Presentation 2 nd Quarter 2011

(1)

Presentation

(2)

This is Havila Shipping ASA

9 Head-office in Fosnavåg, Norway.

9 Partnership with PACC Offshore in Singapore

9 A fleet of 29 vessels included a new-building program of 1

modern vessels within 2012 .

92 vessels owned by Havila Ariel (bareboat)

93 vessels owned by Havship DA (owned from 21st_{July 11)} 91 vessel owned by Sydvestor Troll (bareboat)

91 vessel on bareboat from Havila PSV III KS (74% owned from 21st_{July 11)}

91 vessel on bareboat from Havila PSV AS (74% owned from 21st_{July 11)}

9 600 offshore staff.

9 30 onshore

9 Strong operating track record

.

9 A qualified organisation focusing on human resources and solid

seamanship.

Segments

Fleet- today

New-builds

PSV

13

1 AHTS

9 SubSea

4 Rescue

vessels

2

(3)

Havila Shipping..

9 a

modern fleet

–

9 a

preferred partner

9 extending

international activity

9 maintaining a

balanced mix

9long term contracts

9spot market

9 focusing on

safe operations

(4)

Safety & Quality focused

Havila Shipping ASA has a clear

goal of improving its

performance with regards to

health, safety and environment

both at sea and onshore.

The company’s goal is for its

ships to fulfill or exceed our

customer’s expectations as to

standards within health, safety

and environment.

(5)

2

ND QUARTER ACCOUNTS

(6)

Highlights

2 nd

quarter 2011

•Operating income ex gains

NOK 258 mill

•EBITDA ex gains

NOK 39 mill

•EPS

-3,96

• Havila Subsea delivered – onhire mid June

• Contract with Statoil for 5 years plus 3x1 year option for a PSV (newbuilding)

• Contract with Havyard for building of a Havyard 833L PSV

• Purchase of 100% ownership of Havila Aurora, Havila Borg and Havila Fortune

• Purchase of 74% ownership of Havila Commander and Havila Crusader

•95% fleet utilization

(time charter fleet)

2 nd

quarter 2010

•Operating income

NOK 278 mill

•EBITDA ex gains

NOK 140 mill

•EPS incl gains

5,12

•94% fleet utilization

(time charter fleet)

Havila Runde Havila Borg

(7)

Second quarter

INCOME

EXCL PROFIT FROM SALEPROFIT EBITDA EBIT PRETAX PROFIT

222

154

140

96 -31

258

88

27 -53

Q2 10 Q2 11

EBITDA and EBIT excl profit from sale of vessels

Operating income better than in

2010 because of new vessel

2010 gain from sale of Havila Troll

EBITDA reduced because of

increased operating expenses

• vessel hire

• Havila Troll

• Havila Commander

• Havila Crusader

(8)

Main figures

NOK mill

_{Q2 2011}

_{Q1 2011}

_{Q4 2010}

_{Q3 2010}

_{Q2 2010}

Income

and gains

298,5

309,6

255,0

298,0

433,2

EBITDA

_88,0

29%

97,5

31%

34,4

13%

105,2

35%

294,5

68%

Pre tax

result

-52,7

-17,6%

-25,5

-2,8%

-105,2

-39%

9,8

3,3%

123,2

19%

Fleet utilization (time charter fleet)

•Q2 10: 94%

•Q3 10: 96%

•Q4 10: 91%

•Q1 11: 92%

•Q2 11: 95%

•Interest rates turns up :

3 m NIBOR average

•Q1 10: 2,28%

•Q2 10: 2,53%

•Q3 10: 2,66%

•Q4 10: 2,55%

•Q1 11: 2,61%

•Q2 11: 2,75%

-100

200

300

400

500

Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 Q1 10

298

258

255

298 ₂₇₉

222

88

97

34

105

295

87

27 45 -14 60 250 45

(9)

