AnnuAl report 2011

GC RIEBER SHIPPING ASA

Annual report 2011

GC RIEBER SHIPPING ASA

/ KEY FINANCIAL FIGURES

The GC Rieber Shipping group

Income Statement figures (in NOK 1000)

CONTINUING OPERATIONS Operating income Operating expenses EBITDA Depreciation Write-downs Gains (losses) on sale of fixed assets EBIT Net financial items - whereof unrealized currency gains/losses - whereof profit from associated companies Profit before taxes Net profit

PROFIT FOR THE YEAR Profit for the year Minority share Profit after minority share

Normalized profit (1)

Balance Sheet figures (in NOK 1000) Fixed assets Current assets Equity Long-term liabilities Current liabilities Total equity and liabilities

Financial key figures Equity ratio (2) Equity per share (3) Current ratio (4) Normalized cash flow (5) Interest bearing debt Bank deposits and liquid assets Number of years to repay interest bearing debt (6)

Profitability EBITDA margin Return on equity (7) Normalized return on equity (8) Return on total assets (9) Normalized return on total assets (10) Normalized cash flow per share (11) Earnings per share (12) Normalized earnings per share (13) Weighted average number of shares

2011

2010

2009

2008

625 787 -358 772 267 015 -147 517

-2 571 969

117 897 -8 511

-15 014 -17 944 109 386 114 761

114 761 -3 611

111 150

138 882

3 227 513 633 405

1 913 770 1 597 557

349 591 3 860 918

50 % 39 3,9

286 399 1 727 234

458 951 4,4

42,7% 6,0% 7,5% 4,7% 5,5% 6,56 2,55 3,18

43 662 000

561 226 -385 301 175 925 -130 417

-92 742 293 548 246 313 -38 153

29 376 -34 938 208 160 146 972

146 972 1 735

148 707

3 728

2 438 990 724 225

1 794 292 860 576 508 347

3 163 214

57 % 37 4,4

134 145 1 136 518

532 395 4,5

31,3% 8,9% 0,2% 6,4% 1,6% 3,07 3,41 0,09

43 659 432

668 455 -501 192 167 263 -117 284

-50 385 -

-405 -60 773

8 668 -34 819 -61 179 78 062

78 062 38 441 116 503

3 020

2 259 382 621 146

1 545 026 1 012 092

323 409 2 880 528

54 % 34 5,0

120 304 1 070 554

361 816 5,9

25,0% 7,6% 0,2% 5,3% 1,2% 2,76 2,67 0,07

43 630 882

573 050 -375 567 197 483

-79 678 -14 711

4 327 107 420

13 778 7 452 4 304

121 197 176 783

176 783 4 119

180 902

124 129

1 663 955 1 010 335 1 507 300

829 197 337 793 2 674 290

56 % 33 5,1

203 807 643 819 742 754

-0,5

34,5% 12,3%

8,4% 8,6% 6,2% 4,68 4,15 2,85 43 587 790

Definitions: 1) Profit before taxes from continuing operations adjusted for unrealized currency gains/losses, sales gains and write-downs (incl. write-downs in associated companies) 2) Equity per 31.12 less minority interests divided by total equity & liabilities per 31.12 3) Equity per 31.12 less minority interests divided by number of outstanding shares per 31.12 4) Current assets divided by current debt, with 1 year downpayment on long-term debt deducted 5) Normalized profit plus depreciation 6) Interest bearing debt less bank deposits and liquid assets, divided by cash flow 7) Net profit divided by average equity 8) Normalized profit divided by average equity 9) Net profit + financial expenses, divided by average total assets 10) Normalized profit plus financial expenses, divided by average total assets 11) Normalized cash flow divided by average weighted number of shares outstanding 12) Net profit divided by average number of shares outstanding 13) Normalized profit divided by average number of shares outstanding

/ ANALYTICAL INFORMATION

Operating income, EBITDA and normalized pretax profit.

Marine Seismic Ice/Support Subsea

OPERATING INCOME / QUARTERLY DEVELOPMENT

NOK millions

200 180 160 140 120 100

80 60 40 20

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

EBITDA / QUARTERLY DEVELOPMENT

NOK millions

105 90 75 60 45 30 15

0 -15

-30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10 10 10 10 11 11 11 11

NORMALIZED PROFIT / QUARTERLY DEVELOPMENT

NOK millions

60

40

20

0

-20

-40

-60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10 10 10 10 11 11 11 11

OPERATING INCOME / ANNUAL DEVELOPMENT

NOK millions

700

600

500

400

300

200

100

0 2008

2009

2010

2011

EBITDA / ANNUAL DEVELOPMENT

NOK millions

300

250

200

150

100

50

0 2008

50

2009

2010

2011

NORMALIZED PROFIT / ANNUAL DEVELOPMENT

NOK millions

160

140

120

100

80

60

40

20

0 2008

2009

2010

2011

GC RIEBER SHIPPING ASA

3

EQUITY RATIO / QUARTERLY DEVELOPMENT

Percent (%)

70% 60% 50% 40% 30% 20% 10%

0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10 10 10 10 11 11 11 11

INTEREST BEARING DEBT / QUARTERLY DEVELOPMENT

NOK millions

1750 1500 1250 1000

750 500 250

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

LIQUID ASSETS / QUARTERLY DEVELOPMENT

NOK millions

1200

1000

800

600

400

200

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

EQUITY RATIO / ANNUAL DEVELOPMENT

Percent (%)

70%

60%

50%

40%

30%

20%

10%

0 2008

2009

2010

2011

INTEREST BEARING DEBT / ANNUAL DEVELOPMENT

NOK millions

1750

1500

1250

1000

750

500

250

0 2008

2009

2010

2011

LIQUID ASSETS / ANNUAL DEVELOPMENT

NOK millions

1200

1000

800

600 400

200

0 2008

2009

2010

2011

GC RIEBER SHIPPING ASA

GC RIEBER SHIPPING ASA

5

6 /

Ceo Statement

8 /The GC Rieber Shipping Group

9 /

Business Areas / Segment Reporting

10 / Market, Resources and Strategy

15 / Strategic Value Chain Investments

16 / Health, Safety, Environment and Quality (HSEQ)

20 / Corporate Governance

26 /Report of The Board of Directors

36 / Financial Statements 36 /The GC Rieber Shipping ASA Group 78 / GC Rieber Shipping ASA

92 / Auditor's Report

94 / Fleet

100 / Corporate Structure

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