KNIGHTSBRIDGE SHIPPING LIMITED
|
||
(registrant)
|
||
By: /s/ Inger M. Klemp
|
||
Date: March 26, 2015
|
Name: Inger M. Klemp
|
|
Title: Chief Financial Officer
|
Historic
Knightsbridge |
Historic
Golden Ocean, IFRS IASB |
US GAAP
Selected Adjustments |
Notes-
4(A) |
Pro Forma
Adjustments |
Notes-
4(B) |
Pro
Forma Combined |
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current Assets
|
||||||||||||||||||||||||||||
Cash and equivalents
|
$
|
18,130
|
127,228
|
(40,000
|
)
|
(1)
|
|
133,745
|
(1) |
239,103
|
||||||||||||||||||
Restricted cash
|
—
|
6,107
|
—
|
—
|
6,107
|
|||||||||||||||||||||||
Trade receivables, net
|
6,468
|
25,932
|
—
|
(19,935
|
)
|
(2)
|
|
12,465
|
||||||||||||||||||||
Other receivables, net
|
931
|
—
|
—
|
14,312
|
(2)(3)
|
|
15,243
|
|||||||||||||||||||||
Inventories
|
7,138
|
11,331
|
—
|
—
|
18,469
|
|||||||||||||||||||||||
Refundable instalments for cancelled newbuilding contracts
|
—
|
149,477
|
(149,477
|
)
|
(2)
|
|
—
|
—
|
||||||||||||||||||||
Voyages in progress
|
824
|
—
|
—
|
—
|
824
|
|||||||||||||||||||||||
Prepaid expenses and accrued income
|
886
|
—
|
—
|
5,596
|
(2)
|
|
6,482
|
|||||||||||||||||||||
Total Current Assets
|
34,377
|
320,075
|
(189,477
|
)
|
133,718
|
|
298,693
|
|||||||||||||||||||||
Restricted cash
|
15,000
|
—
|
40,000
|
(1)
|
|
—
|
55,000
|
|||||||||||||||||||||
Vessels, net
|
527,898
|
833,370
|
—
|
(88,920
|
)
|
(1)
|
|
1,272,348
|
||||||||||||||||||||
Vessels held under capital lease, net
|
—
|
126,145
|
—
|
(102,165
|
)
|
(1)
|
|
23,980
|
||||||||||||||||||||
Newbuildings
|
99,047
|
26,694
|
—
|
437,077
|
(1)
|
|
562,818
|
|||||||||||||||||||||
Refundable instalments for cancelled newbuilding contracts
|
—
|
—
|
149,477
|
(2)
|
|
7,203
|
156,680
|
|||||||||||||||||||||
Investments in associated companies
|
—
|
9,937
|
—
|
8,254
|
(1)
|
|
18,191
|
|||||||||||||||||||||
Derivative financial assets
|
—
|
3,411
|
—
|
—
|
3,411
|
|||||||||||||||||||||||
Available for sale financial assets
|
—
|
15,478
|
—
|
—
|
15,478
|
|||||||||||||||||||||||
Other long term receivables
|
—
|
8,883
|
—
|
—
|
8,883
|
|||||||||||||||||||||||
Value of long term charter parties
|
—
|
—
|
—
|
108,469
|
(1)
|
|
108,469
|
|||||||||||||||||||||
Deferred charges
|
3,946
|
—
|
—
|
—
|
3,946
|
|||||||||||||||||||||||
Total Assets
|
$
|
680,268
|
1,343,993
|
—
|
503,636
|
|
2,527,897
|
|||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
Current Liabilities
|
||||||||||||||||||||||||||||
Current portion of long-term debt and capital lease obligations
|
$
|
2,604
|
73,339
|
(11,250
|
)
|
(3)
|
|
—
|
64,693
|
|||||||||||||||||||
Accounts payable
|
1,773
|
32,059
|
—
|
(25,059
|
)
|
(2)
|
|
8,773
|
||||||||||||||||||||
Accrued expenses
|
7,981
|
—
|
—
|
14,030
|
(2)(3)
|
|
22,011
|
|||||||||||||||||||||
Due to related parties
|
—
|
535
|
—
|
—
|
535
|
|||||||||||||||||||||||
Deferred charter revenue
|
2,500
|
—
|
—
|
11,002
|
(2)
|
|
13,502
|
|||||||||||||||||||||
Total Current Liabilities
|
14,858
|
105,933
|
(11,250
|
)
|
(27
|
)
|
109,514
|
|||||||||||||||||||||
Long-term debt and capital lease obligations, net of current portion
|
122,396
|
599,268
|
11,250
|
(3)
|
|
(51,508
|
)
|
(1)
|
|
681,406
|
||||||||||||||||||
Other liabilities
|
—
|
1,753
|
—
|
(1,753
|
)
|
(1)
|
|
—
|
||||||||||||||||||||
Total Liabilities
|
137,254
|
706,954
|
—
|
(53,288
|
)
|
790,920
|
||||||||||||||||||||||
Shareholders' Equity
|
||||||||||||||||||||||||||||
Common stock
|
491
|
44,731
|
—
|
(43,496
|
)
|
(1)
|
|
1,726
|
||||||||||||||||||||
Other stockholders' equity
|
542,523
|
592,096
|
—
|
600,420
|
(1)
|
|
1,735,039
|
|||||||||||||||||||||
543,014
|
636,827
|
—
|
556,924
|
1,736,765
|
||||||||||||||||||||||||
Non-controlling interest
|
—
|
212
|
—
|
—
|
212
|
|||||||||||||||||||||||
Total Shareholders' Equity
|
543,014
|
637,039
|
—
|
556,924
|
1,736,977
|
|||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
680,268
|
1,343,993
|
—
|
503,636
|
|
2,527,897
|
(in thousands, except per share data)
|
Historic
Knightsbridge |
Historic
Golden Ocean, IFRS IASB |
US GAAP
Selected Adjustments |
Notes – 5(A)
|
Pro Forma
Adjustments |
Notes – 5(B)
|
Pro
Forma Combined |
||||||||||||||||||
Operating revenue
|
|||||||||||||||||||||||||
Time charter revenue
|
$
|
15,503
|
68,682
|
—
|
(9,039
|
)
|
(1)
|
|
75,146
|
||||||||||||||||
Voyage charter revenue
|
11,262
|
72,313
|
—
|
—
|
83,575
|
||||||||||||||||||||
Other income
|
13,933
|
6,000
|
—
|
(335
|
)
|
(2)
|
|
19,598
|
|||||||||||||||||
Total operating revenue
|
40,698
|
146,995
|
—
|
(9,374
|
)
|
178,319
|
|||||||||||||||||||
Operating expenses
|
|||||||||||||||||||||||||
Voyage expenses and commissions
|
7,242
|
44,102
|
—
|
(335
|
)
|
(2)
|
|
51,009
|
|||||||||||||||||
Ship operating expenses
|
6,357
|
26,345
|
9,743
|
(2)
|
|
—
|
42,445
|
||||||||||||||||||
Charter hire expenses
|
—
|
30,941
|
—
|
—
|
30,941
|
||||||||||||||||||||
Administrative expenses
|
2,479
|
5,571
|
—
|
—
|
8,050
|
||||||||||||||||||||
Depreciation
|
6,392
|
22,518
|
(2,310
|
)
|
(2)
|
|
(4,580
|
)
|
(3)
|
|
22,020
|
||||||||||||||
Total operating expenses
|
22,470
|
129,477
|
7,433
|
(4,915
|
)
|
154,465
|
|||||||||||||||||||
Other gains (losses), net
|
—
|
11,883
|
(12,298
|
)
|
(1) and (2)
|
—
|
(415
|
)
|
|||||||||||||||||
Net operating income
|
18,228
|
29,401
|
(19,731
|
)
|
(4,459
|
)
|
23,439
|
||||||||||||||||||
Interest income
|
10
|
595
|
—
|
—
|
605
|
||||||||||||||||||||
Interest expense
|
(755
|
)
|
(15,409
|
)
|
2,896
|
(2)
|
|
1,909
|
(4)
|
|
(11,359
|
)
|
|||||||||||||
Loss on freight forward agreements
|
—
|
—
|
(6,275
|
)
|
(1)
|
|
—
|
(6,275
|
)
|
||||||||||||||||
Loss on interest rate swaps
|
—
|
—
|
(5,108
|
)
|
(1)
|
|
—
|
(5,108
|
)
|
||||||||||||||||
Income from associated companies
|
—
|
—
|
7,621
|
(1)
|
|
(95
|
)
|
(5)
|
|
7,526
|
|||||||||||||||
Profit on sale of securities
|
—
|
—
|
1,342
|
(1)
|
|
—
|
1,342
|
||||||||||||||||||
Other financial items
|
(255
|
)
|
(3,414
|
)
|
3,766
|
(1)
|
|
(150
|
)
|
(6)
|
|
(53
|
)
|
||||||||||||
Income from continuing operations before income taxes
|
17,228
|
11,173
|
(15,489
|
)
|
(2,795
|
)
|
10,117
|
||||||||||||||||||
Income taxes
|
—
|
(75
|
)
|
—
|
—
|
(75
|
)
|
||||||||||||||||||
Income from continuing operations after income taxes
|
17,228
|
11,098
|
(15,489
|
)
|
(2,795
|
)
|
10,042
|
||||||||||||||||||
Net loss attributable to noncontrolling interest
|
—
|
396
|
—
|
—
|
396
|
||||||||||||||||||||
Net earnings from continuing operations attributable to common shareholders
|
$
|
17,228
|
11,494
|
(15,489
|
)
|
(2,795
|
)
|
10,438
|
|||||||||||||||||
Weighted-average number of common shares outstanding
|
|||||||||||||||||||||||||
Basic
|
37,497
|
447,262
|
160,997
|
||||||||||||||||||||||
Diluted
|
37,646
|
452,117
|
161,814
|
||||||||||||||||||||||
Net earnings attributable to common shareholders, per common share
|
|||||||||||||||||||||||||
Basic
|
$
|
0.46
|
0.025
|
0.06
|
|||||||||||||||||||||
Diluted
|
$
|
0.46
|
0.025
|
0.06
|
(in thousands, except per share data)
|
Historic
Knightsbridge |
Historic
Golden Ocean, IFRS IASB |
US GAAP
Selected Adjustments |
Notes – 6(A)
|
Pro Forma
Adjustments |
Notes – 6(B)
|
Pro
Forma Combined |
||||||||||||||||||
Operating revenue
|
|||||||||||||||||||||||||
Time charter revenue
|
$
|
27,677
|
165,036
|
—
|
(18,078
|
)
|
(1)
|
|
174,635
|
||||||||||||||||
Voyage charter revenue
|
9,869
|
111,421
|
—
|
—
|
121,290
|
||||||||||||||||||||
Other income
|
—
|
32,444
|
—
|
(469
|
)
|
(2)
|
|
31,975
|
|||||||||||||||||
Total operating revenue
|
37,546
|
308,901
|
—
|
(18,547
|
)
|
327,900
|
|||||||||||||||||||
Operating expenses
|
|||||||||||||||||||||||||
Voyage expenses and commissions
|
6,809
|
70,448
|
—
|
(469
|
)
|
(2)
|
|
76,788
|
|||||||||||||||||
Ship operating expenses
|
7,897
|
46,012
|
4,486
|
(2)
|
|
—
|
58,395
|
||||||||||||||||||
Charter hire expenses
|
—
|
57,723
|
—
|
—
|
57,723
|
||||||||||||||||||||
Administrative expenses
|
4,937
|
12,233
|
—
|
—
|
17,170
|
||||||||||||||||||||
Depreciation
|
11,079
|
38,664
|
(2,025
|
)
|
(2)
|
|
(7,287
|
)
|
(3)
|
|
40,431
|
||||||||||||||
Total operating expenses
|
30,722
|
225,080
|
2,461
|
(7,756
|
)
|
250,507
|
|||||||||||||||||||
Other gains, net
|
—
|
11,440
|
(11,440
|
)
|
(1)
|
|
—
|
—
|
|||||||||||||||||
Net operating income
|
6,824
|
95,261
|
(13,901
|
)
|
(10,791
|
)
|
77,393
|
||||||||||||||||||
Interest income
|
41
|
1,096
|
—
|
—
|
1,137
|
||||||||||||||||||||
Interest expense
|
(2,827
|
)
|
(19,115
|
)
|
—
|
5,799
|
(4)
|
|
(16,143
|
)
|
|||||||||||||||
Gain on freight forward agreements
|
—
|
—
|
7,291
|
(1)
|
|
—
|
7,291
|
||||||||||||||||||
Gain on interest rate swaps
|
—
|
—
|
6,187
|
(1)
|
|
—
|
6,187
|
||||||||||||||||||
Income from associated companies
|
—
|
—
|
4,149
|
(1)
|
|
(192
|
)
|
(5)
|
|
3,957
|
|||||||||||||||
Profit on sale of securities
|
—
|
—
|
955
|
(1)
|
|
—
|
955
|
||||||||||||||||||
Other financial items
|
(508
|
)
|
7,423
|
(7,142
|
)
|
(1)
|
|
(300
|
)
|
(6)
|
|
(527
|
)
|
||||||||||||
Income from continuing operations before income taxes
|
3,530
|
84,665
|
(2,461
|
)
|
(5,484
|
)
|
80,250
|
||||||||||||||||||
Income taxes
|
—
|
(174
|
)
|
—
|
—
|
(174
|
)
|
||||||||||||||||||
Income from continuing operations after income taxes
|
3,530
|
84,491
|
(2,461
|
)
|
(5,484
|
)
|
80,076
|
||||||||||||||||||
Net earnings attributable to noncontrolling interest
|
—
|
(617
|
)
|
—
|
—
|
(617
|
)
|
||||||||||||||||||
Net earnings from continuing operations attributable to common shareholders
|
$
|
3,530
|
83,874
|
(2,461
|
)
|
(5,484
|
)
|
79,459
|
|||||||||||||||||
Weighted-average number of common shares outstanding
|
|||||||||||||||||||||||||
Basic
|
25,620
|
447,262
|
149,120
|
||||||||||||||||||||||
Diluted
|
25,796
|
452,207
|
149,976
|
||||||||||||||||||||||
Net earnings attributable to common shareholders, per common share
|
|||||||||||||||||||||||||
Basic
|
$
|
0.14
|
0.19
|
0.53
|
|||||||||||||||||||||
Diluted
|
$
|
0.14
|
0.19
|
0.53
|
Golden Ocean outstanding shares
|
447,321
|
|||
Exchange Ratio
|
0.13749
|
|||
Knightsbridge common stock issued to Golden Ocean shareholders (in thousands)
|
61,500
|
|||
Closing price per share on January 16, 2015
|
$
|
4.83
|
||
Total estimated purchase price consideration
|
$
|
297,045
|
Total estimated purchase price consideration
|
$
|
297,045
|
||
Fair value of non-controlling interest
|
212
|
|||
297,257
|
||||
Fair value of net assets acquired and liabilities assumed
|
650,431
|
|||
Bargain purchase gain
|
$
|
(353,174
|
)
|
|
Current assets
|
130,598
|
|||
Restricted cash
|
40,000
|
|||
Vessels, net
|
744,450
|
|||
Vessels held under capital lease
|
23,980
|
|||
Newbuildings
|
53,984
|
|||
Refundable installments for cancelled newbuilding contracts
|
156,680
|
|||
Derivative financial assets
|
3,411
|
|||
Investments in associated companies
|
18,191
|
|||
Available for sale financial assets
|
15,478
|
|||
Value of long term time charters
|
108,469
|
|||
Long term receivables
|
8,883
|
|||
Current liabilities
|
(97,938
|
)
|
||
Non-current liabilities
|
(555,755
|
)
|
||
Fair value of net assets acquired and liabilities assumed
|
650,431
|
(in thousands except per share data)
|
Price per
Knightsbridge Share |
Golden
Ocean Exchanged Shares |
Total
Purchase Price Consideration |
Bargain
Purchase Gain |
|||||
January 16, 2015
|
4.83
|
61,500
|
297,045
|
353,174
|
|||||
Decrease of 20%
|
3.86
|
61,500
|
237,390
|
412,829
|
|||||
Increase of 20%
|
5.80
|
61,500
|
356,700
|
293,519
|
1.
|
Golden Ocean's loan agreements contain a financial covenant, which requires the company to maintain a minimum cash balance of $40.0 million throughout the term of the loan and so this balance has been reclassified from cash in order to conform with Knightsbridge's accounting policy under U.S. GAAP. The restricted cash is classified as non-current as it relates to long term debt.
|
2.
|
Installments related to newbuilding contracts that would originally have been classified as non-current assets under U.S. GAAP would continue to be classified by Knightsbridge as a non-current asset under U.S. GAAP as of June 30, 2014 pending final resolution of the arbitration appeals process and resolution of the associated gain contingency. That process related to each contract was not fully resolved as of June 30, 2014. The balances were classified as a current asset by Golden Ocean management following the initial arbitration findings in the second quarter of 2014 at which time that such balances were reclassified as financial assets measured at fair value under IFRS.
|
3.
|
Loan balances in the aggregate amount of $11.3 million relating to cancelled newbuilding contracts have been classified by Golden Ocean under IFRS as short term under the assumption that these loan balances will be repaid in the short term upon the receipt of the claims for re-imbursement of instalments paid and accrued interest. These loan balances have been reclassified as long term debt under U.S. GAAP as the repayment profile in the related loan agreements has not been amended.
|
(amounts in thousands US$)
|
Adjustments(1)
|
Reclassifications(2)
|
Pro Forma
Eliminations(3) |
Total
|
||||||||||||
ASSETS
|
||||||||||||||||
Current Assets
|
||||||||||||||||
Cash and equivalents | $ | 133,745 | (k) | $ |
—
|
$ |
—
|
$ | 133,745 | |||||||
Trade receivables, net
|
|
—
|
|
(19,935
|
)
|
|
—
|
|
(19,935
|
)
|
||||||
Other receivables, net
|
—
|
14,339
|
(27
|
)
|
14,312
|
|||||||||||
Prepaid expenses and accrued income
|
—
|
5,596
|
—
|
5,596
|
||||||||||||
Total Current Assets
|
133,745
|
—
|
(27
|
)
|
133,718
|
|
||||||||||
Vessels, net
|
(88,920
|
)(a)
|
—
|
—
|
(88,920
|
)
|
||||||||||
Vessels held under capital lease, net
|
(102,165
|
)(b)
|
—
|
—
|
(102,165
|
)
|
||||||||||
Newbuildings
|
437,077
|
(c)(k)
|
—
|
—
|
437,077
|
|||||||||||
Refundable instalments for cancelled newbuilding contracts
|
7,203
|
(d)
|
—
|
—
|
7,203
|
|||||||||||
Investments in associated companies
|
8,254
|
(e)
|
—
|
—
|
8,254
|
|||||||||||
Value of long term time charters
|
108,469
|
(f)
|
—
|
108,469
|
||||||||||||
Total Assets
|
$
|
503,663
|
$
|
—
|
$
|
(27
|
)
|
$
|
503,636
|
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||
Current Liabilities
|
||||||||||||||||
Accounts payable
|
—
|
(25,059
|
)
|
—
|
(25,059
|
)
|
||||||||||
Accrued expenses
|
—
|
14,057
|
(27
|
)
|
14,030
|
|||||||||||
Deferred charter revenue
|
—
|
11,002
|
—
|
11,002
|
||||||||||||
Total Current Liabilities
|
—
|
—
|
(27
|
)
|
(27
|
)
|
||||||||||
Long term debt
|
19,021
|
(h)
|
—
|
—
|
19,021
|
|||||||||||
Obligations under finance lease
|
(70,529
|
)(g)
|
—
|
—
|
(70,529
|
)
|
||||||||||
Other long term liabilities
|
(1,753
|
)(i)
|
—
|
—
|
(1,753
|
)
|
||||||||||
Total Liabilities
|
(53,261
|
)
|
—
|
(27
|
)
|
(53,288
|
)
|
|||||||||
Shareholders' Equity
|
||||||||||||||||
Common stock
|
(43,496
|
)(j)(k)
|
—
|
—
|
(43,496
|
)
|
||||||||||
Other shareholders' equity
|
600,420
|
(j)(k)
|
—
|
600,420
|
||||||||||||
Total Shareholders' Equity
|
556,924 |
—
|
—
|
556,924
|
||||||||||||
Total Liabilities and Shareholders' Equity
|
$
|
503,663
|
$
|
—
|
$
|
(27
|
)
|
$
|
503,636
|
|
a)
|
Vessels, net—The estimated fair value and the book value of Golden Ocean's vessels as of June 30, 2014 is $744.5 million and $833.4 million, respectively, giving rise to a preliminary purchase price allocation adjustment of $88.9 million. The estimated fair value is based on management's estimates after considering market values obtained from independent ship brokers, which are inherently uncertain, and based on charter free vessels. In addition, vessel values are highly volatile; as such, these estimates may not be indicative of the current or future basic market value of the vessels or prices that could be achieved if the vessels were sold.
