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Schedule I - Financial Information of Registrant
 12 Months Ended
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).