Ulsmågveien 7 P.O. Box 94 Nesttun NO-5852 Bergen Norway Tel

Ulsmågveien 7 P.O. Box 94 Nesttun NO-5852 Bergen Norway Tel +47 55 36 25 00 www.greenreefers.no Annual Report Årsrapport 2009

Content innhold Key figures nøkkeltall 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. (USD 1000) (USD 1000) From consolidated accounts 2009 2008 Fra konsernregnskapet INCOME STATEMENT RESULTATREGNSKAPET Operating income 193 403 252 368 Driftsinntekter Operating result before Driftsresultat før av- og depreciation (EBITDA) 8 842 26 025 nedskrivninger (EBITDA) Operating result (34 355) (9 260) Driftsresultat Net finance incl. profit (loss) on exchange (5 792) (9 478) Netto finans inkl. agio (disagio) Unrealized profit (loss) on exchange 1 067 2 500 Urealisert agio (disagio) Profit (loss) before taxes (39 080) (16 238) Resultat før skattekostnad Profit (loss) for the year (39 403) (16 496) Årets resultat 3 Key Figures Nøkkeltall 5 The Year 2009 6 Shareholders Information 7 The Organisation 8 The Ships 9 The Terminals 11 Directors Report 16 Income Statement Resultatregnskap Group 17 Statement of Financial Position Balanse Group 18 Cash Flow Statement Kontantstrømoppstilling Group 19 Equity Egenkapitaloppstilling Group 20 Notes Noter Group 50 Income Statement Resultatregnskap ASA 51 Statement Financial Position Balanse ASA 52 Cash Flow Statement Kontantstrømoppstilling ASA 53 Equity ASA/Egenkapitaloppstilling ASA 54 Notes Noter ASA 62 Auditor s Report Revisjonsberetning 66 Corporate Governance 68 Året 2009, Aksjonærinformasjon 69 Årsberetningen for 2009 72 Selskapsstyring STATEMENT OF FINANCIAL POSITION BALANSE Fixed assets 237 211 283 952 Anleggsmidler Current assets 39 306 50 026 Omløpsmidler Total assets 276 517 333 978 Sum eiendeler Equity 95 590 124 970 Egenkapital Long term liabilities 146 782 157 369 Langsiktig gjeld Short term liabilities 34 145 51 640 Kortsiktig gjeld Total equity and liabilities 276 517 333 978 Sum egenkapital og gjeld KEY RATIOS, PER SHARe nøkkeltall PR. AKSJE Share price year-end (NOK) 1,16 0,99 Børskurs pr. 31. desember (NOK) Profit (loss) per share (USD) (0,15) (0,06) Resultat pr. aksje (USD) Diluted profit (loss) per share (USD) (0,15) (0,06) Utvannet resultat pr. aksje (USD) 3

The year 2009 The operation profit (EBITDA) was MUSD 8,8 compared with MUSD 26,0 in 2008. The reported spot market rates for 2009 were 23 per cent lower than in 2008. Running cost was reduced with 10 percent and shows positive trend. Further improvement in results for the terminals, EBITDA from MUSD 0 to MUSD 0,8. Non renewal of lease for terminal in Tampa, Florida. Profit on sale of fixed assets totaled MUSD 7,1 from sale of 3 vessels, of which 2 are hired back on bareboat charter party. Technical management subsidiary in Poland manages 30 vessels. 4 5

Shareholders information The Organisation 6 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 25-30 per cent of the group s profit after tax. The company recorded a loss in 2009 and the Board of Directors has therefore not proposed payment of any dividend for 2009. 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, www.greenreefers.com. Share issues and current authorisations At the General Meeting in May 2009, the Board of Directors was authorised to increase the share capital by issuing new shares. A total increase of NOK 125.000.000 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 2010. The authorisation was used in November 2009 in a private placement to raise 60 millions shares, with a subsequent offering in February 2010 towards those shareholders that did not have the opportunity to participate in the first part of the right issue. The Board of Directors was further authorised to buy treasury shares with a nominal value of up to NOK 25.000.000. The price per share shall be no less than NOK 0,10 and no more than NOK 2,00. The authorisation remains valid for 12 months from 13th May 2008. The board has not used this authorisation. Share price and liquidity trends The share price closed on 31 December 2009 at NOK 1.16, compared with NOK 0.99 one year earlier - an increase of around 18 per cent. Green Reefers has a single class of shares. As of 31 December the share capital