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Condensed Financial Information of DHT Holdings, Inc. | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information of DHT Holdings, Inc. [Abstract] |
Condensed Financial Information of DHT Holdings, Inc. | Note 16 - Condensed Financial Information of DHT Holdings, Inc. (parent company only) SEC Rule 12-04 Condensed Financial Information of Registrant requires DHT to disclose condensed financial statements of the parent company when the restricted net assets of consolidated subsidiaries exceeds 25% of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations), which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.). The restricted net assets of consolidated subsidiaries exceeded 25% of the consolidated net assets of the parent company as of December 31, 2018, 2017 and 2016. The restricted assets mainly relate to assets restricted by covenants in our secured credit agreements entered into by the Company's vessel-owning subsidiaries. F-49 Table of Contents FINANCIAL POSITION (Dollars in thousands)
ASSETS |  | December 31, |  |  | December 31, |
Current assets |  | 2018 |  |  | 2017 |
Cash and cash equivalents |  | $ | 17,783 |  |  | $ | 11,540 |
Accounts receivable and prepaid expenses |  |  | 374 |  |  |  | 249 |
Deposit for vessel acquisition |  |  | - |  |  |  | 114,759 |
Amounts due from related parties |  |  | 36,216 |  |  |  | 7,992 |
Total current assets |  | $ | 54,372 |  |  | $ | 134,540 |
Investments in subsidiaries |  | $ | 468,941 |  |  | $ | 521,801 |
Loan to subsidiaries |  |  | 563,349 |  |  |  | 481,012 |
Investment in associate company |  |  | 201 |  |  |  | 201 |
Total non-current assets |  | $ | 1,032,491 |  |  | $ | 1,003,014 |
Total assets |  | $ | 1,086,864 |  |  | $ | 1,137,555 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 3,733 |  |  | $ | 1,454 |
Current portion long-term debt |  |  | 32,009 |  |  |  | - |
Total current liabilities |  | $ | 35,742 |  |  | $ | 1,454 |
Non-current liabilities |  |  |  |  |  |  |  |
Long-term debt |  |  | 111,968 |  |  |  | 98,262 |
Total non-current liabilities |  | $ | 111,968 |  |  | $ | 98,262 |
Total liabilities |  | $ | 147,710 |  |  | $ | 99,716 |
Stockholders' equity |  |  |  |  |  |  |  |
Stock |  | $ | 1,427 |  |  | $ | 1,424 |
Treasury shares |  |  | (1,364 | ) |  |  | - |
Paid-in additional capital |  |  | 1,097,099 |  |  |  | 1,096,793 |
Accumulated deficit |  |  | (158,009 | ) |  |  | (60,379 | )
Total stockholders equity |  | $ | 939,154 |  |  | $ | 1,037,838 |
Total liabilities and stockholders' equity |  | $ | 1,086,864 |  |  | $ | 1,137,555 |
F-50 Table of Contents INCOME STATEMENT
(Dollars in thousands) |  | Jan. 1 - Dec. 31, |  |  | Jan. 1 - Dec. 31, |  |  | Jan. 1 - Dec. 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Revenues |  | $ | - |  |  | $ | - |  |  | $ | 6,770 |
Impairment charge |  |  | (93,452 | ) |  |  | (4,948 | ) |  |  | (18,132 | )
Dividend income |  |  | 9,909 |  |  |  | 25,415 |  |  |  | 16,900 |
General and administrative expense |  |  | (13,735 | ) |  |  | (13,764 | ) |  |  | (14,525 | )
Operating income/(loss) |  | $ | (97,279 | ) |  | $ | 6,703 |  |  | $ | (8,987 | )
Interest income |  | $ | 24,893 |  |  | $ | 21,798 |  |  | $ | 14,559 |
Interest expense |  |  | (10,341 | ) |  |  | (9,229 | ) |  |  | (11,494 | )
Other financial income/(expenses) |  |  | (3,416 | ) |  |  | 1,020 |  |  |  | 693 |
Profit/(loss) for the year |  | $ | (86,143 | ) |  | $ | 20,293 |  |  | $ | (5,228 | )
Statement of Comprehensive Income
(Dollars in thousands) |  | Jan. 1 - Dec. 31, |  |  | Jan. 1 - Dec. 31, |  |  | Jan. 1 - Dec. 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Profit/(loss) for the year |  | $ | (86,143 | ) |  | $ | 20,293 |  |  | $ | (5,228 | )
Other comprehensive income/(loss): |  |  |  |  |  |  |  |  |  |  |  |
Items that will not be reclassified subsequently to profit or loss: |  |  | - |  |  |  | - |  |  |  | - |
Items that may be reclassified subsequently to profit or loss: |  |  | - |  |  |  | - |  |  |  | - |
Total comprehensive income/(loss) for the period |  | $ | (86,143 | ) |  | $ | 20,293 |  |  | $ | (5,228 | )
Attributable to the owners |  | $ | (86,143 | ) |  | $ | 20,293 |  |  | $ | (5,228 | )
In the condensed financial statement of parent company, the parent company's investments in subsidiaries were recorded at cost less any impairment. An assessment for impairment was performed when there was an indication that the investment had been impaired or the impairment losses recognized in prior years no longer existed. F-51 Table of Contents CASH FLOW
