a merican shipping company asa - zetta asfiles.zetta.no/ · 2017-11-16 · tember 201 t revenue o e...
TRANSCRIPT
ATh
AMERIhird Qua
CAN Sarter 201
SHIPP7 Repor
PING Crt
COMPAANY AASA
Th
T Lythi HI
AMwittrean MA
hird Quarter
Third Qsaker, 16 Nord quarter en
IGHLIGHT
Stable million
Norma Adjuste Declar
contrac Approv
MSC CEO, Pth expectatio
end expectednd no new ord
AIN EVEN
Operain Q3 2
Profit 1.4 milover a quarteon an a
NormarevenuUSD 0(consisUSD 0Q3 20
Adjustadjustecash dfurther
Divideshare, was pa
On 15 sharehtraded Decem
2017 report
Quarteovember 201nding 30 Sep
TS
Q3 bareboa with averag
alized EBITDed net profit red Q3 dividected cash floved to trade
Pål Magnusseons. We see d to continueders have be
NTS DURIN
ating income2016.
share: Therllion in Q3 2full calenda
rs with negaannual basis
alized EBITDue of USD 220.6 million. sting of base0.9 million, le17. See Note
ted net proed for non-redeferred tax r details.
ends: On 15the equivale
aid on 31 Au
November 2holders on re ex. dividen
mber 2017. T
t
er 201717, Americanptember 201
at revenue oe weighted t
DA for Q3 of Ufor Q3 of US
end of USD 0ow on the OTCQ
en commentencouraging
. The orderbeen placed fo
NG AND S
e: Operating
re was no pro2016. The prar year. Accotive profit sh
s. See note 1
DA: Norma2.1 million, pThe compar
e bareboat reess SG&A of e 14 for more
fit: Adjustedecurring itemexpenses. T
5 August 20ent of NOK 0gust 2017. T
2017, the Boecord as of 2nd from andThe dividend
7 Repon Shipping Co7.
of USD 22.1tenor of 2.8 yUSD 22.4 miSD 3.9 million0.08 per sha
QX Best Mar
ts, “We are pg signs in thbook is also or Jones Act
SUBSEQUE
income was
ofit share forrofit share is ordingly, therhare. Noneth11 for further
alized EBITDplus Deferredrative figure evenue of US
USD 0.8 mie detailed inf
d net profit oms, currency The compara
017, the Boa0.631 per shThe dividend
oard authoriz23 Novembed including 2is classified
ort ompany ASA
million and years illion n re, in line wit
rket in the Un
pleased to dee market plaexpected to t tankers in o
ENT TO T
s stable at US
r Q3 2017 atreported qu
re may be ineless, AMSCr details.
DA of USD 2d Principal O
for Q3 201SD 22.1 milliollion). The prformation.
of USD 3.9 fluctuations,ative figure f
ard authorizeare, to the s
d was classif
zed a quarteer 2017, in lin22 Novembeas a return o
A (“AMSC or
backlog of s
th previous g
nited States
eliver consistace with oldebe complete
over three ye
HE THIRD
SD 12.9 mill
ttributed to Auarterly, but ndividual quaC's portion o
22.4 million fObligation (“D16 for normon, plus profrofit share is
million for Q mark-to-mafor Q3 2016
ed a quarterhareholders ied as a retu
erly dividend ne with prior er, and the of paid in cap
r the “Compa
secured bare
guidance and
subsequent
tent financialer tonnage exely delivered ars”.
D QUARTE
ion in Q3 20
AMSC, compcalculated o
arters with pof the profit s
for Q3 2017 DPO”) of USalized EBIT
fit share of Us not included
Q3 2017 conarket of deriv
was USD 3
rly dividend on record a
urn of paid in
payment of guidance. Tdividend w
pital.
any”) announ
eboat reven
d backed by
to the end o
l results for Qxiting the maby the end o
ER
017 versus U
pared to profon an aggregositive profit hare can nev
consists of D 0.9 million
TDA was USSD 1.4 milliod in Normaliz
sists of net vatives and c.0 million. S
payment of s of 23 Augucapital.
USD 0.08 pThe shares inwill be paid
nces results f
ue of USD 2
the Compan
f the quarter
Q3 2017, in larket which iof Q1 next ye
SD 12.7 mill
it share of Ugated fleet leshare offsetver be negat
base barebn, less SG&ASD 23.6 millon, plus DPOzed EBITDA
profit after tchanges to nSee Note 14
USD 0.08ust 2017, wh
per share to n AMSC willon or abou
2
for
248
ny’s
r
line is a ear,
lion
SD evel t by tive
boat A of lion
O of for
tax, on-for
per hich
the be t 1
Th
hird Quarter
Dividelevel. Tto its spursueperformwith thforward
OTCQOTCQdesignfollow been s"establOTCQmaintaUnited
2017 report
end guidancThe Companshareholderse growth anmance of exhe Company’d.
X quotationX Best Marked for estabbest practice
sponsored bylished publicX indicates
aining high fin States on O
t
ce: The Comny’s policy ws while also pd diversificaisting contra’s financial p
n: On 2 Noveket in the Unlished, invese corporate y a professioc market" for
that a compnancial and o
OTCQX unde
mpany does nith respect toprudently maation opportuacts includingposition, deb
ember 2017,nited States.stor-focused governance,
onal third-parthe purpose
pany is comoperating sta
er the symbo
not plan to mo dividends ianaging its bunities. Dividg outlook fort covenants,
the Compa The OTCQinternationa
, are currentrty advisor. Te of determinmmitted to prandards. AMl "ASCJF".
