Odfjell SE Annual Report 2012

odfjell se
statement of cash flow
(USD 1 000) 2012 2011
CASH FLOW FROM OPERATING ACTIVITIES
Net result before taxes 203 303 (27 197)
Depreciation 1 295 1 277
Changes in the value of financial non-current assets – 19 146
Exchange rate fluctuations (2 445) (10 493)
Dividends and (gain)/loss from sale of shares classified as investing activities (22 102) (8 574)
Other short-term accruals (208 254) (56 427)
Net cash flow from operating activities (28 203) (82 268)
CASH FLOW FROM INVESTING ACTIVITIES
Investment in non-current assets (456) (648)
Investment in subsidiaries and other shares (38) 160
Dividend received 22 102 8 574
Change in available-for-sale investments 8 632 (7 104)
Changes in non-current receivables 1 442 ( 559)
Loans to/from subsidiaries (35 949) 179 836
Net cash flow from investing activities (4 268) 180 258
CASH FLOW FROM FINANCING ACTIVITIES
New interest bearing debt 315 415 25 000
Repayment of interest bearing debt (252 166) (94 611)
Share repurchases (1 819) –
Sale of treasury shares 33 029 –
Payment of dividend – (13 997)
Net cash flow from financing activities 94 460 (83 608)
Effect on cash balances from currency exchange rate fluctuations 1 332 595
Net change in cash balances 63 321 14 977
Cash balances as per 1.1 70 035 55 058
Cash balances as per 31.12 133 356 70 035
Available credit facilities 93 670 –
Note 1 Accounting principles
The parent Company’s accounts have been presented in accordance with the simplified IFRS, and are based on the same accounting principles
as the Group statement with the following exceptions:
A. Derivative financial instruments and hedging
The Company enters into derivative financial instruments to reduce currency and bunkers exposure in subsidiaries. These instruments do
not qualify for hedge accounting. Changes in fair value of these financial instruments are charged to the respective subsidiary and therefore
not recognised in net result.
B. Investments in subsidiaries, joint ventures and associates
Investments are based on the Cost Method.
C. Dividend and Group Contribution
Proposed dividend for the parent Company’s shareholders is shown in the parent Company accounts as a liability at 31 December.
The IAS 10, 12 and 13 is set aside so that dividends and Group contributions are recorded to correspond with the Norwegian Accounting Act.
Note 2 Gross Revenue
Gross revenue is related to services performed for other Odfjell Group companies and renting of real estate and other fixed assets and
is recognised as revenue in the period the service is delivered and the period the assets rented.
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odfjell annual report 2012