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Annual Report 2012

Annual Report 2012

GROUP(c) New standards,

GROUP(c) New standards, amendments and interpretations issued but not effective for the financial year beginning 1January 2012 and not early adopted. IAS 19 –Employee benefits. This standard was amended in June 2011. The impact on the Group will beas follows: to eliminate the corridor approach and recognize all actuarial gains and losses in OCI asthey occur; to immediately recognize all past service costs; and to replace interest cost and expectedreturn on plan assets with a net interest amount that is calculated by applying the discount rate to thenet defined benefit liability (asset). Based on current parameters, the Group estimates that anactuarial gain of approximately USD 0.1 million will be recognized in OCI for 2013. IFRS 10 – Consolidated Financial Statements. This standard replaces the portion of IAS 27 –Consolidated and Separate Financial Statements that addresses the accounting for consolidatedfinancial statements. IFRS 10 establishes a single control model that applies to all entities includingspecial purpose entities. The changes introduced by IFRS 10 will require management to exercisesignificant judgment to determine which entities are controlled, and therefore, are required to beconsolidated by a parent, compared with the requirements that were in IAS 27. The application of thisstandard will not have an impact on the financial position of the Group. This standard becomeseffective for annual periods beginning on or after 1 January 2014. IFRS 11 – Joint Arrangements. This standard replaces IAS 31 – Interest in Joint Ventures and SIC-13 –Jointly–controlled Entities – Non-monetary Contributions by Venturers. It removes the option toaccount for jointly controlled entities (JCEs) using proportionate consolidation. Instead, JCEs thatmeet the definition of a joint venture must be accounted for using the equity method. The applicationof this standard will not have an impact on the financial position of the Group. This standard becomeseffective for annual periods beginning on or after 1 January 2014. IFRS 12 – Disclosures of interest in other entities. This standard includes the disclosure requirementsfor all forms of interests in other entities, including joint arrangements, associates, special purposevehicles and other off balance sheet vehicles. The application of this standard will not have an impacton the financial position of the Group. This standard becomes effective for annual periods beginningon or after 1 January 2014. IFRS 13 – Fair Value Measurement. This standard establishes a single source of guidance under IFRSfor all fair value measurements. IFRS 13 does not change when an entity is required to use fair value,but rather provides guidance on how to measure fair value under IFRS when fair value is required orpermitted. The Group is currently assessing the impact that this standard will have on the financialposition and performance. This standard becomes effective for annual periods beginning on or after 1January 2013.There are no other IFRSs or IFRIC interpretations that are not yet effective that is expected to have a materialimpact on the Group.Note 3 - Segment informationThe Company and the chief operating decision maker (“CODM”) measure performance based on theCompany’s overall return to shareholders based on consolidated net income. The CODM does not regularlyreview a measure of operating result at a lower level than the consolidated group. Consequently, the Companyhas only one reportable segment: chemical tankers.(USD '000)2012 2011Freight revenue 401 248 426 039Voyage expenses -206 655 -225 465Freight income on T/C basis 194 593 200 574Management fees and other income 1 933 5 654Gross profit 196 527 206 22834

GROUPThe Company’s management does not evaluate performance by geographical region. The Company does nothave any counterpart that contributes to more than 10 per cent of the total operating revenues.Note 4 - Onerous contracts(USD '000)2012 2011At 1 January 670 6 250Provisions made during the year - 670Provisions used during the year -670 -2 083Provisions reversed during the year - -4 167At 31 December - 670Note 5 - Voyage expenses(USD '000)Figures in USD '000 2012 2011Bunker expenses 142 593 156 772Port expenses 54 864 59 101Other voyage expenses 9 198 9 592Total 206 655 225 465Port expenses include pilotage, towage, agency fee, survey, stevedoring and cleaning.Note 6 - Management fee and other income(USD '000)Figures in USD '000 2012 2011Management fee from pools 1 836 5 353Other 97 301Total 1 933 5 654The Company discontinued as pool manager in the first half of 2012.Note 7 – Ship operating expenses(USD '000)Figures in USD '000 2012 2011Crew expenses 57 001 58 262Technical expenses 30 534 31 005Other expenses (insurance, fees, etc) 31 821 33 877Total 119 356 123 14435

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