make any shois driven by tbalance sheedend paymer profit share, capital requ
ny’s ordinaryQX Internatiol companies t in their homThe OTCQX ing the publi
roviding a trMSC's ordina
ort term chathe Board’s et and maintents depende, and will beuirements, a
y shares weronal Tier of tthat have m
me country fmarket is coic market priansparent mry shares are
nges to its ccommitmenttaining finand on, amonge considerednd market c
re approved the OTCQX
met high finaninancial repo
onsidered byce of a secu
market for itse available fo
current dividet to return vacial flexibilityg other thind in conjunctconditions go
to trade on Best Marke
ncial standarorting and hay the SEC asurity. Tradings investors aor trading in
3
end alue y to ngs, tion oing
the et is rds, ave
s an on and the
Th
TH
hird Quarter
HIRD QUA Conden
Third q AMSC’s21.5 mi12.7 mil Net intemillion in In Q3 2interest AMSC hcash derecognizto its sh The noncreated losses, t As of 30U.S. suand in nare fully Net prof Year to AMSC’s65.9 mil(USD 6330 Sept Net inte2017 wa
2017 report
ARTER FIN
nsed Income
uarter resul
s operating rellion in Q3 2llion in Q3 20
erest expensen Q3 2016).
2017, AMSCrate swap co
had a net preferred incomzed an incomare of the inc
n-cash deferdifferences the net of wh
0 Septembebsidiaries. A
no event untiy utilized. See
fit for Q3 201
date results
s operating rllion, respect3.6 million fotember 2017
erest expensas USD 35.1
Amounts in U
Operating reve
Operating prof
Normalized E
Operating prof
Gain on invest
Net interest exUnrealized gaNet foreign ex
Profit/(loss) be
Income tax exp
Non-cash inco
Net profit/(lossAdjusted net Average numbEarnings/(loss
* Applicable to
t
NANCIAL R
e Statement
lts
evenues for 2017 (USD 2016).
e (interest ex
C had an unrontracts rela
rofit before tame tax expenme tax expencome from it
rred income between acchich is recog
er 2017, AMSAMSC’s U.S.
l the vesselse Note 6 for
17 was USD
s
evenues for tively. EBITDor the same
and USD 38
e (interest e1 million (US
USD million (exce
enues
fit before depreciat
EBITDA
fit - EBIT
tments
xpensein/(loss) on interes
xchange gain/(loss)
efore income tax
pense
ome tax expense
s) for the period *profit
ber of common shas) per share (USD)
common stockholde
REVIEW
t
each of Q3 221.3 million i
xpense less
realized gainted to its ves
ax for Q3 20nse was USDnse of USD ts investmen
tax expensecumulated denized as a d
SC has USDsubsidiaries
s are fully demore detaile
3.5 million c
the first nineDA was USDperiod in 208.0 million fo
expense lessSD 28.1 millio
pt share and per s
tion - EBITDA
st swaps)
ares)
ers of the parent com
2017 and Q3n Q3 2016).
interest inco
n of USD 0.ssel financing
017 of USD D 0.5 million i1.0 million int in Philly Ta
e was the reepreciation feferred tax l
D 552.1 millis are not exppreciated for
ed informatio
compared to
e months of D 63.7 million16). EBIT wr the same p
s interest incon for the sa
share information
mpany
3 2016 were . EBIT was
me) for Q3 2
1 million ong (USD 1.1 m
5.0 million (in Q3 2017 (
n Q3 2017 (nankers.
esult of accefor book and iability on the
on of net oppected to par tax purposen.
USD 2.2 mil
2017 and 20n for the ninewas USD 38.period in 201
ome) for theame period i
Q3 n) 2017
22.1
21.5
22.4
12.9
2.3
(10.4) 0.1 0.1
5.0
(1.0)
(0.5)
3.5 3.9
60,616,505 0.06
USD 22.1 mUSD 12.9 m
2017 was US
the mark-tomillion in Q3
(USD 4.2 mi(USD 2.0 milnone recogni
elerated tax tax purpose
e balance sh
perating lossy federal inces and availa
lion in Q3 20
016 were USe months end.1 million for 7.
e nine monthin 2016). Th
Q3 2016
22.1
21.3
23.6
12.7
-
(9.7) 1.1 0.1
4.2
-
(2.0)
2.2 3.0
60,616,505 60,6 0.04
unaudited
million. EBITDmillion in Q3
SD 10.4 millio
o-market val2016).
llion in Q3 2lion in Q3 20zed in Q3 20
depreciationes and corresheet.
ses in carryfocome tax for able tax oper
016.
SD 65.7 millioding 30 Septthe nine mo
hs ending 30he increased
2017 2
65.7 6
63.7 6
66.5 7
38.1 3
4.6
(35.1) (2 (0.1) ( 0.1
7.6
(1.6)
(2.6) (
3.4 ( 10.8 1
616,505 60,616,5 0.06 (0
Year to date
d
DA was USD3 2017 (USD
on (USD 9.7
uation of its
2016). Non-016). AMSC016) relating
n, which hassponding tax
orward in itsmany years
rating losses
on and USDtember 2017onths ending
0 Septemberd expense in
2016
65.9
63.6
74.9
38.0
0.4
28.1)(5.6)0.2
4.9
-
(5.3)
(0.4)10.3505
0.01)
4
D D
7
s
-C g
s x
s s s
D 7 g
r n
Third Q
2017 asUSD 4.8 Net foremillion fbalance In the nmark-tothe sam In the ninvestmsale of t AMSC hmillion athe ninerecogniz(none rePhilly Tato net lo Conden
The decthe nine During trepaymeto the co Other nofour proddistributeproduct initiate sAMSC w During 2The rest
Quarter 2017
s compared t8 million.
eign exchangfor the same
es into USD.
ine months e-market valu
me period in 2
nine monthsent in Philly two vessels b
had a net proand USD 4.2e months enzed an incomecognized inankers. Net
oss of USD 0
nsed Statem
crease in Ves months end
the nine moents on the Dondensed co
on-current asduct tankerse excess catankers has
steps to liquidwill receive its
2016, AMSCtated figures
Amounts in USVesselsInterest-bearingOther non curreTrade and otheCash held for sCash and cashTotal assets
Total equityDeferred tax liaInterest-bearingDerivative finanInterest-bearingDerivative finanDeferred revenTotal equity an
7 report
to 2016 was
ge gain was Ue period in
ending 30 Suation of its 2016).
