(Figures in parentheses refer to 2014)

Operating income increased significantly from NOK 80 million to NOK 84 million, with a full year of LGC newbuilds from date of delivery.

The group’s result after tax was NOK 168.9 million (NOK 102.8 million). Earnings per share were NOK 6.91 (NOK 4.21). The result for the parent company was NOK 0.6 million (NOK 9.1 million).

Financial items

The group reported net financial items of NOK -1.0 million (NOK 6.9 million). The corresponding figure for the parent company was a result of NOK -0.9 million (NOK 9.7 million).

Liquidity and financial strength

At year-end, the group had liquidity consisting of cash totalling NOK 130.6 million (NOK 92.1 million). The corresponding figure for the parent company was NOK 12.1 million (NOK 18.8 million). Total current assets at year-end was NOK 159.3 million (NOK 123.2 million), while current liabilities totalled NOK 194.8 million (NOK 58.8 million). Long-term liabilities and obligations totalled NOK 17.9 million (NOK 30.5 million). For the parent company, total current assets at year-end amounted to NOK 23.1 million (NOK 35.6 million), while short-term liabilities totalled NOK 110 million (NOK 107.9 million). The parent company’s long-term liabilities and obligations totalled NOK 7.3 million (NOK 18.4 million). The group’s share of current assets and liabilities in ship owning companies totalled NOK 163.1 million and NOK 1,260.8 million respectively.

Net cash flow from operating activities was NOK 95.3 million, compared to an operating profit of NOK 172.5 million. The main difference comes from the reversal of earnings from shipping companies using the equity method, partially offset by changes in working capital.

The group’s book equity totalled NOK 1,164.8 million (NOK 849.8 million) at the year-end.


The group is from 2013 part of the tonnage-tax regime through its subsidiary Clipper Shipping AS. Other companies within the group are taxed ordinary.

All the company's current interests in ships except for two, are owned under the tonnage-tax regime.

Financial risk

The group’s interests in ships that are owned through participation in general partnerships with shared liability, are primarily USD-based. Most of the revenues and the majority of expenses are in USD. Furthermore, the market value of the ships, and thus the greatest share of the assets, is priced in USD. The same applies to the financing of the ships. This entails that the real foreign currency exposure is limited in financial terms.

The group's entire fleet is financed by long-term financing at favourable terms compared with what can be achieved in the market today. The group has not entered into any contracts concerning financial derivatives or other financial instruments where there is any particular counterparty risk.

Most of the group’s liabilities consist of a share of the mortgage debt for ships that are owned through general partnerships. This is denominated in USD and priced at a floating LIBOR interest rate. In addition, mortgage debt in certain general partnerships is hedged through fixed interest rate contracts. The group has a satisfactory debt-equity ratio, and this, together with active management of the interest rate exposure, ensures that the risk associated with any change in interest rate levels is acceptable.

The group’s fleet is employed in a mix of long & short TC contracts as well as in the spot market. This is a result of a conscious strategy aimed at ensuring earnings and cash flow, while at the same time benefiting from upturns in the market. The development of the world economy makes future market prospects uncertain.

The group has 12 ships on TC contracts in excess of one year. The charterers are oil majors and major operators within the Ammonia market. Credit risk is considered to be limited. The company sees the settlement risk for the business carried out in the spot market as satisfactory.


The year-end accounts are based on the assumption of a going concern. In the opinion of the Board of Directors, the accounts provide a true picture of the results for the year and the company’s position at the year-end.

The group’s interests in ships are owned through participation in general partnerships, with shared liability. In Note 3 of the accounts, the income statement and balance sheet have been compiled according to the proportionate consolidation method in order to provide more detailed accounting information on the operations.

All of the group’s interests in ships are significant and they are recognised in accordance with IFRS based on the equity method of accounting.