consisted of 313,505,389 shares with a nominal value of NOK 1.00 per share. Based on the year-end share price of NOK 1.16 the company has market capitalisation of MNOK 367, corresponding to MUSD 63.8. During the year, 38,3 million shares in Green Reefers were traded on the Oslo Stock Exchange. In 2009 the Green Reefers share was moved from OB Standard to OB Match, as the average number of trades were above 10 per day. Shareholders and voting rights The company had 2,163 registered shareholders at the end of 2009. Norwegian shareholders owned 77 per cent. The corresponding figures at the end of the previous year were 1,490 shareholders and 63 per cent ownership by Norwegian shareholders. All shares have equal voting rights. Financial calendar Thursday 08/04/10 Annual General Meeting Tuesday 18/05/10 First quarter accounts Tuesday 24/08/10 Second quarter accounts Tuesday 09/11/10 Third quarter accounts Tuesday 22/02/11 Fourth quarter accounts Managing Director Toril Eidesvik QA Financial Director Operations Director Deputy Managing Director Technical Director Terminal Director Øystein Disch Olsrød Jon Rørtveit Chartering Director Kjetil Bruun-Olsen Rune Tarberg Harald Thorstensen

The ships The terminals Fleet of specialised reefers 8 Vessel Ownershare Green Frost Green Ice Green Bergen Green Tromsø Green Ocean Green Klipper Green Austevoll Green Bodø Green Cooler Green Crystal Green Egersund Green Freezer Green Karmøy Green Måløy Green Selje Green Glacier Green Winter 25 % Green Summer 25 % Green Spring 25 % Green Nova Green Explorer Green Neptunic Green Chapeco Green Iceland Green Concordia Green Toledo Green Magic Green Magnific Green Majestic Green Maveric Green Music Green Autumn Wilson Express Green Brazil Green Honduras Green Chile BB Green Costa Rica BB Green Guatemala BB Green Italia BB Built Size (cuft) 1985 163 200 1985 163 200 1998 194 000 1997 194 000 1992 261 262 1991 261 262 1991 265 770 1990 265 770 1990 265 770 1992 265 770 1990 265 770 1991 265 770 1989 265 770 1990 265 770 1989 265 770 1991 270 258 1989 271 305 1989 271 305 1988 271 305 1992 271 589 1991 273 714 1989 273 429 1990 300 124 1993 300 469 1991 302 020 1991 302 020 1990 310 395 1993 310 395 1992 310 395 1988 310 395 1990 310 395 1982 313 122 1983 318 307 1994 375 723 1992 375 723 1992 375 723 1992 375 723 1992 375 723 1994 375 723 TC vessels Vessel Ownershare Green Atlantic TC Green Lofoten TC Alma TC Indian Reefer TC Italian Reefer TC Iberian Reefer TC Built Size (cuft) 1985 165 234 1997 194 620 1997 194 620 1991 265 770 1992 265 770 1991 265 770 Træna, Norway 1 Måløy, Norway 2 5 Klaipeda, Lithuania Kaliningrad, Russia Swinoujscie, Poland 3 4 Zolic, Guatamala 6 9 EUROPE Træna Norway Built: 2002 Reefer storage capacity abt 4 500 tons 4 Kaliningrad Russia Built: 2001 Reefer storage capacity abt 4 000-6 000 tons (depending on product) 2 Måløy Norway Built: 1995 and 2000 Storage capacity abt 4 500 tons 5 3 Swinoujscie Poland Three coldstores built in: 1970, 1999 and 2005. Reefer storage capacity: abt 30 000 tons Klaipeda Lithuania Built: 1996 Reefer storage capacity abt 3 500-4 000 tons (owned) and 10 000 (rented) 1 6 AMERICAS Zolic Guatemala Built: 2007 Reefer storage capacity: abt 4 500 tons

Director s report The Green Reefers group reported a loss before tax of MUSD 39.1 (MUSD 16.2 in 2008), and a loss after tax of MUSD 38.4 (MUSD 16.5 in 2008). Vessel operating expenses decreased by 10 per cent in 2009, partly in consequence of 5 percent of the fleet in lay-up due to a weak reefer market. Average daily running expenses excluding dry docking totalled USD 6 142 compared with USD 6,436 in 2008. The group experienced a very difficult market in 2009. Despite cost reductions and an improved off-hire ratio, the net result was heavily influenced by a very weak second and third quarter market. The spot market started very similar to the season 2008. At the end of February, when the market normally starts to rise towards its peak season level, the rates instead levelled out and later on collapsed to finally land on a historical off-season level. A market drop of this magnitude was not caused by any single issue, but a combination of several factors. Due to the over all