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Annual Report 2007 2

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Annual Report 2007 2 2007 Annual Report 2007 2 Contents Key Figures 3 Highlights 5 A Brief Presentation 6-7 Directors’ Report 2007 8-15 Accounts - Ganger Rolf Group of companies 16-52 Income Statement 16 Statement of Recognised Income and Expense 17 Balance Sheet 18-19 Cash Flow Statement 20 Notes 21-52 Accounts - Ganger Rolf ASA 53-71 Income Statement 53 Balance Sheet 54-55 Cash Flow Statement 56 Accounting Principles 57 Notes 58-71 Auditor’s Report 72 Corporate Governance 73-74 Fleet List 75 Addresses 77 ...at a glance 2 Ganger Rolf ASA - Annual Report 2007 3 Key figures (consolidated accounts) IFRS NGAAP (NOK million) 2007 2006 2005 2004 2003 Income statement Operating income 38.7 1.8 2.6 3.3 350.5 Operating result -26.5 -39.8 -34.0 -14.7 -54.4 Share of profit in associates 1 222.1 713.7 530.9 675.7 176.2 Net finance income 96.2 29.8 124.1 102.5 14.7 Profit before tax 1 291.8 703.7 621.0 763.6 136.5 Tax expense (-) -60.8 -1.6 -2.4 -27.6 -26.5 Net profit from continuing operations 1 231.0 702.1 618.6 736.0 110.0 Net profit/ (-) loss from discontinued operations 0.0 0.0 143.5 -48.8 -17.1 Profit for the year 1 231.0 702.1 762.1 687.1 92.9 Minority interests 0.0 0.0 0.0 0.0 -0.2 Profit for the year (majority share) 1 231.0 702.1 762.1 687.1 93.1 Balance sheet Non-current assets 4 948.1 3 986.0 3 736.2 3 063.5 3 949.9 Current assets 839.7 795.3 237.0 68.1 321.2 Equity 5 267.2 4 616.3 3 697.7 2 687.6 2 738.8 Non-current liabilities 110.4 153.1 193.2 366.0 1 218.9 Current liabilities 410.2 11.9 82.3 78.0 313.4 Total assets / total equity and liabilities 5 787.8 4 781.3 3 973.2 3 131.6 4 271.1 Liquidity Cash and cash equivalents per 31 December 1) 645.0 700.7 168.2 36.3 180.8 Net change in cash and cash equivalents 1) -48.0 532.6 126.0 -13.9 14.6 Net cash from operating activities 1) -5.1 428.3 14.2 145.0 73.0 Current ratio 2) 205 % 6659 % 288 % 87 % 102 % Capital Equity-to-assets ratio 3) 91 % 97 % 93 % 86 % 64 % Share capital 45.4 45.4 45.4 45.4 45.4 Total number of shares outstanding 4) 36 280 000 36 280 000 9 070 000 9 070 000 9 070 000 Key figures per share (Amounts in NOK) Market price 31 December 4) 221.50 239.00 144.88 60.50 38.75 Dividend per share 4) 20.00 7.90 4.13 2.75 1.38 RISK per share (1 January) 4) - -1.38 -2.66 -2.09 -1.38 1) In accordance with cash flow statement. 2) Current assets as per cent of current liabilities. 3) Equity as per cent of total assets. 4) In 2nd quarter 2006 the existing shares in the Company were split in the proportion four shares for every share held. Previous years’ figures have been restated and made comparable with 2006. 3 Ganger Rolf ASA - Annual Report 2007 Ganger Rolf Group of companies *) Total revenues EBITDA 3 750 NOK million 1 500 NOK million 3 000 1 200 2 250 900 1 500 600 750 300 0 0 05 06 07 05 06 07 Energy services Revenues EBITDA 2 000 NOK million 1 250 NOK million 1 600 1 000 1 200 750 800 500 400 250 0 0 05 06 07 05 06 07 05 06 07 05 06 07 05 06 07 05 06 07 Total Offshore drilling Floating production Total Offshore drilling Floating production Renewable energy Revenues EBITDA 150 NOK million 125 NOK million 120 100 90 75 60 50 30 25 0 0 05 06 07 05 06 07 Total Total Shipping Revenues EBITDA 1 000 NOK million 625 NOK million 800 500 600 375 400 250 200 125 0 0 05 06 07 05 06 07 05 06 07 05 06 07 05 06 07 05 06 07 05 06 07 05 06 07 Total Tankers Cruise Other shipping Total Tankers Cruise Other shipping Other investments Revenues EBITDA 250 NOK million 120 NOK million 200 90 150 60 100 30 50 0 0 -30 05 06 07 05 06 07 Total Total *) The segment information include associates and is consolidated as shown in note 6. 5 Highlights 2007 Energy services Offshore Drilling Continued strong markets within offshore drilling Several new offshore drilling contracts, estimated contract value of USD 1 134 million Bulford Dolphin sold at USD 211 million, sales gain for Ganger Rolf Group of companies of NOK 521 million Floating Production Private placement, IPO and subsequent stock exchange listing of Fred. Olsen Production in 1st half 2007, gross proceeds of NOK 1 238 million Renewable energy Construction of the wind farm Crystal Rig II (117 MW) in Scotland commenced 7 years Power Purchase Agreement for Crystal Rig II with EdF Energy plc Shipping Cruise Lengthening of MV Balmoral and MV Braemar by approx. 