GANGER ROLF ASA - PDF document

GANGER ROLF ASA REPORT FOR 4 QUARTER 2014 AND PRELIMINARY RESULT 2014 Comments to the accounts for Ganger Rolf ASA mprise Ganger Rolf ASA and subsidiary (“The Group of companies”) and the Group of companies´ ownership of associates. Comparable figures for the same period in 2013 in brackets. Financial Operating result (EBIT), which mainly reflects the holding company costs, was NOK - 13 million (NOK - 18 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company. Following the acquisition f Fred. Olsen Production ASA on 20 December 2013 by Yinson Production Ltd., the business segment Floating Production GANGER ROLF ASA NOK - 62 million (NOK - 46 million). Opdate was NOK - 64 million (NOK - 48 million). Share of result from associates were NOK 207 million (NOK 502 million), net financial items were NOK - 66 million (NOK - 96 million), and net result including discontinued operations was NOK 73 million (NOK 248 million).Dividend / Annual General Meeting in Ganger Rolf ASA With regard to the Annual General Meeting in 2015, the board will propose a dividend of NOK 3.00 per share. The Annual General Meeting is scheduled for Thursday 28 May 2015.Subsequent event: On 16 February 2015 the Group of Companies received a draft ruling from the tax authorities (Central taxation office) regarding the subsidiary MOPU AS related to a change in the taxable income for the years 2005-2006. The tax authorities argue that an intra-group merger as part of a reorganization in 2005 was tax-motivated and the payable tax should be increased by NOK 102 million, of which Ganger Rolf’s share is 50%. The Group of companies has not yet fully reviewed the draft and will consider challenging the ruling. Potential accounting effects will be The Group of companies’ results for the individual business segments are included in Note 3. In the following, it is referred to the Group of companies’ consolidated business segments presented on 100% basis. Bonheur ASA and Ganger Rolf ASA have an ownership of 50% each in these segments unless otherwise stated. The segment consists 26.0% ownership of Fred. Olsen Energy ASA with subsidiaries (FOE). Figures as consolidated into Bonheur ASA and Ganger Rolf ASA. (Figures in NOK million) 4Q 144Q 1320142013Operating revenues 2 0501 8057 4757 022 EBITDA 1 0847043 2843 358 EBIT 4893409331 935 Net result 6612607961 735 Below is an extract from FOE’s report for 4 quarter 2014 (figures in USD unless otherwise stated). GANGER ROLF ASA Note that FOE from 1 quarter 2014 has changed the Group’s reporting currency to USD. In addition FOE shows 3 quarter 2014 in brackets when comparing the quarterly results, while Bonheur ASA and Ganger Rolf ASA compare the quarterly results with the corresponding quarter last yearFor full report please refer towww.fredolsen-energy.no (Figures in USD million) 4Q 14 3Q 144Q 1320142013Operating revenues 298 3352981 1841 194 EBITDA 157 151117516573 EBIT 71 1557144330 Net result 96 -846118300 FINANCIAL INFORMATION (Operating revenues in the quarter were 297.6 million (335.4 million). Revenues within the offshore drilling division decreased by 37 million, mainly due to yard stay for Borgland Dolphin in connection with the 5-year class renewal survey (CRS). This was partly offset by Bideford Dolphin, undergoing CRS in the abrication division were 6.1 million, of which 3 tra-group activities. Operating revenues for the year 2014 were 1,184 million. Operating costs were 141 million (185 million), a decrease of 44 million compared with previous quarter. Operating costs within the offshore drilling division decreased by 39 millidue to reduced operating cost for Borgny Dolphin, which is cold stacked and reduced cost for Borgland Dolphin in connection with the 5-year class renewal survey. Operating costs within the engineering and fabrication division, including eliminations decreased by 5 million due to lower activities at the yard. ar were 668 million. Operating profit before depreciation (EBITDA) was 157 m516 million. Depreciation, amortisation and impairment amounted to 87 million (135 