ending 30 Tankers (U
by Philly Tan
ofit before ta2 million, respnding 30 Seme tax expen the same p
profit for the0.4 million in
ment of Fina
ssels from 3ding 30 Septe
nths ending DPO of USD onsolidated fi
ssets includes to Kinder Mash to its shs been delivdate the coms pro-rata sh
identified ans are shown
SD million
g long term receivent assetser receivablesspecified usesh equivalents
abilitiesg long term debtncial liabilities - log short term debt ncial liabilities - shues and other paynd liabilities
due to non-r
USD 0.1 mill2016), resu
eptember 20interest rate
September SD 0.4 millio
nkers to Kind
ax for the ninpectively. Noeptember 20ense of USDperiod in 201e nine monththe same pe
ncial Positio
31 Decemberember 2017.
30 Septemb2.8 million, onancial state
e AMSC’s 19Morgan anno
areholders fvered, whichmpany and thhare of the di
n error in thein the table
vables (DPO)
ong term portion
hort term portionyables
recurring item
ion for the nlting from th
017, AMSC hswap contra
2017, AMSon for the sa
der Morgan.
ne months eon-cash defe17 (USD 5.
D 1.6 million 16), relating s ending 30
eriod of 2016
on
r 2016 reflec
ber 2017, Oof which USDements for ad
9.6% investmunced in Aufollowing delh is expectedhen distributevidends and
e calculation e above and
ms relating to
ine months ehe translation
had an unreaacts related
C recognizeame period o
nding 30 Seerred income3 million in in the nine to its share September .
cts depreciat
Overseas ShiD 1.5 million dditional info
ment in Phillygust 2015, Pivery of eacd to be in De its remainin liquidation p
of 2014 andinclude a U
302
75 2
4 85
18 2
60
2
85
o the bond re
ending 30 Sen of Norweg
alized loss oto its vesse
ed a gain ofof 2016), rel
eptember 201e tax expensthe same pmonths endof the incom2017 was US
tion of the Co
pholding Gris principal r
ormation on t
y Tankers. APhilly Tankerch vessel. WDecember 2ng available proceeds.
d 2015 deferrUSD 7.8 mill
resta-Sep 30
201753.9 78 29.2 3 17.7 2 0.6 2.4
46.3 4 50.1 88
81.8 19 20.0 06.6 64 0.1
28.3 2 -
13.3 50.1 88
unaudite
efinancing in
eptember 20gian kroner
of USD 0.1 mel financing (
f USD 4.6 mated to the
17 and 2016e was USD 2
period of 20ing 30 Sept
me from its inSD 3.4 millio
ompany’s 10
oup, Inc. (“Orepayment. the DPO.
As a result ors expects to
When the last017, Philly cash to its sh
red income tion correctio
ated-Sep 31201688.2 7 31.6 25.4 2
0.3 2.2
40.6 4 88.3 8
95.5 1 12.8 42.4 6
1.2 25.0 2
5.1 6.3
88.3 8
ed
5
n Q1 2017 of
17 (USD 0.2(NOK) cash
million on theUSD 5.6 for
million on itsdelivery and
6 of USD 5.02.6 million in16). AMSCember 2017nvestment inon compared
0 vessels for
OSG”) madeSee note 12
of the sale ofo continue tot of the fourTankers willhareholders.
tax liabilities.on to the Q3
-Dec201679.530.627.60.3 2.3
49.189.4
95.617.436.10.1
28.3-
11.989.4
f
2 h
e r
s d
0 n C 7 n d
r
e 2
f o r l
. 3
Third Q
2016 baSee AM Interest capitalizfinancingsubordincovenan Outloo The U.Sincreasein carryichemicaof the Jintra gulGulf to tNonetheproductidriving in On the prospecover thefact thatapproximso far inwill increthe fleetthey arecombinefleet, smenvironm2018 asorderboo The Comwater” btanker oa profit s Followinshifted itthe ComAny expas provid Risks The riskcharterin AMSC’sto, curre For furth
uarter 2017
alance sheetSC’s 2016 a
bearing debzed fees verg of the Comnated loan fnts as of 30 S
ok
S. Jones Aced scrappinging clean pral trades remones Act tanf movementshe U.S. East
eless the spron, which mncreased de
supply sidects of the Jone last severat there are amately 20% on 2017. This ease scrutinyt going forwe unable to oed with upcomall levels oment. AMSCs many vesseok is fading.
mpany remaibareboat conon a “hell or hshare arrang
ng a successts focus to fu
mpany is in apansion woulde accretion
ks facing AMng risk as we
s activities alency, interest
her details of
report
t, as an increannual financ
bt as of 30 rsus USD 66mpany’s 10 vrom Aker ASeptember 2
ct tanker ma and lay up
roducts, chemain stable an
nker fleet des of crude ot Coast has read betweeay lead to eamand for Jon
e, there are nes Act prodl years, this
approximatelof the fleet. includes on
y of other oldard. The coobtain long-tming expens
of supply exC believes thels come off
ins insulatedntracts until high water” bgement with O
sful refinancinurther develoa unique posd aim to dive for shareho
MSC principell as overall
so expose tht rate, refinan
f AMSC’s risk
ease in the cial statemen
September64.4 million vessels of USA of USD
2017.
arket remainactivity whicmicals and nd representeployed in thil are back anot yet return
en the WTI aast coast refnes Act trans
promising duct tanker mwill change y 20 tankersTwo tankerse ATB that sder assets ammercial viaterm employsive dry dockpansion or
hat supply wif time charte
d from currenDecember 2
bareboat conOSG, provid
ng earlier thiop growth opsition to capiersify the fleelders.
pally relate tmarket risk.
he Companyncing, and liq
ks, including
deferred taxnts for more i
r 2017 was as of 31 DSD 416.9 m6.7 million.
ned soft in h is a net pocrude oil fort the backbonhese segmenat peak levelsned to levelsand Brent prfiners increassportation se
signs that smarket. Whilgoing forwa
s and ATBs s exited the fsuffered an end likely incrability of keeyment followikings. Givencontraction ll continue tors and face
nt market con2019 and onntract until Juing upside po
is year and npportunities gitalize on seet compositio
to the opera
y to a varietyquidity risk.
our guarant
x liabilities annformation.
