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Annual Report 2012

Annual Report 2012

GROUP2012 2011Deferred taxLoss carried forward * 351 028 46 340Other temporary differences 4 190 950Deferred tax assets 355 219 47 290Deferred tax liabilitiesNon-current liabilities -2 743 -12 143Deferred tax liabilities -2 743 -12 143Net deferred tax assets/(-liabilities) 352 476 35 147Deferred tax assets not recorded in balance sheet -352 476 -35 147Recorded deferred tax assets/(-liabilities) in balance sheet - -* Eitzen Chemical ASA realized a loss from an internal sale of shares in subsidiaries in 2012, due to a companyrestructuring following the new loan agreements with the lenders of the Eitzen Chemical Group. Refer to note 6 inparent company for further information. In the tax return for 2012 Eitzen Chemical ASA intends to claim a tax loss fromthe transaction of USD 291.6 million. However, there is a risk whether the transaction is within the scope of the TaxExemption Method in Norway. In this case, the transaction may not be tax deductible.The temporary differences as of 31 December 2012 and 2011 are mainly related to companies taxable inNorway and Denmark. USD 351.0 million (2011: USD 46.3 million) of the deferred tax assets relates to tax losscarried forward in Norway and Denmark. Loss carried forward in Norway and Denmark is not subject toexpiration. Tax liabilities related to limited liability companies taxed in Norway amounts to USD 1.4 million(2011: USD 10.4 million). In addition, deferred tax liabilities related to surplus values from businesscombinations amount to USD 1.3 million (2011: USD 1.7 million).Note 11 - Earnings per shareBasic and diluted earnings per share are calculated by dividing net profit (loss) for the year attributable toordinary equity holders by the weighted average number of ordinary shares outstanding during the year. On 5February 2013 the Company held an Extraordinary General Meeting whereby a reverse share split in the ratio100:1 was approved. Refer to notes 16 and 23 for further information. Earnings per share for both 2012 and2011 have been calculated based on the weighted average number of shares adjusted for the reverse split. Thefollowing reflects the income and share data used in the total operations basic and diluted earnings per sharecomputations:Figures in USD '000 2012 2011Net profit (loss) attributable to equity holders (USD '000 ) -136 316 -154 029Number of shares outstanding end of period 1 127 012 323 1 127 012 000Weighted average number of ordinary shares outstanding in the period 1 127 012 323 991 672 702Weighted average number of ordinary shares for earnings per share calculation 11 270 123 9 916 727Earnings per share - basic/diluted earnings per share (USD) -12.10 -15.53The Board of Directors has proposed that no dividend will be paid for the financial year 2012 (2011: 0).Treasury shares are not included in the weighted average number of shares.40

GROUPNote 12 – Vessels(USD ‘000)31 December 2012 VesselsFinance leasevesselsOther fixedassetsAt 1 January 2012, net of cost andaccumulated depreciation 759 500 235 637 419 995 555Additions (mainly upgrading and docking of vessels) 14 540 203 63 14 806Disposals -16 216 - -168 -16 384Depreciations for the year -51 721 -12 949 -108 -64 779Impairment - -70 391 - -70 391At 31 December 2012, net of costs andaccumulated depreciation 706 102 152 499 205 858 807At 31 December 2012Cost 1 067 345 347 445 1 112 1 415 902Accumulated impairment -159 424 -107 638 - -267 062Accumulated depreciation -201 819 -87 308 -906 -290 033Net carrying amount 706 102 152 499 206 858 807No. of vessels 36 10 46All owned vessels are pledged to secure various banking facilities (refer to note 18 for further information).The Company is not aware of any pledges on finance leased vessels, but such arrangements might howeverexist.Total31 December 2011VesselsFinance leasevesselsOther fixedassetsAt 1 January 2011, net of cost andaccumulated depreciation 853 699 285 252 568 1 139 519Additions (mainly upgrading and docking of vessels) 16 033 3 794 44 19 871Effect of update of lease schedules * - -11 377 - -11 377Disposals -3 652 -12 546 -4 -16 202Depreciations for the year -56 401 -17 155 -193 -73 749Impairment -50 179 -12 331 -62 510Exchange adjustment - - 4 4At 31 December 2011, net of costs andaccumulated depreciation 759 500 235 637 419 995 556At 31 December 2011Cost 1 113 203 347 243 1 990 1 462 436Accumulated impairment -167 676 -37 247 - -204 923Accumulated depreciation -186 027 -74 359 -1 571 -261 957Net carrying amount 759 500 235 637 419 995 556No. of vessels 39 10 49Total* The Company recalculated the finance lease obligations and updated the estimates for vessels accounted for financeleases. This resulted in non-cash effect of USD 22.5 million as at 31 December 2011, decreasing total finance leaseobligations. The Company determined that USD 11.4 million of this effect has corresponding balance sheet effect onvessels held under finance leases.41

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