highlights 2001

LEIF HEGH & CO

2001Preliminary Results

Leif Hegh & CoPreliminary Results 2001

LEIF HEGH & CO

HIGHLIGHTS

Considerable improvements from 2000, particularly for HUAL Operating profit before sales gain and depreciation increased by 32% to USD 164 million.Profit before tax increased by 330% to USD 99 million.Net profit per share increased by 336% to USD 2,62Cashflow per share increased by 58% to USD 4.71Share price per 31.12.01 was NOK 79.00 (USD 8.77)

LEIF HEGH & CO

STATEMENTS OF INCOME

Resultat

Leif Hegh & Co. Konsernet

Resultatregnskap

(USD 1 000)20012001200020002000

01.07-01.01-01.07-01.01-Totalt

30/930/930/930/9

Fraktinntekter, netto168206508519204832572990773646

Reiseavhengige kostnader(66502(214995(109442(288401(402601

Leie innbefraktede skip(24753(81087(38220(112240(137272

Driftskostnader(27427(81270(22795(70665(101578

Generelle administrasjonskostnader(2649(5999(1608(4979(8621

Driftsresultat fr salgsgevinster og avskrivninger468751251683276796705123574

Gevinst ved salg av anleggsmidler0126447741507908

Ordinre avskrivninger anleggsmidler(18715(55674(17259(45884(68905

Driftsresultat2816082139162825232855577

Resultat tilknyttede selskaper0.04498(10624(15520

Renteinntekter23507113277772649727

Rentekostnader(10705(41614(17708(45350(59312

Andre finansposter204423685101192059132513

Resultat fr skattekostnad2185175822113643485722985

Skattekostnad(1817(1859(834(2461(3499

RESULTAT2003473963105303239619486

Minoritetens andel0.00.0(70(124(909

Majoritetens andel2003473963106003252020395

Resultat pr. aksje0.642.280.290.980.60

Kontantstrm pr. aksje1.013.390.752.322.98

Balanse


Balanse

(USD 1 000)

200120002000

30/930/931/12

Utsatt skattefordel446175539568

Goodwill784768801285524

Totale immaterielle eiendeler829379556595092

Skip9800099094021023902

Nybygninger0.0472860

Andre varige driftsmidler212083279521333

Totale varige driftsmidler10012179894831045235

Investeringer i aksjer52983129215805

Langsiktige fordringer7298419914202

Totale finansielle anleggsmidler125963549130007

Totale anleggsmidler109675011205391170334

Beholdninger139811890715720

Fordringer344175619764041

Omsettelige verdipapirer130335171840112639

Bankinnskudd443706288965625

Totale omlpsmidler223104309833258025

TOTALE EIENDELER131985414303721428359

Innskutt egenkapital642336478064780

Opptjent egenkapital408468395090354902

Total egenkapital472701459870419682

Totale avsetninger for forpliktelser424844514175

Pantegjeld/leaseforpliktelser802772867924915914

Annen langsiktig gjeld207422543356

Total langsiktig gjeld804846870178919270

Total kortsiktig gjeld380599587385232

TOTAL EGENKAPITAL OG GJELD131985414303721428359

Egenkapitaloppstilling

(USD 1 000)200120002000

01.01-30.0901.01-30.09Total

Egenkapital 01.01.419,682376,194376,194

Emisjon0.051,15751,157

Resultat73,96332,52019,486

Kjp av egne aksjer(20,944)0.0(27,155)

Egenkapital i slutten av perioden472,701459,870419,682

kontantstrm


Kontantstrmoppstilling

(USD 1 000)20012001200020002000

01.07-01.01-01.07-01.01-Totalt

30/930/930/930/9

Brutto kontanstrm fra operasjonelle aktiviteter370701099152712276750101700

Endring i kortsiktige fordringer/gjeld og verdipapirer233(398066632(65469(35142

Netto kontantstrm fra operasjonell aktiviteter3730370109337541128166558

Netto kontantstrm fra investeringsaktiviteter(1932316157(17232(288037(360804

Netto kontantstrm fra finansaktiviteter(33513(107521(27802283034303260

Netto endring i kontanter og kontantekvivalenter(15533(21255(1128062789014

Kontanter og kontantekvivalenter ved periodens begynnelse5990365625741695661156611

Kontanter og kontantekvivalenter ved periodens slutt4437044370628896288965625

Seg info no


Rapport pr segment

(USD 1 000)

HUALKontraktshipping

3. kvartal1-3. kvartal3. kvartal1-3. kvartal

20012000200120002001200020012000

Fraktinntekter126,483104,432362,950287,65312,43015,27738,14941,363

Reiseavhengige kostnader(57,198)(54,258)(171,461)(141,182)(866)(603)(4,579)(3,177)

Fraktinntekter p T/C basis69,28550,174191,489146,47111,56414,67433,57038,186

Leie innbefraktede skip(22,367)(17,070)(70,114)(53,116)(1,410)(6,142)(4,521)(13,629)

Personellkostnader og andre driftskostnader(11,637)(10,478)(36,244)(28,399)(3,022)(1,594)(8,947)(6,444)

Driftsresultat fr salgsgevinster og avskrivninger35,28122,62685,13164,9567,1336,93820,10318,113

Gevinst/(tap) ved salg av skip2420000000

Ordinre avskrivninger(12,708)(11,705)(38,492)(29,402)(2,479)(2,069)(7,000)(6,171)

Nedskrivning skip00000000

Driftsresultat22,81510,92146,63935,5544,6544,86913,10311,942

Hegh LinesKjleskip


20012000200120002001200020012000

Fraktinntekter18,37834,78572,480104,8068,42749,40230,218137,164

Reiseavhengige kostnader(8,289)(22,131)(38,370)(67,326)(150)(32,441)(585)(76,566)


Leie innbefraktede skip(975)(5,314)(6,452)(15,874)0(9,706)0(29,620)



