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1 Annual Report/Årsrapport 2010

2 Key figures_nøkkeltall (USD 1000) (USD 1000) From consolidated accounts Fra konsernregnskapet STATEMENT OF COMPREHENSIVE INCOME OPPSTILLING AV TOTALRESULTAT Operating income Driftsinntekter Operating result before Driftsresultat før av- og Depreciation (EBITDA) (7 594) nedskrivninger (EBITDA) Operating result (47 549) (34 355) Driftsresultat Net finance incl. profit (loss) on exchange (6 335) (5 792) Netto finans inkl. agio (disagio) Unrealized profit (loss) on exchange Urealisert agio (disagio) Profit (loss) before taxes (52 796) (39 080) Resultat før skattekostnad Profit (loss) for the year (52 921) (39 258) Årets resultat STATEMENT OF FINANCIAL POSITION OPPSTILLING AV FINANSIELL STILLING Non-current assets Anleggsmidler Current assets Omløpsmidler Total assets Sum eiendeler Equity Egenkapital Non-current liabilities Langsiktig gjeld Current liabilities Kortsiktig gjeld Total equity and liabilities Sum egenkapital og gjeld 3 Contents_Innhold: Key figures/nøkkeltall 3 The Year Shareholders information 6 The Organisation 7 The Ships and Terminals 8 KEY RATIOS, PER SHARE NØKKELTALL PR. AKSJE Share price year-end (NOK) 0,05 1,16 Børskurs pr. 31. desember (NOK) Profit (loss) per share (USD) (0,04) (0,15) Resultat pr. aksje (USD) Diluted profit (loss) per share (USD) (0,04) (0,15) Utvannet resultat pr. aksje (USD) Directors Report 11 Statement of comprehensive income_oppstilling av totalresultat 16 Statement of financial position_oppstilling av finansiell stilling 17 Cash flow statement_group/kontantstrømoppstilling_konsern 18 Equity _Group/Egenkapitaloppstilling_Konsern 19 Notes_Group/Noter_Konsern 19 Statement of comprehensive income_asa/oppstilling av totalresultat_asa 52 Statement of financial position_asa/oppstilling av finansiell stilling_asa 53 Cash flow statement_asa/kontantstrømoppstilling_asa 54 Notes_ASA/Noter_ASA 54 Auditor s report/revisjonsberetning 64 Corporate Governance 68 Green Reefers is a specialist logistic service provider for chilled and frozen products. We provide our clients with rational logistic solutions at competitive terms and prices. Året Aksjonærinformasjon 71 Årsberetningen for Selskapsstyring 76

3 The year The operation profit (EBITDA) was MUSD -7.6 compared with MUSD 8.8 in Sale of two fully owned vessels during the year - one of them for demolition. The reported spot market rates for 2010 were 11 per cent lower than in Sale of two vessels in which the company had 25 % ownership. Running cost was reduced with 12 percent and shows positive trend. Redelivered four vessels on TC-agreements during the year. Joining the Seatrade Refer Pool for commercial and operating activity of six of the company's largest vessels. Sold the terminal activity in Guatemala. Founding of the joint venture, SilverGreen AS for commercial and operating activity for a fleet of 14 smaller vessels including six vessels chartered from Green Reefers. Joining the Hamburg Reefer Pool for commercial activitiy for the remaining fleet, which were 25 vessels by year end. Refinancing of the loan portfolio in June Completed underwritten rights issue in August Mandatory offer from the main shareholder in November The management company in Poland fully established with management for 30 vessels by the year end.

4 Shareholders information The Organisation Shareholder policy Green Reefers' aim is to provide competitive long-term return to its shareholders. The return on capital is a combination of share price performance and dividends paid. The return should reflect the long-term financial development of the company. Annual dividends should normally represent per cent of the group s profit after tax. Shareholders and voting rights The company had 2,363 registered shareholders at the end of Norwegian shareholders owned 98.5 per cent. The corresponding figures at the end of the previous year were 2,163 shareholders and 77 per cent ownership by Norwegian shareholders. All shares have equal voting rights. QA Managing Director Toril Eidesvik The company recorded a loss in 2010 and the Board of Directors has therefore not proposed payment of any dividend for Investor information Green Reefers has focus on the importance of shareholders receiving relevant and objective information about the company. The company aims to give the shareholders a good understanding of its activities and prospects, allowing them to evaluate the share's trading price and underlying values. Information is provided primarily through quarterly reporting, annual reports and investor presentations. All reports and press releases, together with a description of the company and its activities, are available on the company's website, Financial calendar Friday Annual General Meeting Thursday First quarter accounts Thursday Second quarter accounts Thursday Third quarter accounts Thursday Fourth quarter accounts Financial Director Øystein Disch Olsrød Operations Director Ømer F. Omer Technical Director Irek Kuligowski Terminal Director Rune Tarberg 6 7 Share issues and current authorisations At the General Meeting in April 2010, the Board of Directors was authorised to increase the share capital by issuing new shares. A total increase of MNOK 78.9 was authorised. Subscription terms and price will be decided by the Board of Directors, and the authorisation is valid until the next General Meeting to be held in The Board of Directors was further authorised to buy treasury shares with a nominal value of up to MNOK The price per share shall be no less than NOK 0,10 and no more than NOK 2,00. The authorisation remains valid to31 July The board has not used this authorisation. Share price and liquidity trends The share price closed on 31 December 2010 at NOK 0.05, compared with NOK 1.17 one year earlier - a decrease of around 96 per cent. Green Reefers has one single class of shares. As of 31 December the share capital consisted of 3,515,620,737 shares with a nominal value of NOK 0.05 per share. Based on the year-end share price of NOK 0.05 the company has market capitalisation of MNOK 178.8, corresponding to MUSD Green Reefers share has through 2010 been listed on OB Match, as the average numbers of trades were above 10 per day.

5 The ships and terminals Trades FLEET OF SPECIALISED REEFERS Vessel Ownershare Built Size (cuft) Træna, Norway GT Måløy, Norway STP Seatrade Pool Green Brazil 100 % Green Honduras 100 % Green Chile BB Green Costa Rica BB Green Guatamala BB Green Italia BB Euro Terminal, Poland GT Klapeida, Lithuania GT Kaliningrad, Russia SG - SilverGreen Green Frost 100 % Green Ice 100 % Green Bergen 100 % Green Tromsø 100 % Green Lofoten TC Alma TC HRP - Hamburg Reefer Pool Green Ocean 100 % TERMINALS Green Klipper 100 % Green Austevoll 100 % EUROPE 8 9 Green Bodø 100 % Green Cooler 100 % Green Crystal 100 % Green Egersund 100 % Green Freezer 100 % Green Karmøy 100 % Green Måløy 100 % Green Selje 100 % Green Glacier 100 % Green Winter *) 25 % Green Nova 100 % Green Neptunic 100 % Green Explorer 100 % Green Chapeco 100 % Green Iceland 100 % Green Concordia 100 % Green Toledo 100 % Green Magic 100 % Green Magnific 100 % Green Majestic *) 100 % Green Maveric 100 % Green Music 100 % *) Vessel sold in 2011 Træna Norway Built: 2002 Reefer storage capacity abt tons Måløy Norway Built: 1995 and 2000 Reefer storage capacity abt tons Swinoujscie Poland Three coldstores built in: 1970, 1999 and 2005 Reefer storage capacity abt tons Kaliningrad Russia Built: 2001 Reefer storage capacity abt tons (depending on product) Klaipeda Lithuania Built: 1996 Reefer storage capacity abt toms (owned) and (rented) Træna - Norway Måløy - Norway Swinoujscie Poland Kaliningrad Russia Klaipeda Lithuania

6 Directors report In spite of reduced costs and reduced off-hire, 2010 was a disappointing year for the group. Revenues fell significantly, from an already low level in the previous year, due to sharp fall in spot rates for reefer vessels. 10 Profit before tax for the Green Reefers Group was USD (MUSD -39.1), while profit after tax was USD (-38.4 MUSD). The ships' total operating costs were reduced by 11 percent in Average operating costs amounted to USD in 2010, compared with USD 6,142 per day in The development of spot-rates in 2010 has shown some of the same trend as the year before. The traditional peak season did not materialize in the first half, and through the second half of 2010 the industry has, despite high scrapping activity, a significant number of idle ships, due to lack of cargo. This resulted in historically low spot rates in The missing peak season was partly due to the similar reasons as for 2009: Tonnage of frozen and refrigerated products to major importers such as Russia and Ukraine were lower than the previous years. This can be related to the reduced spending power caused by the general economic situation. In addition, Russia had an import ban on U.S. chicken, an essential cargo for the conventional reefer vessels. The ban had an effect on business until the end of the year. Various climate challenges have given reduced tonnage of fruits. In combination with reduced fishing in the Pacific and the Falkland Islands, this explain the low spot rates in Competition from the reefer containers has remained severe throughout the year, and the market share for containers have increased on account of traditional reefer operators. Despite a net reduction of about 6 % in conventional reefer tonnage, the industry has still experienced a situation of overcapacity. Throughout 2010 restructuring and consolidation of the industry have been accomplished. The group has played a key role in several of these measures. During 2010 changes in both commercial activities and technical management have been completed for all our vessels. This is described further under 'the activities'. The reported average spot market rate for 2010 in our segment was 15 % below The Group's net operating income in the 4th quarter was USDM 21,9 (USDM 32,4). Results 2010 Gross freight income in 2010 fell to MUSD (MUSD 173.5). Figures of operating income are not comparable with 2009 as main principle for reporting of operating income has changed due to various pool arrangements which the Group joined during The corresponding voyage related costs fell to MUSD 52,8 (MUSD 65,3). Net operating income was MUSD 84,9 (MUSD 108,2). Operating result before depreciation (EBITDA) for 2010 was MUSD -7.6 (MUSD 8.8). The result is mainly from the shipping activities. The terminals contributed MUSD 0.7 to the EBITDA for 2010, down from USD 0.8 in Operating result (EBIT) was USD -47.5, entirely generated by shipping activities (MUSD 0.0 from the terminals). The EBIT includes write-down of vessels of MUSD 12.5 (MUSD 11.8). The net cash flow from operations was MUSD in 2010, compared to MUSD -0.7 in Cash flow from investments was MUSD -3.9 (MUSD 10.0). Investments in 2010 are mainly related to dry-docking. In 2011, planned dry-docking amounts to MUSD 6,7. Cash flow from financing was MUSD 19.7 (MUSD -13.6). Net cash flow for 2010 was MUSD 0.5 (MUSD -4.4). The rights issues completed in 2010 generated USDM 24,7. The parent company, Green Reefers ASA, had a loss of MNOK (MNOK ) in 2010 with proposed allocation tfrom retained earnings/share premium reserve. The company's retained earnings was MNOK 0, (MNOK 0,-). The Board of Directors do not recommend payment of dividend for The Board of Directors is not aware of any circumstances other than those stated in the annual report that would influence the group's statement of financial position for Business summary Green Reefers operates in the international reefer market with specialized refrigerated vessels. The group has traditionally been a fully-integrated shipping group with in-house departments handling chartering, operations, technical management and terminal activities. However, the group reorganized last year, and became a supplier of tonnage to other operators. Technical management is still performed in-house, by the wholly-owned subsidiary in Poland. The terminal activity, covering five owned/partly owned cold stores, is managed from Bergen. Due to the above, 2010 represents a year of major changes of the group's commercial and operational activities. 11

