Annual Report/ Årsrapport 2008 Global Reports LLC

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1 Annual Report/Årsrapport 2008

2 Contents_Innhold: Key figures/nøkkeltall 3 The Year Shareholders information 6 The Organisation 7 The Ships and Terminals 8 Directors Report 11 Profit and loss statement_group/resultatregnskap_konsern 16 Balance sheet_group/balanse_konsern 17 Cash flow statement_group/kontantstrømoppstilling_konsern 18 Equity _Group/Egenkapitaloppstilling _Konsern 19 Notes_Group/Noter_Konsern 20 Profit and loss statement_asa/resultatregnskap_asa 48 Balance sheet_asa/balanse_asa 49 Cash flow statement_asa/kontantstrømoppstilling_asa 50 Equity _ASA/Egenkapitaloppstilling _ASA 51 Notes_ASA/Noter_ASA 51 Auditor s report/revisjonsberetning 60 Corporate Governance 62 Året Aksjonærinformasjon 65 Årsberetningen for Selskapsstyring 68

3 Key figures_nøkkeltall (USD 1000) (USD 1000) From consolidated accounts Fra konsernregnskapet PROFIT AND LOSS STATEMENT RESULTATREGNSKAPET Operating income Driftsinntekter Operating result before Driftsresultat før av- og depreciation (EBITDA) nedskrivninger (EBITDA) Operating result Driftsresultat Net finance incl. profit (loss) on exchange Netto finans inkl. agio (disagio) Unrealized profit (loss) on exchange Urealisert agio (disagio) Profit (loss) before taxes Resultat før skattekostnad Profit (loss) for the year Årets resultat BALANCE SHEET BALANSE Fixed assets Anleggsmidler Current assets Omløpsmidler Total assets Sum eiendeler Equity Egenkapital Long term liabilities Langsiktig gjeld Short term liabilities Kortsiktig gjeld Total equity and liabilities Sum egenkapital og gjeld 3 KEY RATIOS, PER SHARE NØKKELTALL PR. AKSJE Share price year-end (NOK) Børskurs pr. 31. desember (NOK) Profit (loss) per share (USD) Resultat pr. aksje (USD) Diluted profit (loss) per share (USD) Utvannet resultat pr. aksje (USD) 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. We are the logistic highway.

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5 The year 2008 The operating profit (EBITDA) was MUSD 26.0 compared with MUSD 36.3 in 2007 The reported spot market rates for 2008 were 7 per cent lower than in Running costs increased by 19 percent, three main engine damages in 1Q 2008 Strong improvement in results for the terminals, EBITDA from MUSD -3.3 to MUSD 0. Profit on sale of fixed assets totalled MUSD 1.3. Ship management subsidiary in Poland established, managing 12 vessels 5

6 Shareholders information 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. This 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. The company recorded a loss in 2008 and the Board of Directors has therefore not proposed payment of any dividend for Investor information Green Reefers is concerned about 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, Shareholders and voting rights The company had registered shareholders at the end of Norwegian shareholders owned 63 per cent. The corresponding figures at the end of the previous year were shareholders and 63 per cent ownership by Norwegian shareholders. All shares have equal voting rights. Financial calendar Tuesday 19/05/09 Annual General Meeting/First quarter accounts Tuesday 25/08/09 Second quarter accounts Tuesday 24/11/09 Third quarter accounts Tuesday 16/02/10 Fourth quarter accounts 6 Share issues and current authorisations At the General Meeting in May 2008, the Board of Directors was authorised to increase the share capital by issuing new shares. A total increase of NOK 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 May The Board of Directors was further authorised to buy treasury shares with a nominal value of up to NOK The price per share shall be no less than NOK 2 and no more than NOK 10. So far, the company has bought shares at a price of NOK 2.70 per share. The authorisation remains valid for 12 months from 13th May Share price and liquidity trends The share price closed on 31 December 2008 at NOK 0.99, compared with NOK 3.80 one year earlier - a fall of around 74 per cent. Green Reefers has one single class of shares. As of 31 December the share capital consisted of shares with a nominal value of NOK 1.00 per share. Based on the year-end share price of NOK 0.99 the company has market capitalisation of MNOK 251, corresponding to MUSD During the year, 35 million shares in Green Reefers were traded on the Oslo Stock Exchange. In 2008 the Green Reefers share was moved from OB Match to OB Standard, as the average number of trades fell below 10 per day.

7 The Organisation Managing Director Toril Eidesvik Adm. Manager Controller Financial Director Ulrik Jørgensen Operations Director Jon Rørtveit Chartering Director Carl-Fredrik Odfjell Deputy Managing Director Harald Torstensen Terminal Director Rune Tarberg Accounting BGO Operation Norway Baltic Tech. Manager N SMS Tech. Manager PL Supply chain Manager Marine Accounting ASU Operations Conventional Supply Manager Accounting & Administration Claims & Legal Crewing Manager Technical Overseas Sales QA / SMS Supply 7 IT Crew

