | (1.01 | ) | (8.08 | ) | ||||||||||||
Diluted net income/(loss) per share
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(0.26 | ) | (6.27 | ) | (1.01 | ) | (8.08 | ) | ||||||||||||
Weighted average number of shares (basic)
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15,520,230 | 15,414,438 | 15,467,791 | 10,867,842 | ||||||||||||||||
Weighted average number of shares (diluted)
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15,520,230 | 15,414,438 | 15,467,791 | 10,867,842 | ||||||||||||||||
*To adjust for the 12-for-1 reverse stock split that became effective as of the close of trading on July 16, 2012.
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||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
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||||||||||||||||||||
Profit for the period
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$ | (4,104 | ) | (96,723 | ) | $ | (15,583 | ) | (87,786 | ) | ||||||||||
Other comprehensive income:
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||||||||||||||||||||
Reclassification adjustment from previous cash flow hedges
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80 | 550 | ||||||||||||||||||
Total comprehensive income for the period
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$ | (4,104 | ) | (96,643 | ) | $ | (15,583 | ) | (87,236 | ) | ||||||||||
Attributable to the owners of parent
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$ | (4,104 | ) | (96,643 | ) | $ | (15,583 | ) | (87,236 | ) |
Q3 2013 | Q3 2012 |
9 months 2013
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9 months 2012
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|||||||||||||||||
Note
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Jul. 1 - Sept. 30, 2013
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Jul. 1 - Sept. 30, 2012
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Jan. 1-Sept. 30, 2013
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Jan. 1-Sept. 30, 2012
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||||||||||||||||
Unaudited
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Unaudited
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Unaudited
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Unaudited
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|||||||||||||||||
Cash Flows from Operating Activities:
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||||||||||||||||||||
Net income / ( loss)
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(4,104 | ) | (96,723 | ) | (15,583 | ) | (87,786 | ) | ||||||||||||
Items included in net income not affecting cash flows:
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||||||||||||||||||||
Depreciation and amortization
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5 | 6,473 | 10,818 | 20,421 | 24,774 | |||||||||||||||
Impairment charge
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5 | — | 92,500 | — | 92,500 | |||||||||||||||
(Profit) / loss, sale of vessel
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5 | — | — | 669 | 2,231 | |||||||||||||||
Fair value gain/(loss) on derivative financial instruments
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— | (642 | ) | (772 | ) | (1,533 | ) | |||||||||||||
Compensation related to options and restricted stock
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511 | 182 | 2,648 | 727 | ||||||||||||||||
Changes in operating assets and liabilities:
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||||||||||||||||||||
Accounts receivable
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2,418 | (206 | ) | (168 | ) | (9,531 | ) | |||||||||||||
Prepaid expenses
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157 | 488 | 417 | 1,266 | ||||||||||||||||
Other long term receivables
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—- | — | — | 54 | ||||||||||||||||
Accounts payable and accrued expenses
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(370 | ) | 3,782 | (2,753 | ) | 3,875 | ||||||||||||||
Deferred income
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— | 5,489 | 6,894 | — | ||||||||||||||||
Prepaid charter hire
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353 | (5,733 | ) | 1,281 | (5,733 | ) | ||||||||||||||
Other non-current liabilities
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— | (37 | ) | — | (149 | ) | ||||||||||||||
Bunkers
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2,464 | (1,469 | ) | 2,673 | (2,879 | ) | ||||||||||||||
Net cash provided by operating activities
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7,902 | 8,450 | 15,728 | 17,816 | ||||||||||||||||
Cash Flows from Investing Activities:
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||||||||||||||||||||
Investment in vessels
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(671 | ) | (304 | ) | (2,112 | ) | (3,802 | ) | ||||||||||||
Sale of vessels
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— | — | 22,233 | 13,662 | ||||||||||||||||
Investment in property, plant and equipment
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(1 | ) | (10 | ) | 25 | (10 | ) | |||||||||||||
Net cash used in investing activities
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(673 | ) | (314 | ) | 20,146 | 9,850 | ||||||||||||||
Cash flows from Financing Activities
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||||||||||||||||||||
Issuance of stock
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6,7 | — | (235 | ) | — | 75,944 | ||||||||||||||
Cash dividends paid
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7 | (310 | ) | (3,425 | ) | (873 | ) | (8,754 | ) | |||||||||||
Repayment of long-term debt
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4 | — | (3,100 | ) | (56,300 | ) | (65,237 | ) | ||||||||||||
Net cash provided by/(used) in financing activities
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(310 | ) | (6,760 | ) | (57,173 | ) | 1,953 | |||||||||||||
Net increase/(decrease) in cash and cash equivalents
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6,919 | 1,376 | (21,299 | ) | 29,618 | |||||||||||||||
Cash and cash equivalents at beginning of period
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43,084 | 70,866 | 71,303 | 42,624 | ||||||||||||||||
Cash and cash equivalents at end of period
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50,003 | 72,242 | 50,003 | 72,242 | ||||||||||||||||
Specification of items included in operating activities:
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||||||||||||||||||||
