REPORT FOR THE THIRD QUARTER 2013
Highlights 3Q 13:
- Net result was NOK 154 million (NOK 198 million)
- Earnings per share were NOK 4.6 (NOK 5.9)
Post quarter:
- Transfer of shareholding in GenoMar AS
Financial information
The operating result (EBIT), which mainly reflects the holding company costs, was negative NOK 10 million (negative NOK 9 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company.
Following the announced offer from Yinson Production Ltd., to acquire all shares of Fred. Olsen Production ASA the business segment Floating Production is reclassified as an investment held for sale in the consolidated financial position, and accordingly presented as discontinued operations in the consolidated income statement. Comparaable figures for last year’s corresponding periods have been restated for the income statement.
Net result from associates accounted for using the equity method, was NOK 192 million (NOK 152 million) in the quarter. The net result comprises share of net results from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK 125 million (NOK 146 million), from Fred. Olsen Renewables AS with subsidiaries (FOR) of NOK 11 million (negative NOK 12 million) from First Olsen Ltd (Shipping /Offshore wind) of NOK 26 million (negative NOK 52 million) and the cross ownership contribution from Bonheur ASA of NOK 28 million (NOK 34 million). The share of net result from the cruise activities was negative NOK 6 million (positive NOK 18 million).
Net financial items in the quarter were negative NOK 21 million (positive NOK 35 million). The deterioriation compared to the same quarter last year is mainly due to a sales gain of shares in 3Q12 (Fred. Olsen Energy ASA) of NOK 58 million.
Net result before tax (EBT) in the quarter was NOK 161 million (NOK 178 million). Net result from continuing operations in the quarter was NOK 154 million (NOK 187 million). Net result from discontinued operations was 0 (positive NOK 11 million) and net result was NOK 154 million (NOK 198 million).
Operating result (EBIT) year to date was negative NOK 29 million (negative NOK 29 million). Net result from associates accounted for using the equity method was NOK 567 million (NOK 396 million) year to date. Net financial items year to date were negative NOK 34 million (negative NOK 8 million) and net result from continuing operations year to date was NOK 497 million (NOK 347 million). Net result from discontinued operations were negative 112 million (positive10 million) inclusive a loss of NOK 158 million due to the difference between the cash offer and the booked value of the shares in Fred. Olsen Production ASA. For further details see note 6.
Net result year to date was NOK 385 million (NOK 357 million).
Other information
Subsequent event
On 31st October 2013 an agreement has been entered into with Glastad Invest AS by which Bonheur ASA and Ganger Rolf ASA will transfer their shareholding interests (66.9 million shares, of which the Company owns 33.5 million shares) in GenoMar AS to Glastad Invest AS. Glastad Invest AS currently holds 10.4% of the shares in GenoMar AS. Ganger Rolf ASA’s investment in GenoMar since it’s first investment in early 2000 amount to approximately NOK 91 million, of which NOK 86 million already have been included as accumulated losses in the consolidated accounts.