|
|
b)
|
Vessels held under capital lease, net—The preliminary purchase price allocation has been made on the basis of the fair value attributed to the four vessels held under capital leased, which were valued based on the remaining lease terms and conditions as of June 30, 2014. In estimating the fair value of the capital lease assets, management has assumed it will take ownership of one of the vessels after the termination of the lease term. The estimated fair value of this capital lease asset is based on management's estimate after considering the market value of a similar vessel obtained from independent ship brokers, which is inherently uncertain, and based on a charter free vessel. For the other three capital lease assets, it is not expected that Golden Ocean will obtain ownership of the capital lease assets. Based on this, the estimated fair value of these capital lease assets has been determined to be equal to the fair value of the leasehold interest.
|
|
c)
|
Newbuildings—This fair value adjustment of $27.3 million and is based on management's estimate utilizing the estimated market values for equivalent newbuilding vessels received from independent ship brokers less the outstanding instalments.
|
|
d)
|
Refundable instalments for cancelled newbuilding contracts—The fair value adjustment is based on management's estimate of the fair value of the contingent gain related to the cancelled newbuilding contracts that remained subject to further arbitration or appeal proceedings as of June 30, 2014 and were unpaid as of this date.
|
|
e)
|
Investments in associated companies—This fair value adjustment is based on the estimated excess value of a vessel owned by an associated company. The valuation of this vessel is based on estimated market values received from independent ship brokers.
|
|
f)
|
Value of long term time charters—The fair value of long term time charter contracts of $108.5 million applies to seven vessels on fixed long term charters (per the combined fleet table beginning on page 38) and is calculated as the net present value of the difference between the net charter hires expected to be received from these contracts and management's estimates for similar contracts had they been entered into on June 30, 2014.
|
|
The significant assumptions used to derive the value of the long term time charters are the charter rates currently available for similar contracts, the vessel's historical performance and the interest rate used for discounting. Management's estimates of the charter rates currently available for similar contracts are based on the forward curve for freight forward agreements traded on the Baltic Exchange for the relevant vessel type and period and are adjusted for estimated broker commissions. These estimates are then adjusted for the historical performance of the vessel compared to the Baltic Exchange index for that vessel based on management's best estimates. The difference in cash flows between the net charter hires expected to be received from the fixed long term contracts and management's estimates for similar contracts had they been entered into on June 30, 2014 are then discounted at 7% in order to calculate the estimated fair value. Management has used this interest rate as it believes that it is a reasonable estimate of the required rate of return in the market based on calculated implied rates in recent finance lease proposals that have been observed in the market. This discount rate is consistent with the rate that the managements of Knightsbridge and Golden Ocean applied in the calculation of NAVs at September 30, 2014. It should be noted that index-linked time charter contracts are considered by management to be market neutral since the index rates are based on spot market performance and that no value has been allocated to these contracts.
|
||
g)
|
Obligations under capital lease, long term portion—The fair value of obligations under capital lease relates to four vessels chartered in by the Company (see b) above), each of which may be purchased by the Company at the end of the lease term, and is calculated as the net present value of the estimated payments that will be made under these lease contracts.
|
|
The significant assumptions used to derive the fair value of obligations under capital leases are the probability of the Company purchasing the vessel at the end of the lease and the interest rate used for discounting. In order to calculate the fair value of obligations under capital lease, the Company first considered the probability of it acquiring the vessel at the end of the lease and it concluded that three of the vessels would be redelivered and only one vessel would be acquired. For the three vessels to be redelivered, the Company included all periodic lease payments and excluded the purchase option from its calculations and for the vessel to be acquired, the Company included all periodic lease payments and also included the purchase option in its calculations. The estimated cash outflows were then discounted using a 7% interest rate.
|
In the fourth quarter of 2014, Golden Ocean decided not to exercise purchase options on two of these four vessels, the Ocean Minerva and the Golden Heiwa, and plan to redeliver the vessels during January 2015. This is consistent with the assumptions used to calculate the fair value of obligations under capital leases. The Company still expects to re-deliver the third vessel referred to above. If this third vessel was not re-delivered, the fair value of obligations under capital leases would increase by $24.4 million using a discount rate of 7%. If the discount rate is increased or decreased by 1%, the fair value of the obligation under capital leases will increase or decrease by approximately $1 million.
|
||
h)
|
Long term debt—The estimated fair value of Golden Ocean's convertible bond has been assessed to be 92.875% of notional principal balance based on the quoted trading price for the bond as of June 30, 2014. Other long term debt has not been subject to fair value adjustments based on management estimates.
|
|
i)
|
Other long term liabilities—This balance relates to the unamortized gain resulting from a sale-leaseback transaction and was assessed to have a fair value of $0.
|
|
j)
|
Equity—The following adjustments have been made to equity related to the merger transaction;
|
Common
Stock
|
Other
Shareholders' Equity |
Shareholders'
Equity |
||||||||||
Issuance by Knightsbridge of 61.5 million shares at $4.83 per share being the closing share price on January 16, 2015
|
615
|
296,430
|
297,045
|
|||||||||
Elimination of Golden Ocean's historic balances
|
(44,731
|
)
|
(592,096
|
)
|
(636,827
|
)
|
||||||
Bargain purchase gain arising on the combination
|
—
|
353,174
|
353,174
|
|||||||||
$
|
(44,116
|
)
|
$
|
57,508
|
$
|
13,392
|
(k) |
In September 2014, Knightsbridge purchased 13 SPCs, each owning a fuel efficient Capesize dry bulk newbuilding, from Frontline 2012. The consideration for the 13 SPCs was settled by the issuance of 31.0 million shares and the assumption of newbuilding commitments of $490 million in respect of these newbuilding contracts, net of cash of $25.1 million that was acquired on the purchase of the 13 SPCs. No other working capital balances were acquired. The transaction is accounted for at fair value where the purchase price consideration is measured based on the share price of Knightsbridge at the date of the transaction. The share price at the date of this transaction was $11.51. Purchase consideration for the assets purchased was $356.8 million. Assuming that this transaction had occurred on June 30, 2014, this would have the following effect on the unaudited pro forma condensed combined balance sheet:
|
USD thousands
|
||||
Cash and cash equivalents
|
25,100
|
|||
Newbuildings
|
331,710
|
|||
Common stock (par value $0.01)
|
310
|
|
||
Other stockholders' equity
|
356,500
|
|
||
USD thousands
|
||||
Cash and cash equivalents
|
108,645
|
|||
Newbuildings
|
78,077
|
|||
Common stock (par value $0.01)
|
310
|
|
||
Other stockholders' equity
|
186,412
|
|
USD thousands
|
||||
Cash and cash equivalents
|
133,745
|
|||
Newbuildings
|
409,787
|
|||
Common stock (par value $0.01)
|
620
|
|
||
Other stockholders' equity
|
542,912
|
|
(amounts in thousands US$)
|
Reclassifications(1)
|
Adjustments(2)
|
Total
|
||||||
Ship operating costs
|
—
|
(9,743
|
)
|
(9,743
|
)
|
||||
Depreciation
|
—
|
2,310
|
2,310
|
||||||
Other gains (losses), net
|
(1,346
|
)
|
(10,952
|
)
|
(12,298
|
)
|
|||
Operating income
|
(1,346
|
)
|
(18,385
|
)
|
(19,731
|
)
|
|||
Interest expense
|
—
|
2,896
|
2,896
|
||||||
Loss on freight forward agreements
|
(6,275
|
)
|
—
|
(6,275
|
)
|
||||
Loss on interest rate swaps
|
(5,108
|
)
|
—
|
(5,108
|
)
|
||||
Income from associated companies
|
7,621
|
—
|
7,621
|
||||||
Profit on sale of securities
|
1,342
|
—
|
1,342
|
||||||
Other financial items
|
3,766
|
—
|
3,766
|
||||||
Net earnings attributable to common shareholders
|
—
|
(15,489
|
)
|
(15,489
|
)
|
•
|
Ship operating costs and depreciation—Golden Ocean capitalizes dry docking costs as a separate component of the carrying value of its vessels and amortizes this cost over its estimated useful life. Such costs are expensed as incurred by Knightsbridge and so dry docking costs, which have been capitalized in the period have been expensed and the amortization relating to dry docking costs has been reversed.
|
|
•
|
Interest expense—Interest expense has been adjusted to reflect the fact that Golden Ocean bifurcated the convertible loan and the conversion option and recorded an equity element under IFRS whereas there would be no bifurcation of this equity element under U.S. GAAP. This resulted in the IFRS interest expense being $2.9 million higher that it would have been under U.S. GAAP. The Company has applied a straight-line amortization method for this element since this approximates the effective interest rate method.
|
|
•
|
Other gains (losses), net—Gains of $11.0 million relating to refundable installments and interest for cancelled newbuilding contracts as of June 30, 2014, have been recognized under IFRS upon reclassification of the newbuilding installment payments as a financial asset measured at fair value upon conclusion of the initial arbitration hearings during the second quarter of 2014. However, this gain has not been recognized under U.S. GAAP since gain contingencies related to the final resolution of the arbitration process and any related appeals have not been fully resolved as of June 30, 2014.
|
1.
|
Time charter revenue—The fair value of time charter contracts recognized as part of the preliminary purchase price allocation will be amortized on a straight line basis over the length of those contracts, for which the remaining contract lengths range from 10 months to 7.5 years, and estimated amortization of $9.0 million has been recorded in the six months ended June 30, 2014.
|
|
2.
|
Other income and voyage expenses and commissions—Golden Ocean is currently the manager of Knightsbridge's dry bulk vessels and receives a management fee equal to 1.25% of the gross freights earned by these vessels. This management fee has been eliminated from the combined pro forma statement of operations.
|
|
3.
|
Depreciation—This adjustment comprises two elements:
|
i.
|
The depreciation expense for owned vessels for the period has been reduced by $2.0 million as a consequence of the fair value adjustment to the carrying balance of vessels, for which the remaining estimated useful lives range from 8.5 years to 25 years, as part of the preliminary purchase price allocation, and
|
|
ii.
|
The depreciation expense related to four vessels held under capital lease has been reduced by $2.6 million as a consequence of the fair value adjustment to the carrying balance of vessels held under capital lease as part of the preliminary purchase price allocation. The estimated useful lives of the capital lease assets were reconsidered in connection with the purchase price allocation adjustment since the lease term has been reassessed as of June 30, 2014. The estimated useful lives of the capital lease assets range from approximately 4 months to 6 years.
|
4.
|
Interest expense—This adjustment comprises four elements;
|
i.
|
The interest expense related to the convertible bond has been increased by $1.3 million to reflect the effective interest based on an assessment of the fair value of the convertible bond. Management determined that the fair value of the $200.0 million convertible loan was $185.75 million based on the quoted trading price for the bond on June 30, 2014. The Company does not believe that the nominal interest rate on the convertible loan changed in its fair valuation and has calculated the additional interest expense in the six months ended June 30, 2014 to be $1.3 million based on the amortization of the difference in the fair valuation of the principal amount. This was calculated as $14.25 million multiplied by 151(the number of days the loan was outstanding in the period) divided by 1,674(the total number of days the bond is expected to be outstanding for). The Company has applied a straight-line amortization method for this element since this approximates the effective interest rate method.
|
ii.
|
Deferred charges relating to the convertible bond were eliminated and reflected in the fair value assessment of the bond. Golden Ocean has recognized $0.3 million as amortization expense in connection with these deferred charges and so this amount is included as a reduction to interest expense.
|
|
iii.
|
The interest expense related to four vessels held under capital lease has been reduced by $2.6 million as a consequence of the fair value adjustment related to the lease obligations as part of the preliminary purchase price allocation. The average implicit rate in these four leases has been reduced from approximately 8.5% to 7% based on management's best estimate for effective cost of financing that could be obtained in the market as of June 30, 2014.
|
|
iv.
|
Deferred charges relating to Golden Ocean's long-term debt, excluding the convertible bond, were eliminated and reflected in the fair value assessment of the debt. Golden Ocean has recognized $0.3 million as amortization expense in connection with these deferred charges and so this amount is included as a reduction to interest expense.
|
5.
|
Income from associated companies—The share of results from associated companies has been adjusted as a consequence of the purchase price allocation to investment in associated companies.
|
6.
|
Other financial items—This adjustment comprises the amortization of a deferred gain arising on the sale-leaseback of a vessel which has been valued as $0.
|
(amounts in thousands US$)
|
Reclassifications(1)
|
Adjustments(2)
|
Total
|
||||||
Ship operating costs
|
—
|
(4,486
|
)
|
(4,486
|
)
|
||||
Depreciation
|
—
|
2,025
|
2,025
|
||||||
Other gains, net
|
(11,440
|
)
|
—
|
(11,440
|
)
|
||||
Operating income
|
(11,440
|
)
|
(2,461
|
)
|
(13,901
|
)
|
|||
Gain on freight forward agreements
|
7,291
|
—
|
7,291
|
||||||
Gain on interest rate swaps
|
6,187
|
—
|
6,187
|
||||||
Income from associated companies
|
4,149
|
—
|
4,149
|
||||||
Profit on sale of securities
|
955
|
—
|
955
|
||||||
Other financial items
|
(7,142
|
)
|
—
|
(7,142
|
)
|
||||
Net earnings attributable to common shareholders
|
—
|
(2,461
|
)
|
(2,461
|
)
|
1.
|
Time charter revenue—The fair value of time charter contracts recognized as part of the preliminary purchase price allocation will be amortized on a straight line basis over the length of those contracts, for which the remaining contract lengths range from 10 months to 7.5 years, and estimated amortization of $18.1 million has been recorded in the year ended December 31, 2013.
|
|
2.
|
Other income and voyage expenses and commissions—Golden Ocean is currently the manager of Knightsbridge's dry bulk vessels and receives a management fee equal to 1.25% of the gross freights earned by these vessels. This management fee of $0.5 million has been eliminated from the combined pro forma statement of operations.
|
|
3.
|
Depreciation—This adjustment comprises two elements:
|
i.
|
The depreciation expense for owned vessels for the period has been reduced by $3.7 million as a consequence of the fair value adjustment to the carrying balance of vessels, for which the remaining estimated useful lives range from 8.5 years to 25 years, as part of the preliminary purchase price allocation, and
|
|
ii.
|
The depreciation expense related to four vessels held under capital lease has been reduced by $3.6 million as a consequence of the fair value adjustment to the carrying balance of vessels held under capital lease as part of the preliminary purchase price allocation. The estimated useful lives of the capital lease assets were reconsidered in connection with the purchase price allocation adjustment since the lease term has been reassessed as of June 30, 2014. The estimated useful lives of the capital lease assets range from approximately 4 months to 6 years.
|
4.
|
Interest expense—This adjustment comprises two elements; the interest expense related to four vessels held under capital lease has been reduced by $5.3 million as a consequence of the fair value adjustment related to the lease obligations as part of the preliminary purchase price allocation. The average implicit rate in these four leases has been reduced from approximately 8.5% to 7% based on management's best estimate for effective cost of financing that could be obtained in the market as of June 30, 2014. In addition, the amortization of deferred charges related to Golden Ocean's long-term debt excluding the convertible bond has been reduced by $0.5 million as the value of deferred charges has been valued as $0 in the preliminary purchase price allocation.
|
|
5.
|
Income from associated companies—The share of results from associated companies has been adjusted as a consequence of the purchase price allocation to investment in associated companies.
|
|
6.
|
Other financial items—This adjustment comprises the amortization of a deferred gain arising on the sale-leaseback of a vessel which has been valued at $0.
|
(shares in thousands)
|
Knightsbridge
|
Golden
Ocean
|
Frontline 2012 |
Pro
Forma Combined |
||||||
Weighted-average number of common shares outstanding:
|
||||||||||
Basic
|
37,497
|
61,500
|
62,000 |
160,997
|
||||||
Dilutive effect of RSUs
|
149
|
—
|
—
|
149
|
||||||
Dilutive effect of stock options
|
—
|
668
|
—
|
668
|
||||||
Diluted
|
37,646
|
62,168
|
62,000 |
161,814
|
(shares in thousands)
|
Knightsbridge
|
Golden
Ocean |
Frontline 2012 |
Pro
Forma Combined |
||||||
Weighted-average number of common shares outstanding:
|
||||||||||
Basic
|
25,620
|
61,500
|
62,000
|
149,120
|
||||||
Dilutive effect of RSUs
|
176
|
—
|
—
|
176
|
||||||
Dilutive effect of stock options
|
—
|
680
|
—
|
680
|
||||||
Diluted
|
25,796
|
62,180
|
62,000 |
149,976
|
•
|
a maximum ratio of total liabilities to total assets;
|
•
|
a minimum EBITDA coverage ratio; and
|
•
|
a minimum liquidity.