Fleet utilization

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

June

95 %

91 %

96 %

95 %

97 %

95 %

94 %

93 %

88 %

92 %

97 %

94 %

96 %

91 %

_{91 %}

92 %

93 %

88 %

90 %

92 %

93 %

94 %

95 %

Month

YTD

Vessels on time charter

(10)

Quarterly income

143

158

217

294

216

251

217

222

279

298 ₂₅₅

₂₅₈

298 -50

100

150

200

250

300

350

400

450

500

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

Operating income

Vessels Newbuilds 2008

Q1 Sale of Fame, Mars and Mercury Leaseback Mars & Mercury

11 11 Q2 12 11 Q3 13 11 Q4 14 10 2009 Q1 16 7 Q2 16 7 Q3 17 6 Q4 19 5 2010 Q1 20 4 Q2 Sale Troll Q2 20 4 Q3 22 4 Q4 23 3 2011 Q1 Sale Saturn Q1 24 1 Q2 25 1 (new)

Vessels on management not included

Q4 10:

Vessels offhire

Low utilizations

Adjustments of

previous periods

(11)

Quarterly operating expenses

35,0

41,4

48,7

41,7

47,4

55,9

_53,4

57,0

68,9

70,1

85,1

98,0

96,2

102,9

12,7

17,0

17,6

_24,1

_16,0

22,7

_20,1

22,8

26,9

30,2

39,7

44,8

_39,2

43,6

23,2

27,1

27,4

26,8

27,1

_27,4

27,4

26,8

27,2

49,5

53,6

_61,2

61,2

7,1 10,1 8,7 13,5 10,6 8,6 10,1 13,6 12,9 11,2 18,5 24,3 23,0 17,4 -50,0 100,0 150,0 200,0 250,0

Q1

08 Q2

08 Q3

08 Q4

08 Q1

09 Q2

09 Q3

09 Q4

09 Q1

10 Q2

10 Q3

10 Q4

10 Q1

11 Q2

11 Crew

Vessel

Vessel hire

Other

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11

NOK mill

% of total expenses

Q310: (with full effect from Q4)

Havila Commander on bareboat from July Havila Fanø delivered late August

Havila Faith and Havila Princess in Brazil Q410:

Havila Favour in Brazil

Havila Crusader on bareboat from early December Some adjustments from previous periods

Q1 11:

Havila Crusader (full effect) Havila Clipper delivered Q2 11:

(12)

Quarterly freight income and

operating expenses

0

50

100

150

200

250

300 Q1

08 Q2

08 Q3

08 Q4

08 Q1

09 Q2

09 Q3

09 Q4

09 Q1

10 Q2

10 Q3

10 Q4

10 Q1

11 Q2

11

141

158

217

294

215

248

212

21

1

222

279

298

255

258

298

78

96

102

107

104

11

6

11

2 ₁₂₁

135

139

193

221

220

225

(13)

Operating profit from segments

Excluding gains from sale of vessels

24

11

25

12

28

30

42

26

12

41

32

25

26

2

32

15

3

24

1

23

24

3

15

3

27

25

14

3

35 -5

10

15

20

25

30

35

40

45 PSV

AHTS

AHTS Asia

RRV

SubSea

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

PSV 23 % AHTS 19 % ASIA 23 % RRV 6 % SubSea 29 %

2010

PSV 28 % AHTS 16 % Asia 17 % RRV 3 % SubSea 36 %

2011

(14)

Assets

5 511

4 716

4 773

4 796

_4 516

_4 542

4 116

3 208

_3 105

13

225

613

467 ₅₃₂

520

570

961 ₈₉₂

1 068

1 759

1 178

₉₄₇

849

858

720

833

595 ‐

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

Q2 11

Q1 11

Q4 10

3Q 10

2Q 10

1Q 10

4Q 09

3Q 09

2Q 09

Vessels

New buildings

Other

Current

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Q2

11 Q1

11 Q4

10 Q3

10 2Q

10 1Q

10 Q4

09 3Q

09 2Q

09

(15)

