Views
3 years ago

Annual Report 2012

Annual Report 2012

GROUPCredit riskThe

GROUPCredit riskThe Company’s main credit risks are related to payment of freight income. The Company aims at trading withcreditworthy counterparties. The credit risk involved in relation to allowing our customer to issue prepaid billsof lading on vegetable oil freights is mitigated by keeping the bill of lading in our control until payments arereceived. Sometimes it can be possible to take arrest in the cargo after it has been discharged. However, adefault of a charterer will always impose potential loss for the Company. The maximum exposure to credit riskis the Trade receivable balance of USD 35.1 million (2011: USD 43.9) and the USD 2.0 million seller’s creditbalance under Other non-current assets (2011: USD 2.0 million).Derivative instruments are only entered into with highly rated financial institutions, which mean that the creditexposures for these transactions are expected to be at an acceptable level.Capital managementThe primary objective of the Company’s capital management is to safeguard the Company’s ability to continueas a going concern in order to provide returns to shareholders and benefits for other stakeholders. EitzenChemical manages its capital structure and makes adjustments to it, in light of changes in economic conditions.As of 31 December 2012, the Company’s equity ratio was 3 per cent negative (2011: 9 per cent positive). Thereis high risk associated with the current leverage of the Company if the current weak chemical tanker marketcontinues. Eitzen Chemical will continue its focus on strengthening the Company’s capital situation andevaluate potential partners who are willing to invest long term in the Company.Note 23 – Subsequent eventsOn 4 January 2013 the Company finalized the new loan agreements with its syndicate banks and the trustee ofthe bond loan.On 17 January 2013 the exchange of bonds was implemented in accordance with the restructuring proposaladopted at the bondholders’ meeting held 7 December 2012.On 5 February 2013 the Company held an extraordinary general meeting whereby a reverse share split in theratio 100:1 was approved. The company’s share capital is currently NOK 846,016,800 divided by 11,280,224shares, each with a nominal value of NOK 75.56

Income Statement – Parent Company(NOK '000, except per share data)Figures in NOK '000 Note 2012 2011Management fees and other income 23 194 25 942Salaries 2 -17 656 -19 904General and administrative expenses 2 -17 265 -13 715EBITDA (Earnings before interest, taxes, depreciation and amortisation) -11 727 -7 677Depreciation 3 -26 -142EBIT (Earnings before interest and taxes) -11 753 -7 819Impairment financial assets 6, 7 -10 468 -1 051 758Loss on disposal of financial assets 6 -760 436 -Interest income 4 39 977 30 564Interest expenses 4 -36 984 -37 647Other financial items 4 -44 376 36 854Profit (loss) before taxes -824 039 -1 029 807Income tax expenses 5 - -Net profit (loss) -824 039 -1 029 807Attributed to retained losses -824 039 -1 029 807Earnings per share – basic/diluted earnings per share 11 NOK -73.12 NOK -103.85See accompanying notes that are an integral part of these financial statements.57

ANNUAL REPORT 2012 - Euronav.com
Annual Report 2012 - Deep sea supply
Annual Report 2012 - Tivoli
ANNUAL REPORT AND ACCOUNTS 2012 - RSA, Annual Report ...
2012 Annual Report - Woodmen.org
Affecto Annual Report 2012
2012 Annual Report - OTCIQ.com
Annual Report 2012 - Floatel International
Read the Loomis Annual Report 2012
Annual report 2012 - Von Roll
Download Annual Report PDF - Annual Report 2012 - Tecnotree
Annual Report Vensur 2012 - Kersten
Financial reporting. - Nobel Biocare Annual Report 2010
2012 Annual Report - Cal Dive
Annual Report 2012 - TodayIR.com
VPH Annual Report 2012 - Saigon Asset Management
Annual Report 2012 - NZX
ANNUAL REPORT 2012 - Dantherm
LLB 151st Annual Report 2012 – 151st Annual Report 2012
Annual Report 2012 - Rieter
Annual Report 2012 - Dialog
Lloyd's Annual Report 2012
2012 annual report - Vicat
Annual Report for 2012 - Cision
AnnuAl RepoRt 2012 - PGS
December 2012 Full Annual Report - Turners Auctions