global economical situation the container lines started to focus on new trades and new areas. The lines took a major step into the traditional reefer trades and put a heavy pressure on the rate structure. The financial crisis also caused a strong reduction in the import of fruit, fish and meat to important markets like Russia and Ukraine; cargo traditionally transported by reefer vessels fixed in the spot market. In the wake of the financial crisis in the world we could detect a much reduced purchase power by the regular consumer of perishables which obviously resulted in less demand for reefer transportation. In addition, irrational market behavior was observed preceding the bankruptcy of a major reefer operator, leading to a stronger decrease in the rates than the supply/demand balance otherwise should dictate. The fourth quarter reached rate levels close to a more traditional reefer season. During the month of November rates reached levels above the same period of 2008. The positive development did however not last throughout the fourth quarter. The Christmas Season arrived earlier than normally, mainly as a result of a lower demand for larger banana vessels. This reefer segment has a spill over impact on the rates of the handy size segment. Less demand in Russia for various reefer commodities did as well have a negative impact on the capacity demand and thereby an important reason for the slow down in the reefer market by the end of the year. In addition, higher bunker prices contributed to further reduce the margins. The spot market in 2009 averaged 23 percent less than the previous year in Green Reefers fleet segment. RESULTS IN 2009 The gross income of the Green Reefers group decreased to MUSD 193.4, (MUSD 252.4). Net time-charter earnings decreased by 18 per cent. Despite having 5 percent of the fleet capacity in lay-up, the group increased its trading days with 2 percent as a result of reduced technical off-hire and a higher time charter activity. Income on a net time-charter basis therefore ended at MUSD 108.2 (MUSD 138.8). The operating profit before depreciation (EBITDA) for 2009 was MUSD 8.8, compared with MUSD 26.0 in 2008. The EBITDA was generated mainly by the vessels, whereas the terminals had MUSD 0.8 in EBITDA in 2009. The latter is an improvement from zero EBITDA for the terminals in 2008. The operating loss (EBIT) totalled MUSD -34.4, of which MUSD -33.0 was generated by the ships and MUSD -1.3 by the terminals. The EBIT figures include a net write-down of fixed assets of MUSD 11.8. Operations generated a negative cash flow of MUSD 0.7 in 2009, compared with MUSD 17.1 in 2008. The cash flow from investment was MUSD -10.0 (MUSD - 11.7). Investments in 2009 consisted mainly of dry-dockings of the vessels. The group plans docking investments of MUSD 7.5 in 2010. Cash flow from financing was MUSD -13.6 (MUSD 0.6). The net cash flow for the group in 2009 was MUSD -4.4 (MUSD 4.8). The parent company, Green Reefers ASA, reported a loss of MNOK -467 (MNOK 195), which is allocated to other equity. As of 31 December 2009, the company s non-restricted equity is MNOK 0 (MNOK 339). The Board of Directors cannot recommend payment of dividend for 2009. 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 2009. 11

BUSINESS SUMMARY Green Reefers operates in the international reefer market with specialised refrigerated vessels. The group is a fullyintegrated shipping group with in-house departments handling chartering, operation and terminal activities. Green Reefers has as a ship management subsidiary in Poland running 30 vessels. The group has its own crewing offices in Kaliningrad and Szczecin. Green Reefers is the market leader in transportation of Norwegian and Icelandic frozen pelagic fish to Eastern Europe and West Africa. The group also engages in various spot trades and period contracts, mainly in the Atlantic basin, 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 seafood services are integrated with the owned terminals, whilst the fruit terminals in US and Guatemala have proved hard to operate in a profitable manner, and as a consequence the terminal in Tampa, US was closed down in the spring. SHIPS The vessels ran at