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REPORT FOR THE FOURTH QUARTER 2010 AND PRELIMINARY RESULT FOR 2010

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 Comments to the accounts for Ganger Rolf ASA

The Group accounts for the fourth quarter 2010 and for the year 2010 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 2009 in brackets.

Highlights 4Q 10:

  • Net result after tax was NOK 141 million (NOK 39 million)
  • Majority’s share of net result was NOK 141 million (NOK 39 million)
  • Earnings per share were NOK 4.2  (NOK 1.2)
  • Bonheur ASA successfully completed a NOK 600 million unsecured bond issue with Ganger Rolf  ASA as guarantor
  • Fred. Olsen Windcarrier AS entered into a 6 months contract for the specialized transport and  installation vessel for offshore wind turbines ”Brave Tern”
  • Proposed dividend payment of NOK 8.40 per share

 

Financial information

The operating result (EBIT) which mainly reflects the holding company costs, was negative with NOK 8.5 million (negative NOK 11.6 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 165.6 million (NOK 54.8 million) in the quarter.  The net result comprises share of results from Fred. Olsen Energy ASA (FOE) with NOK 109.0 million (NOK 71.7 million),  Fred. Olsen Production ASA (FOP) with NOK 2.3 million (NOK 1.1 million) and the cross ownership contribution from Bonheur ASA of NOK 27.9 million (NOK 4.7 million). The cruise activities reported a negative net result of NOK 3.4 million (negative NOK 10.3 million). First Olsen Ltd (tankers) had a result of NOK 33.6 million (negative NOK 43.0 million) and Fred. Olsen Renewables with subsidiaries had a net result of NOK 34.2 million (negative NOK 7.1 million).

Net financial items were in the quarter negative NOK 13.3 million (negative NOK 14.9 million).

Net result before tax in the quarter was NOK 143.8 million (NOK 28.3 million).  Net result after estimated tax in the quarter was NOK 140.7 million (NOK 39.0 million).

EBIT at year end were negative NOK 33.0 million (negative NOK 36.1 million).  Net result from associates accounted for using the equity method was NOK 390.9 million (NOK 732.2 million).  Net financial items at year end were negative NOK 36.2 million (negative NOK 65.5 million), and net result after tax at year end was NOK 328.0 million (NOK 652.7 million).

Dividend / Annual General Meeting
With regard to the Annual General Meeting in 2011, the board will propose the payment of a dividend of NOK 8.40 per share.
The Annual General Meeting is scheduled for Thursday 26 May 2011.

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