English

REPORT FOR THE THIRD QUARTER 2011

Report this content

 

Highlights 3Q 11:

  • Net result after tax was NOK 54 million (NOK 171 million)
  • Earnings per share were NOK 1.60 (NOK 5.00)
  • Fred. Olsen United AS secured its first contract in October

Financial information

The operating result (EBIT) which mainly reflects the holding company costs, was negative NOK 43 million (negative NOK 7 million). A provision for a VAT-claim previous years has been included with NOK 31 million in the third 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 using the equity method in the quarter, was NOK 104 million (NOK 208 million). The net result includes share of results from Fred. Olsen Energy ASA (FOE) of NOK 170 million (NOK 205 million), Fred. Olsen Production ASA (FOP) of NOK negative 10 million (positive NOK 12 million) and the cross ownership contribution from Bonheur ASA of NOK 10 million (NOK 30 million). The cruise activities reported a net result of negative NOK 22 million (positive NOK 19 million). First Olsen Ltd. (shipping) had a negative net result of NOK 26 million (negative NOK 34 million) and Fred. Olsen Renewables AS had a net result of negative NOK 23 million (negative NOK 23 million).

Compared with the same period last year operating revenues within all segments have been negatively impacted by lower USD and GBP rates against NOK.

Net financial items in the quarter were negative NOK 9 million (negative NOK 39 million).

Net result before tax in the quarter was NOK 53 million (NOK 162 million). Net result after estimated tax was NOK 54 million (NOK 171 million).

EBIT year to date were negative NOK 62 million (negative NOK 24 million). Net result from associates accounted for using the equity method year to date was NOK 391 million (NOK 225 million). Net financial items year to date were negative NOK 56 million (negative NOK 23 million), and net result after tax year to date was NOK 294 million (NOK 187 million).

 

 

Documents & Links