USD 634.9December 20million, the ne
AMSC wa
Q3 2017, bositive for ther a range ofne of the tannts. In additis, although ts sufficient torices has widsing its purchervices.
support the le the size ord given the that are 35
fleet in 2016explosion durease the paeping older aing the compn the relativecan have a o decrease fexpensive d
nditions with ne tanker thune 2025. In otential in a
no debt matugoing forwarlect opportunon, market e
ational and
y of other fin
ees, refer to
nd a decrea
million, net016. This dew bond of Uas in complia
but there aree market. Thf charterers. nker market wion, there artransportatioo improve thedened with ihasing of U.S
Company’s of the Jones
rapidly shrinyears of ag
6 and four ATuring the thirace at which assets operapletion of the
ely small sizedisproportio
for the remairy dockings
nine produchat has been
addition, therecovering m
urities due urd. As a Jonenities within
exposure, an
financial pe
ancial risks,
the 2016 An
ase in retaine
t of USD 8debt relates USD 220.0 mance with al
e encouragie tanker fleeThe clean
with more thare reports indn of crude fre Jones Act tincreased US. shale oil f
long-term vAct fleet ha
nking orderbge or older, rTBs have exrd quarter. Tolder assets
ational is dimeir current ti
e of the Joneonate effect nder of 2017at the same
ct tankers on n converted e Company bmarket.
ntil Q4 2020es Act tonnathe Jones Ad customer b
erformance o
including bu
nnual Report
6
ed earnings.
.7 million into the bank
million and al of its debt
ing signs ofet is involvedproduct andan two thirdsdicating thatrom the U.S.tanker rates..S. crude oilfrom the gulf
view for theas increasedbook and therepresentingited the fleetThis incidents are leavingminishing asime charters
es Act tankeron the rate
7 and duringe time as the
“hell or highto a shuttle
benefits from
0, AMSC hasage provider,Act segment.base as well
of OSG, re-
ut not limited
t.
.
n k a t
f d d s t . l f
e d e g t t
g s s r e g e
h e m
s l
-
d
Third Q
Definit Jones Abetweenthe U.Sallowingunder ce
uarter 2017
tions
Act - The U.Sn U.S. ports t. flag. In 1 increased nertain conditi
Annette MalChairperson
Audun StenDirector
report
S. cabotage to be built, o
1996 certain non-U.S. paions, known
T
lm Justad n
svold
law, referredowned, opera
amendmenrticipation inas the financ
Lysak
he Board of
American
d to as Joneated and mants were ena the ownersce lease exe
ker, 15 Novem
Directors an
n Shipping C
s Act, requirnned by U.Sacted to theship of vesseemption.
mber 2017
d President /
Company ASA
Pet Dire
Pål Pre
res all commS. citizens ane U.S. vesseels operating
/ CEO
A
ter D. Knudseector
Magnussenesident / CEO
mercial vessend to be regisel documentg in the Jone
en
O
7
els operatingstered undertations laws,es Act trade
g r ,
e
Third Q
AMERFINANOF 20CONDENS
Amounts
Operating Operating OperatingDepreciatiOperatingGain on inNet interesUnrealizedNet foreigProfit/(losIncome taNon-cash Net profitAverage nEarnings/
CONDENS
Amounts
Net incomOther comTotal com
* Applicab
CONDENS
Amounts AssetsNon-curreVesselsInterest-beOther longTotal non Current aTrade andCash heldCash and Total cur
Total ass
Equity anTotal equ
Non-curreBond payaOther inteDerivative CapitalizedDeferred tTotal non Current liInterest-beDerivative Deferred rTotal cur
Total liab
Total equ
Quarter 2017
RICAN SHINCIAL STA17 SED INCOME ST
in USD million (
revenuesexpenses
g profit before deiong profit - EBITnvestmentsst expensed gain/(loss) on intn exchange gain/(ss) before incom
ax expenseincome tax expen
t/(loss) for the penumber of common/(loss) per share
SED STATEMEN
in USD million
me/(loss) for the pemprehensive incommprehensive inco
le to common stoc
SED STATEMEN
in USD million
ent assets
earing long term reg term assetsn-current assets
assetsd other receivablesd for specified uses
cash equivalentsrent assets
sets
nd liabilitiesuity
ent liabilitiesableerest-bearing loans
financial liabilitiesd feestax liabilityn-current liabiliti
iabilitiesearing short-term financial liabilities
revenues and otherent liabilities
bilities
uity and liabilities
7 report
PPING COATEMENT
ATEMENT
except share an
epreciation - EBI
terest swaps(loss)
me tax
nseeriod *n shares
e (USD)
T OF CHANGES
eriodme for the period, nome/(loss) for th
ckholders of the p
T OF FINANCIAL
eceivables (DPO)
ss
ss - long term portio
es
debt s - short term porter payables
s
OMPANY AS FOR TH
d per share infor
ITDA
IN COMPREHENS
net of taxe period *
parent company.
