Financial Statements

Consolidated Balance Sheet

 

As at 31 December
Note 2018
US$'000
2017
US$'000
ASSETS      
Non-current assets
Property, plant and equipment
6 1,807,672 1,797,587
Goodwill 7 25,256 25,256
Derivative assets 10 1,745 1,233
Trade and other receivables 11 8,900 5,254
Available-for-sale financial assets 9 - 569
Restricted bank deposits 12 58 58
1,843,631 1,829,957
Current assets
Inventories
13 85,488 71,774
Derivative assets 10 214 4,834
Assets held for sale 14 6,450 -
Trade and other receivables 11 88,679 80,275
Cash and deposits 12 341,744 244,636
Tax receivable - 116
522,575 401,635
Total assets 2,366,206 2,231,592
EQUITY    
Capital and reserves attributable to shareholders
Share capital
18 45,205 43,554
Retained profits 19 202,262 154,387
Other reserves 19 983,742 963,194
Total equity 1,231,209 1,161,135
LIABILITIES    
Non-current liabilities
Derivative liabilities
10 9,912 5,790
Long-term borrowings 17 737,377 776,876
Provision for onerous contracts 16 - 12,731
Trade and other payables 15 5,537 10,203
752,826 805,600
Current liabilities
Derivative liabilities
10 7,374 772
Trade and other payables 15 150,559 143,878
Current portion of long-term borrowings 17 223,716 104,092
Taxation payable 522 -
Provision for onerous contracts 16 - 16,115
382,171 264,857
Total liabilities 1,134,997 1,070,457

Approved by the Board of Directors on 28 February 2019

Mats H. Berglund Director

Peter Schulz Director

Consolidated Income Statement

 

For the year ended 31 December
Note2018
US$'000
2017
US$'000
Revenue4, 81,591,5641,488,019
Cost of services5, 8(1,507,705)(1,463,311)
Gross profit83,85924,708
Indirect general and administrative overheads5(6,003)(5,310)
Other income and gains2030,45920,431
Other expenses5(2,416)(4,226)
Finance income213,5133,651
Finance costs21(35,866)(35,998)
Profit before taxation73,5463,256
Tax (charges)/credits22(1,262)354
Profit attributable to shareholders72,2843,610
Earnings per share for profit attributable to shareholders (in US cents)
Basic earnings per share24(a)1.640.09
Diluted earnings per share24(b)1.610.09

Consolidated Statement of Comprehensive Income

 

For the year ended 31 December
 2018
US$'000
2017
US$'000
Profit attributable to shareholders72,2843,610
Other comprehensive income
Items that may be reclassified to income statement
Cash flow hedges:    
- transferred to income statement 4,346 (10,356)
- fair value (losses)/gains (5,744) 12,656
Currency translation differences (669) 771
Release of exchange losses from reserves to income statement for disposal of towage assets _ 1,306
Items that may not be reclassified to income statement   
Fair value losses on financial assets at fair value through
other comprehensive income/available-for-sale financial assets
(275) (306)
Total comprehensive income attributable to shareholders69,9427,681

Consolidated Statement of Changes in Equity

 

For the year ended 31 December
Note2018
US$'000
2017
US$'000
Balance at 1 January1,161,1351,040,771
Change in accounting policy(8,784)-
Restated1,152,3511,040,771
Total comprehensive income attributable to shareholders69,9427,681
Shares issued as Vessel Consideration Shares, net of issuing expenses18(a)18,07646,074
Dividend paid23(14,315)-
Share-based compensation5,2654,301
Shares purchased by trustee of the SAS18(b)(110)(1,233)
Shares issued for new share placement, net of issuing expenses18(c)-37,630
Exchange adjustment to reserve-25,849
Unclaimed dividends forfeited-62
Balance at 31 December1,231,2091,161,135

Consolidated Cash Flow Statement

 

For the year ended 31 December
Note 2018
US$'000
2017
US$'000
Operating activities
Cash generated from operations 25(a) 190,174 125,601
Hong Kong profits tax paid (207) (555)
Overseas taxation paid (412) (306)
Net cash generated from operating activities 189,555 124,740
Investing activities
Purchase of property, plant and equipment 25(c) (127,924) (219,857)
Disposal of property, plant and equipment 597 9,617
Decrease in term deposits 5,096 82,871
Interest received 3,513 3,651
Distribution from Muchalat investment 1,582 -
Disposal of financial assets at fair value through other comprehensive income/
   available-for-sale financial assets
294 158
Net cash used in investing activities (116,842) (123,560)
Financing activities
Drawdown of bank loans and other borrowings 25(b) 634,074 188,601
Repayment of bank loans and other borrowings 25(b) (558,410) (136,929)
Interest and other finance charges paid (31,260) (31,310)
Dividend paid 23 (14,315) -
Payment for shares purchased by trustee of the SAS 18(b) (110) (1,233)
Proceeds from new share placement, net of issuing expenses 18(c) - 37,630
Net cash generated from financing activities 29,979 56,759
Net increase in cash and cash equivalents 102,692 57,939
Exchange (losses)/gains on cash and cash equivalents (488) 422
Cash and cash equivalents at 1 January 227,040 168,679
Cash and cash equivalents at 31 December 12 329,244 227,040
Term deposits at 1 January 12 17,596 100,467
Decrease in term deposits (5,096) (82,871)
Cash and deposits at 31 December 12 341,744 244,636

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