7 In June 2010, the group entered into a pool agreement with Seatrade Reefer Chartering N.V. (SRC), Antwerpen, regarding the commercial and operational activities of six vessels, each cbft. The vessels entered the pool in June/July. The group owns two of the respective vessels, the remaining four are on bareboat contracts. The vessels are mainly employed in the trans-atlantic fruit trade. Silver Green AS, a joint venture company where Green Reefers owns 50 % and Silver Sea AS 50 %, was founded the 1st of July Silver Green is located in Bergen and maintains commercial activities and operations for 14 smaller vessels. The vessels are on TC-hire, six of which from Green Reefers. Of these six vessels, two is sublet. Silver Green's core business is transport of pelagic fish from Norway and Iceland. In August Green Reefers jointed Hamburg Reefer Pool N.V. (HRP), Hamburg, of which the company owns 33.3 % of the shares. A total of 27 vessels, between and cbft entered the pool. The pool takes care of the commercial activities while operations are maintained from Bergen. Of the 27 vessels, three were part of a company owned by 25 % of the group. Two of these vessels were sold in fourth quarter 2010, while agreement of sale of the third was entered, with delivery in February The core business of HRP is transport of frozen goods, fish in particular, but also a large quantity of fruits. Ships by container vessels. The capacity of reefer vessels has increased Risk management and sensitivity been prepared under the assumption of a going concern. 12 Pre-tax result for the vessels was MUSD in 2010 (MUSD -37.2). 13 The loss includes write-down of assets by MUSD 12.5 (MUSD 10.7). At the end of 2010, the group owns and operates a fleet of 37 vessels. The company has fully ownership of 30 vessels, and owns 25 % in one vessel. In addition, four vessels are hired on bareboat and two vessels on time charter. The majority (31) are in the cbft segment, with the remaining between cbft. The latter is mainly engaged in transport of frozen fish products in northern waters. The larger vessels are primarily transporting fruits, fish, juice and meats across the Atlantic. During 2010, four vessels on TC agreements have been returned to their owners. Four vessels were sold, one for recycling. Two of the sold vessels were partly owned by 25 %. Technical management has during 2009 and 2010 gradually been transferred from Bergen to the wholly owned subsidiary, Green Management Sp.zoo in Poland. As of the 1st of January 2011, all technical management is handled by this company. The group has in outsourced technical management of five fully owned and three partly owned vessels. During first quarter 2011, this arrangement is terminated and the complete fleet will be handled from Poland. The group also operates its own crew department in Kaliningrad (Russia). Terminals Pre-tax result for the terminals was MUSD 1.1 in 2010 (MUSD -1.9). The company owns/partly owns five cold stores located in Swinoujscie (Poland), Klaipeda (Lithuania), Kaliningrad (Russia), Træna and Måløy (Norway). The terminal in Tampa (FL), USA was closed down during 2010, and the company operating and owning the terminal in Guatemala was sold in fourth quarter The emphasis on improving effectiveness and profitability will be continued. Based on the restructuring of the group during 2010, the terminals are no longer regarded as core business and will therefore be considered for sale. The terminals are managed from Bergen. Reefer market in 2010 and prospects Transport of refrigerated and frozen goods has during resent years experienced a shift from conventional reefer vessels to operators of containers. After an annual increase in refrigerated goods transported by about 3-4 % per year till 2008, volumes were reduced for the first time in many years in 2009 as a result of the financial crisis. The volumes in 2010 remained at about the same level as in It is expected that volumes will increase in has been characterized by a significant number of idle ships all through the year, and consequently pressure on rates. The combination of high waiting time and low rates, lead to poor financial results. Excess capacity is largely due to freight that traditionally has been provided by conventional reefer vessels, is taken over during the last years. The general downturn in demand caused by the financial crisis, has resulted in container lines increasingly shifting focus to reefer tonnage. A significant number of new container ships are being built, and the development in the world economy will largely affect the future rates. An increase in rates for container ships has traditionally correlated with the reefer rates, although with some delay. Specialized reefer tonnage is still expected to represent an advantage in places where infrastructure suitable for containers is limited. This applies particularly in West Africa and Russia. In addition, reduced amounts of products that traditionally have been carried by conventional reefer vessels have influenced This particularly applies to fish, where the important squid season off the Falkland Islands did not materialize for the second year in a row. There has also been low catches in the Pacific Ocean, and fishing off the coast of West Africa has at times been lower than normal. In the Northern waters, volumes of fish have been satisfactory, however, storage building in the second half has resulted in less tonnage to West Africa and the Black Sea compared to previous years. In 2011, at present, there has been catches of squid, but it is too early to determine the outcome of the season. In the Northern areas, lower herring quotas have been awarded compared to previous two years, and it is expected that fishing in the Pacific will remain low. Regarding fishing off West Africa, the start of 2011 has been good. Chicken from the United States to Russia has traditionally represented important tonnage in the conventional reefer industry. In 2010 this activity has been greatly reduced as a result of Russian import ban on U.S. chicken. The import ban was lifted in late summer, but the quotas were reduced from the range of 600,000 tons (down from 800,000 in 2009) to 350,000 tonnes. The trade did not resume until the end of the year. The quota for chicken in 2011 is set at 350,000 tons as Russia's ambition is to become self-sufficient. It remains to see if this will materialize, due to challenges caused i.e. by forest fires summer 2010 and increased grain prices. 44 ships were scrapped in 2010, representing 17.6 million cubic feet. This gives a net reduction of capacity of 6,1 % including the delivery of two new buildings. Since 2008, the capacity of conventional reefer tonnage has been decreased by about 14,5 %. With record high bunker prices and an aging fleet it is expected that the scrapping will continue in The start of 2011 has shown an increase in spot rates compared to previous years, although a number of idle ships are still affecting the industry's earnings. The high bunker prices have a negative impact on earnings short term, particularly on long voyages. The Board of Directors expect that the consolidation that took place in 2010 will give synergies and more efficient logistics when the balance between supply and demand improves., With a large number of idle vessels, such effects are difficult to materialize. The Board expect the market to remain challenging in 2011, but is cautiously optimistic of a gradual improvement during the year. Green Reefers shall create values for its shareholders by exploiting the commercial opportunities offering the best yield in relation to the risk involved, within the stipulated strategy. To achieve this, the group seeks as far as possible to reduce its exposure to operational and financial risk. Green Reefers aim is to have a portfolio consisting both of contracts that provide stability and predictability and of a well balanced spot activity. The resent years have, however, proven difficult to obtain long term contracts at acceptable rates. The group s strategic focus has been to adjust to the market through pool arrangements which to some extent counteracts market trends. Operational risk is related to the operation of ships and terminals. Exposure includes damage or injury to personnel, equipment and the environment, in addition to changes in the level of operating expenses. This will be affected by the quality and age of the non current assets and the implemented operating systems. The group is also exposed to changes in bunker prices due to variations in the oil price. The group is adequately insured in relation to its activities, including insurances for hull & machinery, loss of hire and liability. The group is exposed to interest rate fluctuations, primarily relating to its non current debt. A one per cent change in interest rate will affect the group s profit by MUSD 1.5. In 2010, approx. 90 per cent of the group s revenues were in USD, which is the group s functional currency. Of the total operating and financial expenses, approx. 50 per cent were in USD, while the rest were mainly in NOK and EUR. Consequently, the group has a net currency exposure. This exposure is being reduced by use of forward currency contracts and spot transactions buying and selling currencies at favourable rates. At the end of 2010, the group had two forward contracts which mature in Current loan agreements require the group to maintain a minimum liquidity reserve at certain levels at specific dates (see note 19 for more details). At the end of 2010 the group had a cash deposit of MUSD 13,4. The general reefer market may be influenced by crop harvests, export restrictions due to plant- and animal diseases, and political decisions. A change in earnings of ten cents per cubic foot will affect the group s earnings by MUSD 13 annually. The risk of loss on receivables is considered low, and partly out of the group's control, as receivables mainly are through the pool arrangements and companies performing on behalf of the group. Going concern The group s restructured its mortgage debt during second quarter New mortgage terms and conditions include down payments been postponed till December This financial restructuring formed the basis of the guaranteed rights issue that took place in third quarter The rights issue brought in the gross proceeds of MNOK 160. These arrangements form the basis for going concern in The Board of Directors confirm that the statement of accounts have Finance and capital structure The group had a cash deposit of MUSD 13,4 (MUSD 12,3) as of 31 December Interest-bearing debt totalled MUSD 149,6 (MUSD 157). The group s liabilities are 80 per cent in USD, 19 per cent in EUR and one per cent in NOK. The group has bought EUR forward against USD hedging parts of the EUR/USD exposure. The debt in NOK is related to the terminals, while the remaining debt is vessel mortgage loans. At the General Meeting in April 2010, the Board of Directors was authorised to increase the share capital by issuing new shares. The Board of Directors were further authorised to buy treasury shares with a nominal value up to MNOK 25.0, but has so far not used this authority. The price per share shall be no less than NOK 0.1 and no more than NOK 2. The authorisation remains valid for twelve months from 8th April For additional information, please see the separate Shareholder Information section in the annual report. The motion for the rights issue completed in 2010 was carried at an extraordinary general meeting. Book equity was MUSD 67,7 (MUSD 95,6) at 31 December 2010, giving an equity ratio of 29 per cent. Current liabilities were MUSD 18,7 (MUSD 34,1). The current liabilities consist of accruals (MUSD 5,7) and other liabilities (MUSD 13,0). The current liabilities were 11 percent of the total liabilities. The rights issue last year brought in the gross proceeds of MNOK 160. The issue was guaranteed by an underwriting syndicate, and as a consequence, the main shareholder, Caiano AS and related parties, reached an ownership which triggered a mandatory offer to remaining shareholders. In accordance with the Securities Trading Act a mandatory offer has been given by Caiano AS to

8 purchase the remaining outstanding shares. When the offer period expired, Caiano held 66,2 % of the shares in the company. Employees, expertise and the environment Green Reefers shall conduct its business in accordance with high safety, quality, environmental and ethical standards. Continuous training of personnel on ships, at terminals and ashore is a permanent and important part of this. The group takes a positive view of the development of stricter international guidelines for the activities in which it engages, and has a proactive approach towards an ongoing adaptation to these guidelines. The Board of Directors considers the working environment to be satisfactory, both onshore and at sea. Sick leave for seafaring personnel was 2.0 per cent (2,0 %), while the office employees had sick leave of 6,7 per cent (8,1 %) of which short time leave counted for one per cent (2,1 %) and long term 5,97 per cent (5,91 %). A total of ten lost-time injuries were recorded in 2010, all of which were among seafarers. The group has a continuous focus on preventive measures to reduce personal injuries. By completion of the rights issue, the company has a considerable There are equal opportunities for men and women in Green amount of outstanding shares. The shares have also been traded Reefers. The group s head office has traditionally been recruiting at a price below one Norwegian kroner at the Oslo Stock Exchange from markets where men and women are equally represented. for some time. The board of Directors of Green Reefers ASA has There are, however, few applications from women for positions therefore decided to put forward a proposal of a reversed split of in the commercial and technical operation of ships. At the end of the company's shares to the General Meeting which take place 2010 the group had 938 seafarers. 25 (55) were employed at the 1st of April The proposal implies that 40 old shares give one head office in Bergen, 10 (26) of whom are women. The group new share has further 38 (22) employees at its branch office in Szczecin, and one (4) at the agency office in Ålesund. In addition 63 (53) are employed at the terminals. Working hours set by the group are in accordance with the various positions and are not gender related. The Discrimination Act s objective is to promote gender equality, ensure equal opportunities and rights, and to prevent discrimination due to ethnicity, national origin, descent, skin colour, language, religion and faith. The Group is working actively, determined and systematically to encourage the act s purpose within our business. Included in the activities are recruiting, salary and working conditions, promotion, development opportunities and protection against harassment. The Group s aim is to be a workplace with no discrimination due to reduced functional ability and is working actively to design and implement the physical conditions in such a manner that as many as possible can utilize the various functions. For employees or new applicants with reduced functional ability, individual arrangements of workplace and responsibility are made. The group employs a variety of nationalities and recruits its majority of seafarers from Russia, Poland, Ukraine, The Philippines and Norway. The group had one emission of freon gas in 2010, and one small oil-spill incidents. Subsequent events After 31st of December 2010, the group has entered an agreement regarding sale of the third vessel of which is owned by 25 %. The delivery is arranged for late February In addition, one vessel is sold for recycling. Corporate governance A separate section on Corporate Governance can be found in this annual report. We confirm, to the best of our knowledge, that the statement of accounts for 2010 have been prepared in accordance with IFRS and the Norwegian Accounting Act. The annual report for 2010 gives a true and fair view of the Group s and the Company s assets, liabilities, financial position and income and a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph. Bergen, 22 February 2011 The Board of GREEN REEFERS ASA Kristian Eidesvik Aage Thoen Anne-Sofie Utne Birthe Cecilie Lepsøe Eivind Eidesvik Toril Eidesvik Chairman of the Board Deputy Chairman Managing Director

