REPORT FOR THE FIRST QUARTER 2010
Highlights 1Q 10: (1Q 09 in brackets) o Net result after tax was NOK 17.8 million (NOK 262.4 million) o Earnings per share were NOK 0.5 (NOK 7.8) o Proposed dividend payment of NOK 8.40 per share Financial information Operating result (EBIT), which mainly reflects the holding company’s administrative costs, was negative NOK 10 million (negative NOK 10 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company. Net result from associates accounted for by using the equity method, was NOK 24 million (NOK 292 million) in the quarter. The net result comprises the ownership shares of results from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK 83 million (NOK 304 million), Fred. Olsen Production ASA with subsidiaries (FOP) of negative NOK 8 million (negative NOK 8 million) and the cross ownership contribution from Bonheur ASA amounting to NOK 3 million (NOK 45 million). Four drilling units were off contract during the quarter, of which two due to class renewal surveys, The share of net results from the cruise activities was negative NOK 24 million (negative NOK 43 million), net result from the shipping segment was negative NOK 20 million (negative NOK 16 million) and net result from Fred. Olsen Renewables with subsidiaries (FOR) was negative NOK 23 million (positive NOK 4 million). Net financial items in the quarter were positive NOK 1 million (negative NOK 29 million). Parts of the increase in net financial items is due to net foreign exchange gain of NOK 5 million in the quarter compared with a net foreign exchange loss of NOK17 million in the 1st quarter 2009. Net result before tax in the quarter was NOK 16 million (NOK 253 million). Net result after estimated tax in the quarter was NOK 18 million (NOK 262 million). Dividend / Annual General Meeting With regard to the Annual General Meeting in 2010, the Board will propose the payment of a dividend of NOK 8.40 per share. The Annual General Meeting is scheduled for Thursday 27 May 2010.