a pre-tax loss of MUSD -37.2 in 2009 (MUSD -14.4). The loss in 2009 includes a write-down of MUSD 10.7 (MUSD 8.4). At year-end, Green Reefers operated a fleet of 45 ships commercially, 32 of which are fully owned, while the group has a 25 per cent ownership in three vessels. The group has six vessels on long-term time charters, and four vessels are on bareboat charter. The bulk of the ships (38) are in the 270 000-400 000 cubic feet segment, whereas the remaining (7) are in the 150 000-200 000 segment. The latter are primarily employed in the fish trade in northern waters, whilst the larger ships trade primarily in Atlantic waters, carrying fish, fruit and meat. Green Reefers has during 2008 and 2009 transferred technical management of 30 owned vessels from the head office in Bergen to the Green Management Sp zoo, the wholly owned Polish subsidiary. Nine vessels, of which six are wholly owned by the Company, are managed by an external manager in UK. TERMINALS The pre-tax result in 2009 for the terminal activity was MUSD -1.9 (MUSD -1.8). The terminals in Norway and the Baltic Sea are mainly engaged in the frozen fish business and are linked up to the Green Reefers logistic service. The terminals in Guatemala and Florida were intended to serve the local fruit industry, as well as Green Reefers trades in this region, but have proven difficult to run in a profitable way. As a consequence, the operation in Florida was closed down this summer, and the group is presently evaluating a continued operation in Guatemala. The group started in 2008 a project to optimise the operation of its terminals and the improvement in EBITDA from 2008 to 2009. Despite losses in Central America and the US, results show that the efforts have succeeded. The work to optimise the operation of the terminals will continue in 2010. THE REEFER MARKET IN 2009 AND OUTLOOK The reefer market was in 2009 strongly affected by the global financial crisis. Unstable financial markets and the inability to obtain credit also had a strong impact on reefer commodities. It has been estimated that container imports to USA, Europe and Japan during 2009 fell by 15-18% versus 2008 and banana imports to the EU and USA was (up to August 2009) reduced by 6% and 12% respectively. Russian banana imports dropped by around 5% over the same period, and also other reefer commodities such as chicken, meat and fish were substantially reduced. Poor climatic conditions in South Africa and Central America during 2009 caused a reduced harvest with a shortage of fruit. Compounded by poor selling prices, the result was a diminished number of spot requirements to traditional free market areas like the Eastern Mediterranean. The frozen chicken trade from the USA to Russia decreased from 2008, when almost 1 million ton was shipped, to around 750,000 ton in 2009. In addition the 2009 South Atlantic Squid catch was poor by comparison to 2008. Fish from Northern areas did however, maintain volumes and continued to be the most important part of the Green Reefers trading pattern. Green Reefers is of the opinion that our market segment of specialised reefers are well suited for trades where the infrastructure is poor for containers. A typical example is the West African fish trade. We have also seen a demand for smaller ships whenever charterers want to adjust the trading risk and ship in smaller lots against a lower demand. There is currently a considerable global overcapacity of container vessels, estimated to up to 20%. 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 some 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 expects the weak container market to have a continuously negative impact on our market segment of specialised reefers. In 2009, 5 new reefer vessels were delivered, corresponded to 1.1 per cent of the global reefer fleet, whilst the scrapping of ships represented 5.7 per cent. In total, 39 ships (16,89 mcbft). Viewing the very modest order book of only 1.6 per of the present fleet, 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 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. dates (see note 20 for more details). At year end 2009 the group had a cash deposit of MUSD 