8 The ships and terminals 8 Fleet of specialised reefers as of March 09 Vessel Ownershare Built Size (cuft) Green Brazil 100 % Green Costa Rica 100 % Green Guatemala 100 % Green Honduras 100 % Green Autumn 100 % Green Magic 100 % Green Magnific 100 % Green Majestic 100 % Green Maveric 100 % Green Music 100 % Green Concordia 100 % Green Toledo 100 % Green Iceland 100 % Green Chapeco 100 % Green Explorer 100 % Green Neptunic 100 % Green Nova 100 % Green Glacier 100 % Green Austevoll 100 % 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 Klipper 100 % Green Ocean 100 % Green Bergen 100 % Green Tromsø 100 % Green Snow 100 % Green Winter 25 % Green Summer 25 % Green Spring 25 % Green Chile BB Green Italia BB Green Lofoten TC Green Atlantic TC Iberian Reefer TC Indian Reefer TC Italian Reefer TC TERMINALS EUROPE Træna Norway Built: 2002 Reefer storage capacity abt tons Måløy Norway Built: 1995 and 2000 Storage capacity abt tons Swinoujscie Poland Three coldstores built in: 1970, 1999 and Reefer storage capacity: abt tons Klaipeda Lithuania Built: 1996 Reefer storage capacity abt tons Kaliningrad Russia Built: 2001 Reefer storage capacity abt tons (depending on product) AMERICAS Tampa, Florida - USA Reefer storage capacity abt pallets Zolic Guatemala Reefer storage capacity pallets VESSELS equipped with sidedoors Vessel Ownershare Built Size (cuft) Green Frost 100 % Green Ice 100 % Wilson Express 100 % Number of vessels cuft Total million

9 Trades GT Måløy, Norway Træna, Norway Euro Terminal, Poland GR St.Petersburg, Russia GT Klapeida, Lithuania GT Kaliningrad, Russia GWT Tampa, USA GR, Guatemala 9 Træna - Norway Måløy - Norway Swinoujscie Poland Kaliningrad Russia Klaipeda Lithuania Tampa, Florida USA Zolic Guatemala

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11 Directors report The Green Reefers group reported a result before tax of MUSD (MUSD -9.7 in 2007), and a result after tax of MUSD (MUSD in 2007). The group wrote off the whole of the deferred tax benefit in Vessel operating expenses increased by 19 per cent in 2008, mainly due to increasing costs of crew, spare parts and lengthy repairs and dry-dockings. Average daily running expenses totalled USD 7 000, compared with USD in The group experienced a disappointing year in 2008, with substantial ship-management challenges, three main engine breakdowns in the beginning of 2008, and an unacceptably high off-hire ratio. The reefer market had a slow start in The peak season in the second quarter was, however, considerably stronger and longer than in the previous year. In the 3rd and, particularly, in the 4th quarters, the reefer market felt the impact of the financial turmoil. Contrary to expectations, the spot market averaged seven per cent less than the previous year in Green Reefers fleet segment. Results in 2008 The gross income of the Green Reefers group increased to MUSD 252.4, (MUSD 225.0). High bunker prices had a negative impact on voyage-related costs, but were in part compensated by higher freight rates. Net time-charter earnings increased by three per cent. As a consequence of time-chartered vessels and increased off-hire, the group had three percent fewer trading days than in the previous year. Income on a net time-charter basis therefore ended at MUSD (MUSD 138.2). The operating profit before depreciation (EBITDA) for 2008 was MUSD 26.0, compared with MUSD 36.3 in The EBITDA was generated entirely by the vessels, while the terminals had zero EBITDA in This was an improvement on the result of MUSD -3.3 in The operating result (EBIT) totalled MUSD -9.3, of which MUSD -8.2 was generated by the ships and MUSD -1.1 by the terminals. The EBIT figures include a net write-down of fixed assets of MUSD 8.2. Operations generated a cash flow of MUSD 17.1 in 2008, compared with MUSD 16.9 in The difference between EBITDA (MUSD 26.0) and cash flow from operations is due to the sale of a vessel (MUSD -1.3), financial items (MUSD -9.0) and changes in working capital (MUSD 1.4). The cash flow from investment was MUSD (MUSD -60.9). Investments in 2008 consisted mainly of the dry-docking of vessels. The group plans docking investments of MUSD 16.8 in Cash flow from financing was MUSD -0.6 (MUSD 43.2). The net cash flow for the group in 2008 was MUSD 4.8 (MUSD -0.7). The parent company, Green Reefers ASA, reported a profit of MNOK 156 (MNOK -126), which is allocated to other equity. As of 31 December 2008, the company s non-restricted equity is MNOK 339 (MNOK 184). The Board of Directors cannot recommend payment of dividend for The Board of Directors is not aware of any circumstances other than those mentioned in the annual report that would influence the group s balance sheet for Business summary Green Reefers operates in the international reefer market with specialised refrigerated vessels. The group is a fully-integrated shipping group with in-house departments for chartering/ operation, ship management and terminals. The group also has its own crewing offices in Kaliningrad and Gdynia, and a ship management subsidiary in Poland running 12 vessels. Green Reefers is the market leader in Norwegian and Icelandic exports of frozen pelagic fish to Eastern Europe and West Africa. The group also engages in various spot trades and period contracts, mainly in the Atlantic, including routes from Central and South America to the USA, Europe and the Black Sea, from Europe to the USA and West Africa, and from South Africa and Europe to the USA. Some of the services are integrated with the owned terminals. 11

