Financial statements

Consolidated statement of comprehensive income

For the financial year ended 31 December 2021

Note 2021
USD’000
2020
USD’000
Revenue 3 811,217 874,099
Voyage expenses 4 (408,282) (250,885)
TCE income # 402,935 623,214
Other operating income 23,177 22,974
Vessel operating expenses 4 (192,459) (200,666)
Technical management expenses (16,014) (16,686)
Charter hire expenses (22,903) (26,980)
Other expenses 4 (42,979) (39,007)
Operating profit before depreciation and amortisation charges 151,757 362,849
Loss on disposal of vessel (4,935) (1,447)
Depreciation charge of property, plant and equipment 8 (150,460) (155,430)
Amortisation charge of intangible assets 9 (1,219) (1,014)
Write-down on reclassification to assets held for sale (11,389)
Operating (loss)/profit (4,857) 193,569
Interest income 2,355 2,014
Interest expense (39,004) (46,945)
Capitalised financing fees written off (4,496)
Other finance expense (3,333) (2,238)
Finance expense – net (44,478) (47,169)
Share of (loss)/profit of equity-accounted investees, net of tax 14 (1,768) 5,030
(Loss)/profit before income tax (51,103) 151,430
Income tax expense 6 (4,390) (2,654)
(Loss)/profit for the financial year (55,493) 148,776
Other comprehensive income:
Item that may be subsequently reclassified to income statement
Foreign operations – foreign currency translation differences (1)
Fair value gains/(losses) on cash flow hedges 9,693 (22,103)
Reclassification to profit or loss 6,628 12,644
Other comprehensive income/(loss) 16,320 (9,459)
Total comprehensive (loss)/income for the year, net of tax (39,173) 139,317
Earnings per share attributable to the equity holders of the Company
(expressed in USD per share)
Basic (loss)/earnings per share 7 (0.15) 0.41
Diluted (loss)/earnings per share 7 (0.15) 0.41

#“TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily brokers’ commission, fuel oil and port charges. TCE is a standard measure used in the shipping industry for reporting of income, providing improved comparability across different types of charters.

Consolidated balance sheet

As at 31 December 2021

Note 2021
USD’000
2020
USD’000
Vessels 8 1,909,534 2,029,138
Dry docking and scrubbers 8 63,414 69,901
Right-of-use assets 8 111,529 107,376
Other property, plant and equipment 8 266 25
Total property, plant and equipment 2,084,743 2,206,440
Intangible assets 9 3,572 4,424
Total intangible assets 3,572 4,424
Other investments 3,501
Derivative financial instruments 20 675 26
Deferred tax assets 36 36
Loans receivable from joint venture 13 60,229 45,430
Associated companies and joint venture 14 15,218 6,773
Total other non-current assets 79,659 52,265
Total non-current assets 2,167,974 2,263,129
Loans receivable from pool participants 13 34,865
Assets held for sale 10 11,000
Inventories 11 6,661 5,228
Trade and other receivables 12 201,123 163,639
Derivative financial instruments 20 252 245
Cash and cash equivalents 15 100,075 100,671
Total current assets 342,976 280,783
Total assets 2,510,950 2,543,912
Share capital 16 3,703 3,703
Share premium 16 704,834 704,834
Contributed surplus 16 537,112 537,112
Other reserves 17 5,150 (14,148)
Treasury shares (12,832) (13,001)
Accumulated losses (125,955) (70,462)
Total shareholders’ equity 1,112,012 1,148,038
Borrowings 19 1,082,829 1,128,210
Derivative financial instruments 20 306 15,973
Total non-current liabilities 1,083,135 1,144,183
Borrowings 19 248,374 179,084
Derivative financial instruments 20 21 18
Current income tax liabilities 2,018 2,071
Trade and other payables 21 65,390 70,518
Total current liabilities 315,803 251,691
Total liabilities 1,398,938 1,395,874
Total equity and liabilities 2,510,950 2,543,912

Consolidated statement of changes in equity

For the financial year ended 31 December 2021

Note Share capital USD’000 Share premium USD’000 Contributed surplus USD’000 Translation reserve USD’000 Hedging reserve USD’000 Treasury shares USD’000 Share-based payment reserve USD’000 Accumulated losses USD’000 Total USD’000
Balance at 1 January 2021 3,703 704,834 537,112 (34) (15,973) (13,001) (1,859) (70,462) 1,148,038
Transactions with owners
Equity-settled share-based payment 169 2,978 3,147
Total comprehensive income/(loss)
Loss for the financial year (55,493) (55,493)
Other comprehensive (loss)/income (1) 16,321 16,320
Balance at 31 December 2021 3,703 704,834 537,112 (35) 348 (12,832) 4,837 (125,955) 1,112,012

 

