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(Figures in parentheses refer to 2010)

For 2012 IGC has been consolidated into the Group’s profit & loss statement and balance sheet, as the company for 2012 is a 100% owned subsidiary, versus a 50% owned JV up to mid-2011. The Management fee increased from NOK 24.7 million to NOK 64.8 million on a change in method of charging to the shipping companies. From 2012, Solvang has charged a fixed fee for the manager role and for technical support. Prior to 2012, the cost of the technical department was allocated directly to shipping companies.

The group’s result after tax was NOK 55.5 million (NOK -22.5 million). Earnings per share were NOK 2.28 (NOK -0.93). The result for the parent company was NOK 0.05 million (NOK -22.1 million).

4.1 Financial items
The group reported net financial items of NOK 4.4 million (NOK -24.2 million). The corresponding figure for the parent company was a loss of NOK -8.9 million (NOK -10.3 million). The group’s securities portfolio generated a non-realised result of NOK 5.5 million (NOK -28 million).

4.2 Liquidity and financial strength
At year-end, the group had liquidity consisting of cash, listed shares and equity certificates totalling NOK 136 million (NOK 121 million). The securities portfolio had a market value of NOK 74.2 million (NOK 77.4 million). The corresponding figure for the parent company was NOK 41.6 million (NOK 57.5 million), of which the securities portfolio amounted to NOK 30.7 million (NOK 35.6 million). Total current assets at year-end was NOK 172.7 million (NOK 134.3 million), while current liabilities totalled NOK 56.8 million (NOK 16.4 million). Long-term liabilities and obligations totalled NOK 19.8 million (NOK 51.4 million).
For the parent company, total current assets at year-end amounted to NOK 47.8 million (NOK 155.2 million), while short-term liabilities totalled NOK 23.9 million (NOK 165.1 million). The parent company’s long-term liabilities and obligations totalled NOK 75.5 million (NOK 56.7 million). The group’s share of current assets and liabilities in ship owning companies totalled NOK 56.3 million and NOK 680.5 million respectively.

Net cash flow from operating activities was NOK 21.3 million, compared to an operating profit of NOK 59.7 million. The main difference comes from the reversal of earnings from shipping companies using the equity method, partially offset by changes in working capital. Where the working capital change comes from lower accounts receivable, from a higher proportion of vessels on TC with prepayment.

The group’s book equity totalled NOK 533 million (NOK 498.7 million) at the year-end. Free equity for the parent company was at year end NOK 442.6 million.

4.3 Taxes
The group chose not to join the tonnage-tax regime for 2012, however, the board is considering joining and it is deemed likely the group will join for 2013.

All the company’s current interests in ships are owned under normal taxation.