|
Page
|
|
Unaudited Consolidated Comprehensive Income Statement for the periods ended June 30, 2014 and 2013
|
F-2
|
Unaudited Consolidated Balance Sheet as at June 30, 2014 and December 31, 2013
|
F-3
|
Unaudited Consolidated Cash Flow Statement for the periods ended June 30, 2014 and 2013
|
F-4
|
Unaudited Consolidated Statement of Changes in Equity for the periods ended June 30, 2014 and 2013
|
F-5
|
Notes to Unaudited Condensed Interim financial information
|
F-6
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||
Notes
|
Apr-Jun
|
Apr-Jun
|
Jan-Jun
|
Jan-Jun
|
||||||||||||||||
Operating revenue
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
||||||||||||||||
Time charter and voyage charter revenues
|
67,190
|
74,458
|
140,995
|
128,632
|
||||||||||||||||
Other operating revenue
|
3
|
5,610
|
30,249
|
6,000
|
30,508
|
|||||||||||||||
Total operating revenue
|
72,800
|
104,707
|
146,995
|
159,139
|
||||||||||||||||
Operating expenses
|
||||||||||||||||||||
Voyage expenses and commission
|
21,842
|
21,758
|
44,101
|
34,576
|
||||||||||||||||
Vessel operating expenses
|
14,308
|
10,734
|
26,345
|
21,870
|
||||||||||||||||
Charter hire expenses
|
13,206
|
17,755
|
30,941
|
26,354
|
||||||||||||||||
Administrative expenses
|
2,788
|
3,561
|
5,571
|
6,617
|
||||||||||||||||
Depreciation
|
7,8
|
12,186
|
9,643
|
22,518
|
18,819
|
|||||||||||||||
Total operating expenses
|
64,329
|
63,452
|
129,477
|
108,236
|
||||||||||||||||
Other gain (losses) net
|
||||||||||||||||||||
Share of income from associates and Joint Ventures
|
12
|
1,020
|
180
|
1,423
|
583
|
|||||||||||||||
Other gains (losses) net
|
4
|
1,503
|
(1,622
|
)
|
10,460
|
(215
|
)
|
|||||||||||||
Total other gains (losses) net
|
2,523
|
(1,442
|
)
|
11,883
|
368
|
|||||||||||||||
|
||||||||||||||||||||
Operating profit (toss)
|
10,994
|
39,813
|
29,401
|
51,271
|
||||||||||||||||
Interest income
|
412
|
231
|
595
|
516
|
||||||||||||||||
Interest expense
|
5
|
(8,283
|
)
|
(4,691
|
)
|
(15,408
|
)
|
(9,354
|
)
|
|||||||||||
Other financial items
|
6
|
(2,097
|
)
|
8,141
|
(3,414
|
)
|
7,828
|
|||||||||||||
Total net financial items
|
(9,968
|
)
|
3,681
|
(18,228
|
)
|
(1,010
|
)
|
|||||||||||||
|
||||||||||||||||||||
Profit before income tax
|
1,026
|
43,494
|
11,173
|
50,261
|
||||||||||||||||
Income tax
|
(40
|
)
|
(50
|
)
|
(75
|
)
|
(85
|
)
|
||||||||||||
Profit for the period
|
986
|
43,444
|
11,098
|
50,176
|
||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||||||||||
Changes in fair value of available-for-sale financial assets
|
15
|
296
|
1,191
|
(300
|
)
|
1,191
|
||||||||||||||
Recycling of changes in fair value of sold available-for-sale financial assets
|
15
|
(1,138
|
)
|
(1,138
|
)
|
|||||||||||||||
Currency translation differences
|
(5
|
)
|
-
|
(5
|
)
|
-
|
||||||||||||||
Total comprehensive income for the period
|
139
|
44,635
|
9,655
|
51,367
|
||||||||||||||||
Profit/(loss) attributable to:
|
||||||||||||||||||||
- Owners of the parent
|
1,267
|
43,613
|
11,494
|
50,397
|
||||||||||||||||
- Non-controlling interests
|
(281
|
)
|
(169
|
)
|
(396
|
)
|
(221
|
)
|
||||||||||||
Profit/(loss) for the period
|
986
|
43,444
|
11,098
|
50,176
|
||||||||||||||||
Comprehensive income (loss) attributable to:
|
||||||||||||||||||||
Owners of the parent
|
420
|
44,804
|
10,051
|
51,588
|
||||||||||||||||
Non-controlling interests
|
(281
|
)
|
(169
|
)
|
(396
|
)
|
(221
|
)
|
||||||||||||
Total comprehensive income (loss) for the period
|
139
|
44,635
|
9,655
|
51,367
|
||||||||||||||||
Basic and diluted earnings per share
|
|
$0.0
|
|
$0.10
|
|
$0.03
|
|
$0.11
|
2014
|
2013
|
|||||||||||
Notes
|
June 30
|
Dec 31
|
||||||||||
Unaudited
|
||||||||||||
(in thousands of $)
|
||||||||||||
ASSETS
|
||||||||||||
Non current assets
|
||||||||||||
Vessels and equipment
|
7
|
833,370
|
667,788
|
|||||||||
Vessels held under finance leases
|
8
|
126,145
|
130,795
|
|||||||||
Vessels under construction
|
9
|
26,694
|
16,144
|
|||||||||
Other long term receivables
|
11
|
8,883
|
8,588
|
|||||||||
Available-for-sale financial assets
|
15
|
15,478
|
16,916
|
|||||||||
Derivative financial instruments
|
14
|
3,411
|
2,735
|
|||||||||
Installments on cancelled newbuildings
|
24
|
-
|
192,976
|
|||||||||
Investment in associated companies and Joint Ventures
|
12
|
9,937
|
17,419
|
|||||||||
Total non-current assets
|
1,023,918
|
1,053,361
|
||||||||||
Current assets
|
||||||||||||
Inventories
|
11,331
|
10,775
|
||||||||||
Trade and other receivables
|
11
|
25,931
|
25,495
|
|||||||||
Refundable installments on cancelled newbuildings
|
24
|
149,477
|
-
|
|||||||||
Restricted deposit
|
10
|
6,107
|
4,960
|
|||||||||
Cash and cash equivalents
|
10
|
127,228
|
93,881
|
|||||||||
Total current assets
|
320,075
|
135,110
|
||||||||||
Total assets
|
1,343,993
|
1,188,471
|
||||||||||
EQUITY AND LIABILITIES
|
||||||||||||
Equity attributable to equity holders of the parent
|
||||||||||||
Share capital
|
44,731
|
44,726
|
||||||||||
Additional paid in capital
|
99,187
|
99,156
|
||||||||||
Other reserves
|
50,137
|
23,466
|
||||||||||
Retained earnings
|
442,772
|
453,434
|
||||||||||
|
636,827
|
620,782
|
||||||||||
Non-controlling interests
|
212
|
1,108
|
||||||||||
Total Equity
|
637,039
|
621,890
|
||||||||||
Non-Current Liabilities
|
||||||||||||
Long term debt
|
16,17
|
492,094
|
362,805
|
|||||||||
Obligations under finance leases
|
18
|
107,174
|
110,416
|
|||||||||
Other long term liabilities
|
1,753
|
1,903
|
||||||||||
Total non-current liabilities
|
601,021
|
475,124
|
||||||||||
Current Liabilities
|
||||||||||||
Long-term debt - current portion
|
16
|
66,144
|
41,214
|
|||||||||
Obligations under finance leases — current portion
|
18
|
7,195
|
7,370
|
|||||||||
Amount due to related parties
|
534
|
1,216
|
||||||||||
Trade payables and other current liabilities
|
19
|
32,059
|
41,656
|
|||||||||
Total current liabilities
|
105,933
|
91,456
|
||||||||||
Total liabilities and shareholders' equity
|
1,343,993
|
1,188,471
|
||||||||||
(in thousands of $)
|
2014
|
2013
|
||||||||||
Notes
|
Jan-Jun
|
Jan-Jun
|
||||||||||
Unaudited
|
Unaudited
|
|||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Profit for the period
|
11,098
|
50,176
|
||||||||||
Adjustments for:
|
||||||||||||
Share based payment
|
260
|
684
|
||||||||||
Stock options paid in cash
|
(54
|
)
|
--
|
|||||||||
Gain on sale and Impairment of available-for-sale financial assets
|
(1,364
|
)
|
--
|
|||||||||
Share of (profit) loss from associates and Joint Ventures
|
12
|
(7,621
|
)
|
(583
|
)
|
|||||||
Gain from refundable installments on cancelled newbuildings
|
(10,537
|
)
|
--
|
|||||||||
Interest expensed
|
10,870
|
4,917
|
||||||||||
Interest income
|
(595
|
)
|
(516
|
)
|
||||||||
Depreciation
|
7,8
|
22,518
|
18,821
|
|||||||||
Amortisation of deferred charges
|
678
|
300
|
||||||||||
Foreign currency gain (losses)
|
7,9
|
104
|
85
|
|||||||||
Imputed interest on other long term receivables
|
(295
|
)
|
(275
|
)
|
||||||||
Net change in:
|
||||||||||||
Amount due to related parties
|
(682
|
)
|
(702
|
)
|
||||||||
Derivative financial instrument
|
14
|
5,205
|
(7,786
|
)
|
||||||||
Trade and other receivables
|
11
|
(436
|
)
|
(14,470
|
)
|
|||||||
Inventories
|
(556
|
)
|
(8,684
|
)
|
||||||||
Trade payables and other current liabilities
|
19
|
(5,379
|
)
|
6,467
|
||||||||
Net cash provided by operating activities
|
23,214
|
48,434
|
||||||||||
INVESTING ACTIVITIES
|
||||||||||||
Changes in restricted cash
|
(1,146
|
)
|
(346
|
)
|
||||||||
Interest received
|
595
|
516
|
||||||||||
Payments on vessels
|
7,9
|
(151,425
|
)
|
(40,435
|
)
|
|||||||
Capitalised docking and periodic maintenance
|
(9,766
|
)
|
_
|
|||||||||
Investment in Joint Venture
|
12
|
-
|
(18,250
|
)
|
||||||||
Proceeds from cancelled newbuildings
|
56,233
|
-
|
||||||||||
Sale of available-for-sale financial assets
|
1,364
|
-
|
||||||||||
Net cash provided by (used in) investing activities
|
(104,145
|
)
|
(58,515
|
)
|
||||||||
FINANCING ACTIVITIES
|
||||||||||||
Payment of financing charges
|
(3,647
|
)
|
(601
|
)
|
||||||||
Payment of interest
|
(6,267
|
)
|
(4,852
|
)
|
||||||||
Payment of interest swaps
|
(5,881
|
)
|
(1,931
|
)
|
||||||||
Repayment of obligations under finance leases
|
(3,417
|
)
|
(3,204
|
)
|
||||||||
Repayment of long term debt
|
(39,188
|
)
|
(26,612
|
)
|
||||||||
Proceeds from long term debt
|
-
|
24,017
|
||||||||||
Proceeds from issue of new shares
|
36
|
-
|
||||||||||
Payment of dividends
|
(27,357
|
)
|
-
|
|||||||||
Proceeds from Convertible bonds
|
200,000
|
-
|
||||||||||
Net cash (used in) provided by financing activities
|
114,279
|
(13,183
|
)
|
|||||||||
Net change in cash and cash equivalents
|
33,347
|
(23,264
|
)
|
|||||||||
Cash and cash equivalents at beginning of period
|
93,881
|
104,359
|
||||||||||
Cash and cash equivalents at end of period
|
10
|
127,228
|
81,095
|
(in thousands of $)
|
||||||||||||||||||||||||||||
Additional
|
Non-
|
|||||||||||||||||||||||||||
Share
|
Paid in
|
Other
|
Retained
|
Controlling
|
Total
|
|||||||||||||||||||||||
Capital
|
Capital
|
Reserves
|
Earnings
|
Total
|
Interests
|
Equity
|
||||||||||||||||||||||
Balance of January 1, 2013
|
44,726
|
99,156
|
16,550
|
377,372
|
537,805
|
491
|
538,296
|
|||||||||||||||||||||
Comprehensive income for the period
|
-
|
-
|
1,191
|
50,397
|
51,588
|
(221
|
)
|
51,367
|
||||||||||||||||||||
Value of services under stock options scheme
|
-
|
-
|
684
|
684
|
684
|
|||||||||||||||||||||||
Balance at June 30, 2013
|
44,726
|
99,156
|
17,741
|
428,453
|
590,076
|
270
|
590,346
|
|||||||||||||||||||||
Balance at January 1, 2014
|
44,726
|
99,156
|
23,466
|
453,434
|
620,782
|
1,108
|
621,890
|
|||||||||||||||||||||
Comprehensive income for the period
|
-
|
-
|
(1,443
|
)
|
11,494
|
10,050
|
(396
|
)
|
9,655
|
|||||||||||||||||||
Equity portion Convertible Bond
|
-
|
-
|
28,115
|
-
|
28,115
|
-
|
28,115
|
|||||||||||||||||||||
Issue of new share capital
|
5
|
31
|
-
|
-
|
36
|
21
|
57
|
|||||||||||||||||||||
Dividends and related tax
|
-
|
-
|
-
|
(22,363
|
)
|
(22,363
|
)
|
(521
|
)
|
(22,884
|
)
|
|||||||||||||||||
Value of services under stock options scheme
|
-
|
-
|
-
|
260
|
260
|
-
|
260
|
|||||||||||||||||||||
Stock option paid in cash
|
-
|
-
|
-
|
(54
|
)
|
(54
|
)
|
-
|
(54
|
)
|
||||||||||||||||||
Balance at June 30, 2014
|
44,731
|
99,187
|
50,137
|
442,772
|
636,827
|
212
|
637,039
|
(in thousands of $)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Apr-Jun
|
Apr-Jun
|
Jan-Jun
|
Jan-Jun
|
|||||||||||||
Management fee revenues
|
280
|
249
|
671
|
508
|
||||||||||||
Other revenues
|
5,329
|
30,000
|
5,329
|
30,000
|
||||||||||||
Total other revenue
|
5,609
|
30,249
|
6,000
|
30,508
|
(in thousands of $)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Apr-Jun
|
Apr-Jun
|
Jan-Jun
|
Jan-Jun
|
|||||||||||||
Gain (loss) on Forward freight agreements
|
(8,461
|
)
|
(850
|
)
|
(6,235
|
)
|
281
|
|||||||||
Gain (loss) on bunkers derivatives
|
44
|
(772
|
)
|
(40
|
)
|
(496
|
)
|
|||||||||
Gain from refundable installments on cancelled newbuildings
|
10,537
|
-
|
10,537
|
-
|
||||||||||||
Gain from purchase of Shares in Joint Venture
|
-
|
-
|
6,198
|
-
|
||||||||||||
Total other gains (losses) net
|
2,120
|
(1,622
|
)
|
10,460
|
(215
|
)
|
(in thousands of $)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Apr-Jun
|
Apr-Jun
|
Jan-Jun
|
Jan-Jun
|
|||||||||||||
Interest on bank overdrafts and loans
|
7,686
|
3,273
|
13,158
|
6,371
|
||||||||||||
Interest on obligations under finance leases
|
1,914
|
2,068
|
3,860
|
4,137
|
||||||||||||
Total interest expense
|
9,600
|
5,341
|
17,018
|
10,508
|
||||||||||||
Less amounts included in the cost of qualifying assets
|
(1,318
|
)
|
(649
|
)
|
(1,610
|
)
|
(1,154
|
)
|
||||||||
Net interest expense
|
8,282
|
4,692
|
15,408
|
9,354
|
(in thousands of $)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Apr-Jun
|
Apr-Jun
|
Jan-Jun
|
Jan-Jun
|
|||||||||||||
Interest swap
|
(3,396
|
)
|
8,193
|
(5,108
|
)
|
7,955
|
||||||||||
Dividend received
|
-
|
325
|
-
|
|||||||||||||
Foreign currency gain! (losses)
|
(43
|
)
|
(19
|
)
|
(104
|
)
|
(85
|
)
|
||||||||
Other financial items
|
1,342
|
(33
|
)
|
1,473
|
(42
|
)
|
||||||||||
Total other financial items
|
(2,097
|
)
|
8,141
|
(3,414
|
)
|
7,828
|
Vessel
|
Built
|
DWT
|
Flag
|
Channel Alliance
|
1996
|
171,978
|
Hong Kong
|
Channel Navigator
|
1997
|
172,058
|
Hong Kong
|
Golden Saguenay
|
2008
|
75,500
|
Hong Kong
|
Golden Opportunity
|
2008
|
75,500
|
Hong Kong
|
Golden Ice
|
2008
|
75,845
|
Hong Kong
|
Golden Feng
|
2009
|
170,500
|
Marshall Islands
|
Golden Strength
|
2009
|
75,745
|
Hong Kong
|
Golden Shui
|
2009
|
170,500
|
Marshall Islands
|
Golden Beijing
|
2010
|
176,000
|
Hong Kong
|
Golden Eminence
|
2010
|
79,447
|
Hong Kong
|
Golden Empress
|
2010
|
79,600
|
Hong Kong
|
Golden Endeavour
|
2010
|
79,600
|
Hong Kong
|
Golden Endurer
|
2011
|
79,600
|
Hong Kong
|
Golden Enterprise
|
2011
|
79,471
|
Hong Kong
|
Golden Zhoushan
|
2011
|
175,834
|
Hong Kong
|
Golden Suek
|
2011
|
74,500
|
Hong Kong
|
Golden Bull
|
2012
|
74,500
|
Hong Kong
|
Golden Brilliant
|
2013
|
74,500
|
Hong Kong
|
Golden Pearl
|
2013
|
74,187
|
Hong Kong
|
Golden Diamond
|
2013
|
74,187
|
Hong Kong
|
Golden Magnum
|
2009
|
179,788
|
Hong Kong
|
Golden Daisy
|
2012
|
81,507
|
Marshall Islands
|
Golden Ginger
|
2012
|
81,487
|
Marshall Islands
|
Golden Rose
|
2012
|
81,585
|
Marshall Islands
|
Golden Ruby
|
2013
|
74,500
|
Hong Kong
|
(in thousands of $)
|
Docking and
|
|||||||||||||||
periodic
|
Fixtures and
|
|||||||||||||||
Vessels
|
maintenance
|
Equipment
|
Total
|
|||||||||||||
Cost:
|
||||||||||||||||
At January 1, 2013
|
768,452
|
7,482
|
486
|
776,420
|
||||||||||||
Additions
|
51,803
|
3,486
|
10
|
55,299
|
||||||||||||
Transferred from vessels under construction (note 9)
|
29,214
|
1,000
|
30,214
|
|||||||||||||
At December 31, 2013
|
849,469
|
11,968
|
496
|
861,932
|
||||||||||||
At January 1, 2014
|
849,469
|
11,968
|
496
|
861,932
|
||||||||||||
Additions
|
173,660
|
9,743
|
25
|
183,428
|
||||||||||||
At June 30, 2014
|
1,023,129
|
21,711
|
521
|
1,045,360
|
||||||||||||
Accumulated depreciation and impairment:
|
||||||||||||||||
At January 1, 2013
|
161,414
|
3,081
|
408
|
164,903
|
||||||||||||
Depreciation
|
27,192
|
2,025
|
25
|
29,241
|
||||||||||||
At December 31, 2013
|
188,606
|
5,106
|
433
|
194,144
|
||||||||||||
At January 1, 2014
|
188,606
|
5,106
|
433
|
194,144
|
||||||||||||
Depreciation
|
15,519
|
2,310
|
17
|
17,846
|
||||||||||||
At June 30, 2014
|
204,125
|
7,416
|
450
|
211,990
|
||||||||||||
Carrying amount:
|
||||||||||||||||
At June 30, 2014
|
819,004
|
14,295
|
71
|
833,370
|
||||||||||||
At December 31, 2013
|
660,863
|
6,862
|
63
|
667,788
|
Vessel
|
Built
|
DWT
|
Flag
|
|||
Golden Lyderhorn
|
1999
|
74,242
|
Hong Kong
|
|||
Ocean Minerva
|
2007
|
75,698
|
Panama
|
|||
Golden Heiwa
|
2007
|
76,662
|
Panama
|
|||
Golden Eclipse
|
2010
|
79,600
|
Hong Kong
|
(in thousands of $)
|
||||
Cost:
At January 1, 2013 |
176,159
|
|||
At December 31, 2013
|
176,159
|
|||
At January 1, 2014
|
176,159
|
|||
Additions
|
22
|
|||
At June 30, 2014
|
176,181
|
|||
Accumulated depreciation:
|
||||
At January 1, 2013
|
35 942
|
|||
Depreciation
|
9 422
|
|||
At December 31, 2013
|
45 364
|
|||
At January 1, 2014
|
45 364
|
|||
Depreciation
|
4,672
|
|||
At June 30, 2014
|
50 037
|
|||
Carrying amount:
|
||||
At June 30, 2014
|
126,145
|
|||
At December 31, 2013
|
130,795
|
(in thousands of $)
At January 1, 2013 |
116,082
|
|||
Additions
|
22,288
|
|||
Transferred to installments on cancelled newbuildings
|
(92,012
|
)
|
||
Transferred to vessels and equipment (note 7)
|
(30,214
|
)
|
||
At December 31, 2013
|
16,144
|
|||
At January 1, 2014
|
16,144
|
|||
Additions
|
10,550
|
|||
At June 30, 2014
|
26,694
|
(in thousands of $)
|
2014
|
2013
|
||
JUNE
|
DECEMBER
|
|||
Cash at bank and in hand
|
64,728
|
|
81,381
|
|
Short-term deposits
|
62,500
|
12,500
|
,
|
|
Cash and cash equivalents
|
127,228
|
93,881
|
|
|
Restricted deposit
|
6,107
|
4,960
|
||
Cash and cash equivalents and restricted deposit
|
133,335
|
98,841
|
||
(in thousands of $)
|
2014
|
2013
|
||
JUNE
|
DECEMBER
|
|||
Trade receivables, net
|
5,996
|
7,343
|
|
|
Other receivables
|
23,222
|
15,867
|
|
|
Prepayments
|
5,596
|
10,873
|
||
34,814
|
34,083
|
,
|
||
Less non-current portion: other receivables
|
(8,883
|
)
|
(8,588
|
)
|
Current portion
|
25,931
|
25,495
|
,
|
UFC Golden
(in thousands of $)
|
Magnum
Inc.
|
Golden Opus
Inc.
|
Golden Azalea
Inc.
|
Seateam
Management
|
Totals
|
|||||||||||||||||||
Ownership
|
50 %
|
50 %
|
50 %
|
50 %
|
25 %
|
|
||||||||||||||||||
At 1 January, 2013
|
1,248
|
-
|
-
|
-
|
-
|
1,248
|
||||||||||||||||||
Additions
|
-
|
6,350
|
6,924
|
|
6,400
|
-
|
19,674
|
|||||||||||||||||
Disposals/Dividends
|
-
|
-
|
-
|
(7,653
|
)
|
-
|
(7,653
|
)
|
||||||||||||||||
Share of income
|
673
|
834
|
1,276
|
1,253
|
114
|
4,150
|
||||||||||||||||||
At 31 December, 2013
|
1,921
|
7,184
|
,
|
8,200
|
-
|
114
|
17,419
|
,
|
||||||||||||||||
At 1 January, 2014
|
1,921
|
7,184
|
8,200
|
-
|
114
|
17,419
|
||||||||||||||||||
Disposals/Dividends
|
(1,500
|
)
|
(1,055
|
)
|
-
|
-
|
(2,555)
|
|
||||||||||||||||
Transfer to investment in subsidiaries
|
(6,350
|
)
|
-
|
-
|
(6,350
|
)
|
||||||||||||||||||
Share of income
|
739
|
221
|
463
|
-
|
-
|
1,423
|
|
|||||||||||||||||
At 30 June, 2014
|
1,160
|
-
|
8,663
|
-
|
114
|
9,937
|
||||||||||||||||||
The figures reflect the Group's investment in the above companies.
|
(in thousands of $)
Ownership
|
UFC
50%
|
Golden Magnum
Inc.
