5.3. Consolidated Financial Statements For The Year Ended 31 December 2012

         
  • 5.3.1.Consolidated statement of comprehensive income
    FOR THE YEAR ENDED 31 DECEMBER 2012

    (in thousands of US Dollars, except earnings per share)

                                                                 
    Notes Year ended 31 December 2012 Year ended 31 December 2011
    REVENUE 6 1,033,680 1,049,539
    COST OF SERVICES 7 (435,676) (495,440)
    GROSS PROFIT 598,004 554,099
    Selling, general and administrative expenses 8 (87,528) (78,168)
    Loss on disposal of property, plant and equipment 12 (2,288) (692)
    Impairment of goodwill 13 (89,456)
    OPERATING PROFIT 418,732 475,239
    Interest income 12,009 4,434
    Finance costs 9 (144,263) (144,619)
    Share of loss in joint venture, net 16 (778) (4,746)
    Foreign exchange gain/(loss), net 130,200 (167,940)
    Other (loss)/income, net (20) 2,152
    PROFIT BEFORE INCOME TAX EXPENSE 415,880 164,520
    Income tax expense 10 (99,920) (34,207)
    PROFIT FOR THE YEAR 315,960 130,313
    Effect of translation to presentation currency 64,023 (54,508)
    Actuarial loss on defined benefit plans 24 (1,624)
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR 378,359 75,805
    Profit for the year attributable to:
    Equity shareholders of the parent company 310,771 127,100
    Non-controlling interests 5,189 3,213
    315,960 130,313
    Total comprehensive income attributable to:
    Equity shareholders of the parent company 371,407 74,144
    Non-controlling interests 6,952 1,661
    378,359 75,805
    Weighted average number of ordinary shares outstanding 18,743,128,904 19,087,586,568
    BASIC AND DILUTED EARNINGS PER SHARE (US Dollars) 0.0166 0.0067
           
    Y.V.Matvienko G.I. Kachan
    Acting Chief Executive Officer Chief Financial Officer
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  • 5.3.2.Consolidated statement of financial position
    AS AT 31 DECEMBER 2012

    (in thousands of US Dollars)

                                                                                       
    Notes 31 December 2012 31 December 2011
    ASSETS
    NON-CURRENT ASSETS:
    Property, plant and equipment 12 2,068,857 1,967,938
    Goodwill 13 1,489,007 1,491,070
    Mooring rights 14 7,864 7,980  
    Investments in securities and other financial assets 15 11,159 34,842
    Investment in joint venture 16 8,916 9,425
    Spare parts 5,467 5,007
    Deferred tax assets 10   1,075 7,318
    Other intangible assets 2,691 1,593
    Other non-current assets 9,958 13,971
    3,604,994 3,539,144
    CURRENT ASSETS:
    Inventories 17 8,195 11,258
    Advances to suppliers 8,093 2,991
    Trade and other receivables, net 18 43,037 47,796
    VAT recoverable and other taxes receivable 23,965 41,132
    Income tax receivable 272 41,209
    Investments in securities and other financial assets 15 50,131 21,833
    Cash and cash equivalents 19 242,579 127,522
    376,272 293,741
    TOTAL ASSETS 3,981,266 3,832,885
    EQUITY AND LIABILITIES
    EQUITY:
    Share capital 20 10,471 10,471
    Treasury shares (281) (281)
    Foreign currency translation reserve (41,413) (103,641)
    Retained earnings 1,327,102 1,032,044
    Equity attributable to shareholders of the parent company 1,295,879 938,593
    Non-controlling interests 32,445   25,582
    TOTAL EQUITY 1,328,324 964,175
    NON-CURRENT LIABILITIES:
    Long-term debt 21 2,171,762 2,113,843
    Obligations under finance leases 22 6,089
    Cross currency and interest rate swap 23 4,602
    Defined benefit obligation 24 9,551 7,286
    Deferred tax liabilities 10 292,082 266,907
    Other non-current liabilities 949 2,864
    2,485,035 2,390,900
                     
    CURRENT LIABILITIES:
    Current portion of long-term debt 21 90,200 392,413
    Current portion of obligations under finance leases 22 2,711
    Trade and other payables 26 12,380   18,251
    Advances received from customers 26,392 47,442
    Taxes payable 6,113 4,292
    Income tax payable 11,183 4,034
    Accrued expenses 27 18,928   11,378
    167,907   477,810
    TOTAL EQUITY AND LIABILITIES 3,981,266 3,832,885
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  • 5.3.3.Consolidated statement of changes in equity
    FOR THE YEAR ENDED 31 DECEMBER 2012

    (in thousands of US Dollars)

                                     
    Attributable to shareholders of the parent company
    Notes Share capital Treasury shares Share premium Foreign currency translation reserve Retained earnings Total Non-controlling interests Total
    At 1 January 2011 10,471 9,255 (50,685) 996,330 965,371 23,927 989,298
    Profit for the year 127,100 127,100 3,213 130,313
    Other comprehensive income (52,956) (52,956) (1,552) (54,508)
    Total comprehensive income for the year (52,956) 127,100 74,144 1,661 75,805
    Buy-back of shares 20 (281) (9,255) (76,741) (86,277) (86,277)
    Dividends 11 (14,645) (14,645) (6) (14,651)
    At 31 December 2011 10,471 (281) (103,641) 1,032,044 938,593 25,582 964,175
    At 1 January 2012 10,471 (281) (103,641) 1,032,044 938,593 25,582 964,175
    Profit for the year 310,771 310,771 5,189 315,960
    Other comprehensive income 62,228 (1,592) 60,636 1,763 62,399
    Total comprehensive income for the year 62,228 309,179 371,407 6,952 378,359
    Dividends 11 (14,121) (14,121) (89) (14,210)
    At 31 December 2012 10,471 (281) (41,413) 1,327,102 1,295,879 32,445 1,328,324
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  • 5.3.4.Consolidated statement of cash flows
    FOR THE YEAR ENDED 31 DECEMBER 2012

    (in thousands of US Dollars)

                                                             
    Notes Year ended 31 December 2012 Year ended 31 December 2011
    Cash flows from operating activities
    Cash from operations 29 599,556 554,586
    Income tax paid (33,898) (90,329)
    Interest paid (138,710) (143,895)
    Net cash generated by operating activities 426,948 320,362
    Cash flows from investing activities
    Proceeds from disposal of property, plant and equipment 5,360 1,064
    Purchases of property, plant and equipment (55,784) (95,081)
    Proceeds from investments in securities and other financial assets 111,710 198,106
    Purchases of investments in securities and other financial assets (119,726) (182,153)
    Acquisition of subsidiaries, net of cash acquired (2,100,577)
    Interest received 8,402 6,861
    Purchases of other intangible assets (1,987) (1,026)
    Net cash used in investing activities (52,025) (2,172,806)
    Cash flows from financing activities
    Repayments of loans and borrowings (388,726) (115,449)
    Proceeds from loans and borrowings 21 136,207 1,938,300
    Dividends paid 11 (14,183) (14,797)
    Advances paid under lease contracts 22 (6,330)
    Payment for buy-back of shares 20 (86,151)
    Payment for shares buy-back costs 20 (126)
    Net cash (used in)/generated by financing activities (273,032) 1,721,777
    Net increase/(decrease) in cash and cash equivalents 101,891 (130,667)
    Cash and cash equivalents at the beginning of the year 19 127,522 265,017
    Effect of translation into presentation currency on cash and cash equivalents 13,166 (6,828)
    Cash and cash equivalents at the end of the year 19 242,579 127,522
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5.3.5.Notes to the consolidated financial statements
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