Note 7 - Investment in Associated Companies

Figures for associated companies included in the consolidated accounts based on the equity accounting.

December 31, 2017

CONSOLIDATED

Company name

(Amounts in USD 1,000)

PR Tracer

Offshore ANS

KS Big

Orange XVIII

Rovde

Ind.park AS

Siem Offshore

Ghana Ltd

Total

Profit and loss account

Operating revenues

6,436

461

-

-

6,897

Operating expenses

-4,509

-22

-

-114

-4,645

EBITDA

1,927

439

-

-114

2,251

Depreciation and Amortization

-808

-

-

-

-808

Operating profit (EBIT)

1,119

439

-

-114

1,443

Net financial items

-24

6

-

-

-18

Taxes

-

-

-

-

-

This year's share of net profit after tax

1,095

444

-

-114

1,425

 

Siem Offshore's share of net profit

453

184

-

-56

580

This year's share of net profit after tax

453

184

-

-56

580

 

Statement of financial position

Non-current assets

73

-

-

7

80

Current assets

698

-

-

6

704

Cash

1,631

513

-

1

2,145

Total assets

2,403

513

-

14

2,930

 

Equity

2,403

496

-

-114

2,784

Non-Current liabilities

-

18

-

-

18

Current liabilities

-

-

-

128

128

Total liabilities

-

18

-

128

146

Total equity and liabilities

2,403

513

-

14

2,930

 

Siem Offshore's share of booked equity

993

205

-

-56

1,142

Added/reduced in the period

Adjustments IFRS and fair value in excess of book
value for vessel and goodwill as of December 31

-

338

-

56

394

Net book value in Siem Offshore as of December 31

993

542

-

-

1,535

 

Ownership interest

41.3 %

41.3 %

0 %

49.0 %

 

Specification of changes net book value in Siem Offshore's accounts

Net book value as of January 1

1,503

782

432

-

2,717

This year's share of net profit

453

184

-

-56

580

Adjustments consolidated accounts

-

-

-

56

56

Change of ownership% or sale

-

-

-432

-

-432

Dividends

-999

-450

-

-

-1,449

Effect of exchange rate differences

36

26

-

-

62

Net book value as of December 31

993

542

-

-

1,535

 

Of which:

Adjustments IFRS and fair value in excess of book value for vessel and goodwill as of January 1

-

314

-

56

370

Effect of exchange rate differences

-

24

-

-

24

Fair value in excess of book value for vessels and goodwill as of December 31 2017

-

338

-

56

394

Company name

Registered office

Consolidated as

Owner interest

Voting rights

Paid in capital

Issued, not paid in capital

PR Tracer Offshore ANS

Kristiansand, Norway

Equity accounting

41.33%

41.33%

1,633

-

KS Big Orange XVIII

Kristiansand, Norway

Equity accounting

41.33%

41.33%

8

5

Siem Offshore Ghana Ltd

Accra, Ghana

Equity accounting

49.00%

49.00%

200

-

Total

1,840

5

December 31, 2016

CONSOLIDATED

Company name

(Amounts in USD 1,000)

PR Tracer

Offshore ANS

KS Big

Orange XVIII

Rovde

Ind.park AS

Sentosa

Offshore DIS

Secunda

Holdings LP

Siem Offshore

Ghana Ltd

Total

 

Profit and loss account

Operating revenues

5,651

436

242

-

-

-

6,328

Operating expenses

-4,770

-21

-79

-

-

-

-4,870

EBITDA

881

415

163

-

-

-

1,458

Depreciation and Amortisation

-486

-

-87

-

-

-

-573

Operating profit (EBIT)

395

415

76

-

-360

-

885

Net financial items

9

7

-22

-

-

-

-6

Taxes

-

-

-

-

-

-

The year's net profit after tax

404

422

54

-

-360

-

879

 

Siem Offshore’s share of net profit

167

174

27

-

-180

-

188

Adjustments consolidated accounts

-

-

-8

-160

-

-

-168

This year’s share of net profit after tax

167

174

19

-160

-180

-

19

 

Statement of financial position

Non-current assets

-

-

1,296

-

-

-

1,296

Current assets

513

-17

6

-

-

-

502

Cash

2,642

1,125

48

-

-

-

3,815

Total assets

3,154

1,109

1,350

-

-

-

5,613

 

Equity

3,601

1,108

616

-

-

-

5,324

Non-current liabilities

-

-

642

-

-

-

642

Current liabilities

-446

1

93

-

-

-

-353

Total liabilities

-446

1

735

-

-

-

290

Total equity and liabilities

3,154

1,109

1,350

-

-

-

5,613

 

Siem Offshore's share of booked equity

1,488

458

308

-

-

-

2,254

Added/reduced in the period

Adjustments IFRS and fair value in excess
of book value for vessels and goodwill as of
December 31

15

324

124

-

-

-

463

Net book value in Siem Offshore as of
December 31

1,503

782

432

-

-

-

2,717

 

Ownership interest

41.3 %

41.3 %

50.0 %

0.0 %

100.0 %

49.0 %

 

December 31, 2016

CONSOLIDATED

Company name

((Amounts in USD 1,000))

PR Tracer

Offshore ANS

KS Big

Orange XVIII

Rovde

Ind.park AS

Sentosa

Offshore DIS

Secuda

Holding LP

Siem Offshore

Ghana Ltd

Total

 

Specification of changes net book value in Siem Offshore's accounts

Net book value as of January 1

1,295

596

513

153

14,103

-

16,660

Investment in associated companies

-

-

-

-

-

This year's share of net profit

167

174

27

-

-180

-

188

Adjustments consolidated accounts

26

4

-107

-161

-

-

-238

Change of ownership% or sale

-

-

-

-

-13,923

-

-13,923

Effect of exchange rate differences

15

8

-1

8

-

-

30

Net book value as of December 31

1,503

782

432

-

-

-

2,717

 

Of which:

Adjustments IFRS and fair value in excess
of book value for vessels and goodwill as of
January 1

-

314

123

120

2,874

-

3,431

Adjustment for depreciation IFRS

-

4

-

-

-

-

4

Amortisation of fair value in excess of book
value for vessels and goodwill

-

-

-

-120

-2,834

-

-2,954

Effect of exchange rate differences

15

6

1

-

-40

-

-18

Fair value in exess of book value for vessels
and goodwill as of December 31

15

324

124

-

-

-

463

Company name

Registered office

Consolidated as

Owner interest

Voting rights

Paid in capital

Issued, not paid in capital

PR Tracer Offshore ANS

Kristiansand, Norway

Equity accounting

41.33%

41.33%

1,633

-

KS Big Orange XVIII

Kristiansand, Norway

Equity accounting

41.33%

41.33%

8

5

Rovde Industripark AS

Vanylven, Norway

Equity accounting

50.00%

50.00%

222

-

Sentosa Offshore DIS(1)

Oslo, Norway

Equity accounting

0.00%

0.00%

-

-

Secunda Holdings LP(2)

Halifax, Canada

Equity accounting

100.00%

100.00%

15,519

-

Total

17,381

5

(1) Sentosa filed for bankrupcy in 2016.

(2) The Group aquired 100% of Secunda Holdings LP with effect from 1 June 2016. The Accounts of Secunda have since then fully consolidated into the Group accounts.

Board Of Directors

Financial Statements

Notes