Odfjell SE 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.
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odfjell annual report 2012