6-K Filing

FRONTLINE PLC CIK: 913290 Q2 2022

Filing Information

Form Type	6-K
Accession Number	`0000913290-22-000009`
Period End Date	20220630
Filing Date	20220909
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	fro-20220630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 94 Income Statement 46 Cash Flow Statement 37 Stockholders Equity 14 Comprehensive Income 8

Balance Sheet 94 line items

Line Item	Tag	Value	Unit	Period
Share capital, shares outstanding (in shares)	`CommonStockSharesOutstanding`	203.53M	shares	Point-in-time
Share capital, shares outstanding (in shares)	`CommonStockSharesOutstanding`	203.53M	shares	Point-in-time
Par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$113.07M	USD	Point-in-time
Par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Marketable securities	`MarketableSecurities`	$2.64M	USD	Point-in-time
Marketable securities	`MarketableSecurities`	$2.44M	USD	Point-in-time
Marketable securities	`MarketableSecurities`	$166.19M	USD	Point-in-time
Trade accounts receivable, net	`AccountsReceivableNetCurrent`	$56.69M	USD	Point-in-time
Trade accounts receivable, net	`AccountsReceivableNetCurrent`	$63.42M	USD	Point-in-time
Related party receivables	`DueFromRelatedPartiesCurrent`	$11.68M	USD	Point-in-time
Related party receivables	`DueFromRelatedPartiesCurrent`	$12.28M	USD	Point-in-time
Other receivables	`OtherReceivables`	$14.88M	USD	Point-in-time
Other receivables	`OtherReceivables`	$10.11M	USD	Point-in-time
Inventories	`InventoryNet`	$80.79M	USD	Point-in-time
Inventories	`InventoryNet`	$125.20M	USD	Point-in-time
Voyages in progress	`VoyagesInProgress`	$61.98M	USD	Point-in-time
Voyages in progress	`VoyagesInProgress`	$38.49M	USD	Point-in-time
Prepaid expenses and accrued income	`PrepaidExpensesAndAccruedIncome`	$8.90M	USD	Point-in-time
Prepaid expenses and accrued income	`PrepaidExpensesAndAccruedIncome`	$11.85M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.85M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.99M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$573.85M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$332.75M	USD	Point-in-time
Newbuildings	`ConstructionInProgressGross`	$130.63M	USD	Point-in-time
Newbuildings	`ConstructionInProgressGross`	$93.03M	USD	Point-in-time
Vessels and equipment, net	`VesselsAndEquipmentNet`	$3.53B	USD	Point-in-time
Vessels and equipment, net	`VesselsAndEquipmentNet`	$3.48B	USD	Point-in-time
Vessels and equipment under finance leases, net	`VesselsAndEquipmentUnderFinanceLeaseNet`	$44.88M	USD	Point-in-time
Vessels and equipment under finance leases, net	`VesselsAndEquipmentUnderFinanceLeaseNet`	-	USD	Point-in-time
Right-of-use assets under operating leases	`OperatingLeaseRightOfUseAsset`	$3.65M	USD	Point-in-time
Right-of-use assets under operating leases	`OperatingLeaseRightOfUseAsset`	$3.91M	USD	Point-in-time
Investment in associated company	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$6.51M	USD	Point-in-time
Investment in associated company	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$555.00K	USD	Point-in-time
Goodwill	`Goodwill`	$112.45M	USD	Point-in-time
Goodwill	`Goodwill`	$112.45M	USD	Point-in-time
Loan notes receivable	`NotesAndLoansReceivableNetNoncurrent`	$1.39M	USD	Point-in-time
Loan notes receivable	`NotesAndLoansReceivableNetNoncurrent`	$1.39M	USD	Point-in-time
Derivative instruments receivable	`DerivativeInstrumentsAndHedgesNoncurrent`	$9.68M	USD	Point-in-time
Derivative instruments receivable	`DerivativeInstrumentsAndHedgesNoncurrent`	$39.35M	USD	Point-in-time
Other long-term assets	`Otherlongtermassets`	$3.06M	USD	Point-in-time
Other long-term assets	`Otherlongtermassets`	$3.40M	USD	Point-in-time
Total assets	`Assets`	$4.12B	USD	Point-in-time
Total assets	`Assets`	$4.37B	USD	Point-in-time
Short-term debt and current portion of long-term debt	`ShortTermDebtAndCurrentPortionOfLongTermDebt`	$416.88M	USD	Point-in-time
Short-term debt and current portion of long-term debt	`ShortTermDebtAndCurrentPortionOfLongTermDebt`	$189.29M	USD	Point-in-time
Current portion of obligations under finance leases	`FinanceLeaseLiabilityCurrent`	-	USD	Point-in-time
Current portion of obligations under finance leases	`FinanceLeaseLiabilityCurrent`	$7.60M	USD	Point-in-time
Current portion of obligations under operating leases	`OperatingLeaseLiabilityCurrent`	$1.12M	USD	Point-in-time
Current portion of obligations under operating leases	`OperatingLeaseLiabilityCurrent`	$1.10M	USD	Point-in-time
Related party payables	`DueToRelatedPartiesCurrent`	$50.08M	USD	Point-in-time
Related party payables	`DueToRelatedPartiesCurrent`	$36.25M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$2.33M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$11.89M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$42.84M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$57.41M	USD	Point-in-time
Derivative instruments payable	`DerivativeLiabilitiesCurrent`	$5.67M	USD	Point-in-time
Derivative instruments payable	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$5.49M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$7.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$542.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$292.68M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.13B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.91B	USD	Point-in-time
Obligations under finance leases	`FinanceLeaseLiabilityNoncurrent`	$40.87M	USD	Point-in-time
