Statement of profit or loss and other comprehensive income
for the year ended 31 December 2020
(all amounts are expressed in thousands of USD and thousands of HRK)
|
|
Notes |
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
USD |
|
HRK |
|
USD |
|
HRK |
|
|
REVENUE |
|
|
|
|
|
|
|
|
|
|
Vessel revenue |
3 |
|
|
|
|
|
|
|
|
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Other income |
3 |
|
|
|
|
|
|
|
|
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Total income |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
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Voyage expenses |
4 |
|
|
|
|
|
|
|
|
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Vessel operating expenses |
5 |
|
|
|
|
|
|
|
|
|
Amortisation |
6 |
|
|
|
|
|
|
|
|
|
Vessel value adjustment |
7 |
|
|
|
|
|
|
|
|
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General and administrative expenses |
8 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
|
|
|
|
|
|
|
|
Profit from operations |
|
( |
|
( |
|
|
|
|
|
|
Financial income |
9 |
|
|
|
|
|
|
|
|
|
Financial expenses |
10 |
( |
|
( |
|
( |
|
( |
|
|
Net financial (income)/expense |
|
( |
|
( |
|
( |
|
( |
|
|
Tax tonnage per ship |
11 |
|
|
|
|
|
|
|
|
|
Earning before tax |
|
( |
|
( |
|
|
|
|
|
|
Income tax |
12 |
|
|
|
|
|
|
|
|
|
Profit of the year |
|
( |
|
( |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
Owners of the parent |
|
( |
|
( |
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning per share, basic and diluted |
13 |
( |
|
( |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
Items not reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
|
|
( |
|
|
|
|
|
|
Total comprehensive income |
|
( |
|
( |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
Owners of the parent |
|
( |
|
( |
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
( |
|
( |
|
|
|
|
|
The accompanying notes form an integral part of these financial statements.
Tankerska Next Generation d.d., Zadar 1
Statement of financial position
for the year ended 31 December 2020
(all amounts are expressed in thousands of USD and thousands of HRK)
|
|
At 31 December 2020 |
|
At 31 December 2020 |
|
At 31 December 2019 |
|
At 31 December 2019 |
|
|
Notes |
USD |
|
HRK |
|
USD |
|
HRK |
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Vessels and equipment |
14 |
|
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Inventories |
15 |
|
|
|
|
|
|
|
|
Trade and other receivables |
16 |
|
|
|
|
|
|
|
|
Prepaid expenses and accrued income |
17 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
18 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY AND RESERVES |
|
|
|
|
|
|
|
|
|
Share capital |
19 |
|
|
|
|
|
|
|
|
Share premium |
|
|
|
|
|
|
|
|
|
Reserves |
19 |
|
|
|
|
|
|
|
|
Exchange differences |
19 |
( |
|
( |
|
( |
|
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
Total capital and reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Interest-bearing loans and borrowings |
20 |
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Interest-bearing loans and borrowings |
20 |
|
|
|
|
|
|
|
|
Trade and other payables |
21 |
|
|
|
|
|
|
|
|
Accrued expenses and deferred income |
22 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
|
|
|
|
|
|
Total shareholders’ equity and liabilities |
|
|
|
|
|
|
|
|
|
The accompanying notes form an integral part of these financial statements.