50%
|
Golden Opus
Inc.
50%
|
Seateam
Management
25%
|
Totals
|
|||||||||||||||
At June 30, 2014
|
||||||||||||||||||||
Current assets
|
||||||||||||||||||||
Cash and cash equivalents
|
3,070
|
-
|
3,422
|
-
|
6,492
|
|||||||||||||||
Other current assets
|
1,580
|
-
|
2,246
|
456
|
4,282
|
|||||||||||||||
Total current assets
|
4,650
|
-
|
5,668
|
456
|
10,774
|
|||||||||||||||
Current liabilities
|
-
|
|||||||||||||||||||
Financial liabilities
|
-
|
-
|
458
|
-
|
458
|
|||||||||||||||
Other current liabilities
|
2,330
|
-
|
622
|
-
|
2,952
|
|||||||||||||||
Total current liabilities
|
2,330
|
-
|
1,080
|
-
|
3,410
|
|||||||||||||||
Non-current assets
|
||||||||||||||||||||
Assets
|
-
|
-
|
33,025
|
-
|
33,025
|
|||||||||||||||
Total non-current assets
|
-
|
-
|
33,025
|
-
|
33,025
|
|||||||||||||||
Non-current liabilities
|
||||||||||||||||||||
Financial liabilities
|
-
|
-
|
20,287
|
-
|
20,287
|
|||||||||||||||
Total non-current liabilites
|
-
|
-
|
20,287
|
-
|
20,287
|
|||||||||||||||
Net total assets
|
2,320
|
-
|
17,326
|
456
|
20,102
|
(in thousands of $)
Ownership
|
UFC
50%
|
Golden Magnum
Inc.
50%
|
Golden Opus
Inc.
50%
|
Seateam
Management
25%
|
Totals
|
|||||||||||||||
At December 31, 2013
|
||||||||||||||||||||
Current assets
|
||||||||||||||||||||
Cash and cash equivalents
|
3,606
|
804
|
-
|
-
|
4,410
|
|||||||||||||||
Other current assets
|
1,848
|
4,586
|
4,845
|
456
|
11,735
|
|||||||||||||||
Total current assets
|
5,454
|
5,390
|
4,845
|
456
|
16,145
|
|||||||||||||||
Current liabilities
|
||||||||||||||||||||
Financial liabilities
|
-
|
952
|
458
|
-
|
1,410
|
|||||||||||||||
Other current liabilities
|
1,612
|
1,077
|
295
|
2,984
|
||||||||||||||||
Total current liabilities
|
1,612
|
2,029
|
753
|
-
|
4,394
|
|||||||||||||||
Non-current assets
|
||||||||||||||||||||
Assets
|
-
|
33,310
|
33,630
|
-
|
66,940
|
|||||||||||||||
Total non-current assets
|
-
|
33,310
|
33,630
|
-
|
||||||||||||||||
Non-current liabilities
|
||||||||||||||||||||
Financial liabilities
|
-
|
22,303
|
21,322
|
-
|
43,625
|
|||||||||||||||
Total non-current liabilities
|
-
|
22,303
|
21,322
|
-
|
43,625
|
|||||||||||||||
Net total assets
|
3,842
|
14,368
|
16,400
|
456
|
35,066
|
(in thousands of $)
|
2014
|
|||
MARCH 12
|
||||
Non current assets
|
||||
Vessel and equipment
|
45,500
|
|||
Total non-current assets
|
45,500
|
|||
|
||||
Current assets
|
||||
Cash and cash equivalents
|
1,512
|
|||
Other current assets
|
4,014
|
|||
Total current assets
|
5,526
|
|||
Total assets
|
||||
51,026
|
||||
Non current liabilities
|
22,326
|
|||
Long term debt
|
22,326
|
|||
Total non-current liabilities
|
|
|||
Current liabilities
|
||||
Long term debt - current portion
|
952
|
|||
Other current liabilities
|
548
|
|||
Total current liabilities
|
1,500
|
|||
Total liabilities
|
23,826
|
|||
Total identifiable net assets
|
27,200
|
(in thousands of $)
|
2014
JUNE
|
2013
DECEMBER
|
||
Interest derivatives
|
3,339
|
2,566
|
||
Bunkers derivatives
|
72
|
169
|
||
Derivative financial instruments
|
3,411
|
2,735
|
(in thousands of $)
|
2014
JUNE
|
2013
DECEMBER
|
||||||
At 1 January, 2014
|
16,916
|
-
|
||||||
Additions
|
-
|
10,000
|
||||||
Changes in fair value of available-for-sale financial assets
|
(300
|
)
|
7,255
|
|||||
Recycling of changes in fair value of sold available-for-sale financial assets
|
(1,138
|
)
|
(339
|
)
|
||||
At 30 June, 2014
|
15,478
|
16,916
|
(in thousands of $)
|
2014
|
2013
|
||||||
|
JUNE
|
DECEMBER
|
||||||
Listed Equity securities:
|
||||||||
Korea Line Corporation - Asia
|
2,667
|
4,166
|
||||||
Knightsbridge Tankers Limited - US
|
167
|
107
|
||||||
Unlisted Equity securities:
|
||||||||
Greenship Bulk Trust - Europe
|
12,644
|
12,644
|
||||||
Total available for sale-financial assets
|
15,478
|
16,916
|
(in thousands of $)
|
2014
|
2013
|
||||||
|
JUNE
|
DECEMBER
|
||||||
Currencies:
|
||||||||
NOK (Norwegian kroner)
|
12,644
|
12,644
|
||||||
KRW (Korean Won)
|
2,667
|
4,166
|
||||||
US dollar
|
167
|
107
|
||||||
Total available for sale-financial assets
|
15,478
|
16,916
|
(in thousands of $)
|
2014
JUNE
|
2013
DECEMBER
|
||||||
Within one year
|
66,144
|
41,214
|
||||||
Between one and two years
|
151,013
|
120,651
|
||||||
Between two and five years
|
347,925
|
180,172
|
||||||
After five years
|
-
|
67,373
|
||||||
Total debt
|
565,082
|
409,410
|
||||||
Current portion
|
(66,144
|
)
|
(41,214
|
)
|
||||
Long-term debt, nominal value
|
498,938
|
368,196
|
||||||
Value of sellers credit
|
(774
|
)
|
(1,029
|
)
|
||||
Deferred transaction costs
|
(6,070
|
)
|
(4,362
|
)
|
||||
Long-term debt, net
|
492,094
|
362,805
|
(in thousands of $)
|
2014
JUNE
|
2013
DECEMBER |
Non-current
|
||
Bank borrowings and sellers credit
|
315,281
|
362,805
|
Convertible Bond
|
176,813
|
-
|
Finance lease liabilities
|
107,174
|
110,416
|
|
599,268
|
473,221
|
Current
|
|
|
Bank borrowings and sellers credit
|
66,144
|
41,214
|
Finance lease liabilities
|
7,195
|
7,370
|
|
73,339
|
48,584
|
Total borrowings
|
672,607
|
521,805
|
(in thousands of $)
|
Carrying value
|
Fair Value
|
||||||
JUNE
|
JUNE
|
|||||||
Convertible bond
|
178,813
|
|
185,750
|
|
|
Within one year
|
2-5 years
|
6-10 years
|
Total
|
||||||||||||||||||||||||||||
(in thousands of $)
|
6/30/2014
|
12/31/2013
|
6/30/2014
|
12/31/2013
|
6/30/2014
|
12/31/2013
|
6/30/2014
|
12/31/2013
|
||||||||||||||||||||||||
Minimum Lease Payments
|
||||||||||||||||||||||||||||||||
Interest
|
7,349
|
7,501
|
27,894
|
28,652
|
1,880
|
,
|
4,609
|
)
|
37,123
|
40,762
|
||||||||||||||||||||||
Purchase option
|
-
|
55,017
|
55,017
|
33,550
|
33,550
|
88,567
|
88,567
|
|||||||||||||||||||||||||
Instalments
|
7,195
|
|
7,370
|
17,327
|
18,852
|
1,280
|
2,996
|
25,802
|
,
|
29,218
|
|
|||||||||||||||||||||
Total Minimum Lease
|
14,544
|
14,871
|
100,238
|
,
|
102,521
|
36,710
|
41,155
|
151,492
|
,
|
158,547
|
||||||||||||||||||||||
Less interest
|
(37,123
|
)
|
(40,762
|
)
|
||||||||||||||||||||||||||||
Present Value of Lease Obligations
|
114,369
|
117,785
|
||||||||||||||||||||||||||||||
Current portion
|
7,195
|
7,370
|
||||||||||||||||||||||||||||||
Non-current portion
|
107,174
|
|
110,416
|
(in thousands of $)
|
Purchase option exercisable
date
|
Purchase option
amount
|
Lease renewal
date
|
Golden Lyderhorn
|
September 2016
|
11,500
|
September 2016
|
Ocean Minerva
|
January 2018
|
21,052
|
January 2015
|
Golden Heiwa
|
March 2017
|
22,465
|
March 2015
|
Golden Eclipse
|
April 2020
|
33,550
|
April 2020
|
(in thousands of $)
|
2014
|
2013
|
||||||
JUNE
|
DECEMBER
|
|||||||
Trade payables
|
5,305
|
1,512
|
||||||
Accruals
|
11,002
|
6,273
|
||||||
Deferred revenue
|
14,057
|
27,540
|
||||||
Other current liabilities
|
1,695
|
6,331
|
||||||
Total
|
32,059
|
41,656
|
(in thousands of $)
|
Within one year
|
2-5 years
|
Total
|
|||||||||||||||||||||
6/30/2014
|
12/31/2013
|
6/30/2014
|
12/31/2013
|
6/30/2014
|
12/31/2013
|
|||||||||||||||||||
Vessels under construction
|
114,839
|
23,511
|
69,862
|
171,764
|
184,701
|
195,275
|
||||||||||||||||||
Total
|
114,839
|
23,511
|
69,862
|
171,764
|
184,701
|
195,275
|
(in thousands of $)
|
2014
|
2013
|
||||||||
.
|
JUNE
|
DECEMBER
|
||||||||
Within one year
|
6,571
|
25,099
|
||||||||
In the second to fifth years
|
581
|
17,351
|
||||||||
Total minimum lease payments
|
7,151
|
42,450
|
(in thousands of $)
|
2014
|
2013
|
||||||||
.
|
JUNE
|
DECEMBER
|
||||||||
Within one year
|
74,274
|
67,251
|
||||||||
In the second to fifth years
|
165,165
|
164,207
|
||||||||
Later than five years
|
38,997
|
55,918
|
||||||||
Total minimum lease revenue
|
278,436
|
287,376
|
(in thousands of $)
|
Level 1
|
Level 2
|
Total
|
At June 30, 2014
|
|||
Assets
|
|||
Available-for-sale financial assets
|
2,834
|
12,644
|
15,478
|
Derivative financial instruments (interest swap)
|
-
|
3,411
|
3,411
|
Total assets
|
2,834
|
16,055
|
18,889
|
(in thousands of $)
|
Level 1
|
Level 2
|
Total
|
At December 31, 2013
|
|||
Assets
|
|||
Available-for-sale financial assets
|
4,272
|
12,644
|
16,916
|
Derivative financial instruments (interest swap)
|
-
|
2,735
|
2,735
|
Total assets
|
4,272
|
15,379
|
19,651
|
2014
JUNE
|
2013
DECEMBER
|
|||||||||||||||
Number of
share options
|
Weighted average
exercise price USD
|
Number of
share options
|
Weighted average
exercise price USD
|
|||||||||||||
At the beginning of the year
|
4,945,000
|
0,81
|
5,000,000
|
0,91
|
||||||||||||
Exercised year to date
|
(90,000
|
)
|
(55,000
|
)
|
||||||||||||
Outstanding
|
4,855,000
|
0,76
|
4,945,000
|
0,81
|
||||||||||||
Exercisable
|
1,480,000
|
0,93
|
1,570,000
|
0,97
|
(in thousands of $)
|
||||
At January 1, 2014
|
--
|
|||
Transferred from installments on cancelled newbuildings
|
192,976
|
|
||
Amount receivedfrom refundable installments on cancelled newbuildings
|
(54,036
|
)
|
||
Gain from refundable installments on cancelled newbuildings
|
10,537
|
|||
At June 30, 2014
|
149,477
|
Page
|
|
Unaudited Consolidated Comprehensive Income Statement for the periods ended September 30, 2014 and 2013
|
F-19
|
Unaudited Consolidated Balance Sheet as at September 30, 2014 and December 31, 2013
|
F-20
|
Unaudited Consolidated Cash Flow Statement for the periods ended September 30, 2014 and 2013
|
F-21
|
Unaudited Consolidated Statement of Changes in Equity for the periods ended September 30, 2014 and 2013
|
F-22
|
Notes to Unaudited Condensed Interim financial information
|
F-23 |
|
|
2014
|
2013
|
2014
|
2013
|
||
Notes
|
Jul-Sep
|
Jul-Sep
|
Jan-Sep
|
Jan-Sep
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
||
Operating revenue
|
|||||
Time charter and voyage charter revenues
|
52,678
|
78,335
|
193,673
|
206,966
|
|
Other operating revenue
|
3
|
764
|
429
|
6,764
|
30,937
|
Total operating revenue
|
53,442
|
78,764
|
200,437
|
237,903
|
|
Operating expenses
|
|||||
Voyage expenses and commission
|
17,679
|
21,063
|
61,781
|
55,638
|
|
Vessel operating expenses
|
15,359
|
12,260
|
41,704
|
34,130
|
|
Charter hire expenses
|
4,949
|
16,063
|
35,890
|
42,417
|
|
Administrative expenses
|
2,882
|
3,013
|
8,453
|
9,630
|
|
Depreciation
|
7, 8
|
12,528
|
9,814
|
35,046
|
28,633
|
Total operating expenses
|
53,397
|
62,213
|
182,874
|
170,448
|
|
Other gain (losses) net
|
|||||
Share of income from associates and Joint Ventures
|
12
|
500
|
497
|
1,923
|
1,080
|
Other gains (losses) net
|
4
|
(5,899)
|
4,998
|
4,561
|
4,782
|
Total other gains (losses) net
|
(5,399)
|
5,495
|
6,484
|
5,862
|
|
Operating profit (loss)
|
(5,354)
|
22,046
|
24,047
|
73,317
|
|
Interest income
|
224
|
374
|
819
|
889
|
|
Interest expense
|
5
|
(8,263)
|
(4,807)
|
(23,671)
|
(14,160)
|
Other financial items
|
6
|
1,795
|
(1,491)
|
(1,619)
|
6,338
|
Total net financial items
|
(6,244)
|
(5,924)
|
(24,471)
|
(6,933)
|
|
Profit (loss) before income tax
|
(11,598)
|
16,122
|
(424)
|
66,384
|
|
Income tax
|
(40)
|
(50)
|
(115)
|
(85)
|
|
Profit (loss) for the period
|
(11,638)
|
16,072
|
(539)
|
66,299
|
|
Other comprehensive income:
|
|||||
Items that may be subsequently reclassified to profit or loss
|
|||||
Changes in fair value of available-for-sale financial assets
|
(1,232)
|
(206)
|
(1,532)
|
985
|
|
Recycling of changes in fair value of sold available-for-sale financial assets
|
(1,105)
|
(339)
|
(2,243)
|
(339)
|
|
Total comprehensive income (loss) for the period
|
(13,975)
|
15,527
|
(4,314)
|
66,945
|
|
Profit (loss) attributable to:
|
|||||
- Owners of the parent
|
(11,441)
|
15,357
|
54
|
65,805
|
|
- Non-controlling interests
|
(197)
|
715
|
(593)
|
494
|
|
Profit (loss) for the period
|
(11,638)
|
16,072
|
(539)
|
66,299
|
|
Comprehensive income (loss) attributable to:
|
|||||
Owners of the parent
|
(13,778)
|
14,812
|
(3,721)
|
66,451
|
|
Non-controlling interests
|
(197)
|
715
|
(593)
|
494
|
|
Total comprehensive income (loss) for the period
|
(13,975)
|
15,527
|
(4,314)
|
66,945
|
|
Basic and diluted earnings per share
|
$(0.03)
|
$0.04
|
$0.00
|
$0.15
|
2014
|
2013
|
||
(in thousands of $)
|
Notes
|
Sep 30
|
Dec 31
|
ASSETS
|
Unaudited
|
||
Non current assets
|
|||
Vessels and equipment
|
7
|
824,903
|
667,788
|
Vessels held under finance leases
|
8
|
123,890
|
130,795
|
Vessels under construction
|
9
|
30,578
|
16,144
|
Other long term receivables
|
11
|
9,035
|
8,588
|
Available-for-sale financial assets
|
15
|
13,141
|
16,916
|
Derivative financial instruments
|
14
|
4,188
|
2,735
|
Instalments on cancelled newbuildings
|
-
|
192,976
|
|
Investment in associates and Joint Ventures
|
12
|
10,388
|
17,419
|
Total non-current assets
|
1,016,123
|
1,053,361
|
|
Current assets
|
|||