Obligations under finance leases	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Obligations under operating leases	`OperatingLeaseLiabilityNoncurrent`	$3.11M	USD	Point-in-time
Obligations under operating leases	`OperatingLeaseLiabilityNoncurrent`	$2.84M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.40M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$992.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.46B	USD	Point-in-time
Total liabilities	`Liabilities`	$2.46B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Share capital (203,530,979 shares. 2021: 203,530,979. Par value $1.00)	`CommonStockValue`	$203.53M	USD	Point-in-time
Share capital (203,530,979 shares. 2021: 203,530,979. Par value $1.00)	`CommonStockValue`	$203.53M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$448.29M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$623.78M	USD	Point-in-time
Contributed surplus	`OtherAdditionalCapital`	$1.00B	USD	Point-in-time
Contributed surplus	`OtherAdditionalCapital`	$1.00B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$424.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$228.00K	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-3.13M	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$75.11M	USD	Point-in-time
Total equity attributable to the Company	`StockholdersEquity`	$1.91B	USD	Point-in-time
Total equity attributable to the Company	`StockholdersEquity`	$1.65B	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-472.00K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-472.00K	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.61B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.91B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.65B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$4.37B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$4.12B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Total operating revenues	`Revenues`	$364.01M	USD	2 Qtrs
Total operating revenues	`Revenues`	$517.88M	USD	2 Qtrs
Other operating gains	`Otheroperatinglossesgains`	$7.08M	USD	2 Qtrs
Other operating gains	`Otheroperatinglossesgains`	$1.13M	USD	2 Qtrs
Voyage expenses and commissions	`VoyageExpensesAndCommission`	$176.94M	USD	2 Qtrs
Voyage expenses and commissions	`VoyageExpensesAndCommission`	$254.91M	USD	2 Qtrs
Contingent rental income	`VariableLeaseIncome`	$623.00K	USD	2 Qtrs
Contingent rental income	`VariableLeaseIncome`	$1.62M	USD	2 Qtrs
Ship operating expenses	`ShipOperatingExpenses`	$94.84M	USD	2 Qtrs
Ship operating expenses	`ShipOperatingExpenses`	$88.15M	USD	2 Qtrs
Charter hire expense	`CharterhireExpenses`	$2.59M	USD	2 Qtrs
Charter hire expense	`CharterhireExpenses`	-	USD	2 Qtrs
Administrative expenses	`GeneralAndAdministrativeExpense`	$14.33M	USD	2 Qtrs
Administrative expenses	`GeneralAndAdministrativeExpense`	$16.24M	USD	2 Qtrs
Depreciation	`DepreciationContinuingOperations`	$71.73M	USD	2 Qtrs
Depreciation	`DepreciationContinuingOperations`	$73.77M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$439.13M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$352.13M	USD	2 Qtrs
Net operating income	`OperatingIncomeLoss`	$85.83M	USD	2 Qtrs
Net operating income	`OperatingIncomeLoss`	$13.01M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$84.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$188.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$35.89M	USD	2 Qtrs
Interest expense	`InterestExpense`	$29.41M	USD	2 Qtrs
Unrealized gain (loss) on marketable securities	`MarketableSecuritiesGainLoss`	$7.92M	USD	2 Qtrs
Unrealized gain (loss) on marketable securities	`MarketableSecuritiesGainLoss`	$-11.74M	USD	2 Qtrs
Share of results of associated companies	`IncomeLossFromEquityMethodInvestments`	$-724.00K	USD	2 Qtrs
Share of results of associated companies	`IncomeLossFromEquityMethodInvestments`	$5.96M	USD	2 Qtrs
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-17.00K	USD	2 Qtrs
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-17.00K	USD	2 Qtrs
Gain on derivatives	`GainLossOnDerivativeInstrumentsNetPretax`	$33.80M	USD	2 Qtrs
Gain on derivatives	`GainLossOnDerivativeInstrumentsNetPretax`	$10.99M	USD	2 Qtrs
Other non-operating items	`OtherNonoperatingIncomeExpense`	$122.00K	USD	2 Qtrs
Other non-operating items	`OtherNonoperatingIncomeExpense`	$380.00K	USD	2 Qtrs
Net other expenses	`NonoperatingIncomeExpense`	$-10.79M	USD	2 Qtrs
Net other expenses	`NonoperatingIncomeExpense`	$-7.58M	USD	2 Qtrs
Net income before income taxes	`IncomeLossBeforeIncomeTaxesAndNoncontrollingInterest`	$2.23M	USD	2 Qtrs
Net income before income taxes	`IncomeLossBeforeIncomeTaxesAndNoncontrollingInterest`	$78.25M	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-38.00K	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$6.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$78.25M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.26M	USD	2 Qtrs
Basic earnings per share attributable to the company (in US dollars per share)	`EarningsPerShareBasic`	$10.00	USD	2 Qtrs
Basic earnings per share attributable to the company (in US dollars per share)	`EarningsPerShareBasic`	$380.00	USD	2 Qtrs
Diluted earnings per share attributable to the company (in US dollars per share)	`EarningsPerShareDiluted`	$380.00	USD	2 Qtrs
Diluted earnings per share attributable to the company (in US dollars per share)	`EarningsPerShareDiluted`	$10.00	USD	2 Qtrs