L POSITION
on
ion
ASA GROHE THIRD
rmation)
SIVE INCOME
UP CONDQUARTER
Q201
22.1 (0.6 21.5 (8.6 12.9
2.3 (10.4
0.1 0.1 5.0
(1.0 (0.5 3.5
60,616,505 0.06
Q2017
3.5 - 3.5
30-Se201
753.9 29.2 17.7
800.8
0.6 2.4
46.3 49.3
850.1
181.8
220.0 395.3
0.1 (8.7 20.0
626.7
28.3 -
13.3 41.6
668.3
850.1
DENSED CR AND FIR
Q3 Q3 7 2016
1 22.1 6) (0.8) 5 21.3 6) (8.6) 9 12.7 3 - 4) (9.7) 1 1.1 1 0.1 0 4.2 0) - 5) (2.0) 5 2.2 5 60,616,505 6 0.04
Q3 Q3 7 2016
5 2.2 -
5 2.2
restatedep 30-Sep
7 2016
9 788.2 2 31.6 7 25.4 8 845.2
6 0.3 4 2.2 3 40.6 3 43.1
1 888.3
8 195.5
0 212.2 3 437.0 1 1.2 7) (6.8) 0 12.8 7 656.4
3 25.0 5.1
3 6.3 6 36.4
3 692.8
1 888.3
unaudited
unau
unau
CONSOLIDRST NINE
2017
65.7 (2.0) 63.7
(25.6) 38.1
4.6 (35.1)
(0.1) 0.1 7.6
(1.6) (2.6) 3.4
60,616,505 0.06
2017
3.4 - 3.4
31-Dec2016
779.5 30.6 27.6
837.7
0.3 2.3
49.1 51.7
889.4
195.6
212.8 430.0
0.1 (6.7) 17.4
653.6
28.3 -
11.9 40.2
693.8
889.4
udited
udited
Year to
Year to
8
DATED MONTHS
2016
65.9 (2.3) 63.6
(25.6) 38.0
0.4 (28.1)
(5.6) 0.2 4.9 -
(5.3) (0.4)
60,616,505 (0.01)
2016
(0.4) -
(0.4)
o date
o date
Third Q
NOTESSTATE2017 1. IntrodAmericafinanciawholly oCompan The cwww.am 2. BasisThese managepresenteresults t 3. StateThese cFinanciaInterim statemeas of an 4. SigniThe acstatemefor the y There hof the aAMSC’s 5. Use o
CONDENS
Amounts
Reported Non-cashRestated Total comRepurchaProceeds DividendsTotal equ
CONDENS
Amounts
Net cash fNet cash fNet cash fNet chanCash and Cash and
Quarter 2017
S TO THEEMENTS F
duction - Aman Shipping Cl statementsowned subsny’s auditors
consolidatedmericanshipp
s of Preparaconsolidated
ement, that ed. Operatithat may be e
ement of comconsolidatedal ReportingFinancial Re
ents, and shond for the yea
ificant accoccounting poents are the syear ended 3
have not beeannual conss financial re
of estimates
SED STATEMEN
in USD million
equity as of begin deferred tax corr equity as of beg
mprehensive incomase of treasury sha
from sale of treass/return of capitaluity as of end of
SED CASH FLOW
in USD million
flow from operatinflow from investinflow used in finange in cash and c cash equivalents
d cash equivalen
7 report
E UNAUDITFOR THE T
merican ShiCompany AS
s for the thresidiaries. Ths. American
d 2016 pingco.com.
ation d interim finare necessang results foexpected for
mpliance interim fina Standards
eporting. Thould be readar ended 31
unting princolicies appliesame as thos31 December
en any new Isolidated finaporting for th
s
NT OF CHANGES
nning of periodectionginning of period
me for the periodaressury shares
period
W STATEMENT
ng activitiesng activitiesncing activitiescash equivalentss, including cash hnts, including ca
TED CONDTHREE AN
pping CompSA (“AMSC”ee and ninehese financiShipping Co
annual fin
nancial stateary for a faior the three ar any subseq
ancial statemas adopted
hey do not ind in conjunct December
ciples ed by the Gse applied byr 2016.
FRS standaancial statemhe nine mont
S IN TOTAL EQUI
d
sheld for specified ash held for spec
DENSED CND NINE M
pany ) is a compamonths endial statemen
ompany has o
nancial sta
ements refler presentatioand nine mo
quent interim
ments have bby the EU
nclude all of tion with the2016.
Group in thy the Group
rds or interpments for thths ended 30
ITY
uses at the begincified uses at en
CONSOLIDMONTHS E
any domicileded 30 Septe
nts have notone operatin
atements
ct all adjuson of the re
onth periodsperiod or ye
been prepar(IFRS) applthe informat
e consolidate
hese condenin its consol
retations isse year 2016
0 September
ning of periodd of period
DATED INENDED 30
d in Norway.ember 2017t been auditg segment.
of AMSC
stments, in tesults of opeare not nec
ear.
red in accordlicable for intion required
ed financial s
nsed consoidated financ
ued or effec6 that have 2017.
TERIM FIN0 SEPTEM
The condecomprise AMted or revie
are av
the opinion erations for essarily indic
dance with nterim reportd for full annstatements o
lidated intercial statemen
ctive after thea significan
2017
195.6 -
195.6 3.4
(0.1 0.1
(17.2 181.8
2017
33.9 14.6
(51.2 (2.7 51.4 48.7
Year
Yearuna
una
9
NANCIAL MBER
nsed interimMSC and itsewed by the
vailable at
of AMSC’sthe periods
cative of the
Internationalting, IAS 34
nual financialof the Group
rim financialnts as of and
e completionnt impact on
7 2016
6 224.2 (7.8)
6 216.4 4 (0.4)
) - -
2) (20.5) 8 195.5
7 2016
9 36.6 6 - 2) (27.1) 7) 9.5 4 33.3 7 42.8
r to date
r to date audited
audited
m s e
t
s s e
l 4 l
p
l d
n n
Third Q
The preassumpbased odiffer froThe mointerim estimatiand for t Certain 6. Tax Income annual i Without would hacceleraand tax The Coma tax paafter veDeferred During trelated 2016) ain 2016million ( Since threcognizassets. derivativvesselsis record The Comof 30 SeInternal more deNorway 7. SharAs of 30
NOK perUSD per AggregatAggregat
Dividendrepaymeshare pr
Quarter 2017
eparation of ptions that afon managemom these estost significanfinancial staon uncertainthe year end
prior period
tax expenseincome tax ra
the benefit have U.S. taxated tax deppurposes an
mpany expeayable positiossels are fud tax expens
the first nine to income tand a deferre). During th
(0 in 2016), r
he entities ize a state d Deferred ta
ve financial . AMSC's efded.
