Odfjell SE Annual Report 2012

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PANTONE
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CMYK
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odfjell group
Note 37 Held for sale
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 (Odfjell Terminals (Rotterdam) and Odfjell Terminals (Houston) were included in 2011). In the proposed
transaction it is intended that Lindsay Goldberg LLC will acquire 49% interest in these tank terminals. The completed date for the transaction
is expected to be within first semester in 2013.
Assets and liabilities classified as held for sale:
(USD 1 000) 2012
Assets
Intangible assets 2 837
Real estate 2 805
Tank terminals 184 356
Office equipment and cars 521
Non-current receivables 9 114
Total non-current assets 199 632
Current receivables 6 281
Bunkers and other inventories 492
Cash and cash equivalents 17 335
Total current assets 24 109
Total assets 223 741
Liabilities
Deferred tax liability 2 976
Pension liability 38
Non-current interest bearing debt 94 072
Derivatives financial instruments 4 381
Other non-current liabilities 3 873
Total non-current liabilities 105 340
Company taxes payable 525
Current portion of interest bearing debt 10 543
Current liabilities 12 493
Total current liabilities 23 561
Total liabilities 128 900
Note 38 Exchange rates of the Group’s major currencies against USD
Norwegian kroner
(NOK)
Euro
(EUR)
Renmimbi
(RMB)
Singapore dollar
(SGD)
Average Year-end Average Year-end Average Year-end Average Year-end
2012 5.83 5.59 1.29 1.32 6.24 6.16 1.25 1.22
2011 5.61 6.01 1.39 1.29 6.39 6.23 1.26 1.30
Note 39 Discontinued operations
Odfjell entered in a strategic partnership with the US-based private equity firm Lindsay Goldberg LLC in August 2011. This transaction gave
Lindsay Goldberg a 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 a shareholder agreement the transaction has changed Odfjell's influence from control to joint control and Odfjell’s total previous
ownership is presented as discontinued operation from 2Q 2011 including re-presentation of profit and loss and cash flows for prior period.
Change of control was effective from 15 August, and the remaining 51% interest is from this date presented as joint venture using proportionate
consolidation. Total gain on the sale equalled USD 270 million (100%), this gain is included in net result as discontinued operations.
There are no discontinued operations for 2012.
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odfjell annual report 2012