Exmar half year results on 30th June 2008
OUTLOOK SECOND SEMESTER
The 3rd Quarter started on a firm tone for the VLGC fleet due to continued tight vessel availability but caution remains on the general outlook in the light of 14 newbuildings being delivered prior year-end and the unpredictable availability of Middle Eastern spot volumes.
The MGC fleet is covered for about 75 % for the balance of the year and results are expected to remain stable.
All the LNG vessels are covered on long-term employment and results for the second semester should show improvement with no planned repair periods due and the effect of the EXPLORER in full operation. In the OFFSHORE and the SERVICES AND HOLDING divisions the results are expected to be in line with the expectations.
REPORT OF THE JOINT STATUTORY AUDITORS ON THE REVIEW OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS OF 30 JUNE 2008 OF EXMAR NV
We have reviewed the accompanying condensed consolidated balance sheet of Exmar NV (“the Company”) as at 30 June 2008, and the related condensed consolidated statements of income, changes in equity and cash flows for the six month period then ended (the interim financial information). Management is responsible for the preparation and presentation of this consolidated interim financial information in accordance with IAS 34 “Interim Financial Reporting”. Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable
us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information as at 30 June 2008 is not prepared, in all material respects, in accordance with IAS 34 “Interim Financial Reporting”.
FOR FULL PRESS RELEASE PLEASE GO TO EXMAR CORPORATE WEBSITE: www.exmar.be
IMPRESS COMMUNICATIONS LTD
8-10 Cleave Avenue,
Kent BR6 7DR
+44 (0) 1689 860660
EXMAR is a diversified and independent shipping group serving the international gas and oil industry. Apart from providing the ships for the transportation of these products, it also performs studies and undertakes the management of commercial, technical and administrative activities for the industry.
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