mpany has Ueptember 20Revenue Se
etails). Theas of 31 De
re capital an0 September
r shareshare
te NOK (millionte USD (million
ds paid (classent of previouremium)
7 report
financial stffect the repoment’s best ktimates. nt judgmentatements in
nty, are the sded 31 Decem
reclassificati
e is recognizates.
of acceleratxable income
preciation, whnd corresponcts that the don for U.S. Flly depreciatse is a non-c
months of 2axes in the Ced tax expenshe first nine relating to its
in the Groupdeferred tax ax assets incliabilities andffective tax r
USD 552.1 m017, of whichervice Code e Company acember 2016
nd equity r 2017, AMSC
ns)ns)
sified as sly paid in
tatements inorted amounknowledge o
s made by applying t
same as thosmber 2016.
ions were ma
zed in each
ed depreciate. Accordinghich has creanding tax losdeferred tax Federal incomed for tax pu
cash item.
2017, the ComCommonwease of USD 1month of 20share of the
p cannot beliability for t
clude the Cod capitalizedrate is signific
million of neth approximaSection 382also has US6.
C had 60,61
22-Feb-1
1.03 0.12
63 7
n conformity nts in the finaof current ev
managemehe Group’s se that applie
ade to confo
interim peri
tion on vessgly, substantated differenses, the net liability will c
me tax purpourposes and
mpany recogalth of Penn.4 million rel
017, AMSC e income from
e consolidatehose entities
ompany’s netd loan fees. cantly impac
t operating loately USD 38
(see note 5 SD 112.2 m
6,505 ordina
7 8-Jun-17
39 0.67 24 0.08 .0 40. .5 4.
2017
with IFRS ancial statemvents and ac
nt in preparaccounting
ed to the con
orm to curren
od based on
sels for U.S.tially all of thnces between
of which is rcontinue to goses, which id available ta
gnized a defesylvania (USlated to U.S.recognized
m its investm
ed for states in which gt operating lo Deferred ta
cted by losse
osses in carr81 million areof the 2016illion of net
ary shares at
7 31-Aug-17
3 0.631 0 0.080 8 38.3 8 4.8
requires thements. Althouctions, actua
ring these cpolicies, a
nsolidated fi
t year prese
n the best e
income tax he deferred tn accumulaterecognized agrow until theis not expectax operating
erred tax expSD 0.1 millio federal incoan income t
ment in Philly
tax purposgross tax liabosses in carax liabilities es in Norway
ryforward in e subject to consolidatedoperating lo
a par value
7 3-Mar-16
1 0.923 0 0.107 3 56.0 8 6.5
e use of esugh these esal results ma
condensed cnd the key nancial state
ntation.
estimate of th
purposes, thtax expense ed depreciat
as a deferrede U.S. subsidted for manylosses are f
pense of USon in the samome tax (USDtax expense Tankers.
ses, the Combilities exceerryforward, thinclude the
y for which no
the U.S. subcertain limita
d financial staosses in car
of NOK 10 p
8-Jun-16
3 0.89122 7 0.107 0 54.0 5 6.50
2016
10
timates andstimates areay ultimately
consolidatedsources of
ements as of
he expected
he Companyresults from
tion for bookd tax liability.diaries are iny more yearsfully utilized.
D 1.2 millionme period ofD 5.2 millionof USD 1.6
mpany musted gross taxhe losses onvalue of theo tax benefit
bsidiaries asations underatements forrryforward in
per share.
31-Aug-16
1.01871 0.124
61.8 7.50
d e y
d f f
d
y m k .
n s
n f n 6
t x n e t
s r r n
Third Q
8. InterThe follo
On 9 FesuccessFebruarThe netFebruar The Com 9. RelaAMSC arm’s le 10. Inte
The increfinanc 11. ProfAs disclvesselsstarts wquarterlyindividuAMSC's
Amo
IntereIntere
Net i
Quarter 2017
rest-bearingowing table s
ebruary 201sful placemery 2017, witht proceeds fry 2018.
mpany was i
ated party trabelieves tha
ength transac
erest
creased expcing in Q1 20
fit sharing alosed, AMSC. The calcu
with total vey, but calculaal quarters w
s portion of th
Am
Ba
ReIssInteAm
Ba
ounts in USD
est expenseest income
nterest expe
7 report
g debt shows mater
7, Americanent of a five h final maturfrom the bo
n complianc
ansactions at related pactions.
pense in 20017 of USD 4
agreement wC and OSG hulation of prossel revenuated on an awith positivehe profit can
mounts in USD
lance at begi
epayment of desuance of debterest added to
mortization of lo
lance at end
million
ense
41.6
Net TC revenue for
Q3-17
rial changes
Tanker, Incyear USD 2
rity date on 2ond were us
e with all of i
arty transacti
17 over 204.8 million
with OSG have an agreofit to share e, subtracte
aggregated fle profit share
never be ne
Profit Shari
D million
nning of perio
ebt / loan fees
oustanding deoan fees and d
of period
30-
BBC
22.1
in interest-be
c. (“ATI”), a 220 million s22 February sed to repay
its debt cove
ons are ma
16 was due
eement sharis made on
ed by defineeet level ove
e offset by qegative on an
ing Calculat
od
ebtdiscount
-Sep-17
(10.9) 0.5
(10.4)
3 month
Other (opex, agreed OSG profit layer,
misc)
24.5
earing debt:
fully owned senior unsec2022. The
y the unsecu
enants as of 3
de on terms
e to non-re
ring profits fran aggrega
ed cost elemer a full calenquarters with n annual bas
tion for Q3 2
30-Sep-
6
(2 2
6
9
30-Sep-16
(9.7 -
(9.7
hs to
Drydock provisions
1.6
subsidiary ocured bond. bond has a
ured bond w
30 Septembe
s equivalent
curring item
rom OSG’s oated fleet levments. The ndar year. Ac
negative pris.