million). For the year 2014 it amounted to 372 million. Operating profit after depreciation (EBIT) was 71 million (15 million). Operating profit (EBIT) for the year was 144 million. Net financial items were 34 million (- 12 million) mainly due to unrealized currency gain related to the two bond loans (FOE 04 and FOE 05). Capitalized interest expenses related to the newbuild in the quarter amounted to 1.7 million (1.7 million). Net financial items for the year were 5 million and capitalized interest expenses related to the newbuilds were 8.6 million. Profit before tax was 104 million (4 million). Profit before tax for the year was 149 million. Net profit, including an estimated tax of 9 million (11 million), was 96 million (-8 million). Net profit after tax for the year was 118 million. GANGER ROLF ASA Basic earnings per share were 1.4 (-0.1). For the year 2014 basic earnings per share were 1.8. Dividend Due to the challenging offshore market and uncertainty of how long this will persist, the Board of Directors will propose to the Annual General Meeting in May to suspend the dividend payment.” Renewable Energy Renewable Energy consists of 50% ownership of Fred. Olsen Renewables AS with subsidiaries (FOR). (Figures in NOK million) 4Q 144Q 1320142013Operating revenues 301297812726 EBITDA 209225548522 EBIT 128158237280 Net result -30272-72367 FOR owns and operates seven wind farms, of which six in Scotland (Crystal Rig, Crystal Rig II, Rothes, Rothes II, Paul’s Hill and Mid Hill) and one in Norway (Lista). installed capacity of 504 MW in production. In addition FOR has one wind farm under construction in Sweden (Fäbodliden) and a portfolio of development projects onshore in the UK, Norway and Sweden as well as a joint ventureoffshore Ireland. Operating revenues in the quarter were NOK 301 million (NOK 297 million). Compared to same quarter last year the generation and electricity prices have been lower, but this is offset by higher installed capacity and higher GBP/NOK exchange rate during the quarter. Despite higher capacity, the generation decreased from 430 GWh in 4 quarter last year to 405 GWh in 4 quarter 2014, mainly due to less wind. EBITDA were NOK 209 million (NOK 225 million). For the full year 2014, FOR had operating revenues of NOK 812 million (NOK 726 million). The generation increased from 1 113 GWh to 1 213 GWh, mainly due to higher installed capacity and higher wind speeds in 1 quarter 2014. EBITDA were NOK 548 million (NOK 522 million). Shipping / Offshore wind As per end of the quarter the segment consists of Fred. Olsen Windcarrier AS, a company providing transport and installation services for the offshore wind industry and Universal Foundation Norway AS, a company offering innovative offshore wind turbine foundations. Both companies are indirectly owned 50% through Fred. Olsen Ocean Limited (formerly named First Olsen Limited). Fred. Olsen Windcarrier AS owns 51% of Global Wind Service A/S, an international supplier of qualified and skilled personnel to the global wind turbine industry. Fred. Olsen Windcarrier AS and Global Wind Service A/S each own 50% of Fred. Olsen Windcarrier Denmark A/S. (Figures in NOK million) 4Q 144Q 1320142013Operating revenues 3922991 5271 017 EBITDA 77-3459193 EBIT 45-3432637 Net result -79-38107137 GANGER ROLF ASA Operating revenues in the quarter were NOK 392 million against NOK 299 million for the same period in 2013. The net increase of NOK 93 million (31%) is mainly explained by higher utilization of the jack-up installation vessels and increased activity for Global Wind Service. EBITDA for the quarter was NOK 77 on compared to the fourth quarter The jack-up installation vessels “Brave Tern” and “Bold Tern” have in the quarter been engaged on projects in German waters for transportation, installation and commissioning of offshore wind turbines. Both vessels continue to be engaged in German waters on contracts currently estimated completed first half 2015. Fred. Olsen Windcarrier Denmark A/S, a Danish subsidiary of Fred. Olsen Windcarrier AS, operates a modern fleet of 8 high-speed vessels