9 Green Reefers Group Statement of comprehensive income_oppstilling av totalresultat (USD 1000) Notes OPERATING INCOME DRIFTSINNTEKTER Gross freight income Brutto fraktinntekter Net Pool income Netto poolinntekt TC-hire TC-hyre Terminals income Terminal inntekter Other income Andre inntekter Net profit on sale of fixed assets Netto gevinst ved salg av anleggsmidler Operating income, in total Sum driftsinntekter OPERATING COSTS DRIFTSKOSTNADER Voyage related costs (52 806) (65 270) Reiseavhengige kostnader Vessel operating costs (67 256) (75 864) Driftskostnader skip TC-hire (9 313) (14 153) TC-hyre Bareboat-hire (7 709) (5 614) Bareboat-hyre Terminal operating costs (7 509) (12 136) Terminalkostnader Other operating costs (11 423) (11 522) Andre driftskostnader Operating costs, in total ( ) ( ) Sum driftskostnader 5 Statement of financial position_oppstilling av finansiell stilling Green Reefers Group (USD 1000) Notes ASSETS EIENDELER NON-CURRENT ASSETS ANLEGGSMIDLER Vessels Skip 10, 11 Terminals Terminaler 10, 11 Other equipment Andre driftsmidler 10,11 Shares in associated and joint venture companies Aksjer i tilknyttede og felleskontrollerte selskaper 9 Other shares Andre aksjer og andeler Other non-current receivables Andre langsiktige fordringer 13 Non-current assets, in total Sum anleggsmidler CURRENT ASSETS OMLØPSMIDLER Trade receivables Kundefordringer 16 Inventories Beholdninger Other current receivables Andre fordringer Cash and cash equivalents Bankinnskudd 15 Current assets, in total Sum omløpsmidler ASSETS, IN TOTAL SUM EIENDELER Operating result before Driftsresultat før avdepreciation (EBITDA) (7 594) og nedskrivninger (EBITDA) Depreciation (27 466) (31 446) Avskrivinger 10 Write-downs/reversal write-downs (12 490) (11 751) Nedskrivinger/reversering nedskrivninger 10 OPERATING RESULT (EBIT) (47 549) (34 355) DRIFTSRESULTAT (EBIT) NON-CURRENT LIABILITIES LANGSIKTIG GJELD FINANCIAL INCOME AND FINANSINNTEKTER OG Deferred tax Utsatt skatt 7 FINANCIAL COSTS FINANSKOSTNADER Mortgage loans Pantegjeld 11 Net profit on sale of financial assets 0 83 Resultat ved salg av finansaktiva Other non-current liabilities Annen langsiktig gjeld Profit and loss from JV and ass. Companies a.o. (1 013) (934) Andel resultat tilknyttet selskap m.v. Non-current liabilities, in total Sum langsiktig gjeld Interest and other financial income Rente- og andre finansinntekter Profit (loss) on exchange Agio (disagio) CURRENT LIABILITIES KORTSIKTIG GJELD Unrealized profit (loss) on exchange Urealisert agio (disagio) Interest and other financial costs (7 510) (5 879) Rente- og andre finanskostnader Financial items, in total (5 247) (4 725) Sum finansposter 17 PROFIT (LOSS) BEFORE TAXES (52 796) (39 080) RESULTAT FØR SKATTEKOSTNAD EQUITY AND LIABILITIES EGENKAPITAL OG GJELD EQUITY EGENKAPITAL Paid up equity Innskutt egenkapital Own shares (180) (180) Egne aksjer Non-controlling interests Minoritetsinteresser Equity, in total Sum egenkapital First year payment on mortgage loans Første års avdrag pantegjeld Suppliers Leverandørgjeld Public duties a.o Skyldige offentlige avgifter m.v. Other current liabilities Annen kortsiktig gjeld 14 Current liabilities, in total Sum kortsiktig gjeld Taxes (126) (178) Skattekostnad 7 EQUITY AND LIABILITIES, IN TOTAL SUM EGENKAPITAL OG GJELD PROFIT (LOSS) FOR THE YEAR (52 921) (39 258) ÅRETS RESULTAT Other comprehensive income: Innregnede inntekter og kostnader: Foreign currency translation 340 (370) Omregningsdifferanse COMPREHENSIVE INCOME (52 581) (39 628) TOTALRESULTAT Result attributale to: Non-controlling interests Andel resultat til minoritet Owners of the Company (52 638) (39 784) Andel resultat til majoritet 20 Profit (loss) per share (0,04) (0,15) Resultat pr. aksje Diluted profit (loss) per share (0,04) (0,15) Utvannet resultat pr. aksje Bergen, 22 February 2011 Bergen, 22. februar 2011 The Board of GREEN REEFERS ASA Styret for GREEN REEFERS ASA Kristian Eidesvik Aage Thoen Anne-Sofie Utne Birthe Cecilie Lepsøe Eivind Eidesvik Toril Eidesvik Chairman of the Board Deputy Chairman Managing Director

10 Green Reefers Group Cash flow statement_kontantstrømoppstilling (USD 1000) Notes OPERATIONS OPERASJONELLE AKTIVITETER Proceeds from operating revenue Innbetalinger av driftsinntekter Payments for operating costs ( ) ( ) Utbetalinger for driftskostnader Payments to employees Utbetalinger til ansatte, arbeidsgiverand social security (40 434) (41 248) avgift og forskuddstrekk Payments from interest income Renter mottatt Payments of interest and other financial costs (8 160) (5 201) Renter betalt Net cash flow Netto kontantstrøm fra from operations (1) (15 345) (749) operasjonelle aktiviteter INVESTMENTS INVESTERINGSAKTIVITETER Sale of vessels and equipment Salg av varige driftsmidler Investment in vessels and equipment (7 138) (11 638) Investering i varige driftsmidler Investments in joint ventures (1 564) - Investering i felleskontrollert virksomhet Investments in assosiated companies (17) - Investering i tilknyttede selskap Loans to assosiated companies (770) (1 275) Utlån til tilknyttede selskap Changes in other investments 544 (6 737) Endring i andre investeringer Net cash flow Netto kontantstrøm fra from investments (2) (3 860) investeringsaktiviteter Equity_Egenkapitaloppstilling Green Reefers Group Paid up Own Other Minority equity shares equity interests Total Innskutt Egne Annen Minoritets- (USD 1000) egenkapital aksjer egenkapital interesser Sum Notes Equity 31/ (180) (0) Egenkapital 31/ Reduction of capital (49 948) Kapitalnedsettelse Rights issue Rettet emisjon Other items (46) (926) 60 Andre poster Comprehensive income (1 659) - (50 980) 57 (52 582) Totalresultat Equity 31/ (180) (0) Egenkapital 31/ Equity 31/ (180) Egenkapital 31/ Rights issue Rettet emisjon Non-controlling interests (31) (31) Tilgang minoritetsinteresser Profit (loss) to the equity/ Innregnet årsresultat comprehensive income (24 977) - (14 807) 156 (39 628) Equity 31/ (180) (0) Egenkapital 31/ FINANCING FINANSIERINGSAKTIVITETER Loans Opptak av lån Repayment of loans (15 986) (23 909) Nedbetaling av lån Share issues Emisjoner Net cash flow Netto kontantstrøm fra 18 from financing activities (3) (13 631) finansieringsaktiviteter 19 NET CASH FLOW NETTO ENDRING I KONTANTSTRØM FOR THE YEAR (1+2+3) 463 (4 364) GJENNOM ÅRET (1+2+3) Profit (loss) due to exchange rate Effekt av agio på fluctuations on cash 646 (214) likviditetsbeholdningen CASH AND CASH EQUIVALENTS 1/ BANKINNSKUDD 1/1 CASH AND CASH EQUIVALENTS 31/ BANKINNSKUDD 31/12 Notes to the financial statements_noter til regnskapet NOTE 1 ACCOUNTING POLICIES General information Green Reefers ASA is the parent company in the Group and is domiciled in Norway, with office address Ulsmågveien 7, 5224 Bergen. The company s consolidated financial statements for the 2010 financial year covers Green Reefers ASA and its subsidiaries and the Group s shares in associates as shown in notes 8 and 9. NOTE 1 REGNSKAPSPRINSIPPER Generell informasjon Green Reefers ASA er morselskap i konsernet og hjemmehørende i Norge, med kontoradresse Ulsmågveien 7, 5224 Bergen. Selskapets konsernregnskap for regnskapsåret 2010 omfatter Green Reefers ASA med datterselskaper, og konsernets andeler i tilknyttede selskaper som vist i note 8 og 9. Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and interpretations developed by the IFRS Interpretations Committee (IFRICs), as adopted by the EU. The IFRS principles have been applied consistently for 2010 and The consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. The consolidated financial statements have been prepared on a going concern basis. New, revised, and amended standards and interpretations applied in 2010 The Group has applied the following new, revised, and amended standards and interpretations in Rammeverk for regnskapsavleggelse Konsernregnskapet er avlagt i samsvar med Internasjonale Standarder For Finansiell Rapportering (IFRS), og fortolkninger fra IFRS fortolkningskomité (IFRIC), slik disse er fastsatt av EU. IFRS prinsippene er konsistent anvendt for 2010 og Konsernregnskapet er utarbeidet på grunnlag av historisk kost, med unntak av enkelte finansielle instrumenter som vurderes til virkelig verdi. Konsernregnskapet er avlagt under forutsetningen om fortsatt drift. Nye, reviderte, og endrede regnskapsstandarder og fortolkninger anvendt fra 2010 Konsernet har tatt i bruk følgende nye, reviderte, og endrede regnskapsstandarder og fortolkninger i IFRS 2 Aksjebasert betaling (endret) Endringene innebærer en klargjøring av virkeområdet til standarden,