2017
-17 30-Se
64.4
54.0) 20.0 - 4.5
34.9
9 months to
30-Sep-
7) (
7) (
9
Profit to share Q3-17
(6.6)
of AMSC, co Settlement
fixed coupowhich had a
er 2017.
to those th
ms relating t
operations ofvel. The calcprofit share ccordingly onrofit share. N
ep-16
670.8
(6.6) - - 3.2
667.4
-17 30-S
(36.7) 1.6
(35.1)
9 months to
11
ompleted thet was on 22on of 9.25%.a maturity in
at prevail in
to the bond
f AMSC’s 10culation thus
is reportedne may haveNonetheless,
Sep-16
(29.1) 1.0
(28.1)
e 2
n
n
d
0 s d e
Third Q
AMSC’swith OSobligatiozero, AMwas as full year
12. DefPursuanbareboaOSG paa maximperiod wyears, tterminatfive vesits full co
13. FinThe onlinterest financiahierarchthe quar The fairamounts
The fair their sho * Descri 14. AlteThe neperformare finaguidelinCompanstateme
Quarter 2017
s 50% share SG, the “OSGon to remit pMSC will recof 31 Decem
r 2017. There
ferred Princnt to the curat charter hiraid a reducedmum liabilitywas discountthe DPO is ted earlier atsels delivereontractual am
ancial Instry financial inrate swaps, l statements
hy levels as orter ended 30
r values of s shown in th
value of casort-term natu
ibed in the 20
ernative Perew guidelineance measuncial measue, AMSC puny, definitionent.
Amount
InterestInterestUnsecuSecuredSubord
7 report
of the full yeG credit” is tprofit sharingceive its 50%mber 2016 Uefore, the OS
cipal Obligatrrent charterre for the firsd bareboat c
y from OSG ted using therepaid to A
t which time ed under themount.
uments nstruments twhich are c
s. The Compof the date o0 Septembe
financial inshe balance s
sh, accounts ure.
016 consolid
rformance Mes of the Eures becameures other thaublishes the ns of the pe
Amounts in
Balance at
Repayments
Balance at
ts in USD millio
t-bearing receivt swap used forured bond issued loans (gross)inated loans (g
ear profit is he amount og payments
% share of thUSD 4.9 millioSG credit bal
tion (DPO) r agreementst five vessels
charter rate aof USD 7.0
e estimated mAMSC over
the DPO be arrangemen
hat the Comlassified in thpany’s policyof the event or 2017, there
struments, tsheet are as
receivable a
dated financia
Measures European Se effective foran the finanexplanation erformance
n USD million
beginning of
s of principal
end of period
ons
vables (DPO)r economic hede (gross)
ross)
used to reduof AMSC’s pto AMSC.
he subsequeon. There islance of USD
s, OSG hads during the and assumed0 million per market disco18 years in
ecomes due nt, and those
mpany accouhe Level 2 cy is to recogor change ine were no tra
he related ffollows:
and accounts
al statement
ecurities anr the financiacial measureof the use omeasures u
n
f period
d
3
ging
uce the OSGprofit sharing After the OS
ent profit shas a risk that tD 4.9 million
d the right toinitial seven
d the DPO. Tvessel. The
unt rate at lecluding interimmediately
e vessels' ca
nts for at faiategory as isnize transfer
n circumstancansfers betwe
fair value hi
s payable ap
s
nd Markets al year 2016es defined u
of alternative used and re
30-Sep-17
30.6
(1.4
29.2
9 mo
Carryingamount
30-Sep-17
29.2 (0.1)
(220.0) (416.9)
(6.7)
G credit. In ththat OSG re
SG credit haare in cash. Tthere will be has not bee
o defer paym year fixed bThe DPO acce DPO durinease inceptiorest unless
y. OSG has ash bareboat
r value on as described irs into and trces that causeen categori
erarchy, tog
pproximate th
Authority (“. Alternative
under IFRS. performanceconciliation
30-Sep-16
6 32
4) (1
2 31
nths to
Fairvalue
30-Sep-17
23.7 (0.1)
(217.3) (418.8)
(8.4)
he agreemenetains prior tas been fullyThe OSG crzero profit s
n reduced.
ment of a pobareboat chacrued on a d
ng the initial on. After the the bareboamade repayt charter hire
an ongoing bin the 2016 cransfers out sed the transes.
gether with t
he carrying v
“ESMA”) fore performanc In accordane measures with the IFR
6
2.6
.0)
.6
Fairvalue
hierarchy *
3 2 2 2 2
12
nt negotiatedto having any reduced toredit balanceshare for the
ortion of thearter periods.daily basis to
seven yearinitial seven
at charter isments on all
e resumed to
basis are theconsolidatedof fair valuesfer. During
the carrying
values due to
r alternativece measuresnce with thisused by the
RS financial
d n o e e
e .
