Annual Report 2018
Download Annual Report 2018 | Income Statement (Figures in USD Thousands) | FY 2018 | FY 2017 |
|---|---|---|
| Revenue | 521,754 | 491,752 |
| Voyage expenses | (220,858) | (156,318) |
| TCE income | 300,896 | 335,434 |
| Other operating income | 3,039 | 5,607 |
| Charter hire expenses | (66,874) | (68,712) |
| Other operating expenses | (132,972) | (146,815) |
| Operating profit before depreciation, amortisation and impairment (EBITDA) | 104,089 | 125,514 |
| Amortisation charge | (2,650) | (4,911) |
| Depreciation charge | (98,022) | (122,428) |
| Gain on disposal of vessels | - | 9,826 |
| Gain on disposal of assets held-for-sale | 5,727 | 577 |
| Impairment charge on vessels that were reclassified to assets held-for-sale | - | (4,552) |
| Impairment charge on vessels | (33,500) | - |
| Operating (loss)/profit (EBIT) | (24,356) | 4,026 |
| Finance expense - net | (46,992) | (47,730) |
| Share of loss of a joint venture | (864) | (548) |
| Loss before tax for the financial period/year | (72,212) | (44,252) |
| Income tax credit/(expense) | (178) | (544) |
| Loss after tax for the financial period/year (NPAT) | (72,390) | (44,796) |
| Other comprehensive (loss)/income, net of tax | 3,071 | 3,693 |
| Total comprehensive loss for the financial period/year | (69,319) | (41,103) |
2018 Balance Sheet and Cash Flows
| Balance Sheet (Figures in USD Thousands) | 31 December 2018 | 31 December 2017 |
|---|---|---|
| Total non-current assets | 2,071,098 | 2,179,294 |
| Total current assets | 188,846 | 276,012 |
| Total assets | 2,259,944 | 2,455,306 |
| Total shareholders' equity | 983,625 | 1,073,548 |
| Total non-current liabilities | 1,103,200 | 1,076,329 |
| Total current liabilities | 173,119 | 305,429 |
| Total liabilities | 1,276,319 | 1,381,758 |
| Total equity and liabilities | 2,259,944 | 2,455,306 |
| Cash Flows (Figures in USD Thousands) | FY 2018 | FY 2017 |
|---|---|---|
| Cash flows from operating activities | ||
| Loss before tax for the financial period/year | (72,212) | (44,252) |
| Adjustments and changes in working capital | 161,738 | 116,536 |
| Net cash provided by operating activities | 89,526 | 72,284 |
| Net cash provided by(used in) investing activities | 75,744 | 25,019 |
| Net cash (used in)/provided by fincancing activities | (171,544) | (121,318) |
| Net increase/(decrease) in cash and cash equivalents | (6,274) | (24,015) |
| Cash and cash equivalents at beginning of the financial period/year | 56,548 | 80,563 |
| Cash and cash equivalents at end of the financial period/year | 50,274 | 56,548 |
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