built for safe and efficient transport of goods and personnel to and from offshore wind farms. At the end of the quarter one vessel was employed in the spot market while the remaining seven vessels were on contracts with durations varying from 5 months to 2.5 years (excluding options). Global Wind Service A/S, a Danish limited company owned 51% by Fred. Olsen Windcarrier AS, is an international supplier of qualified and skilled personnel to the global wind turbine industry. The company provides a wide range of installation and maintenance services. Revenues for the full year 2014 was NOK 1 527 million which is an increase of NOK 510 million (50%) compared to 2013 and the increase relates to the same areas as described for the fourth quarter. In addition Suezmax tanker Knock Clune which was sold in 2 quarter 2014 contributed in 2013 with NOK 67 million in revenue while the same figure for 2014 was NOK 27 million. The full year EBITDA was NOK 459 million which is an improvement of NOK 266 million (138%) compared to 2013. Cruise Cruise consists of 50% indirect ownership of Fred. Olsen Cruise Lines Ltd, with subsidiaries (FOCL), located in the UK. (Figures in NOK million) 4Q 144Q 1320142013Operating revenues 3873491 6551 470 EBITDA 38-914665 EBIT -12-533-39-613 Net result -63-537-120-637 FOCL owns and operates four cruise ships, MV Black Watch, MV Braemar, MV Boudicca, and MV Balmoral. Operating revenues in the quarter were NOK 387 million (NOK 349 million). Operating result before depreciation (EBITDA) was NOK 38 million (NOK - 9 million). The UK cruise market is still weak, however there have been some improvements during second half 2014. Bunker prices have also decreased in the quarter. The number of passenger days totaled 275 737 (292 542) for the quarter For the full year 2014 FOCL had operating revenues of NOK 1 655 million (NOK 1 470 million). EBITDA were NOK 146 million (NOK 65 million). GANGER ROLF ASA Other investments Other Investments mainly consist of an ownership of 27.0% of NHST Media Group AS, 6.3% of Koksa Eiendom AS (previously IT Fornebu Properties AS) as well as 50% of the service companies, Fred. Olsen Insurance Services AS, Fred. Olsen Travel AS, AS Fred. Olsen Fly- og Luftmateriell andFO Capital Ltd.NHST Media Group AS Bonheur ASA and Ganger Rolf ASA purchased additional 236 988 shares on 9 May 2014, increasing the combined ownership from 35.6% to 54.0%. Since the purchase date NHST Media Group AS is fully consolidated in Bonheur ASA and accounted for as an associate in Ganger Rolf ASA. NHST Media Group AS have four main business segments, Dagens Næringsliv (business newspaper), Digital & Nordic (TDN, Europower, Smartcom, MyNewsdesk, ddp direct), Global (Tradewinds, Upstream, Intrafish, Recharge and Events) and Nautical Charts. NHST Media Group AS had a turnover of NOK 327 million in the quarter (NOK 327 million). For the full year, the turnover was in line with the previous year with NOK 1 235 million (NOK 1 237 million.). The market share and number of copies sold for most of the publications has in total been relatively stable with a net increase of 1.9% (6%) in total circulation revenues for the full year. The advertising revenues decreased by 8.6% (increase of 4% in 2013). Operating cost was down by 4% compared to 42013, but up about 1% to NOK 1 247 million for the full year (NOK 1 228 million in 2013). The revenues from other services now represent 22% of total consolidated revenues (20% in 2013). Consolidated net result for the quarter was NOK -3.4 million and consolidated net result in 2014 (8 months) was NOK -0,8 million. Koksa Eiendom AS (previously IT Fornebu Properties AS) Bonheur ASA and Ganger Rolf ASA each hold 6.3% of the shares in Koksa Eiendom AS (KE). KE sold the remaining 30% of the shares of Martin Linges vei 33 AS which consisted of the building built for Statoil’s regional office in Oslo and the connected underground parking facility. The Nordic hotel group Scandic rents and operates the hotel (owned by Fornebu Hotel AS) which was finished in September 2012 and is situated next to the shares