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Key Figures

Profit & Loss

mUSD

Western Bulk 

1H 2019

1H 2018

FY 2018

FY 2017

FY 2016

Net TC result

-8,8

21,3

31,6

40,5

4,4

Administration expenses

-12,9

-15,0

-26,4

-32,2

-23,7

EBITDA

-21,6

6,3

5,2

8,3

-19,3

Result for the period *

-24,8

3,6

4,2

4,3

-20,1

Number of ships operated

158

146

151

140

125

Net TC Margin per Ship Day (USD)

-306

805

573

792

96

Balance Sheet

mUSD

Western Bulk 

31.12.2015

 31.12.2016

 31.12.2017

31.12.2018

30.06.2019

Non Current Assets

1,8

 2,6

 3,1

2,8

3,2

Bank Deposits **

52,7

 33,0

 57,2

31,2

18,7

Other Current Assets

62,8

 63,1

 41,1

82,4

73,7

Total Assets

117,3

 98,6

 101,4

116,4

95,5

Equity

47,1

 13,8

 20,2

24,1

14,5

Long Term Liabilities

 5,2

 36,3

 40,0

34,1

2,7

Short Term Liabilities

 65,0

 48,6

 41,2

58,2

78,3

Total Equity and Liabilities

117,3

 98,6

 101,4

116,4

95,5

All figures are based on Norwegian General Accepted Accounting Principles (N-GAAP)
*       FY 2016 figures are excluding USD -16.9m in losses, write-offs, provisions, and other impairment charges with no cash effect.
         FY 2015 figures are excluding USD -23.3m in write-offs.
**     Of which restricted bank deposits USDm 31.12.15; 6,4m, 31.12.16; 6,3m, 31.12.17; 7,3m, 31.12.18; 8,1m, 30.06.19; 9,3m..

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.