Odfjell SE Annual Report 2012

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odfjell group Note 35 Investments in joint ventures The Odfjell Group has the following investments in joint ventures, accounted for according to the gross method as per 31 December 2012: JOINT VENTURE Country of registration Business segment Ownership share Odfjell & Vapores Ltd Bermuda Chemical Tankers 50% Odfjell Ahrenkiel Europe GmbH Germany Chemical Tankers 50% Crystal Pool AS Norway Chemical Tankers 50% NCC – Odfjell Chemical Tankers JLT United Arab Emirates Chemical Tankers 50% Odfjell Makana SA South Africa Chemical Tankers 49.9% Odfjell y Vapores SA Chile Chemical Tankers 49% Thembani Shipping SA South Africa Chemical Tankers 44.9% Odfjell Terminals (Rotterdam) BV Netherlands Tank Terminals 51% Odfjell Terminals Maritiem BV Netherlands Tank Terminals 51% Odfjell Terminals (Houston) Inc USA Tank Terminals 51% Odfjell Terminals (Charleston) LLC USA Tank Terminals 51% Odfjell Terminals (Dalian) Co Ltd China Tank Terminals 50% Oiltanking Odfjell Terminal Singapore Pte Ltd Singapore Tank Terminals 50% Odfjell Terminals (Korea) Co Ltd Korea Tank Terminals 50% Oiltanking Odfjell GmbH Germany Tank Terminals 50% Oiltanking Odfjell Terminals Oman BV Netherlands Tank Terminals 42.5% Exir Chemical Terminal (PJSCo) Iran Tank Terminals 35% Oiltanking Odfjell Terminals & Co LLC (Oman) Oman Tank Terminals 30% Odfjell Terminals Lindsay Goldberg CV Netherlands Tank Terminals 51% Odfjell Terminals General Partner BV Netherlands Tank Terminals 51% Odfjell Holdings (US) Inc USA Tank Terminals 51% Odfjell USA Inc USA Tank Terminals 51% Odfjell Terminals (Europe) BV Netherlands Tank Terminals 51% Odfjell NangangTerminals (Tianjing) Co Ltd China Tank Terminals 49% The share of result and balance sheet items for investments in joint ventures is included line by line in the accounts. The below main figures are included for each segment in the Group accounts: (USD 1 000) Chemical Tankers 2012 2011 Tank Terminals Total Chemical Tankers Tank Terminals Gross revenue 165 811 138 390 304 201 125 215 105 113 230 328 Operating expenses (2 051) (80 599) (82 649) (1 826) (36 449) (38 275) Net financial items 20 (15 136) (15 116) (13) (11 568) (11 581) Net result 2 652 (6 308) (3 656) 1 877 21 375 23 251 Total Non-current assets 7 957 574 844 582 801 2 009 520 999 523 008 Current assets 27 105 87 172 114 278 26 844 111 401 138 246 Total assets 35 063 662 017 697 079 28 853 632 400 661 253 Equity opening balance 10 476 298 362 308 839 9 224 137 275 146 500 Net result 2 652 (6 308) (3 656) 1 877 21 375 23 251 Equity additions/adjustments (2 000) (25 684) (27 684) – 139 391 139 391 Exchange rate differences 78 9 502 9 579 (624) 322 (304) Total equity closing balance 11 206 275 873 287 079 10 476 298 362 308 839 Non-current liabilities 316 273 545 273 861 246 269 501 269 747 Current liabilities 23 541 112 598 136 139 18 130 64 536 82 667 Total liabilities 23 857 386 144 410 000 18 376 334 038 352 413 Net cash flow from operating activities 2 881 74 110 76 992 (632) 65 658 65 026 Net cash flow from investing activities (2 928) 6 840 3 912 (63) (23 807) (23 869) Net cash flow from financing activities (2 008) (97 750) (99 758) 108 (15 862) (15 755) Uncalled committed capital – – – – – – 52 odfjell annual report 2012
odfjell group Odfjell SE has entered into a letter of intent to expand its existing joint venture with Lindsay Goldberg LLC to include substantially all of Odfjell’s tank terminals business. In the proposed transaction it is intended that Lindsay Goldberg LLC will acquire 49% interest in these tank terminals. The Exir Chemical Terminal, and the non-controlling interests in the terminal in Ningbo, China, is not included in the mentioned transaction. In the financial statement this transaction is treated as held for sale, and of the figures in the table above this is amounted to: Asset held for sale USD 223 741 Liabilities held for sale USD 128 900 See also note 37 Held for sale. In 2011 Odfjell sold 49% indirect interest in each of Odfjell’s tank terminals in Rotterdam and Houston, as well as in the greenfield project in Charleston, USA. Through shareholder agreement the transaction has changed Odfjell’s influence from control to joint control, due to unanimous voting rights in financial and operational matters as stated in the shareholders agreement. See also note 10 Non-current assets and note 11 Intangible assets. Note 36 Investments in associates As Odfjell is involved as a Board Member and has influence in the below mentioned companies, they are accounted for as associated companies. Since both companies are unlisted, there are no quoted prices for a fair value consideration. Entity Country Segment Ownership interest V.O. Tank Terminal Ningbo China Tank Terminals 12.5% Noord Natie Odfjell Terminal NV Belgium Tank Terminals 12.75% Carrying amount Investment in associates 1.1.2011 1 586 Exchange rate differences on translation 58 Dividend (118) Net income from associates 2011 192 Investment in associates 31.12.2011 1 718 Investment in 2012 20 950 Exchange rate differences on translation (147) Dividend (194) Net income from associates 2012 825 Investment in associates 31.12.2012 23 152 A summary of financial information for our share of the associate: (USD 1 000) 2012 2011 Gross revenue 3 334 656 Net result 825 192 Assets 10 899 1 779 Liabilities 5 489 60 Equity 5 410 1 718 Excess values 17 737 – In June 2012, Odfjell bought 25% of Noord Natie Terminals in Antwerp. The transaction was consummated trough Odfjell Terminals (Europe) B.V., a subsidiary of OTLG C.V., which is the Joint Venture Company between Odfjell Terminals B.V. and Lindsay Goldberg LLC. 53 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 and 34: odfjell group Derivative financial
Page 35 and 36: odfjell group Held for sale liabili
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: odfjell group Name A shares B share
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 91 and 92: estimation of world seaborne ethyle
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
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Odfjell SE Annual Report 2012

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