12.3. On the basis of forecasts for 2010, 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. The risk for losses on receivables is considered to be low, but can be expected to increase as a result of the market conditions. The Group has not yet experienced significant losses on receivables, but is anticipating a negative trend due to an increase in the amount of overdue receivables at the end of 200x. Gross credit risk exposure per 31.12.2009 is MUSD 10.7 for the Group. Green Reefers aim is to have a portfolio consisting both of The vessels are employed in a combination of established contracts that provide stability and predictability and of trades and spot activities. It is the long-term aim of the a well balanced spot activity. The group s strategic focus group to increase the contract coverage in all areas. The on the development of transportation systems through market conditions last year however have, forced several the integration of ships and terminals in the fish trade, 12 GOING CONCERN of the traditional period charterers to choose not to renew combined with its objective of increasing contract coverage, 13 The group s restructured its mortgage debt in 2009, and their contracts. is also intended to contribute to a more stable flow of income in a volatile spot market. based on a gradual market recovery back to levels as seen before the financial crisis, the group should be fully financed until ultimo 2012. 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 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 1.5. In 2009, 89 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 at certain levels at different The spot market has however started lower than expected with spot market rates below operating expenses. There is still hope that the high season will be better than last year. The board is of the opinion that the fundamental demand for smaller reefer ships indicates that today s overcapacity is of temporary character, and that the rates in a long term perspective will pick up again to sustainable levels. However, if the market recovery takes longer than anticipated, the group will need to take further measures to secure sufficient liquidity to get through the crisis. 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 12.3 (MUSD 16.9) as of 31 December 2009. Interest-bearing debt totalled MUSD 157.0 (MUSD 179.1). The group s liabilities are 82 per cent in USD, 17 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.

14 The debt in NOK is related to the terminals, while the remaining debt is vessel mortgage loans. At the General Meeting in May 2009, 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 125.0. 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 2010. The Board of Directors were further authorised to buy treasury shares with a nominal value up to MNOK 25.0. 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 19th May 2009. The company has so far not used the authority. For additional information, please see the separate Shareholder Information section in the annual report. Book equity was MUSD 95.6 (MUSD 125.0) at 31 December 2009, giving an equity ratio of 35 per cent. The short term liabilities were MUSD 34.1 (MUSD 51.6). The short term liabilities consist of the first year s instalments on long term liabilities (MUSD 10.3), suppliers (MUSD 12.0) and other liabilities (MUSD 11.8). The short term liabilities are 19 percent 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. 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 (1.1 %), while the office employees had sick leave of 8.1 per cent (3.9 %) of which short time leave counted for 2,2 per cent (1,8%) and long term 5,9 per cent (2,1%). A total of twelve lost-time injuries were recorded in 2009, all of which were among seafarers. The group has a continuous focus on preventive measures to reduce personal injuries. 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 (1.1 %), while the office employees had sick leave of 8.1 per cent (3.9 %) of which short time leave counted for 2,2 per cent (1,8%) and long term 5,9 per cent (2,1%). A total of twelve lost-time injuries were recorded in 2009, all of which were among seafarers. The group has a continuous focus on preventive measures to reduce personal injuries. 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 55 (70) employees at its head office in Bergen, 26 (32) of whom are women. The group has further 22 (9) employees at its branch office in Szczecin, 4 (4) in the crewing agency in Kaliningrad, 4 (4) at the agency office in Ålesund and 1 (2) at the agency office in Florida. In addition 53 (116) are employed at the terminals. 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. 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 utilise 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, Philippines and Norway. At the head office in Norway the following nationalities are represented: Poland, Russia, Sweden, Holland, Slovakia, Germany and Turkey, The group had four emissions of freon gas and three oil-spill incidents last year of which one severe. The group has taken several precautious measures to avoid such incidents in the future. 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 2009 have been prepared in accordance with IFRS and the Norwegian Accounting Act. The annual report for 2009 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 25 February 2010 Board of Directors Green Reefers ASA Kristian Eidesvik Aage Thoen Birthe Cecilie Jørgensen Anne-Sofie Utne Eivind Eidesvik Karl-Magnus Tobiassen Toril Eidesvik Chairman Deputy chairman Managing Director

Green reefers group Green reefers group Income statement resultatregnskap Statement of financial position balanse (USD 1000) 2009 2008 N notes OPERATING INCOME DRIFTSINNTEKTER Gross freight income 173 478 234 173 Brutto fraktinntekter Terminals income 11 450 15 501 Terminal inntekter Other income 1 420 1 418 Andre inntekter Net profit on sale of netto gevinst ved salg av fixed assets 7 055 1 277 anleggsmidler Operating income, in total 193 403 252 368 Sum driftsinntekter OPERATING COSTS DRIFTSKOSTNADER Voyage related costs (65 270) (95 397) Reiseavhengige kostnader Vessel operating costs (75 864) (84 346) Driftskostnader skip 8 TC-hire (14 153) (9 725) TC-hyre Bareboat-hire (5 614) (3 466) Bareboat-hyre Terminal operating costs (12 136) (17 865) Terminalkostnader Other operating costs (11 522) (15 544) Andre driftskostnader 4 Operating costs, in total (184 561) (226 343) Sum driftskostnader 5 (USD 1000) 2009 2008 N notes ASSETS EIENDELER Vessels 217 131 268 639 Skip 11,12 Terminals 5 938 7 298 Terminaler 11,12 Other fixed assets 1 575 2 225 Andre driftsmidler 11, 21 Shares in associated companies 2 508 3 441 Aksjer i tilknyttede selskaper 9 Other shares 37 37 Andre aksjer og andeler 10 Other long-term receivables 10 022 2 313 Andre langsiktige fordringer 6,14 Fixed assets, in total 237 211 283 952 Sum anleggsmidler CURRENT ASSETS OMØPSMIDLER Trade receivables 10 677 10 150 Kundefordringer 12,17 Inventories 10 804 8 262 Beholdninger Other current assets 5 534 14 744 Andre fordringer 26 Cash and cash equivalents 12 292 16 870 Bankinnskudd 12,16 Current assets, in total 39 306 50 026 Sum omløpsmidler ASSETS, IN TOTAL 276 517 333 978 SUM EIENDELER Operating result before Driftsresultat før avdepreciation EQUITY AND LIABILITIes egenkapital OG GJELD (EBITDA) 8 842 26 025 og nedskrivninger (EBITDA) EQUITY egenkapital Paid up equity Innskutt egenkapital 16 Depreciation (31 446) (27 086) Avskrivinger 11 Share capital 47 793 37 086 Aksjekapital 28 Write-downs/reversal nedskrivinger/reversering Own shares (180) (180) Egne aksjer 17 write-downs (11 751) (8 199) nedskrivninger 11 Other equity 46 856 87 067 Annen egenkapital Minority interests 1 121 996 Minoritetsinteresser OPERATING RESULT (EBIT) (34 355) (9 260) DRIFTSRESULTAT (EBIT) Equity, in total 95 590 124 970 Sum egenkapital FINANCIAL INCOME AND FINANSINNTEKTER OG FINANCIAL COSTS FINANSKOSTNADER Net profit on sale of financial assets 83 Resultat ved salg av finansaktiva Profit and loss from associated - Andel resultat tilknyttet companies a.o. (934) (509) selskap m.v. 10 Interest and other financial income 266 594 Rente- og andre finansinntekter 18 Profit (loss) on exchange 672 1 378 Agio (disagio) 18 Unrealized profit (loss) on exchangee 1 067 2 500 Urealisert agio (disagio) 18 Interest and other financial