11 Green Reefers Group Green Reefers Group IFRS 2 Share-based payment (amended) The amendments clarifies the scope of IFRS 2, as well as the accounting for group cash-settled share-based payment transactions in the separate financial statements of an entity receiving the goods or services when another group entity has the obligation to settle the award. The application of these amendments has not had any material impact on the consolidated financial statements. IFRS 3 Business combinations (revised in 2008) The revised standard continues to apply the acquisition method to business combinations but with some significant changes compared with IFRS 3. The changes relate to classification and measurement of assets and liabilities by acquisitions, and to recognition of transaction costs. All compensation related to an acquisition is measured at fair value at the acquisition date. Contingent considerations are normally classified as liabilities, and subsequent adjustments are to contingent considerations are recognised to profit or loss. The revised standard allows a choice on a transaction-by-transaction basis for the measurement of non-controlling interests at the date of acquisition either at fair value or at the non-controlling interests share of recognised identifiable net assets of the acquiree. Acquisition related costs are to be recognised as an expense in profit or loss. The application of the revised standard has had no implication on the consolidated financial statements for the year ended 31 December 2010, but will have an implication on the recognition of future business combinations. consideration when preparing information about operating segments in note 2. IAS 7 Statement of cash flows The amendment states that only expenditure that results in recognising an asset can be classifies as a cash flow from investing activities. Without this having a material effect, the group has taken this amendment into consideration when preparing the consolidated statement of cash flow. IAS 36 Impairment of assets The amendment clarifies that the largest unit permitted for allocating goodwill acquired in a business combination when performing impairment tests, is the operating segment before aggregation for reporting purposes. New, revised, and amended standards and interpretations in issue but not yet effective Upon approval of these consolidated financial statements the following new, revised, and amended standards, which might have an effect on future financial statements, have been issued but are not yet effective. The group has not chosen early application of any of these, and have not considered the potential effect on future consolidated financial statements. IFRS 7 Financial instruments: Disclosures (amended) Finansielle eiendeler som holdes med formål om å motta kontraktsmessige The amendments involves an increased level of disclosures regarding kontantstrømmer, skal måles til amortisert kost, med Standarden krever at alle transaksjoner med ikke-kontrollerende derecognition of financial assets. mindre en velger å måle disse eiendelene til virkelig verdi over IAS 27 Consolidated and separate financial statements (revised in 2008) The standard is extended to deal with transaction with non-controlling interests, and changes in ownership interests in subsidiaries that do not result in loss of control. All transactions with non-controlling interests that does not involve a loss of control are dealt with in equity, with no impact on goodwill or profit or loss. When control of a subsidiary is lost, the revised standard requires that any retained interest in the former subsidiary is recognised at its fair value at the date the control is lost. The application of the revised standard has not had any material impact on the consolidated financial statements. IAS 39 Financial instruments: recognition and measurement (amended) The amendments clarify that an entity is permitted to designate a portion of the fair value changes or cash flow variability as a hedged item. This also covers the designation of inflation as a hedged risk or a portion in particular situations. Furthermore the amendments clarify recognition when hedging with options. The time value of the option is considered to be hedge ineffectiveness, and needs to be reported in the period s profit or loss. The application of the amended standard has not had any material impact on the consolidated financial statements. Annual improvements to IFRSs 2009 As a result of the annual improvement process the IASB made amendments to twelve IFRSs. Some of these amendments are mentioned above. Other amendments which are, or might be, relevant for the group, but which do not have a material effect on the consolidated financial statements for 2010 are: IFRS 8 Operating segments The amendment clarifies that total segment assets need only be reported when this information are used by the chief operating decision maker in the entity. The group has taken this amendment into samt av regnskapsføringen i selskapsregnskapet av ordninger med kontantoppgjør, hvor selskapet som mottar varer eller tjenester ikke er forpliktet til å yte vederlag, men hvor dette ytes fra et annet konsernselskap. Endringen har ikke medført vesentlig påvirkning på konsernregnskapet. IFRS 3 Virksomhetssammenslutninger (revidert 2008) Endringene i standarden får konsekvenser for hvordan oppkjøp regnskapsføres, som en følge av at oppkjøpsmetoden er vesentlig endret. Endringene knytter seg til presentasjon og måling av eiendeler og forpliktelser ved oppkjøpstransaksjoner, og til behandling av transaksjonskostnader. Alle vederlag ved kjøp av virksomhet regnskapsføres til virkelig verdi på oppkjøpstidspunktet. Betingede vederlag klassifiseres normalt som gjeld, og etterfølgende verdiendring resultatføres. Det er valgadgang ved hvert enkelt oppkjøp å måle ikke-kontrollerende interesser på oppkjøpstidspunktet til virkelig verdi, eller kun til den ikke-kontrollerende interessens andel av netto identifiserbare eiendeler i det overdratte selskapet. Transaksjonskostnader skal kostnadsføres. Endringen av standarden har ingen vesentlig påvirkning på konsernregnskapet for 2010, men vil kunne påvirke fremtidige oppkjøp for konsernet. IAS 27 Konsernregnskap og separat finansregnskap (revidert 2008) Standarden er utvidet til å omhandle transaksjoner med ikkekontrollerende interesser, samt regnskapsføring ved tap av kontroll. interesser føres direkte mot egenkapitalen såfremt transaksjonen ikke medfører endring i kontroll. Slike transaksjoner vil ikke lenger resultere i endring i goodwill, eller gi resultateffekt. Når kontroll opphører skal enhver gjenværende eierinteresse måles til virkelig verdi. Endringen har ikke medført noen vesentlig påvirkning på konsernregnskapet. IAS 39 Finansielle instrumenter innregning og måling (endret) Endringene omfatter sikring og innebærer en klargjøring av at en spesifisert andel av virkelig verdi endringer eller kontantstrømendringer kan angis som et sikringsobjekt, herunder kan inflasjon under gitte forutsetninger angis som en sikret risiko, eller en spesifisert andel av sikret risiko. Videre sier endringer i standarden at dersom kjøpte opsjoner benyttes som sikringsinstrument, regnes tidsverdien av opsjonen som ineffektivitet og må resultatføres. Endringen har ingen vesentlig påvirkning på konsernregnskapet. Forbedringsprosjekt 2009 IASBs årlige forbedringsprosjekt for 2009 medførte endringer til tolv standarder/fortolkninger. Enkelte av disse er omtalt ovenfor. Øvrige endringer som er, eller kan bli, relevante for konsernet, men som ikke har noen vesentlig virkning på konsernregnskapet i 2010, er: IFRS 8 Driftssegmenter Opplysningskravene er endret, slik at det ikke lenger er krav om å vise totale eiendeler for hvert enkelt driftssegment, med mindre denne informasjonen rapporteres til foretakets øverste beslutningstakere. Konsernet har hensyntatt dette for segmentopplysninger i note 2. IAS 7 Kontantstrømoppstillingen Der er presisert at kun kontantstrømmer som balanseføres, kan klassifiseres som kontantstrøm til eller fra investeringsaktivitet. Konsernet har hensyntatt dette ved utarbeidelse av kontantstrømoppstillingen, IFRS 9 Financial instruments (2009) The complete new standard will replace existing IAS 39 in different steps. For the time being new requirements for classification and measurement, and derecognition of financial assets and liabilities are in issue. However the standard has not yet been endorsed by the EU. Financial assets held in order to receive contractual cash flows shall be measured at amortized cost, unless the entity designates the asset to be as measured at fair value. All other financial assets are to be measured at fair value. Changes in value of financial liabilities at fair value through profit or loss that relate to changes in credit risk shall be recognised in other comprehensive income. IAS 24 Related party disclosures (revised 2009) The revised standard clarifies and simplifies the definition of a related party and removes the requirement for government-related entities to disclose details of all transactions with the government and other government-related entities. Annual improvements to IFRSs 2010 As a result of the annual improvement process the IASB made amendments to seven standards and interpretations. Changes in accounting policy The Group changed in 2009 its accounting policy for dry-docking/ survey costs related to vessels that are leased on bareboat contracts. Previously the Group recognized provision for these costs, and charged them evenly over the time interval between two dry dockings, normally 30 months. The new policy is to recognize dry-docking/survey costs related to vessels leased on bareboat contracts equivalent to costs related to vessels the Group owns. They are recognized as an asset when the vessel is dry-docked, and depreciated evenly until the next docking, normally 30 months. uten at dette har medført noen vesentlig påvirkning på denne. IAS 36 Verdifall på eiendeler Det er tatt inn en presisering om at driftssegment før sammenslåing til rapporterbare segmenter er det høyeste nivået en kan allokere goodwill til i en nedskrivingsvurdering. Nye, reviderte, og endrede regnskapsstandarder og fortolkninger som ikke er trådt i kraft Ved vedtak av dette finansregnskapet er de følgende standarder og fortolkninger utgitt av IASB, men har ikke trådt i kraft for regnskapsåret Det er ikke valgt tidlig anvendelse av disse, og ledelsen har ennå ikke vurdert den potensielle effekten av innføring av disse nye, reviderte, og endrede standardene og fortolkningene. IFRS 7 Finansielle instrumenter opplysninger (endret) Endringene medfører økte krav til opplysninger vedrørende fraregning av finansielle eiendeler. IFRS 9 Finansielle instrumenter (2009) Den nye standarden vil erstatte gjeldende IAS 39 gjennom flere trinn. Foreløpig er nye bestemmelser for klassifikasjon og måling av finansielle eiendeler og finansielle forpliktelser vedtatt. Standarden er ikke EU-godkjent ved avleggelse av konsernregnskapet. resultatet. Alle andre finansielle eiendeler skal måles til virkelig verdi. Verdiendringer på finansielle forpliktelser til virkelig verdi over resultatet som skyldes endringer i kredittrisiko knyttet til instrumentet, føres mot utvidet resultat. IAS 24 Opplysninger om nærstående parter (revidert 2009) Den reviderte standarden tar bort det detaljerte opplysningskravet for offentlig eide virksomheter om transaksjoner med staten og andre offentlig eide virksomheter. Videre inneholder den reviderte standarden en klargjøring og forenkling av definisjonen av nærstående parter. Forbedringsprosjekt 2010 IASBs årlige forbedringsprosjekt for 2010 medførte mindre endringer til syv standarder og fortolkninger. Endringer i regnskapsprinsipp Konsernet endret i 2009 prinsipp for regnskapsføring av dokking/ klassekostnader på skip som er leid inn på bareboat kontrakter. Under det tidligere prinsipp ble det avsatt for disse kostnadene lineært over tidsintervallet mellom to dokkinger, normalt 30 måneder. Konsernets nye prinsipp er å regnskapsføre disse kostnadene lik som dokking/ klassekostnader på egne skip. Kostnadene aktiveres på tidspunktet skipet dokkes, og avskrives lineært frem til neste dokking, normalt 30 måneder. Konsolideringsprinsipper Datterselskaper Konsernregnskapet omfatter Green Reefers ASA og selskaper der Green Reefers ASA har kontroll. Kontroll foreligger der konsernet har makt til å utforme enhetens finansielle og operasjonelle retningslinjer, normalt gjennom eie, direkte eller indirekte, av mer enn 50 % av stemmeberettiget kapital i selskapet.

12 Green Reefers Group Green Reefers Group Basis of consolidation Subsidiaries The consolidated financial statements incorporate the financial statements of Green Reefers ASA, and entities controlled by Green Reefers ASA. Control is achieved where Green Reefers ASA has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities, generally accompanying a shareholding of more than one half of the voting rights. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests Non-controlling interests are included in the Group s equity. Noncontrolling interests consist of their share of the carrying value of subsidiaries including the share of identified excess value at the date of acquisition. Transactions with non-controlling interests are treated as transactions with equity owners of the group. Associates Associates are all entities over which the Group has significant influence balanseført verdi av investeringen. Konsernet resultatfører ikke Critical accounting estimates and judgements Estimater og vurderinger ledelsen har gjort, som representerer en be- 22 but not control, generally accompanying a shareholding of andel av underskudd dersom dette medfører at balanseført beløp tydelig risiko for vesentlige endringer i balanseført verdi av eiendeler 23 between 20 and 50 % of the voting rights. Investments in associates av investeringen blir negativ, med mindre konsernet har pådratt og gjeld i løpet av det neste regnskapsåret, er redegjort for i note 27. are accounted for using the equity method of accounting, and are seg forpliktelser på vegne av det tilknyttede selskapet. I balansen initially recognized at cost. fremkommer bokført verdi av investeringen som anleggsmiddel. The Group s share of its associates income or other comprehensive income is recognized on separate lines in the income statement or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as noncurrent assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the group. Joint ventures A joint venture is a contractual agreement whereby the Group and other parties undertake an economic activity that is subject to joint control. Joint venture arrangements that involve the establishment of a separate entity in which each venture has an interest are referred to as jointly controlled entities. The group reports its interests in jointly controlled entities using the equity method of accounting. Foreign currency translation Functional currency and presentation currency The Group presents its financial statements in USD, while the parent Oppkjøpsmetoden er brukt ved regnskapsføring av virksomhetssammenslutninger. Selskaper som er kjøpt i løpet av året er konsolidert fra tidspunktet kontroll oppnås. Konserninterne transaksjoner, mellomværender og urealisert fortjeneste og tap mellom konsernselskaper elimineres. Regnskapene til datterselskapene omarbeides når dette er nødvendig for å oppnå samsvar med konsernets regnskapsprinsipper. Ikke-kontrollerende eiere Ikke-kontrollerende eiere i datterselskaper inngår i konsernets egenkapital. Bokført verdi av ikke-kontrollerende eiere består av deres andel av balanseført verdi av datterselskaper, herunder andel av identifiserte merverdier på oppkjøpstidspunktet. Transaksjoner med ikke-kontrollerende eiere i datterselskaper behandles som egenkapitaltransaksjoner. Tilknyttede selskaper Tilknyttede selskaper er selskaper hvor konsernet har betydelig innflytelse. Betydelig innflytelse foreligger normalt der konsernet har en eierpost på mellom 20 og 50 % av stemmeberettiget kapital. Tilknyttet selskap regnskapsføres på kjøpstidspunktet til anskaffelseskost, og deretter anvendes egenkapitalmetoden. Konsernets andel av henholdsvis resultat og utvidet resultat i tilknyttede selskaper er regnskapsført på egne linjer i henholdsvis resultatregnskapet og i det utvidede resultatregnskapet, og tillagt Konsernets andel av urealisert fortjeneste på transaksjoner mellom konsernet og dets tilknyttede selskaper elimineres. Det samme gjelder for urealiserte tap med mindre transaksjonen tilsier en nedskriving av den overførte eiendelen. Der det har vært nødvendig er regnskapene til de tilknyttede selskapene endret for å oppnå samsvar med konsernets regnskapsprinsipper. Felleskontrollerte foretak Felleskontrollert virksomhet er en kontraktsmessig avtale der konsernet og andre parter påtar seg en økonomisk aktivitet som er underlagt felles kontroll. Felleskontrollert virksomhet som innebærer at det opprettes et eget foretak som hver av deltakerne har en andel i er referert til som felleskontrollerte foretak. Konsernet regnskapsfører investeringer i felleskontrollerte foretak etter egenkapitalmetoden. Omregning av fremmed valuta Funksjonell valuta og presentasjonsvaluta Konsernet presenterer sitt regnskap i USD, mens morselskapets presentasjonsvaluta er NOK. Den funksjonelle valuta til de enkelte enheter i konsernet er den valuta som i hovedsak benyttes i de økonomiske omgivelser som enheten opererer i. Morselskapets funksjonelle valuta er USD. Transaksjoner og balanseposter Transaksjoner i fremmed valuta omregnes til den funksjonelle valutaen til transaksjonskurs. Realisert valutagevinst eller tap ved oppgjør av slike transaksjoner, og omregning av pengeposter i fremmed valuta til kursen på balansedagen, resultatføres netto på egen linje i resultatregnskapet under finansinntekter og finanskostnader. company's presents its financial statements in NOK. The functional currency of the consolidated entities in the Group is the currency of the primary economic environment in which the entity operates. The parent company has USD as functional currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement within financial income and financial costs. Group companies For consolidation purposes the assets and liabilities of the subsidiaries with a different functional currency than USD are translated at the rate of exchange prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period or the exchange rates at the dates of the transactions. Translation differences are recognized in other comprehensive income and accumulated in equity. When a subsidiary with a different functional currency is disposed of, wholly or partly, the accumulated translation difference in respect of that subsidiary is reclassified to profit or loss in the same period that the gain or loss from the disposal is recognized. The preparation of financial statements requires the management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable, the results of which form the basis for determining the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Any adjustments of the accounting estimates are recognized in the period in which the adjustments were made, on the condition that they concern this period only. If the adjustments also concern future periods, the effect is distributed over the current and future periods. The estimates and assumptions made by the management, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are addressed in note 27. Property, plant and equipment Vessels (including docking), terminals, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the Konsernselskaper For konsolideringsformål er eiendeler og gjeld for datterselskaper med annen funksjonell valuta enn USD omregnet til balansedagens kurs Resultatregnskapet er omregnet til gjennomsnittkurs, eller til transaksjonsdagens kurs. Omregningsdifferanser føres over utvidet resultat, og akkumuleres som en egen post i egenkapitalen. Ved hel eller delvis avhendelse av datterselskap med annen funksjonell valuta blir akkumulert omregningsdifferanse knyttet til datterselskapet omklassifisert til resultatregnskapet i samme periode som gevinsten eller tapet ved avhendelsen regnskapsføres. Viktige regnskapsestimater og vurderinger Utarbeidelse av finansregnskap krever at ledelsen gjør vurderinger og estimater, og tar forutsetninger som påvirker anvendelsen av regnskapsprinsipper og regnskapsførte beløp på eiendeler og forpliktelser, inntekter og kostnader. Estimater og tilhørende forutsetninger er basert på historisk erfaring og andre faktorer som anses rimelige. Disse beregningene danner grunnlaget for vurdering av balanseført verdi for eiendeler og forpliktelser som ikke kommer klart frem av andre kilder. Faktisk resultat kan avvike fra disse estimatene. Estimater og de underliggende forutsetninger vurderes løpende. Endringer i regnskapsmessige estimater regnskapsføres i den perioden endringene oppstår, dersom de kun gjelder denne perioden. Dersom endringene også gjelder fremtidige perioder, fordeles effekten over inneværende og fremtidige perioder. Varige driftsmidler Varige driftsmidler er vurdert til anskaffelseskost fratrukket akkumulerte av- og nedskrivninger. Anskaffelseskost for driftsmidler består av kjøpspris og kostnader i forbindelse med kjøpet. Senere utgifter blir aktivert eller balanseføres separat, når det er sannsynlig at fremtidige økonomiske fordeler tilknyttet utgiften vil tilflyte konsernet, og utgiften kan måles pålitelig. Reparasjon og vedlikehold blir kostnadsført i den perioden utgiftene pådras. Ved anskaffelse blir varige driftsmidler dekomponert for avskrivningsformål dersom dette er vesentlig for avskrivningskostnaden. Komponentene avskrives lineært basert på antatt brukstid og restverdi ved utløp av brukstiden. Avskrivningsplan blir vurdert årlig for å sikre at den samsvarer med de økonomiske realitetene til driftsmiddelet. Restverdier på driftsmidlene beregnes ut i fra beste estimat på balansedagen. Dokking-/klassekostnader på skip aktiveres og avskrives jevnt frem til neste dokking, normalt 30 måneder. Ved kjøp av skip blir en andel av kostprisen dekomponert og avskrives frem til neste dokking/ klassing. Avskrivningsplan og metode fremgår av note 10. Nedskrivning av ikke-finansielle anleggsmidler Konsernet vurderer på balansedagen om det foreligger indikasjon på verdifall på anleggsmidler. Dersom slik indikasjon foreligger, eller det er krav om årlig testing for verdifall, estimerer konsernet eiendelens gjenvinnbare beløp. Gjenvinnbart beløp er det høyeste av virkelig verdi fratrukket salgsutgifter eller bruksverdi. Dersom bokført verdi er

