Views
3 years ago

Annual Report 2012

Annual Report 2012

GROUPUnquoted

GROUPUnquoted instruments, loans from banks and other financial liabilities, obligations under finance leasesThe fair value of unquoted instruments, loans from banks and other financial liabilities, obligations underfinance leases, as well as other non-current financial liabilities is estimated by discounting future cash flowsusing rates currently available for debt on similar terms. The obligations under finance leases were updated at31 December 2012 to reflect best timing estimate of declaring purchase options. Fair value of the obligationsunder finance leases are therefore not considered to be materially different from book value as of thereporting date.The table below provides an overview of the carrying and fair value of the Company’s financial instrumentsand the accounting treatment of these instruments.(USD ‘000)2012 2011CarryingCarryingamount Fair value amount Fair valueLoans and receivablesOther receivables 2 000 2 000 2 000 2 000Trade and receivables 50 951 50 951 62 375 62 375Cash and cash equivalents 30 926 30 926 66 826 66 826Total loans and receivables 83 877 83 877 131 201 131 201Financial assets at fair value through profit or lossShares held for trading 230 230 226 226Derivates not designated as hedge accountingBunker hedge - - 169 169Total financial assets at fair value through profit or loss 230 230 395 395Total financial assets 84 107 84 107 131 596 131 596Financial liabilities measured at amortised costTrade and other payables 58 568 58 568 70 786 70 786Bond loan 114 330 38 332 105 888 44 465Credit facilities 668 726 * 667 447 667 447Financial lease liabilities 152 529 152 529 199 993 199 993Other current liabilities 6 6 35 35Total financial liabilities measured at amortised cost 994 159 * 1 044 149 982 727Total financial liabilities 994 159 * 1 044 149 982 727* If any of the mortgage banks were to sell its debt, it is not unreasonable to believe that the fair value of the loanswould be below the carrying amount in the current market. Our bank loans are sophisticated secured products nottraded in an active market and the determination of fair value is associated with a significant level of uncertainty. Assuch, we have not been able to quantify the fair value of the bank loans.52

GROUPNote 21 - Related party disclosuresThe consolidated financial statements include the financial statements of Eitzen Chemical ASA and thesubsidiaries listed in the following table.Country of % equity interest % voting rightsName incorporation 2012 2011 2012 2011Eitzen Chemical Shipholding AS Norway 100 % 100 % 100 % 100 %- Eitzen Chemical (Singapore) Pte.Ltd. Singapore 100 % 100 % 100 % 100 %- Eitzen Chemical Shipping & Trading (Singapore) Pte.Ltd. Singapore 100 % 100 % 100 % 100 %- Sichem Pearl Shipping Co. Pte.Ltd. Singapore 100 % 100 % 100 % 100 %- Eitzen Chemical Invest (Singapore) Pte.Ltd. Singapore 100 % 100 % 100 % 100 %- Napoli Chemical KS Norway 100 % 100 % 100 % 100 %- Napoli Chemical AS Norway 100 % 100 % 100 % 100 %- Team Tankers AS Norway 100 % 100 % 100 % 100 %- Team Tankers (USA) L.L.C USA 100 % 100 % 100 % 100 %- Eitzen Chemical (France) S.A.S. (closed 30.06.2011) France 100 % 100 %- Eitzen Chemical (USA) L.L.C. USA 100 % 100 % 100 % 100 %- Eitzen Chemical (Denmark) A/S Denmark 100 % 100 % 100 % 100 %- Eitzen Chemical Shipping (Singapore) Pte.Ltd. Singapore 100 % 100 % 100 % 100 %- Eitzen Chemical A/S Denmark 100 % 100 % 100 % 100 %- Eitzen Chemical (Spain) S.A. Spain 100 % 100 % 100 % 100 %- Team Shipping AS Norway 100 % 100 % 100 % 100 %The following table provides the total amount of transactions which have been entered into with relatedparties for the relevant financial year.(USD ‘000)Figures in USD '000Sale to / Amounts owedpurchase from by/-to relatedRelated party Type of transaction 2012 2011 2012 2011Entities with significant influence over the Company:Jason Shipping ASA 1) Corporate administration and office rent - -251 - 45Companies which are a part of the JSHIP Group or controlled by a related party:EMS Seven Seas Group 2) IT services and corporate administration - -621 - -Camillo Eitzen (Danmark) A/S Corporate administration and office rent -18 -70 1 -Camillo Real A/S Rent -387 -415 61 58Camillo Eitzen (Singapore) Pte Ltd Corporate administration -10 -206 - -10Sigas (Singapore) Pte Ltd Corporate administration - 8 - -Aage Figenschou AS 3) Consultancy services -98 -25 - -Bsc - Bjørn Sjaastad Consulting 4) Consultancy services -211 -131 - -111)2)3)4)Jason Shipping ASA holds 34.0 per cent of the shares in the Company.The company was controlled by Jason Shipping ASA until 21 December 2011. Transaction balances include alltransactions up to that date.The company is controlled by Chairman of the Board Aage Rasmus Bjelland FigenschouThe company is controlled by former Chairman of the Board Bjørn J. SjaastadTerms and conditions of transactions with related partiesSales to and purchases from related parties are made at normal market prices. There have been no guaranteesprovided or received for any related party receivables or payables. The Company has not made any provisionfor doubtful debts relating to amounts owed by related parties.Significant influence and dual roles:- Aage R B Figenschou was on the Board of Directors in both Jason Shipping ASA and Eitzen ChemicalASA in 2011 and 2012. On 1 February 2012, Mr. Figenschou withdrew as member of the Board ofJason Shipping ASA and took up the position as the Chief Executive Officer.For remuneration to CEO and Key Management personnel, refer to Group Note 8 and Parent Note 2.53

ANNUAL REPORT 2012 - Euronav.com
Annual Report 2012 - Tivoli
Annual Report 2012 - Deep sea supply
2012 Annual Report - Woodmen.org
2012 Annual Report - OTCIQ.com
Affecto Annual Report 2012
ANNUAL REPORT AND ACCOUNTS 2012 - RSA, Annual Report ...
Read the Loomis Annual Report 2012
Nolato Annual Report 2012
2012 Annual Report - Cal Dive
2012 Annual Report - Dorel Industries
Annual Report Vensur 2012 - Kersten
Annual Report 2012 - TodayIR.com
BAE Annual Report 2012 - Investors
Download AAK Annual Report 2012
annual report
ANNUAL REPORT 2012 - Dantherm
Annual Report 2012 - Rieter
LLB 151st Annual Report 2012 – 151st Annual Report 2012
Annual Report 2012 - NZX
ANNUAL REPORT 2012 - Atterbury Property Holdings
Annual Report 2012 - Floatel International
ORION GROUP • Annual Report 2012