Tankerska Next Generation d.d., Zadar 1
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|
Notes |
USD |
|
HRK |
|
USD |
|
HRK |
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Profit for the year |
|
( |
|
( |
|
|
|
|
|
Adjusted by: |
|
|
|
|
|
|
|
|
|
Amortisation |
14 |
|
|
|
|
|
|
|
|
Vessel value adjustment |
14 |
|
|
|
|
|
|
|
|
Interest expense |
10 |
|
|
|
|
|
|
|
|
Interest income |
9 |
( |
|
( |
|
( |
|
( |
|
Exchange differences from related-party transactions |
9 |
|
|
|
|
( |
|
( |
|
Net change in foreign exchange differences |
9, 10 |
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in working capital |
|
|
|
|
|
|
|
|
|
Increase in current receivables |
|
( |
|
( |
|
|
|
|
|
Increase/(decrease) in inventories |
15 |
( |
|
( |
|
|
|
|
|
Decrease in current liabilities |
21, 22 |
|
|
|
|
|
|
|
|
Interest paid |
|
( |
|
( |
|
( |
|
( |
|
Interest received |
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Cash paid for purchases of vessels and equipment |
21, 14 |
( |
|
( |
|
( |
|
( |
|
Other expenditures |
|
( |
|
( |
|
( |
|
( |
|
Cash flows from investing activities |
|
( |
|
( |
|
( |
|
( |
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Received loans |
|
|
|
|
|
|
|
|
|
Repayments of received loans |
|
( |
|
( |
|
( |
|
( |
|
Dividends paid |
|
|
|
|
|
|
|
|
|
Share buy-back |
|
( |
|
( |
|
|
|
|
|
Cash flows from financing activities |
|
( |
|
( |
|
( |
|
( |
|
Net (decrease)/increase in cash and cash equivalents |
|
( |
|
( |
|
|
|
|
|
Effects of exchange rate changes on the balance of cash |
|
|
|
( |
|
( |
|
|
|
Cash and cash equivalents at beginning of period |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
18 |
|
|
|
|
|
|
|
|
The accompanying notes form an integral part of these financial statements.
|
|
Share capital |
|
Retained earnings |
|
Foreignexchange differences reserve |
|
Other reserves |
|
Share premium |
|
Purchase of own shares |
|
Total |
|
|
USD |
|
USD |
|
USD |
|
USD |
|
USD |
|
USD |
|
USD |
Balance at 31 December 2018 |
|
|
|
|
|
( |
|
|
|
|
|
( |
|
|
Profit for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer of other reserves |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
Paid dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2019 |
|
|
|
|
|
( |
|
|
|
|
|
( |
|
|
Profit for the year |
|
|
|
( |
|
|
|
|
|
|
|
|
|
( |
Exchange differences on translation of foreign operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
|
( |
|
|
|
|
|
|
|
|
|
( |
Transfer of other reserves |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
Share buy-back |
|
|
|
( |
|
|
|
|
|
|
|
( |
|
( |
Paid dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2020 |
|
|
|
|
|
( |
|
|
|
|
|
( |
|
|
|
The accompanying notes form an integral part of these financial statements.
|
|||||||||||||||||||||||||||
|
|
Share capital |
|
Retained earnings |
|
Foreign- exchange differences reserve |
|
Other reserves |
|
Share premium |
|
Purchase of own shares |
|
Total |
|||||||||||||
|
|
HRK |
|
HRK |
|
HRK |
|
HRK |
|
HRK |
|
HRK |
|
HRK |
|||||||||||||
Balance at 31 December 2018 |
|
|
|
|
|
( |
|
|
|
|
|
( |
|
|
|||||||||||||
Profit for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Exchange differences on translation of foreign operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Paid dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Transfer to other reserves |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at 31 December 2019 |
|
|
|
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||
Profit for the year |
|
|
|
( |
|
|
|
|
|
|
|
|
|
( |
|||||||||||||
Exchange differences on translation of foreign operations |
|
|
|
|
|
( |
|
|
|
|
|
|
|
( |
|||||||||||||
Total comprehensive income |
|
|
|
( |
|
( |
|
|
|
|
|
|
|
( |
|||||||||||||
Transfer of other reserves |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share buy-back |
|
|
|
( |
|
|
|
|
|
|
|
( |
|
( |
|||||||||||||
Paid dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at 31 December 2020 |
|
|
|
|
|
( |
|
|
|
|
|
( |
|
|
|||||||||||||
The accompanying notes form an integral part of these financial statements
1. GENERAL INFORMATION
History and incorporation
The Company’s registered activities comprise the following:
1.