13 Green Reefers Group Green Reefers Group financial period in which they are incurred. Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the depreciation cost. The components are depreciated on a straight-line basis based on their expected useful life and residual value at the end of their useful life. The depreciation schedule is reviewed annually to ensure that it accords with the economic realities of the asset. Residual value of the assets is calculated on the basis of best estimate at the end of the reporting period. Dry-docking-/survey costs of vessels are capitalised and depreciated evenly until the next docking, normally 30 months. When vessels are purchased, a share of the cost price is decomposed and depreciated until the next docking/survey. The depreciation schedules and methods are stated in note 10. Impairment of non-financial assets 3) Available-for-sale financial assets At each reporting date the Group assesses whether there is an indication Available-for-sale financial assets are non-derivatives that are either that an asset may be impaired. If any such indication exists, or designated in this category or not classified in any of the other cate- Finansielle eiendeler tilgjengelige for salg og finansielle in- where annual testing for impairment is required, the Group makes an gories. They are included in non-current assets unless the investment strumenter til virkelig verdi med verdiendring over resultatet estimate of the asset s recoverable amount. An asset s recoverable Finansiell leieavtale matures or management intends to dispose of it within 12 months of måles ved førstegangs innregning, og i senere perioder, til virkelig amount is the higher of an asset s fair value less costs to sell or value Finansielle leieavtaler presenteres i regnskapet som eiendeler og the end of the reporting period. verdi. Transaksjonskostnader ved anskaffelse føres over resultatet. in use. Where the carrying amount of an asset exceeds its recoverable gjeld lik kostprisen til eiendelen. Kostprisen fastsettes til leiens Investeringer i egenkapitalinstrumenter hvor virkelig verdi verken amount, the asset is considered impaired and is written down nåverdi og direkte kostnader knyttet til leiekontrakten. Månedlig 4) Other financial liabilities kan observeres i et aktivt marked, eller kan estimeres pålitelig, måles to its recoverable amount. In assessing value in use, the estimated leiebeløp er separert i et driftselement, et renteelement og et Other financial liabilities are all non-derivative financial liabilities, til kost. future cash flows are discounted to their present value using a pre-tax avdragselement. except those held for trading and recognized at fair value through discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss shall be reversed. The reversal shall not result in a carrying amount of the asset that exceeds what the amortised cost would have been had the impairment loss not been recognized at the date the impairment is reversed. Leasing Leases are treated as financial or operational leasing based on a specific assessment of the individual agreement. Operating lease Leases where the majority of the risk is on the counterparty are classified as operating leases. The rent is classified as an operating expense, and is recognized in the income statement over the period of the contract. Financial lease Financial leases are presented in the financial statements as assets and liabilities equal to the cost price of the asset. The cost price is set at the present value of the rent and direct costs related to the leasing contract. The monthly lease is separated into an operating element, an interest element and a principal element. The asset included in a financial lease is depreciated. The depreciation schedule is consistent with similar assets owned by the Group. Financial instruments Categories The Group has financial instruments in the following categories høyere enn gjenvinnbart beløp, foretas nedskrivning til gjenvinnbart beløp. Bruksverdi estimeres ut fra forventet kontantstrøm neddiskontert med før-skatt diskonteringsrente som reflekterer kontantstrømmens risiko og tidsperiode. Dersom årsaken til nedskrivningen i en senere periode bortfaller, og bortfallet kan knyttes objektivt til en hendelse som skjer etter at verdifallet er innregnet, reverseres den tidligere nedskrivningen. Reverseringen skal ikke resultere i at den balanseførte verdien av eiendelen overstiger det beløpet eiendelen ville ha vært bokført til på tidspunktet da nedskrivningen blir reversert dersom verdifallet ikke var blitt innregnet. Leasing Leieavtaler vurderes som finansiell eller operasjonell leasing etter en konkret vurdering av den enkelte avtale. Operasjonell leieavtale Leieavtaler hvor det vesentligste av risikoen er på kontraktmotparten, blir klassifisert som operasjonelle leieavtaler. Leien klassifiseres som en driftskostnad og resultatføres over kontraktsperioden. Eiendelen som inngår i en finansiell leieavtale avskrives. Avskrivningsplanen er konsistent med tilsvarende eiendeler som er eid av konsernet. Finansielle instrumenter Kategorier Konsernet har finansielle instrumenter i følgende kategorier: 1) Finansielle instrumenter til virkelig verdi med verdiendring over resultatet I denne kategorien inngår finansielle instrumenter holdt for omsetning. Dette er finansielle eiendeler og forpliktelser som i hovedsak er anskaffet eller pådratt med kortsiktig salg eller gjenkjøp som formål, herunder derivater som ikke er en del av en regnskapsmessig sikringsrelasjon. I tillegg vil instrumenter som ved førstegangs innregning ble øremerket til virkelig verdi over resultatet inngå i denne kategorien. Eiendeler og forpliktelser i denne kategorien klassifiseres som omløpsmidler eller kortsiktig gjeld. 2) Utlån og fordringer Utlån og fordringer er ikke-derivative finansielle eiendeler med faste eller bestembare betalinger som ikke omsettes i et aktivt marked. Slike finansielle eiendeler klassifiseres som omløpsmidler, med mindre de forfaller mer en 12 måneder etter balansedagen. 3) Finansielle eiendeler tilgjengelige for salg Finansielle eiendeler tilgjengelig for salg er finansielle eiendeler som enten er øremerket til denne kategorien ved anskaffelse, eller som ikke kan klassifiseres i en av de to ovennevnte kategorier, herunder investeringer i egenkapitalinstrumenter i selskaper hvor konsernet ikke har kontroll eller bestemmende innflytelse. Eiendeler i denne 1) Financial instruments at fair value through profit or loss This category includes financial instruments held for trading. These are instruments acquired for the purpose of selling or repurchase in the near term, including derivatives that are not designated and effective hedging instruments. Additionally financial instruments designated by the Group as at fair value through profit or loss upon initial recognition, are included in this category. Financial instruments in this category are classified as current assets or liabilities. 2) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. profit or loss. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. Recognition and measurement Purchases and sales of financial instruments are recognized on the date on which the Group commits to purchase or sell the instrument. Loans and receivables and other financial liabilities are recognized initially at their fair value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. After initial recognition these financial instruments are measured at amortised cost using the effective interest method. Available-for-sale financial assets and financial instruments at fair value through profit or loss are upon initial recognition, and subsequent recognition, measured at fair value. Transaction costs are expensed in the income statement. Investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured are measured at cost. Gains or losses arising from changes in the fair value of the financial instruments at fair value through profit or loss category are presented in the income statement. Changes in the fair value of available-forsale financial assets are recognized in other comprehensive income. When available-for-sale financial assets are sold or impaired, the accumulated fair value adjustments recognized in equity are included in the income statement. Gains or losses arising from financial instruments measured at amortised cost are recognized in the income statement when the asset or liability is derecognized or impaired, and as part of the amortisation process. kategorien er klassifisert som anleggsmidler, med mindre investeringen forfaller, eller ledelsen har til hensikt å selge denne, innen 12 måneder etter balansedagen. 4) Andre finansielle forpliktelser Andre finansielle forpliktelser er alle ikke-derivative finansielle forpliktelser, med unntak av de finansielle forpliktelser som er holdt for omsetning og regnskapsført til virkelig verdi med verdiendring over resultatet. Slike forpliktelser er klassifisert som kortsiktig gjeld, med mindre de forfaller mer enn 12 måneder etter balansedagen. Regnskapsføring og måling Kjøp og salg av finansielle instrumenter regnskapsføres på avtaletidspunktet. Utlån og fordringer samt andre finansielle forpliktelser måles ved førstegangs innregning til virkelig verdi tillagt direkte henførbare transaksjonskostnader. I senere perioder måles disse instrumentene til amortisert kost ved bruk av effektiv rentemetode. Verdiendring av finansielle instrumenter til virkelig verdi over resultatet vises i resultatregnskapet. En gevinst eller et tap på en finansiell eiendel tilgjengelig for salg innregnes i utvidet resultat. Når den finansielle eiendelen blir fraregnet eller nedskrevet som følge av verdifall, omklassifiseres samlet verdiregulering som tidligere er ført mot utvidet resultat til resultatregnskapet. For finansielle instrumenter målt til amortisert kost blir en gevinst eller et tap innregnet i resultatet når den finansielle eiendelen eller den finansielle forpliktelsen blir fraregnet eller faller i verdi, og dessuten i amortiseringsprosessen. Motregning av finansielle eiendeler og forpliktelser Finansielle eiendeler og forpliktelser motregnes og presenteres netto i balansen når det foreligger mortregningsrett som kan håndheves, og man har til hensikt å gjøre opp eller realisere eiendelen og forpliktelsen samtidig. Beholdinger Beholdinger av bunkers er vurdert til laveste av anskaffelseskost (etter FIFO-metoden) og virkelig verdi (markedsverdi). Kundefordringer Kundefordringer måles til virkelig verdi ved førstegangs innregning. Ved etterfølgende måling vurderes kundefordringer til amortisert kost ved bruk av effektiv rentemetode, fratrukket avsetning for inntruffet tap. Selskapet gjør en løpende vurdering av kundefordringene og gjør avsetning til tap dersom en ikke anser fordringen som god. Dersom oppgjør forventes innen ett år eller mindre, klassifiseres kundefordringer som omløpsmidler.