Gevinst/(tap) ved salg av skip079501,505(388)(21)12,5002



Driftsresultat3,0081,1528,8962,067(93)(313)18,2517,003

Result

Leif Hegh & Co. Consolidated

Statements of income

(USD million)2001200020012000

TotalTotal4th qrt4th qrt

Freight revenues168206508519572990773646

Voyage expenses(66502(214995(288401(402601


Charterhire expenses(24753(81087(112240(137272

Operating expenses(27427(81270(70665(101578

General administrative expenses(2649(5999(4979(8621

Operating profit before sales

gain and depreciation1641243927

Gain on sale of assets0126441507908

Ordinary deprecation of assets(18715(55674(45884(68905

Operating profit10256203

Profit(-loss) associated companies0.0449824(15520

Interest income2350711372649727

Interest expenses(10705(41614(45350(59312

Other financial items2044236852059132513

Profit before tax992323(12

Net profit83199(13

Majorities' share83190.09(13

Net profit per share0.642.280.290.980.60

Cashflow per share1.013.390.752.322.98

Balance sheet


Balance sheets

(USD 1 000)

200120002000

30/930/931/12

Deferred tax asset446175539568

Goodwill784768801285524

Total intangible assets829379556595092

Vessels9800099094021023902

Newbuildings0.0472860

Other tangible assets212083279521333

Total tangible assets10012179894831045235

Investments in shares52983129215805

Long term receivables7298419914202

Total financial assets125963549130007

Total fixed assets109675011205391170334

Bunker and inventory139811890715720

Receivables344175619764041

Marketable securities130335171840112639

Bank deposits443706288965625

Total current assets223104309833258025

TOTAL ASSETS131985414303721428359

Paid in equity642336478064780

Other equity408468395090354902

Total shareholders equity472701459870419682

Total provisions424844514175

Mortgage debt/lease obligations802772867924915914

Other long term liabilities207422543356

Total long term liabilities804846870178919270

Total current liabilities380599587385232

TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES131985414303721428359

Equity Statements

(USD 1 000)200120002000

01.01-30.0901.01-30.09Total

Equity 01.01.419,682376,194376,194

Rights' issue0.051,15751,157

Profit of the period73,96332,52019,486

Buy-back own shares(20,944)0.0(27,155)

Total equity end period472,701459,870419,682

cash flow


Cashflow statements

(USD 1 000)20012001200020002000

01.07-01.01-01.07-01.01-Total

30/930/930/930/9

Total cashflow from operational activities370701099152712276750101700

Movements in current assets/liabilities

and maredtable securities233(398066632(65469(35142

Net cashflow from operational activities37303701093375411281101700

Net cashflow from investment activities(1932316157(17232(288037(360803

Net cashflow from financing activities(33513(107521(27802283034303260

Net movement in cash and cash equivalents(15533(21255(11280627844157

Cash and cash equivalents per start of period5990365625741695661156611

Cash and cash equivalent per end period44370443706288962889100768

Seg info eng


Report per segment

(USD 1 000)

HUALContractshipping

3rd quarter3 quarters3rd quarter3 quarters

20012000200120002001200020012000

Freight revenues, net126,483104,432362,950287,65312,43015,27738,14941,363

Voyage expenses(57,198)(54,258)(171,461)(141,182)(866)(603)(4,579)(3,177)

Income on T/C basis69,28550,174191,489146,47111,56414,67433,57038,186

Charterhire expenses(22,367)(17,070)(70,114)(53,116)(1,410)(6,142)(4,521)(13,629)

Crew and other operating expenses(11,637)(10,478)(36,244)(28,399)0000

Operating profit/(loss) before capital gains/losses7,1336,93820,10318,113

on sale of vessels and depreciation35,28122,62685,13164,956

Capital gains/(losses) on sale of vessels2420000000

Depreciation(12,708)(11,705)(38,492)(29,402)(2,479)(2,069)(7,000)(6,171)

Additional write-downs00000000

Operating profit/loss22,81510,92146,63935,5544,6544,86913,10311,942

Hegh LinesReefers


20012000200120002001200020012000


Voyage expenses(8,289)(22,131)(38,370)(67,326)(150)(32,441)(585)(76,566)


Charterhire expenses(975)(5,314)(6,452)(15,874)0(9,706)0(29,620)

General administrative expenses0000(5,732)(5,293)(17,132)(17,137)



Capital gains/(losses) on sale of vessels079501,505(388)(21)12,5002

Depreciation(1,078)(1,077)(3,234)(3,231)(2,250)(2,253)(6,750)(6,839)


Operating profit/loss3,0081,1528,8962,067(93)(313)18,2517,003

EBTIA eng & no

Leif Hegh & Co Consolidated

Development in operating profit per segment

(USD 1 000 000)

199920002001

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

HUAL119891014111181623-

Contract shipping42424445855-

Hegh Lines-3-3100110653-

Reefers11-4-7430-31840-

Total1399418221613403031-

Leif Hegh & Co Konsernet

Utvikling i resultat pr segment

(USD 1 000 000)

Business Untis199920002001


HUAL119891014111181623-

Kontraktshipping42424445855-

Hegh Lines-3-3100110653-

Kjleskip11-4-7430-31840-

Sum1399418221613403031-

PL-Balance Sheet

LHC Konsern

30-Sep-01

Input fra HEElimineringerKorreksjononerQ2

Freight Revenues508,174,433508,174,433

Freight revenue from group companies(4,114,437)(1,106,973)(5,221,410)

Other revenues4,512,2924,512,292

Other revenues from group companies, ope3,295,828(2,242,338)1,053,490508,518,805340,312,439168,206,365.89

Voyage Expenses214,995,149(214,995,149)(214,995,149)(148,492,990)(66,502,158.58)

T/C INCOME296,872,968(3,349,311)0293,523,657

Charterhire exp pool/services81,086,7060(81,086,706)

Charterhire expenses to group companies00(81,086,706)(56,334,060)(24,752,645.64)

Crew Expenses28,377,064(28,377,064)

Other operating expenses50,624,100(50,624,100)

Other operating expenses group companies5,618,344(3,349,311)(2,269,033)(81,270,197)(53,842,745)(27,427,452.08)

General administration expenses5,998,527(5,998,527)(5,998,527)(3,349,311)(2,649,215.65)