Interest paid
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859 | 1,561 | 3,028 | 5,242 | ||||||||||||||||
Interest received
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122 | 122 | 132 | 190 |
Unaudited
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Common Stock
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Preferred Stock
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||||||||||||||||||||||||||||||||||||||
Paid-in Additional Capital | Paid-in Additional Capital |
Reserves
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||||||||||||||||||||||||||||||||||||||
Retained
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Cash Flow
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Total
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||||||||||||||||||||||||||||||||||||||
Note
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Shares
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Amount
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Shares
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Amount
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Earnings
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Hedges
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equity
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|||||||||||||||||||||||||||||||||
Balance at January 1, 2012
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5,370,897 | $ | 54 | $ | 309,314 | $ | $ | (102,164 | ) | $ | $ | (756 | ) | $ | 206,448 | |||||||||||||||||||||||||
Net income/(loss) after tax
|
(87,786 | ) | (87,786 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income
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550 | 550 | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income
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(87,786 | ) | 550 | (87,236 | ) | |||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
7 | (8,754 | ) | (8,754 | ) | |||||||||||||||||||||||||||||||||||
Issue of stock
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6 | 3,212,083 | 32 | 17,173 | 400,967 | 4 | 58,769 | 75,979 | ||||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
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16,700 | 0 | 728 | 728 | ||||||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2012
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8,599,680 | $ | 86 | $ | 327,216 | 400,967 | $ | 4 | $ | 58,769 | (198,704 | ) | $ | — | $ | (206 | ) | $ | 187,165 |
Unaudited
|
Common Stock
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Preferred Stock
|
||||||||||||||||||||||||||||||||||||||
Paid-in Additional Capital | Paid-in Additional Capital |
Reserves
|
||||||||||||||||||||||||||||||||||||||
Retained
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Cash Flow
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Total
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||||||||||||||||||||||||||||||||||||||
Note
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Shares
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Amount
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Shares
|
Amount
|
Earnings
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Hedges
|
equity
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|||||||||||||||||||||||||||||||||
Balance at January 1, 2013
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9,140,877 | $ | 91 | $ | 336,955 | 369,362 | $ | 4 | $ | 49,204 | (205,258 | ) | $ | $ | $ | 180,997 | ||||||||||||||||||||||||
Net income/(loss) after tax
|
(15,583 | ) | (15,583 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income
|
— | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income
|
(15,583 | ) | — | (15,583 | ) | |||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
7 | (873 | ) | (873 | ) | |||||||||||||||||||||||||||||||||||
Issue of stock
|
— | |||||||||||||||||||||||||||||||||||||||
Exchange of preferred stock
|
6,349,730 | 63 | 49,144 | (369,362 | ) | (4 | ) | (49,204 | ) | |||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
150,368 | 1 | — | 2,647 | 2,648 | |||||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2013
|
15,640,975 | $ | 156 | $ | 386,099 | — | $ | — | $ | 0 | (221,714 | ) | $ | 2,647 | $ | — | $ | 167,189 |
●
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Amended IAS 1, “Presentation of items of Other Comprehensive Income”.
|
|
●
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IAS 19 (revised 2011); “Employee Benefits”.
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●
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IFRS 13; “Fair Value Measurement”.
|
Oct. 1 to
Dec. 31, 2013
|
2013 | 2014 | 2015 | 2016* | Thereafter | Total | ||||||||
RBS* | — | — | — | — | — | 113.3 | 113.3 | |||||||
DVB | — | — | — | 2.4 | 15.9 | — | 18.4 | |||||||
DNB | — | — | — | 2.5 | 22.3 | — | 24.8 | |||||||
Total | — | — | — | 4.9 | 38.2 | 113.3 | 156.4 | |||||||
Unamortized upfront fees | (0.4 | ) | ||||||||||||
Total long term debt | 156.0 | |||||||||||||
*Commencing with the second quarter of 2016, instalments under the RBS credit is equal to free cash flow for DHT Maritime, Inc. during the preceding quarter capped at $7.5 million. |
Common stock | Preferred stock* | |
Issued at September 30, 2013 | 15,640,975 | — |
Par value | $ 0.01 | $ 0.01 |
Numbers of shares authorized for issue at June 30, 2013 | 30,000,000 | 1,000,000 |
*The preferred stock were exchanged for common shares on July 1, 2013. | ||
Dividend payment as of September 30, 2013: | |||
Payment date: | Total payment | Per common share | |
August 28, 2013 | $0.3 million | $0.02 | |
May 23, 2013 | $0.3 million* | $0.02 | |
February 19, 2013 | $0.3 million** | $0.02 | |
Total payment as of September 30, 2013: | $0.9 million | $0.06 | |
*total payment on May 23, 2013 includes $0.25 per preferred share. | |||
**total payment on February 19, 2013 includes $0.28 per preferred share. |
Dividend payment as of December 31, 2012: | |||
Payment date: | Total payment | Per common share | |
November 12, 2012 | $0.3 million* | $0.02 | |
August 16, 2012 | $3.4 million** | $0.24 | |
May 23, 2012 | $3.4 million** | $0.24*** | |
February 15, 2012 | $1.9 million | $0.36*** | |
Total payment as of December 31, 2012: | $9.0 million | $0.86 | |
*total payment on November 12, 2012 includes $0.28 per preferred share. | |||
**total payment on August 16 and May 23, 2012 includes $3.40 per preferred share. | |||
***adjusted for the 12-for-1 reverse stock split effective as of the close of business on July 16, 2012. |