14 Green Reefers Group Green Reefers Group Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Inventories Inventories of bunkers are valued at the lower of cost (according to the FIFO method) or fair value (market value). Trade receivables Trade receivables are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. The Group makes a continuous evaluation of receivables and makes provision for impairment if the receivables indicate a fall in value. If collection is expected in one year or less, trade receivables are classified as current assets. Average claims Average claims are claims towards the Groups underwriter. The Group Ved innskuddsplaner regnskapsføres innskuddene som lønnskostnad has, based on an assessment that it is virtually certain that an inflow Skatter i takt med at de forfaller. of economic benefits to the entity will arise from these claims, recognized Skattekostnaden består av betalbar skatt og utsatt skatt. Skatt blir them as assets in the statement of financial position. Average resultatført, bortsett fra når den relaterer seg til poster som er ført Avsetninger, betingede forpliktelser og betingede eiendeler claims are classified as other current assets, and the corresponding mot utvidet resultat eller direkte mot egenkapitalen. Hvis dette er En avsetning regnskapsføres når konsernet har en forpliktelse (rettslig income is recognized as a reduction of average costs, classified as tilfellet, blir skatten også ført mot henholdsvis utvidet resultat eller eller antatt) som følge av en tidligere hendelse, og det er sannsynlig vessel operating costs. direkte mot egenkapitalen. at det vil skje et økonomisk oppgjør som følge av denne forpliktelsen, Cash and cash equivalents Cash equivalents are short-term liquid investments that can be converted instantly into cash of a known amount, and have a maximum maturity of three months. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the income statement, except to the extent that it relates to items that are recognized to other comprehensive income, or directly in equity. In this case the relating tax expense is also recognized to other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Havarikrav Havarikrav er krav mot konsernets assurandører. Konsernet vurderer det så godt som sikkert at havarikravene vil resultere i en strøm av økonomiske fordeler til konsernet, og har på dette grunnlag innregnet kravene i balansen. Havarikrav er klassifisert som omløpsmiddel under andre fordringer i balansen, og tilhørende inntekt er resultatført som en reduksjon av havarikostnader som er presentert under driftskostnader skip. Kontanter og kontantekvivalenter Kontantekvivalenter er kortsiktige likvide investeringer som omgående kan konverteres til kontanter med et kjent beløp, og med maksimal løpetid på tre måneder. Lån Lån regnskapsføres til virkelig verdi når utbetaling av lånet finner sted, med fradrag for transaksjonskostnader. I etterfølgende perioder regnskapsføres lån til amortisert kost beregnet ved bruk av effektiv rente. Forskjellen mellom det utbetalte lånebeløpet (fratrukket transaksjonskostnader) og innløsningsverdien resultatføres over lånets løpetid som del av effektiv rente. Betalbar skatt for perioden beregnes i samsvar med de skattemessige lover og regler som er vedtatt, eller i hovedsak vedtatt av skattemyndighetene på balansedagen. Det er lovverket i de land der konsernets datterselskaper eller tilknyttede selskaper opererer og genererer skattepliktig inntekt som er gjeldende for beregningen av skattepliktig inntekt. Det er ved bruk av gjeldsmetoden beregnet utsatt skatt på alle midlertidige forskjeller mellom skattemessige og konsoliderte regnskapsmessige verdier på eiendeler og gjeld. Utsatt skatt fastsettes ved bruk av skattesatser og skattelover som er vedtatt eller i det alt vesentlige er vedtatt på balansedagen, og som antas å skulle benyttes når den utsatte skattefordelen realiseres eller når den utsatte skatten gjøres opp. Utsatt skattefordel balanseføres i den grad det er sannsynlig at fremtidig skattepliktig inntekt vil foreligge der de skattereduserende midlertidige forskjellene kan utnyttes. Utsatt skattefordel og utsatt skatt skal motregnes dersom det er en juridisk håndhevbar rett til å motregne eiendeler ved betalbar skatt mot forpliktelser ved betalbar skatt, og utsatt skattefordel og utsatt skatt gjelder inntektsskatt som ilegges av samme skattemyndighet for samme skattepliktige foretak. Pensjoner Selskapene i konsernet har ulike pensjonsordninger. Pensjonsordningene er generelt finansiert gjennom innbetalinger til forsikringsselskaper eller pensjonskasser, slik disse fastsettes ved periodiske aktuarberegninger. Konsernet har både innskuddsplaner og ytelsesplaner. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. Pension obligations Group companies operate various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations. The group has both defined benefit and defined contribution plans. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, together with adjustments for unrecognized past-service costs. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of Government bonds with a premium to adjust for the terms to maturity. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognized immediately in income, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are amortized on a straight-line basis over the vesting period. For defined contribution plans, the contributions are recognized as employee benefit expense when they are due. Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate. Contingent liabilities are not recognized in the annual financial statements. Significant contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability occurring is remote. A contingent asset is not recognized in the annual financial statements, but is disclosed if there is a certain level of probability that a benefit will accrue to the Group. Recognition of revenue General Revenue from sale of goods and services is recognized when it is probable that transactions will generate future economic benefits that will flow to the Group, and the amount can be reliably measured. Den balanseførte forpliktelsen knyttet til ytelsesplaner er nåverdien av de definerte ytelsene på balansedatoen minus virkelig verdi av pensjonsmidlene, justert for ikke resultatførte estimatavvik og ikke resultatførte kostnader knyttet til tidligere perioders pensjonsopptjening. Pensjonsforpliktelsen beregnes årlig av en uavhengig aktuar ved bruk av en lineær opptjeningsmetode. Nåverdien av de definerte ytelsene bestemmes ved å diskontere estimerte fremtidige utbetalinger med renten på en statsobligasjon tillagt en premie for å hensynta løpetiden. Estimatavvik som skyldes ny informasjon eller endringer i de aktuarmessige forutsetningene blir regnskapsført mot egenkapitalen i oppstillingen over utvidet resultat i den perioden de oppstår. Endringer i pensjonsplanens ytelser resultatføres eller inntektsføres løpende i resultatregnskapet, med mindre rettighetene etter den nye pensjonsplanen er betinget av at arbeidstakeren blir værende i tjeneste i en spesifisert tidsperiode (opptjeningsperioden). I dette tilfellet amortiseres kostnaden knyttet til endret ytelse lineært over opptjeningsperioden. og beløpets størrelse kan måles pålitelig. Avsetninger blir basert på beste estimat. Betingede forpliktelser er ikke regnskapsført i årsregnskapet. Det er opplyst om vesentlige betingede forpliktelser, med unntak av betingede forpliktelser hvor sannsynligheten for forpliktelsen er lav. En betinget eiendel er ikke regnskapsført i årsregnskapet, men opplyst om, dersom det foreligger en viss sannsynlighet for at en fordel vil tilflyte konsernet. Periodisering av inntekter Generelt Inntekter fra salg av varer og tjenester regnskapsføres når det er sannsynlig at transaksjoner vil generere fremtidig økonomiske fordeler som vil tilflyte konsernet, og beløpets størrelse kan estimeres pålitelig. Salgsinntekter er presentert netto fratrukket merverdiavgift og rabatter. Fraktinntekter Fraktinntekter periodiseres etter løpende avregnings metode over reisens periode. Reisens periode er definert til å gå fra ferdig utlossing forrige reise til og med lossing på den aktuelle reisen, inkludert eventuell ballast. Fraktinntekter relatert til overgangsreiser periodiseres ut fra det antall dager reisen varer før og etter balansedagen. Leieinntekter Inntekter fra time-charter kontrakter regnskapsføres som operasjonell leasing, lineært over leieperioden. TC inntekter presenteres på egen linje i resultatregnskapet. Inntekter fra pooldeltakelse Konsernet har flere skip som inngår i pool-samarbeider. Brutto fraktinntekter og reiseavhengige kostnader tildeles det enkelte skip

15 Green Reefers Group Green Reefers Group Revenues are shown net of value added tax and discounts. Freight income Freight income is recognized under the percentage-of-completion method, over the period of the voyage. A voyage is defined to last from discharging the previous voyage until discharging on the voyage in question, including any ballast. Freight income related to vessel voyages exceeding the end of the reporting period is recognized according to the number of days the voyage lasts before and after the end of the reporting period. Revenue from leases Revenue from time-charter leases is recognized as operational leases using a straight-line basis over the term of the contract. TC hire is presented individually in the income statement. Revenue from pool participation The Group has several vessels participating in pools. Gross freight income and voyage-related costs are allocated to the individual vessel in the pool according to agreed pool allocation keys. Net income from pool participation is recognized over the related period, and is classified as Net pool income in the income statement. Voyage related expenses depreciation (EBITDA) (8 244) (7 594) avskrivninger (EBITDA) Voyage related expenses are recognized in the income statement under the percentage-of-completion method, over the period of the Depreciation (26 793) (673) (27 466) (30 427) (1 019) - (31 446) Avskrivninger voyage. Voyage expenses related to vessel voyages exceeding the Write-downs/reversal write-downs (12 490) - - (12 490) (10 697) (1 054) - (11 751) Nedskrivninger end of the reporting period are recognized according to the number Operating result (47 528) (22) - (47 549) (33 036) (1 319) - (34 355) Driftsresultat of days the voyage lasts before and after the end of the reporting period. Cash flow statement The cash flow statement is prepared according to the direct method. Segment reporting The definition of main business segments is based on the company s internal reporting. Financial information relating to segments is presented in note 2. Transactions between the individual business areas are priced at market terms. i pool-samarbeidet i henhold til avtalte pool points. Nettoinntekt fra pooldeltakelse er inntektsført i den tilknyttede perioden, og klassifisert som Netto poolinntekt i resultatregnskapet. Reiseavhengige kostnader Reiseavhengige kostnader regnskapsføres over reisens periode etter løpende avregnings metode. Reiseavhengige kostnader relatert til overgangsreiser periodiseres ut fra det antall dager reisen varer før og etter balansedagen. Kontantstrømoppstilling Kontantstrømoppstilling er utarbeidet etter direkte metode. Segmentrapportering Inndelingen i forretningsområder er basert på selskapets interne rapportering. Finansiell informasjon på segmentnivå fremgår av note 2. Transaksjoner mellom ulike forretningsområder er gjort på markedsvilkår. NOTE 2 SEGMENT INFORMATION The company has two reportable business segments; Vessels and Terminals. The terminals are integrated in the transportation systems and serve the company's own vessels and third party cargo owners. The parent company is included in the reporting of vessels. The primary segment reporting format pertains to business segments with profit and loss and breakdown of financial position. It is not practical to use geography as criteria for reporting segment information.the "Elimination" category includes sales and transfers between the reportable segments. SEGMENTINFORMASJON Selskapet har inndelt virksomheten i to forretningsområder; skip og terminaler. Terminalene er integrert i selskapets transportsystemer og betjener selskapets egne skip og eierne av den lasten som transporteres. Morselskapet er inkludert i rapporteringen for skip. Primær segment rapportering skjer på forretningsområder og inneholder detaljer på resultat og balanse. Det er ikke hensiktsmessig å benytte geografi som kriterie for segmentinformasjon. Eliminasjons gruppen inkluderer transaksjoner mellom de rapporterte segmenter. PRIMARY SEGMENT DATA PRIMÆR SEGMENT Year 2010 Year 2009 (USD 1000) Vessel Terminals Elim Group Vessel Terminals Elim Group (USD 1000) PROFIT AND LOSS RESULTATREGNSKAP Operating income external (424) Driftsinntekter fra eksterne kunder Operating income internal (1 111) - Driftsinntekter fra interne kunder OPERATING INCOME, in total (424) (1 111) SUM DRIFTSINNTEKTER Operating result before Driftsresultat før Net profit on sale of financial assets Resultat ved salg av finansaktiva Profit and loss from associated companies (1 100) 87 (1 013) (1 021) 87 - (934) Andel resultat tilknyttede selskaper Net finance internal (5 251) (4 233) (3 186) (688) - (3 874) Netto finansposter internt Other net finance Andre netto finansposter PROFIT (LOSS) before taxes (53 879) (52 796) (37 160) (1 920) - (39 080) RESULTAT før skatter Taxes (25) (101) - (126) (4) (174) - (178) Skatter PROFIT (LOSS) (53 904) (52 921) (37 164) (2 094) - (39 258) RESULTAT To non-controlling interests Til minoritet To owners of the Company (53 904) (52 978) (37 164) (2 239) - (39 403) Til majoritet STATEMENT OF FINANCIAL POSITION BALANSE Shares in JV and associated Aksjer i felleskont. og tilknyttede companies (1 609) (961) selskaper Other non-current assets (11 261) (26 019) Andre anleggsmidler Current assets (371) Omløpsmidler Asset, in total (11 261) (26 390) Sum eiendeler Equity (1 067) (3 707) (12 676) (3 707) Egenkapital Loan from parent company (7 383) (22 313) - Lån fra morselskap Mortgage loans and other liabilities Pantegjeld og annen langsiktig gjeld Current liabilities (171) (371) Kortsiktig gjeld Equity and liabilities, in total (11 261) (26 391) Sum egenkapital og gjeld INVESTMENTS INVESTERINGER VESSELS, TERMINALS, EQUIPMENT VARIGE DRIFTSMIDLER

