Financial Statements for Genco Shipping & Trading Limited

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Genco Shipping & Trading Limited financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2013-03-31	3 months ending 2012-12-31	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31
Revenue	40.49	49.25	54.43	62.93	59.84
Other Revenue, Total	-	-	-	-	-
Total Revenue	40.49	49.25	54.43	62.93	59.84
Cost of Revenue, Total	28.39	30.61	30.96	30.51	29.25
Gross Profit	12.10	18.64	23.47	32.42	30.60
Selling/General/Admin. Expenses, Total	8.19	9.99	8.62	8.36	8.70
Research & Development	-	-	-	-	-
Depreciation/Amortization	34.38	35.11	35.04	34.49	34.42
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	-	-	-	-	-
Other Operating Expenses, Total	-	-0.27	-	-	-
Total Operating Expense	70.96	75.44	74.62	73.36	72.37
Operating Income	-30.47	-26.20	-20.19	-10.43	-12.52
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	0.02	0.01	-0.04	0.02	-0.02
Income Before Tax	-51.73	-48.56	-41.73	-30.15	-36.11
Income After Tax	-51.95	-48.86	-42.04	-30.49	-36.38
Minority Interest	3.79	3.22	3.59	2.75	3.29
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	-48.16	-45.64	-38.45	-27.74	-33.10
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	-48.16	-45.64	-38.45	-27.74	-33.10
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	-48.16	-45.64	-38.45	-27.74	-33.10
Income Available to Common Incl. Extra Items	-48.16	-45.64	-38.45	-27.74	-33.10
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	43.16	43.05	42.89	42.88	38.09
Diluted EPS Excluding Extraordinary Items	-1.12	-1.06	-0.90	-0.65	-0.87
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	-1.12	-1.06	-0.90	-0.65	-0.87

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Revenue	226.45	392.21	448.69	379.53
Other Revenue, Total	-	-	-	-
Total Revenue	226.45	392.21	448.69	379.53
Cost of Revenue, Total	121.33	109.97	83.44	62.34
Gross Profit	105.13	282.24	365.24	317.20
Selling/General/Admin. Expenses, Total	35.67	33.93	29.08	18.55
Research & Development	-	-	-	-
Depreciation/Amortization	139.06	136.20	115.66	88.15
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-	-	0.00	0.00
Other Operating Expenses, Total	-0.27	-0.53	-0.79	0.00
Total Operating Expense	295.80	279.57	227.40	169.04
Operating Income	-69.34	112.64	221.29	210.49
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-0.03	-0.08	-0.08	-0.31
Income Before Tax	-156.55	26.45	149.25	148.62
Income After Tax	-157.78	25.07	147.41	148.62
Minority Interest	12.85	0.32	-6.17	0.00
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	-144.93	25.39	141.24	148.62
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-144.93	25.39	141.24	148.62
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-144.93	25.39	141.24	148.62
Income Available to Common Incl. Extra Items	-144.93	25.39	141.24	148.62
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	4.66	0.00
Diluted Weighted Average Shares	41.73	35.26	35.89	31.45
Diluted EPS Excluding Extraordinary Items	-3.47	0.72	4.07	4.73
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-3.47	0.72	4.07	4.73

In Millions of USD (except for per share items)	As of 2013-03-31	As of 2012-12-31	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31
Cash & Equivalents	55.05	72.60	87.78	246.02	246.68
Short Term Investments	-	-	-	-	-
Cash and Short Term Investments	55.05	72.60	87.78	246.02	246.68
Accounts Receivable - Trade, Net	12.14	11.71	8.62	10.96	11.24
Receivables - Other	-	-	-	-	-
Total Receivables, Net	13.85	13.53	9.48	11.89	12.30
Total Inventory	10.50	10.32	-	-	-
Prepaid Expenses	6.55	5.07	16.16	16.39	19.52
Other Current Assets, Total	11.43	0.94	-	-	-
Total Current Assets	97.37	102.46	113.41	274.29	278.51
Property/Plant/Equipment, Total - Gross	3,271.81	3,268.19	3,267.87	3,267.74	3,267.41
Accumulated Depreciation, Total	-637.03	-600.52	-566.83	-533.26	-500.11
Goodwill, Net	-	-	-	-	-
Intangibles, Net	-	29.56	-	-	-
Long Term Investments	30.59	20.99	23.82	27.39	32.28
Other Long Term Assets, Total	40.45	22.70	56.29	37.98	36.91
Total Assets	2,803.19	2,843.37	2,894.57	3,074.14	3,115.01
Accounts Payable	5.33	4.48	3.69	3.60	5.09
Accrued Expenses	31.70	19.19	21.46	21.08	19.37
Notes Payable/Short Term Debt	112.10	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	1,312.80	0.68	0.64	221.45	221.45
Other Current liabilities, Total	14.84	1.33	2.48	4.47	5.43
Total Current Liabilities	1,476.77	25.68	28.28	250.60	251.35
Long Term Debt	101.25	1,524.36	1,523.16	1,449.31	1,455.21
Capital Lease Obligations	-	-	-	-	-
Total Long Term Debt	101.25	1,524.36	1,523.16	1,449.31	1,455.21
Total Debt	1,526.15	1,525.04	1,523.81	1,670.76	1,676.67
Deferred Income Tax	-	-	-	-	-
Minority Interest	191.37	194.91	197.85	201.88	205.03
Other Liabilities, Total	2.94	32.13	34.12	21.77	23.34
Total Liabilities	1,772.34	1,777.08	1,783.41	1,923.56	1,934.93
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	0.44	0.44	0.44	0.44	0.44
Additional Paid-In Capital	864.12	863.30	862.49	861.42	860.37
Retained Earnings (Accumulated Deficit)	166.23	214.39	260.03	298.49	326.26
Treasury Stock - Common	-	-	-	-	-
Other Equity, Total	-	-	-	-	-
Total Equity	1,030.85	1,066.30	1,111.16	1,150.58	1,180.08
Total Liabilities & Shareholders' Equity	2,803.19	2,843.37	2,894.57	3,074.14	3,115.01
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	44.27	44.27	43.82	43.82	43.81