2. Sea and coastal passenger water transport
3. Services in sea transport:
- Service activities incidental to sea transportation;
- Rescue or removal of vessels or other propertythat may be subject to rescue on the sea surface, or if it is immersed, on the sea bottom;
- Salvage and towage of ships and other maritime activities;
- Supply of ships, boat and yachts with motor fuel;
- Pilotage in coastal waters of the
- Intermediation incidental to water transportation;
- Rental of vessels;
- Domestic and international road passenger and freight transport;
- Agency activities involved in the domestic and international sale of machinery, industrial equipment, ships and aircraft;
- Wholesale of liquid and gaseous oils and related products;
- Building of ships and floating structures;
- Supervision services to building of ships and floating structures;
- Repair and maintenance of ships and boats.
The Company conducts its activities through its related party Tankerska Next Generation International Ltd., Marshall Islands.
Governance and management
In the period from 1 January 2020 to to the issuance of these financial statements the members of the Supervisory Board were as follows:
Ivica Pijaca |
Chairman of the Supervisory Board |
Mario Pavić |
Deputy Chairman of the Supervisory Board |
Nikola Koščica |
Member of the Supervisory Board |
Joško Miliša |
Member of the Supervisory Board |
Dalibor Fell |
Member of the Supervisory Board |
1. GENERAL INFORMATION (CONTINUED)
The Management Board consists of one member - Mr. John Karavanić.
In the period from 1 January 2020 to the 20 August 2020 of these financial statements the members of the Audit Commitee were as follows:
Luka Babić |
Chairman of the Audit Commitee |
Mario Pavić |
Member of the Audit Commitee |
Genarij Sutlović |
Member of the Audit Commitee |
In the period from 21 August 2020 to the issuance of these financial statements the members of the Audit Commitee were as follows:
Ante Gavran |
Chairman of the Audit Commitee |
Mario Pavić |
Member of the Audit Commitee |
Genarij Sutlović |
Member of the Audit Commitee |
At 31 December 2020, there were 3 persons employed at the Company’s administration (31 December 2019: 3 employees). At 31 December 2020 the crew of subsidiary Tankerska Next Generation International Ltd. consisted of 132 seamen on a contract basis (31 December 2019: 133 seamen on a contract basis).
The ownership structure as at 31 December 2019 is set out below:
|
|
|
Number of shares |
|
Ownership interest in % |
|
4,454,994 |
|
51.01 |
||
PBZ Croatia Osiguranje Mandatory pension fund |
839,000 |
|
9.61 |
||
Erste Plavi Mandatory pension fund |
808,000 |
|
9.25 |
||
Raiffeisen Mandatory Ppension fund |
752,036 |
|
8.61 |
||
Raiffeisen Voluntary pension fund |
372,103 |
|
4.26 |
||
Other institutional and private investors |
1,507,212 |
|
17.26 |
||
|
|
|
8,733,345 |
|
100.00 |
1. GENERAL INFORMATION (CONTINUED)
These financial statements for the period ended 31 December 2020 comprise of the financial statements of Tankerska Next Generation d.d. and its foreign subsidiaries (shipping companies operating internationally) that Tankerska Next Generation d.d. controls from a single administrative seat and under single governance body, and for which it is in obligation to keep business records and prepare financial statements for the full operations in the country and abroad according to the article 429.a paragraph 4. of the Maritime Code (Official Gazette of the
As subsidiaries of Tankerska Next Generation d.d. may not have the obligation, pursuant to the applicable legislation in the relevant domicile countries, to maintain business records and prepare financial statements in the respective countries of domicile, Tankerska Next Generation d.d. presents the assets and liabilities, revenue and expenses of its subsidiaries in its financial statements, as specified in the Accounting Act and the Profit Tax Act and in accordance with the requirements of International Financial Reporting Standard adopted by the European Union ("IFRS").
The financial statements for the year ended 31 December 2020 were authorised for issue in accordance with the underlying decision of the Management Board. Pursuant to the Croatian Companies Act, they have to be approved by the Supervisory Board.
The accounting policies set out below were applied consistently to all the periods presented.