Consolidated Statement of Cash Flows
For the financial year ended 31 December 2022
| Note | 2022 USD’000 |
2021 USD’000 |
|
| Cash flows from operating activities | |||
|---|---|---|---|
| Profit/(loss) for the financial year | 751,589 | (55,493) | |
| Adjustments for: | |||
| – income tax expense | 6,678 | 4,390 | |
| – depreciation and amortisation charges | 209,219 | 151,679 | |
| – (gain)/loss on disposal of vessel | (23,391) | 4,935 | |
| – gain on disposal of subsidiaries | 9 | (2,092) | – |
| – interest income | (6,977) | (2,355) | |
| – interest expense | 93,559 | 39,004 | |
| – capitalised financing fees written off | – | 4,496 | |
| – other finance expense | 2,516 | 3,333 | |
| – share of (profit)/loss of equity-accounted investees, net of tax | (24,152) | 1,768 | |
| – equity-settled share-based payment transactions | 1,760 | 3,147 | |
| Operating cash flow before working capital changes | 1,008,709 | 154,904 | |
| Changes in working capital: | |||
| – inventories | (265) | (1,433) | |
| – trade and other receivables | (319,944) | (37,462) | |
| – trade and other payables | 45,935 | (5,128) | |
| Cash generated from operations | 734,435 | 110,881 | |
| Income tax paid | (4,986) | (4,443) | |
| Net cash provided by operating activities | 729,449 | 106,438 | |
| Cash flows from investing activities | |||
| Interest income received | 4,172 | 877 | |
| Loan to joint venture | 13 | (11,500) | (13,500) |
| Loan to pool participants | 13 | (10,812) | (34,704) |
| Acquisition of subsidiaries, net of cash acquired | 3 | 4,195 | – |
| Acquisition of other investments | (324) | (3,501) | |
| Equity investment in joint venture | 14 | (1,814) | (10,213) |
| Purchase of intangible assets | 10 | (248) | (367) |
| Proceeds from disposal of assets held for sale | – | 11,000 | |
| Proceeds from disposal of property, plant and equipment | 255,809 | 29,191 | |
| Proceeds from disposal of subsidiaries | 9 | 15,882 | – |
| Dividend received from associated company | 14 | 1,825 | – |
| Purchase of property, plant and equipment | 9 | (447,137) | (26,663) |
| Net cash used in investing activities | (189,952) | (47,880) | |
| Cash flows from financing activities | |||
| Proceeds from borrowings from external financial institutions | 440,257 | 622,685 | |
| Proceeds from borrowings from a related corporation | 3,750 | 18,750 | |
| Repayment of borrowings to external financial institutions | (415,901) | (622,085) | |
| Repayment of borrowings to a related corporation | (22,500) | – | |
| Repayment of borrowings to non-related parties | (558) | (390) | |
| Repayment of lease liabilities | (231,086) | (39,771) | |
| Payment of financing fees | (1,990) | (5,106) | |
| Interest paid to external financial institutions | (87,843) | (29,869) | |
| Interest paid to a third party | (24) | (33) | |
| Proceeds from exercise of employee share options | 1,459 | – | |
| Proceeds from equity raise | 97,780 | – | |
| Payment of equity raise costs | (1,170) | – | |
| Dividends paid | 29 | (243,748) | – |
| Other finance expense paid | (3,558) | (3,335) | |
| Net cash used in financing activities | (465,132) | (59,154) | |
| Net increase/(decrease) in cash and cash equivalents | 74,365 | (596) | |
| Cash and cash equivalents at beginning of the financial year | 100,075 | 100,671 | |
| Cash and cash equivalents at end of the financial year | 15 | 174,440 | 100,075 |
Significant non-cash transactions
On 27 January 2022, the Group acquired Chemical Tankers Inc and its subsidiaries (“CTI”) by way of issuance of new shares of the Company together with the Company’s existing treasury shares. The fair value of the net assets of CTI acquired amounted to USD 221.1 million. Refer to Note 3.
Reconciliation of liabilities arising from financing activities
| Non-cash changes – USD’000 | ||||||||
| 1 January 2022 USD’00 |
Financial cash flows (i) USD’000 |
Additional leases capitalised during the year | Acquisition of subsidiaries | Disposal of subsidiaries | Interest expense | Fair value changes on cash flow hedges | 31 December 2022 USD’000 |
|
| Bank borrowings | 1,112,912 | (421,349) | – | – | – | 34,813 | – | 726,376 |
| Loan from a related corporation | 18,750 | (19,453) | – | – | – | 703 | – | – |
| Loan from non-related parties | 4,781 | (582) | – | – | – | 1,620 | – | 5,429 |
| Finance and other lease liabilities | 195,150 | 128,789 | 1,895 | 702,423 | (46,604) | 61,829 | – | 1,043,482 |
| Derivative financial instruments | (327) | 4,707 | – | – | – | (5,406) | (68,110) | (69,136) |
| 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) |
(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.