12 12 The vessels are employed in a combination of established trades and spot activity. It is the long-term aim of the group to increase the contract coverage in all areas. Ships The vessels ran at a result before tax of MUSD in 2008 (MUSD -0.9). The loss in 2008 includes a write-down of MUSD 8.4. At year-end, Green Reefers operated a fleet of 43 ships commercially, 35 of which are fully owned, while the group has a 25 per cent ownership in three vessels. The group has also chartered in three vessels on long-term time charters, while two vessels are on bareboat charters. The bulk of the ships (36) are in the cubic feet segment, whereas the remaining (7) are in the segment. The latter are primarily employed in the fish trade in northern waters, while the larger ships trade primarily in the Atlantic, carrying fish, fruit and meat. The Bergen office is responsible for the management of 19 vessels, a fully-owned subsidiary in Poland for twelve, while nine vessels are managed by an external manager in UK. Terminals The pre-tax result in 2008 for the terminal activity was MUSD -1.8 (MUSD -8.8). The terminals in Central America and Florida serve the local fruit industry as well as Green Reefers trade in this region. The terminals in Norway and the Baltic Sea are mainly engaged in the frozen food business, and are linked up to Green Reefers logistic service. Following substantial losses in 2007, the group has focused on improving the operation of its terminals. The group s efforts succeeded and the terminal activity generated a slightly positive EBITDA. The terminal in Port Manatee was closed as part of the improvement process. The work to optimise the operation of the terminals will continue in The Reefer Market in 2008 and future prospects The reefer market had been enjoying a long-term positive trend in recent years. The current global financial crisis has, however, halted this development, and we are now experiencing severe set-backs in volume in some of the reefer trades. The group is of the opinion that our market segment of specialised reefers will be the preferred option for larger volumes requiring quick and direct delivery, and for transport to ports with a low degree of infrastructure sophistication. Our competitors, the container operators, will be preferred in trades where reefer commodities can be combined with larger volumes of other cargo, and for reefer commodities being transported in smaller lots together with other cargo being traded regularly through the year. There is currently a considerable global overcapacity of container vessels, and the rates being offered for chartering these vessels are low. Indirectly, this poses a threat to specialised reefers in our segment. However, the situation also presents new opportunities due to changing trade patterns, longer transit times and capacity adaptations. Green Reefers are now experiencing situations in which market players are turning to specialised reefers for their logistics needs as a consequence of the changing container market. On a global scale, however, Green Reefers expect the weak container market to have a negative impact on our market segment of specialised reefers. In 2008, newbuildings were delivered corresponding to 0.6 per cent of the global reefer fleet, while the scrapping of ships represented 4.4 per cent. With our very modest order book, we expect the supply/demand balance to be favourable when the world economy stabilises. On this basis, the Directors are cautiously optimistic with regard to the future prospects for the market. Risk management and sensitivity Green Reefers shall create values for its shareholders by exploiting the commercial opportunities that offer 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 spot activity. The group s strategic focus on the development of transportation systems through the integration of ships and terminals, combined with its objective of increasing contract coverage, is also intended to contribute to a more stable flow of income in of the face of a volatile spot market. Operational risk is related to the operation of ships and terminals. Exposure includes damage or injury to equipment, personnel and the environment, in addition to changes in the level of operating expenses. This will be affected by the quality and age of the fixed

13 assets and the implemented operating systems. The group hedges some of its bunker requirements through bunker clauses in the freight contracts with clients and financial hedging, but most of the bunker supplies are purchased on the spot market. The group is adequately insured in relation to its activities, including insurances for hull & machinery, loss of hire and liability. The group has an exposure to interest rate fluctuations, primarily relating to its long-term debt. A one per cent change in interest rate will affect the group s profit by MUSD 1.8. In 2008, 87 per cent of the group s revenues were in USD, which is the group s functional currency. Of the total operating and financial expenses, 56 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 through the use of forward currency transactions. Current loan agreements require the group to maintain a minimum liquidity reserve corresponding to 50 per cent of the next twelve months instalments on mortgage loans. At year end 2008 the group had a cash deposit of MUSD On the basis of forecasts for 2009, the liquidity situation is deemed to be challenging. Sale of assets, new loans and/or new equity will be required to ensure sufficient funds to meet covenants. The general reefer market may be influenced by crop harvests, export restrictions due to plant- and animal diseases, and political decisions. Around 60 per cent of the cargo volumes in the reefer market are exported from countries with US dollar economies, whereas euro-economies account for around 50 per cent of the imports. This means that the USD/EUR exchange rate has an impact on purchasing power in the market. A change in earnings of ten cents per cubic foot will affect the group s earnings by MUSD 13 annually. Going concern The group s financial situation is challenging, and the group is currently restructuring its organisation in an effort to become more cost efficient. However, in view of current forecasts, the group will need to take further measures to avoid a breach of cash covenants under the group s loan agreements. Such measures may include sale of assets, new loans and/or new equity. The Board of Directors confirms that the accounts have been prepared under the assumption of a going concern. Finance and capital structure The group had a cash deposit of MUSD 16.9 (MUSD 11.7) as of 31 December Interest-bearing debt totalled MUSD (MUSD 181.3). The group s liabilities are 81 per cent in USD, 18 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 May 2008, the Board of Directors was authorised to increase the share capital by issuing new shares. The share capital may be increased by a total of MNOK 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 May The Board of Directors were further authorised to buy treasury shares with a nominal value up to MNOK The price per share shall be no less than NOK 2 and no more than NOK 10. So far, the company has bought shares at a price of NOK 2.70 per share. The authorisation remains valid for twelve months from 13th May For additional information, please see the separate Shareholder Information section in the annual report. Book equity was MUSD (MUSD 141.6) at 31 December 2008, giving an equity ratio of 37.4 per cent. The short term liabilities were MUSD 51.6 (MUSD 50.4). The short term liabilities consist of the first year s instalments on long term liabilities (MUSD 22.8), accruals (MUSD 16.5) and other liabilities (MUSD 12.4). The short term liabilities is 24.7 per cent of the total liabilities. 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. 13

