Concordia Maritime comes out of the year in deficit

Concordia Maritime finished 2021 with an operating loss (EBITDA) of SEK 82.6m (USD 8.9m) and a pre-tax deficit of SEK 658.2m.

The company announced its Year-End Report for the 1 January-31 December 2021 period:

Earnings affected by impairment

Total income
Q4: SEK 151.2 (165.7) million
Full year: SEK 704.8 (1,025.8) million
EBITDA
Q4: SEK 36.6 (-4.6) million
Full year: SEK -82.6 (277.8) million
Result before tax
Q4: SEK -308.2 (-86.5) million
Full year: SEK -658.2 (-65.1) million
Result per share after tax
Q4: SEK -6.45 (-1.83)
Full year: SEK -13.84 (-1.38)

Events in the fourth quarter

Agreement with lending banks on new terms and conditions for two of the Company’s P-MAX vessels
Covenant waiver granted by lending banks*
Erik Lewenhaupt new CEO of Concordia Maritime
Book value of fleet vessels written down by SEK 268 million
The Board will propose a dividend of SEK 0 (0) per share to the 2022 AGM

Events after the end of the quarter

* For further information, see page 6 in the Year-End Report.

Key figures 1 January-31 December 2021

Total income, SEK million: 704.8 (1,025.8)
EBITDA, SEK million: -82.6 (277.8)
EBITDA, USD million: -9.6 (30.2)
Operating result, SEK million: -583.5 (32.6)
Result before tax, SEK million: -658.2 (-65.1)
Result before tax, adjusted for impairment: -390.5 (-65.1)
Result after tax, SEK million: -660.4 (-66.0)
Equity ratio, %: 14 (28)
Return on equity, %: -112 (-6)
Available liquid funds, including unutilised credit facilities, SEK million: 34.9 (378.0)
Result per share after tax, SEK: -13.84 (-1.38)
Equity per share, SEK: 6.21 (16.66)
Lost-time injuries: 0 (2)