Oslo, 24th February 2014, Ocean Yield ASA ("Ocean Yield" or the "Company") announces preliminary results for the fourth quarter ending 31st December, 2013. Highlights
· The Board of Directors has declared a dividend of USD 0.1225 per share for Q4 2013. This is an increase of 0.25 cents per share compared with the previous quarter. On an annualized basis, the dividend equals USD 0.49 per share. Based on the closing share price as of 24th February 2014, this is a dividend yield of 8.3% p.a. The dividend payment related to Q4 2013 is equal to 62% of the net result after tax for the quarter.
· EBITDA was USD 52.7 million for the fourth quarter 2013 compared with USD 39.4 million for the fourth quarter of 2012.
· Net Profit after tax was USD 26.5 million for the fourth quarter 2013 compared with USD 11.3 million for the fourth quarter 2012.
· In December 2013 and January 2014, American Shipping Company ASA ("AMSC") raised approximately USD 162 million in new equity, substantially reducing the counterparty risk for Ocean Yield related to the AMSC bonds. In connection with the recapitalization of AMSC, certain amendments to the bond agreement were agreed. The equity issue in AMSC, together with the amendments to the bond agreement, has increased the value of the bonds, which is expected to have a positive profit & loss effect for Ocean Yield in Q1 2014.
The dividend will be paid on or about 10th March 2014 to shareholders as of 3rd March 2014 registered with the Norwegian Central Securities Depository (the "VPS") as of 6th March 2014 (the "Record Date"). The ex-dividend date will be 4th March 2014.
For the full report visit : www.ocy.no/ir
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.