DHT Holdings, Inc. | CIK:0001331284 | 3

  • Filed: 4/24/2018
  • Entity registrant name: DHT Holdings, Inc. (CIK: 0001331284)
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  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1331284/000095015718000468/0000950157-18-000468-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1331284/000095015718000468/dht-20171231.xml
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    • ifrs-full:DisclosureOfFinancialInstrumentsExplanatory

    Note 8 - Financial instruments
     
    Classes of financial instruments
     
    (Dollars in thousands)
    		  
    Carrying amount
    		        
    Financial assets
    		  
    2017
    		    
    2016
    		  
    Cash and cash equivalents*
    		    
    77,292
    		      
    109,295
    		  
    Accounts receivable and accrued revenues
    		    
    42,212
    		      
    34,461
    		  
    Total
    		  
    $
    119,504
    		    
    $
    143,756
    		  
                     
    Financial liabilities
    		  
    2017
    		    
    2016
    		  
    Accounts payables and accrued expenses
    		    
    17,427
    		    
    $
    12,378
    		  
    Derivative financial liabilities, current
    		    
    545
    		      
    2,257
    		  
    Current portion long-term debt
    		    
    65,053
    		      
    57,521
    		  
    Long-term debt
    		    
    721,151
    		      
    643,974
    		  
    Derivative financial liabilities, non-current
    		    
    -
    		      
    442
    		  
    Total financial liabilities
    		  
    $
    804,177
    		    
    $
    716,572
    		  
     
    *Cash and cash equivalents include $322 thousand in restricted cash in 2017 and $48,936 thousand in 2016, including employee withholding tax.  Cash and cash equivalents as of December 31, 2016 also includes $48,650 thousand relating to the financing of DHT Tiger which was drawn on the Credit Agricole Credit Facility in advance of the delivery of the DHT Tiger on January 16, 2016.
     
     
    Categories of financial instruments

    (Dollars in thousands)
    		  
    Carrying amount
    		  
    Financial assets
    		  
    2017
    		    
    2016
    		  
    Cash and cash equivalents
    		    
    77,292
    		      
    109,295
    		  
    Loans and receivables
    		    
    42,212
    		      
    34,461
    		  
    Total
    		  
    $
    119,504
    		    
    $
    143,756
    		  
     
    		                
    (Dollars in thousands)
    		                
    Financial liabilities
    		    
    2017
    		      
    2016
    		  
    Fair value through profit or loss
    		  
    $
    545
    		    
    $
    2,699
    		  
    Financial liabilities at amortized cost
    		    
    803,631
    		      
    713,873
    		  
    Total
    		    
    804,177
    		      
    716,572
     
     
    F-29

    Fair value of financial instruments

    It is assumed that fair value of financial instruments is equal to the nominal amount for all financial assets and liabilities.  With regards to trade receivables, the credit risk is not viewed as significant.  With regards to the credit facilities, these are floating rate with terms and conditions considered to be according to market terms and no material change in credit risk; consequently, it is assumed that carrying value has no material deviation from fair value.

    Measurement of fair value

    It is only derivatives that are classified within a fair value measurement category and recognized at fair value in the statement of financial position.  Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13.  Such measurement is based on techniques for which all inputs that have a significant effect on the recorded fair value are observable.  Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties.

    Derivatives - interest rate swaps
     
         
    Notional amount
    		  
    Fair value    
    (Dollars in thousands)
    Expires
    		  
    2017
    		    
    2016
    		    
    2017
    		    
    2016
    		  
    Swap pays 2.7775%, receive floating
    Jun. 16, 2017
    		  
    $
    -
    		      
    21,438
    		      
    -
    		      
    171
    		  
    Swap pays 3.0275%, receive floating
    Oct. 24, 2017
    		  
    $
    -
    		      
    22,458
    		      
    -
    		      
    340
    		  
    Swap pays 3.315%, receive floating
    Jun. 29, 2018
    		  
    $
    19,396
    		      
    21,438
    		      
    156
    		      
    608
    		  
    Swap pays 3.565%, receive floating
    Jun. 29, 2018
    		  
    $
    20,417
    		      
    22,458
    		      
    187
    		      
    708
    		  
    Swap pays 2.865%, receive floating
    Jun. 29, 2018
    		  
    $
    35,729
    		      
    39,813
    		      
    202
    		      
    872
    		  
    Total carrying amount
    		    
    $
    75,542
    		      
    127,604
    		      
    545
    		      
    2,699
    		  

     
    Interest-bearing debt
     
          
    Remaining 
    		  
    Carrying amount
    		  
    (Dollars in thousands)
    Interest
    		  
    notional
    		    
    2017
    		    
    2016
    		  
    Nordea Samco Credit Facility
    LIBOR + 2.50 %
    		    
    220,207
    		      
    217,921
    		      
    256,166
    		  
    Credit Agricole Credit Facility
    LIBOR + 2.19 %
    		    
    69,315
    		      
    68,591
    		      
    75,601
    		  
    Danish Ship Finance Credit Facility
    LIBOR + 2.25 %
    		    
    44,200
    		      
    43,937
    		      
    46,432
    		  
    Nordea/DNB Credit Facility
    LIBOR + 2.25 %
    		    
    45,000
    		      
    44,647
    		      
    47,012
    		  
    Nordea/DNB Credit Facility
    LIBOR + 2.75 %
    		    
    9,988
    		      
    9,884
    		      
    37,579
    		  
    ABN Amro Credit Facility
    LIBOR + 2.60 %
    		    
    121,268
    		      
    119,844
    		      
    128,790
    		  
    Nordea BW VLCC Acquisition Credit Facility
    LIBOR + 2.40 %
    		    
    185,346
    		      
    183,119
    		      
    -
    		  
    Convertible Senior Notes
    4.50%
    		    
    105,826
    		      
    98,262
    		      
    109,916
    		  
    Total carrying amount
    		      
    801,150
    		      
    786,204
    		      
    701,495
    		  
     
    Interest on all our credit facilities is payable quarterly in arrears except the Danish Ship Finance Credit Facility and the Convertible Notes which have interest payable semi-annual in arrears.  The credit facilities are principally secured by the first-priority mortgages on the vessels financed by the credit facility, assignments of earnings, pledge of shares in the borrower, insurances and the borrowers' rights under charters for the vessels, if any, as well as a pledge of the borrowers' bank account balances.
     
     
    F-30
     
     
    Reconciliation of liabilities arising from financing activities
     
    The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes.  Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company's consolidated statement of cash flows as cash flows from financing activities.

                                Non-cash changes          
         
     As of
    January 1,
    2017
    		      
     Financing
    cash flows(1)
     
    		  
     
    Repurchase
    convertible
    notes
    		        Amortization    
    Equity
    component of
    convertible
    notes
    		    
     
     
    Other
    changes(2)
    		      
     As of
    December 31, 2017
    		  
     Bank loans
    		    
    591,579
    		      
    93,157
    		            
    3,206
    		                  
    687,942
    		  
     Convertible Senior Notes
    		    
    109,916
    		              
    (17,104
    )
    		    
    4,170
    		      
    2,213
    		      
    (932
    )
    		    
    98,262
    		  
     Total (3)
    		    
    701,495
    		      
    93,157
    		      
    (17,104
    )
    		    
    7,375
    		      
    2,213
    		      
    (932
    )
    		    
    786,204
    		  
     
    (1)
    The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows.
    (2)
    Other changes include (gain)/loss from repurchase of convertible notes.
    (3)
    The reconciliation does not include interest swaps, which are described in note 8.