14 14 The Board of Directors considers the working environment to be satisfactory, both onshore and at sea. Sick leave for seafaring personnel was 1.1 per cent (1.1 %), while the office employees had sick leave of 3.9 per cent (4.9 %). A total of ten lost-time injuries were recorded in 2008, all of which were among seafarers. The group has a continuous focus on preventive measures to reduce personal injuries. In April 2008, Mrs Toril Eidesvik was nominated interim CEO, replacing Mr Trym Jacobsen, and was later confirmed as permanent CEO. In January 2009, Mr Harald S. Thorstensen was appointed Deputy CEO. There are equal opportunities for men and women in Green Reefers. The group s head office has traditionally been recruited from markets where men and women are equally represented. There are, however, few applications from women for positions in the commercial and technical operation of ships. The group has 70 (74) employees at its head office in Bergen, 32 (31) of whom are women. Working hours in the group are in accordance with the various positions and are not gender related. The percentage of part-time employees is slightly higher among women. 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 annual accounts for 2008 have been prepared in accordance with IFRS and the Norwegian Accounting Act. The annual report for 2008 gives a true and fair view of the Group s and the Company s assets, liabilities, financial position and operating result and a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph. Bergen, March 27, 2009 Board of Directors of GREEN REEFERS ASA Arnhild Dyrhaug Odfjell Kristian Eidesvik Aage Thoen Birthe Cecilie Jørgensen Eivind Eidesvik Toril Eidesvik Chairman of the Board Managing Director

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16 Green Reefers Group Profit and loss statement_resultatregnskap (USD 1000) Notes OPERATING INCOME DRIFTSINNTEKTER Gross freight income Brutto fraktinntekter 23 Terminals income Terminal inntekter Other income Andre inntekter Net profit on sale of Netto gevinst ved salg av fixed assets anleggsmidler Operating income, in total Sum driftsinntekter OPERATING COSTS DRIFTSKOSTNADER Voyage related costs Reiseavhengige kostnader Vessel operating costs Driftskostnader skip 4,8,28 TC-hire TC-hyre 23 Bareboat-hire Bareboat-hyre Terminal operating costs Terminalkostnader Other operating costs Andre driftskostnader 3,4 Operating costs, in total Sum driftskostnader 5 Operating result before Driftsresultat før avdepreciation (EBITDA) og nedskrivninger (EBITDA) 16 GREEN REEFERS GROUP Depreciation Avskrivinger 12 Write-downs/reversal Nedskrivinger/reversering write-downs nedskrivninger 12 OPERATING RESULT (EBIT) DRIFTSRESULTAT (EBIT) FINANCIAL INCOME AND FINANSINNTEKTER OG FINANCIAL COSTS FINANSKOSTNADER Net profit on sale of financial assets 134 Resultat ved salg av finansaktiva Profit and loss from associated Andel resultat tilknyttet companies a.o selskap m.v. 10 Interest and other financial income Rente- og andre finansinntekter 19 Profit (loss) on exchange Agio (disagio) 19 Unrealized profit (loss) on exchange Urealisert agio (disagio) 19 Interest and other financial costs Rente- og andre finanskostnader 19 Financial items, in total Sum finansposter PROFIT (LOSS) BEFORE TAXES RESULTAT FØR SKATTEKOSTNAD Taxes Skattekostnad 7 PROFIT (LOSS) FOR THE YEAR ÅRETS RESULTAT Minority interest Andel resultat til minoritet Majority interest Andel resultat til majoritet Profit (loss) per share Resultat pr. aksje 24 Diluted profit (loss) per share Utvannet resultat pr. aksje 24