in the company owning the hotel and related parking facilities. In 3 quarter 2014 the shareholders received dividend from Koksa Eiendom of NOK 344 million of which Bonheur ASA and Ganger Rolf ASA each received NOK 22 mill (6.3%). In total Bonheur and Ganger Rolf have received dividends of NOK 167 million from KE. GANGER ROLF ASA Condensed financial statements in accordance with IFRS (NOK million)Oct-DecOct-DecJan-DecJan-Dec2014201320142013Revenues20,10,10,30,5Operating expenses-12,6-18,0-62,2-46,5Operating profit before depreciation (EBITDA)-12,5-17,9-61,8-46,0Depreciation-0,5-0,4-1,8-1,8Operating profit (EBIT)-13,0-18,4-63,6-47,8Share of profit in associates2,698,0-65,1206,7501,8Profit before finance85,1-83,5143,1454,0Finance income12,730,666,881,6Finance expenses-51,4-92,7-132,5-177,5Net finance expenses-38,7-62,2-65,7-95,8Profit before tax (EBT)46,4-145,677,4358,2Estimated tax cost4-3,7-1,7-4,4-8,2Net profit after estimated tax from continuing operations42,7-147,473,0350,0Net profit from discontinued operations5- 9,70,0-102,5Profit for the period42,7-137,773,0247,5Hereof attributable to non-controlling interests 1)- - - - Hereof attributable to shareholders of the parent company34,4-137,764,7247,5Basic earnings / Diluted earnings per share (NOK)1,0-4,11,97,3Basic earnings /Diluted earnings per sharefrom continued operations (NOK )1,3-4,42,210,3Basic earnings /Diluted earnings per sharefrom discontinued operations (NOK )- 0,30,0-3,0 GANGER ROLF ASA (NOK million) - unauditedOct-DecOct-DecJan-DecJan-Dec2014201320142013Profit for the period42,7-137,773,0247,5Other comprehensive income:Items that will not be reclassified to profit or lossActuarial gains/(losses) on pension plans-21,6-26,4-21,6-26,4Other comprehensive income /(loss) for the period2,5-18,4-7,0-6,3Total items that will not be reclassified to profit or loss-19,2-44,7-28,7-32,6Items that may be reclassified subsequently to profit or lossHedging effects: - Effective portion of changes in fair value of interest hedges-0,1-0,10,10,1Fair value effects related to financial instruments: - Net change in fair value of available-for-sale financial assets-9,515,74,816,7 - Net change in fair value of available-for-sale financial assets transferred to profit or loss4,10,0-9,60,0Other comprehensive income from associates476,2-72,7623,9178,2Other comprehensive income due to cross ownership89,1-53,2130,238,2Income tax on other comprehensive income-0,30,0-0,20,0Total items that may be reclassified subsequently to profit or loss559,6-110,3749,3233,2Other comprehensive income for the period, net of income tax540,4-155,0720,6200,6Total comprehensive income for the period583,1-292,7793,6448,1Attributable to: Equity holders of the parent583,1-292,7793,6448,1Total comprehensive income for the period583,1-292,7793,6448,1 GANGER ROLF ASA (NOK million) - unaudited31.12.201431.12.2013Deferred tax asset 0,8Property, plant and equipment34,235,3Investments in associates66 800,06 097,7Other financial fixed assets574,0347,0Non-current assets7 408,26 480,8Trade and other receivables331,7115,7Cash and cash equivalents943,7171,4Current assets1 275,5287,1Assets held for sale - Total assets8 683,66 767,9Share capital42,342,3Treasury shares-0,2- Share premium25,925,9Retained earnings5 294,34 922,7Equity5 362,34 990,9Non-current interest bearing liabilities1 665,6703,8Other non-current liabilities208,3189,4Non-current liabilities1 873,8893,2Current interest bearing liabilities0,0800,1Other current liabilities1 447,583,7Current liabilities1 447,5883,8Liabilities held for sale - Total equity and liabilities8 683,66 767,9Ganger Rolf ASA - the Board of DirectorsOslo, 17 February 2015 Fred.             