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Report for 4 quarter 2013 and Preliminary result for 2013

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Highlights 4Q 2013:

  • Net result was NOK  -137 million (NOK 26 million)
  • Impairment of cruise vessels. Ganger Rolf’s share is NOK 206 million
  • Completed sale of shares in Fred. Olsen Production ASA
  • Fred. Olsen Windcarrier:
    Awarded a 170 days contract at the German Global Tech 1 wind farm
    Post quarter: Awarded its first US Water Offshore Wind Installation contract
  • Proposed dividend payment for 2013:  Ganger Rolf ASA:  NOK 8.40 per share

Financial information

Operating result (EBIT), which mainly reflects the holding company costs, was NOK -18 million (NOK -16 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company.

Following Yinson Production Ltd.’s acquisition of Fred. Olsen Production ASA on 20 December 2013, the business segment Floating Production is presented as discontinued operations in the consolidated income statement. Comparable figures for last year’s corresponding periods have been restated for the income statement.

Net result from associates accounted for using the equity method, was NOK - 65 million (NOK 79 million) in the quarter. Net result comprises share of net result from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK 68 million (NOK 75 million), from Fred. Olsen Renewables AS with subsidiaries (FOR) of NOK 136 million (NOK - 2 million) from First Olsen Ltd (Shipping /Offshore wind) of NOK -19 million (NOK 6 million) and the cross ownership effect from Bonheur ASA of NOK - 20 million (NOK 7 million). The share of net result from the cruise activities was NOK - 268 million (NOK - 22 million). The cruise result compared to last year is influenced by impairment of the cruise vessels of NOK 411 million in total, of which Ganger Rolf ASA’s share is NOK 206 million. The write down of book values for the cruise vessels to estimated market values at year-end is a consequence of the current weak UK cruise market.

Net financial items in the quarter were NOK - 62 million (NOK - 13 million). The deviation compared to the corresponding quarter last year is mainly due to negative currency effects and loss on sale of loans, partly offset by increased dividends.

Net result from continuing operations in the quarter was NOK - 147 million (NOK 29 million). Net result from discontinued operations was NOK 10 million (NOK - 3 million) and net result was NOK - 137 million (NOK 26 million).

Operating result (EBIT) year to date was NOK - 48 million (NOK - 45 million). Net result from associates accounted for using the equity method year to date was NOK 502 million (NOK 475 million). Net financial items year to date were NOK - 96 million (NOK - 21 million) and net result from continuing operations year to date was NOK 350 million (NOK 376 million). Net result from discontinued operations were
NOK - 103 million (NOK 7 million) inclusive a loss of NOK 182 million due to the difference between the cash offer and the booked value of the shares in Fred. Olsen Production ASA. For further details see note 6.

Net result year to date was NOK 248 million (NOK 383 million).

Dividend / Annual General Meeting in Ganger Rolf ASA

With regard to the Annual General Meeting in 2014, the board will propose the payment of a dividend of NOK 8.40 per share.
The Annual General Meeting is scheduled for Wednesday 28 May 2014

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