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SEGMENTAL INFORMATION
 12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
SEGMENTAL INFORMATION
8.
SEGMENTAL INFORMATION

We own and operate LNG carriers and operate FSRUs and provide these services under time charters under varying periods, and trades in physical and future LNG contracts. Our reportable segments consist of the primary services it provides. Although our segments are generally influenced by the same economic factors, each represents a distinct product in the LNG industry. There have not been any intersegment sales during the periods presented. Segment results are evaluated based on net income. The accounting principles for the segments are the same as for our consolidated financial statements. Indirect general and administrative expenses are allocated to each segment based on estimated use.

The split of the organization of the business into two segments was based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. As of December 31, 2013, we operate in the following two segments:

•
Vessel Operations – We own and subsequently charter out LNG carriers on fixed terms to customers.
•
LNG Trading – Provides physical and financial risk management in LNG and gas markets for its customers around the world. Activities include structured services to outside customers, arbitrage service as well as proprietary trading.

The LNG trading operations meets the definition of an operating segment as the business is a financial trading business and its financial results are reported directly to the chief operating decision maker. The LNG trading segment is a distinguishable component of the business from which we earn revenues and incur expenses and whose operating results are regularly reviewed by the chief operating decision maker, and which is subject to risks and rewards different from the vessel operations segment.

(in thousands of $)
2013
2012
2011
 
Vessel operations

LNG
Trading

Total

Vessel
operations

LNG
Trading

Total

Vessel
operations

LNG
Trading

Total

Time charter revenues
90,558

—

90,558

409,593

—

409,593

299,848

—

299,848

Vessel and other management fees
9,270

—

9,270

752

—

752

—

—

—

Vessel and voyage operating expenses
(58,009
)
—

(58,009
)
(96,525
)
—

(96,525
)
(68,914
)
—

(68,914
)
Administrative expenses
(22,816
)
(136
)
(22,952
)
(23,973
)
(1,040
)
(25,013
)
(26,988
)
(6,691
)
(33,679
)
Impairment of long-term assets
(500
)
—

(500
)
(500
)
—

(500
)
(500
)
—

(500
)
Depreciation and amortization
(36,562
)
(309
)
(36,871
)
(85,187
)
(337
)
(85,524
)
(69,814
)
(472
)
(70,286
)
Other operating gains and losses
—

—

—

—

(27
)
(27
)
—

(5,438
)
(5,438
)
Gain on disposal of Golar Maria  (including amortization of deferred gain)
65,619

—

65,619

—

—

—

—

—

—

Operating income (loss)
47,560

(445
)
47,115

204,160

(1,404
)
202,756

133,632

(12,601
)
121,031

Other non-operating income (loss)
27,605

—

27,605

858,080

(151
)
857,929

541

—

541

Net financial income (expenses)
41,768

—

41,768

(42,864
)
(4
)
(42,868
)
(52,593
)
(509
)
(53,102
)
Income taxes
3,404

—

3,404

(2,765
)
—

(2,765
)
1,705

—

1,705

Equity in net earnings (losses) of affiliates
15,821

—

15,821

(609
)
—

(609
)
(1,900
)
—

(1,900
)
Net income (loss)
136,158

(445
)
135,713

1,016,002

(1,559
)
1,014,443

81,385

(13,110
)
68,275

Non-controlling interests
—

—

—

(43,140
)
—

(43,140
)
(21,625
)
—

(21,625
)
Net income attributable to Golar LNG Ltd
136,158

(445
)
135,713

972,862

(1,559
)
971,303

59,760

(13,110
)
46,650

Total assets
2,664,953

268

2,665,221

2,413,564

835

2,414,399

2,230,006

2,628

2,232,634

Investment in affiliates
350,918

—

350,918

367,656

—

367,656

22,529

—

22,529

Capital Expenditures
734,155

—

734,155

342,987

—

342,987

289,182

—

289,182



Revenues from external customers

During December 31, 2013, our vessels operated under time charters with four main charterers: Gdf Suez, a major Japanese trading company, Eni S.p.A and the BG Group. Prior to the deconsolidation of Golar Partners in December 2012, during December 31, 2012 and 2011, the vast majority of our vessel operations operated under time charters with seven main charterers: Petrobras, Dubai Supply Authority, Pertamina, Qatar Gas Transport Company, BG Group plc, Shell and PT Nusantara Regas. Gdf Suez is a power, natural gas and energy services company headquartered in France. Eni S.pA is an Italian integrated energy company. Petrobras is a Brazilian energy company.  Dubai Supply Authority is a government entity which is the sole supplier of natural gas to the Emirates. Pertamina is the state-owned oil and gas company of Indonesia. Qatar Gas Transport Company is a Qatari-listed shipping company established by the State of Qatar.  Both BG Group Plc and Shell are headquartered in the United Kingdom. PT Nusantara Regas is a joint venture company of Pertamina and Perusahaan Gas Negara, an Indonesian company engaged in the transport and distribution of natural gas in Indonesia.

In time charters, the charterer, not the Company, controls the choice of which routes our vessel will serve. These routes can be worldwide as determined by the charterers, except for the FSRUs, which operate at specific locations where the charterers are based.  Accordingly, our management, including the chief operating decision maker, do not evaluate our performance either according to customer or geographical region.

In the years ended December 31, 2013, 2012 and 2011, revenues from the following customers accounted for over 10% of our consolidated time charter revenues:

(in thousands of $)
2013
 
2012
 
2011
Gdf Suez Gas
10,015

 
11
%
 
22,326

 
5
%
 
4,931

 
2
%
Major Japanese trading Company
47,744

 
53
%
 
38,992

 
9
%
 
—

 
—
%
Eni Spa
8,912

 
10
%
 
2,480

 
1
%
 
—

 
—
%
Petrobras*
—

 
—
%
 
90,321

 
22
%
 
93,741

 
31
%
Dubai Supply Authority*
—

 
—
%
 
45,951

 
11
%
 
47,054

 
16
%
Pertamina*
—

 
—
%
 
35,455

 
9
%
 
37,829

 
13
%
Qatar Gas Transport Company*
—

 
—
%
 
23,006

 
6
%
 
35,461

 
12
%
BG Group plc*
13,114

 
14
%
 
96,179

 
23
%
 
25,101

 
8
%
PT Nusantara Regas*
—

 
—
%
 
38,789

 
9
%
 
—

 
—



Geographical segment data

The following geographical data presents our revenues with respect only to our FSRUs, operating under long-term charters, at specific locations. LNG vessels operate on a worldwide basis and are not restricted to specific locations.
Revenues (in thousands of $)
 
2013

 
2012

 
2011

Brazil*
 
—

 
90,321

 
93,741

United Arab Emirates*
 
—

 
45,951

 
47,054

Indonesia*
 
—

 
38,789

 
—


* A substantial portion of these revenues for the years ended December 31, 2012 and 2011 pertain to vessels owned by Golar Partners and its subsidiaries which were deconsolidated from December 13, 2012.

We have not presented geographical data of our fixed assets, as we did not own any FSRUs as of December 31, 2013 and 2012.