HelenMahyCarolBellAndreasMellbye         EmeryChairman                 Director                   Director                                         Director        AnetteOlsenManagingDirector GANGER ROLF ASA Statement of changes in equity (NOK million) - unauditedBalance at 1 January 201342,30,025,9-693,6-0,864,95.388,44.827,2Total comprehensive income for the period0,00,00,0387,70,116,743,6448,1Dividends to shareholders0,00,00,00,00,00,0-284,4-284,4Balance at 31 December 201342,30,025,9-305,9-0,681,65.147,64.990,9Balance at 1 January 201442,30,025,9-305,9-0,681,65.147,64.990,9Total comprehensive income for the period0,00,00,0774,40,1-5,024,1793,6Own shares aquired0,0-0,20,00,00,00,0-19,8-20,0Acquisition of associate0,00,00,00,00,00,0-117,9-117,9Dividends to shareholders0,00,00,00,00,00,0-284,4-284,4Balance at 31 December 201442,3-0,225,9468,5-0,576,74.749,65.362,3Share capital and share premiumPar value per shareNOK 1.25Number of shares issued33.853.935Number of own shares0Translation reserveThe reserve represents exchange differences resulting from the consolidation of associated companies having other functional currenciesthan NOK.Hedging reserveThe reserve comprises the effective portion of cumulative net change in the fair value of cash flow hedging instruments related to hedged transactionsthat have noe yet occured.Fair value reserveThe reserve includes the cumulative net change in the fair value of available-for-sale investments until the investment is derecognised.Hedging reserveFair value reserveRetained earningsTotal equityShare CapitalOwn sharesShare premiumTranslation reserve GANGER ROLF ASA Jan-DecJan-Dec(NOK million) - unaudited20142013Cash flow from operating activitiesNet result73,0247,5Adjustments for:Depreciation1,81,8Net of investment income, interest expenses and net unrealized foreign exchange gains94,445,8Share of result from associates-206,7-501,8Net gain (-) / loss on sale of property, plant and equipment and other investments-0,528,9Tax cost4,48,2Cash generated before changes in working capital and provisions-33,6-169,6Increase (-) / decrease in trade and other receivables1,70,9Increase / decrease (-) in current liabilities-5,24,1Cash generated from operations-37,2-164,6Interest paid-78,0-84,3Net result from discontinued operations0,0102,5Net cash from operating activities-115,1-146,4Cash flow from investing activitiesProceeds from sale of property, plant and equipment and other investments1,53,5Interest and dividends received709,6521,1Acquisitions of property, plant and equipment and changes in other investments-1 010,5161,6Net cash from investing activities-299,4686,2Cash flow from financing activitiesIncrease in borrowings2 297,2303,1Repayment of borrowings-805,9-665,8Purchase of treasury shares-20,00,0Dividends paid-284,4-284,4Net cash from financing activities1 186,9-647,1Net increase in cash and cash equivalents772,3-107,2Cash and cash equivalents at 1 January171,4278,7Cash and cash equivalents at 31 December943,7171,4 GANGER ROLF ASA Notes Introduction The Group accounts for the fourth quarter 2014 comprise Ganger Rolf ASA and its subsidiaries (“The Group of companies”) and the Group of companies´ ownership in associates. The quarterly accounts of 2014 and the Group of companies’ accounts for 2013 may be obtained by contacting Fred. Olsen & Co., Oslo, or at www.ganger–rolf.com Financial framework and accounting principles The interim accounts have been prepared in accordance with IAS 34 as adopted by EU and the Securities and Trading Act. The accounts do not include all information required for annual accounts and should be read in conjunction with the Group of companies’ annual accounts for 2013 and the previous interim reports issued in 2014. The interim financial report for the fourth quarter 2014 was approved by the company’s Board on 17 February 2015. The accounting principles applied by the Group of companies in these condensed interim financial statements are the same as those applied by the Group of companies in its consolidated financial statements as at and for the year ended 31 December 2014 with the exception of adoption of IFRS10, IFRS 11, IFRS 12, IAS 27 (amended) and IAS 28 (amended). The adopted standards do not have a significant impact on the condensed interim consolidated financial statements of the Company. Estimates The preparation of interim accounts involves the use of appraisals, estimates and assumptions influencing the amounts stated for assets and obligations, revenues and costs. Actual results may differ from these estimates. The most important appraisals when applying the Group accounting principles and the primary sources of estimate uncertainties are the same for the preparation of interim accounts as for the 2013 Group accounts.Companies fully consolidated in the accounts Other investments Ganger Rolf ASA, Laksa AS and Borgå Group (merged with Bonheur ASA/Ganger Rolf ASA effective from 1 April 2014). Associates Offshore drillingFred Olsen Energy ASA. Floating productionFred. Olsen Production ASA (Discontinued operation in 2013). Renewable energy Fred. Olsen Renewables AS. GANGER ROLF ASA Fred. Olsen Cruise Lines Ltd and First Olsen Holding AS. Shipping / Offshore wind Shipping activities (inclusive tankers): Fred. Olsen Ocean Ltd. (Formerly namedFirst Olsen Ltd.) and Oceanlink Ltd (2013). : Fred. Olsen Windcarrier AS, Universal Foundation Norway AS and Fred. Olsen Ocean Ltd.(Formerly namedFirst Olsen Ltd.). Other investments Fred. Olsen Travel AS, Fred. Olsen Insurance Services AS, Fred. Olsen Fly- og Luftmateriell AS, Stavnes Byggeselskap AS, Oslo Shipholding AS (liquidated in 4 quarter 2014), GenoMar AS (01.01.-31.10. - 2013), Fred. Olsen Cruise Lines Pte. Ltd, FO Capital Ltd, Bonheur og Ganger Rolf ANS, Bonheur ASA and NHST Media Group AS (From 1 May 2014). 4.quarterFully consolidated companies4Q.144Q.134Q.144Q.134Q.144Q.134Q.144Q.134Q.144Q.134Q.144Q.13Revenues000000000000Operating costs00000000-13-18-13-18Oper. result before depr. (EBITDA)00000000-13-18-13-18Depreciation / Write down000000000000Operating result (EBIT)00000000-13-18-13-184.quarterAssociates4Q.144Q.134Q.144Q.134Q.144Q.134Q.144Q.134Q.144Q.134Q.144Q.13Revenues536471150148196132193175510141 586940Operating costs-253-287-46-36-158-133-174-179-334-18-964-653Oper. result before depr. (EBITDA)28318410411338-219-4177-3621287Depreciation / Write down-155-95-40-34-16-15-25-262-130-1-367-407Operating result (EBIT)12889647922-17-6-26647-4255-119Per 4.quarterFully consolidated companiesJan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Revenues000000000000Operating costs00000000-62-46-62-46Oper. result before depr. (EBITDA)00000000-62-46-62-46Depreciation / Write down00000000-2-2-2-2Operating result (EBIT)00000000-64-48-64-48Per 4.quarterAssociatesJan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Jan-Dec14Jan-Dec13Revenues1 9531 835406363763509828735688444 6383 486Operating costs-1 095-957-132-102-534-412-754-702-529-61-3 044-2 235Oper. result before depr. (EBITDA)858878274261229977333160-171 5951 251Depreciation / Write down-614-372-156-121-66-78-93-339-135-3-1 064-913Operating result (EBIT)24450511814016319-20-30725-19531338Offshore drillingRenewable energyCruiseOther investmentsTotal fully consoldated companiesShipping/Offsh. WindOffshore drillingRenewable energyCruiseOther investmentsTotal associatesShipping/Offsh. WindOffshore drillingRenewable energyCruiseOther investmentsTotal fully consoldated companiesShipping/Offsh. WindOffshore drillingRenewable energyCruiseOther investmentsTotal associatesShipping/Offsh. Wind GANGER ROLF ASA ASA, has interest bearing loans to associates of NOK 423 million as December 2014. December 2009 Bonheur ASA completed a NOK 1,000 million 5 years unsecured bond issue with December 2009. At the same time Ganger Rolf ASA borrowed NOK 500 million of the proceeds from terms. Maturity date was 15 December 2014. unsecured bond issue with maturity in 2017 and a NOK 300 million 7 years bond issue with maturity in 2019. Ganger Rolf ASA has borrowed NOK 350 million and NOK 150 at identical terms. On 26 June 2014 Bonheur ASA completed a NOK 900 million senior unsecured bond issue with maturity in 2019 and a NOK 600 million senior unsecured bond issue with maturiproceeds from both bond issues from Bonheur ASA at identical terms. There are several ongoing tax disputes between subsidiaries/associates within the Group of companies and the Norwegian tax authorities. For further information please refer to Note 23 in the Annual Report for 2013. In the third quarter of 2014 the Supreme Court (Høyesterett) came to a conclusion regarding the split of the convertible bonds back in 2006. The Supreme Court agreed with the Court of Appeal (Lagmannsretten), and found the split to be a taxable realization of the convertible bonds. The decision did not have any cash effect or income effect, since the tax was in March 2011 paid and charged to income statement with NOK 121 million and NOK lf ASA and Bonheur ASA respectively. In October the company received a decision from the Court of Appeal (Lagmannsretten) regarding the subsidiary Barient NV. The Court of Appeal agreed with the court (Tingretten), and maintained the taxation of Barient NV for the reorganization back in 1999. The company has appealed the decision to the Supreme Court (Høyesterett). All taxes related to the issue are paid and charged to income In June 2013, Yinson Holdings Berhad, announced a cash offer to acquire 100% of the shares in Fred. First Olsen Ltd), owned 50/50 by Bonheur ASA and Ganger Rolf ASA, and the majority shareholder of FOP, granted the Offeror an irrevocable pre-acceptance for its 65 191 200 shares, representing 61.54% of the total issued shares and votes of FOP. As a consequence of the above mentioned cash offer, the business segment Floating Production were classified as held for sale in the consolidated financial position as of 30th June 2013, and accordingly presented as discontinued operations in the consolidated income statement. On 20th December 2013 GANGER ROLF ASA FOP announced that settlement of the voluntary offer by Yinson to acquire all outstanding shares in FOP had been completedCorresponding figures for last year periods have been restated for the income statement. (NOK 1000)Jan-DecJan-DecResult of discontinued operations20132012Revenue698 377659 173Operating costs-383 887-399 394Operating result before depreciation / impairment losses (EBITDA)314 490259 779Depreciation-139 280-162 350Impairment losses 1)-364 6070Operating result (EBIT)-189 39797 429Financial revenues16 62813 781Financial costs-45 765-45 112Net financial items-29 137-31 332Result before tax (EBT)-218 53466 098Estimated tax cost 2)-41 821-52 180Net result after estimated tax-260 35513 918Translation reserve transferred to profit and loss 55 3290Net result inclusive recognision of translation reserve-205 02713 918Hereof minority interests-86 7544 222Hereof majority interests-118 2729 696Basic / diluted earnings (loss) per share-3,70,3 The loss from the discontinued operation of NOK 103 million (2012: profit of NOK 7 million) is attributable entirely to the owners of the company . The profit from continuing operations of NOK 350 million (2012: profit of NOK 376 million) is attributable entirely to the owners of the company.1) AS a consequence of the cash offer of NOK 9.40 per share in FOP, Fred. Olsen Ocean Ltd. (Formerly named First Olsen Ltd) has written down the book value of FOP with USD 62 million (NOK 365 million). The impairment is related to the remaining book value of the vessels.Cash flows from discontinued operationsJan-DecJan-Dec(NOK 1000)20132012Net cash used in operating activities267 476208 019Net cash from investing activities-48 278-20 303Net cash from financing activities-261 066-183 021Net cash flows for the year-41 8674 695 GANGER ROLF ASA Effect of disposal on the financial position of the Group(NOK 1000)31.12.201331.12.2012Deferred tax benefit-8400Property, plant and equipment-1 256 597-1 562 074Financial fixed assets-13 119-7 409Inventories-4 908-6 060Trade receivables and other receivables other-132 005-113 684Bonds and securities, short term-31 093-15 929Cash and bank-380 937-378 851Pension liabilities13 94530 817Interest-bearing other long term debt, other669 207779 296Not interest-bearing other long term debt, other26 13911 365Current liabilities115 055102 206Disposal (20 December 2013)995 1550Net assets and liabilities0-1 160 322 The investment in FOP is accounted for using the equity method and is consolidated with 50% in the Ganger Rolf Group of companies (GRO). The figures in the tables above are presented on 100% basis in the Bonheur Group of companies. GRO's share of the figures is 