Odfjell SE Annual Report 2012

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odfjell se The Company`s financial statement does not have any differences between fair value and carrying amount. Fair value hierarchy As at 31 December all financial instrument were valued at Level 2. Level 2 is defined where inputs are either directly or indirectly observable for substantially the full term of the assets and liabilities. Classification of financial assets and liabilities as at 31 December 2012: (USD 1 000) Assets 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 2012 Cash and cash equivalents – – 133 356 – – – 133 356 Available-for-sale-investments – – – 16 732 – – 16 732 Derivative financial instruments 4 987 1 027 – – – – 6 014 Current receivables – – 230 774 – – – 230 774 Non-current receivables – – 16 882 – – – 16 882 Loan to Group companies – – 606 259 – – – 606 259 Other non-financial assets – – – – – 709 160 709 160 Total assets 4 987 1 027 987 271 16 732 – 709 160 1 719 177 Liabilities Other current liabilities – – – – 6 244 – 6 244 Loan from subsidiaries – – – – 240 672 – 240 672 Dividend payable – – – – – – – Derivative financial instruments 6 448 28 007 – – – – 34 455 Interest bearing debt – – – – 581 181 – 581 181 Other non-current liabilities – – – – – – – Total liabilities 6 448 28 007 – – 828 097 – 862 551 Classification of financial assets and liabilities as at 31 December 2011: (USD 1 000) Assets 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 2011 Cash and cash equivalents – – 70 035 – – – 70 035 Available-for-sale-investments – – – 25 364 – – 25 364 Derivative financial instruments 8 052 2 425 – – – – 10 477 Current receivables – – 4 591 – – – 4 591 Non-current receivables – – 18 324 – – – 18 324 Loan to Group companies – – 566 127 – – – 566 127 Other non-financial assets – – – – – 709 960 709 960 Total assets 8 052 2 425 659 077 25 364 – 709 960 1 404 879 Liabilities Other current liabilities – – – – 5 449 – 5 449 Loan from subsidiaries – – – – 221 576 – 221 576 Dividend payable – – – – – – – Derivative financial instruments 13 007 23 803 – – – – 36 810 Interest bearing debt – – – – 523 848 – 523 848 Other non-current liabilities – – – – – – – Total liabilities 13 007 23 803 – – 750 873 – 787 682 60 odfjell annual report 2012
odfjell se Note 4 Long – term debt (USD 1 000) Average interest rate 2012 2011 Loans from financial institutions – floating interest rate 2.46% 314 787 439 695 Bonds 6.42% 273 973 88 261 Subtotal interest bearing debt 4.30% 588 760 527 956 Transaction cost (7 579) (4 108) Total interest bearing debt 581 181 523 847 Current portion of total debt (135 826) (63 052) Total non-current interest bearing debt 445 355 460 796 Maturity of interest bearing debt as per 31 December 2012: (USD 1 000) 2013 2014 2015 2016 2017 2018+ Total Loans from financial institutions – floating interest rate 73 337 34 587 161 087 21 612 11 424 12 741 314 787 Bonds 62 489 – 35 199 – 87 719 88 556 273 973 Total interest bearing debt 135 826 34 587 196 286 21 612 99 144 101 307 588 760 Maturity of interest bearing debt as per 31 December 2011: (USD 1 000) 2012 2013 2014 2015 2016 2017+ Total Loans from financial institutions – floating interest rate 63 052 91 528 64 948 176 878 22 433 20 854 439 695 Bonds – 88 261 – – – – 88 261 Total interest bearing debt 63 052 179 790 64 948 176 878 22 433 20 854 527 956 Loans from subsidiaries: (USD 1 000) Currency Average interest rate 2012 2011 Loans from subsidiaries USD 3.07% 5 075 5 075 EUR 4.02% 218 536 214 353 Total loans from subsidiaries 223 612 219 429 Loans from Group companies generally have no fixed repayment schedule. Repayment is based on available liquidity. Loans from Group companies are priced on an arms-length basis. The average term of the Company's outstanding long-term interest bearing bank debt as per 31 December 2012 was 3.9 years (4 years in 2011). The average term of the Company's outstanding bond debt as per 31 December 2012 was 3.3 years (1.8 years in 2011). The long-term debt is a combination of debt guaranteed by subsidiaries and bonds in the Norwegian bond market. Interest rates are generally based on floating LIBOR-rates on less than 12-months. 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, in the Odfjell Group accounts, the 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. Note 5 Taxes (USD 1 000) 2012 2011 Taxes payable – – Change in deferred tax – 938 Adjustments related to earlier year – 120 Total tax expenses – 1 058 61 odfjell annual report 2012
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ANNUAL REPORT odfjell 2012
Page 3 and 4:
Mission statement Odfjell shall be
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LEADING Logistic service provider f
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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 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: odfjell se Note 3 Derivative financ
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
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in short-term interest rates, inter
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LPG/Ethylene carriers Year built DW
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offices and aDdresses MAIN OFFICE O
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Odfjell SE Annual Report 2012

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