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First Ship Lease Trust

Main Activities: Water Transportation

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Company Information

Full name
First Ship Lease Trust

Headquarters
9 Temasek Boulevard, #19-03 Suntec Tower Two; Singapore; Singapore; 038989
Status: Listed
Legal Form: Public Limited Company
Operational Status: Operational
ISIN CODE : SG1U66934613
Financial Auditors: KPMG (2011)
Incorporation Date: March 19, 2007

Tel: (65) 6836 3000

Company Description

First Ship Lease Trust engages in the business of providing leasing services on a bareboat charter basis to the international shipping industry, and owns and invests in a portfolio of lease assets across various sub-sectors of this industry. FSL Trust is managed by FSL Trust Management Pte. Ltd. (FSLTM), the Trustee-Manager. FSLTM is responsible for safeguarding the interests of unitholders, investment and financing strategies, asset acquisitions and disposal policies and the overall management
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Company Analysis

According to the Consolidated - Non-Audited financial statement for the first quarter of 2011, total net operating revenues decreased with -2.37%, from USD 24,432 thousands to USD 23,852 thousands. Operating result decreased from USD 7,369 thousands to USD 3,803 thousands which means -48.39% change. The results of the period reached USD -1,995 thousands at the end of the period against USD 686 thousands last year. Return on equity (Net income/Total equity) went from 0.19% to -0.59%, the Return On Asset (Net income / Total Asset) went from 0.08% to -0.24% and the Net Profit Margin (Net Income/Net Sales) went from 2.81% to -8.36% when compared to the same period of last year. The Debt to Equity Ratio (Total Liabilities/Equity) was 141.99% compared to 139.08% of last year. Finally, the Current Ratio (Current Assets/Current Liabilities) went from 1.13 to 1.27 when compared to the previous year.

Key Executives

Meng Meng Wong Chairman
Philip Clausius Chief Executive Officer
Philip Clausius President
Chee Tham Cheong Senior Vice President
Meng Meng Wong Independent Director
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Balance Sheet

Total Assets

755,993

774,935

Current Assets

40,453

41,734

Total Liabilities

441,803

457,703

Shareholders Equity

314,190

317,232

Current Liabilities

57,420

60,538

* All the accounts are in USD.
Income Statement

Operational Profit (Loss)

-7,044

-8,378

Net Profit (Loss)

-7,067

-8,387

* All the accounts are in USD.
Ratios
Profitability Ratios

Return on Assets (ROA)

-0.93%

-1.08%

Annualised Return on Assets (ROA)

-3.72%

-1.08%

Return on Equity (ROE)

-2.25%

-2.64%

Annualised Return on Equity (ROE)

-9%

-2.64%

Return on Capital

-1.02%

-1.18%

Valuation figures and ratios

Earning Before Interests and Taxes (EBIT)

-17,448

-78,180

EBITDA

-3,691

-20,984

Enterprise value

443,796

459,434

Enterprise Value / EBITDA

-120.24

-21.89

Bookvalue (BV)

336,448

340,225

Net Cash

-20,438

-23,050

Liquidity Ratios

Current Ratio

70.45%

68.94%

Quick ratio

69.31%

68.08%

Doom's day ratio

64.41%

61.92%

Leverage Ratios

Leverage ratio

240.62%

244.28%

Interest Coverage Ratio

-267.53%

-280.48%

Debt to equity

140.62%

144.28%

Debt to total assets

58.44%

59.06%

Long Term Debt to Capital

100%

100%

Debt / Enterprise Value

94.54%

94.62%

Market ratios

Market Capitalization/EBITDA

-16.59

-2.96

Price/Book Ratio

0.18

0.18

Market Cap / Net cash

-3.00

-2.70

Trend Ratios

Net Income Trend

169.55%

49.14%

Operating Income Trend

88.16%

78.12%