| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|
Operating activities | |||||||||
Net income | |||||||||
101,209 | 146,406 | 200,832 | 122,815 | 89,206 | 185,836 | 131,175 | 165,712 | 192,598 | 181,611 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation | |||||||||
88,150 | 94,293 | 78,080 | 67,393 | 58,436 | 55,602 | 49,929 | 34,201 | 30,236 | 28,038 |
Vessel impairment charge | |||||||||
0 | 5,314 | 42,410 | 11,800 | 0 | 0 | - | - | 26,756 | 0 |
Available for sale securities impairment charge | |||||||||
4,410 | 0 | 20,552 | 0 | 0 | - | - | - | - | - |
Long-term investment impairment charge | |||||||||
- | - | - | - | - | 3,353 | 0 | 0 | 7,110 | 0 |
Amortization of deferred charges | |||||||||
9,013 | 10,972 | 11,613 | 11,271 | 11,305 | 5,866 | 7,131 | 5,036 | 5,507 | 3,777 |
Amortization of seller's credit | |||||||||
1,249 | 1,324 | 1,904 | 1,903 | 1,983 | 1,942 | 2,047 | 2,072 | -2,065 | -2,144 |
Amortization of Intangible Assets | |||||||||
0 | - | - | - | - | - | - | - | - | - |
Equity in earnings of associated companies | |||||||||
23,766 | 27,765 | 33,605 | 33,497 | 28,200 | 43,492 | 50,902 | 50,413 | 75,629 | 22,799 |
(Gain)/loss on sale of assets and termination of charters | |||||||||
1,124 | -167 | 7,364 | 23,931 | 18,025 | 47,386 | 8,468 | - | - | - |
Gain on sale of assets and termination of charters | |||||||||
- | - | - | - | - | - | - | 28,104 | 24,721 | 17,377 |
Gain on sale of investment in associated company | |||||||||
- | - | - | 6,055 | 0 | 0 | 4,064 | 0 | 0 | - |
Gain on redemption of Horizon loan notes and warrants | |||||||||
- | 0 | 44,552 | 0 | 0 | - | - | - | - | - |
Gain on redemption of Frontline loan notes | |||||||||
- | 0 | 28,904 | 0 | 0 | - | - | - | - | - |
Adjustment of derivatives to fair value recognized in net income | |||||||||
8,208 | 4,399 | -13,278 | -7,699 | 7,950 | 7,959 | -4,476 | -14,733 | 12,675 | -54,527 |
Adjustment of equity investments recognised in the income statement | |||||||||
0 | - | - | - | - | - | - | - | - | - |
Loss/(gain) on repurchase of bonds | |||||||||
-2,305 | -8,802 | 1,007 | -21 | -1,218 | -122 | 521 | -13 | 20,600 | 0 |
Interest receivable in form of notes | |||||||||
635 | 633 | 2,182 | 3,197 | 2,767 | 1,779 | 0 | 0 | - | - |
Other, net | |||||||||
-3,959 | -365 | 1,134 | 458 | 1,396 | 364 | 1 | 248 | -98 | -122 |
Changes in operating assets and liabilities | |||||||||
Trade accounts receivable | |||||||||
9,034 | 1,492 | -1,196 | -5,109 | 4,313 | 7,787 | -864 | -799 | 1,438 | 407 |
Due from related parties | |||||||||
-10,543 | -8,433 | -14,105 | 20,634 | -49,189 | 51,623 | -29,113 | -15,282 | -5,531 | 3,909 |
Other receivables | |||||||||
-2,418 | 856 | 840 | 9,418 | 740 | 1,067 | -1,921 | -1,949 | -73 | 1,996 |
Inventories | |||||||||
42 | 27 | 2,529 | 320 | 3,656 | 97 | 744 | 390 | -158 | -15 |
Prepaid expenses and accrued income | |||||||||
-1,317 | -2,181 | 715 | 1,104 | 3,236 | 190 | 218 | 150 | -3,461 | 3,338 |
Trade accounts payable | |||||||||
-742 | 394 | -1,572 | -1,095 | 2,047 | 774 | 232 | 441 | -11 | -78 |
Accrued expenses | |||||||||
-1,188 | 1,046 | -5,302 | 4,358 | 271 | 3,206 | 2,589 | -2,585 | -8,839 | 965 |
Other current liabilities | |||||||||
460 | -11,804 | 7,945 | 3,547 | 718 | -4,503 | 3,196 | -433 | -28 | -5,377 |
Net cash provided by operating activities | |||||||||
177,796 | 230,073 | 258,401 | 132,401 | 140,124 | 86,570 | 163,661 | 153,771 | 125,522 | 211,386 |
Investing activities | |||||||||
Net maturities/(deposits) of restricted cash | |||||||||
0 | - | - | - | - | - | -5,601 | 1,500 | -56,002 | 33,120 |