Equity and liability

1571

1641

1695

1763

1769

1687

1703

1638

_1 399

4387

4473

4102

3906

₃₅₆₇

₃₇₃₁

3331

2944

2 797

778

728 ₈₈₈

612

619

570

470

500

458

0 1000

2000

3000

4000

5000

6000

7000

8000

Q2 11

Q1 11

Q410

3Q 10

2Q 10

1Q 10

4Q 09

3Q 09

2Q 09

Equity

Long term debt

Short term liability

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Q2 11 Q1 11 Q4 10 3Q 10 2Q 10 1Q 10 4Q 09 3Q 09 2Q 09

(16)

Cash flow statement

NOK 1000

YTD 11

YTD 10

Cash from operating activity

Kontantstrøm fra drift

- 23 610

50 568

Cash flow from investing activity

Kontantstrøm fra

investeringer

- 517 875

- 292 040

Cash flow from financing activity

Kontanstrøm fra finansiering

417 511

162 336

Net change in cash

Nettoendring i kontanter

- 123 974

- 79 136

Liquid assets at start of period

Likvider først i perioden

606 970

364 212

(17)

Key figures

Q2 11 Q1 11 Q4 10 Q3 10 Q2 10

Number of shares (1000) Antall aksjer (1000) 15960 15960 15960 15960 15960

Earnings per shares Fortjeneste per aksje -3,96 -3,46 -4,27 -0,39 5,14

Book equity per share Bokført EK per aksje 98 103 106 110 111

Value adjusted equity per share Verdijustert EK per aksje 142 142 146 146 155

Operating profit befor depreciation Driftsresultat før avskrivning 73 388 90 072 34 369 105 176 294 533

Adjustments of unrealized FX gains/loss Justering for urealisert valuta gevinst/ta 14 653 7 423 9 587

EBITDA EBITDA 88 041 97 495 43 956 105 176 294 533

Gains from sale of vessels Gevinst ved salg av fartøy 51 448 154 402

(18)

Interest bearing debt

NOK 1 000

Q2 11

Q1 11

Q4 10

Q3 10

Q2 10

Long term debt Langsiktig gjeld 4 225 184 4 314 605 3 945 484 3 624 086 3 329 330

Next years instalments Neste års avdrag 475 175 465 566 465 416 274 883 249 659

Interest-bearing short

time debt Rentebærende kortsiktig gjeld

Total Total 4 700 359 4 780 171 4 410 900 3 898 969 3 578 989 Interest-bearing financial fixed assets Rentebærende finansielle anleggsmidler -91 828 -87 497 -63 696 -15 020 -14 474 Interest-bearing current assets Rentebærende omløpsmidler -3 556 -3 556 -3 556 -3 556 -3 556

Bank Deposit Bankinnskudd -479 441 -1 182 095 -603 326 -319 254 -267 894

Net Net 4 125 534 3 507 023 3 740 322 3 561 139 3 293 065

(19)

Modern fleet

• Fleet values NOK 5.205 billion

•Not including

• Mars, Mercury, Troll, Commander & Crusader • Fortune, Aurora & Borg

• Market values based on half year 2011

• Havila Clipper delivered

• Seven Havila delivered and sold

• Havila Saturn sold

• Havila Subsea delivered

• Booked value of fleet 5.510 billion

• Contract value on new-builds NOK 0,3 billion

Value adjusted fleet- age

1996-2000 11 % 2001-2007 9 % 2008-2011 80 %

(20)

POSH vessel operations

Operating

29 th

_{July 2008}

POSH Viking

8 th

_{October 2008}

POSH Vibrant

13 th

_{December 2008}

POSH Voyager

3 rd

_{April 2009}

POSH Venture

POSH Vantage

6 th

_{July 2009}

POSH Virtue

15 th

_{August 2010}

Posh Verdant

9 th

_{September 2010}

Posh Value

8,000 BHP AHTS

100 tons BP

DP

10,800 BHP AHTS

125 tons BP

DP2

(21)

