In its interim financial report TransAtlantic states that the Group's liquidity situation is strained and it has been in breach with certain covenants during the third quarter, but it has received waivers from relevant banks.
Third quarter highlights
· Net revenues amounted to SEK 753 M (784)
· Result before capital costs, EBITDA, amounted to SEK 108 M (112)
· Operational result before tax amounted to SEK 49 M (-33)
· Result before tax amounted to SEK 44 M (-39)
· Result after tax amounted to SEK 43 M (-42)
· Earnings per share after tax amounted to SEK 0.4 (-0.4)
Major events during the third quarter
- The Group presented a positive quarterly result which relates to Viking Supply Ships operational profit of SEK 100 M.
- Rederi AB TransAtlantic (STO:RABTB)(OSE:VSS01) entered into an agreement with AtoB@C Shipping AB where TransAtlantic effectively outsources all commercial activities of its Short Sea Bulk division, starting September 1, 2013. The agreement also includes chartering of TransAtlantic’s small bulk vessels to A2B@C.
- To align fleet capacities with tonnage requirements, Industrial Shipping sold two vessels during the quarter, TransEagle and TransFalcon.
- Tomas Bergendahl started his position as the Group’s Chief Financial Officer in July.
- Viking Supply Ships entered into a long term contract in October with an oil major for four AHTS vessels. The contract value of the firm period, including mob/demob, is about USD 120 M.
- The Group’s liquidity situation is strained and the Group has been in breach with certain covenants during the third quarter, which is also noted in the Auditors’ review report. The Group has received waivers from relevant banks.
In connection with the planned rights issue, an extraordinary general meeting will be held on November 5, 2013 at 12.00 noon, in Gothenburg, Sweden.