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Schedule I - Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2014
S1-Statement of Operations [Abstract] |
Schedule I - Financial Information of Registrant | Frontline Ltd. Schedule I - Financial Information of Registrant Condensed Statements of Operations for the years ended December 31, 2014, 2013 and 2012 (in thousands of $, except per share data)
| 2014 |  |  | 2013 |  |  | 2012 |
Operating revenues |  |  |  |  |
Other income | 635 |  |  | 590 |  |  | 338 |
Total operating revenues | 635 |  |  | 590 |  |  | 338 |
Operating expenses |  |  |  |  |
Administrative expenses | 3,125 |  |  | 2,961 |  |  | 3,995 |
Total operating expenses | 3,125 |  |  | 2,961 |  |  | 3,995 |
Net operating loss | (2,490 | ) |  | (2,371 | ) |  | (3,657 | )
Other income (expenses) |  |  |  |  |  |  |  |
Interest income | 169 |  |  | 552 |  |  | 1,009 |
Interest expense | (14,288 | ) |  | (10,581 | ) |  | (10,125 | )
Foreign currency exchange (loss) gain | (434 | ) |  | 51 |  |  | 249 |
Debt conversion expense | (41,067 | ) |  | (12,654 | ) |  | — |
Dividends received, net | 786 |  |  | 86 |  |  | 134 |
Other non-operating items, net | 1,458 |  |  | (28 | ) |  | (22 | )
Net other expenses | (53,376 | ) |  | (22,574 | ) |  | (8,755 | )
Net loss before equity in net loss of subsidiaries | (55,866 | ) |  | (24,945 | ) |  | (12,412 | )
Equity in net loss of subsidiaries | (107,072 | ) |  | (163,564 | ) |  | (70,342 | )
Net loss | (162,938 | ) |  | (188,509 | ) |  | (82,754 | )
See accompanying Notes. Frontline Ltd. Schedule I - Financial Information of Registrant Condensed Consolidated Statements of Comprehensive Loss for the years ended December 31, 2014, 2013 and 2012 (in thousands of $)
| 2014 |  |  | 2013 |  |  | 2012 |
Comprehensive loss, net of tax |  |  |  |  |
Net loss | (162,938 | ) |  | (188,509 | ) |  | (82,754 | )
Unrealized (losses) gains from marketable securities | (980 | ) |  | 915 |  |  | 527 |
Foreign currency translation gains (losses) | 25 |  |  | (63 | ) |  | 97 |
Other comprehensive (loss) income, net of tax | (955 | ) |  | 852 |  |  | 624 |
Comprehensive loss | (163,893 | ) |  | (187,657 | ) |  | (82,130 | )
See accompanying Notes. Frontline Ltd. Schedule I - Financial Information of Registrant Condensed Consolidated Balance Sheets as of December 31, 2014 and 2013 (in thousands of $)
| 2014 |  |  | 2013 |
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | 1,669 |  |  | 6,568 |
Restricted cash and investments | 445 |  |  | 1,728 |
Marketable securities | 2,516 |  |  | 3,373 |
Trade accounts receivable, net | — |  |  | 18 |
Related party receivables | — |  |  | 487 |
Other receivables | 1,635 |  |  | 2,299 |
Prepaid expenses and accrued income | 152 |  |  | 168 |
Total current assets | 6,417 |  |  | 14,641 |
Long-term assets |  |  |  |  |
Investments in and loans to affiliates, net | 182,651 |  |  | 239,441 |
Deferred charges | 153 |  |  | 696 |
Total assets | 189,221 |  |  | 254,778 |
LIABILITIES AND DEFICIT |  |  |  |  |
Current liabilities |  |  |  |  |
Short-term debt and current portion of long-term debt | 136,700 |  |  | — |
Related party payables | 11,031 |  |  | 6,017 |
Trade accounts payable | 325 |  |  | 279 |
Accrued expenses | 1,837 |  |  | 2,487 |
Other current liabilities | 196 |  |  | 268 |
Total current liabilities | 150,089 |  |  | 9,051 |
Long-term liabilities |  |  |  |  |
Long-term debt | — |  |  | 200,000 |
Related party payables | 109,952 |  |  | 72,610 |
Other long-term liabilities | 161 |  |  | 69 |
Total liabilities | 260,202 |  |  | 281,730 |
Commitments and contingencies |  |  |
Deficit |  |  |  |  |
Share capital (2014: 112,342,989 shares outstanding, par value $1.00. 2013: 86,511,713 shares outstanding, par value $1.00) | 112,343 |  |  | 86,512 |
Additional paid in capital | 244,018 |  |  | 149,985 |
Contributed surplus | 474,129 |  |  | 474,129 |
Accumulated other comprehensive loss | (4,258 | ) |  | (3,303 | )
Retained deficit | (897,213 | ) |  | (734,275 | )
Total deficit attributable to Frontline Ltd. | (70,981 | ) |  | (26,952 | )
Total liabilities and deficit | 189,221 |  |  | 254,778 |
See accompanying Notes. Frontline Ltd. Schedule I - Financial Information of Registrant Condensed Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012 (in thousands of $)
| 2014 |  |  | 2013 |  |  | 2012 |
Net cash used in operating activities | (17,185 | ) |  | (19,497 | ) |  | (39,682 | )
Investing activities |  |  |  |  |
Change in restricted cash | 1,283 |  |  | (1,578 | ) |  | — |
Loans from (to) associated companies | — |  |  | 250 |  |  | (250 | )
Investment in associated companies | — |  |  | (6,001 | ) |  | (13,298 | )
Proceeds from sale of investment in associated companies | — |  |  | 242 |  |  | — |
Proceeds from sale of shares in subsidiaries | 49 |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 1,332 |  |  | (7,087 | ) |  | (13,548 | )
Financing activities |  |  |  |  |  |  |  |
Net proceeds from issuance of shares | 52,934 |  |  | 4,802 |  |  | — |
Repayments of long-term debt | (35,877 | ) |  | (2,250 | ) |  | — |
Related party loan note | (6,103 | ) |  | — |  |  | — |
Net cash provided by financing activities | 10,954 |  |  | 2,552 |  |  | — |
Net change in cash and cash equivalents | (4,899 | ) |  | (24,032 | ) |  | (53,230 | )
Cash and cash equivalents at beginning of year | 6,568 |  |  | 30,600 |  |  | 83,830 |
Cash and cash equivalents at end of year | 1,669 |  |  | 6,568 |  |  | 30,600 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |
Interest paid | 15,124 |  |  | 10,125 |  |  | 10,125 |
Income taxes paid | — |  |  | — |  |  | — |
See accompanying Notes. Frontline Ltd. Schedule I - Financial Information of Registrant Notes Note 1—Basis of Presentation In our financial statements, our investment in subsidiaries is stated at cost plus equity in the undistributed earnings of the subsidiaries. Our share of net loss of our subsidiaries is included in net loss using the equity method of accounting. The financial statements should be read in conjunction with our consolidated financial statements. Note 2-Other No cash dividend was paid to the registrant by subsidiaries for the years ended December 31, 2014, 2013 and 2012. The registrant received cash dividends from associated companies of $2.0 million in the year ended December 31, 2014 (2013: nil, 2012: nil).

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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