As of December 31, 2012, our cash and bank balances and bank deposits were $11.7 million and our outstanding debt was $105.9 million.
In December 2012, Globus reached an agreement with Credit Suisse and DVB Bank on certain amendments and waivers to the terms of the Credit Facility and the DVB Loan agreement, respectively, which were signed in April and March 2013, respectively. These agreements applied to the period commencing on December 28, 2012 (relating to our credit facility) and December 31, 2012 (relating to the DVB Loan Agreement), in each case until March 31, 2014. As of December 31, 2012, Globus was not in compliance with the security value ratio requirement of the Kelty Loan Agreement that requires the market value of the mortgaged vessel and any additional security provided, including the minimum liquidity maintained with Commerzbank ("the lender"), to equal or exceed 130% of the aggregate principal amount of debt outstanding under the Kelty Loan Agreement. On April 29, 2013 with reference to the Kelty Loan Agreement, the Company reached an agreement with Commerzbank to prepay $3.0 million together with the next scheduled instalment due on June 28, 2013 for the Company to be fully compliant with the provisions of the Loan Agreement.
Scheduled vessel repairs
We incurred capital expenditures due to the special surveys and drydockings for our fleet. The vessels "Sun Globe," "Star Globe," and "River Globe" were drydocked during the year 2012. We anticipate that two of our vessels will be drydocked in 2013. We budget 20 days per drydocking per vessel. Actual length will vary based on the condition of each vessel, shipyard schedules and other factors.
SELECTED CONSOLIDATED FINANCIAL & OPERATING DATA Three months ended Year ended December 31, December 31, -------------------- --------------------(in thousands of U.S. dollars, except per share data) 2012 2011 2012 2011 --------- --------- --------- --------- (Unaudited) (Unaudited)Statement of comprehensive (loss)/income data:Revenue 7,683 10,136 32,197 35,559Voyage expenses (711) (601) (4,450) (3,283) --------- --------- --------- ---------Net Revenue (1) 6,972 9.535 27,747 32,276Vessels operating expenses (2,937) (2.225) (10,400) (7,967)Depreciation (2,581) (2,935) (11,255) (10,180)Depreciation of dry docking costs (179) (160) (763) (318)Amortization of fair value of time charter acquired (458) (460) (1,823) (779)Administrative expenses (522) (500) (1,869) (2,078)Administrative expenses payable to related parties (158) (292) (598) (1,150)Share-based payments (532) (88) (977) (364)Impairment loss (80,244) - (80,244) -Other expenses, net (16) (59) (68) (124) --------- --------- --------- ---------Operating (loss)/profit before financial activities (80,655) 2,816 (80,250) 9,316Interest income from bank balances & deposits 8 14 47 52Interest expense and finance costs (807) (846) (3,358) (2,821)Gain on derivative financial instruments 199 344 693 369Foreign exchange gains, net 11 9 64 9 --------- --------- --------- ---------Total finance costs, net (589) (479) (2,554) (2,391) --------- --------- --------- ---------Total comprehensive (loss)/income for the period/year (81,244) 2,337 (82,804) 6,925 --------- --------- --------- ---------Basic (loss)/earnings per share for the period (8.00) 0.23 (8.22) 0.80Diluted (loss)/earnings per share for the period (8.00) 0.23 (8.22) 0.79Adjusted EBITDA (2) 2,807 6,371 13,835 20,593(1) Net Revenue is computed by subtracting voyage expenses from revenue. Net Revenue is not a recognized measurement under international financial reporting standards ("IFRS") and should not be considered as an alternative or comparable to net income.(2) Adjusted EBITDA represents net earnings before interest and finance costs net, gains or losses from the change in fair value of derivative financial instruments, foreign exchange gains or losses, income taxes, depreciation, depreciation of drydocking costs, amortization of fair value of time charter acquired, impairment and gains or losses on sale of vessels. Adjusted EBITDA does not represent and should not be considered as an alternative to total comprehensive income/(loss) or cash generated from operations, as determined by IFRS, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is not a recognized measurement under IFRS. Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness and it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under IFRS. Some of these limitations are:
