The Group accounts for the first quarter 2012 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 2011 in brackets. The accounts are unaudited.
The operating result (EBIT) which mainly reflects the holding company costs, was negative with NOK 13 million (negative NOK 11 million). All significant share holdings in associates are accounted for under the equity method. Consequently, the parent company is a pure holding company.Net result from associates accounted for using the equity method, was NOK 95 million (NOK 117 million) in the quarter. The net result comprises share of net results from Fred. Olsen Energy ASA (FOE) of NOK 104 million (NOK 104 million). Fred.Olsen Renewables with subsidiaries of NOK 28 million (NOK 18 million) and the cross ownership contribution from Bonheur ASA of NOK 6 million (NOK 16 million). The cruise activities reported a negative net result of NOK 21 million (negative NOK 4 million). First Olsen Ltd (tankers and Windcarrier) had a negative result of NOK 34 million (negative NOK 20 million) and Fred. Olsen Production ASA (FOP) with positive NOK 1 million (negative NOK 2 million). Net financial items in the quarter were negative NOK 24 million (negative NOK 30 million).Net result before tax in the quarter was NOK 58 million (NOK 77 million). Net result after estimated tax was NOK 33 million (NOK 92 million).
Dividend / Annual General Meeting in Ganger Rolf ASA
With regard to the Annual General Meeting in 2012, the board will propose the payment of a dividend of NOK 6.00 per share. The Annual General Meeting is scheduled for Wednesday 30 May 2012.
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Offshore WIND staff, May 11, 2012; Image: windcarrier