Note Share capital USD’000 Share premium USD’000 Contributed surplus USD’000 Translation reserve USD’000 Hedging reserve USD’000 Treasury shares USD’000 Share-based payment reserve USD’000 Accumulated losses USD’000 Total USD’000
Balance at 1 January 2020 3,703 704,834 537,112 (34) (6,514) (500) 823 (120,920) 1,118,504
Transactions with owners
Treasury shares acquired (12,614) (12,641)
Equity-settled share-based payment 140 1,036 1,176
Dividends paid 29 _ _ (98,318) (98,318)
Total comprehensive income/(loss)
Profit for the financial year 148,776 148,776
Other comprehensive loss (9,459) (9,459)
Balance at 31 December 2020 3,703 704,834 537,112 (34) (15,973) (13,001) 1,859 (70,462) 1,148,038

 

Consolidated statement of cash flows

For the financial year ended 31 December 2021

Note 2021
USD’000
2020
USD’000
Cash flows from operating activities
(Loss)/profit for the financial year (55,493) 148,776
Adjustments for:
– income tax expense 4,390 2,654
– depreciation and amortisation charges 151,679 156,444
– write-down on reclassification to assets held for sale 11,389
– loss on disposal of vessel 4,935 1,447
– interest income (2,355) (2,014)
– interest expense 39,004 46,945
– capitalised financing fees written off 4,496
– other finance expense 3,333 2,238
– share of loss/(profit) of equity-accounted investees, net of tax 1,768 (5,030)
– equity-settled share-based payment transactions 3,147 1,176
Operating cash flow before working capital changes 154,904 364,025
Changes in working capital:
– inventories (1,433) 1,758
– trade and other receivables (37,462) 70,733
– trade and other payables (5,128) (36,043)
Cash generated from operations 110,881 400,473
Income tax paid (4,443) (1,999)
Net cash provided by operating activities 106,438 398,474
Cash flows from investing activities
Interest income received 877 822
Loan to joint venture company 13 (13,500) (14,680)
Loan to pool participants 13 (34,704)
Acquisition of other investments (3,501)
Equity investment in joint venture 14 (10,213)
Purchase of intangible assets 9 (367) (1,019)
Proceeds from disposal of assets held for sale 11,000
Proceeds from disposal of property, plant and equipment 29,191 11,899
Purchase of property, plant and equipment 8 (26,663) (47,578)
Net cash used in investing activities (47,880) (50,556)
Cash flows from financing activities
Proceeds from borrowings from external financial institutions 622,685 118,939
Proceeds from borrowings from a related corporation 18,750
Repayment of borrowings to external financial institutions (622,085) (221,700)
Repayment of borrowings to a related corporation (8,729)
Repayment of borrowings to non-related parties (390) (437)
Repayment of lease liabilities (39,771) (78,746)
Payment of financing fees (5,106) (196)
Interest paid to external financial institutions (29,869) (35,087)
Interest paid to a third party (33)
Repurchase of treasury shares (12,641)
Dividends paid 29 (98,318)
Other finance expense paid (3,335) (1,944)
Net cash used in financing activities (59,154) (338,859)
Net (decrease)/increase in cash and cash equivalents (596) 9,059
Cash and cash equivalents at beginning of the financial year 100,671 91,612
Cash and cash equivalents at end of the financial year 15 100,075 100,671

 

Reconciliation of liabilities arising from financing activities

Non-cash changes – USD’000
1 January 2021
USD’00
Financial cash flows (i)
USD’000
Additional leases capitalised during the year Interest expense Capitalised financing fees written off Fair value changes on cash flow hedges Other finance expense 31 December 2021
USD’000
Bank borrowings 1,110,527 (24,389) 22,278 4,496 1,112,912
Loan from a related corporation 18,489 261 18,750
Loan from non-related parties 4,781 (423) 33 4,391
Finance and other lease liabilities 191,986 (42,863) 36,226 9,801 195,150
Derivative financial instruments 15,991 (6,633) 6,631 (16,321) 5 (327)

 

Non-cash changes – USD’000
1 January 2020
USD’00
Financial cash flows (i) USD ’000 Additional leases capitalised during the year Interest expense Fair value changes on cash flow hedges Other finance expense/(income) 31 December 2020
USD’000
Bank borrowings 1,211,048 (134,608) 33,941 146 1,110,527
Loan from a related corporation 8,500 (8,729) 229
Loan from non-related parties 5,172 (437) 46 4,781
Finance and other lease liabilities 223,406 (78,746) 38,076 9,250 191,986
Derivative financial instruments 6,514 (3,436) 3,479 9,459 (25) 15,991

(i) The cash flows make up the net amount of proceeds from borrowings, repayments of borrowings, interest expense and financing fees paid as reported in the statement of cash flows.

Notes to the consolidated financial statements

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