XML 73 R45.htm IDEA: XBRL DOCUMENT v3.22.1
DISCONTINUED OPERATION
 12 Months Ended
Dec. 31, 2021
Disclosure of analysis of single amount of discontinued operations [abstract]  
Disclosure In Detail Of Discontinued Operations Explanatory
 
 
37
DISCONTINUED OPERATION
 
The Group completed the sale of the remaining MR tankers and Small Tankers in April 2021 as part of a plan to exit the tanker business and focus on the drybulk business. The divestments of the vessels was followed by a restructure of the staff and administration which was completed in December 2021. The MR Tanker segment and the Small tanker segment were effectively discontinued as at 31 December 2021.
 
The results of the discontinued operation, which were included in the profit (loss) for the year, were as follows:
 
 
 
2021
 
 
2020
 
 
2019
 
 
 
US$’000
 
 
US$’000
 
 
US$’000
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
52,980
 
 
 
68,535
 
 
 
58,754
 
Cost of Sales
 
 
 
 
 
 
 
 
 
 
 
 
Voyage expenses
 
 
(421
)
 
 
(1,601
)
 
 
(7,999
)
Vessel operating costs
 
 
(1,942
)
 
 
(9,509
)
 
 
(14,371
)
Charter hire costs
 
 
-
 
 
 
(3,851
)
 
 
(5,581
)
Depreciation of ships, drydocking and plant and equipment– owned assets
 
 
-
 
 
 
(1,846
)
 
 
(6,794
)
Depreciation of ships and ship equipment – right-of-use assets
 
 
-
 
 
 
(1,739
)
 
 
(5,445
)
Other expenses
 
 
(61
)
 
 
(582
)
 
 
(458
)
Cost of ship sale
 
 
(50,580
)
 
 
(38,356
)
 
 
(8,564
)
Gross (loss) profit
 
 
(24
)
 
 
11,051
 
 
 
9,542
 
Other operating expense
 
 
(2,986
)
 
 
(13,264
)
 
 
(17,035
)
Administrative expense
 
 
(2,253
)
 
 
(3,173
)
 
 
(4,510
)
Share of (losses) profit of joint ventures
 
 
(1
)
 
 
1,531
 
 
 
453
 
Interest income
 
 
35
 
 
 
98
 
 
 
97
 
Interest expense
 
 
(649
)
 
 
(1,832
)
 
 
(3,864
)
Loss before taxation
 
 
(5,878
)
 
 
(5,589
)
 
 
(15,317
)
Income tax benefit (expense)
 
 
2,713
 
 
 
(534
)
 
 
(1,085
)
Net loss attributable to discontinued operation (attributable to the owners of the Company)
 
 
(3,165
)
 
 
(6,123
)
 
 
 
 
(16,402
)
 
Cash flows relating to the discontinued operation of the tanker business were as follows:
Net cash flows from discontinued operation
 
 
 
 
 
 
 
 
 
 
 
 
Cash
generated from (used in)
 from operating activities
 
 
21,909
 
 
 
29,845
 
 
 
(32,792
)
Cash
generated from (used in)
 investing activities
 
 
962
 
 
 
(1,492
)
 
 
27,548
 
Cash used in financing activities
 
 
(25,949
)
 
 
(25,723
)
 
 
(8,011
)
 
Included in the income tax benefit for 2021 is the reversal of a tax provision of US$2,400,000. On the 7 May 2021, the United Kingdom Upper Tribunal found in the Group’s favour with respect to the tax dispute with Her Majesty’s Revenue & Customs service of the United Kingdom (“HMRC”). HMRC decided not to appeal the decision and a reversal of the tax provision was recorded in profit or loss in the line item ‘Income tax benefit (expense)’.