OPERATING PROFIT BEFORE DEPRECIATION125,168,22700125,168,227125,168,22778,293,33346,874,893.84

Gain/(loss) sale of vessels(243,642)(243,642)

16,312,119Gain/(loss) sale of other assets12,887,71512,887,71512,644,07312,645,584(1,511.58)

Ordinary depreciation vessels48,464,824(48,464,824)

Ordinary depreciation other7,208,814(7,208,814)(55,673,638)(36,960,711)(18,712,926.14)

OPERATING RESULT82,138,6620082,138,66282,138,66253,978,20628,160,456.12

Result associated companies236,0004,262,0004,498,0004,498,0004,498,0000.00

Interest income bank6,838,5766,838,576

Interest income other86,62186,621

Interest income group companies325,074325,0747,113,2444,762,8532,350,391.43

Interest expenses other137,027(137,027)

Currency exchange gain/(loss)(4,600,167)(4,600,167)

Unrealized currency exchange gain/(loss)(1,737,165)(1,737,165)

Unrealized currency exchange gain/(loss)00

Interest mortgage debt35,144,551(35,144,551)

Interest leased vessels6,468,967(6,468,967)(41,613,519)(30,908,849)(10,704,669.22)

Shares_Options_Bonds19,693,851019,693,851

Dividend from group companies000

Other_Fin_Items14,590,602(4,262,000)10,328,60223,685,12021,640,7502,044,369.81

PROFIT BEFORE EXTRAORDINARY ITEMS75,821,5080075,821,50875,821,50853,970,95921,850,548.14

PROFIT BEFORE TAX

Taxes2,008,511(150,000)1,858,5111,858,51141,7691,816,741.55

CONSOLIDATED PROFIT073,962,99773,962,99753,929,19020,033,806.59

Minority interest1,0001,00000

NET PROFIT73,811,9970(150,000)73,961,99773,962,99753,929,19020,033,806.59

Goodwill78,475,70978,475,70978,475,70980,825,098

Deferred tax, benefit5,994,865(1,533,369)4,461,4964,461,4964,094,496

Vessels980,009,128980,009,128980,009,128995,463,820

Newbuildings0000

Provision for drydocking10,405,73910,405,739

Other_Fixed_Assets10,802,04210,802,04221,207,78121,547,905

Consolidated Shares in Group Companies00

Consolidated Shares in Associated Comp2,344,1192,344,119

Loan to group companies162,959162,959

Other shares2,790,8322,790,8325,297,9095,297,909

Other long term receivables7,298,1067,298,1067,298,1068,016,845

TOTAL FIXED ASSETS1,098,283,499(1,533,369)1,096,750,1301,096,750,1301,115,246,073

Receivables group companies(2,735,830)9,277,2386,541,408

Other Current Assets27,875,59627,875,59634,417,00439,421,139

Inventories13,981,49013,981,49013,981,49013,017,368

Marketable securities130,335,489130,335,489130,335,489131,278,201

Bank Deposits44,370,22744,370,22744,370,22759,903,332

TOTAL CURRENT ASSETS213,826,9729,277,2380223,104,210223,104,210243,620,041

TOTAL ASSETS1,312,110,4717,743,86901,319,854,3401,319,854,3401,358,866,115

Share_Capital_Cons10,415,83710,415,837

Treasury Shares(1,494,112)(1,494,112)

Share premium reserve58,861,31958,861,319

Total paid in capital67,783,043067,783,043

Other Equity330,439,544583,178150,000331,172,722

TOTAL RETAINED EARNINGS330,439,544331,172,722

Result of the year73,811,99773,811,997

Minority Interests(67,000)(67,000)

TOTAL SHAREHOLDERS' EQUITY471,967,584583,178150,000472,700,762472,700,762471,920,066

Pension liabilities4,247,7484,247,7484,247,7484,247,748

Deferred taxes1,533,369(1,533,369)0

Mortgage debt/lease obligations802,772,268802,772,268802,772,268837,103,799

Loan from group companies00

Other long term debt2,074,2142,074,2142,074,2141,973,707

TOTAL LONG TERM DEBT810,627,599(1,533,369)809,094,231809,094,231843325254.66

Taxes payable(14,488)0(14,488)

Provisions for dividends00

Payables group companies(9,277,238)9,277,238(0)(0)(0)

Balance differance0

Other current liabilities38,807,014(583,178)(150,000)38,073,83638,059,34743,620,794

TOTAL CURRENT LIABILITIES29,515,2878,694,060(150,000)38,059,34738,059,34743,620,794

TOTAL LIABILITIES AND SHAREHOLDERS' EQUI1,312,110,4717,743,86901,319,854,3401,319,854,3391,358,866,115

0(0)0(0)0(0)

Q3FR PLUGGING

Total shareholders' equity471,920,066Total shareholders' equity471,920,066

Periodens resultat20,033,807Periodens resultat19,883,807

Korreskjon p utsatt skatt0Korreskjon p utsatt skatt0

Emisjon0Emisjon0

Kjp egne aksjer-19,322,602Kjp egne aksjer(19,322,602)

Minoritet67,000Minoritet67,000

Equity 30.06.01472,698,271Equity 30.06.01472,481,271

Iflg HE472,700,762Iflg HE471,967,584

Diff-2,491Diff513,687

Akkumulert Q3FR PLUGGING


rets resultat73,962,997rets resultat73,812,997


Emisjon0Emisjon0

Kjp egne aksjer-20,944,235Kjp egne aksjer-20,944,235

Equity 30.06.01472,700,762Equity 30.06.01472,550,762

Iflg HE472,700,762Iflg HE471,967,584

Diff-0Diff583,178

ANALYSE AV DIFFERANSE

LHUK pga import av ny IB

UB i LHUK Hyperion 31.1212,738,972

UB i LHUK Hyperion 30.0912,955,309(216,337)

HUAL AS, gitt Geir beskjed(123,000)

Uforklart, ganske nrme balansedifferansen(243,841)

SUM(583,178)

Import

LHCHFSCUACUNIGAVRCBULCPCLOPHCMECAMECEGORBHFACHFSPKSSELHCMSKELGORALHHEGASMLHUK_ConsLIQSHHBCLIQCLHRPLHSCLHSEHGGAEMCGANEHGGEAVREPCLEHOICHFS_LHSLSM_LHSHUALJVL_ConsUni_ConsElim_TC

