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REPORT FOR THE FIRST QUARTER 2011

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The Group accounts for the first quarter 2011 comprise Ganger Rolf ASA and its subsidiaries (“The Group of companies”) and the Group of companies´ ownership of associates.

Comparable figures for the same period in 2010 in brackets. The accounts are unaudited.

Highlights 1Q 11:

  • Net result after tax was NOK 92 million (NOK 18 million)
  • Earnings per share were NOK 2.70  (NOK 0,50)
  • Fred. Olsen Energy ASA awarded a 10 months contract for Borgholm Dolphin and a 6 months contract for Borgsten Dolphin
  • Fred Olsen Windcarrier AS entered into a contract for the construction of four crewboats
  •  A subsidiary of Fred. Olsen Windcarrier AS  was awarded a 6 months contract for the specialized transport and installation vessel  for offshore wind turbines “Brave Tern”
  • Proposed dividend payment  for 2010 of NOK 8.40 per share


Financial information

The operating result (EBIT) which mainly reflects the holding company costs, was negative with NOK 10.9 million (negative NOK 9.5 million).  All significant share holdings have been consolidated as associates.  Consequently, the parent company is a pure holding company.

Net result from associates accounted for using the equity method, was NOK 116.9 million (NOK 24.0 million) in the quarter.  The net result comprises share of net results from Fred. Olsen Energy ASA (FOE) of NOK 104.4 million (NOK 83.4 million). Fred.Olsen Renewables with subsidiaries of NOK 18.3 million (negative NOK 23.4 million) and the cross ownership contribution from Bonheur ASA of NOK 15.7 million (NOK 3.4 million). The cruise activities reported a negative net result of NOK 4.2 million (negative NOK 24.3 million). First Olsen Ltd (tankers and Windcarrier) had a negative result of NOK 18.0 million (negative NOK 6.8 million) and Fred. Olsen Production ASA (FOP) with negative NOK 1.9 million (negative NOK 8.2 million).

Net financial items in the quarter were negative NOK 29.5 million (NOK 1.1 million).

Net result before tax in the quarter was NOK 76.5 million (NOK 15.6 million).  Net result after estimated tax was NOK 91.5 million (positive NOK 17.8 million).

 

 

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