30 meters each decided, agree- ments entered into with Blohm + Voss, Hamburg Tankers Sale of the suezmax vessel Knock Stocks, gross sales gain for Ganger Rolf Group of compa- nies of NOK 54 million Sales agreement suezmax newbuilds, est. sales gain for Ganger Rolf Group of companies of USD 8.25 million Other Shipping activities Sale of ro-ro vessel Norcliff, sales gain for Ganger Rolf Group of companies of NOK 21 million Other investments Gain on sale of shares in TusenFryd AS for Ganger Rolf Group of companies of NOK 62 million Ganger Rolf ASA - Annual Report 2007 5 6 Ganger Rolf ASA – A Brief Presentation Ganger Rolf ASA (the “Company”) is a company domiciled in Norway. The consolidated financial state- ments of the Company as at and for the year ended 31 December 2007 comprise the Company and its subsidiaries (for accounting purposes only in the following referred to as the “Group of companies”). Ganger Rolf ASA has investments in several business activities, based upon its long term commitment to shipping, offshore drilling, floating production and renewable energy as well as the travel and leisure time sector. Investments are normally made in cooperation with the listed parent company Bonheur ASA. At year-end 2007 the main investments include the following business segments: Energy services Within offshore drilling the Company has an Ganger Rolf ASA’s activities within floating pro- ownership of 26.7 % of the offshore drilling duction comprise a 30.75% indirect ownership contractor Fred. Olsen Energy ASA (together of Fred. Olsen Production ASA (together with with subsidiaries “FOE”), which is listed on Oslo subsidiaries “FOP”), which has been listed on Stock Exchange. FOE owns and operates a fleet Oslo Stock Exchange since May 2007. FOP of eight drilling units and one accommodation owns and operates a fleet of seven Floating rig. In addition FOE owns the ship yard Harland Production Storage and Offloading (FPSO’s) & Wolff in Belfast. Up to November 2007 the and Floating Storage and Offloading (FSO’s) business segment also included a 50% indirect vessels for lease to clients in the international ownership of the semi submersible drilling rig oil and gas market. FOP has been active in the Bulford Dolphin, which had been operating in oil & gas production business since 1994. pool with four FOE-owned drilling rigs. The rig was subsequently sold. FOP manages its activities from offices in Singapore, Norway, Nigeria, Gabon and Hou- FOE was established in April 1997 through the ston. merger of the offshore activities of Ganger Rolf ASA and Bonheur ASA and was listed on Oslo FPSO’s provide cost effective oil production Stock Exchange in October the same year. for smaller oil fields in areas where infrastruc- ture may be limited. The company’s market is Dolphin Drilling Ltd based in Aberdeen, Scot- primarily in benign and intermediate environ- land, Dolphin AS in Stavanger and Dolphin ments. FOP is well established in West Africa Drilling Pte. Ltd in Singapore form the main and is also expanding into the Asian and South part of FOE’s drilling division. It is recognised American markets. as a medium-sized international drilling op- erator and has had a leading position within FOP’s current fleet includes three FPSO’s (one offshore drilling services for more than 35 jointly owned) and two FSO’s. A further FPSO years. The fleet includes 7 semi-submersible is under conversion at Drydocks World Dubai drilling rigs, of which one deepwater unit, one and will be operational from 2008. ultra-deepwater drill ship and one semi-sub- mersible accommodation unit. In 2007 FOP’s total revenues amounted to NOK The principal activities of Harland and Wolff 392 million and EBITDA was NOK 122 million. Group Plc. (H&W) are shipbuilding, heavy engineering, ship repair and the design and construction/conversion of floating produc- tion and drilling vessels for the offshore oil and gas industry. In 2007, FOE generated operating revenues of NOK 4 277 million and EBITDA of NOK 1 955 million. 6 Ganger Rolf ASA - Annual Report 2007 Ganger Rolf ASA - Annual Report 2007 7 Renewable Energy The investments within renewable energy are or- offshore Ireland, both pending grid connec- ganized through the Group of companies’ 50% tion.
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