Freight Revenues508,174,43320,474,78024,687,76636,498,2117,955,16917,954,24604,070,93416,320,085363,499,596-550,00030,218,353

Freight revenue from group companies-4,114,437-5,026,675813,72045,0002,799,8869,763,418-981,928-46,340,64534,812,788

Elim_Freight-130,527,603-5,026,675-9,282,000-981,928-115,237,000

Other revenues4,512,292-2,435-2533,148,912-12031,53135,000-4,8681,292,76017,7128,602

Other revenues from group companies, ope3,295,82829,282-188,0653,473,426-178,766650,029-808,029-165,748

Voyage Expenses214,995,1494,575,99215,982,1039,528,1037,00012,860,820171,461,000583,631

Income on T/C-basis296,872,96829,28215,898,7883,678,98826,970,1087,757,6694,286,8923,015,146650,0292,799,886-12017,177,7489,798,4183,900,3183,770,09717,712145,697,95134,271,38929,634,723

Charterhire exp81,086,7064,521,6552,845,0303,606,02170,114,000

Elim_Charter_Group-130,527,603-5,026,675-9,282,000-981,928-115,237,000

Charterhire expenses to group companies00000

Crew Expenses28,377,0641,020,66114,944,3381,458,8847,271,3833,681,797

Other operating expenses50,624,1003,338,747-147,4901,231,980-3,2963,552,1521,399,3402,528019,320,823726,73216,954,1556,083,0251,610,853

Other operating expenses group companies5,618,34441,8893,643,4121,549,359404,210

General administrative expenses5,998,5271,65619,3714,9685,969,0942,2504,500

OPERATING PROFIT BEFORE DEPRECIATION125,168,227-12,60711,377,134833,95826,970,1084,417,267643,4811,613,277650,029143,035-16,19613,620,6282,429,9843,895,540164,075-34,247,449-2,185,61751,358,41324,502,06828,023,870

Gain/(loss) sale of vessels-243,642-4,390-239,252

Gain/(loss) sale of other assets12,887,7158,812,119-3,983,4098,059,005

Ordinary depreciation vessels48,464,824235,0803,714,74139,543,663-7,889,562837,146673,154-49,8463,254,4368,219,4141,901,508

Ordinary depreciation other7,208,81445,050115,597129,1386,919,029

OPERATING PROFIT82,138,662-12,6078,812,11911,377,134833,95826,970,1084,182,187643,481-2,415,1828,059,005650,029143,035-16,1969,905,887-37,233,6667,889,5623,058,394-673,15449,846-129,138164,075-34,247,449-2,185,61741,184,94816,043,40226,122,362

Consolidated profit associated companies236,000196,00040,000

Interest income bank6,838,57636,13849,40655,46214,26531,92280,6688,3881,03014,7566,162,6796,12323,98735,050238,27294,941

Interest income other86,621-1566847,2311,589-11,1878,076,494-6,892-16,0932,018-7,655,428-932,810-366,202949,7170

Interest income group companies325,074-25,92523,535-1,348,1361,563,9701,138,159-1,026,529

Interest expenses other137,02728,20698253-18,19818126,649

Currency exchange gain/(loss)-4,600,167-8,322-43,718-20,255-1,954,03321,24002-2,390,259-12,033-96,333-57,265-39,1900

Unrealized currency exchange gain/(loss)-1,737,165-24,979-95,992-477,63832,486-6,100-1,080,657-149,00941,98414,4498,290

Unrealized currency exchange gain/(loss)

Interest mortgage debt35,144,55128,331,0895,717,0961,096,366

Interest leased vessels6,468,9678,1081,911,0724,549,788

Shares_Options_Bonds19,693,85124,812,990-5,119,139

Dividend from group companies0-4,800,0008,059,005-8,059,005-14,300,0009,550,000

Other_Fin_Items14,590,602-1,340-23,0493,171-5550-3,3665,049,0410-79,127-428-7199,725,070-153-8,10819,317-85,030-4,761

PROFIT BEFORE EXTRAORDINARY ITEMS75,821,508-12,7638,812,11911,403,677860,31526,953,1444,197,485-4,800,000196,000568,03939,874,849040,000650,029119,1311,526,183-4,378,056-57,127,2057,889,5622,131,555-673,15449,846-129,138-347,289-34,247,449-2,185,61736,618,93810,308,77325,025,995

Other extraordinary items

Profit before tax75,821,508-12,7638,812,11911,403,677860,31526,953,1444,197,485-4,800,000196,000568,03939,874,849040,000650,029119,1311,526,183-4,378,056-57,127,2057,889,5622,131,555-673,15449,846-129,138-347,289-34,247,449-2,185,61736,618,93810,308,77325,025,995

Taxes2,008,511315-7,500,0004,9257,449,6527,886798,785-5,004111,9511,140,000

Consolidated profit


NET PROFIT73,811,997-12,763-31516,312,11911,403,677860,31526,953,1444,197,485-4,800,000196,000568,03939,869,923-7,449,65240,000650,029111,244727,398-4,378,056-57,122,2017,889,5622,131,555-673,15449,846-129,138-459,240-34,247,449-2,185,61735,477,93810,308,77325,025,995

Goodwill78,475,709344,36978,131,340

Deferred tax, benefit5,994,86520,4979,903,076-12,666,7078,738,000

Vessels980,009,1286,502,383289,77931,727,806673,177,176-63,605,34727,631,2723,813,183-1,566,6922,070,609105,741,476172,034,78141,307,796

Newbuildings000

Provision for drydocking10,405,739250,6793,997,005408,0723,913,3861,824,68511,911

Other_Fixed_Assets10,802,04220,2621,547,422314,5856,930,30612,5226,9751,907,00072,899

Shares in Group Companies390,070,48545,00131,046207,928,383126,714171,194,962-46,002,28756,746,666

Reversal of Shares in Group Companies-390,070,485


Shares in associated companies2,442,240019,25038,29552,800026,07132,23101,904,732368,861