Inventories
|
11,590
|
10,775
|
|
Trade and other receivables
|
11
|
30,682
|
25,495
|
Refundable installments on cancelled newbuildings
|
24
|
102,595
|
-
|
Restricted deposit
|
10
|
3,996
|
4,960
|
Cash and cash equivalents
|
10
|
129,189
|
93,881
|
Total current assets
|
278,052
|
135,110
|
|
Total assets
|
1,294,175
|
1,188,471
|
|
EQUITY AND LIABILITIES
|
|||
Equity attributable to equity holders of the parent
|
|||
Share capital
|
44,731
|
44,726
|
|
Additional paid in capital
|
99,187
|
99,156
|
|
Other reserves
|
47,805
|
23,466
|
|
Retained earnings
|
420,267
|
453,434
|
|
611,990
|
620,782
|
||
Non-controlling interests
|
15
|
1,108
|
|
Total Equity
|
612,005
|
621,890
|
|
Non-Current Liabilities
|
|||
Long term debt
|
16, 17
|
450,278
|
362,805
|
Obligations under finance leases
|
18
|
105,786
|
110,416
|
Other long term liabilities
|
1,677
|
1,903
|
|
Total non-current liabilities
|
557,741
|
475,124
|
|
Current Liabilities
|
|||
Long-term debt - current portion
|
16
|
86,106
|
41,214
|
Obligations under finance leases – current portion
|
18
|
6,798
|
7,370
|
Amount due to related parties
|
2,038
|
1,216
|
|
Trade payables and other current liabilities
|
19
|
29,487
|
41,656
|
Total current liabilities
|
124,429
|
91,456
|
|
Total liabilities and shareholders' equity
|
1,294,175
|
1,188,471
|
2014
|
2013
|
||
Notes
|
Jan-Sep
|
Jan-Sep
|
|
OPERATING ACTIVITIES
|
Unaudited
|
Unaudited
|
|
Profit (loss) for the period
|
(539)
|
66,384
|
|
Adjustments for:
|
|||
Share based payment
|
382
|
1,017
|
|
Stock options paid in cash
|
(54)
|
-
|
|
Gain on sale and Impairment of available-for-sale financial assets
|
(2,495)
|
(339)
|
|
Share of (profit) loss from associates and Joint Ventures
|
12
|
(8,121)
|
(1,080)
|
Gain from refundable instalments for cancelled newbuildings
|
(10,658)
|
-
|
|
Interest expensed
|
16,890
|
7,516
|
|
Interest income
|
(819)
|
(889)
|
|
Depreciation
|
7, 8
|
35,046
|
28,633
|
Amortisation of deferred charges
|
1,024
|
459
|
|
Foreign currency gain (losses)
|
179
|
107
|
|
Imputed interest on other long term receivables
|
(447)
|
(417)
|
|
Net change in:
|
|||
Amount due to related parties
|
822
|
(629)
|
|
Derivative financial instrument
|
14
|
6,132
|
(5,775)
|
Trade and other receivables
|
11
|
(5,634)
|
(8,788)
|
Inventories
|
(816)
|
(9,261)
|
|
Trade payables and other current liabilities
|
19
|
(7,657)
|
(9,985)
|
Net cash provided by operating activities
|
23,235
|
66,954
|
|
INVESTING ACTIVITIES
|
|||
Changes in restricted deposit
|
965
|
1,902
|
|
Interest received
|
819
|
889
|
|
Payments on vessels
|
7, 9
|
(143,294)
|
(49,497)
|
Payment of business combination
|
7, 13
|
(13,600)
|
-
|
Capitalised docking and periodic maintenance
|
(11,510)
|
(783)
|
|
Investment in Joint Venture
|
12
|
-
|
(30,825)
|
Proceeds from cancelled newbuildings
|
103,569
|
-
|
|
Sale of short term investment
|
-
|
339
|
|
Sale of available-for-sale financial assets
|
2,495
|
-
|
|
Net cash provided by (used in) investing activities
|
(60,556)
|
(77,975)
|
|
FINANCING ACTIVITIES
|
|||
Payment of financing charges
|
(3,659)
|
(714)
|
|
Payment of interest
|
(12,065)
|
(7,498)
|
|
Payment of interest swaps
|
(6,132)
|
(2,941)
|
|
Repayment of obligations under finance leases
|
(5,117)
|
(4,881)
|
|
Repayment of long term debt
|
(61,895)
|
(32,706)
|
|
Proceeds from long term debt
|
-
|
24,017
|
|
Proceeds from related party
|
-
|
10,000
|
|
Proceeds from issue of new shares
|
36
|
-
|
|
Payment of dividends
|
(38,539)
|
(4,473)
|
|
Proceeds from Convertible bonds
|
200,000
|
-
|
|
Net cash (used in) provided by financing activities
|
72,629
|
(19,196)
|
|
Net change in cash and cash equivalents
|
35,308
|
(30,217)
|
|
Cash and cash equivalents at beginning of period
|
93,881
|
104,359
|
|
Cash and cash equivalents at end of period
|
10
|
129,189
|
74,142
|
Share
Capital |
Additional paid in capital
|
Other Reserves
|
Retained Earnings
|
Total
|
Non-Controlling interests
|
Total Equity
|
|
Balance at January 1, 2013
|
44,726
|
99,156
|
16,550
|
377,372
|
537,805
|
491
|
538,296
|
Comprehensive income for the period
|
-
|
-
|
646
|
65,890
|
66,536
|
494
|
67,030
|
Dividends and related tax
|
-
|
-
|
-
|
(4,473)
|
(4,473)
|
-
|
(4,473)
|
Value of services under stock options scheme
|
-
|
-
|
-
|
1,017
|
1,017
|
-
|
1,017
|
Balance at September 30, 2013
|
44,726
|
99,156
|
17,196
|
439,807
|
600,885
|
985
|
601,870
|
Balance at January 1, 2014
|
44,726
|
99,156
|
23,466
|
453,434
|
620,782
|
1,108
|
621,890
|
Comprehensive income (loss) for the period
|
-
|
-
|
(3,775)
|
54
|
(3,721)
|
(593)
|
(4,314)
|
Equity portion Convertible Bond
|
-
|
-
|
28,114
|
-
|
28,114
|
-
|
28,114
|
Issue of new share capital
|
5
|
31
|
-
|
-
|
36
|
21
|
57
|
Dividends and related tax
|
-
|
-
|
-
|
(33,549)
|
(33,549)
|
(521)
|
(34,070)
|
Value of services under stock options scheme
|
-
|
-
|
-
|
382
|
382
|
-
|
382
|
Stock option paid in cash
|
-
|
-
|
-
|
(54)
|
(54)
|
-
|
(54)
|
Balance at September 30, 2014
|
44,731
|
99,187
|
47,805
|
420,267
|
611,990
|
15
|
612,005
|
1. | ACCOUNTING PRINCIPLES |
2. | ESTIMATES, JUDGEMENTS AND ASSUMPTIONS |
3. | OTHER REVENUE |
(in thousands of $)
|
2014
|
2013
|
2014
|
2013
|
Jul-Sep
|
Jul-Sep
|
Jan-Sep
|
Jan-Sep
|
|
Management fee revenues
|
695
|
429
|
1,365
|
937
|
Other revenues
|
69
|
-
|
5,399
|
30,000
|
Total other revenue
|
764
|
429
|
6,764
|
30,937
|
4. | OTHER GAINS (LOSSES) NET |
(in thousands of $)
|
2014
|
2013
|
2014
|
2013
|
Jul-Sep
|
Jul-Sep
|
Jan-Sep
|
Jan-Sep
|
|
Gain (loss) on Forward freight agreements
|
(5,801)
|
4,668
|
(12,036)
|
4,948
|
Gain (loss) on bunkers derivatives
|
(219)
|
330
|
(259)
|
(166)
|
Gain (loss) from refundable installments for cancelled newbuildings
|
121
|
-
|
10,658
|
-
|
Gain from purchase of Shares in Joint Venture
|
-
|
-
|
6,198
|
-
|
Total other gains (losses) net
|
(5,899)
|
4,998
|
4,561
|
4,782
|
5. | INTEREST EXPENSE |
(in thousands of $)
|
2014
|
2013
|
2014
|
2013
|
Jul-Sep
|
Jul-Sep
|
Jan-Sep
|
Jan-Sep
|
|
Interest on bank overdrafts and loans
|
6,549
|
3,095
|
19,707
|
9,466
|
Interest on obligations under finance leases
|
1,897
|
2,048
|
5,757
|
6,185
|
Total interest expense
|
8,446
|
5,143
|
25,464
|
15,651
|
Less amounts included in the cost of qualifying assets
|
(183)
|
(337)
|
(1,793)
|
(1,491)
|
Net interest expense
|
8,263
|
4,807
|
23,671
|
14,160
|
6. | OTHER FINANCIAL ITEMS |
(in thousands of $)
|
2014
|
2013
|
2014
|
2013
|
Jul-Sep
|
Jul-Sep
|
Jan-Sep
|
Jan-Sep
|
|
Interest swap
|
691
|
(2,420)
|
(4,417)
|
5,536
|
Other financial items
|
1,104
|
929
|
2,798
|
802
|
Total other financial items
|
1,795
|
(1,491)
|
(1,619)
|
6,338
|
7. | VESSELS AND EQUIPMENT |
Vessel
|
Built
|
DWT
|
Flag
|
|
Channel Alliance
|
1996
|
171,978
|
Hong Kong
|
|
Channel Navigator
|
1997
|
172,058
|
Hong Kong
|
|
Golden Saguenay
|
2008
|
75,500
|
Hong Kong
|
|
Golden Opportunity
|
2008
|
75,500
|
Hong Kong
|
|
Golden Ice
|
2008
|
75,845
|
Hong Kong
|
|
Golden Feng
|
2009
|
170,500
|
Marshall Island
|
|
Golden Strength
|
2009
|
75,745
|
Hong Kong
|
|
Golden Shui
|
2009
|
170,500
|
Marshall Island
|
|
Golden Magnum
|
2009
|
179,788
|
Hong Kong
|
|
Golden Beijing
|
2010
|
176,000
|
Hong Kong
|
|
Golden Eminence
|
2010
|
79,447
|
Hong Kong
|
|
Golden Empress
|
2010
|
79,600
|
Hong Kong
|
|
Golden Endeavour
|
2010
|
79,600
|
Hong Kong
|
|
Golden Endurer
|
2011
|
79,600
|
Hong Kong
|
|
Golden Enterprise
|
2011
|
79,471
|
Hong Kong
|
|
Golden Zhoushan
|
2011
|
175,834
|
Hong Kong
|
|
Golden Suek
|
2011
|
74,500
|
Hong Kong
|
|
Golden Bull
|
2012
|
74,500
|
Hong Kong
|
|
Golden Daisy
|
2012
|
81,507
|
Marshall Island
|
|
Golden Ginger
|
2012
|
81,487
|
Marshall Island
|
|
Golden Rose
|
2012
|
81,585
|
Marshall Island
|
|
Golden Brilliant
|
2013
|
74,500
|
Hong Kong
|
|
Golden Pearl
|
2013
|
74,187
|
Hong Kong
|
|
Golden Diamond
|
2013
|
74,187
|
Hong Kong
|
|
Golden Ruby
|
2013
|
74,500
|
Hong Kong
|
(in thousands of $)
|
Vessels
|
Docking and periodic maintenance
|
Fixtures and Equipment
|
Total
|
Cost:
|
||||
At January 1, 2013
|
768,452
|
7,482
|
486
|
776,420
|
Additions
|
51,803
|
3,486
|
10
|
55,299
|
Transferred from vessels under construction (note 9)
|
29,214
|
1,000
|
-
|
30,214
|
At December 31, 2013
|
849,469
|
11,968
|
496
|
861,932
|
At January 1, 2014
|
849,469
|
11,968
|
496
|
861,932
|
Additions
|
128,213
|
11,367
|
25
|
139,605
|
Additions from purchase of business combination
|
45,500
|
-
|
-
|
45,500
|
At September 30, 2014
|
1,023,182
|
23,335
|
521
|
1,047,037
|
Accumulated depreciation and impairment:
|
||||
At January 1, 2013
|
161,414
|
3,081
|
408
|
164,903
|
Depreciation
|
27,192
|
2,025
|
25
|
29,241
|
At December 31, 2013
|
188,606
|
5,106
|
433
|
194,144
|
At January 1, 2014
|
188,606
|
5,106
|
433
|
194,144
|
Depreciation
|
24,044
|
3,930
|
16
|
27,990
|
At September 30, 2014
|
212,650
|
9,036
|
449
|
222,134
|
Carrying amount:
|
||||
At September 30, 2014
|
810,532
|
14,299
|
72
|
824,903
|
At December 31, 2013
|
660,863
|
6,862
|
63
|
667,788
|
8. | VESSELS HELD UNDER FINANCE LEASES |
Vessel
|
Built
|
DWT
|
Flag
|
|
Golden Lyderhorn
|
1999
|
74,242
|
Hong Kong
|
|
Ocean Minerva
|
2007
|
75,698
|
Panama
|
|
Golden Heiwa
|
2007
|
76,662
|
Panama
|
|
Golden Eclipse
|
2010
|
79,600
|
Hong Kong
|
|
(in thousands of $)
|
||||
Cost:
|
||||
At January 1, 2013
|
176,159
|
|||
At December 31, 2013
|
176,159
|
At January 1, 2014
|
176,159
|
|||
Additions
|
142
|
|||
At September 30, 2014
|
176,301
|
At January 1, 2013
|
35,942
|
|||
Depreciation
|
9,422
|
|||
At December 31, 2013
|
45,364
|
At January 1, 2014
|
45,364
|
|||
Depreciation
|
7,047
|
|||
At September 30, 2014
|
52,411
|
At September 30, 2014
|
123,890
|
|||
At December 31, 2013
|
130,795
|
9. | VESSELS UNDER CONSTRUCTION |
(in thousands of $)
|
|
At January 1, 2013
|
116,082
|
Additions
|
22,288
|
Transferred to instalments on cancelled newbuildings
|
(92,012)
|
Transferred to vessels and equipment (note 7)
|
(30,214)
|
At December 31, 2013
|
16,144
|
At January 1, 2014
|
16,144
|
Additions
|
14,434
|
At September 30, 2014
|
30,578
|
10. | CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSIT |
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
Cash at bank and in hand
|
71,689
|
81,381
|
Short-term deposits
|
57,500
|
12,500
|
Cash and cash equivalents
|
129,189
|
93,881
|
Restricted deposit
|
3,996
|
4,960
|
Cash and cash equivalents and restricted deposit
|
133,185
|
98,841
|
11. | TRADE AND OTHER RECEIVABLES |
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
Trade receivables, net
|
6,278
|
7,343
|
Other receivables
|
25,812
|
15,867
|
Prepayments
|
7,627
|
10,873
|
39,717
|
34,083
|
|
Less non-current portion: other receivables
|
(9,035)
|
(8,588)
|
Current portion
|
30,682
|
25,495
|
12. | INVESTMENT IN ASSOCIATED COMPANIES AND JOINT VENTURES |
(in thousands of $)
|
UFC
|
Golden Magnum Inc.
|
Golden Opus Inc.
|
Golden Azalea Inc.
|
Seateam Management
|
Totals
|
Ownership
|
50%
|
50%
|
50%
|
50%
|
21%
|
|
At 1 January, 2013
|
1248
|
-
|
-
|
-
|
-
|
1,248
|
Additions
|
-
|
6,350
|
6,924
|
6,400
|
-
|
19,674
|
Disposals/Dividends
|
-
|
-
|
-
|
(7,653)
|
-
|
(7,653)
|
Share of income
|
673
|
834
|
1,276
|
1,253
|
114
|
4,150
|
At 31 December, 2013
|
1921
|
7,184
|
8,200
|
-
|
114
|
17419
|
At 1 January, 2014
|
1921
|
7,184
|
8,200
|
-
|
114
|
17,419
|
Disposals/Dividends
|
(1,500)
|
-
|
-
|
-
|
(49)
|
(1,549)
|
Transfer to investment in subsidiaries
|
(7,405)
|
-
|
-
|
-
|
(7,405)
|
|
Share of income
|
968
|
221
|
463
|
-
|
271
|
1,923
|
At 30 September, 2014
|
1,389
|
-
|
8,663
|
-
|
336
|
10,388
|
(in thousands of $)
|
UFC
|
Golden Magnum Inc.
|
Golden Opus Inc.
|
Seateam Management
|
Totals
|
Ownership
|
50%
|
50%
|
50%
|
21%
|
|
At September 30, 2014
|
|||||
Current assets
|
|||||
Cash and cash equivalents
|
4,620
|
-
|
3,897
|
-
|
8,517
|
Other current assets
|
3,354
|
-
|
2,698
|
1,580
|
7,632
|
Total current assets
|
7,974
|
-
|
6,595
|
1,580
|
16,149
|
Current liabilities
|
|||||
Financial liabilities
|
-
|
-
|
1,833
|
-
|
1,833
|
Other current liabilities
|
5,197
|
-
|
1,639
|
-
|
6,836
|
Total current liabilities
|
5,197
|
-
|
3,472
|
-
|
8,669
|
Non-current assets
|
|||||
Assets
|
-
|
-
|
32,719
|
-
|
32,719
|
Total non-current assets
|
-
|
-
|
32,719
|
-
|
32,719
|
Non-current liabilities
|
|||||
Financial liabilities
|
-
|
-
|
18,515
|
-
|
18,515
|
Total non-current liabilities
|
-
|
-
|
18,515
|
-
|
18,515
|
Net total assets
|
2,778
|
-
|
17,326
|
1,580
|
21,684
|
(in thousands of $)
|
UFC
|
Golden Magnum Inc.
|
Golden Opus Inc.