Investment in direct financing lease assets | |||||||||
- | - | - | - | - | - | - | - | - | 104,000 |
Repayments from investments in direct financing leases | |||||||||
31,929 | 30,410 | 35,946 | 43,120 | 51,220 | 58,571 | 204,874 | 174,946 | 209,368 | 210,348 |
Additions to newbuildings | |||||||||
81,664 | 188,142 | 223,109 | 202,333 | 109,337 | 90,612 | 156,223 | 157,736 | 71,468 | 22,395 |
Purchase of vessels | |||||||||
0 | 0 | 273,552 | 192,864 | 0 | 76,936 | 151,562 | 33,575 | 0 | 60,200 |
Proceeds/(payments) from sales of vessels and termination of charters | |||||||||
74,791 | 29,102 | 42,275 | 199,429 | 83,583 | 100,733 | 71,461 | 39,500 | 163,086 | 23,005 |
Proceeds from sale of investment in associated company | |||||||||
- | 0 | 111,095 | 0 | 0 | - | 37,048 | 0 | 0 | - |
Proceeds from redemption of Horizon loan notes and warrants | |||||||||
- | 0 | 71,681 | 0 | 0 | - | - | - | - | - |
Proceeds from redemption of Frontline loan notes | |||||||||
- | 0 | 112,687 | 0 | 0 | - | - | - | - | - |
Distribution from associated companies | |||||||||
- | - | - | - | - | - | - | 435,000 | 0 | 435,000 |
Proceeds on cancellation of newbuildings | |||||||||
- | - | - | - | - | - | - | - | - | 1,845 |
Net amounts received from/(paid to) associated companies | |||||||||
27,322 | 193,517 | -62,083 | 88,585 | -81,308 | 56,443 | 56,702 | -379,010 | 68,000 | -7,891 |
Proceeds from repayment of investment loan (included in other receivables) | |||||||||
- | - | - | 50,000 | 0 | 0 | - | - | - | - |
Proceeds/(costs) of other long-term investments | |||||||||
- | - | - | - | - | - | 50,000 | 648 | 920 | 6,537 |
Other investments and long term assets, net | |||||||||
4,016 | 25,488 | 20,722 | 7,877 | 18,140 | 13,890 | 23,763 | 0 | 0 | - |
Net cash provided by/(used in) investing activities | |||||||||
48,362 | 39,399 | -205,782 | -21,940 | -73,982 | 34,309 | -5,862 | 76,977 | 424,068 | -433,945 |
Financing activities | |||||||||
Shares issued, net of issuance costs | |||||||||
88 | 323 | 675 | 927 | 128,880 | 89,596 | 0 | 0 | 16,472 | 0 |
Principal settlements of cross currency swaps, net | |||||||||
29,186 | 0 | 0 | - | - | - | - | - | - | - |
Payments in lieu of issuing shares for exercised share options | |||||||||
- | - | - | 1,196 | 448 | 1,477 | 0 | 0 | - | - |
(Repurchase)/resale of bonds | |||||||||
68,383 | 296,800 | 23,787 | 75,262 | 254,132 | 28,096 | 23,230 | 11,917 | 125,405 | 0 |
Drawdowns | |||||||||
302,104 | 522,000 | 595,305 | 733,632 | 705,347 | 259,097 | 408,592 | 981,234 | 134,500 | 576,973 |
Repayments of long-term debt | |||||||||
179,354 | 329,303 | 435,706 | 616,783 | 530,186 | 318,374 | 394,747 | 1,056,040 | 446,061 | 251,451 |
Debt fees paid | |||||||||
2,554 | 5,099 | 7,155 | 7,460 | 8,390 | 3,989 | 17,822 | 12,417 | 752 | 1,551 |
Repayment of lease obligation liability | |||||||||
5,296 | 97 | 0 | 0 | - | - | - | - | - | - |
Cash settlement of derivative instruments | |||||||||
- | - | - | - | - | - | - | 11,592 | 14,666 | 10,655 |
Cash dividends paid | |||||||||
152,907 | 168,289 | 162,594 | 152,142 | 109,114 | 152,009 | 122,644 | 117,235 | 75,567 | 122,937 |
Net cash used in financing activities | |||||||||
-135,488 | -277,265 | -33,262 | -118,284 | -68,043 | -155,252 | -149,851 | -227,967 | -511,479 | 190,379 |
Net change in cash and cash equivalents | |||||||||
90,670 | -7,793 | 19,357 | -7,823 | -1,901 | -34,373 | 7,948 | 2,781 | 38,111 | -32,180 |
Supplemental disclosure of cash flow information: | |||||||||
Interest paid, net of capitalized interest | |||||||||
88,201 | 65,184 | 68,215 | 82,524 | 77,630 | 86,692 | 94,228 | 99,106 | 117,231 | 126,759 |