RESULTS FOR 1TH QUARTER 2012
Total operating income and gains for Q1 2012 amounted to NOK 357.5m (NOK 309.6m).
Total operating expenses for Q1 2012 were NOK 216.8m (NOK 219.6m).
The operating profit before depreciation in the quarter was NOK 140.6m (NOK 90.0m).
Depreciation for Q1 2012 was NOK 39.9m (NOK 45.3m). According to IFRS the vessel depreciation plan is assessed annually. As a result of this, we have adjusted depreciation profile.
Net financial items in the quarter were NOK -89.1m (NOK -63.3m).
The profit before tax for Q1 2012 was NOK -3.5m (NOK -25.5m).
Tax is calculated as 28% of the tax base of companies in the group that is subject to taxation. Taxes for Q1 2012 amounted to NOK 0.3 m.
Balance and liquidity per 31/03/12
Based on the estimates of brokers dated 31/12/11, the fleet had a market value of NOK 7.690.81m at the end of March. This is equivalent to a value per share of NOK 121. The book value of the fleet excluding new buildings was NOK 6.899.4m. Book equity per share is NOK 84.
Total current assets amount to NOK 811.6m on 31/03/12, where of bank deposits are NOK 343.7m (of this NOK 1.6m restricted). On 31/03/11, total current assets amounted to NOK 1.759.5m, whereof bank deposits amounted to NOK 1.182.0m (of this NOK 598.7m restricted).
Net cash flow from operations for Q 1 12 is NOK 54.7m (NOK 184,9m). Cash flow from investing activities for is NOK 6.5m (NOK 279.1m). Payment of instalments constitute a net change from financing activities of NOK 73.3.0m (NOK 483.7m).
Total interest-bearing debt at 31.03.12 is NOK 5.561.7m. This includes bond loans of NOK 1.653.0m. Of interest-bearing debt, 3.2% is loan in USD, while the remainder is nominated in NOK. Next year's repayment of debt is classified as current liability in conformity with IFRS, and amounts to NOK 448.4m.
Contact:
CEO Njål Sævik (+47) 909 35 722
CFO Arne Johan Dale (+47) 909 87 706
