Financial Statements

2018 Income Statement

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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