o r n s l
o
e d e g
g
o
e s s e l
Third Q
AMSC supplemenhance Normaliexpensefor non-The tabreported
* There quarterlyindividuAMSC's For prud 15. AmIn accorfor Ame
Alternativ
Normaliz Base bar Less opeReported Plus prof Plus DPONormaliz
AdjustedNet profitAdd back Unrealize Net forei Non-casBond clos Non-cas Bond calAdjusted
Quarter 2017
discloses Nmental informe an underst
zed EBITDAes plus profit-recurring itebles below illd EBITDA an
is a risk thay, but calculaal quarters w
s portion of th
dence, profit
merican Tankrdance with t
erican Tanke
ve Performance
zed EBITDA (amreboat revenueerating expensed EBITDAfit share *Ozed EBITDA
d net profit (amt/loss after taxk:ed (gain)/loss ogn exchange (gh income tax exsing:h write-off of unll price
d net profit
CONDENSE
Amounts in
Operating rOperating eOperating DepreciatioOperating Net interestUnrealized Other finanProfit/(lossNon-cash inNet profit/(Average nuEarnings/(
* Applicable
7 report
Normalized mation to mtanding of the
A is calculat sharing plums, currencyustrate the cnd Adjusted n
at there will ated on an awith positivehe profit can
share is not
ker, Inc. conthe bond loar, Inc. and its
e Measures (AP
mounts in USD
es
mounts in USD
on interest swapgain)/lossxpense
namortized bon
ED INCOME STA
n USD million (e
evenuesexpensesprofit before denprofit - EBITt expensegain/(loss) on intcial expensess) before incomncome tax expen(loss) for the pember of commonloss) per share
e to common stoc
EBITDA ananagement e Company’s
ated as opeus DPO. Adjy fluctuationscomparative net profit and
be zero profaggregated fle profit share
never be ne
t included in
nsolidated fian agreemens subsidiaries
PM) Reporting:
D millions)
millions)
ps
d discount
ATEMENT
except share an
epreciation - EB
terest swaps
me taxse
eriod *n shares(USD thousand
ckholders of the p
nd Adjustedand investo
s operating e
erating revejusted Net Ps, mark-to-minformation
d a reconcilia
fit share for eet level ove
e offset by qegative on an
Normalized
inancial statnt, below ares for the six
nd per share inf
BITDA
ds)
parent company.
d Net Profitors as the Cearnings.
nues (base Profit include
market of derifor normaliz
ation to net p
the full yearer a full calenquarters with n annual bas
EBITDA for 2
tements the consolidmonths ende
2022 (0 21 - 0
22
203
(0 (0 0
- - 3
formation)
t in order Company be
bareboat rs net profit/(vatives and ed EBITDA
profit/(loss) af
r 2017. Thendar year. Ac
negative pris.
2017.
dated unauded 30 Septem
Q3 Q017 2012.1 22. 0.6) (0. 1.5 21.
1. 0.9 0. 2.4 23.
Q3 Q017 2013.5 2.
0.1) (1. 0.1) (0. 0.5 2.
- -
3.9 3.
un
un
to provide elieves thes
revenue) les(loss) after tachanges to dand reconcilfter tax.
e profit shareccordingly onrofit share. N
ited financiambber 2017.
Q3 16 20171 65.7 8) (2.0 3 63.7 4 - 9 2.8 6 66.5
Q3 16 20172 3.4
1) 0.1 1) (0.1 0 2.6
2.6 2.2
0 10.8
Year
Yearaudited
audited
YT201
65.7 (0.8 64.9
(25.6 39.3
(33.4 (0. (2.2 3.6
(2.5 1.
1,000 1.12
unaudited
13
meaningfule measures
ss operatingax, adjustingdeferred tax.liation to the
e is reportedne may haveNonetheless,
l statements
7 20167 65.9 0) (2.3) 7 63.6
8.4 8 2.9 5 74.9
7 20164 (0.4)
5.6 ) (0.2)
6 5.3
6 - 2 - 8 10.3
r to date
r to date
TD 17
78)96)34)1)2)65)102
l s
g g .
e
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s
Third Q
Quarter 2017
CONDENS
Amounts iAssetsNon-curreVesselsInterest-beaTotal non- Current asCash held fCash and cTotal curre
Total asse
Equity andTotal equit
Non-curreBond payabOther intereDerivative fCapitalized Deferred taTotal non- Current liaInterest-beaDerivative fDeferred reTotal curre
Total liabi
Total equit
CONDENS
Amounts i
Net cash floNet cash floNet changeCash and cCash and c
7 report
SED STATEMEN
n USD million
nt assets
aring long term re-current assets
ssetsfor specified usescash equivalentsent assets
ets
d liabilitiesty
nt liabilitiesbleest-bearing loansfinancial liabilitiesfees
ax liability-current liabilitie
abilitiesaring short-term financial liabilitiesevenues and otheent liabilities
lities
ty and liabilities
ED CASH FLOW
n USD million
ow from operatinow used in finance in cash and ca
cash equivalents,cash equivalent
T OF FINANCIA
eceivables (DPO
s
ss - long term port
es
debt s - short term porer payables
s
W STATEMENT
g activitiescing activitiesash equivalents including cash hts, including ca
L POSITION
)
ion
rtion
sheld for specified sh held for spe
uses at the begicified uses at e
nning of periodend of period
30-Se201
752.8 29.2
782.0
2.4 41.0 43.4
825.4
82.7
220.0 474.7
0.1 (8.7 21.2
707.3
28.3 - 7.1
35.4
742.7
825.4
unaudited
201
36.1 (41.9
(5.8 49.2 43.4
unaudited YT
14
ep7
820
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Third Q
America
Oksenø
PO Box
1326 Ly
NORWA
Pål Mag
Preside
Tel: +4
Cell: +4
pal.magn
DisclaThis releauncertaintexpectatiothat are mGroup") lisuch as materiallythat are oproducts afactors asinformatiothat thoseCompanyexpressedShipping employee
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The AmerAmerican sometimecompanie
Quarter 2017
an Shipping C
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aimer ase includes aties that could ons, estimates amajor markets fones of business"expects,” "bel
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7 report
Company AS
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Morten B
CFO
Tel: +47
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nter alia, on foresults to differs about global eipping Compan
tations, estimateates" or similar de, among othee American Shirnmental regulato time. Althougupon reasonabl
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Controller/
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84 732 3021
484 880 3741
@amshipco.c
that are subjecements are bas of the regions"American Ship
by statements cocause actual reographic areases, market acceexchange rates s that its expec
made, it can givese. Neither Ameny representatielease, and neny of their direcn in the release
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