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REPORT FOR THE SECOND QUARTER 2010 AND THE FIRST HALF YEAR 2010

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The Group accounts for the second quarter 2010 and the first half 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 2Q 10:

  • Net result after tax was negative NOK 1.3 million (positive NOK 290.3 million)
  • The Lista Windfarm project was granted Enova support

 

The operating result (EBIT) which mainly reflects the holding company costs, was negative with NOK 7.6 million (negative NOK 5.9 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 negative NOK 7 million (positive NOK 295 million) in the quarter.  The net result comprises share of results from Fred. Olsen Energy ASA (FOE) with NOK 141 million (NOK 238 million),  Fred. Olsen Production ASA (FOP) with negative NOK 35 million (positive NOK 6 million) and the cross ownership contribution from Bonheur ASA of NOK 0 million (NOK 50 million). The cruise activities reported a negative net result of NOK 17 million (negative NOK 23 million). First Olsen Ltd (tankers) had a negative net result of NOK 2 million (positive NOK 3 million) and Fred. Olsen Renewables with subsidiaries had a net result of negative NOK 31 million (positive NOK 26 million).

Net financial items were in the quarter NOK 15 million (NOK 8 million). The increase in net financial items is partly due to higher foreign exchange gains of NOK 18 million.

Net result before tax in the quarter was NOK 0.2 million (NOK 297 million).  Net result after estimated tax in the quarter was negative NOK 1.3 million (positive NOK 290 million).

EBIT year to date were negative NOK 17 million (negative NOK 16 million).  Net result from associates accounted for using the equity method was NOK 17 million (NOK 587 million) year to date.  Net financial items year to date were NOK 16 million (negative NOK 21 million), and net result after tax year to date was NOK 16 million (NOK 553 million).

 

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