Reversal of Shares in Associated Comp-98,121

Consolidated Shares in Associated Comp2,344,119

Elim_Loan_Group-71,652,180

Loan to group companies162,95911,260,12434,050,69633,647,506-0-7,143,186

Other shares2,790,832-444,977624,5972,611,211

Other long term receivables7,298,1060024,1226,268,670611,314394,000

Pension premium

TOTAL FIXED ASSETS1,098,283,49920,26245,0011,547,42206,502,3830409,50038,295-444,977243,257,734-12,666,7070389,91634,076,76631,727,80632,231881,242,169-109,607,63427,631,2721,904,7323,813,183-1,566,692344,3696,9756,067,614408,072190,087,202173,932,365100,030,048

Receivables group companies-2,735,830952,047-410,49240,640,40084,908,708778,238383,097239,251,7372,021,016-478,100-1,007,169-63,836-467,245,819-29,545,230-18,054,881-2,507,244-54,09289,833,48127,257,26912,463,52318,498,718

Other Current Assets27,875,59610,500-325,585163,963-1,202,446-903,910-38,092-887,401185,53813,1583,548874,3590692,978-3,869,6041,897,61429,949,26439,456833,801

Inventories13,981,490517,050773,51984,73218,55001,001,852601,56810,911,61030,96841,641

Marketable securities130,335,48913,994,827116,340,662

Bank_Deposits44,370,227128,137597428,3441,166,4063,783,5431,289,392784,2471,623,271277,650150,0408,8525,689,909925,9651,520,1121,791,61024,572,704824,005117,352

TOTAL_CURRENT_ASSETS213,826,972138,637952,047-409,89541,260,2091,330,36988,263,3241,163,7201,129,252254,067,1652,021,0163,63813,158-857,129-51,436-344,340,889-28,619,265692,978-19,402,5221,783,548-54,092155,267,05928,151,69713,456,31718,498,718

Total Assets1,312,110,471158,899997,047-409,89541,260,2092,877,79188,263,3247,666,10301,538,75238,295-444,977497,324,899-12,666,70702,021,016393,55413,15833,219,63731,676,37132,231536,901,280-109,607,634-987,9931,904,7323,813,183-1,566,692692,978344,369-19,395,5477,851,163353,980345,354,261202,084,062113,486,36518,498,718

Share_Capital145,549,54360,00123,8462,963499,904500,000133,10310,415,837163,50513,1583,192,316127,367,89012,0001,000,000200,0002,000,000251,000

Share_Capital_Elim-135,133,706

Share_Capital_Cons10,415,837

Capital stock tresury shares-1,494,112-1,494,112

Share premium reserve58,861,3193,549,37155,310,982966

Total paid in capital67,783,04360,0013,573,2162,963499,904500,000133,10364,232,706163,50513,1583,192,316127,367,89012,0001,000,000200,0002,000,000251,966

Reserve for valuation variances

Elim shares in group companies-390,070,485

Elim shares in associated companies137,879

Elim Share Capital135,133,706

Other Equity330,439,544-326-2,575,855-16,312,119-412,85830,167,848-176,71962,566,2822,968,6184,800,0000322,77838,295-444,977355,750,923-7,210,15901,370,9871,968,75327,328,25336,000,17532,231-32,134,081-117,497,196-956,9341,904,7324,486,337-1,616,538692,978473,507-18,996,164154,931,13921,965,36779,188,68518,498,718

TOTAL RETAINED EARNINGS330,439,544-326-2,575,855-16,312,119-412,85830,167,848-176,71962,566,2822,968,6184,800,0000322,77838,295-444,977355,750,923-7,210,15901,370,9871,968,75327,328,25336,000,17532,231-32,134,081-117,497,196-956,9341,904,7324,486,337-1,616,538692,978473,507-18,996,164154,931,13921,965,36779,188,68518,498,718

Result of the year73,811,997-12,763-31516,312,11911,403,677860,31526,953,1444,197,485-4,800,000196,000568,03939,869,923-7,449,65240,000650,029111,244727,398-4,378,056-57,122,2017,889,5622,131,555-673,15449,846-129,138-459,240-34,247,449-2,185,61735,477,93810,308,77325,025,995

Minority Interests-67,000-196,000-40,000169,000

TOTAL SHAREHOLDERS' EQUITY471,967,58446,912997,0470-409,89541,571,5251,183,50089,519,4267,666,103001,023,91938,295-444,977459,853,552-14,659,81102,021,0162,243,50313,15831,247,96731,622,11932,23138,111,608-109,607,6341,186,6211,904,7323,813,183-1,566,692692,978344,369-18,455,405-34,247,449-2,185,617190,778,07634,274,140104,466,64718,498,718

Pension liabilities4,247,74873,2024,174,546

Deferred taxes1,533,36901,752,368-219,000

Deferred income00

Provisions for losses

Mortgage debt/lease obligations802,772,268013,986544,767,406106,113,970131,000,00020,883,900

Rev_Loan_Group-71,652,180

Loan from group companies034,610,674033,647,5063,394,000

Other long term debt2,074,214482,79140,263-49,0281,302,833317,487

TOTAL LONG TERM DEBT810,627,599073,20239,268,0111,752,36854,248544,718,378107,197,802164,964,99324,277,900

Taxes payable-14,4880-1,5090-11,174219,302-221,107

Provisions for dividends

Payables group companies-9,277,23821,06200-4,169,273-2,139,365-50,674,107-2,174,61467,09439,104,8472,539,59724,320,715-10-16,162,863

Balance differance-183,713000002000000000004,198003000000000048,08500000

Other current liabilities38,807,01490,925000-311,3161,694,291-1,256,102000443,139002,372,6091,993,10400300,59100304,966,5080000000-1,007,2372,993,765023,057,6682,844,939904,6810

TOTAL CURRENT LIABILITIES29,515,287111,987000-311,3161,694,291-1,256,102000441,63100-1,796,6641,993,10400-1,849,9490219,30230-45,928,7060-2,174,61400000-940,14342,098,6122,539,59747,378,3822,844,929-15,258,1820