(Dollars in thousands) |  | Jan. 1 - Dec. 31, |  |  | Jan. 1 - Dec. 31, |  |  | Jan. 1 - Dec. 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |
Profit/(loss) for the year |  | $ | (86,143 | ) |  | $ | 20,293 |  |  | $ | (5,228 | )
Items included in net income not affecting cash flows: |  |  |  |  |  |  |  |  |  |  |  |
Amortization |  |  | 4,733 |  |  |  | 4,170 |  |  |  | 4,982 |
Impairment charge |  |  | 93,452 |  |  |  | 4,948 |  |  |  | 18,132 |
Compensation related to options and restricted stock |  |  | 663 |  |  |  | 4,948 |  |  |  | 7,365 |
(Gain)/loss purchase convertible bond |  |  | 3,589 |  |  |  | (1,035 | ) |  |  | - |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable and prepaid expenses |  |  | (125 | ) |  |  | 4,305 |  |  |  | (4,148 | )
Accounts payable and accrued expenses |  |  | 2,279 |  |  |  | (291 | ) |  |  | (148 | )
Amounts due to related parties |  |  | (72,365 | ) |  |  | 11,782 |  |  |  | 122,401 |
Net cash (used in)/provided by operating activities |  | $ | (53,917 | ) |  | $ | 49,119 |  |  | $ | 143,357 |
Cash flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Investments in subsidiaries |  | $ | - |  |  | $ | - |  |  | $ | (1,022 | )
Loan to subsidiaries |  |  | 58,990 |  |  |  | 82,814 |  |  |  | (63,985 | )
Investment in vessels under construction |  |  | (21,263 | ) |  |  | (86,004 | ) |  |  | (32,219 | )
Net cash provided by/(used in) investing activities |  | $ | 37,727 |  |  | $ | (3,191 | ) |  | $ | (97,227 | )
Cash flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid |  |  | (11,487 | ) |  |  | (23,328 | ) |  |  | (66,365 | )
Purchase of treasury shares |  |  | (5,026 | ) |  |  | - |  |  |  | (2,031 | )
Issuance of convertible bonds |  |  | 38,945 |  |  |  | - |  |  |  | - |
Purchase of convertible bonds |  |  | - |  |  |  | (17,104 | ) |  |  | (25,334 | )
Net cash provided by/(used in) financing activities |  | $ | 22,432 |  |  | $ | (40,431 | ) |  | $ | (93,731 | )
Net increase/(decrease) in cash and cash equivalents |  | $ | 6,242 |  |  | $ | 5,497 |  |  | $ | (47,602 | )
Cash and cash equivalents at beginning of period |  |  | 11,540 |  |  |  | 6,043 |  |  |  | 53,645 |
Cash and cash equivalents at end of period |  | $ | 17,783 |  |  | $ | 11,540 |  |  | $ | 6,043 |
The condensed financial information of DHT Holdings Inc. has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the cost method has been used to account for investments in its subsidiaries. F-52 Table of Contents A reconciliation of the profit/(loss) and equity of the parent company only between cost method of accounting and equity method of accounting for investments in its subsidiaries are as follows: Profit/(Loss) Reconciliation
(Dollars in thousands) |  | Jan. 1 - Dec. 31, |  |  | Jan. 1 - Dec. 31, |  |  | Jan. 1 - Dec. 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Profit/(loss) of the parent company only under cost method off accounting |  | $ | (86,143 | ) |  | $ | 20,293 |  |  | $ | (5,228 | )
Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting |  |  | 39,014 |  |  |  | (13,664 | ) |  |  | 14,467 |
Profit/(loss) of the parent company only under equity method of accounting |  | $ | (47,128 | ) |  | $ | 6,628 |  |  | $ | 9,239 |
Equity Reconciliation
(Dollars in thousands) |  | December 31, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
Equity of the parent company only under cost method of accounting |  | $ | 939,154 |  |  | $ | 1,037,838 |
Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting |  |  | 22,762 |  |  |  | (16,253 | )
Equity of the parent company only under equity method of accounting |  | $ | 961,915 |  |  | $ | 1,021,586 |
Dividends from subsidiaries are recognized when they are authorized. During the year ended December 31, 2018, the parent company recorded dividend income from its subsidiaries of $ 9,500 thousand. During the year ended December 31, 2017, the parent company recorded dividend income from its subsidiaries of $25,000 thousand. During the year ended December 31, 2016, the parent company recorded dividend income from its subsidiaries of $16,900 thousand. During the year ended December 31, 2018, the parent company was a guarantor for all of its credit facilities. Please refer to Notes 8 and 9 for a listing and summary of the credit facilities.

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