Odfjell SE Annual Report 2012

More documents

Recommendations

Info

odfjell group Classification of financial assets and liabilities as at 31 December 2011: (USD 1 000) Derivatives held as hedge instrument Derivatives held at fair value over the result Loans and receivables Available for sale investments Liabilities recognised at amortised cost Nonfinancial assets/ liabilities Total 2011 Assets Cash and cash equivalents – – 180 067 – – – 180 067 Available-for-sale-investments – – – 25 364 – – 25 364 Derivative financial instruments 8 052 3 511 – – – – 11 563 Current receivables – – 134 781 – – – 134 781 Non-current receivables – – 62 288 – – – 62 288 Other non-financial assets – – – – – 2 116 743 2 116 743 Total assets 8 052 3 511 377 136 25 364 – 2 116 743 2 530 805 Liabilities Other current liabilities – – – – 129 165 – 129 165 Derivative financial instruments 26 152 21 687 – – – – 47 839 Interest bearing debt – – – – 1 244 937 – 1 244 937 Other non-current liabilities – – – – 24 537 – 24 537 Other non-financial liabilities – – – – – 82 022 82 022 Total liabilities 26 152 21 687 – – 1 398 639 82 022 1 528 501 Note 6 Capital management The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios and holds liquidity available to take advantage of investment opportunities and generally support the business. At the same time capital management should be such that the capital structure is sufficiently robust to withstand prolonged adverse conditions in significant risk factors, such as long-term down-cycles in our markets and unfavourable conditions in the financial markets. The Group manages the capital structure and makes adjustments to it to maintain an optimal structure adapted to current economic conditions. In order to maintain or adjust the capital structure, the Company may adjust dividend payments, buy treasury shares, redemption of shares or issue new shares. No changes were made in the objectives or policies during the years ending 31 December 2011 and 2012. The Group monitors its capital using the book equity ratio and available liquidity, being the sum of cash and cash equivalents, available-for-sale investments and available drawing facilities, as the primary measurements. The Group’s policy is to maintain an equity ratio between 30% and 35% and available liquidity of USD 150–200 million. (USD 1 000) 2012 2011 Equity 948 1 002 Total assets 2 571 2 531 Equity ratio 36.8% 39.6% Cash and cash equivalents 153 180 Available-for-sale-investments 17 25 Available drawing facilities 94 – Total available liquidity 264 205 Note 7 Interest bearing debt The interest bearing debt is a combination of secured debt and unsecured debt, finance leases from international shipping banks and bonds in the Norwegian bond market. Interest rates are generally based on floating LIBOR-rates. (USD 1 000) Average interest rate 2012 2011 Loans from financial institutions – floating interest rates 2.29% 764 979 951 514 Finance leases 0.74% 190 556 209 818 Bonds 6.42% 273 973 88 261 Subtotal interest bearing debt 2.97% 1 229 509 1 249 593 Transaction cost (8 668) (4 655) Total interest bearing debt 1 220 841 1 244 938 Current portion of interest bearing debt (225 930) (127 997) Total non-current interest bearing debt 994 911 1 116 941 34 odfjell annual report 2012
odfjell group Held for sale liabilities, related the proposed transaction with Lindsay Goldberg LLC, amounting to USD 104.6 million are not included in the above figures. See note 37. Average interest rate is the weighted average of interest rates, excluding hedges, as per end of 2012. Transaction costs are deferred and charged net result over the life of the underlying debt using the effective interest rate method. During 2012 USD 1.9 million (USD 1.7 million in 2011) has been charged net result. The interest bearing debt does not contain any restrictions on the Company’s dividend policy or financing opportunities. The interest bearing debt is generally subject to certain covenants which include that book debt ratio shall at all times be less than 75% (excluding deferred taxes from debt) and that the liquidity shall always be minimum of USD 50 million and 6% of interest bearing debt. Maturity of interest bearing debt as at 31 December 2012: (USD 1 000) 2013 2014 2015 2016 2017 2018+ Total Loans from financial institutions – floating interest rates 139 736 95 289 205 334 74 973 88 410 161 238 764 979 Finance leases 23 705 6 648 792 1 222 2 544 155 645 190 556 Bonds 62 489 – 35 199 – 87 719 88 566 273 973 Total interest bearing debt 225 930 101 938 241 325 76 195 178 673 405 448 1 229 509 Estimated interest liabilities 36 557 28 970 26 735 19 755 18 026 10 343 140 387 Total liabilities 262 486 130 908 268 060 95 950 196 699 415 792 1 369 895 Maturity of interest bearing debt as at 31 December 2011: (USD 1 000) 2012 2013 2014 2015 2016 2017+ Total Loans from financial institutions – floating interest rates 105 287 195 875 128 006 238 038 57 405 226 904 951 514 Finance leases 22 710 24 816 8 240 426 856 152 770 209 818 Bonds – 88 261 – – – – 88 261 Total interest bearing debt 127 997 308 951 136 245 238 464 58 260 379 675 1 249 593 Average maturity of the Group’s interest-bearing debt is about 4.4 years (4.7 years in 2011). (USD 1 000) 2012 2011 Book value of interest bearing debt secured by mortgages 764 307 853 896 Book value of vessels and terminals mortgaged 1 364 795 1 350 706 Book value held for sale assets mortgaged amounts to USD 184 million. The table below summarizes interest bearing debt in different currencies: (USD 1 000) 2012 2011 USD 842 727 968 311 EUR 68 835 74 732 SGD 30 295 58 008 NOK *) 273 973 88 261 RMB 3 270 38 416 WON 10 306 21 755 Other currencies 102 109 Total interest bearing debt 1 229 509 1 249 593 *) Bond debt swapped to USD. See note 5 Hedging Activities The net carrying amount of assets under finance leases is USD 248 million as per 31 December 2012 (USD 256.9 million as per 31 December 2011). The lease periods vary from 6 years to 25 years from inception, and may involve a right of renewal. In addition to the rental payments, the Group has obligations relating to the maintenance of the assets and insurance as would be for a legal owner. At any time the Company has the option to terminate the finance leases and become legal owner of the ship at defined termination payments. The finance leases generally do not contain provisions for payment of contingent rents. The future minimum lease payments are based on certain assumptions regarding the tax rules in the UK, including, but not limited to, tax rates and writing down allowances. Changes in these assumptions and the timing of them may impact the minimum lease payments. There was no such material change in 2012. Future minimum lease payments under finance leases together with the present value of the net minimum lease payments are as follows: 35 odfjell annual report 2012
Page 1 and 2: ANNUAL REPORT odfjell 2012
Page 3 and 4: Mission statement Odfjell shall be
Page 5 and 6: LEADING Logistic service provider f
Page 7 and 8: 27.07 Odfjell decided to do a tempo
Page 9 and 10: odfjell management group JAN ARTHUR
Page 11 and 12: and Jannicke Nilsson. The Audit Com
Page 13 and 14: Finally, we also have a 50/50 joint
Page 15 and 16: to reduce the Company’s exposure
Page 17 and 18: Development of new and yet untapped
Page 19 and 20: odfjell group financial statement O
Page 21 and 22: odfjell group statement of cash flo
Page 23 and 24: odfjell group evaluations. Further
Page 25 and 26: odfjell group by the lessor are cla
Page 27 and 28: odfjell group include cash in hand
Page 29 and 30: odfjell group consolidated financia
Page 31 and 32: odfjell group Note 4 Financial Risk
Page 33: odfjell group Derivative financial
Page 37 and 38: odfjell group Specification of defe
Page 39 and 40: odfjell group The major categories
Page 41 and 42: odfjell group Note 11 Intangible as
Page 43 and 44: odfjell group Note 14 Government gr
Page 45 and 46: odfjell group Note 19 Voyage expens
Page 47 and 48: odfjell group The guidelines for sh
Page 49 and 50: odfjell group The table below summa
Page 51 and 52: odfjell group Name A shares B share
Page 53 and 54: odfjell group Odfjell SE has entere
Page 55 and 56: odfjell group (USD 1 000) Per 15 Au
Page 57 and 58: odfjell se statement of financial p
Page 59 and 60: odfjell se Note 3 Derivative financ
Page 61 and 62: odfjell se Note 4 Long - term debt
Page 63 and 64: odfjell se Note 6 Shareholders’ e
Page 65 and 66: odfjell se Maturity receivables as
Page 67 and 68: odfjell se 20 largest shareholders
Page 69 and 70: 69 odfjell annual report 2012
Page 75 and 76: Gram CO 2 per tonne transported 1 k
Page 77 and 78: Energy-saving campaign In 2012 an i
Page 79 and 80: Following the incidents at OTR, inv
Page 81 and 82: fleet distribution (chemical tanker
Page 83 and 84: ships are used for the most special
Page 85 and 86:
chemical and plastic metal commodit
Page 87 and 88:
operating out of Sao Paulo, Brazil,
Page 89 and 90:
89 odfjell annual report 2012
Page 91 and 92:
estimation of world seaborne ethyle
Page 93 and 94:
93 odfjell annual report 2012
Page 95 and 96:
5.3 MILLION cbm storage capacity 2
Page 97 and 98:
Rotterdam’s main shipping artery
Page 99 and 100:
current capacity is 365,000 cbm in
Page 101 and 102:
employees 1 881 Ship crew Internati
Page 103 and 104:
Power of Attorney to the Board of D
Page 105 and 106:
THE WORK OF THE BOARD OF DIRECTORS
Page 107 and 108:
The Board shall ensure that the Com
Page 109 and 110:
good understanding of the Company
Page 111 and 112:
in short-term interest rates, inter
Page 113 and 114:
LPG/Ethylene carriers Year built DW
Page 115 and 116:
offices and aDdresses MAIN OFFICE O
show all

Odfjell SE Annual Report 2012

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?