TOTAL LIABILITIES AND SHAREHOLDERS' EQUI1,312,110,471158,899997,0470-409,89541,260,2092,877,79188,263,3247,666,103001,538,75238,295-444,977497,324,899-12,666,70702,021,016393,55413,15833,219,63731,676,37132,231536,901,280-109,607,634-987,9931,904,7323,813,183-1,566,692692,978344,369-19,395,5477,851,163353,980345,354,261202,084,062113,486,36518,498,718

LEIF HEGH & CO

BALANCE SHEETS

Resultat


Resultatregnskap

(USD 1 000)20012001200020002000

01.07-01.01-01.07-01.01-Totalt

30/930/930/930/9

Fraktinntekter, netto168206508519204832572990773646

Reiseavhengige kostnader(66502(214995(109442(288401(402601

Leie innbefraktede skip(24753(81087(38220(112240(137272

Driftskostnader(27427(81270(22795(70665(101578

Generelle administrasjonskostnader(2649(5999(1608(4979(8621

Driftsresultat fr salgsgevinster og avskrivninger468751251683276796705123574

Gevinst ved salg av anleggsmidler0126447741507908

Ordinre avskrivninger anleggsmidler(18715(55674(17259(45884(68905

Driftsresultat2816082139162825232855577

Resultat tilknyttede selskaper0.04498(10624(15520

Renteinntekter23507113277772649727

Rentekostnader(10705(41614(17708(45350(59312

Andre finansposter204423685101192059132513

Resultat fr skattekostnad2185175822113643485722985

Skattekostnad(1817(1859(834(2461(3499

RESULTAT2003473963105303239619486

Minoritetens andel0.00.0(70(124(909

Majoritetens andel2003473963106003252020395

Resultat pr. aksje0.642.280.290.980.60

Kontantstrm pr. aksje1.013.390.752.322.98

Balanse


Balanse

(USD 1 000)

200120002000

30/930/931/12

Utsatt skattefordel446175539568

Goodwill784768801285524

Totale immaterielle eiendeler829379556595092

Skip9800099094021023902

Nybygninger0.0472860

Andre varige driftsmidler212083279521333

Totale varige driftsmidler10012179894831045235

Investeringer i aksjer52983129215805

Langsiktige fordringer7298419914202

Totale finansielle anleggsmidler125963549130007

Totale anleggsmidler109675011205391170334

Beholdninger139811890715720

Fordringer344175619764041

Omsettelige verdipapirer130335171840112639

Bankinnskudd443706288965625

Totale omlpsmidler223104309833258025

TOTALE EIENDELER131985414303721428359

Innskutt egenkapital642336478064780

Opptjent egenkapital408468395090354902

Total egenkapital472701459870419682

Totale avsetninger for forpliktelser424844514175

Pantegjeld/leaseforpliktelser802772867924915914

Annen langsiktig gjeld207422543356

Total langsiktig gjeld804846870178919270

Total kortsiktig gjeld380599587385232

TOTAL EGENKAPITAL OG GJELD131985414303721428359

Egenkapitaloppstilling

(USD 1 000)200120002000

01.01-30.0901.01-30.09Total

Egenkapital 01.01.419,682376,194376,194

Emisjon0.051,15751,157

Resultat73,96332,52019,486

Kjp av egne aksjer(20,944)0.0(27,155)

Egenkapital i slutten av perioden472,701459,870419,682

kontantstrm


Kontantstrmoppstilling

(USD 1 000)20012001200020002000

01.07-01.01-01.07-01.01-Totalt

30/930/930/930/9

Brutto kontanstrm fra operasjonelle aktiviteter370701099152712276750101700

Endring i kortsiktige fordringer/gjeld og verdipapirer233(398066632(65469(35142

Netto kontantstrm fra operasjonell aktiviteter3730370109337541128166558

Netto kontantstrm fra investeringsaktiviteter(1932316157(17232(288037(360804

Netto kontantstrm fra finansaktiviteter(33513(107521(27802283034303260

Netto endring i kontanter og kontantekvivalenter(15533(21255(1128062789014

Kontanter og kontantekvivalenter ved periodens begynnelse5990365625741695661156611

Kontanter og kontantekvivalenter ved periodens slutt4437044370628896288965625

Seg info no


Rapport pr segment

(USD 1 000)

HUALKontraktshipping


20012000200120002001200020012000

Fraktinntekter126,483104,432362,950287,65312,43015,27738,14941,363

Reiseavhengige kostnader(57,198)(54,258)(171,461)(141,182)(866)(603)(4,579)(3,177)


Leie innbefraktede skip(22,367)(17,070)(70,114)(53,116)(1,410)(6,142)(4,521)(13,629)



Gevinst/(tap) ved salg av skip2420000000



Driftsresultat22,81510,92146,63935,5544,6544,86913,10311,942

Hegh LinesKjleskip


20012000200120002001200020012000

Fraktinntekter18,37834,78572,480104,8068,42749,40230,218137,164

Reiseavhengige kostnader(8,289)(22,131)(38,370)(67,326)(150)(32,441)(585)(76,566)


Leie innbefraktede skip(975)(5,314)(6,452)(15,874)0(9,706)0(29,620)



