Statements of Cash Flows

Parent company

Consolidated

2017

2016

(Amounts in USD 1,000)

Note

2017

2016

CASH FLOW FROM OPERATIONS

-241,208

-14,765

Net profit/(loss)

-204,044

-155,905

9,710

12,327

Interest expense

56,833

50,115

-

-

Cash flow hedge

-

60,319

-1,305

-1,265

Intercompany interest

-

-

-2,718

-2,809

Interest income

-8,461

-8,487

79

2,742

Tax expense

9,087

-626

-10,837

-12,811

Interest paid

-57,088

-52,338

-79

-1,384

Taxes paid

-945

-603

-

-

Result from associated companies

7

-580

-19

-

-

Gain/(loss) on sale of assets

24

-46

423

-

-

Gain from bargain purchase

-

-18,312

-

-

Depreciation and amortization

5

122,032

111,771

-

-

Impairment of vessels

5

126,299

60,180

-

-

Impairment of intangible assets

5

-

1,015

-

-

Impairment related to long term receivables, projects

24,000

15,379

225,029

-

Impairment of shares in subsidiares

20

-

-

-221

-527

Stock option expences

30

223

516

-

-

Effect of unreal. gain on currency exchange forward contracts

27

-350

-871

61,632

4,155

Changes in short-term receivables and payables

15,832

-20,938

-368

-368

CIRR

-368

-368

-46

331

Other changes

17,515

23,590

39,667

-14,374

Net cash flow from operations

99,938

64,841

             

CASH FLOW FROM INVESTMENT ACTIVITIES

5,097

3,897

Interest received

7,691

8,501

-

-

Investment in fixed assets

4,5

-20,031

-414,802

-

-

Proceeds from sale of fixed assets

24

31,520

9,751

527

-

Proceeds from sale of shares

359

-

-

380

Acquisition of subsidiary

-

3,314

-

6,179

Received from long term loan

-

-

-13,838

-

Loan to subsidiaries

-

-

-3,480

-32,972

Investments in subsidiaries

-

-201

-

-35,298

Investments in associated companies

7

-

-

-11,694

-57,814

Net cash flow from investment activities

19,541

-393,437

             

CASH FLOW FROM FINANCING ACTIVITIES

22,094

-

Proceeds from issue of new equity

22,094

-

-

-

Contribution from non-controlling interests of consolidated subsidiares

-

885

-

-

Proceeds from new long-term borrowing

12

31,097

455,706

-47,253

-1,671

Repayment of long-term borrowing

12

-220,678

-188,360

-25,160

-1,671

Net cash flow from financing activities

-167,488

268,232

2,813

-73,860

Net change in cash

-48,009

-60,364

195,433

269,293

Cash at bank as of 1 January

101,323

148,753

5,586

-

Effect of exchange rate differences

10,197

12,935

203,832

195,433

Cash at bank as of 31 December

63,511

101,323

Board Of Directors

Financial Statements

Notes