costs (5 879) (10 942) Rente- og andre finanskostnader 18 Financial items, in total (4 725) (6 978) Sum finansposter PROFIT (LOSS) BEFORE TAXES (39 080) (16 238) RESULTAT FØR SKATTEKOSTNAD LONG-TERM LIABILITIes langsiktig GJELD Deferred tax 134 226 Utsatt skatt 7 Mortgage loans 146 605 156 311 Pantegjeld 20 Other long-term liabilities 43 831 Annen langsiktig gjeld Long-term liabilities, in total 146 782 157 369 Sum langsiktig gjeld SHORT-TERM LIABILITIES KORTSIKTIG GJELD First year payment on long-term liabilities 10 341 22 755 Første års avdrag langsiktig gjeld 20 Suppliers 12 018 6 536 Leverandørgjeld Public duties a.o. 3 947 3 858 Skyldige offentlige avgifter m.v. Other short-term liabilities 7 839 18 490 Annen kortsiktig gjeld Short-term liabilities, in total 34 145 51 640 Sum kortsiktig gjeld EQUITY AND LIABILITIES, IN TOTAL 276 517 333 978 SUM EGENKAPITAL OG GJELD Taxes (178) (258) Skattekostnad 7 PROFIT (LOSS) FOR THE YEAR (39 258) (16 496) ÅRETS RESULTAT Minority interest 145 (260) Andel resultat til minoritet Majority interest (39 403) (16 236) Andel resultat til majoritet Bergen, 25 February 2010 Bergen, 25. februar 2010 On the board of GREEN REEFERS ASA I styret for GREEN REEFERS ASA Profit (loss) per share (0,15) (0,06) Resultat pr. aksje 23 Diluted profit (loss) per share (0,15) (0,06) Utvannet resultat pr. aksje 23 Kristian Eidesvik Aage Thoen Anne-Sofie Utne Birthe Cecilie Jørgensen Eivind Eidesvik Karl- Magnus Tobiassen Toril Eidesvik Chairman of the Board Deputy Chairman Managing Director

Green reefers group Green reefers group Cash flow statement kontantstrømoppstilling Equity egenkapitaloppstilling (USD 1000) 2009 2008 N notes OPERATIONS OPERASJONELLE AKTIVITETER Payments from operating income 190 700 260 466 Innbetalinger av driftsinntekter Payments for operating costs (145 266) (186 576) Utbetalinger for driftskostnader Payments to employees utbetalinger til ansatte, arbeidsgiverand tax authorities (41 248) (46 501) avgift og forskuddstrekk Payments from interest income 266 594 Innbetalinger av renter Payments of interest and financial items (5 201) (10 890) Utbetalinger av renter Net cash flow netto kontantstrøm fra from operations (1) (749) 17 093 operasjonelle aktiviteter Share Own other Minority capital shares equity interests Total Aksje- Egne Annen Minoritets- (USD 1000) kapital aksjer egenkapital interesser Sum Equity 31/12-2007 37 086 (131) 105 271 (650) 141 579 egenkapital 31/12-2007 Aquisition own shares - (49) (84) - (133) Kjøp egne aksjer Minority on investment - - - 385 385 tilgang minoritetsinteresser Foreign currency translation - - (336) - (336) omregningsdifferanse Other items - - (1 547) 1 520 (27) Andre poster Profit (loss) to the equity - - (16 238) (260) (16 498) Årets resultat INVESTMENTS INVESTERINGSAKTIVITETER Equity 31/12-2008 37 086 (180) 87 066 996 124 970 egenkapital 31/12-2008 Sale of fixed assets 29 666 4 196 Salg av varige driftsmidler Investment in fixed assets (11 638) (15 640) Investering i varige driftsmidler Equity 31/12-2008 37 086 (180) 87 066 996 124 970 egenkapital 31/12-2008 Changes in other investments (8 012) (245) Endring i andre investeringer Net cash flow netto kontantstrøm fra Right issue 10 707 - (428) - 10 279 Rettet emisjon from investments (2) 10 016 (11 689) investeringsaktiviteter Minority on investment - - - (31) (31) tilgang minoritetsinteresser Foreign currency translation - - (381) 11 (370) omregningsdifferanse FINANCING FINANSIERINGSAKTIVITETER Profit (loss) to the equity - - (39 403) 145 (39 258) Årets resultat Loans - 25 625 Opptak av lån Repayment of loans (23 909) (26 052) Nedbetaling av lån Equity 31/12-2009 47 793 (180) 46 854 1 121 95 590 egenkapital 31/12-2009 Share issues/convertible loan emisjoner/konvertibelt lån 18 Investment in own shares - (133) Kjøp egne aksjer Net cash flow netto kontantstrøm fra 19 from financing activities (3) (13 631) (559) finansieringsaktiviteter NET CASH Flow netto ENDRING I KONTANTSTRØM FOR THE YEAR (1+2+3) (4 364) 4 845 GJENNOM ÅRET (1+2+3) Profit (loss) due to exchange rate effekt av agio på fluctuations on cash (214) 316 likviditetsbeholdningen CASH AND CASH EQUIVALENTS 1/1 16 870 11 709 BANKINNSKUDD 1/1 CASH AND