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REPORT FOR THE 4 QUARTER 2012 AND PRELIMINARY RESULT FOR 2012

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Highlights 4Q 12:  Comparable figures for the same period in 2011 in brackets.

  • Net result after tax was negative NOK 29 million (negative NOK 40 million)
  • Earnings per share were negative NOK 0.8 (negative NOK 1.20)
  • Proposed dividend payment of NOK 8.40 per share.

 Financial information

The operating result (EBIT) which mainly reflects the holding company costs was negative NOK 18 million (negative NOK 14 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 23 million (NOK 109 million) in the quarter. The net result comprises share of results from Fred. Olsen Energy ASA (FOE) of NOK 75 million (NOK 147 million), Fred. Olsen Production ASA (FOP) of negative NOK 3 million (negative NOK 69 million) and the cross ownership contribution from Bonheur ASA of negative NOK 3 million (negative NOK 4 million). The cruise activities reported a net loss of NOK 22 million (loss of NOK 27 million). First Olsen Ltd (ex FOP) had a net result of NOK 7 million (NOK 52 million) and Fred. Olsen Renewables with subsidiaries had a negative net result of NOK 2 million (positive NOK 6 million).

Net financial items in the quarter were negative NOK 13 million (negative NOK 22 million).

Net result before tax in the quarter was negative NOK 7 million (positive NOK 72 million). Net result after estimated tax in the quarter was negative NOK 29 million (negative NOK 40 million).

EBIT at year end were negative NOK 52 million (negative NOK 76 million). Net result from associates accounted for using the equity method was NOK 427 million (NOK 499 million). Net financial items at year end were negative NOK 21 million (negative NOK 78 million), and net result after tax at year end was NOK 321 million (NOK 254 million).

Dividend / Annual General Meeting in Ganger Rolf ASA

With regard to the Annual General Meeting in 2012, the board will propose payment of a dividend of NOK 8.40 per share.

The Annual General Meeting is scheduled for Thursday 30 May 2013.

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