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 | |||
| Note | 2018 US$'000 | 2017 US$'000 | |
| Revenue | 4, 8 | 1,591,564 | 1,488,019 |
| Cost of services | 5, 8 | (1,507,705) | (1,463,311) |
| Gross profit | 83,859 | 24,708 | |
| Indirect general and administrative overheads | 5 | (6,003) | (5,310) |
| Other income and gains | 20 | 30,459 | 20,431 |
| Other expenses | 5 | (2,416) | (4,226) |
| Finance income | 21 | 3,513 | 3,651 |
| Finance costs | 21 | (35,866) | (35,998) |
| Profit before taxation | 73,546 | 3,256 | |
| Tax (charges)/credits | 22 | (1,262) | 354 |
| Profit attributable to shareholders | 72,284 | 3,610 | |
| Earnings per share for profit attributable to shareholders (in US cents) | |||
| Basic earnings per share | 24(a) | 1.64 | 0.09 |
| Diluted earnings per share | 24(b) | 1.61 | 0.09 |
Consolidated Statement of Comprehensive Income
| For the year ended 31 December | ||
| 2018 US$'000 | 2017 US$'000 | |
| Profit attributable to shareholders | 72,284 | 3,610 |
| 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 shareholders | 69,942 | 7,681 |
Consolidated Statement of Changes in Equity
| For the year ended 31 December | |||
| Note | 2018 US$'000 | 2017 US$'000 | |
| Balance at 1 January | 1,161,135 | 1,040,771 | |
| Change in accounting policy | (8,784) | - | |
| Restated | 1,152,351 | 1,040,771 | |
| Total comprehensive income attributable to shareholders | 69,942 | 7,681 | |
| Shares issued as Vessel Consideration Shares, net of issuing expenses | 18(a) | 18,076 | 46,074 |
| Dividend paid | 23 | (14,315) | - |
| Share-based compensation | 5,265 | 4,301 | |
| Shares purchased by trustee of the SAS | 18(b) | (110) | (1,233) |
| Shares issued for new share placement, net of issuing expenses | 18(c) | - | 37,630 |
| Exchange adjustment to reserve | - | 25,849 | |
| Unclaimed dividends forfeited | - | 62 | |
| Balance at 31 December | 1,231,209 | 1,161,135 | |
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 |