Fleet

96-99 03/05 07 08 09 10 11

Fortress 96 Faith 98 Princess 05 Favour 99 Runde 97 Harmony 05/07 Mars Mercury Foresight Saturn Neptune Posh Viking Posh Vibrant Posh Venture Phoenix Herøy Venus Posh Virtue Jupiter Fanø Seven Havila Clipper Subsea Troll 03 Commander Crusader

(22)

Posh fleet – utilization and contracts

50 % 55 % 60 % 65 % 70 % 75 % 80 % 85 % 90 % 95 %

April May June July Aug Sept Oct Nov Des Jan Feb Mar April May June 89 % 90 % 86 % 76 % 80 % 85 % 88 % 77 % 63 % 63 % 79 % 82 % 68 % 81 % 88 % 79 % 81 % 82 % 81 % 81 % 81 % 82 % 82 % 81 % 63 % 70 % 74 % 73 % 74 % 77 %

(23)

New building PSV

Havila TBN

To be delivered in Q4.12

(24)

PSV

Vessel Name

Built

Counterparty

Fortress 1996 ADTI April 2011

Faith 1998 Petrobras Apr 2013 + opt

Favour 1999 Petrobras 2014 + opt

Princess 2005 Petrobras Apr 2013 + opt

Foresight 2008 Statoil July 2016 + 6 yrs of opt

Fanø 2010 Maersk June 2015 + opt

Herøy 2009 Maersk Sep 2014 + opt

Clipper 2011 Statoil Mar 2012 + opt

Commander 2010 Conoco Phillips Apr 2011

Crusader 2010 Talisman Nov 2011 + 1 year opt

Aurora 2009 Total March 2016 + opt

Borg 2009 Shell August 2012 + 1year opt

Fortune 2008 SPDE August 2011 +14m opt

PSV fleet

Will be

included

in croup

accounts

from July

2011

(25)

AHTS

Vessel

Name

Built Counterparty

Mars

2007

Statoil June 2012 + 1 yr opt

Mercury

2007

Statoil Nov 2012 + 1 yr opt

Venus

2009

Spot

Neptune

2008

Total Sep 2011 + 1 yr opt

Jupiter

2010

85-140 days firm

(26)

Subsea

Vessel Name

Built

Harmony

2003

TS Marine Apr 12 + 2 yr opt

Phoenix

2009

TS Marine Jun 12 + 1 yr opt

Seven Havila

2011

Subsea 7 to 2021 + opt

Subsea

2011

Subsea 7 to 2013

Rescue

Vessel Name

Built

Counterparty

Runde

1997

Statoil July 2012 + 1 years opt

Troll

2003

Statoil Dec 2013 + 6 years opt

(27)

(28)

(29)