Gevinst/(tap) ved salg av skip079501,505(388)(21)12,5002



Driftsresultat3,0081,1528,8962,067(93)(313)18,2517,003

Result


Statements of income

(USD 1 000)20012001200020002000

01.07-01.01-01.07-01.01-Total

30/930/930/930/9


Voyage expenses(66502(214995(109442(288401(402601

T/C Income10170429352495390284589371045

Charterhire expenses(24753(81087(38220(112240(137272

Operating expenses(27427(81270(22795(70665(101578

General administrative expenses(2649(5999(1608(4979(8621

Operating profit before sales gain and deprecation468751251683276796705123574

Gain on sale of assets0126447741507908

Ordinary deprecation of assets(18715(55674(17259(45884(68905

Operating profit2816082139162825232855577

Profit(-loss) associated companies0.04498(10624(15520

Interest income23507113277772649727

Interest expenses(10705(41614(17708(45350(59312

Other financial items204423685101192059132513

Profit before tax2185175822113643485722985

Tax(1817(1859(834(2461(3499

NET PROFIT2003473963105303239619486

Minorities' share0.00.0(70(124(909

Majorities' share2003473963106003252020395

Net profit per share0.642.280.290.980.60

Cashflow per share1.013.390.752.322.98

Balance sheet

(USD million)20012000

31/1231/12

Deferred tax asset446175539568

Goodwill784768801285524

Intangible assets7995

Vessels9800091023902

Newbuildings0.00


Vessels9631023

Investments in shares529815805

Long term receivables729814202


Bunker and inventory1398115720

Receivables3441764041

Other current assets7580

Marketable securities130335112639

Bank deposits4437065625

Bank deposits / Marketable securities178178

Total assets13361428

Paid in equity6423364780

Other equity408468354902

Shareholder's equity475420





Current liabilities7385

Total shareholder's equity and liabilities13361428

Equity Statements

(USD 1 000)200120002000

01.01-30.0901.01-30.09Total

Equity 01.01.419,682376,194376,194

Rights' issue0.051,15751,157

Profit of the period73,96332,52019,486

Buy-back own shares(20,944)0.0(27,155)

Total equity end period472,701459,870419,682

cash flow


Cashflow statements

(USD 1 000)20012001200020002000

01.07-01.01-01.07-01.01-Total

30/930/930/930/9

Total cashflow from operational activities370701099152712276750101700

Movements in current assets/liabilities

and maredtable securities233(398066632(65469(35142

Net cashflow from operational activities37303701093375411281101700

Net cashflow from investment activities(1932316157(17232(288037(360803

Net cashflow from financing activities(33513(107521(27802283034303260

Net movement in cash and cash equivalents(15533(21255(11280627844157

Cash and cash equivalents per start of period5990365625741695661156611

Cash and cash equivalent per end period44370443706288962889100768

Seg info eng


Report per segment

(USD 1 000)

HUALContractshipping


20012000200120002001200020012000


Voyage expenses(57,198)(54,258)(171,461)(141,182)(866)(603)(4,579)(3,177)


Charterhire expenses(22,367)(17,070)(70,114)(53,116)(1,410)(6,142)(4,521)(13,629)

Crew and other operating expenses(11,637)(10,478)(36,244)(28,399)0000



Capital gains/(losses) on sale of vessels2420000000

Depreciation(12,708)(11,705)(38,492)(29,402)(2,479)(2,069)(7,000)(6,171)


Operating profit/loss22,81510,92146,63935,5544,6544,86913,10311,942

Hegh LinesReefers


20012000200120002001200020012000


Voyage expenses(8,289)(22,131)(38,370)(67,326)(150)(32,441)(585)(76,566)


Charterhire expenses(975)(5,314)(6,452)(15,874)0(9,706)0(29,620)

General administrative expenses0000(5,732)(5,293)(17,132)(17,137)



Capital gains/(losses) on sale of vessels079501,505(388)(21)12,5002

Depreciation(1,078)(1,077)(3,234)(3,231)(2,250)(2,253)(6,750)(6,839)


Operating profit/loss3,0081,1528,8962,067(93)(313)18,2517,003

EBTIA eng & no

Leif Hegh & Co Consolidated

Development in operating profit per segment

(USD 1 000 000)

199920002001


HUAL119891014111181623-

Contract shipping42424445855-

Hegh Lines-3-3100110653-

Reefers11-4-7430-31840-

Total1399418221613403031-

Leif Hegh & Co Konsernet

Utvikling i resultat pr segment

(USD 1 000 000)

Business Untis199920002001


HUAL119891014111181623-

Kontraktshipping42424445855-

Hegh Lines-3-3100110653-

Kjleskip11-4-7430-31840-

Sum1399418221613403031-

PL-Balance Sheet

LHC Konsern

30-Sep-01

Input fra HEElimineringerKorreksjononerQ2

Freight Revenues508,174,433508,174,433

Freight revenue from group companies(4,114,437)(1,106,973)(5,221,410)

Other revenues4,512,2924,512,292

Other revenues from group companies, ope3,295,828(2,242,338)1,053,490508,518,805340,312,439168,206,365.89

Voyage Expenses214,995,149(214,995,149)(214,995,149)(148,492,990)(66,502,158.58)

T/C INCOME296,872,968(3,349,311)0293,523,657

Charterhire exp pool/services81,086,7060(81,086,706)

Charterhire expenses to group companies00(81,086,706)(56,334,060)(24,752,645.64)

Crew Expenses28,377,064(28,377,064)

Other operating expenses50,624,100(50,624,100)

Other operating expenses group companies5,618,344(3,349,311)(2,269,033)(81,270,197)(53,842,745)(27,427,452.08)

General administration expenses5,998,527(5,998,527)(5,998,527)(3,349,311)(2,649,215.65)

OPERATING PROFIT BEFORE DEPRECIATION125,168,22700125,168,227125,168,22778,293,33346,874,893.84

Gain/(loss) sale of vessels(243,642)(243,642)

16,312,119Gain/(loss) sale of other assets12,887,71512,887,71512,644,07312,645,584(1,511.58)

Ordinary depreciation vessels48,464,824(48,464,824)

Ordinary depreciation other7,208,814(7,208,814)(55,673,638)(36,960,711)(18,712,926.14)

OPERATING RESULT82,138,6620082,138,66282,138,66253,978,20628,160,456.12

Result associated companies236,0004,262,0004,498,0004,498,0004,498,0000.00

Interest income bank6,838,5766,838,576

Interest income other86,62186,621

Interest income group companies325,074325,0747,113,2444,762,8532,350,391.43

Interest expenses other137,027(137,027)

Currency exchange gain/(loss)(4,600,167)(4,600,167)

Unrealized currency exchange gain/(loss)(1,737,165)(1,737,165)

Unrealized currency exchange gain/(loss)00

Interest mortgage debt35,144,551(35,144,551)

Interest leased vessels6,468,967(6,468,967)(41,613,519)(30,908,849)(10,704,669.22)

