Key Figures

Profit & Loss

mUSD

Western Bulk 

2013

2014

2015

 2016

Net TC result */**

54,9

26,2

44,5

 4,4

Administration expenses

-32,7

-35,0

-35,4

 -23,5

EBITDA */**

22,2

-8,8

9,1

 -19,2

Result for the period */**/***

22,0

-11,7

7,2

 -20,0

Number of ships operated

153

169

155

 125

Net TC Margin per Ship Day (USD) */**

979

426

785

 96

Balance Sheet

mUSD

Western Bulk 

31.12.13

31.12.14

31.12.2015

 31.12.2016

Non Current Assets

2,1

1,8

1,8

 2,6

Bank Deposits ****

57,0

57,2

52,7

 33,0

Other Current Assets

146,4

138,8

62,8

 63,1

Total Assets

205,5

197,8

117,3

 98,6

Equity

69,1

66,9

47,1

 13,8

Long Term Liabilities

1,2

6,3

 5,2

 36,3

Short Term Liabilities

135,1

124,6

 65,0

 48,6

Total Equity and Liabilities

205,5

197,8

117,3

 98,6

All figures are based on Norwegian General Accepted Accounting Principles (N-GAAP)
*       Excluding one-off gain of 10,7mUSD in 2014 and 1,2mUSD in 2013
**     Excluding one-off loss of 4,4mUSD in 2016 related to a restructuring of the group
***   Excluding write-down, provisions and impairments of 12,5mUSD in 2016 and 23,3mUSD in 2015
**** Of which restricted bank deposits USDm 31.12.13; 9,1 31.12.14; 10,3 31.12.15; 6,4, 31.12.16; 6,3

The book equity amount as of 31.12.16 includes USD 15 million related to the private placement which was completed in March 2017, raising a total of USD 18 million.
The USD 15 million included at year-end equals the minimum amount which was guaranteed prior to year-end. The corresponding receivable for the subscription amount is included as Other current assets at the balance sheet date.

 

Western Bulk

Email and IT-related Fraud Alert

There is an increasing risk of attempted fraud and other security threats via email. In particular, Western Bulk has noticed an increase of fraudulent requests to change bank account details of suppliers/creditors, in an attempt to redirect payments to criminals and not to the intended recipient. We encourage everyone to be vigilant and learn to detect fraudulent email instructions - seemingly legitimate emails may contain fraudulent information, this is not just a cybersecurity matter.

As a result, Western Bulk will treat any notice of bank account changes as suspicious. Urgent pressure to effect payment as soon as possible without verification of the changes will also be treated as suspicious.

Please note that Western Bulk would not inform of changes to bank account details by email notice alone. In the unlikely event that we need to change a beneficiary name or our other bank account details, we would personally contact our supplier or customer in order to personally verify any change in details.

Similarly, we ask that all our suppliers and creditors:

1. first notify us in writing and
2. personally verify any change in bank details or change in beneficiary in any payment advice to Western Bulk.

In summary, notices of bank account changes will require voice confirmation from your Western Bulk contact, either by telephone or face to face, before payment can be authorised so please make sure to notify any changes in good time.