50%. On 9 May 2014, Ganger Rolf ASA acquired 9.4 % of the shares and voting interests in NHST Media Group (NHST). As a result, the Group of companies' equity interest in NHST increased from 17.6 to 27%.Following this acquisition the Grouparticipation in the development of NHST in today's challenging media environment.NHST is a Norwegian media conglomerate that publishes a number of newspapers and online tools. Among its newspapers is Dagens Næringsliv, a Norwegian business daily ranking among Norway's largest printed newspapers. The newspaper dates back to 1889.For accounting purposes NHST is consolidated according to the equity method from 1 May 2014. In the eight months to 31 December 2014, the share of profit from NHST was negative NOK 0.9 million. If the acquisition had occurred on 1 January 2014, it is estimated that the share of profit would have been negative NOK 3.7 million. The reported amounts are in accordance with IFRS. GANGER ROLF ASA New cost price of NHSTThe following table summarises the total cost price of the acquired shares in NHST.(NOK 1000)Number of new shares acquired120 558Price per share382Cost price - New sharesNumber of previous shares acquired227 135Price per share340Adjusted cost price - Previous sharesFair value reserveTotal cost price of shares controlled by Ganger Rolf Group of companie s 132 819 ansferred from otheincome to profit or loss in connection with the reclassification of the investment in NHST from asset available for sale to an associate in Ganger Rolf Group of companieNote 7 – Ganger Rolf ASA (Parent Company – NGAAP) (NOK million) - unauditedJan-DecJan-DecCONDENSED INCOME STATEMENT (NGAAP)20142013Revenues0,30,4Operating costs-62,0-44,3Operating result before depreciation (EBITDA)-61,7-43,9Depreciation-1,8-1,8Operating result (EBIT)-63,5-45,6Financial revenues733,8604,4Financial costs-146,5-636,2Net financial items587,3-31,9Result before tax (EBT)523,8-77,5Estimated tax cost-4,4-22,5Net result after estimated tax519,3-100,0 GANGER ROLF ASA CONDENSED BALANCE SHEET (NGAAP)31.12.201431.12.2013Deferred tax asset0,00,0Property, plant and equipment32,033,1Investments in subsidiaries4,010,0Investments in associates4 475,43 955,5Other financial fixed assets456,4218,7Non-current assets4 967,94 217,3Trade and other receivables321,3223,7Cash and cash equivalents943,7170,3Current assets1 265,0394,0Total assets6 232,84 611,342,342,3Treasury shares-0,2 Share premium25,925,9Retained earnings2 902,02 422,1Equity2 970,02 490,3Non-current interest bearing liabilities1 665,6703,8Other non-current liabilities160,2135,2Non-current liabilities1 825,7839,0Current interest bearing liabilities0,0903,0Other current liabilities1 437,1378,9Current liabilities1 437,11 281,9Total equity and liabilities6 232,84 611,3 GANGER ROLF ASA CONDENSED STATEMENT OF CASHFLOW (NGAAP)Jan-DecJan-Dec(NOK million) - unaudited20142013Cash flow from operating activitiesNet result after tax519,3-100,0Adjustments for:Depreciation1,81,8Net of investment income, interest expenses and net unrealized foreign exchange gains-558,6-32,8Net gain on sale of property, plant and equipment and other investments-0,543,5Tax expense4,422,5Cash generated before changes in working capital and provisions-33,5-65,0Increase (-) / decrease in trade and other receivables-1,21,0Increase / decrease (-) in current liabilities-1,25,3Cash generated from operations-35,9-58,7Interest paid-78,0-84,3Net cash from operating activities-113,9-143,0Cash flow from investing activitiesProceeds from sale of property, plant and equipment and other investments1,53,5Interest and dividends received709,7521,1Acquisitions of property, plant and equipment and other investments-1 010,8161,4Net cash from investing activities-299,5686,0Cash flow from financing activitiesIncrease in borrowings2 297,2303,1Repayment of borrowings-805,9-666,4Purchase of treasury shares-20,0 Dividends paid-284,4-284,4Net cash from financing activities1 186,9-647,7Net increase in cash and cash equivalents773,5-104,7Cash and cash equivalents at 1 January170,3275,0Cash and cash equivalents at 31 December943,7170,3