17 Balance sheet_balanse Green Reefers Group (USD 1000) Notes ASSETS EIENDELER FIXED ASSETS ANLEGGSMIDLER Vessels Skip 12,13 Terminals Terminaler 12,13 Other fixed assets Andre driftsmidler 12,22 Shares in associated companies Aksjer i tilknyttede selskaper 10 Other shares Andre aksjer og andeler 11 Other long-term receivables Andre langsiktige fordringer 6,15 Deferred tax assets Utsatt skattefordel 7 Fixed assets, in total Sum anleggsmidler CURRENT ASSETS OMØPSMIDLER Trade receivables Kundefordringer 13,18 Inventories Beholdninger Other current assets Andre fordringer 28 Cash and cash equivalents Bankinnskudd 13,17 Current assets, in total Sum omløpsmidler ASSETS, IN TOTAL SUM EIENDELER EQUITY AND LIABILITIES EGENKAPITAL OG GJELD EQUITY EGENKAPITAL Paid up equity Innskutt egenkapital Share capital Aksjekapital 30 Own shares Egne aksjer Share premium reserve Overkursfond Retained earnings Opptjent egenkapital Other equity Annen egenkapital Minority interests Minoritetsinteresser Equity, in total Sum egenkapital LONG-TERM LIABILITIES LANGSIKTIG GJELD Deferred tax 2 26 Utsatt skatt 7 Mortgage loans Pantegjeld 21 Other long-term liabilities Annen langsiktig gjeld Long-term liabilities, in total Sum langsiktig gjeld 17 GREEN REEFERS GROUP SHORT-TERM LIABILITIES KORTSIKTIG GJELD First year payment on long-term liabilities Første års avdrag langsiktig gjeld 21 Suppliers Leverandørgjeld Taxes, public duties a.o Skyldige offentlige avgifter m.v. Other short-term liabilities Annen kortsiktig gjeld 16,22 Short-term liabilities, in total Sum kortsiktig gjeld EQUITY AND LIABILITIES, IN TOTAL SUM EGENKAPITAL OG GJELD Bergen, March 27, 2009 Bergen, 27. mars 2009 The Board of GREEN REEFERS ASA Styret for GREEN REEFERS ASA Arnhild Dyrhaug Odfjell Kristian Eidesvik Aage Thoen Birthe Cecilie Jørgensen Eivind Eidesvik Toril Eidesvik Chairman of the Board Managing Director

18 Green Reefers Group Cash flow statement_kontantstrømoppstilling (USD 1000) Notes OPERATIONS OPERASJONELLE AKTIVITETER Payments from operating income Innbetalinger av driftsinntekter Payments for operating costs Utbetalinger for driftskostnader Payments to employees Utbetalinger til ansatte, arbeidsgiverand tax authorities avgift og forskuddstrekk Payments from interest income Innbetalinger av renter Payments of interest and financial items Utbetalinger av renter Net cash flow Netto kontantstrøm fra from operations (1) operasjonelle aktiviteter INVESTMENTS INVESTERINGSAKTIVITETER Sale of fixed assets Salg av varige driftsmidler Investment in fixed assets Investering i varige driftsmidler Changes in other investments Endring i andre investeringer Net cash flow Netto kontantstrøm fra from investments (2) investeringsaktiviteter FINANCING FINANSIERINGSAKTIVITETER Loans Opptak av lån Repayment of loans Nedbetaling av lån Share issues/convertible loan Emisjoner/konvertibelt lån Investment in own shares -133 Kjøp egne aksjer Net cash flow Netto kontantstrøm fra from financing activities (3) finansieringsaktiviteter 18 GREEN REEFERS GROUP NET CASH FLOW NETTO ENDRING I KONTANTSTRØM FOR THE YEAR (1+2+3) GJENNOM ÅRET (1+2+3) Profit (loss) due to exchange rate Effekt av agio på fluctuations on cash likviditetsbeholdningen CASH AND CASH EQUIVALENTS 1/ BANKINNSKUDD 1/1 CASH AND CASH EQUIVALENTS 31/ BANKINNSKUDD 31/12 17 Profit (loss) before taxes Resultat før skattekostnad Net profit from sale of fixed assets Gevinst ved salg av anleggsmidler Depreciation and write-downs Av-/ og nedskrivninger 12 Change in inventories Endring i varelager Change in debtors Endring i kundefordringer Change in creditors Endring i leverandørgjeld Change in pension liabilities Endring pensjonsforpliktelse Change in other accruals Endring i andre tidsavgrensningsposter Unrealized (gain) loss on exchange Effekt av valutakursendringer Cash flow from Netto kontantstrøm fra operations operasjonelle aktiveteter

19 Equity_egenkapitaloppstilling Green Reefers Group Share Own Share remium Retained Foreign curency Minority capital shares reserve earnings translation interests Total Aksje- Egne Overkurs- Annen Omregn- Minoritets- (USD 1000) kapital aksjer fond egenkap. ings diff. interesser Sum Notes Equity 31/ Egenkapital 31/ Aquisition own shares Kjøp egne aksjer Minority on investment Tilgang minoritetsinteresser Foreign currency translation Omregningsdifferanse Other items Andre poster Profit (loss) to the equity Årets resultat Equity 31/ Egenkapital 31/ Equity 31/ Egenkapital 31/ Share issues Emisjoner Issue expenses Emisjonskostnader Minority on investment Tilgang minoritetsinteresser Foreign currency translation Omregningsdifferanse Other items Andre poster Profit (loss) on exchange conv. loan Agio konvertibelt lån Profit (loss) to the equity Årets resultat Equity 31/ Egenkapital 31/

20 Green Reefers Group Notes to the financial statements_noter til regnskapet 20 GREEN REEFERS GROUP NOTE 1 ACCOUNTING POLICIES 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 2008 financial year cover Green Reefers ASA and its subsidiaries and the Group s shares in associates as shown in Notes 9 and 10. Main principles The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The IFRS principles have been applied consistently for 2008 and The consolidated financial statements have been prepared on a historical cost basis, except for investments held for trading, which are measured at fair value. Changes in accounting policies Accounting policies in accordance with IFRS have been incorporated beginning 1 January IFRS 7 Financial instruments concerning new requirement information about financial instruments are implemented in the financial statements from Functional currency and presentation currency The Group presents its financial statements in USD. This is also the parent company s functional currency. For consolidation purposes the balance sheet figures for subsidiaries with a different functional currency are translated at the rate of exchange ruling on the balance sheet date, and the income statement is translated at the transaction rate. Translation differences are charged to equity. When subsidiary with a different functional currency are disposed of, the accumulated translation difference associated with the subsidiary is taken to profit or loss. Basis of consolidation The consolidated financial statements cover Green Reefers ASA and companies over which Green Reefers ASA has controlling influence. Controlling influence is normally gained when the Group owns, directly or indirectly, more than 50% of the shares in the company and is capable of exercising actual control over the company. The purchase method of accounting is used for acquired companies. Companies that are acquired during the year are consolidated from the date control was obtained. Companies where Green Reefers shareholding is between 20 50% and where Green Reefers has significant influence are considered to be associates and accounted for under the equity method. The share of the income is presented on a separate line under financial items. In the balance sheet the book value of the investment is grouped under non-current assets. Translation differences arise in connection with currency differences during consolidation of foreign companies. Currency differences on monetary items that in reality are part of a company s net investment in a foreign company are also included as translation differences. When foreign companies are disposed of, wholly or partly, the accumulated translation difference associated with the unit is reversed and recorded in the profit and loss accounts in the same period that the gain or loss from the disposal is recognised. REGNSKAPSPRINSIPPER Green Reefers ASA er morselskap i konsernet og hjemmehørende i Norge, med kontoradresse Ulsmågveien 7, 5224 Bergen. Selskapets konsernregnskap for regnskapsåret 2008 omfatter Green Reefers ASA og dets datterselskaper, og konsernets andeler i tilknyttede selskaper som vist i note 9 og 10. Hovedprinsipp Konsernregnskapet er avlagt i samsvar med Internasjonale standarder for finansiell rapportering (IFRS) slik disse er fastsatt av EU. IFRS prinsippene er konsistent anvendt for 2008 og Konsernregnskapet er utarbeidet på grunnlag av historisk kost, med unntak av investering holdt for handelsformål som vurderes til virkelig verdi. Endringer i regnskapsprinsippene Regnskapsprinsipper i henhold til IFRS er innarbeidet fra og med 1/ IFRS 7 Finansielle instrumenter omhandler nye krav til opplysninger om finansielle instrumenter og er innarbeidet i regnskapet f.o.m Funksjonell valuta og presentasjonsvaluta Konsernet presenterer sitt regnskap i USD. Dette er også morselskapets funksjonelle valuta. For konsolideringsformål er balansetall for datterselskaper med annen funksjonell valuta omregnet til balansedagens kurs, og resultatregnskapet er omregnet til transaksjonskurs. Omregningsdifferanser føres mot egenkapitalen. Ved avhendelse av datterselskap med annen funksjonell valuta blir akkumulert omregningsdifferanse knyttet til datterselskapet resultatført. Konsolideringsprinsipper Konsernregnskapet omfatter Green Reefers ASA og selskaper som Green Reefers ASA har bestemmende innflytelse overfor. Bestemmende innflytelse oppnås normalt når konsernet eier, direkte eller indirekte, mer enn 50% av aksjene i selskapet og er i stand til å utøve faktisk kontroll over selskapet. Oppkjøpsmetoden er brukt ved regnskapsføring av oppkjøpte selskaper. Selskaper som er kjøpt i løpet av året er konsolidert fra tidspunktet kontroll oppnås. Investeringer i selskaper med en eierpost på mellom 20% og 50% og hvor Green Reefers har en betydelig innflytelse, betraktes om tilknyttet selskap og regnskapsføres etter egenkapitalmetoden. Andel av resultat er presentert på egen linje under finansposter. I balansen fremkommer bokført verdi av investeringen som anleggsmiddel. Omregningsdifferanser oppstår i forbindelse med valutaforskjeller ved konsolidering av utenlandske selskaper. Valutaforskjeller på pengeposter som i realiteten er en del av et selskaps nettoinvestering i et utenlandsk selskap inngår også som omregningsdifferanser. Ved hel eller delvis avhendelse av utenlandsk selskap reverseres og resultatføres akkumulert omregningsdifferanse knyttet til enheten i samme periode som gevinsten eller tapet ved avhendelsen er regnskapsført.