16 Green Reefers Group Green Reefers Group NOTE 3 GUIDELINES FOR REMUNERATION OF THE MEMBERS OF THE EXECUTIVE MANAGEMENT The company's guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Green Reefers shall offer benefits as for comparable Norwegian companies. Compensation to CEO and CFO can be be found in note 4 to the financial statements. There is no share purchase option program in place. NOTE 4 WAGES, NUMBER OF EMPLOYEES, BENEFITS AND LOANS TO EMPLOYEES LØNNSKOSTNADER, ANTALL ANSATTE, GODTGJØRELSE, LÅN TIL ANSATTE WAGES AND SOCIAL COSTS LØNN OG SOSIALE KOSTNADER (USD 1000) (USD 1000) Salaries Lønninger (USD 1000) (USD 1000) Social security tax Arbeidsgiveravgift Pension costs seamen Reders andel pensjon til sjømenn Auditing Revisjon Pension cost Pensjonskostnader Attestation services - - Attestasjonstjenester Other benefits Andre ytelser Tax consulting - 10 Skatterådgivning Wages and social costs, in total Sum lønn og sosiale kostnader Other assistance Annen bistand specified; som fordeles slik; All amounts are exclusive of value added tax. Alle beløp er eksklusive merverdiavgift. Personnel vessels Personell skip See also information about related parties in note 22. Se også note 22 vedr nærstående parter. Personnel terminals Personell terminaler 30 Personnel other Personell øvrige 31 Personnel costs, in total Sum personell kostnader NOTE 5 Number of man-year Antall årsverk OPERATING COSTS SPECIFIED BY COST ITEM The number of man-year includes hired personnel. Antall årsverk inkluderer innleiet personell. DRIFTSKOSTNADER, SPES. ETTER ART Costs regarding former Dep. CEO's and former CFO's contract of termination of employment is included in Former CEO's agreement expires Termination costs are not incl in compensation and benefits to management below. FASTSETTELSE AV LØNN OG ANNEN GODTGJØRELSE TIL LEDENDE ANSATTE Hovedprinsippet for fastsettelse av lederlønn i Green Reefers er at ledende ansatte skal tilbys konkurransedyktige betingelser, slik at selskapet skaper kontinuitet i ledelsen. Green Reefers skal tilby et lønnsnivå som tilsvarer et gjennomsnitt av lønnsnivået i tilsvarende virksomheter i Norge. Godtgjørelse til ledende ansatte fremgår av note 4 til konsernregnskapet. Det foreligger ingen opsjonsprogrammer for ansatte. Kostnader for sluttavtaler med fratrådt viseadm. direktør og finansdirektør CFO er inkludert i sin helhet i Avtalene opphører henholdsvis og Sluttavtaler er ikke inkl. i ytelser til ledende personell. COMPENSATION AND BENEFITS YTELSER TIL LEDENDE TO MANAGEMENT ANSATTE Pension Other Salary costs comp. Total Pensjons Andre (USD) Lønn kostnad ytelser Sum (USD) 2010 Managing Director CEO * Adm. Direktør CEO Commercial Manager / Dep. CEO (former) Befraktningsdirektør/Viseadm. direktør (fratrådt) CFO (present) Finansdirektør CFO (nåværende) CFO (former) Finansdirektør CFO (fratrådt) Technical Manager (present) Teknisk direktør (nåværende) Technical Manager (former) Teknisk direktør (fratrådt) Total Sum *) CEO has defined contribution pension plan *) Adm. Direktør har innskuddsbasert pensjonsordning 2009 Managing Director CEO Adm. Direktør CEO Commercial Manager / Dep. CEO Befraktningsdirektør / Viseadm. Direktør CFO Finansdirektør CFO Technical Manager (present) Teknisk direktør (nåværende) Technical Manager (former) Teknisk direktør (fratrådt) Total Sum Managing director has no agreement about early retirement or payment with termination of the employment. The company has no share based salary. THE BOARD STYRET (USD) (USD) Remuneration: Honorar: Kristian Eidesvik Kristian Eidesvik Eivind Eidesvik Eivind Eidesvik Aage Thoen Aage Thoen Birthe Cecilie Lepsøe Birthe Cecilie Lepsøe Anne-Sofie Utne Anne-Sofie Utne Arnhild Dyrhaug Arnhild Dyrhaug Total Sum AUDITORS REMUNERATION (USD 1000) (USD 1000) Adm. direktør har ingen avtale om førtidspensjon eller etterlønn ved eventuell fratredelse før pensjonsalder. Selskapet har ikke aksjebasert avlønning. GODTGJØRELSE TIL REVISOR Salaries Lønnskostnader Voyage related costs Reiseavhengige kostnader Vessel operating costs Driftskostnader skip Periodical maintenance vessels Periodisk vedlikehold skip TC-hire TC-hyre Bareboat-hire Bareboat-hyre Costs terminals Kostnader terminaler Administration costs Administrasjonskostnader Operating costs, in total Sum driftskostnader

17 Green Reefers Group NOTE 6 PENSION COSTS, FUNDS AND ACCRUED PENSION LIABILITIES The company has defined benefit pension plans for its employees. The pension plans cover 73 office employees and seagoing personnel, of which 21 were retirees in The retirement age is 67 for office employees. FUNDS og -MIDLER Selskapet har foretakspensjonsordning i livsforsikringsselskap for sine ansatte. Pensjonsordningene omfatter 73 kontoransatte og seilende personell, hvorav 21 mottok pensjon i Pensjonsalderen er 67 år for kontoransatte. Green Reefers Group Changes in pension liabilities: Endring pensjonforpliktelser: Net liabilities 1/1 (43) 312 Netto forpliktelser 1/1 Allocated to pension cost in profit & loss (846) (1 232) Resultatført pensjonskostnad Premium payment Premiebetalinger Currency adjustment (11) 30 Agiojustering Net pension funds/(net pension liabilities) (396) (43) Netto pensjonsmidler/(netto pensjonsforpliktelser) Pension from 67 years is covered of the defined benefit plan and Social Security. Maximum pension, after 30 years service in the defined benefit plan and 40 years in the national social security, is about 66 % of yearly salary at retirement age limited to 12G. The company has with effect from entered into a defined contribution pension plan, with an option for the existing members to still be a part of the old pension plan. Some benefits in the pension plan are phased out. The effect of the changes in the plan is booked as a pension cost. Pensjon fra fylte 67 år omfatter ytelser fra kollektiv foretakspensjonsordningen og ytelser fra Folketrygden. Full alderspensjon, etter 30 års opptjeningstid i foretakspensjonsordningen og 40 års opptjeningstid Folketrygden, utgjør tilnærmet 66 % av pensjonsgrunnlaget, begrenset til 12G. Selskapet har med virkning f.o.m gått over fra ytelsesbasert til innskuddsbasert foretakspensjonordning, med valgfrihet for eksisterende medlemmer til fortsatt å opprettholde ytelsesbasert ordning. Enkelte ytelser knyttet til ordningen er også avviklet. Effekten som følge av planendringene er kostnadsført. The actuarial calculation has been Beregningen er foretatt av livsforsikringsmade by the insurance company based selskapet, basert på følgende forutsetninger: on the following assumptions: Discount rate 1/1 4,50 % 3,80 % Diskonteringsrente 1/1 Discount rate 31/12 3,20 % 4,50 % Diskonteringsrente 31/12 Wage increase 4,00 % 4,50 % Årlig lønnsvekst Pension increase 0,50 % 1,40 % Årlig pensjonsregulering Increase in base amount, G 3,75 % 3,75 % Årlig økning i G Expected yield rate pension funds 4,60 % 5,70 % Forventet avkastning på fondsmidler Voluntary termination members +/- 40 years 0-8 % 0-8 % Frivillig avgang medl. over/under 40 år The retirement age is 60 for seagoing personnel. The pension plan covers abt. 60 % of salary level at retirement with 30 years Pensjonalderen er 60 år for seilende personell. Den kollektive employment, and a deduction is made for estimated benefits paid pensjonsforsikringen utgjør tilnærmet 60 % av pensjonsgrunnlaget The calculations are made based on standardized Beregningene er basert på standardiserte from the social security "Pension Insurance for Seamen". Pension ved 30 års opptjeningstid, og blir samordnet med "Pensjonstrygden assumptions on development in deaths and forutsetninger om døds- og uføreutvikling, benefits are funded (insured) with life insurance companies from the for sjømenn". Pensjonsytelser dekkes av selskapets pensjonsordning disabilities, and other demographic factors prepared samt andre demografiske faktorer utarbeidet age of 60 until the age of 67. After the age of 67 pension benefits are i livsforsikringsselskapet fra fylte 60 år til fylte 67 år. Fra fylte 67 år by Central Federation of the Finance Industry av Finansnæringens Hovedorganisasjon (FNH). paid from the Social Security. blir alderspensjonen utbetalt av Folketrygden. (FNH). Wage adjustment and pension increase Lønns- og pensjonsregulering er beregnet ut are calculated on company specific conditions fra bedriftsspesifikke forhold og forventninger The company is obliged to have an occupational pension scheme Selskapet er pliktig til å ha tjenestepensjonsordning ihht. lov om and anticipations measured against historical målt mot historisk utvikling. Andre økonomiske according to the law on compulsory occupational pension, and have obligatorisk tjenestepensjonsordning, og har pensjonsordninger som development. Other economic assumptions are forutsetninger er fastsatt med utgangspunkt pension arrangements that satisfies the requirements in this law. tilfredsstiller kravene i denne loven. established based on the recommendations in i anbefalingene i Norsk Regnskapsstiftelses NorwegianAccounting Boards Guidance for Pension Veiledning for Pensjonsforutsetninger. 32 assumptions. 33 NET PENSION COST NETTO PENSJONSKOSTNAD Plan assets as a percentage of the fair Pensjonsmidlene i prosent av pensjonsmidlene (USD 1000) (USD 1000) value of total plan assets are as follows: til markedsverdier utgjør følgende: Present value of current year's service cost Nåverdi av årets pensjonsopptjening Interest cost on pension liability Rentekostnad av pensjonsforpliktelsen Expected return on pension plan assets (325) (374) Forventet avkastning på pensjonsmidlene Actuarial gains and losses Resultatført estimatavvik Employer's social cost Periodisert arbeidsgiveravgift Net pension cost of the year Netto pensjonskostnad Cost for defined contribution plan Kostnad til innskuddsbasert pensjonsordning presented as other operating costs 34 3 presentert som andre driftskostnader ACCRUED PENSION LIABILITIES AND PREMIUM BEREGNEDE PENSJONSFORPLIKTELSER FUNDS SECURED PLANS OG PENSJONSMIDLER SIKREDE ORDNINGER Actuarial present value of benefit obligation (7 548) (7 372) Beregnede pensjonsforpliktelser Actuarial value of pension premium funds Pensjonsmidler til markedsverdi Accrued employer's social cost (254) (190) Periodisert arbeidsgiveravgift Estimate changes not included in Ikke resultatført profit and loss statement estimatavvik Net pension funds/(net pension liabilities) (396) (43) Netto pensjonsmidler/(netto pensjonsforpliktelser) Bonds 48 % 52 % Obligasjoner Equity 12 % 7 % Aksjer Money market 21 % 20 % Pengemarked Property 19 % 21 % Eiendom Best estimate per 31/12 is based on number of members and assumptions 31/12. Actual yield on pensionresources is not determined. Best estimate of the actual yield is estimated to 3.1 % (6.2 % in 2009 and -2.1 % in 2008). Beste estimat pr. 31/12 er basert på antall medlemmer og forutsetninger 31/12. Faktisk avkastning på pensjonsmidlene er ikke fastlagt. Beste estimat for faktisk avkastning er estimert til 3,1 % (6,2 % i 2009 og -2,1 i 2008). ESTIMATE OF SENSITIVITY IN THE SECURED PLANS BEREGNING AV SENSITIVITET I YTELSESBASERT ORDNING Adjustment wages Adjustment discount rate Sensitivity analysis 1 % -1 % 1 % -1 % Sensitivitetsanalyse Change cost 140 (120) (72) 92 Endring kostnad Change liability 894 (805) (1 167) 1527 Endring forpliktelse Adjustment of pension benefits Adjustment voluntary retirement Sensitivity analysis 1 % -1 % 1 % -1 % Sensitivitetsanalyse Change cost (54) (37) Endring kostnad Change liability (406) (402) Endring forpliktelse