In Millions of USD (except for per share items)	As of 2012-12-31	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31
Cash & Equivalents	72.60	227.97	270.88	188.27
Short Term Investments	-	-	-	-
Cash and Short Term Investments	72.60	227.97	270.88	188.27
Accounts Receivable - Trade, Net	11.71	13.69	8.79	2.12
Receivables - Other	-	-	-	-
Total Receivables, Net	13.53	14.71	10.05	3.52
Total Inventory	10.32	10.38	7.45	3.97
Prepaid Expenses	5.07	5.51	4.69	3.09
Other Current Assets, Total	0.94	0.79	0.61	19.22
Total Current Assets	102.46	259.37	293.68	218.07
Property/Plant/Equipment, Total - Gross	3,268.19	3,267.39	3,122.66	2,252.22
Accumulated Depreciation, Total	-600.52	-466.94	-336.54	-226.26
Goodwill, Net	-	-	-	-
Intangibles, Net	29.56	-	-	-
Long Term Investments	20.99	24.47	54.71	72.18
Other Long Term Assets, Total	22.70	34.99	48.19	20.59
Total Assets	2,843.37	3,119.28	3,182.71	2,336.80
Accounts Payable	4.48	5.05	6.45	3.17
Accrued Expenses	19.19	25.66	25.34	15.44
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	0.68	185.08	71.84	50.00
Other Current liabilities, Total	1.33	5.91	14.39	10.40
Total Current Liabilities	25.68	221.70	118.02	79.01
Long Term Debt	1,524.36	1,509.32	1,674.41	1,277.00
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	1,524.36	1,509.32	1,674.41	1,277.00
Total Debt	1,525.04	1,694.39	1,746.25	1,327.00
Deferred Income Tax	-	-	-	-
Minority Interest	194.91	210.01	215.20	0.00
Other Liabilities, Total	32.13	26.64	42.13	51.86
Total Liabilities	1,777.08	1,967.67	2,049.76	1,407.88
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.44	0.36	0.36	0.32
Additional Paid-In Capital	863.30	809.44	803.78	722.20
Retained Earnings (Accumulated Deficit)	214.39	359.35	334.02	192.82
Treasury Stock - Common	-	-	-	-
Other Equity, Total	-	-	-	-
Total Equity	1,066.30	1,151.61	1,132.95	928.92
Total Liabilities & Shareholders' Equity	2,843.37	3,119.28	3,182.71	2,336.80
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	44.27	36.31	35.95	31.84

In Millions of USD (except for per share items)	3 months ending 2013-03-31	12 months ending 2012-12-31	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Net Income/Starting Line	-51.95	-157.78	-108.92	-66.88	-36.38
Depreciation/Depletion	34.38	139.06	103.95	68.92	34.42
Amortization	-	-	-	-	-
Deferred Taxes	-	-	-	-	-
Non-Cash Items	4.12	14.97	10.86	6.85	3.51
Changes in Working Capital	-3.91	-15.09	-9.91	-8.33	-9.52
Cash from Operating Activities	-17.37	-18.83	-4.01	0.56	-7.97
Capital Expenditures	-0.01	-3.27	-2.84	-2.65	-1.55
Other Investing Cash Flow Items, Total	-	-0.40	-0.40	0.00	0.00
Cash from Investing Activities	-0.01	-3.67	-3.24	-2.65	-1.55
Financing Cash Flow Items	0.00	-4.93	-5.17	-1.02	-0.78
Total Cash Dividends Paid	-0.17	-4.08	-3.91	-3.06	-2.21
Issuance (Retirement) of Stock, Net	0.00	50.72	50.72	50.72	50.72
Issuance (Retirement) of Debt, Net	0.00	-174.57	-174.57	-26.50	-19.50
Cash from Financing Activities	-0.17	-132.87	-132.94	20.14	28.23
Foreign Exchange Effects	-	-	-	-	-
Net Change in Cash	-17.55	-155.37	-140.19	18.05	18.71
Cash Interest Paid, Supplemental	20.80	79.37	61.63	41.84	25.56
Cash Taxes Paid, Supplemental	0.10	1.22	0.93	0.57	0.13

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Net Income/Starting Line	-157.78	25.07	147.41	148.62
Depreciation/Depletion	139.06	136.20	115.66	88.15
Amortization	-	-	-	-
Deferred Taxes	-	-	-	-
Non-Cash Items	14.97	13.94	6.24	-13.43
Changes in Working Capital	-15.09	-17.02	-6.64	-3.62
Cash from Operating Activities	-18.83	158.18	262.68	219.73
Capital Expenditures	-3.27	-132.62	-971.58	-288.71
Other Investing Cash Flow Items, Total	-0.40	-0.75	101.35	-17.50
Cash from Investing Activities	-3.67	-133.37	-870.23	-306.21
Financing Cash Flow Items	-4.93	-4.20	-16.12	-3.91
Total Cash Dividends Paid	-4.08	-7.60	-5.37	0.00
Issuance (Retirement) of Stock, Net	50.72	0.00	269.71	0.00
Issuance (Retirement) of Debt, Net	-174.57	-55.93	441.94	153.70
Cash from Financing Activities	-132.87	-67.72	690.16	149.79
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	-155.37	-42.91	82.61	63.31
Cash Interest Paid, Supplemental	79.37	81.26	64.28	58.19
Cash Taxes Paid, Supplemental	1.22	1.12	2.00	0.00