Shareholders 30.06.2011

Shareholder/Aksjonær Address/Adresse Type Aksjer/Shares Andel/Interest

Havila AS Fosnavåg 8 032 250 50,3 %

Torghatten ASA Brønnøysund 1 223 100 7,7 %

DnBNOR Markets ASA Oslo 1 052 001 6,7 %

Verdipapirfondet Odin Offshore Oslo 1 000 000 6,3 %

Pareto Aksje Norge Oslo 870 760 5,5 %

Pareto Aktiv Oslo 404 200 2,5 %

RBC Dexia Investor Services Trust Storbritania 370 000 2,3 %

KS Artus Ålesund 203 800 1,3 %

Pareto Verdi Oslo 196 100 1,2 %

Bakkely Invest AS Ulsteinvik 174 800 1,1 %

Hustadlitt AS Molde 128 001 0,8 %

Einar Kristian Tveitå Hornnes 119 350 0,7 %

Wilh. Wilhelmsen ASA Lysaker 110 000 0,7 %

Olav Magne Tveitå Hornnes 103 850 0,7 %

Verdipapirfondet DnB NOR SMB Oslo 84 019 0,5 %

Carvallo International Ltd Singapore 83 450 0,5 %

Pacific C arriers Ltd Singapore 83 450 0,5 %

Havsulen AS Ålesund 69 100 0,4 %

Stig Ulstein AS Ulsteinvik 60 000 0,4 %

Storebrand Verdi Storbritania 58 477 0,4 %

20 largest/20 største 14 426 708 90,4 %

Own shares/egne aksjer 155 000 1,0 %

(30)

• Spot market in Q2 11 was considerable better

then Q1

• Fluctuating

• Third quarter started good

• Acceptable level on several spot closures

• Spot market expected to be fluctuating

• Average for Q3 expected as for Q2

• Still high tender activity

• Rate level on long time contracts on acceptable

levels

(31)

Vessels in spot market Q3 11

AHTS

• Havila Venus

• Havila Jupiter from September

PSV

• Havila Fortress from September

• Havila Commander from

(32)

Summary

• Havila Shipping is focused on modern high-end vessels

• Vessels

• Havila Clipper delivered in January – 1Y contract

• Seven Havila delivered and sold to JV Company

• Havila Saturn sold

• Mars, Mercury and Runde options for 1Y exercised

• Havila Subsea delivered – onhire with Subsea 7 mid June

• New Hayvard 833 L contracted for 5Y Statoil Charter

• Contract coverage:

• 2011: 86% - options included 87%

• 2012: 65% - options included 80%

From July

• Havila Aurora, Havila Borg, Havila Fortune, Havila Commander

and Havila Crusader will be consolidated in the group accounts

• Expected to have considerable positive effect on results

•Still demand in market for high-end vessels

(33)

Contact:

CEO NJÅL SÆVIK (+47) 909 35 722

[email protected]

CFO ARNE JOHAN DALE (+47) 909 87 706

[email protected]

Financial calendar 2011

•20.10.11 3

rd

_{Quarter 2011}

(34)

P & L ACCOUNT

BALANCE SHEET

(35)

P&L 2011

P & L ACCOUNT NOK 1000 RESULTAT NOK 1000 Q2 11 Q2 10 YTD 2011 YTD 2010

Frei ght i ncome Fra kti nntekter 291 456 277 438 546 644 498 633

Net forei gn currency ga i n/l os s Netto va l uta gevi ns t/ta p ‐1 465 ‐4 832

Other i ncome Andre i nntekter 8 495 1 367 14 868 2 476

Tota l opera ti ng i ncome Sum dri fts i nntekter 298 486 278 805 556 680 501 109

Ga i n on s a l e of fi xed a s s ets Gevi ns t ved a vga ng a nl eggs mi dl er 0 154 402 51 448 154 402

Total income and gains Sum driftsinntekter og gevinst ved salg av anleggsmidler 298 486 433 207 608 128 655 511

Crew expens es Ma nns ka ps kos tna der ‐102 935 ‐70 147 ‐199 102 ‐139 027 Ves s el expe ns es Fa rtøykos tna der ‐43 619 ‐30 194 ‐82 859 ‐57 104

Hi re expens es Lei ekos tna der ‐61 165 ‐27 151 ‐122 346 ‐53 945

Other opera ti ng expens es Andre dri fts kos tna der ‐17 379 ‐11 182 ‐40 362 ‐24 040

Total operating expenses Totale driftskostnader ‐225 098 ‐138 674 ‐444 668 ‐274 116 Operating profit before depr. Driftsresultat før avskrivning 73 388 294 533 163 460 381 395

Depreci a ti on Avs kri vni nger ‐46 204 ‐44 239 ‐91 518 ‐86 023

Operating profit Driftsresultat 27 184 250 294 71 941 295 372

Fi na nci a l i ncome Fi na ns i nntekter 12 146 26 920 30 081 54 767 Fi na nci a l e xpens es Fi na ns kos tna der ‐95 833 ‐147 068 ‐177 112 ‐225 604

