REPORT FOR 4 QUARTER 2014 AND PRELIMINARY RESULT 2014
Highlights 4 quarter 2014:
- Net result NOK 43 million (NOK -138 million)
- Proposed dividend for 2014:
Ganger Rolf ASA: NOK 3.00 per share
Financial information
Operating result (EBIT), which mainly reflects the holding company costs, was NOK - 13 million
(NOK - 18 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company.
Following the acquisition of Fred. Olsen Production ASA on 20 December 2013 by Yinson Production Ltd., the business segment Floating Production is presented as discontinued operations in the comparable 2013 figures in the income statement.
Net result from associates accounted for using the equity method, was NOK 98 million (NOK - 65 million) in the quarter. Net result comprises share of net result from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK 173 million (NOK 68 million), from Fred. Olsen Renewables AS with subsidiaries (FOR) of NOK - 15 million (NOK 136 million), from Fred. Olsen Ocean Ltd. (FOO) of NOK - 39 million (NOK - 19 million) and from the cruise segment NOK - 30 million (NOK - 268 million). In addition the net result from other investments (inclusive the cross ownership effect from Bonheur ASA) was NOK 9 million (NOK 18 million).
NHST Media Group has from May 2014 been consolidated as an associate, following the increase in ownership from 17.6% to 27%. A net result of NOK - 1 million is included in the segment Other investments in the 4 quarter. For further information see note 6.
Net financial items in the quarter were NOK - 39 million (NOK - 62 million). The deviation compared to the corresponding quarter last year is mainly due to lower currency loss, partly offset by higher interest expenses and impairment of the investment in Koksa Eiendom AS.
Net result from continuing operations in the quarter was NOK 43 million (NOK - 147 million). Net result including discontinued operations was NOK 43 million (NOK - 138 million).
For the full year 2014, EBITDA were NOK - 62 million (NOK - 46 million). Operating result (EBIT) year to date was NOK - 64 million (NOK - 48 million). Share of result from associates were NOK 207 million (NOK 502 million), net financial items were NOK - 66 million (NOK - 96 million), and net result including discontinued operations was NOK 73 million (NOK 248 million).
Dividend / Annual General Meeting in Ganger Rolf ASA
With regard to the Annual General Meeting in 2015, the board will propose a dividend of NOK 3.00 per share.
The Annual General Meeting is scheduled for Thursday 28 May 2015.
Subsequent event:
On 16 February 2015 the Group of Companies received a draft ruling from the tax authorities (Central taxation office) regarding the subsidiary MOPU AS related to a change in the taxable income for the years 2005-2006. The tax authorities argue that an intra-group merger as part of a reorganization in 2005 was tax-motivated and the payable tax should be increased by NOK 102 million, of which Ganger Rolf’s share is 50%. The Group of companies has not yet fully reviewed the draft and will consider challenging the ruling. Potential accounting effects will be considered in the final accounts for 2014.