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    Farstad unveils latest results

    News // November 7, 2003
    On November 04th, Farstad Shipping in Norway released its latest set of financial results, in which it said it had achieved a cash flow of NOK 142.3 million in 3Q 2003 (NOK 145.1 million in 3Q 2002). Operating income was NOK 381.2 million (NOK 318.2 million) and operating profit (EBIT) was 82.9 million (NOK 112.5 million).

    Farstad says five of the company's vessels have traded the spot market in the North Sea. Two other vessels have been upgraded and mobilised for long-term contracts and were therefore without revenue for part of the period.

    In the Far East/Australia two of the vessels have traded the spot market in September.

    The third quarter is the first whole quarter where the IOS fleet is 100 per cent owned by Farstad.

    Farstad achieved an operating income of NOK 381.2 million for the 3rd quarter (NOK 318.2 million in 3rd quarter in 2002). Operating costs for the period were NOK 214.8 million (NOK 149.8 million). The increase is due to growth in the fleet, the IOS vessels being 100 per cent owned and several vessels have operated in Australian water which has higher crew costs than in Southeast Asia.

    The operating profit (EBIT) was NOK 82.9 million (NOK 112.5 million) after depreciation of NOK 83.5 million (NOK 55.9 million). Net finance was positive NOK 17.0 million (negative NOK 37.4 million). Currency gain of NOK12.9 million is booked during the 3rd quarter (gain of NOK 2.2 million). Further an unrealised currency gain of NOK 41.1 million (loss NOK 14.2 million) is booked due to the adjustment of the company's long-term liabilities in foreign currency. The profit before taxes was NOK 100.0 million (NOK 75.0 million). The Group's cash flow*) for the period was NOK 142.3 million compared to NOK 145.1 million for the same period in 2002.

    The operating income at 30.09.03 was NOK 1,027.8 million (NOK 956.9 million). The operating costs were NOK 552.8 million (NOK 441.0 million) and ordinary depreciations NOK 205.6 million (NOK 163.3 million). The operating profit (EBIT) was NOK 269.4 million (NOK 352.8 million).

    Net finance was negative NOK 52.2 million (positive NOK 34.3 million) after an unrealised currency loss of NOK 44.3 million (currency gain of NOK 129.5 million). At 30.09.03 a realised currency gain of NOK 80.7 million is booked (currency loss of NOK 17.3 million). The result before taxes was NOK 217.2 million (NOK 387.2 million). The Group's cash flow*) for the period is NOK 467.1 million, compared to NOK 420.9 million for the same period in 2002.

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