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Annual Report 2012

Annual Report 2012

GROUPNote 9 - Financial

GROUPNote 9 - Financial items(USD ‘000)Interest incomeFigures in USD '000 2012 2011Bank interest 92 309Interest income, other - 144Total 92 453Interest expensesFigures in USD '000 2012 2011Interest expense, debts and borrowings -35 266 -30 059Interest expense, finance leased vessels -11 710 -13 624Total -46 976 -43 683Other financial itemsFigures in USD '000 2012 2011Foreign exchange gain 11 171 41 211Foreign exchange net gain, finance lease 3 626 5 943Other financial income * 32 239 1 724Other financial income 47 036 48 878Foreign exchange loss -17 312 -41 635Changes in market value of financial instruments -169 -285Other financial expenses ** -7 156 -4 392Other financial expenses -24 637 -46 312Total 22 398 2 566* Other financial income in 2012 is mainly related to two of the Company’s time charter contracts accounted for asfinance leases which expire in the first half of 2013 and where it is assumed that the purchase options on these vesselswill not be exercised. Refer to note 18 for further information.** Other financial expenses in 2012 include debt restructuring fees of USD 5.8 million.Foreign exchange gains and losses relates mainly to exchange rate fluctuations in Norwegian and Danishkroner, Euro and Japanese Yen. Note 22 include further details on foreign currency risk and exposure.Items of income, expenses, gain and losses2012 Debt andpayablesLoan andreceivablesOther financialassets/ liabilitiesTotalInterest income - 92 - 92Interest expense -46 976 - - -46 976Other financial items 3 626 -6 141 24 913 22 398Net financial income/(expenses) -43 350 -6 049 24 913 -24 48638

GROUPItems of income, expenses, gain and losses2011 Debt andpayablesLoan andreceivablesOther financialassets/ liabilitiesTotalInterest income - 309 144 453Interest expense -43 683 - - -43 683Other financial items 5 943 -424 -2 953 2 566Net financial income/(expenses) -37 740 -115 -2 809 -40 664Note 10 - Income tax expense(USD ‘000)The Company’s and / or its subsidiaries’ activities will to a large extent be governed by the fiscal legislation ofthe jurisdictions where it is operating. Thus, the Company is exposed to a risk regarding the correct applicationof the tax regulations as well as possible future changes in the tax legislation of those relevant countries. Inaddition, the Company is, to a certain extent, exposed to different rules on freight duty and withholding tax.The Company participates in the tax scheme in Singapore. All qualified shipping income derived from theshipping activity is exempt from taxation for the duration of the Approved International Shipping Enterprise(AIS) approval. The AIS approval has been granted for a period of ten years commencing November 2004.Furthermore, dividend paid from Singapore to the parent company in Norway is also exempt from tax.Income taxes included in the income statement2012 2011Tax payable -1 -19Changes in deferred tax - -2 555Tax adjustments previous years - 44Income taxes -1 -2 530Effective tax rate2012 2011Profit (loss) before taxes -136 315 -151 499Statutory tax rate (Norway) 28% 28 %Estimated tax expenses at statutory tax rate 38 168 42 420Non-deductible expenses (incl impariment of assets) -19 775 -18 032Share issuance cost recorded in equity - 2 208Income/loss not subject to tax/countries with lower tax rate -25 017 -49 989Tax loss carried forward and other tax credits 6 622 20 864Income tax expense -1 -2 530Effective tax rate in % 0 % 2 %39

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