2016 Balance Sheet and Cash Flows

Figures in USD thousands
Balance sheet (Audited)
Balance sheet 31 December 2016
(Audited)
31 December 2015
Total non–current assets 2,428,250 1,908,586
Total current assets 165,611 201,175
Total assets 2,593,861 2,109,761
Total shareholders’ equity 1,117,376 1,170,719
Total non–current liabilities 979,979 768,392
Total current liabilities 496,506 170,650
Total liabilities 1,476,485 939,042
Total equity and liabilities 2,593,861 2,109,761
Cash flows (Audited)
FY 2016
(Audited)
FY 2015
Cash flows from operating activities
Profit before tax for the financial quarter/year 23,865 326,887
Adjustments 183,574 104,847
Operating cash flow before working capital changes 207,439 431,734
Changes in working capital 34,274 (11,211)
Net cash provided by operating activities 241,713 420,523
Net cash used in investing activities (232,696) (504,536)
Net cash provided by/(used in) financing activities (22,238) 107,552
Net increase/(decrease) in cash and cash equivalents (13,221) 23,539
Cash and cash equivalents at beginning of the financial quarter/year 93,784 70,245
Cash and cash equivalents at end of the financial quarter/year 80,563 93,784

2016 Income Statement

Figures in USD thousands
(Audited)
FY 2016
(Audited)
FY 2015
Revenue 506,466 773,335
Voyage expenses (99,811) (146,843)
TCE income 406,655 626,492
Other operating income 1,776 2,016
Charter hire expense (69,454) (79,609)
Other operating expenses (128,836) (118,639)
Operating profit before depreciation, amortisation and impairment (EBITDA) 210,141 430,260
Amortisation charge (4,910) (4,910)
Depreciation charge (94,566) (79,806)
Operating profit before non-recurring items 110,665 345,544
Loss on disposal of other property, plant and equipment (312) -
Gain on disposal of a vessel 4,874 -
Impairment charge on vessels (144,147) -
Gain on disposal of available-for-sale financial assets 3,197 -
Impairment loss on available-for-sale financial assets (31,461) -
Negative goodwill arising from acquisition of a subsidiary 110,538 -
Total non-recurring items (57,311) -
Operating profit (EBIT) 53,354 345,544
Finance expense – net (29,489) (18,657)
Profit before tax for the financial quarter/year 23,865 326,887
Income tax credit /(expense) (233) (749)
Profit after tax for the financial quarter/year (NPAT) 23,632 326,138
Other comprehensive income/(loss), net of tax 9,029 (5,100)
Total comprehensive income for the financial quarter/year 32,661 321,038