18 Green Reefers Group Green Reefers Group NOTE 7 TAXES SKATTER NOTE 8 SHARES IN SUBSIDIARIES AKSJER/ANDELER I DATTERSELSKAPER (USD 1000) (USD 1000) TAXES ÅRETS SKATTEKOSTNAD Taxes payable (126) (178) Betalbar skatt Changes in deferred taxes - - Endring utsatt skatt Taxes, in total (126) (178) Sum skattekostnad DEFERRED TAXES/ UTSATT SKATT/ (DEFERRED TAX ADVANTAGE) (SKATTEFORDEL) Temporary differences: Midlertidige forskjeller: Vessels Skip Other fixed assets (26) (681) Øvrige anleggsmidler Deferred capital losses (8 155) (31 334) Gevinst- og taps konto Net pension funds (396) (43) Pensjonsmidler Other temporary differences (12 309) (1 248) Øvrige midlertidige forskjeller Tax loss carried forward ( ) (95 975) Skattemessig underskudd til fremføring Temporary differences, in total ( ) ( ) Sum midlertidige forskjeller Tax rate 28 % 28 % Anvendt skattesats Deferred tax advantage - - Utsatt skattefordel Deferred tax foreign subsidiaries Utsatt skatt utenlandsk datterselskap for terminal building in Lithuania knyttet til terminalbygning i Litauen Deferred tax assets are calculated on tax of tax loss Utsatt skattefordel balanseføres med utgangspunkt 34 carried forward and reducing items the company can i forventet utnyttelse av fremførbare underskudd *) Subsidiary of Green Terminals AS *) Datterselskap av Green Terminals AS 35 benefit from. The calculated deferred tax assets is og midlertidige forskjeller. Den beregnede utsatte **) Subsidiary of Green Maritime AS **) Datterselskap av Green Maritime AS not booked in the balance sheet, but will be booked skattefordelen er ikke balanseført, men vil bli ***) Subsidiary of Green Management AS ***) Datterselskap av Green Management AS when the group comes into tax position again. The innarbeidet når konsernet kommer i skatteposisjon. ****) Subsidiary of UAB Green Terminals ****) Datterseksjap av UAB Green Terminals write offs has no consequence on future utiliasation Dette har imidlertid ingen betydning for selskapets *****) Subsidiary of Green Reefers Ltd. *****) Datterseksjap av Green Reefers Ltd. of the tax benefits. muligheter for å utnytte sin skatteposisjon fullt ut i årene som kommer. Reconciliation from nominal to Avstemming fra nominell til actual tax rate: faktisk skattesats: Business office Voting rights and ownership Forretnings- Company kontor Stemme- og eierandel Selskap Green Chartering AS Bergen, Norway 100 % 100 % Green Chartering AS Green Management AS Bergen, Norway 100 % 100 % Green Management AS Green Management Sp. Zoo ***) Szczecin, Poland 100 % 100 % Green Management Sp. Zoo ***) Green Shipping AS Bergen, Norway 100 % 100 % Green Shipping AS Green Maritime AS Bergen, Norway % Green Maritime AS Green Express AS **) Bergen, Norway % Green Express AS **) OOO Green Management Kaliningrad, Russia 100 % 100 % OOO Green Management OOO Green Reefers Kaliningrad, Russia 100 % 100 % OOO Green Reefers Green Reefers Guatemala SA Guatemala % Green Reefers Guatemala SA Green Bergen Ltd. Malta % Green Bergen Ltd. Green Terminals AS Bergen, Norway 100 % 100 % Green Terminals AS Green Terminal Måløy AS *) Måløy, Norway 100 % 100 % Green Terminal Måløy AS *) Green Reefers Ltd. *) Isle of Man 100 % 100 % Green Reefers Ltd. *) UAB Green Terminals *) Klaipeda, Lithuania 80 % 80 % UAB Green Terminals *) UAB Green Transport ****) Klaipeda, Lithuania 100 % 100 % UAB Green Transport *) Green Reefers Polska Sp. Zoo *) Swinoujscie, Poland 100 % 100 % Green Reefers Polska Sp. Zoo *) ZAO Green Terminal *****) Kaliningrad, Russia 100 % 100 % ZAO Green Terminal *****) Green Terminal LLC *) Tampa, USA 100 % 100 % Green Terminal LLC *) Profit & loss before taxes (52 796) (39 080) Resultat før skattekostnad Nominal tax rate 28 % 28 % Nominell skattesats Anticipated income tax due to nominal Forventet inntektsskatt etter nominell tax rate (14 783) (10 942) skattesats Tax effects of: Skatteeffekter av: Permanent differences (740) (180) Permanente forskjeller Changes in unrecognized deferred tax asset Endring ikke balanseført utsatt skattefordel Other adjustments (currency effects, lower tax Andre poster (valutaeffekter, lavere rates etc (57) (2 163) skattesatser i utlandet etc) Tax rate (126) (178) Skattekostnad Effective tax rate 0 % 0 % Effektiv skattesats Presentation of 2009 is altered in accordance Presentasjon av 2009 er omarbeidet ihht with 2010.

19 Green Reefers Group Green Reefers Group NOTE 9 SHARES IN ASSOCIATED AND JOINT VENTURE COMPANIES aksjer i tilknyttede og felleskontr. selskaper NOTE 10 VESSELS, TERMINALS AND OTHER EQUIPMENT VARIGE DRIFTSMIDLER Business Voting rights and office ownership Balance Forretnings- Company kontor Stemme- og eierandel Balanse Selskap (USD 1000) (USD 1000) Joint venture companies: Felleskontrollerte selskap: Silver Green AS (Group) * Norway 50,00 % Silver Green AS (konsern) * Associated companies: Tilknyttede selskaper: Euro-Terminal AS * Norway 32,14 % 32,14 % Euro-Terminal AS * Green Pacific DIS * Norway 24,75 % 24,75 % (3 322) (961) Green Pacific DIS * Helgeland Fryseterminal AS ** Norway 37,00 % 37,00 % Helgeland Fryseterminal AS ** GreenSea ** Neth. Antilles 50,00 % 50,00 % - - GreenSea ** Hamburg Reefer Chartering GmbH ** Germany 33,33 % Hamburg Reefer Chartering GmbH ** Hamburg Reefer Pool N.V. ** Neth. Antilles 33,33 % Hamburg Reefer Pool N.V. ** Shares in associated and JV companies, Sum aksjer i tilknyttede og felleskont. in total selskaper Other Vessels Docking Terminals equipment Total Andre (USD 1000) Skip Dokking Terminaler driftsmidler 2010 (USD 1000) Cost 1/ Kostpris 1/1 Other investments Annen tilgang Sale (16 243) (1 953) (4 165) (918) (23 279) Avgang Cost 31/ Kostpris 31/12 Accumulated Akkumulerte avdepreciation 1/ og nedskrivninger 1/1 Ordinary depreciation Ordinære avskrivninger Write-downs Nedskrivninger Sale (11 993) (1 533) (3 666) (487) (17 679) Avgang Accumulated Akkumulerte avdepreciation 31/ og nedskrivninger 31/12 Book value 31/ Bokført verdi 31/12 Balance 1/ Balanse 1/1 Investments Tilgang Sale - Avgang Dividend - Utbytte Profit (loss) for the year (1 013) (934) Årets resultat NON-CURRENT ASSETS Other VARIGE DRIFTSMIDLER Vessels Docking Terminals fixed assets Total Andre (USD 1000) Skip Dokking Terminaler driftsmidler 2009 (USD 1000) Oparation Profit/(loss) Financial statements 2010 income for the year Assets Liabilities Regnskap 2010 Euro-Terminal AS (estimate) Euro-Terminal AS (estimat) Silver Green AS (Group) Silver Green AS (konsern) Green Pacific DIS Green Pacific DIS 36 Profit on sale of non-current assets (992) Gevinst ved salg av anleggsmidler Cost 1/ Kostpris 1/1 Foreign currency translation - Omregningsdifferanse Other investments Annen tilgang 37 Balance 31/ Balanse 31/12 Sale (28 326) (1 922) - (1 000) (31 248) Avgang Cost 31/ Kostpris 31/12 * Equity method of accounting * Egenkapitalmetode anvendes ** Cost method of accounting ** Kostmetode anveldes Accumulated Akkumulerte avdepreciation 1/ og nedskrivninger 1/1 Ordinary depreciation Ordinære avskrivninger Write-downs Nedskrivninger Sale (7 470) (1 703) - (745) (9 918) Avgang Accumulated Akkumulerte avdepreciation 31/ og nedskrivninger 31/12 Book value 31/ Bokført verdi 31/12 Depreciation plan/useful life 30 years/år 30 months/mnd 25 years/år 3-7 years/år Avskrivningsplan/brukstid Depreciation method linear/ linear/ linear/ linear/ Avskrivningsmetode lineær lineær lineær lineær *) Impairment At each reporting date the Group assesses whether there is any indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset s recoverable amount. Each pool the vessels are members off is considered as a cash generation unit and evaluated as a whole. Imparement testing is based on approved budgets compared with historical income, costs and off-hire. In addition, the following assumptions are used: - return on equity 13.5 % - rate of debt return 6.9 % - weighted required return (WACC) 8.12 % - yearly growth 2 % *) Nedskrivnings vurderinger For å etterprøve balanseførte verdier er det foretatt en beregnet bruksverdi basert på nåverdien av neddiskonterte kontantstrømmer over det enkelte skip sin levetid. I beregningen er hver pool som selskapets skip deltar i, regnet for å være en kontantgenererende enhet, og således vurdert under ett. Til grunn for beregningen benyttes selskapets vedtatte budsjett sammenholdt med historiske tall for inntekter, kostnader og off-hire. Utover dette er det lagt til grunn følgende forutsetninger: - avkastningskrav til egenkapitalen 13,5 % - avkastningskrav til gjelden 6,9 % - veiet avkastningskrav (WACC) 8,12 % - årlig vekst på 2 %

20 Green Reefers Group Based on the above there is no need for wright downs of values for vessels continuing to operate. Based on an overall consideration based on profability, expected drydocking costs, age and demand some vessels are considered for demolition during These vessels are written down to expected sales prices, and total write downs are MUSD 12.5 and incorporated in the financial accounts for På denne bakgrunn foreligger ikke behov for nedskriving av balanseførte verdier for skip som skal driftes videre. Ut fra en totalvurdering av lønnsomhet, oppgradringsbehov, alder og etterspørsel er enkelte skip vurdert avhendet til resirkulering i løpat av året. Disse skipene er nedskrevet til antatt salgsverdi, og sum nedskrivinger beløper seg til MUSD 12,5 og er i sin helhet innarbeidet i regnskapet for NOTE 16 RECEIVABLES KUNDEFORDRINGER (USD 1000) (USD 1000) Receivables Kundefordringer Total receivables Sum kundefordringer Green Reefers Group (USD 1000) (USD 1000) NOTE 11 LIABILITIES SECURED BY MORTGAGES PANTSTILLELSER Mortgage debt For gjeld is secured by assets er avgitt pant i eiendeler with the following book values; til følgende bokført verdi; Vessels Skip Terminals Terminaler Trade receivables Kundefordringer Cash and cash equivalents Bankinnskudd Assets, in total Sum eiendeler Changes in allocation for losses of account receivables are as follows: Endringer i avsetning for tap på fordringer er som følger: Balance 1/1 (1 912) (1 887) Balanse 1/1 The years allocation of losses (1 293) (450) Årets avsetning til tap The years stated losses Årets konstaterte tap Reversal of earlier allocations - Reversert tidligere avsetning Balance 31/12 (2 630) (1 912) Balanse 31/12 Not due Receivables Total Ikke forfalt <30 d d d >360 d Kundefordringer NOTE 12 For receivables who is not overdue is the evaluation, For kundefordringer som ikke har forfalt er GUARANTEES GARANTIFORPLIKTELSER based on previous experience, that there is no need vurderingen, basert på tidligere erfaring, at det ikke Guarantees exceeding Garantiforpliktelser utover for allowance. er behov for tapsavsetninger. debts in balance sheet: bokført gjeld utgjør: 38 Other guarantees *) Andre garantier *) 39 Guarantees, in total Sum garantiforpliktelser *) The company has issued guarantees for mortgage loan in Euro-Terminal Group. *) Selskapet har stilt garanti for pantelån i Euro- Terminal konsernet. NOTE 13 OTHER NON-CURRENT ASSETS ANDRE LANGSIKTIGE FORDRINGER Loans to employees Lån til ansatte Receivables from associated companies Fordringer tilknyttede selskaper Net pension funds - - Netto pensjonsmidler Other non-current assets Andre langsiktige fordringer Other non-current assets, in total Sum andre langsiktige fordringer NOTE 14 OTHER CURRENT LIABILITIES ANDRE LANGSIKTIGE FORDRINGER Provision for future periodical maintenance Avsetning til periodisk vedlikehold Other current liabilities Annen kortsiktig gjeld Other current liabilities, in total Sum annen kortsiktig gjeld NOTE 15 CASH AND CASH EQUIVALENTS BANKINNSKUDD Cash and cash equivalents in NOK Bankinnskudd i NOK Cash and cash equivalents in USD Bankinnskudd i USD Cash and cash equivalents in EUR (1 388) (4 023) Bankinnskudd i EUR Cash and cash equivalents, in total Sum bankinnskudd Restricted cash equivalence hereof Herav sperret bankinnskudd Unused drawing rights - - Ubenyttet trekkfasilitet The company has a consolidated bank account facility which allows withdrawals in both USD, EUR and NOK. There is no overdraft limit attached to this facility or to other bank accounts in the Group. Selskapet har en konsernkonto med mulighet for trekk i USD, EUR og NOK. Det er ingen kassekredittramme knyttet til konsernkontoen eller andre bankkontoer i konsernet. NOTE 17 FINANCIAL ITEMS FINANSPOSTER (USD 1000) (USD 1000) Interest and other financial income Rente- og andre finansinntekter Held for trading - - Holdt for omsetning Loans and receivables Utlån og fordringer Total interest and other financial income Sum rente- og andre finansinntekter Gain (loss) on exchange Agio (disagio) Loans and receivables Utlån og fordringer Held for trading (173) Holdt for omsetning Other financial liabilities (2 752) Andre finansielle forpliktelser Total gain (loss) Sum agio (disagio) Unrealized gain (loss) Urealisert agio (disagio) Held for trading - Holdt for omsetning Other financial liabilities Andre finansielle forpliktelser Total unrealized gain (loss) Sum urealisert agio (disagio) Interest and other financial costs Rente- og andre finanskostnader Other financial liabilities (6 335) (5 694) Andre finansielle forpliktelser Other financial costs (1 175) (185) Andre finanskostnader Total interest and other financial costs (7 510) (5 879) Sum rente- og andre finanskostnader

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