21 Notes_noter Green Reefers Group Minority interests are included in the Group s equity. Minority interests consist of the minority s share of the carrying value of subsidiaries including the share of identified excess value at the date of acquisition. Intra-group transactions and balances, including intra-group profits and losses, are eliminated. The consolidated financial statements are prepared using uniform accounting policies for equal transactions and other events in similar circumstances. Recognition of revenue Revenue is recognised when it is probable that transactions will generate future economic benefits that will accrue to the company, and the size of the amount can be reliably estimated. Sales revenues are presented net of value added tax and discounts. Freight income is recognised over the period of the voyage, which lasts from discharging the previous voyage until discharging on the voyage in question, including any ballast. Freight income related to vessel voyages is recognised according to the number of days the voyage lasts before and after the balance sheet date. Voyage related expenses Voyage related expenses are recognized in the profit and loss account according to degree of completion of the transaction. Voyage expenses related to vessel voyages are recognised according to the number of days the voyage lasts before and after the balance sheet date. Pool participation Gross freight income and voyage-related costs are allocated to the individual ships in the pool according to agreed pool allocation keys. Payment to pool participants is included in the TC-hire. The company s pool activity ended in December Classification of assets and liabilities Assets intended for permanent ownership or use are classified as fixed assets. Other assets are classified as current assets. Receivables due within one year are classified as current assets. Similar criteria are used in classifying long-term and short-term liabilities, including presenting the first year s instalments on mortgage loans as current liabilities. Transactions and monetary items in foreign currency Transactions in foreign currency are translated at the rate ruling on the date of the transaction. Monetary items in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Non-monetary items measured in terms of historical cost in a foreign currency are translated into USD using the exchange rate at the date of the transaction. Exchange rate differences are taken to profit or loss. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Cost of assets consists of the purchase price and costs related to the purchase. Improvements are capitalised, and repairs and maintenance are expensed. Upon acquisition, items of tangible fixed assets are decomposed for depreciation purposes if this is material for the depreciation cost. The Minoritetsinteresser inngår i konsernets egenkapital. Minoritetsinteresser består av minoritetens andel av balanseført verdi av datterselskaper, herunder andel av identifiserte merverdier på oppkjøpstidspunktet. Konserninterne transaksjoner og mellomværende, inkludert internfortjeneste/-tap, er eliminert. Konsernregnskapet er utarbeidet med ensartede regnskapsprinsipper for like transaksjoner og andre hendelser under like omstendigheter. Periodisering av inntekter Inntekter regnskapsføres når det er sannsynlig at transaksjoner vil generere fremtidig økonomiske fordeler som vil tilflyte selskapet, og beløpets størrelse kan estimeres pålitelig. Salgsinntekter er presentert netto fratrukket merverdiavgift og rabatter. Fraktinntekter periodiseres over reisens periode, som går 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. Reiseavhengige kostnader Reiseavhengige kostnader resultatføres i forhold til transaksjonens fullføringsgrad etter løpende avregningsmetode. Reiseavhengige kostnader relatert til overgangsreiser periodiseres ut fra det antall dager reisen varer før og etter balansedagen. Pooldeltagelse Brutto fraktinntekter og reiseavhengige kostnader fordeles til de enkelte skip som inngår i poolen i henhold til avtalt fordelingsnøkkel i poolen. Utbetaling til pooldeltakere inngår i TC-hyre. Selskapets poolaktivitet ble avviklet i desember Klassifisering av eiendeler og gjeld Eiendeler bestemt til varig eie eller bruk klassifiseres som anleggsmidler. Andre eiendeler er klassifisert som omløpsmidler. Fordringer som skal innfris innen ett år er klassifisert som omløpsmidler. Ved klassifisering av langsiktig og kortsiktig gjeld er tilsvarende kriterier lagt til grunn, herunder at første års avdrag på pantegjeld er presentert som kortsiktig gjeld. Transaksjoner og pengeposter i utenlandsk valuta Transaksjoner i utenlandsk valuta omregnes til kursen på transaksjonstidspunktet. Pengeposter i utenlandsk valuta omregnes til balansedagens kurs. Ikke-pengeposter som måles til historisk kost uttrykt i utenlandsk valuta, omregnes til valutakurs på transaksjonstidspunktet. Valutakursendringer føres over resultatet. Varige driftsmidler og avskrivninger Varige driftsmidler er vurdert til anskaffelseskost fratrukket akkumulerte av- og nedskrivninger. Anskaffelseskost for driftsmidler består av kjøpspris og kostnader i forbindelse med kjøpet. Påkostninger blir aktivert, og reparasjon og vedlikehold blir kostnadsført. 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 21 GREEN REEFERS GROUP

22 Green Reefers Group Notes_noter 22 GREEN REEFERS GROUP 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 values are evaluated on a quarterly basis. Residual value of the assets is calculated on the basis of best estimate on the balance sheet date. Drydocking-/survey costs of owned ships are capitalised and depreciated evenly until the next docking, normally 30 months. When ships are purchased a share of the cost price is decomposed and depreciated until the next docking/survey. The depreciation schedule and method are stated in Note 12. Impairment of assets At each reporting date the Group assesses whether there is an 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. An asset s recoverable amount is the higher of an asset s net selling price or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax 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 recognised, the previously recognised 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 recognised 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 recognised 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 In accordance with this financial assets are classified into the following categories: 1) held for trading 2) receivables and loans driftsmiddelet. Vurdering av restverdi gjøres kvartalsvis. Restverdier på driftsmidlene beregnes ut i fra beste estimat på balansedagen. Dokking-/klassekostnader på eide 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 12. Nedskrivning 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 netto salgsverdi eller bruksverdi. I tilfelle bokført verdi er 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 og 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. Finansiell leieavtale Finansielle leieavtaler presenteres i regnskapet som eiendeler og gjeld lik kostprisen til eiendelen. Kostprisen fastsettes til leiens nåverdi og direkte kostnader knyttet til leiekontrakten. Månedlig leiebeløp er separert i et driftselement, et renteelement og et avdragselement. Eiendelen som inngår i en finansiell leieavtale avskrives. Avskrivningsplanen er konsistent med tilsvarende eiendeler som er eid av konsernet. Finansielle instrumenter Finansielle eiendeler er klassifisert i følgende kategorier: 1) holdt for omsetning 2) fordringer og gjeld Derivater er klassifisert som holdt for handelsformål, også om de er anskaffet for å redusere identifisert risiko i bunkersprisutviklingen. Alle andre finansielle eiendeler er klassifisert som lån og fordringer. Finansielle eiendeler definert som fordringer er inkludert i finansielle anleggsmidler, med mindre innløsningsdato er mindre enn