Net fi na nci a l i tems Netto fi na ns pos ter ‐83 687 ‐120 148 ‐147 032 ‐170 837

Joi nt venture compa ni es Fel l es kontrol l ert vi rks omhet 3 749 ‐6 939 ‐3 139 ‐16 110

Profit before tax Resultat før skatt ‐52 754 123 207 ‐78 230 108 425

Ta x Ska tt ‐12 065 ‐41 453 ‐41 880 ‐42 602

Profit after tax Resultat etter skatt ‐64 819 81 754 ‐120 110 65 823

Other i ncome a nd expens es Andre i nntekter og kos tna der 0 ‐

Currency tra ns l a ti on di fferences Omregni ngs di ffera ns e r va l uta 1 002 18 1 758 140

Total compreh. income for the period Periodens totalresultat ‐63 818 81 772 ‐118 352 65 963

Attri buta bl e to: Tota l res ul ta tet ti l ordnes : 0

Non‐control l i ng i nteres t Ikke‐kontrol l erende e i eri nteres s er ‐154 729 11 291 ‐57 Control l i ng i nteres t Ei er a v morforeta ket ‐63 664 81 043 ‐129 643 66 020

(36)

P & L account – five last quarters

P & L ACCOUNT NOK 1000 RESULTAT NOK 1000 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10

Freight income Fraktinntekter 291 456 255 188 293 115 270 839 258 284 Net foreign currency gain/loss Netto valutagevinst/tap ‐1 465 ‐3 367 ‐41 018 24 168 19 154 Other income Andre inntekter 8 495 6 373 2 944 2 996 1 367 Total operating income Sum driftsinntekter 298 486 258 194 255 041 298 003 278 805 Gain on sale of fixed assets Gevinst ved avgang anleggsmiddel 0 51 448 0 0 154 402 Total income and gains Sum driftsinntekter og gevinst ved salg anl 298 486 309 642 255 041 298 003 433 207 Crew expenses Mannskapskostnader ‐102 935 ‐96 166 ‐98 005 ‐85 071 ‐70 147 Vessel expenses Driftskostnader skip ‐43 619 ‐39 240 ‐44 762 ‐39 716 ‐30 194 Hire expenses Leiekostnader ‐61 165 ‐61 182 ‐53 617 ‐49 545 ‐27 151 Other operating expenses Andre driftskostnader ‐17 379 ‐22 983 ‐24 288 ‐18 495 ‐11 182 Total operating expenses Totale driftskostnader ‐225 098 ‐219 570 ‐220 672 ‐192 827 ‐138 674 Operating profit before depreciation Driftsresultat før avskrivning 73 388 90 072 34 369 105 176 294 533 Depreciation Avskrivninger ‐46 204 ‐45 315 ‐48 815 ‐45 450 ‐44 239 Operating profit Driftsresultat 27 184 44 757 ‐14 446 59 726 250 294 Financial income Finansinntekter 12 146 17 935 6 003 2 326 ‐159 Financial expenses Finanskostnader ‐95 833 ‐81 279 ‐80 178 ‐42 838 ‐119 989 Net financial items Netto finansposter ‐83 687 ‐63 345 ‐74 175 ‐40 512 ‐120 148 Joint venture companies Felleskontrollert virksomhet 3 749 ‐6 889 ‐16 612 ‐9 408 ‐6 939 Profit before tax Resultat før skatt ‐52 754 ‐25 476 ‐105 233 9 806 123 207 Tax Skatt ‐12 065 ‐29 815 37 143 ‐16 554 ‐41 453 Profit after tax Resultat etter skatt ‐64 819 ‐55 291 ‐68 090 ‐6 748 81 754 Other income and expenses Andre inntekter og kostnader 0 Currency translation differences Omregningsdifferanser valuta 1 002 756 320 816 18 Total compreh. income for the period Periodens totalresultat ‐63 818 ‐54 535 ‐67 770 ‐5 932 81 772 Attributable to: Totalresultatet tilordnes: Non‐controlling interest Ikke‐kontrollerende eierinteresser ‐154 11 445 ‐748 98 729 Controlling interest Eier av morforetaket ‐63 664 ‐65 980 ‐67 022 ‐6 030 81 043 Total Sum _‐63 818 _‐54 535 _‐67 770 _‐5 932 _81 772