CASH EQUIVALENTS 31/12 12 292 16 870 BANKINNSKUDD 31/12 17 Profit (loss) before taxes (38 026) (16 236) Resultat før skattekostnad Net profit from sale of fixed assets (7 055) (1 277) Gevinst ved salg av anleggsmidler Depreciation and write-downs 42 143 35 285 Av-/ og nedskrivninger 12 Change in inventories (2 542) 2 362 Endring i varelager Change in debtors (527) 6 389 Endring i kundefordringer Change in creditors 5 481 (7 090) Endring i leverandørgjeld Change in pension liabilities 355 617 Endring pensjonsforpliktelse Change in other accruals (653) (1 845) Endring i andre tidsavgrensningsposter Unrealized (gain) loss on exchange 75 (1 110) Effekt av valutakursendringer Cash flow from netto kontantstrøm fra operations (749) 17 093 operasjonelle aktiveteter

Green reefers group Green reefers group Notes to the financial statements noter til regnskapet 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 2009 financial year covers 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 2009 and 2008. 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 2004. IFRS 7 Financial instruments concerning new requirement information about financial instruments are implemented in the financial statements from 2007. 20 Functional currency and presentation currency The Group presents its financial statements in USD, while the parent company s presents its financial statement in NOK. The parent company has USD as functional currency. Konsernet presenterer sitt regnskap i USD, mens morselskapets presentasjonsvaluta er NOK. Morselskapets funksjonelle valuta er USD. pålitelig. Salgsinntekter er presentert netto fratrukket merverdiavgift og rabatter. 21 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 REGNSKAPSPRINSIPPER Green Reefers ASA er morselskap i konsernet og hjemmehørende i Norge, med kontoradresse Ulsmågveien 7, 5224 Bergen. Selskapets konsernregnskap for regnskapsåret 2009 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 2009 og 2008. 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 1/1-2004. IFRS 7 Finansielle instrumenter omhandler nye krav til opplysninger om finansielle instrumenter og er innarbeidet i regnskapet f.o.m. 2007. Funksjonell valuta og presentasjonsvaluta 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. 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. 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. 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. 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 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. 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.

Green reefers group Green reefers group 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. 22 Upon acquisition, items of tangible fixed assets are decomposed cost price is set at the present value of the rent and direct 23 for depreciation purposes if this is material for the Dokking-/klassekostnader på eide skip aktiveres og costs related to the leasing contract. The monthly lease is Derivater er klassifisert som holdt for handelsformål, også 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 values are evaluated on a quarterly basis. 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. 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. om de er anskaffet for å redusere identifisert risiko i bunkersprisutviklingen. Alle andre finansielle eiendeler er klassifisert som lån og fordringer. 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 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 driftsmiddelet. Vurdering av restverdi gjøres kvartalsvis. Restverdier på driftsmidlene beregnes ut i fra beste estimat på balansedagen. 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. 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 Financial instruments In accordance with this financial assets are classified into the following categories: 1) held for trading 2) receivables and loans 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. 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 Finansielle eiendeler definert som fordringer er inkludert i finansielle anleggsmidler, med mindre innløsningsdato er mindre enn 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.