Markedsrapport – Juni 2013 - NRP AS

Markedsrapport – Juni 2013 Side 30
Perrine DIS
Contact: Ragnvald Risan (r.risan@nrp.as)
Date of analysis:
01.06.2013
Estimated share price (USD) 1 %
Estimated share price (USD):* 31 000
Key figures: 100 %
Paid in equity (USD): 9 517 000
Accumulated dividend (USD): 0
Residual value sensitivity on IRR :
LOW CASE BASE CASE HIGH CASE
Residual value June 2014 9 000 000 11 500 000 14 000 000
IRR estimated share price: 8,30 % 80,91 % 151,20 %
IRR total capital: -10,49 % 12,35 % 34,90 %
* The Share price includes a 5% deduction on the the tax position of
the company.
Corporate details
The Vessel
Corporate management: NRP Business Management AS Vessel name: M/V Cypress Trail
Technical management: OSM Shipmanagement AS Type: Car Carrier
Commercial management: P.D. Gram Car Carrier AS GRT/DWT: 42,447/12,734
Manager: P.D.Gram & Co AS Car capacity: 42,870m (apx. 5,000 units RT 43)
LOA:
184m
Purchase price vessel: USD 19 200 000 Beam: 30,6m
Paid in capital: USD 9 517 000 Yard/Built: Hyundai Heavy Industries, South Korea/ 1988
Uncalled capital: USD 7 450 000 Class/Flag: ABS/NIS
Main engine:
Hyundai B+W 8L 60MCE, 14,400 BHPxRPM (max)
Base case assumptions*: Decks: 11
Timecharter to Glovis - 01.01.13 - 31.12.2013 USD 10 500 Hoistable decks: 1
Timecharter assumption 2014: USD 10 500 Last DD: January 2011
*Gross TC rates - 2,25% commission to be deducted
Assumed operating expenses*: USD 7 746
* Including insurance costs
Estimated Cashflow Financing (31.12.2012)
Estimated Cashflow 2013 2014 Balance Annual Inst. 13 Interest Balloon 2014
Operating revenue 3 686 492 1 220 523 Mortgage debt 1 7 450 000 1 162 500 4,25 % * 5 900 000
Operating expenses 3 146 318 839 249 Total 7 450 000 1 162 500 5 900 000
Dry docking/repairs 1 550 000 0
Administration expenses 100 676 25 500
Net operating cashflow -1 110 502 355 774
Interest earned 0 0
Interest expenses 310 156 67 000
Repayment long term debt 1 162 500 5 900 000
Net financial items -1 472 656 -5 967 000
Sale of vessel 11 500 000
Net project cashflow -2 583 158 5 888 774
Estimated dividend 0 5 878 627
* 100% of the mortgage has floating interest rate.
Quarterly instalments of USD 387 500. The mortgage was refinanced in
Q2 2011 and has a balloon paymnet of USD 5 512 500 in 2014 - the
margin increased as part of the refinancing.
The uncalled capital shall at all times be no less than the facility amount
until the facility amount has been reduced to USD 4 500 000, and
thereafter no less than USD 4 500 000.
Estimated Balance (31.12)
2013 2014
Working capital 377 353 666 127
Vessel 13 235 287 12 000 000
Total assets 13 612 640 12 666 127
Outstanding debt 1. Prior 6 287 500 5 900 000
Total outstanding debt 6 287 500 5 900 000
Net asset value pre dividen #REF! 12 483 954
* Vessel value is calculated based on a depreciation of annual annuity
factor of 10.0%
Additional information
Several capital calls have been made in order to fund running
commitments, to avoid breaches with the loan agreement as well as to
fund extraordinary costs. The latest capital call was made in May 2013
of USD 750,000.
A further injection of equity of USD 1,300,000 is expectedin June/July
2013.
NRP Finans AS