(37)

Balance sheet - assets

Assets Eiendeler 30/06/11 30/06/10 31/12/10

Fixed ass ets Anleggsmidler

Vessels Fartøy 5 510 703 4 515 570 4 773 224

Buildings , office equipment etc Bygninger, kontoruts tyr mv 9 489 8 286 6 007

New building contracts Nybyggingskontrakter 13 005 532 473 612 787

Fixed ass ets Varige driftsmidler 5 533 197 5 056 329 5 392 018

Financial fixed assets Finansielle eiendeler

Inves tments in joint venture company Inves tering i felleskontrollert virks omhet 7 102

Derivatives Derivater 20 283 31 924 34 744

Deferred tax ass ets Utsatt skattefordel 14 364 14 251

Shares Aksjer 356 156 356

Net pens ion ass ets Netto pensjonsmidler 1 894 3 102 1 894

Long term receivables Langs iktige fordringer 91 828 14 474 63 696

Total financial fixed ass ets Totale finans ielle eiendeler 135 828 49 656 114 941

Total fixed assets Sum anleggsmidler 5 669 025 5 105 985 5 506 959

Current assets Omløpsmidler

Bunkers and other s tocks Bunkers og annet lager 14 760 13 261 13 878

Trade receivables and other receivable Kundefordringer og andre fordringer 524 088 512 230 492 257

Other short‐term receivables Andre kortsiktige fordringer

Assets held‐for‐s ale Eiendeler tilgjengelig for salg

Derivatives Derivater 45 980 38 081 65 276

Trading portfolio Handelsportefølgje 3 556 17 182 3 556

Bank deposit Bankinns kudd 479 441 267 894 603 414

(38)

Balance sheet - equity and liabilities

Equity and liabilities Egenkapital og gjeld 30/06/11 30/06/10 31/12/10

Equity Egenkapital

Share capital Aksjekapital 199 500 199 500 199 500

Own s hares Egne aksjer ‐1 938 ‐1 938 ‐1 938

Share premium fund Overkursfond 40 975 40 975 40 975

Other equity Annen egenkapital 1 311 741 1 514 436 1 441 384

Non‐controlling interest equity Minoritets egenkapital 20 980 15 767 15 117

Total equity Sum egenkapital 1 571 257 1 768 740 1 695 038

Non‐current liabilities Langs iktig gjeld

Borrowings Lån 4 225 184 3 329 330 3 945 484 Derivatives Derivater 7 415 12 290 9 736 Deferred tax Utsatt skatt 2 659 192 616 2 669 Allocation liability in joint ventures Avsetning av forpliktelser i felleskontrollert 39 462 31 196 Other non‐current liabilities Annen langsiktig gjeld 112 642 32 502 112 642 Total long‐term debt Sum langsiktig gjeld 4 387 362 3 566 738 4 101 727 Current liabilities Kortsiktig gjeld Trade payable Leverandørgjeld 66 130 125 441 110 385 Tax payable Betalbar skatt 70 646 37 508 59 747 Derivatives Derivater 6 082 14 999 3 361 Other current liabilties Annen kortsiktig gjeld 635 372 441 207 715 083 Total current liabilities Sum kortsiktig gjeld 778 231 619 155 888 575 Total equity and liabilities Sum egenkapital og gjeld 6 736 851 5 954 633 6 685 339

(39)

(40)