|
Seateam Management
|
Totals
|
Ownership
|
50%
|
50%
|
50%
|
25%
|
|
At December 31, 2013
|
|||||
Current assets
|
|||||
Cash and cash equivalents
|
3,606
|
804
|
-
|
-
|
4,410
|
Other current assets
|
1,848
|
4,586
|
4,845
|
456
|
11,735
|
Total current assets
|
5,454
|
5,390
|
4,845
|
456
|
16,145
|
Current liabilities
|
|||||
Financial liabilities
|
-
|
952
|
458
|
-
|
1,410
|
Other current liabilities
|
1,612
|
1,077
|
295
|
-
|
2,984
|
Total current liabilities
|
1,612
|
2,029
|
753
|
-
|
4,394
|
Non-current assets
|
|||||
Assets
|
-
|
33,310
|
33,630
|
-
|
66,940
|
Total non-current assets
|
-
|
33,310
|
33,630
|
-
|
|
Non-current liabilities
|
|||||
Financial liabilities
|
-
|
22,303
|
21,322
|
-
|
43,625
|
Total non-current liabilities
|
-
|
22,303
|
21,322
|
-
|
43,625
|
Net total assets
|
3,842
|
14,368
|
16,400
|
456
|
35,066
|
13. | ACQUISITIONS |
(in thousands of $)
|
2014
|
March 12
|
|
Non current assets
|
|
Vessel and equipment
|
45,500
|
Total non-current assets
|
45,500
|
Current assets
|
|
Cash and cash equivalents
|
1,512
|
other current assets
|
4,014
|
Total current assets
|
5,526
|
Total assets
|
51,026
|
Non current liabilities
|
|
Long term debt
|
22,326
|
Total non-current liabilities
|
22,326
|
Current liabilities
|
|
Long term debt - current portion
|
952
|
other current liabilities
|
548
|
Total current liabilities
|
1,500
|
Total liabilities
|
23,826
|
Total identifiable net assets
|
27,200
|
14. | DERIVATIVE FINANCIAL INSTRUMENTS |
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
Interest derivatives
|
4,281
|
2,566
|
Bunkers derivatives
|
(93)
|
169
|
Derivative financial instruments
|
4,188
|
2,735
|
15. | AVAILABLE-FOR-SALE FINANCIAL ASSETS |
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
At 1 January, 2014
|
16,916
|
-
|
Additions
|
-
|
10,000
|
Changes in fair value of available-for-sale financial assets
|
(1,532)
|
7,255
|
Recycling of changes in fair value of sold available-for-sale financial assets
|
(2,243)
|
(339)
|
At 30 September, 2014
|
13,141
|
16,916
|
(in thousands of $)
|
2014
|
2013
|
|
September
|
December
|
||
Listed Equity securities:
|
|||
Korea Line Corporation - Asia
|
1,603
|
4,166
|
|
Knightsbridge Tankers Limited - US
|
212
|
107
|
|
Unlisted Equity securities:
|
|||
Greenship Bulk Trust - Europe
|
11,326
|
12,644
|
|
Total available for sale-financial assets
|
13,141
|
16,916
|
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
Currencies:
|
||
NOK (Norwegian kroner)
|
11,326
|
12,644
|
KRW (Korean Won)
|
1,603
|
4,166
|
US dollar
|
212
|
107
|
Total available for sale-financial assets
|
13,141
|
16,916
|
16. | LONG – TERM DEBT |
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
Within one year
|
86,106
|
41,214
|
Between one and two years
|
116,274
|
120,651
|
Between two and five years
|
340,237
|
180,172
|
After five years
|
-
|
67,373
|
Total debt
|
542,617
|
409,410
|
Current portion
|
(86,106)
|
(41,214)
|
Long-term debt, nominal value
|
456,511
|
368,196
|
Value of sellers credit
|
(647)
|
(1,029)
|
Deferred transaction costs
|
(5,586)
|
(4,362)
|
Long-term debt, net
|
450,278
|
362,805
|
(in thousands of $)
|
2014
|
2013
|
|
September
|
December
|
||
Non-current
|
|||
Bank borrowings and sellers credit
|
273,223
|
362,805
|
|
Convertible Bond
|
177,055
|
-
|
|
Finance lease liabilities
|
105,786
|
110,416
|
|
556,064
|
473,221
|
Current
|
|||
Bank borrowings and sellers credit
|
86,106
|
41,214
|
|
Finance lease liabilities
|
6,798
|
7,370
|
|
92,904
|
48,584
|
||
Total borrowings
|
648,968
|
521,805
|
17. | CONVERTIBLE BOND |
(in thousands of $)
|
Carrying value
|
Fair Value
|
September
|
September
|
|
Convertible bond
|
177,055
|
171,750
|
18. | OBLIGATIONS UNDER FINANCE LEASE |
Within one year
|
2-5 years
|
6-10 years
|
Total
|
|||||
(in thousands of $)
|
9/30/2014
|
12/31/2013
|
9/30/2014
|
12/31/2013
|
9/30/2014
|
12/31/2013
|
9/30/2014
|
12/31/2013
|
Minimum Lease Payments
|
||||||||
Interest
|
7,029
|
7,501
|
27,169
|
28,652
|
1,000
|
4,609
|
35,198
|
40,762
|
Purchase option
|
-
|
-
|
55,017
|
55,017
|
33,550
|
33,550
|
88,567
|
88,567
|
Instalments
|
6,798
|
7,370
|
16,541
|
18,852
|
678
|
2,996
|
24,017
|
29,218
|
Total Minimum Lease Payments
|
13,827
|
14,871
|
98,727
|
102,521
|
35,228
|
41,155
|
147,782
|
158,547
|
Less interest
|
(35,198)
|
(40,762)
|
||||||
Present Value of Lease Obligations
|
112,584
|
117,785
|
||||||
Current portion
|
6,798
|
7,370
|
||||||
Non-current portion
|
105,786
|
110,416
|
(in thousands of $)
|
Purchase option exercisable date
|
Purchase option amount
|
Lease renewal date
|
Golden Lyderhorn
|
September 2016
|
11,500
|
September 2016
|
Ocean Minerva
|
January 2018
|
21,052
|
January 2015
|
Golden Heiwa
|
March 2017
|
22,465
|
March 2015
|
Golden Eclipse
|
April 2020
|
33,550
|
April 2020
|
19. | TRADE PAYABLES AND OTHER CURRENT LIABILITIES |
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
Trade payables
|
3,907
|
1,512
|
Accruals
|
10,463
|
6,273
|
Deferred revenue
|
13,363
|
27,540
|
Other current liabilities
|
1,754
|
6,331
|
Total
|
29,487
|
41,656
|
20. | CAPITAL COMMITMENTS |
(in thousands of $)
|
Within one year
|
2-5 years
|
Total
|
|||
9/30/2014
|
12/31/2013
|
9/30/2014
|
12/31/2013
|
9/30/2014
|
12/31/2013
|
|
Vessels under construction
|
117,426
|
23,511
|
64,688
|
171,764
|
182,114
|
195,275
|
Total
|
117,426
|
23,511
|
64,688
|
171,764
|
182,114
|
195,275
|
21. | OPERATING LEASES |
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
Within one year
|
4,046
|
25,099
|
In the second to fifth years
|
-
|
17,351
|
Total minimum lease payments
|
4,046
|
42,450
|
(in thousands of $)
|
2014
|
2013
|
September
|
December
|
|
Within one year
|
75,382
|
67,251
|
In the second to fifth years
|
158,200
|
164,207
|
Later than five years
|
30,519
|
55,918
|
Total minimum lease revenue
|
264,101
|
287,376
|
22. | FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS |
(in thousands of $)
|
Level 1
|
Level 2
|
Total
|
At September 30, 2014
|
|||
Assets
|
|||
Available-for-sale financial assets
|
1,815
|
11,326
|
13,141
|
Derivative financial instruments (interest swap)
|
-
|
4,188
|
4,188
|
Total assets
|
1,815
|
15,514
|
17,329
|
(in thousands of $)
|
Level 1
|
Level 2
|
Total
|
At December 31, 2013
|
|||
Assets
|
|||
Available-for-sale financial assets
|
4,272
|
12,644
|
16,916
|
Derivative financial instruments (interest swap)
|
-
|
2,735
|
2,735
|
Total assets
|
4,272
|
15,379
|
19,651
|
23. | SHARE BASED PAYMENTS |
2014
|
2013
|
|||
September
|
December
|
|||
Number of share
options
|
Weighted average
exercise price
|
Number of
share options
|
Weighted average
exercise price
|
|
USD
|
USD
|
|||
At the beginning of the year
|
4,945,000
|
0.81
|
5,000,000
|
0.91
|
Exercised year to date
|
(90,000)
|
(55,000)
|
||
Outstanding
|
4,855,000
|
0.68
|
4,945,000
|
0.81
|
Exercisable
|
1,480,000
|
0.83
|
1,570,000
|
0.97
|
24. | REFUNDABLE INSTALMENTS |
(in thousands of $)
|
|
At January 1, 2014
|
-
|
Transferred from instalments on cancelled newbuildings
|
192,976
|
Amount received from refundable instalmemts on cancelled newbuildings
|
(101,039)
|
Gain from refundable instalments on cancelled newbuildings
|
10,658
|
At September 30, 2014
|
102,595
|
25. | SUBSEQUENT EVENTS |
Page
|
|
Independent auditor's report
|
F-37
|
Consolidated Comprehensive Income Statement for the three years ended December 31, 2013
|
F-38
|
Consolidated Balance Sheet as at December 31, 2013 and 2012
|
F-39
|
Consolidated Cash Flow Statement for the three years ended December 31, 2013
|
F-41
|
Consolidated Statement of Changes in Equity for the three years ended December 31, 2013
|
F-42
|
Notes to Consolidated Financial Statements
|
F-43
|
Year ended December 31
|
||||||||||||||||
Operating revenues
|
Note
|
2013
|
2012
|
2011
|
||||||||||||
Time charter and voyage charter revenues
|
3
|
276,457
|
227,137
|
316,294
|
||||||||||||
Other operation revenue
|
3
|
32,444
|
2,703
|
822
|
||||||||||||
Total operating revenue
|
3
|
308,901
|
229,840
|
317,116
|
||||||||||||
Operating expenses
|
||||||||||||||||
Voyage expenses and commission
|
70,448
|
37,054
|
70,798
|
|||||||||||||
Impairment of trade receivables
|
18
|
-
|
6,199
|
-
|
||||||||||||
Vessel operating expenses
|
46,012
|
41,468
|
36,333
|
|||||||||||||
Charter hire expenses
|
57,723
|
29,747
|
72,627
|
|||||||||||||
Administrative expenses
|
4
|
12,233
|
13,207
|
10,732
|
||||||||||||
Depreciation
|
12,13,14
|
38,664
|
35,792
|
33,824
|
||||||||||||
Impairment of vessels and vessels under construction
|
5
|
-
|
30,288
|
38,700
|
||||||||||||
Total operating expenses
|
225,079
|
193,755
|
263,015
|
|||||||||||||
Other gains (losses)
Impairment of available-for-sale financial assets
|
19
|
-
|
-
|
(14,099
|
)
|
|||||||||||
Share of income from associates and Joint Ventures
|
16
|
4,149
|
1,422
|
818
|
||||||||||||
Other gains (losses) net
|
6
|
7,291
|
(3,142
|
)
|
5,826
|
|||||||||||
Total other gains (losses) net
|
11,440
|
(1,720
|
)
|
(7,455
|
)
|
|||||||||||
Operating profit
|
95,262
|
34,365
|
46,646
|
|||||||||||||
Interest income
|
7
|
1,096
|
1,372
|
1,195
|
||||||||||||
Interest expense
|
8
|
(19,115
|
)
|
(21,356
|
)
|
(23,087
|
)
|
|||||||||
Other financial items
|
9
|
7,423
|
(2,717
|
)
|
(10,474
|
)
|
||||||||||
Total net financial items
|
(10,596
|
)
|
(22,701
|
)
|
(32,366
|
)
|
||||||||||
Profit before income tax
|
84,666
|
11,664
|
14,280
|
|||||||||||||
Income tax
|
10
|
(174
|
)
|
(67
|
)
|
(86
|
)
|
|||||||||
Profit for the year
|
84,492
|
11,597
|
14,194
|
|||||||||||||
Other comprehensive income:
|
||||||||||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||||||
Changes in fair value of available-for-sale financial assets
|
19,21
|
7,255
|
-
|
-
|
||||||||||||
Recycling of changes in fair value of sold available-for-sale financial assets
|
19,21
|
(339
|
)
|
-
|
(6,871
|
)
|
||||||||||
Currency translation differences
|
-
|
-
|
(85
|
)
|
||||||||||||
Total comprehensive income for the year
|
91,408
|
11,597
|
7,238
|
|||||||||||||
Profit attributable to:
|
||||||||||||||||
- Owners of the parent
|
83,875
|
11,602
|
14,319
|
|||||||||||||
- Non-controlling interests
|
617
|
(5
|
)
|
(125
|
)
|
|||||||||||
Profit for the year
|
84,492
|
11,597
|
14,194
|
|||||||||||||
Comprehensive income attributable to:
|
||||||||||||||||
- Owners of the parent
|
90,791
|
11,602
|
7,386
|
|||||||||||||
- Non-controlling interests
|
617
|
(5
|
)
|
(148
|
)
|
|||||||||||
Total comprehensive income for the year
|
91,408
|
11,597
|
7,238
|
|||||||||||||
Basic and diluted earnings per share
|
11
|
|
$0.19
|
|
$0.03
|
|
$0.03
|
|||||||||
See accompanying notes that are an integral part of these financial statements.
|
As at December 31
|
||||||||||||
(in thousands of $)
|
Notes
|
2013
|
2012
|
|||||||||
ASSETS
|
||||||||||||
Non current assets
|
||||||||||||
Vessels and equipment
|
12
|
667,788
|
611,517
|
|||||||||
Vessels held under finance leases
|
13
|
130,795
|
140,217
|
|||||||||
Vessels under construction
|
14
|
16,144
|
116,082
|
|||||||||
Other long term receivables
|
18
|
8,588
|
8,026
|
|||||||||
Available-for-sale financial assets
|
19
|
16,916
|
-
|
|||||||||
Derivative financial instruments
|
30
|
2,735
|
-
|
|||||||||
Installments on cancelled newbuildings
|
14,15
|
192,976
|
100,325
|
|||||||||
Investment in as sociated com panies and Joint Ventures
|
16
|
17,419
|
1,248
|
|||||||||
Total non-current assets
|
1,053,361
|
977,415
|
||||||||||
Current assets
|
||||||||||||
Inventories
|
10,775
|
5,750
|
||||||||||
Trade and other receivables
|
18
|
25,495
|
14,677
|
|||||||||
Restricted deposit
|
17
|
4,960
|
8,178
|
|||||||||
Cash and cash equivalents
|
17
|
93,881
|
104,359
|
|||||||||
Total current assets
|
135,110
|
132,964
|
||||||||||
Total assets
|
1,188,471
|
1,110,379
|
Share capital
|
20
|
44,726
|
44,726
|
|||||||||
Additional paid in capital
|
99,156
|
99,156
|
||||||||||
Other reserves
|
21
|
23,466
|
16,550
|
|||||||||
Retained earnings
|
453,434
|
377,372
|
||||||||||
620,782
|
537,805
|
|||||||||||
Non-controlling interests
|
1,108
|
491
|
||||||||||
Total Equity
|
621,890
|
538,296
|
||||||||||
Non-Current Liabilities
|
||||||||||||
Long term debt
|
22
|
362,805
|
354,432
|
|||||||||
Obligations under finance leases
|
23
|
110,416
|
118,055
|
|||||||||
Derivative financial instruments
|
30
|
-
|
7,782
|
|||||||||
Other long term liabilities
|
29
|
3,476
|
3,782
|
|||||||||
Total non-current liabilities
|
476,697
|
484,051
|
||||||||||
Current Liabilities
|
||||||||||||
Long-term debt - current portion
|
22
|
41,214
|
38,733
|
|||||||||
Obligations under finance leases – current portion
|
23
|
7,370
|
6,837
|
|||||||||
Amount due to related parties
|
24
|
1,216
|
1,328
|
|||||||||
Trade payables and other current liabilities
|
25
|
40,084
|
41,134
|
|||||||||
Total current liabilities
|
89,884
|
88,032
|
||||||||||
Total liabilities and shareholders' equity
|
1,188,471
|
1,110,379
|
(in thousands of $)
|
||||||||||||||||
2013
|
2012
|
2011
|
||||||||||||||
OPERATING ACTIVITIES
|
||||||||||||||||
Profit for the year
|
84,492
|
11,597
|
14,194
|
|||||||||||||
Adjustments for:
|
||||||||||||||||
Share based payment
|
28, 4
|
1,172
|
989
|
982
|
||||||||||||
Stock options paid in cash
|
(40
|
)
|
-
|
-
|
||||||||||||
Gain on sale and Impairment of available-for-sale financial assets
|
19
|
(339
|
)
|
(505
|
)
|
14,099
|
||||||||||
Share of (profit) loss from associates and Joint Ventures
|
(4,149
|
)
|
(1,422
|
)
|
(818
|
)
|
||||||||||
Interest income
|
7
|
(1,096
|
)
|
(1,372
|
)
|
(1,195
|
)
|
|||||||||
Interest expensed
|
10,280
|
20,581
|
26,200
|
|||||||||||||
Depreciation and amortization
|
12,13
|
38,664
|
35,791
|
33,824
|
||||||||||||
Amortisation of deferred charges
|
638
|
775
|
652
|
|||||||||||||
Impairment of owned vessels and vessels under construction
|
5,12,14
|
-
|
30,288
|
38,700
|
||||||||||||
Imputed interest on other long term receivables
|
(562
|
)
|
(525
|
)
|
(491
|
)
|
||||||||||
Foreign currency gain (losses)
|
9
|
(521
|
)
|
(383
|
)
|
1,856
|
||||||||||
Net change in:
|
||||||||||||||||
Other long term receivables and liabilities
|
(302
|
)
|
(441
|
)
|
1,556
|
|||||||||||
Amount due to related parties
|
(112
|
)
|
675
|
688
|
||||||||||||
Derivative financial instruments
|
30
|
(6,562
|
)
|
5,064
|
12,337
|
|||||||||||
Trade and other receivables
|
18
|
(10,818
|
)
|
8,111
|
(4,629
|
)
|
||||||||||
Inventories
|
(5,025
|
)
|
(1,160
|
)
|
1,617
|
|||||||||||
Trade payables and other current liabilities
|
25
|
(5,005
|
)
|
19,422
|
(4,950
|
)
|
||||||||||
Net cash provided by operating activities
|
100,714
|
127,486
|
134,621
|
|||||||||||||
INVESTING ACTIVITIES
|
||||||||||||||||
Changes in restricted cash
|
17
|
3,217
|
3,382
|
(11,006
|
)
|
|||||||||||
Interest received
|
7
|
1,096
|
1,372
|
1,195
|
||||||||||||
Payments on vessels
|
(62,680
|
)
|
(41,431
|
)
|
(118,337
|
)
|
||||||||||
Capitalised docking and periodic maintenance
|
(1,485
|
)
|
(3,430
|
)
|
(915
|
)
|
||||||||||
Investment in financial assets-available-for sale
|
(10,000
|
)
|
-
|
-
|
||||||||||||
Investment in Joint Venture
|
(13,275
|
)
|
-
|
-
|
||||||||||||
Dividend received Joint Venture
|
1,252
|
1,750
|
-
|
|||||||||||||
Net proceeds from sale of vessels under construction
|
-
|
14,970
|
-
|
|||||||||||||
Sale of available-for-sale financial assets
|
339
|
33,835
|
(24
|
)
|
||||||||||||
Net cash provided by / (used in) investing activities
|
(81,536
|
)
|
10,448
|
(129,087
|
)
|
|||||||||||
FINANCING ACTIVITIES
|
||||||||||||||||
Payment of financing charges
|
(1,709
|
)
|
(2,031
|
)
|
(1,767
|
)
|
||||||||||
Payment of interest
|
(10,103
|
)
|
(20,522
|
)
|
(26,200
|
)
|
||||||||||
Payment of interest swaps
|
(3,954
|
)
|
(3,001
|
)
|
(3,006
|
)
|
||||||||||
Purchase of treasury shares
|
-
|
(4,154
|
)
|
(2,465
|
)
|
|||||||||||
Repayment of obligations under finance leases
|
(6,594
|
)
|
(6,255
|
)
|
(6,835
|
)
|
||||||||||
Repayment of long term debt
|
(36,770
|
)
|
(127,864
|
)
|
(60,837
|
)
|
||||||||||
Proceeds from long term debt
|
33,947
|
11,250
|
93,125
|
|||||||||||||
Repayment of convertible bonds
|
-
|
(7,700
|
)
|
-
|
||||||||||||
Payment of dividends and related tax
|
32
|
(4,473
|
)
|
(22
|
)
|
(50,312
|
)
|
|||||||||
Net cash (used in) / provided by financing activities
|
(29,656
|
)
|
(160,298
|
)
|
(58,297
|
)
|
||||||||||
Net change in cash and cash equivalents
|
(10,478
|
)
|
(22,364
|
)
|
(52,763
|
)
|
||||||||||
Cash and cash equivalents at beginning of period
|
104,359
|
126,724
|
179,487
|
|||||||||||||
Cash and cash equivalents at end of period
|
17
|
93,881
|
104,359
|
126,724
|
(in thousands of $)
|
|||||||||||||||||||||
Share
Capital
|
Additional
Paid in
capital
|
Other
Reserves
(note 21)
|
Retained
Earnings
|
Total
|
Non-
Controlling
interests
|
Total
Equity
|
|||||||||||||||
Balance at January 1, 2011
|
45,699
|
104,801
|
23,506
|
399,814
|
573,820
|
644
|
574,464
|
||||||||||||||
Comprehensive income for the period
|
-
|
-
|
(6,956
|
)
|
14,319
|
7,363
|
(148
|
)
|
7,215
|
||||||||||||
Purchase and cancellation of treasury shares
|
-
|
-
|
(2,465
|
)
|
-
|
(2,465
|
)
|
-
|
(2,465
