Financial report for 2010
The Board of Directors of J. Lauritzen A/S (JL) has today approved and released the company’s Annual report for 2010.
“In a year characterized by global macro economic uncertainty and the sustained risk of overcapacity in major shipping markets, JL posted a strong result in 2010”, says Torben Janholt, President and CEO.
JL’s share of results totalled USD 130.7m compared to USD 74.6m in 2009. Results were better than expected and satisfactory considering the global financial situation.
The improvement was primarily related to enhanced market conditions for bulk carriers, increased capacity due to newbuildings delivered to the fleet and profits from two offshore units, which both had their first full year of operation in 2010.
Return on invested capital was 10.2% compared to 6.1% in 2009. Return on equity was 11.1% compared to 6.9% in 2009. The solvency ratio was 52% and thus unchanged compared to 2009.
Total invested capital was USD 2,049m at year-end 2010, up from USD 1,814m at year-end 2009. At year-end 2010, JL’s the asset base had increased by a factor of more than six since 2004, when the current expansion programme was initiated.