Cash Flow Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$82.51M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$41.22M	USD	2 Qtrs
Additions to newbuildings, vessels and equipment	`PaymentsToAcquireNewbuildingsVesselsAndEquipment`	$159.63M	USD	2 Qtrs
Additions to newbuildings, vessels and equipment	`PaymentsToAcquireNewbuildingsVesselsAndEquipment`	$181.98M	USD	2 Qtrs
Marketable securities acquired	`PaymentsToAcquireMarketableSecurities`	$357.00K	USD	2 Qtrs
Marketable securities acquired	`PaymentsToAcquireMarketableSecurities`	-	USD	2 Qtrs
Proceeds from sale of vessel	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Proceeds from sale of vessel	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$80.00M	USD	2 Qtrs
Cash inflow from sale of subsidiary	`ProceedsFromDivestitureOfInterestInConsolidatedSubsidiaries`	$2.81M	USD	2 Qtrs
Cash inflow from sale of subsidiary	`ProceedsFromDivestitureOfInterestInConsolidatedSubsidiaries`	-	USD	2 Qtrs
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$14.07M	USD	2 Qtrs
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	2 Qtrs
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$14.07M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-79.63M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-165.45M	USD	2 Qtrs
Proceeds from issuance of debt	`ProceedsFromIssuanceOfLongTermDebt`	$234.00M	USD	2 Qtrs
Proceeds from issuance of debt	`ProceedsFromIssuanceOfLongTermDebt`	$172.02M	USD	2 Qtrs
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$90.62M	USD	2 Qtrs
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$223.27M	USD	2 Qtrs
Repayment of finance leases	`RepaymentsOfDebtAndCapitalLeaseObligations`	$3.20M	USD	2 Qtrs
Repayment of finance leases	`RepaymentsOfDebtAndCapitalLeaseObligations`	$1.20M	USD	2 Qtrs
Lease termination compensation payment	`ProceedsPaymentsFromContractTermination`	$-4.46M	USD	2 Qtrs
Lease termination compensation payment	`ProceedsPaymentsFromContractTermination`	-	USD	2 Qtrs
Debt fees paid	`PaymentsOfFinancingCosts`	$1.21M	USD	2 Qtrs
Debt fees paid	`PaymentsOfFinancingCosts`	$2.12M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.87M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$76.08M	USD	2 Qtrs
Net change in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-48.15M	USD	2 Qtrs
Net change in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.74M	USD	2 Qtrs
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$113.07M	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.65M	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$141.50M	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$119.81M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$113.07M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.65M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$141.50M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$119.81M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning of the period (in shares)	`CommonStockSharesOutstanding`	203.53M	shares	Point-in-time
Balance at the beginning of the period (in shares)	`CommonStockSharesOutstanding`	203.53M	shares	Point-in-time
Balance at the end of the period (in shares)	`CommonStockSharesOutstanding`	203.53M	shares	Point-in-time
Balance at the end of the period (in shares)	`CommonStockSharesOutstanding`	203.53M	shares	Point-in-time
Balance at beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.61B	USD	Point-in-time
Balance at beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.91B	USD	Point-in-time
Balance at beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.65B	USD	Point-in-time
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-26.00K	USD	2 Qtrs
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$196.00K	USD	2 Qtrs
Net income	`ProfitLoss`	$78.25M	USD	2 Qtrs
Net income	`ProfitLoss`	$2.26M	USD	2 Qtrs
Balance at end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.61B	USD	Point-in-time
Balance at end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.91B	USD	Point-in-time
Balance at end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.65B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$78.25M	USD	2 Qtrs
Net income	`ProfitLoss`	$2.26M	USD	2 Qtrs
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$196.00K	USD	2 Qtrs
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-26.00K	USD	2 Qtrs
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-26.00K	USD	2 Qtrs
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$196.00K	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$78.44M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$2.24M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.