|
)
|
|||||||||||
Dividends and related tax
|
-
|
-
|
-
|
(50,312
|
)
|
(50,312
|
)
|
-
|
(50,312
|
)
|
|||||||||||
Value of services under stock options scheme
|
-
|
-
|
-
|
982
|
982
|
-
|
982
|
||||||||||||||
Balance at December 31, 2011
|
45,699
|
104,801
|
14,085
|
364,803
|
529,389
|
496
|
529,884
|
||||||||||||||
Comprehensive income for the period
|
-
|
-
|
-
|
11,602
|
11,602
|
(5
|
)
|
11,597
|
|||||||||||||
Purchase and cancellation of treasury shares
|
(973
|
)
|
(5,646
|
)
|
2,465
|
-
|
(4,153
|
)
|
-
|
(4,153
|
)
|
||||||||||
Dividends and related tax
|
-
|
-
|
-
|
(22
|
)
|
(22
|
)
|
-
|
(22
|
)
|
|||||||||||
Value of services under stock options scheme
|
-
|
-
|
-
|
989
|
989
|
-
|
989
|
||||||||||||||
Balance at December 31, 2012
|
44,726
|
99,156
|
16,550
|
377,372
|
537,805
|
491
|
538,296
|
||||||||||||||
Comprehensive income for the period
|
-
|
-
|
6,916
|
83,875
|
90,791
|
617
|
91,408
|
||||||||||||||
Dividends and related tax
|
-
|
-
|
-
|
(8,946
|
)
|
(8,946
|
)
|
-
|
(8,946
|
)
|
|||||||||||
Value of services under stock options scheme
|
-
|
-
|
-
|
1,172
|
1,172
|
-
|
1,172
|
||||||||||||||
Stock option paid in cash
|
-
|
-
|
-
|
(40
|
)
|
(40
|
)
|
-
|
(40
|
)
|
|||||||||||
Balance at December 31, 2013
|
44,726
|
99,156
|
23,466
|
453,434
|
620,782
|
1,108
|
621,890
|
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Time Charter
|
165,036
|
169,638
|
186,933
|
|||||||||
Voyage charter
|
111,421
|
57,499
|
129,361
|
|||||||||
Time charter and voyage charter revenues
|
276,457
|
227,137
|
316,294
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Non performance settlements
|
31,078
|
1,402
|
-
|
|||||||||
Management fees
|
1,366
|
1,301
|
822
|
|||||||||
Total operating revenue
|
32,444
|
2,703
|
822
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Employee benefit expense
|
4,691
|
4,635
|
4,228
|
|||||||||
Share based payment expense - note 28
|
1,172
|
989
|
982
|
|||||||||
Pension cost - note 29
|
574
|
690
|
542
|
|||||||||
Auditors' remuneration
|
213
|
228
|
206
|
|||||||||
Directors fee
|
271
|
270
|
292
|
|||||||||
Professional fees
|
3,406
|
4,314
|
2,202
|
|||||||||
Office and travel expenses
|
1,906
|
2,081
|
2,280
|
|||||||||
Total administrative expenses
|
12,233
|
13,207
|
10,732
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Impairment per CGU
|
||||||||||||
Golden Shui
|
-
|
8,000
|
4,500
|
|||||||||
Golden Zhoushan
|
-
|
-
|
16,500
|
|||||||||
Golden Beijing
|
-
|
-
|
6,600
|
|||||||||
Golden Nantong
|
-
|
-
|
10,500
|
|||||||||
Golden Feng
|
-
|
18,700
|
-
|
|||||||||
Golden Eminence
|
-
|
5,200
|
-
|
|||||||||
Other Vessel
|
-
|
8,900
|
600
|
|||||||||
Total impairment before reversal
|
-
|
40,800
|
38,700
|
|||||||||
Reversal of Impairment per CGU
|
||||||||||||
Golden Nantong
|
-
|
10,500
|
-
|
|||||||||
Total reversal of impairment
|
10,500
|
-
|
||||||||||
Total net impairment
|
-
|
30,300
|
38,700
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Gain (loss) on bunkers future contracts
|
(77
|
)
|
(634
|
)
|
3,269
|
|||||||
Gain (loss) from freight future contracts
|
7,368
|
(2,509
|
)
|
2,557
|
||||||||
Other gains (losses) net
|
7,291
|
(3,143
|
)
|
5,826
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Interest on bank deposits
|
1,096
|
1,372
|
1,195
|
|||||||||
Total interest income
|
1,096
|
1,372
|
1,195
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Interest on bank overdrafts and loans
|
12,440
|
15,792
|
17,467
|
|||||||||
Interest on obligations under finance leases
|
8,197
|
8,741
|
9,232
|
|||||||||
Total
|
20,637
|
24,533
|
26,699
|
|||||||||
Less amounts included in the cost of qualifying assets
|
(1,522
|
)
|
(3,177
|
)
|
(3,612
|
)
|
||||||
Interest expense
|
19,115
|
21,356
|
23,087
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Foreign currency gain (losses)
|
521
|
383
|
(1,856
|
)
|
||||||||
Dividend received
|
-
|
1,219
|
4,876
|
|||||||||
Interest rate swap
|
6,187
|
(4,913
|
)
|
(13,408
|
)
|
|||||||
Other financial gain (losses)
|
715
|
595
|
(86
|
)
|
||||||||
Other financial items
|
7,423
|
(2,717
|
)
|
(10,474
|
)
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Earnings for the purposes of basic earnings per share
|
||||||||||||
(profit for the year attributable to equity holders of the parent)
|
83,875
|
11,602
|
14,319
|
|||||||||
Effect of interest expense on convertible debt
|
-
|
-
|
279
|
|||||||||
Earnings for the purposes of diluted earnings per share
|
83,875
|
11,602
|
14,598
|
|||||||||
(in thousands of shares)
|
2013
|
2012
|
2011
|
|||||||||
Weighted average number or ordinary shares for the purposes of basic earnings per share
|
447,262
|
453,500
|
456,990
|
|||||||||
Effect of dilutive potential ordinary shares:
|
||||||||||||
Convertible bonds
|
-
|
-
|
1,328
|
|||||||||
Stock options employees
|
4,945
|
-
|
-
|
|||||||||
Weighted average number or ordinary shares for the purposes of diluted earnings per share
|
452,207
|
453,500
|
458,318
|
|||||||||
(in $)
|
2013
|
2012
|
2011
|
|||||||||
Earnings per share basic
|
|
$0.19
|
|
$0.03
|
|
$0.03
|
||||||
Earnings per share fully diluted
|
|
$0.19
|
|
$0.03
|
|
$0.03
|
Vessel
|
Built
|
DWT
|
Flag
|
Channel Alliance
|
1996
|
171,978
|
Hong Kong
|
Channel Navigator
|
1997
|
172,058
|
Hong Kong
|
Golden Saguenay
|
2008
|
75,500
|
Hong Kong
|
Golden Opportunity
|
2008
|
75,500
|
Hong Kong
|
Golden Ice
|
2008
|
75,845
|
Hong Kong
|
Golden Feng
|
2009
|
170,500
|
Marshall Island
|
Golden Strength
|
2009
|
75,745
|
Hong Kong
|
Golden Shui
|
2009
|
170,500
|
Marshall Island
|
Golden Beijing
|
2010
|
176,000
|
Hong Kong
|
Golden Eminence
|
2010
|
79,447
|
Hong Kong
|
Golden Empress
|
2010
|
79,600
|
Hong Kong
|
Golden Endeavour
|
2010
|
79,600
|
Hong Kong
|
Golden Endurer
|
2011
|
79,600
|
Hong Kong
|
Golden Enterprise
|
2011
|
79,471
|
Hong Kong
|
Golden Zhoushan
|
2011
|
175,834
|
Hong Kong
|
Golden Suek
|
2011
|
74,500
|
Hong Kong
|
Golden Bull
|
2012
|
74,500
|
Hong Kong
|
Golden Brilliant
|
2013
|
74,500
|
Hong Kong
|
Golden Pearl
|
2013
|
74,187
|
Hong Kong
|
Golden Diamond
|
2013
|
74,187
|
Hong Kong
|
(in thousands of $)
|
Vessels
|
Drydocking
and periodic
maintenance
|
Fixtures and
Equipment
|
Total
|
||||||||||||
Cost:
|
||||||||||||||||
At January 1, 2011
|
579,150
|
2,799
|
400
|
582,349
|
||||||||||||
Additions
|
2,739
|
1,253
|
54
|
4,046
|
||||||||||||
Transferred from vessels under construction
|
150,935
|
-
|
-
|
150,935
|
||||||||||||
At December 31, 2011
|
732,825
|
4,052
|
454
|
737,331
|
||||||||||||
At January 1, 2012
|
732,825
|
4,052
|
454
|
737,331
|
||||||||||||
Additions
|
1,206
|
3,430
|
7
|
4,643
|
||||||||||||
Transferred from vessels under construction
|
34,421
|
-
|
25
|
34,446
|
||||||||||||
At December 31, 2012
|
768,452
|
7,482
|
486
|
776,420
|
||||||||||||
At January 1, 2013
|
768,452
|
7,482
|
486
|
776,420
|
||||||||||||
Additions
|
51,803
|
3,486
|
10
|
55,299
|
||||||||||||
Transferred from vessels under construction
|
29,214
|
1,000
|
-
|
30,214
|
||||||||||||
At December 31, 2013
|
849,469
|
11,968
|
496
|
861,932
|
||||||||||||
Accumulated depreciation and impairment:
|
||||||||||||||||
At January 1, 2011
|
46,907
|
1,815
|
320
|
49,042
|
||||||||||||
Impairment
|
28,200
|
-
|
-
|
28,200
|
||||||||||||
Depreciation
|
22,590
|
-
|
58
|
22,648
|
||||||||||||
At December 31, 2011
|
97,697
|
1,815
|
378
|
99,890
|
||||||||||||
At January 1, 2012
|
97,697
|
1,815
|
378
|
99,890
|
||||||||||||
Impairment
|
38,600
|
-
|
-
|
38,600
|
||||||||||||
Depreciation
|
25,117
|
1,266
|
30
|
26,413
|
||||||||||||
At December 31, 2012
|
161,414
|
3,081
|
408
|
164,903
|
||||||||||||
At January 1, 2013
|
161,414
|
3,081
|
408
|
164,903
|
||||||||||||
Impairment
|
-
|
-
|
-
|
-
|
||||||||||||
Depreciation
|
27,192
|
2,025
|
25
|
29,241
|
||||||||||||
At December 31, 2013
|
188,606
|
5,106
|
433
|
194,144
|
||||||||||||
Carrying amount:
|
||||||||||||||||
At December 31, 2013
|
660,862
|
6,862
|
63
|
667,788
|
||||||||||||
At December 31, 2012
|
607,038
|
4,401
|
78
|
611,517
|
||||||||||||
At December 31, 2011
|
635,127
|
2,237
|
76
|
637,440
|
Vessel
|
Built
|
DWT
|
Flag
|
|||
Golden Lyderhorn
|
1999
|
74,242
|
Hong Kong
|
|||
Ocean Minerva
|
2007
|
75,698
|
Panama
|
|||
Golden Heiwa
|
2007
|
76,662
|
Panama
|
|||
Golden Eclipse
|
2010
|
79,600
|
Hong Kong
|
|||
(in thousands of $)
|
At January 1, 2011
|
176,159
|
|||
At December 31, 2011
|
176,159
|
|||
At January 1, 2012
|
176,159
|
|||
At December 31, 2012
|
176,159
|
|||
At January 1, 2013
|
176,159
|
|||
At December 31, 2013
|
176,159
|
|||
Accumulated depreciation:
|
||||
At January 1, 2011
|
20,973
|
|||
Depreciation
|
7,195
|
|||
At December 31, 2011
|
28,168
|
|||
At January 1, 2012
|
28,168
|
|||
Depreciation
|
7,774
|
|||
At December 31, 2012
|
35,942
|
|||
At January 1, 2013
|
35,942
|
|||
Depreciation
|
9,422
|
|||
At December 31, 2013
|
45,364
|
|||
Carrying amount:
|
||||
At December 31, 2013
|
130,795
|
|||
At December 31, 2012
|
140,217
|
|||
At December 31, 2011
|
147,991
|
At January 1, 2011
|
262,337
|
|||
Additions
|
116,063
|
|||
Impairment
|
(10,500
|
)
|
||
Transferred to vessels and equipment (note 12)
|
(150,935
|
)
|
||
At December 31, 2011
|
216,964
|
|||
At January 1, 2012
|
216,964
|
|||
Additions
|
40,522
|
Reversal of impairment (note 5)
|
8,312
|
|||
Transferred to installments on cancelled newbuildings
|
(100,325
|
)
|
||
Disposals
|
(14,970
|
)
|
||
Transferred to vessels and equipment (note 12)
|
(34,421
|
)
|
||
At December 31, 2012
|
116,082
|
|||
At January 1, 2013
|
116,082
|
|||
Additions
|
22,288
|
|||
Transferred to installments on cancelled newbuildings
|
(92,012
|
)
|
||
Transferred to vessels and equipm ent (note 12)
|
(30,214
|
)
|
||
At December 31, 2013
|
16,144
|
(in thousands of $)
|
2013
|
2012
|
||||||
Excellence
|
25,518
|
25,518
|
||||||
Explorer
|
25,504
|
25,504
|
||||||
Excaliber
|
24,664
|
24,664
|
||||||
Express
|
24,638
|
24,638
|
||||||
Nantong
|
44,086
|
-
|
||||||
Exquisite
|
17,481
|
-
|
||||||
Eye
|
17,488
|
-
|
||||||
Extreme
|
6,801
|
-
|
||||||
Effort
|
6,794
|
-
|
||||||
Installments on cancelled newbuildings
|
192,976
|
100,325
|
(in thousands of $)
|
UFC
|
Golden
Magnum Inc.
|
Golden
Opus Inc.
|
Golden
Azalea Inc.
|
Seateam
|
Total
|
||||||||||||||||||
50
|
%
|
50
|
%
|
50
|
%
|
50
|
%
|
25
|
%
|
|||||||||||||||
At January 1, 2013
|
1,248
|
-
|
-
|
-
|
-
|
1,248
|
||||||||||||||||||
Additions
|
-
|
6,351
|
6,925
|
6,400
|
-
|
19,675
|
||||||||||||||||||
Disposals
|
-
|
-
|
-
|
(7,653
|
)
|
-
|
(7,653
|
)
|
||||||||||||||||
Share of Income
|
673
|
834
|
1,276
|
1,253
|
114
|
4,148
|
||||||||||||||||||
At December 31, 2013
|
1,921
|
7,184
|
8,200
|
-
|
114
|
17,419
|
(in thousands of $)
|
UFC
|
Seateam
|
Total
|
|||||||||||||||||||||
50
|
%
|
25
|
%
|
|||||||||||||||||||||
At January 1, 2012
|
1,576
|
-
|
-
|
-
|
-
|
1,576
|
||||||||||||||||||
Additions
|
-
|
-
|
||||||||||||||||||||||
Dividends
|
(1,750
|
)
|
-
|
-
|
-
|
-
|
(1,750
|
)
|
||||||||||||||||
Share of income
|
1,422
|
-
|
-
|
-
|
-
|
1,422
|
||||||||||||||||||
At December 31, 2012
|
1,248
|
-
|
-
|
-
|
-
|
1,248
|
(in thousands of $)
|
UFC
|
Golden
Magnum Inc.
|
Golden
Opus Inc.
|
Golden
Azalea Inc.
|
Seateam
|
2013
|
||||||||||||||||||
|
50
|
%
|
50
|
%
|
50
|
%
|
50
|
%
|
25
|
%
|
||||||||||||||
Current assets
|
||||||||||||||||||||||||
Cash and cash equivalents
|
3,606
|
804
|
-
|
-
|
-
|
4,410
|
||||||||||||||||||
Other current assets
|
1,848
|
4,586
|
4,845
|
-
|
456
|
11,735
|
||||||||||||||||||
Total current assets
|
5,454
|
5,390
|
4,845
|
-
|
456
|
16,145
|
||||||||||||||||||
Current liabilities
|
||||||||||||||||||||||||
Financial liabilities
|
-
|
952
|
458
|
-
|
-
|
1,410
|
||||||||||||||||||
Other current liabilities
|
1,612
|
1,077
|
295
|
-
|
-
|
2,984
|
||||||||||||||||||
Total current liabilities
|
1,612
|
2,029
|
753
|
-
|
-
|
4,394
|
||||||||||||||||||
Non-current assets
|
||||||||||||||||||||||||
Vessels and equipment, net
|
-
|
33,310
|
33,630
|
-
|
-
|
66,940
|
||||||||||||||||||
Total non-current assets
|
-
|
33,310
|
33,630
|
-
|
-
|
66,940
|
||||||||||||||||||
Non-current liabilities
|
||||||||||||||||||||||||
Financial liabilities
|
-
|
22,303
|
21,322
|
-
|
-
|
43,625
|
||||||||||||||||||
Total non-current liabilities
|
-
|
22,303
|
21,322
|
-
|
-
|
43,625
|
||||||||||||||||||
Net total assets
|
3,842
|
14,368
|
16,400
|
-
|
456
|
35,066
|
(in thousands of $)
|
UFC
|
Golden
Magnum Inc.
|
Golden
Opus Inc.
|
Golden
Azalea Inc.
|
Seateam
|
2012
|
||||||||||||||||||
|
50
|
%
|
25
|
%
|
||||||||||||||||||||
Current assets
|
||||||||||||||||||||||||
Cash and cash equivalents
|
2,661
|
-
|
-
|
-
|
-
|
2,661
|
||||||||||||||||||
Other current assets
|
2,586
|
-
|
-
|
-
|
-
|
2,586
|
||||||||||||||||||
Total current assets
|
5,247
|
-
|
-
|
-
|
-
|
5,247
|
||||||||||||||||||
Current liabilities
|
||||||||||||||||||||||||
Other current liabilities
|
2,751
|
-
|
-
|
-
|
-
|
2,751
|
||||||||||||||||||
Total current liabilities
|
2,751
|
-
|
2,751
|
|||||||||||||||||||||
Net total assets
|
2,496
|
-
|
-
|
-
|
-
|
2,496
|
(in thousands of $)
|
UFC
|
Golden
Magnum Inc.
|
Golden
Opus Inc.
|
Golden
Azalea Inc.
|
Seateam
|
2013
|
||||||||||||||||||
|
50
|
%
|
50
|
%
|
50
|
%
|
50
|
%
|
25
|
%
|
||||||||||||||
Revenue
|
17,453
|
7,655
|
5,424
|
566
|
5,468
|
36,566
|
||||||||||||||||||
Depreciation
|
-
|
676
|
376
|
-
|
1,052
|
|||||||||||||||||||
interest expense
|
-
|
(204
|
)
|
-
|
-
|
-
|
(204
|
)
|
||||||||||||||||
Profit or loss from continuing operations
|
1,345
|
1,667
|
2,551
|
2,505
|
930
|
8,998
|
||||||||||||||||||
Total comprehensive income
|
1,345
|
1,667
|
2,551
|
2,505
|
930
|
8,998
|
||||||||||||||||||
Dividend received from joint venture or associate
|
-
|
-
|
-
|
1,253
|
-
|
1,253
|
(in thousands of $)
|
UFC
|
Golden
Magnum Inc.
|
Golden
Opus Inc.
|
Golden
Azalea Inc.
|
Seateam
|
2012
|
||||||||||||||||||
|
50
|
%
|
50
|
%
|
50
|
%
|
50
|
%
|
25
|
%
|
||||||||||||||
Revenue
|
17,019
|
-
|
-
|
-
|
4,300
|
21,319
|
||||||||||||||||||
Depreciation
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
interest expense
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Profit or loss from continuing operations
|
2,845
|
-
|
-
|
-
|
(440
|
)
|
2,405
|
|||||||||||||||||
Total comprehensive income
|
2,845
|
-
|
-
|
-
|
(440
|
)
|
2,405
|
|||||||||||||||||
Dividend received from joint venture or associate
|
1,750
|
-
|
-
|
-
|
-
|
1,750
|
(in thousands of $)
|
2013
|
2012
|
||||||
Current accounts
|
81,381
|
84,859
|
||||||
Short-term deposits
|
12,500
|
19,500
|
||||||
Cash and cash equivalents, at year end
|
93,881
|
104,359
|
||||||
Restricted deposit
|
4,960
|
8,178
|
||||||
Cash and cash equivalents and restricted deposit at year end
|
98,841
|
112,537
|
(in thousands of $)
|
2013
|
2012
|
||||||
Trade receivables, net
|
7,343
|
1,656
|
||||||
Other receivables
|
15,867
|
14,973
|
||||||
Prepayments
|
10,873
|
6,074
|
||||||
34,083
|
22,703
|
|||||||
Less non-current portion: other receivables
|
(8,588
|
)
|
(8,026
|
)
|
||||
Current portion
|
25,495
|
14,677
|
Carring amount
|
Fair value
|
|||||||||||||||
(in thousands of $)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Trade receivables
|
7,343
|
1,656
|
7,343
|
1,656
|
||||||||||||
Other receivables
|
15,867
|
14,973
|
16,050
|
15,193
|
||||||||||||
23,210
|
16,629
|
23,393
|
16,849
|
(in thousands of $)
|
2013
|
2012
|
||||||
Up to 3 months
|
2,538
|
648
|
||||||
3 to 6 months
|
559
|
10
|
||||||
More than 6 months
|
556
|
485
|
||||||
3,653
|
1,143
|
(in thousands of $)
|
2013
|
2012
|
||||||
At 1 January
|
-
|
33,330
|
||||||
Additions
|
10,0000
|
-
|
||||||
Changes in fair value of available-for-sale financial assets
|
7,255
|
-
|
||||||
Recycling of changes in fair value of sold available-for-sale financial assets
|
(339
|
)
|
-
|
|||||
Disposals
|
-
|
(33,330
|
)
|
|||||
At December 31
|
16,916
|
-
|
(in thousands of $)
|
2013
|
2012
|
||||||
Listed Equity securities:
|
||||||||
Korea Line Corporation - Asia
|
4,166
|
-
|
||||||
Knightsbridge Tankers Limited - US
|
107
|
-
|
||||||
Unlisted Equity securities:
|
||||||||
Greenship Bulk Trust - Europe
|
12,644
|
-
|
||||||
Total available for sale-financial assets
|
16,916
|
-
|
(in thousands of $)
|
2013
|
2012
|
||||||
Currencies:
|
||||||||
NOK (Norwegian kroner)
|
12,644
|
-
|
||||||
KRW (Korean Won)
|
4,166
|
-
|
||||||
US dollar
|
107
|
-
|
||||||
Total available for sale-financial assets
|
16,916
|
-
|
|
2013
|
2012
|
||||||
5,000,000,000 ordinary shares of $0.10 par value each
|
500,000
|
500,000
|
(in number of shares)
|
2013
|
2012
|
||||||
At January 1
|
447,261,796
|
456,990,107
|
||||||
Shares cancelled
|
-
|
(9,728,311
|
)
|
|||||
At December 31, 2013
|
447,261,796
|
447,261,796
|
At January 1
|
44,726
|
45,699
|
||||||
Shares cancelled
|
-
|
(973
|
)
|
|||||
At December 31, 2013
|
44,726
|
44,726
|
Name
|
Number of Shares
|
outstanding
shares
|
||||||
Hemen Holding Limited
|
183,666,158
|
41.06
|
%
|
|||||
Skagen Kon-Tiki
|
21,821,808
|
4.88
|
%
|
|||||
Statoil Pensjon
|
8,066,765
|
1.80
|
%
|
|||||
Citibank, N.A
|
5,843,464
|
1.31
|
%
|
|||||
State Street Bank & Trust co.
