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Annual Report 2012

Annual Report 2012

Interest

Interest expenses2012 2011Bond loan, finance institutions -36 247 -36 635Interest expenses on intercompany receivables -733 -1 012Other interest -4 -1Total interest expenses -36 984 -37 647Other financial items2012 2011Net currency gain/(loss) -20 832 37 884Dividend from subsidiaries - 5 504Other financial expenses -23 544 -6 534Total other financial items -44 376 36 854The net currency gain is primarily related to intercompany receivables and debt in USD.Note 5 - Taxes(NOK '000)Income tax expense include the following items 2012 2011Tax payable - -Changes in deferred taxes - -Income tax expense - -Profit before tax -824 039 -1 029 807Non-deductible expenses 3 138 2 617Income and expense not subject to taxes - -5 504Permanent differences -864 320 1 012 415Change in temporary differences -2 844 1 962Taxable income -1 688 066 -18 316Group contribution - 10Taxable income -1 688 066 -18 306Effective tax rate 2012 2011Profit before taxes -824 039 -1 029 807Expected income tax based on a tax rate of 28 % -230 731 -288 346Non-deductible expenses 879 733Share issuance cost - -3 465Income not subject to income taxes - -1 541Taxable gain (loss) from subsidiaries -143 -Tax effect of asset impairment 2 931 286 942Tax effect of disposal of financial assets -244 798 -Tax loss carried forward and other tax credits 472 658 5 129Tax effect of changes in other temporary differences -796 549Income tax expense - -Effective tax rate in % 0 % 0 %64

Deferred tax assets/(liabilities) 2012 2011Fixed assets 9 -72Pension obligation 315 943Capitalized transaction costs -491 -129Other current assets and liabilities 1 245 -Tax loss carried forward 535 426 63 900Deferred tax assets/(liabilities) 536 504 64 642Deferred tax assets not recorded in balance sheet -536 504 -64 642Deferred tax 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 note6 for further information. In the tax return for 2012 Eitzen Chemical ASA intends to claim a tax loss from thetransaction of NOK 1,634 million. However, there is a risk whether the transaction is within the scope of theTax Exemption Method in Norway. In this case, the transaction may not be tax deductible. Total loss carriedforward as of 31 December 2012, including the tax loss of NOK 1,634 million, is NOK 1,916 million.Net deferred tax liabilities in limited partnerships as of 31 December 2012 amounts to NOK 0.0 millionfollowing the sale of Napoli Chemical KS in December 2012 (2011: MNOK 17.2).Note 6 - Investments in subsidiariesIn December 2012, the Company sold its investments in Team Shipping AS, Eitzen Chemical (Denmark) A/S,Napoli Chemical KS, Napoli Chemical AS, Eitzen Chemical (Singapore) Pte. Ltd. and Eitzen Chemical Invest(Singapore) Pte. Ltd. to its wholly owned subsidiary Eitzen Chemical Shipholding AS. The companyrestructuring followed the new loan agreements with the lenders of the Eitzen Chemical Group.(NOK '000)SubsidiariesCountry ofincorporationYear ofacquisitionNominalshare capital InterestCarryingvalue 2012Carryingvalue 2011Eitzen Chemical Shipholding AS Norway 2006 NOK 40 100 100 % - -Team Shipping AS Norway 2006 NOK 343 0 % - 306Eitzen Chemical (Danmark) A/S Denmark 2006 DKK 500 0 % - 47 149Napoli Chemical KS Norway 2007 NOK 83 500 * 0 % - -Napoli Chemical AS Norway 2007 NOK 100 0 % - 100Eitzen Chemical (Singapore) Pte.Ltd. Singapore 2010 USD 382 257 0 % - 712 643Eitzen Chemical Invest (S) Pte.Ltd. Singapore 2010 USD 38 0 % - 238Total interest in subsidiary undertakings - 760 436* Nominal share capital in Napoli Chemical KS is paid in capital in the partnership.Loss on disposal of financial assets2012 2011Team Shipping AS 306 -Eitzen Chemical (Danmark) A/S 47 149 -Napoli Chemical AS 100 -Eitzen Chemical (Singapore) Pte.Ltd. 712 643 -Eitzen Chemical Invest (S) Pte.Ltd. 238 -Total loss on disposal of financial assets 760 436 -65

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