23 Notes_noter Green Reefers Group Derivatives are classified as held for trading, including those acquired to reduce identified risk in bunkers prices. All other financial assets are classified as loans and receivables. Financial assets defined as receivables are included in financial fixed assets unless the redemption date is less than 12 months after the balance sheet date. The remaining financial assets are classified as current assets. Financial liabilities defined as debt are included in long-term liabilities unless they have a term of less than 12 months, in which case they are classified as current liabilities. All sales and purchases of financial instruments are recorded on the transaction date. Transactions costs are included in cost price, with the exception of financial assets held for trading where the transaction costs are charged to the accounts on the transaction date. Financial instruments held for trading are stated at fair value. Fair value is determined by prices established in respective markets. Changes in fair value of financial instruments classified as held for trading are recognised in profit and loss accounts and presented under financial income/expenses. Investment in associates, where significant influence is exercised by Green Reefers and/or its subsidiaries, is accounted for using the equity method. See further details under consolidation. Investment in companies of less than 20% owner s share is recorded according to the cost method. Reliable estimates of market values are not available. Inventories Inventories of bunkers are valued at the lower of cost (according to the FIFO method) or fair value (market value). Trade and other receivables Trade and other receivables are recognised at cost less any impairment loss. The company makes a continuous evaluation of receivables and makes provision for impairment if the receivables indicate a fall in value. 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 3 months. Taxes The companies in the Group are subject to ordinary taxation. The tax in the income statement covers the period s payable tax and changes in deferred taxes. Deferred tax/tax asset is calculated at the nominal tax rate based on temporary differences between accounting and tax values, and tax loss carried forward. Taxincreasing and tax-reducing temporary differences that may reverse during the same period are offset within the individual legal entity that is subject to taxation. Deferred tax assets are recognised when it is probable that the company will have sufficient profit for tax purposes to utilise the tax 12 måneder etter balansedato. Resterende finansielle eiendeler er klassifisert som omløpsmidler. Finansielle forpliktelser definert som gjeld er inkludert i langsiktig gjeld, med mindre de har en løpetid på under 12 måneder. Da er de klassifisert som kortsiktig gjeld. Alt kjøp og salg av finansielle instrumenter er regnskapsført på transaksjonsdagen. Transaksjonskostnader er inkludert i kostpris, med unntak av finansielle eiendeler holdt for handelsformål, hvor transaksjonskostnader kostnadsføres på transaksjonsdagen. Finansielle instrumenter som er holdt for handelsformål er regnskapsført til virkelig verdi. Virkelig verdi er bestemt av kurser etablert i respektive markeder. Endringer i virkelig verdi i finansielle instrumenter klassifisert som holdt for handelsformål blir resultatført og presentert under finansinntekter/-kostnader. Investering i tilknyttede selskaper, hvor betydelig innflytelse er utøvd av Green Reefers og/eller dets datterselskaper, er resultatført etter egenkapitalmetoden. Se nærmere beskrivelse under konsolidering. Investeringer i selskaper med eierandel på under 20 % er regnskapsført etter kostmetoden. Det foreligger ikke pålitelige estimater over markedsverdier. Beholdinger Beholdinger av bunkers er vurdert til laveste av anskaffelseskost (etter FIFO metoden) og virkelig verdi (markedsverdi). Kundefordringer og andre fordringer Kundefordringer og andre fordringer er regnskapsført til anskaffelseskost fratrukket eventuelle tap ved verdifall. Selskapet gjør en løpende vurdering av kundefordringene og gjør avsetning til tap dersom en ikke anser fordringen som god. Kontanter og kontantekvivalenter Kontantekvivalenter er kortsiktige likvide investeringer som omgående kan konverteres til kontanter med et kjent beløp, og med maksimal løpetid på 3 måneder. Skatter Selskapene i konsernet er underlagt ordinær beskatning. Skattekostnaden i resultatregnskapet omfatter periodens betalbare skatt og endring utsatt skatt. Utsatt skatt/skattefordel er beregnet med nominell skattesats, og på grunnlag av de midlertidige forskjeller mellom regnskapsmessige og skattemessige verdier, samt skattemessig underskudd til fremføring. Skatteøkende og -reduserende midlertidige forskjeller som kan reverseres i samme periode er utlignet innenfor den enkelte juridiske enhet som er gjenstand for beskatning. Utsatt skattefordel er regnskapsført når det er sannsynlig at selskapet vil ha tilstrekkelige skattemessige overskudd til å nyttiggjøre seg av skattefordelen. På hver balansedato foretar konsernet en gjennomgang av ikke-regnskapsført utsatt skattefordel og dets regnskapsførte verdi. Konsernet regnskapsfører tidligere ikke-regnskapsført utsatt skattefordel i den grad det har blitt sannsynlig at konsernet kan benytte seg av den utsatte skattefordelen. Likeledes vil konsernet redusere utsatt skattefordel i den grad konsernet ikke 23 GREEN REEFERS GROUP

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