Financial Highlights 2012
- very weak dry bulk market spot rates had the largest negative influence on our underlying performance, although contract cover continued to curb volatility in our earnings
- a reassessment of prospects for our RoRo business resulted in a US$190.4 million non-cash write-off
- the subsequent sale of our RoRo vessels also resulted in a US$8.2 million non-cash exchange loss
- continued growth of PB Towage delivered a strong contribution
- US$149 million of positive operating cash flow, underpinned by our still profitable dry bulk segment despite the difficult market environment
The Group maintains a strong cash position and a balance sheet that enables us to actively participate in the next stage of the shipping cycle. Our liquidity is a key priority ensuring:
- we are well placed to grow our owned fleet by investing in further vessels beyond our existing capital commitments
- we comply with our loan-to-value bank covenants while low vessel values prevail
Monitoring the Health of Our Group |
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Group Key Performance Indicators |
Consolidated Group Performance |
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The main influences in our results in 2012 |
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The Group's four main sources of capital are equity, conventible bonds, bank loans and operating cash flows |
