Financial statements
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 for the financial year |
384,302 |
41,819 |
|
| Adjustments for: | |||
| – income tax expense |
(166) |
(202) |
|
|
– gain from liquidation of subsidiary |
– |
(900) |
|
|
– dividend income |
(385,835) |
(41,622) |
|
| Operating cash flow before working capital changes |
(1,699) |
(905) |
|
| Changes in working capital: | |||
|
– other receivables |
110,042 |
194 |
|
|
– other payables |
(107,758) |
710 |
|
| Net cash provided by operating activities |
585 |
(1) |
|
| Cash flows from investing activities | |||
| Interest received |
5 |
– | |
|
Proceeds from liquidation of subsidiary |
– | 900 | |
|
Loan to subsidiary |
– |
(4,900) |
|
|
Equity investment in joint venture |
– |
(10,213) |
|
|
Net cash provided by/(used in) investing activities |
5 |
(14,213) |
|
| Cash flows from financing activities | |||
|
Proceeds from exercise of employee share options |
1,350 |
– | |
|
Amount due to subsidiary |
– |
14,213 |
|
|
Net cash provided by financing activities |
1,350 | 14,213 | |
| Net increase/(decrease) in cash and cash equivalents |
1,940 |
(1) |
|
| Cash and cash equivalents at beginning of the financial year |
*- |
1 | |
| Cash and cash equivalents at end of the financial year |
1,940 |
*- | |
*Amount less than USD 1,000.
Significant non-cash transactions
During 2022, USD 243.7 million of dividends payment to shareholder were settled by subsidiaries for and on behalf of the Company.
On 27 January 2022, the Company acquired Chemical Tank- ers 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. Immediately following that, a subsidiary, Hafnia Holding II Limited, purchased all of the shares of CTI from the Com- pany at a consideration measured by fair value of the net assets of CTI acquired on the acquisition date. The liability of Hafnia Holding II Limited owing to the Company for CTI has not been settled as at 31 December 2022.
The net proceeds from the issuance of 37,600,000 new com- mon shares on 9 May 2022 were received by a subsidiary on behalf of the Company.
On 26 September 2022, USD 600 million of receivables due from a subsidiary was settled in exchange for the subsidi- ary’s issued share capital.