Statements of cash flows

PARENT COMPANY

     

CONSOLIDATED

2015

2014

 

(Amounts in USD 1,000)

Note

2015

2014

             
     

CASH FLOW FROM OPERATIONS

     

-7,477

-56,809

 

Profit/(loss) before taxes, excluding interest

30

-144,106

117,702

-12,129

-11,801

 

Interest paid

 

-50,649

-46,362

-

-

 

Taxes paid

 

-2,272

-8,957

-

-

 

Result from associated companies

7

1,560

-1,808

-

-

 

Gain/(loss) on sale of assets

25

-16,317

-18,728

-

-

 

Depreciation and amortization

5

107,025

96,883

-

-

 

Impairment of vessels

5

159,465

29,000

-

-

 

Impairment of intagible assets

5

6,705

-

-

49,000

 

Impairment of shares in subsidiaries

 

-

-

-1,728

2,462

 

Stock option expenses

31

-1,728

2,462

-

-

 

Effect of unreal. currency exchange forward contracts

28

-2,074

5,612

11,255

-7,289

 

Changes in short-term receivables and payables

 

-25,149

19,918

-368

-368

 

CIRR

 

-368

-368

 

-

 

Other changes

 

10,373

-11,010

-10,447

-24,805

 

Net cash flow from operations

 

42,462

184,345

             
     

CASH FLOW FROM INVESTMENT ACTIVITIES

     

3,491

4,162

 

Interest received

 

4,233

4,171

-

-

 

Investment in fixed assets

4,5

-149,631

-525,674

-

-

 

Proceeds from sale of fixed assets

25

122,193

76,290

-

-

 

Proceeds from sale of shares

 

2,620

-

13,319

-17,041

 

Received from long term loan

 

-

-

-22,071

-

 

Investments in subsidiaries

 

-2,510

-

-

-

 

Dividend from associated companies

7

1,355

278

-

-

 

Investments in associated companies

7

-3,576

-12,201

-5,261

-12,879

 

Net cash flow from investment activities

 

-25,315

-457,136

             
     

CASH FLOW FROM FINANCING ACTIVITIES

     

-

-6,533

 

Dividend payment

 

-

-6,533

98,983

-

 

Proceeds from issue of new equity

 

98,983

-

-

-

 

Proceeds from share issue in partly owned subsidiaries

 

-

1,336

-

60,000

 

Loan from shareholder

 

-

-

-

-

 

Contribution from non-controlling interests of consolidated subsidiaries

4,744

-

-

-

 

Proceeds from bankoverdraft

 

-4,014

5,624

-

76,256

 

Proceeds from new long-term borrowing

12

109,583

447,701

-36,560

-

 

Repayment of long-term borrowing

12

-182,820

-131,936

62,422

129,723

 

Net cash flow from financing activities

 

26,476

316,192

46,714

92,039

 

Net change in cash

 

43,623

43,401

222,579

132,068

 

Cash at bank as of 1 January

 

117,623

101,206

 

-1,529

 

Effect of exchange rate differences

 

-12,494

-26,985

269,293

222,579

 

Cash at bank as of 31 December

 

148,753

117,623