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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Profit (loss) for the year $ 129,482 $ (41,100) $ (43,487)
Adjustments for:      
Share of losses of joint ventures 31 945 1,420
Loss on disposal of ships 1,115 788 298
Loss on disposal of business 26 0 0
Gain on disposal of plant and equipment (14) 0 (4)
Gain on disposal of right-of-use assets (104) 0 0
Depreciation and amortisation 61,953 51,549 48,763
(Reversal of) impairment loss recognised on ships (3,557) 16,282 16,995
(Reversal of) impairment loss recognised on right-of-use assets (1,046) 0 2,250
Impairment loss recognised on goodwill and intangibles 965 0 3,179
Impairment loss recognised on financial assets 681 1,823 0
Impairment loss recognised on net disposal group 2,551 576 0
Impairment loss recognised on plant and equipment 1 138 0
Provision (reversal of provision) for onerous contracts 939 (325) (408)
Recognition of share-based payments expenses 3,330 1,847 3,156
Net foreign exchange (gain) loss (744) (5,157) 709
Interest expense 12,947 16,938 11,916
Interest income (236) (565) (1,979)
Income tax (benefit) expense (2,831) 723 685
Components of defined benefit costs recognised in profit or loss 177 152 183
Operating cash flows before movements in working capital and ships 205,666 44,614 43,676
Inventories (5,089) 4,019 (1,644)
Trade receivables, other receivables and prepayments (5,361) 5,594 (1,506)
Contract assets (2,786) 2,943 (2,063)
Trade and other payables 6,729 (4,085) 5,796
Contract liabilities 3,347 1,014 28
Due to related parties 233 0 638
Due from related parties 0 (398) 0
Operating cash flows before movements in ships 202,739 53,701 44,925
Capital expenditure on ships (33,455) (9,021) (106,107)
Proceeds from disposal of ships 47,819 40,366 15,634
Net cash generated from (used in) from operations 217,103 85,046 (45,548)
Interest paid (11,623) (14,950) (11,307)
Interest received 236 725 1,825
Income tax paid (864) (437) (557)
Net cash flows generated from (used in) operating activities 204,852 70,384 (55,587)
Investing activities      
Repayment to related parties 0 (2,060) 0
Repayment from related parties 0 0 7,648
Repayment of loans and amount due from joint venture 788 5,127 20,268
Purchase of plant and equipment (49) (67) (94)
Purchase of intangible assets (6) (352) (161)
Proceeds from disposal of plant and equipment 21 0 5
Proceeds from disposal of businesses 68 0 0
Dividends and distributions received from a joint venture 184 3,106 7,500
Cash transferred in from disposal group 60 0  
Payment for acquisition of subsidiary, net of cash acquired (Note 39.1) 0 (28,313) 0
Net cash generated from (used in) investing activities 1,066 (22,559) 35,166
Financing activities (Note A)      
Long-term interest bearing debt raised 48,031 60,718 95,824
Payment of capital portion of long-term interest-bearing debt (82,110) (74,908) (45,540)
Principal repayments on lease liabilities (36,040) (27,948) (29,905)
Acquisition of non-controlling interest (Note 39.1) (46,634) 0 0
Acquisition of treasury shares (11,876) 0 (1,993)
Dividends paid (13,546) 0 0
Restricted cash 3,099 155 987
Net cash flows (used in) generated from financing activities (139,076) (41,983) 19,373
Net increase (decrease) in cash and cash equivalents 66,842 5,842 (1,048)
Cash and cash equivalents at the beginning of the year (Note 6) 37,942 32,527 33,498
Effect of exchange rate changes on the balance of cash held in foreign currencies (541) (427) 77
Cash and cash equivalents at the end of the year $ 104,243 $ 37,942 $ 32,527