Statements of cash flows

Parent company

Consolidated

2016

2015

(Amounts in USD 1,000)

Note

2016

2015

Cash flow from operations

-14,765

-16,196

Net profit/(loss)

-95,586

-196,416

12,327

12,210

Interest expense

50,115

51,796

-1,265

-568

Intercompany interest

-

-

-2,809

-2,923

Interest income

-8,487

-4,223

2,742

-

Tax expense

-626

4,737

-12,811

-12,129

Interest paid

-52,338

-50,649

-1,384

-

Taxes paid

-603

-2,272

-

-

Result from associated companies

7

-19

1,560

-

-

Gain/(loss) on sale of assets

25

423

-16,317

-

-

Gain from bargain purchase

-18,312

-

-

-

Depreciation and amortization

5

111,771

107,025

-

-

Impairment of vessels

5

60,180

159,465

-

-

Impairment of intangible assets

5

1,015

6,705

-

-

Impairment related to long term receivables/subsidiaries

15,379

-

-527

-1,728

Employee share scheme expenses

31

516

-1,728

-

-

Effect of unreal. gain on currency exchange forward contracts

28

-871

-2,074

4,155

11,255

Changes in short-term receivables and payables

-20,938

-25,149

-368

-368

CIRR gain

-368

-368

331

-

Other changes

23,590

10,373

-14,374

-10,447

Net cash flow from operations

64,841

42,462

             

Cash flow from investment activities

3,897

3,491

Interest received

8,501

4,233

-

-

Investment in fixed assets

4.5

-413,917

-149,631

-

-

Proceeds from sale of fixed assets

25

9,751

122,193

-

-

Proceeds from sale of shares

-

2,620

380

-

Cash acquired in business combination

3,314

-

6,179

13,319

Received from long term loan

-

-

-32,972

-22,071

Investments in subsidiaries

-201

-2,510

-

-

Dividend from associated companies

7

-

1,355

-35,298

-

Investments in associated companies

7

-

-3,576

-57,814

-5,261

Net cash flow from investment activities

-392,552

-25,315

             

Cash flow from financing activities

-

98,983

Proceeds from issue of new equity

-

98,983

-

-

Contribution from non-controlling – interest.
Conversion of debt to equity

-

4,744

-

-

Proceeds from bank overdraft

-

-4,014

-

-

Proceeds from new long-term borrowing

12

455,706

109,583

-1,671

-36,560

Repayment of long-term borrowing

12

-188,360

-182,820

-1,671

62,422

Net cash flow from financing activities

267,347

26,476

-73,860

46,714

Net change in cash

-60,364

43,623

269,293

222,579

Cash at bank as of 1 January

148,753

117,623

-

-

Effect of exchange rate differences

12,935

-12,494

195,433

269,293

Cash at bank as of 31 December

101,323

148,753

Board Of Directors

Financial Statements

Notes