|
4,537,973
|
1.01
|
%
|
|||||
Carling
|
4,350,000
|
0.97
|
%
|
|||||
J.P. Morgan Chase Bank N.A. London
|
4,085,975
|
0.91
|
%
|
|||||
Verdipapirfondet Dnb Norge
|
3,765,310
|
0.84
|
%
|
|||||
Clearstream Investments Inc.
|
3,706,594
|
0.83
|
%
|
|||||
J.P. Morgan Chase Bank N.A. London
|
3,544,326
|
0.79
|
%
|
|||||
Odin Maritim
|
3,400,000
|
0.76
|
%
|
|||||
J.P. Morgan Chase Bank N.A. London
|
3,166,650
|
0.71
|
%
|
|||||
Equity Tri-party (3)
|
3,128,129
|
0.70
|
%
|
|||||
J.P. Morgan Chase Bank, N.A.
|
2,763,247
|
0.62
|
%
|
|||||
Euroclear Bank S.A/N.V ('BA')
|
2,710,707
|
0.61
|
%
|
|||||
The bank of New York Mellon
|
2,517,311
|
0.56
|
%
|
|||||
Goldman Sachs & Co Equity segregat
|
2,483,279
|
0.56
|
%
|
|||||
State Street Bank & Trust co.
|
2,481,885
|
0.55
|
%
|
|||||
Dnb Nor Bank ASA
|
2,360,109
|
0.53
|
%
|
|||||
KLP Aksje Norge Indeks VPS
|
2,257,425
|
0.50
|
%
|
|||||
Total 20 largest shareholders
|
270,657,115
|
60.51
|
%
|
|||||
Other shareholders
|
176,604,681
|
39.49
|
%
|
|||||
Total
|
447,261,796
|
100.00
|
%
|
(in thousands of $)
|
Treasury shares
|
Available for sale
financial assets
|
Convertible
Bond
|
Translation
|
Total
|
|||||||||||||||
At January 1, 2012
|
(2,465
|
)
|
-
|
16,635
|
(85
|
)
|
14,085
|
|||||||||||||
Cancellation of treasury shares
|
2,465
|
-
|
-
|
-
|
2,465
|
|||||||||||||||
Currency translation
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
At December 31, 2012
|
-
|
-
|
16,635
|
(85
|
)
|
16,550
|
||||||||||||||
Other com prehensive income
|
-
|
6,916
|
-
|
-
|
6,916
|
|||||||||||||||
At December 31, 2013
|
-
|
6,916
|
16,635
|
-
|
23,466
|
(in thousands of $)
|
2013
|
2012
|
||||||
Within one year
|
41,214
|
38,733
|
||||||
Between one and two years
|
120,651
|
145,343
|
||||||
Between two and five years
|
180,172
|
196,163
|
||||||
After five years
|
67,373
|
16,940
|
||||||
Total debt
|
409,410
|
397,179
|
||||||
Current portion
|
(41,214
|
)
|
(38,733
|
)
|
||||
Long-term debt, nominal value
|
368,196
|
358,446
|
||||||
Value of sellers credit
|
(1,029
|
)
|
-
|
|||||
Deferred transaction costs
|
(4,362
|
)
|
(4,013
|
)
|
||||
Long-term debt
|
362,805
|
354,432
|
Long-term debt and obligations under finance lease liabilities
|
||||||||
(in thousands of $)
|
2013
|
2012
|
||||||
Non-current
|
||||||||
Bank borrowings
|
362,805
|
354,432
|
||||||
Obligations under finance leas e
|
110,416
|
118,055
|
||||||
Total
|
473,221
|
472,487
|
||||||
Current
|
||||||||
Bank borrowings
|
41,214
|
38,733
|
||||||
Obligations under finance lease
|
7,370
|
6,837
|
||||||
Total
|
48,584
|
45,570
|
||||||
Total long term debt and obligations under finance lease liabilities
|
521 805
|
518 057
|
Within one year
|
2-5 years
|
6-10 years
|
Total
|
|||||||||||||||||||||||||||||
(in thousands of $) at December 31
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||||||||||
Minimum Lease Payments
|
||||||||||||||||||||||||||||||||
Interest
|
7,501
|
8,096
|
28,652
|
32,323
|
4,609
|
8,450
|
40,762
|
48,869
|
||||||||||||||||||||||||
Purchase option
|
-
|
-
|
55,017
|
55,017
|
33,550
|
33,550
|
88,567
|
88,567
|
||||||||||||||||||||||||
Instalments
|
7,370
|
6,837
|
18,852
|
24,388
|
2,996
|
5,100
|
29,219
|
36,325
|
||||||||||||||||||||||||
Total Minimum Lease Payments
|
14,871
|
14,933
|
102,521
|
111,728
|
41,156
|
47,100
|
158,548
|
173,761
|
||||||||||||||||||||||||
Less interest
|
(40,762
|
)
|
(48,869
|
)
|
||||||||||||||||||||||||||||
Present Value of Lease Obligations
|
117,786
|
124,892
|
||||||||||||||||||||||||||||||
Current portion
|
7,370
|
6,837
|
||||||||||||||||||||||||||||||
Non-current portion
|
110,416
|
118,055
|
(in thousands of $)
|
Purchase option expected exercisable date
|
Purchase option amount
|
Lease renewal date
|
|||
Golden Lyderhorn
|
September 2016
|
11,500
|
September 2016
|
|||
Ocean Minerva
|
January 2018
|
21,052
|
January 2015
|
|||
Golden Heiwa
|
March 2017
|
22,465
|
March 2015
|
|||
Golden Eclipse
|
April 2020
|
33,550
|
April 2020
|
(in thousands of $)
|
2013
|
2012
|
||||||
Frontline Ltd and subsidiaries
|
1,216
|
1,328
|
||||||
Total liability
|
1,216
|
1,328
|
(in thousands of $)
|
2013
|
2012
|
2011
|
|||||||||
Managing director
|
671
|
730
|
583
|
|||||||||
Director fees
|
270
|
270
|
292
|
|||||||||
Share based payments
|
143
|
91
|
73
|
|||||||||
Total
|
1,084
|
1,091
|
948
|
Number of
shares
|
Percentage of
outstanding
shares
|
|||||||
John Fredriksen (Chairman, CEO, President and Director)
|
*
|
*
|
||||||
Tor Olav Trøim (Director)
|
584,982
|
0.13
|
%
|
|||||
Kate Blankenship (Director)
|
206,000
|
0.05
|
%
|
|||||
Hans Christian Børresen (Director)
|
106,000
|
0.02
|
%
|
|||||
Herman Billung (CEO)
|
100,000
|
0.02
|
%
|
|||||
996,982
|
0.22
|
%
|
(in thousands of $)
|
2013
|
2012
|
||||||
Trade payables
|
1,512
|
1,473
|
||||||
Accruals
|
6,273
|
5,822
|
||||||
Deferred revenue
|
27,540
|
32,037
|
||||||
Other current liabilities
|
4,759
|
1,802
|
||||||
Total
|
40,084
|
41,134
|
Within one year
|
2-5 years
|
Total
|
||||||||||||||||||||||
(in thousands of $)
|
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||||
Vessels under construction
|
23,511
|
93,270
|
171,764
|
-
|
195,275
|
93,270
|
(in thousands of $)
|
2013
|
2012
|
||||||
Within one year
|
25,099
|
10,440
|
||||||
In the second to fifth years
|
17,351
|
6,238
|
||||||
Total minimum lease payments
|
42,450
|
16,678
|
(in thousands of $)
|
2013
|
2012
|
||||||
Within one year
|
67,251
|
117,939
|
||||||
In the second to fifth years
|
164,207
|
198,164
|
||||||
Later than five years
|
55,918
|
55,740
|
||||||
Total minimum lease revenue
|
287,376
|
371,843
|
2013
|
2012
|
|||||||||||||||
Number of
share options
|
Weighted
average
exercise price
|
Number of
share options
|
Weighted
average
exercise price
|
|||||||||||||
USD
|
USD
|
|||||||||||||||
At the beginning of the year
|
5,000,000
|
1.6
|
4,062,500
|
1.6
|
||||||||||||
Granted during the year
|
-
|
-
|
4,500,000
|
0.83
|
||||||||||||
Cancelled during the year
|
-
|
-
|
(2,750,000
|
)
|
-
|
|||||||||||
Expired during the year
|
-
|
-
|
(812,500
|
)
|
-
|
|||||||||||
Exercised during the year
|
(55,000
|
)
|
-
|
-
|
-
|
|||||||||||
Outstanding at the end of the year
|
4,945,000
|
0.74
|
5,000,000
|
0.91
|
||||||||||||
Exercisable at the end of the year
|
1,570,000
|
0.74
|
500,000
|
1.66
|
(in thousands of $)
|
Loans and
receivables
|
Derivative
financial instruments
|
Available-
for-sale
|
Total
|
||||||||||||
At December 31, 2013
|
||||||||||||||||
Assets as per balance sheet
|
||||||||||||||||
Trade and other receivables excluding pre-payments (note 18)
|
23,210
|
-
|
-
|
23,210
|
||||||||||||
Derivative financial instruments
|
-
|
2,735
|
-
|
2,735
|
||||||||||||
Available-for-sale financial assets
|
-
|
-
|
16,916
|
16,916
|
||||||||||||
Cash and cash equivalents
|
98,841
|
-
|
-
|
98,841
|
||||||||||||
Total
|
122,051
|
2,735
|
16,916
|
141,702
|
(in thousands of $)
|
Loans and
receivables
|
Derivative
financial instruments
|
Available-
for-sale
|
Total
|
||||||||||||
At December 31, 2012
|
||||||||||||||||
Assets as per balance sheet
|
||||||||||||||||
Trade and other receivables excluding pre-payments (note 18)
|
16,629
|
-
|
-
|
16,629
|
||||||||||||
Cash and cash equivalents
|
112,537
|
-
|
-
|
112,537
|
||||||||||||
Total
|
129,166
|
-
|
-
|
129,166
|
(in thousands of $)
|
||||||||||||
Derivative financial
instruments
|
Other financial
liabilities at
amortised cost
|
Total
|
||||||||||
At December 31, 2012
|
||||||||||||
Liabilities as per balance sheet
|
||||||||||||
Borrowings incl. deferred charges
(excl. finance lease liabilities) (note 22)
|
-
|
404,019
|
404,019
|
|||||||||
Finance lease liabilities
|
-
|
117,786
|
117,786
|
|||||||||
Derivative financial instruments
|
-
|
-
|
-
|
|||||||||
Trade and other payables excluding
non-financial liabilities (note 24,25)
|
-
|
15,332
|
15,332
|
|||||||||
Total
|
-
|
537,137
|
537,137
|
(in thousands of $)
|
||||||||||||
Derivative financial
instruments
|
Other financial
liabilities at
amortised cost
|
Total
|
||||||||||
At December 31, 2012
|
||||||||||||
Liabilities as per balance sheet
|
||||||||||||
Borrowings incl. deferred charges
(excl. finance lease liabilities) (note 22)
|
-
|
393,165
|
393,165
|
|||||||||
Finance lease liabilities
|
-
|
124,892
|
124,892
|
|||||||||
Derivative financial instruments
|
7,782
|
-
|
7,782
|
|||||||||
Trade and other payables excluding
non-financial liabilities (note 24,25)
|
-
|
12,001
|
12,001
|
|||||||||
Total
|
7,782
|
530,058
|
537,840
|
(In thousands of $)
|
2013
|
2012
|
||||||||||||||
Loan amount
|
Average
interest rate
|
Loan amount
|
Average
interest rate
|
|||||||||||||
Loan on vessels
|
360,827
|
3.46
|
%
|
335,626
|
3.04
|
%
|
||||||||||
Loans on vessels under construction
|
-
|
-
|
27,539
|
3.20
|
%
|
|||||||||||
Loans on cancelled vessels under
|
||||||||||||||||
construction
|
43,192
|
3.26
|
%
|
30,000
|
3.50
|
%
|
||||||||||
Total
|
404,019
|
393,165
|
(In thousands of $)
|
2013
|
2012
|
||||||||||||||
Amount
|
Average
interest rate
|
Amount
|
Average
interest rate
|
|||||||||||||
Current accounts
|
81,381
|
0.04
|
%
|
102,459
|
0.09
|
%
|
||||||||||
Short-term deposits
|
12,500
|
0.79
|
%
|
1,900
|
1.11
|
%
|
||||||||||
Restricted cash
|
4,960
|
0.00
|
%
|
8,178
|
0.09
|
%
|
||||||||||
Total
|
98,841
|
112,537
|
(in thousands of $)
|
2013
|
2012
|
||||||
At January 1
|
-
|
7 ,540
|
||||||
Interest expense
|
-
|
252
|
||||||
Interest paid
|
-
|
(92
|
)
|
|||||
Repurchase and repayment of convertible bond
|
-
|
(7,700
|
)
|
|||||
Liability component at December 31
|
-
|
-
|
Counterparty
|
Rating
|
Geographical
segment
|
2013
|
2012
|
|||
Cash and cash equivalents
|
|||||||
Nordea Bank Norge ASA
|
AA-
|
Norway
|
22,414
|
41,811
|
|||
Skandinaviska Enskilda Banken (SEB)
|
A+
|
|
Norway
|
40,713
|
29,220
|
||
DnB Bank ASA
|
A+
|
|
Norway
|
12,500
|
17,500
|
||
ABN Amro Bank N.V.
|
A+
|
|
Netherland
|
11,170
|
11,774
|
||
Ing Bank N.V.
|
A
|
|
Netherland
|
306
|
-
|
||
Danske Bank A/S
|
A
|
|
Norway
|
3,834
|
4,431
|
||
Other
|
Norway
|
7,903
|
7,801
|
||||
98,841
|
112,537
|
|
Between
|
Between one
|
Between two
|
|
||||||||||||||||||||
Within three | three months | and two | and five | After five | ||||||||||||||||||||
months |
and one year
|
years
|
years
|
years
|
Total
|
|||||||||||||||||||
(in thousands of $)
At 31 December 2013
|
|
|
|
|||||||||||||||||||||
Borrowings (ex financial lease obligations)
|
12,216
|
49,015
|
137,394
|
217,423
|
73,244
|
489,292
|
||||||||||||||||||
Financial lease liabilities
|
3,718
|
11,153
|
14,850
|
42,654
|
7,605
|
79,980
|
||||||||||||||||||
Trade and other payables
|
14,116
|
-
|
-
|
-
|
-
|
14,116
|
||||||||||||||||||
Total
|
32,987
|
80,185
|
168,987
|
297,328
|
86,720
|
663,270
|
Within three
|
Between
|
Between one
|
Between two
|
After five
|
||||||||||||||||||||
months
|
three months
|
and two
|
and five
|
years
|
Total
|
|||||||||||||||||||
(in thousands of $)
At 31 December 2012
|
and one year
|
years
|
years
|
|||||||||||||||||||||
Borrowings (ex financial lease obligations)
|
23,603
|
35,163
|
165,026
|
227,183
|
25,981
|
476,956
|
||||||||||||||||||
Financial lease liabilities
|
3,750
|
11,183
|
14,900
|
51,811
|
13,550
|
95,194
|
||||||||||||||||||
Trade and other payables
|
10,673
|
-
|
-
|
-
|
-
|
10,673
|
||||||||||||||||||
Total
|
61,629
|
66,379
|
199,609
|
310,014
|
48,572
|
662,600
|
(in thousands of $)
|
Level 1
|
Level 2
|
Total
|
|||||||||
At December 31, 2013
|
||||||||||||
Assets
|
||||||||||||
Available-for-sale financial assets
|
4,272
|
12,644
|
16,916
|
|||||||||
Derivative financial instruments (interest swap and bunkers hedge)
|
-
|
2,735
|
2,735
|
|||||||||
Total assets
|
4,272
|
15,379
|
19,651
|
|||||||||
Liabilities
|
||||||||||||
Derivative financial instruments (interest swap and bunkers hedge)
|
-
|
-
|
-
|
|||||||||
Total liabilities
|
-
|
-
|
-
|
(in thousands of $)
|
Level 1
|
Level 2
|
Total
|
|||||||||
At December 31, 2012
Assets
|
||||||||||||
Available-for-sale financial assets
|
-
|
-
|
-
|
|||||||||
Total assets
|
-
|
-
|
-
|
|||||||||
Liabilities
|
||||||||||||
Derivative financial instruments (interest swap and bunkers hedge)
|
-
|
7,782
|
7,782
|
|||||||||
Total liabilities
|
-
|
7,782
|
7,782
|
Country of
residence
|
Ownership
interest
|
|
Front Carriers Ltd
|
Liberia
|
100 %
|
Golden Aries Inc
|
Liberia
|
100 %
|
Golden Arima Inc
|
Liberia
|
100 %
|
Golden Beijing Inc
|
Liberia
|
100 %
|
Golden Beppu Inc
|
Liberia
|
100 %
|
Golden Brilliant Inc
|
Liberia
|
100 %
|
Golden Crystal Inc
|
Liberia
|
100 %
|
Golden Dena Corporation
|
Liberia
|
100 %
|
Golden Diamond Inc
|
Liberia
|
100 %
|
Golden Eclipse Inc
|
Liberia
|
100 %
|
Golden Effort Inc
|
Liberia
|
100 %
|
Golden Emerald Inc
|
Liberia
|
100 %
|
Golden Eminence Inc
|
Liberia
|
100 %
|
Golden Empress Inc
|
Liberia
|
100 %
|
Golden Endeavour Inc
|
Liberia
|
100 %
|
Golden Endurer Inc
|
Liberia
|
100 %
|
Golden Enterprise Inc
|
Liberia
|
100 %
|
Golden Excalibur
|
Liberia
|
100 %
|
Golden Excellence Inc
|
Liberia
|
100 %
|
Golden Explorer Inc
|
Liberia
|
100 %
|
Golden Express
|
Liberia
|
100 %
|
Golden Exquisite
|
Liberia
|
100 %
|
Golden Extreme Inc
|
Liberia
|
100 %
|
Golden Eye Inc
|
Liberia
|
100 %
|
Golden Feng Inc
|
Liberia
|
100 %
|
Golden Gemini Inc
|
Liberia
|
100 %
|
Golden Gunn Corporation
|
Liberia
|
100 %
|
Golden Hilton Shipping Corporation
|
Liberia
|
100 %
|
Golden Ice Inc
|
Liberia
|
100 %
|
Golden Leo Inc
|
Liberia
|
100 %
|
Golden Libra Inc
|
Liberia
|
100 %
|
Golden Nantong Inc
|
Liberia
|
100 %
|
Golden Nassim Inc
|
Liberia
|
100 %
|
Golden Opportunity Inc
|
Liberia
|
100 %
|
Golden Pearl Inc
|
Liberia
|
100 %
|
Golden President Shipping Corporation
|
Liberia
|
100 %
|
Golden Saguenay Inc
|
Liberia
|
100 %
|
Golden Sapphire Inc
|
Liberia
|
100 %
|
Golden Shui Inc
|
Liberia
|
100 %
|
Golden Strength Inc
|
Liberia
|
100 %
|
Golden Taurus Inc
|
Liberia
|
100 %
|
Golden Virgo Inc
|
Liberia
|
100 %
|
Golden Zhoushan Inc
|
Liberia
|
100 %
|
Golden Ocean Management Asia Pte Ltd
|
Singapore
|
100 %
|
Golden Ocean Management AS
|
Norway
|
100 %
|
Golden Ocean Group Management (Bermuda) Limited
|
Bermuda
|
100 %
|
Golden Ocean (Cyprus) Limited
|
Cyprus
|
100 %
|
Golden Ocean Trading Limited
|
Bermuda
|
87.81 %
|
(in thousands of $)
|
2014
MARCH 12
|
|||
Non current assets
|
||||
Vessel and equipment
|
45,500
|
|||
Total non-current assets
|
45,500
|
|||
Current assets
|
||||
Cash and cash equivalents
|
1,512
|
|||
other current assets
|
4,014
|
|||
Total current assets
|
5,526
|
|||
Total assets
|
51,026
|
|||
Non current liabilities
|
||||
Long term debt
|
22,326
|
|||
Total non-current liabilities
|
22,326
|
|||
Current liabilities
|
||||
Long term debt - current portion
|
952
|
|||
other current liabilities
|
548
|
|||
Total current liabilities
|
1,500
|
|||
Total liabilities
|
23,826
|
|||
Total identifiable net assets
|
27,200
|