Shares_Options_Bonds19,693,851019,693,851

Dividend from group companies000

Other_Fin_Items14,590,602(4,262,000)10,328,60223,685,12021,640,7502,044,369.81

PROFIT BEFORE EXTRAORDINARY ITEMS75,821,5080075,821,50875,821,50853,970,95921,850,548.14

PROFIT BEFORE TAX

Taxes2,008,511(150,000)1,858,5111,858,51141,7691,816,741.55

CONSOLIDATED PROFIT073,962,99773,962,99753,929,19020,033,806.59


NET PROFIT73,811,9970(150,000)73,961,99773,962,99753,929,19020,033,806.59

Goodwill78,475,70978,475,70978,475,70980,825,098

Deferred tax, benefit5,994,865(1,533,369)4,461,4964,461,4964,094,496

Vessels980,009,128980,009,128980,009,128995,463,820

Newbuildings0000

Provision for drydocking10,405,73910,405,739

Other_Fixed_Assets10,802,04210,802,04221,207,78121,547,905


Consolidated Shares in Associated Comp2,344,1192,344,119

Loan to group companies162,959162,959

Other shares2,790,8322,790,8325,297,9095,297,909

Other long term receivables7,298,1067,298,1067,298,1068,016,845

TOTAL FIXED ASSETS1,098,283,499(1,533,369)1,096,750,1301,096,750,1301,115,246,073

Receivables group companies(2,735,830)9,277,2386,541,408

Other Current Assets27,875,59627,875,59634,417,00439,421,139

Inventories13,981,49013,981,49013,981,49013,017,368

Marketable securities130,335,489130,335,489130,335,489131,278,201

Bank Deposits44,370,22744,370,22744,370,22759,903,332

TOTAL CURRENT ASSETS213,826,9729,277,2380223,104,210223,104,210243,620,041

TOTAL ASSETS1,312,110,4717,743,86901,319,854,3401,319,854,3401,358,866,115

Share_Capital_Cons10,415,83710,415,837

Treasury Shares(1,494,112)(1,494,112)

Share premium reserve58,861,31958,861,319

Total paid in capital67,783,043067,783,043

Other Equity330,439,544583,178150,000331,172,722

TOTAL RETAINED EARNINGS330,439,544331,172,722

Result of the year73,811,99773,811,997

Minority Interests(67,000)(67,000)

TOTAL SHAREHOLDERS' EQUITY471,967,584583,178150,000472,700,762472,700,762471,920,066

Pension liabilities4,247,7484,247,7484,247,7484,247,748

Deferred taxes1,533,369(1,533,369)0

Mortgage debt/lease obligations802,772,268802,772,268802,772,268837,103,799

Loan from group companies00

Other long term debt2,074,2142,074,2142,074,2141,973,707

TOTAL LONG TERM DEBT810,627,599(1,533,369)809,094,231809,094,231843325254.66

Taxes payable(14,488)0(14,488)

Provisions for dividends00

Payables group companies(9,277,238)9,277,238(0)(0)(0)

Balance differance0

Other current liabilities38,807,014(583,178)(150,000)38,073,83638,059,34743,620,794

TOTAL CURRENT LIABILITIES29,515,2878,694,060(150,000)38,059,34738,059,34743,620,794

TOTAL LIABILITIES AND SHAREHOLDERS' EQUI1,312,110,4717,743,86901,319,854,3401,319,854,3391,358,866,115

0(0)0(0)0(0)

Q3FR PLUGGING


Periodens resultat20,033,807Periodens resultat19,883,807


Emisjon0Emisjon0

Kjp egne aksjer-19,322,602Kjp egne aksjer(19,322,602)

Minoritet67,000Minoritet67,000

Equity 30.06.01472,698,271Equity 30.06.01472,481,271

Iflg HE472,700,762Iflg HE471,967,584

Diff-2,491Diff513,687

Akkumulert Q3FR PLUGGING


rets resultat73,962,997rets resultat73,812,997


Emisjon0Emisjon0

Kjp egne aksjer-20,944,235Kjp egne aksjer-20,944,235

Equity 30.06.01472,700,762Equity 30.06.01472,550,762

Iflg HE472,700,762Iflg HE471,967,584

Diff-0Diff583,178

ANALYSE AV DIFFERANSE

LHUK pga import av ny IB

UB i LHUK Hyperion 31.1212,738,972

UB i LHUK Hyperion 30.0912,955,309(216,337)

HUAL AS, gitt Geir beskjed(123,000)

Uforklart, ganske nrme balansedifferansen(243,841)

SUM(583,178)

Import

LHCHFSCUACUNIGAVRCBULCPCLOPHCMECAMECEGORBHFACHFSPKSSELHCMSKELGORALHHEGASMLHUK_ConsLIQSHHBCLIQCLHRPLHSCLHSEHGGAEMCGANEHGGEAVREPCLEHOICHFS_LHSLSM_LHSHUALJVL_ConsUni_ConsElim_TC

Freight Revenues508,174,43320,474,78024,687,76636,498,2117,955,16917,954,24604,070,93416,320,085363,499,596-550,00030,218,353

Freight revenue from group companies-4,114,437-5,026,675813,72045,0002,799,8869,763,418-981,928-46,340,64534,812,788

Elim_Freight-130,527,603-5,026,675-9,282,000-981,928-115,237,000

Other revenues4,512,292-2,435-2533,148,912-12031,53135,000-4,8681,292,76017,7128,602

Other revenues from group companies, ope3,295,82829,282-188,0653,473,426-178,766650,029-808,029-165,748

Voyage Expenses214,995,1494,575,99215,982,1039,528,1037,00012,860,820171,461,000583,631

Income on T/C-basis296,872,96829,28215,898,7883,678,98826,970,1087,757,6694,286,8923,015,146650,0292,799,886-12017,177,7489,798,4183,900,3183,770,09717,712145,697,95134,271,38929,634,723

Charterhire exp81,086,7064,521,6552,845,0303,606,02170,114,000

Elim_Charter_Group-130,527,603-5,026,675-9,282,000-981,928-115,237,000

Charterhire expenses to group companies00000

Crew Expenses28,377,0641,020,66114,944,3381,458,8847,271,3833,681,797

Other operating expenses50,624,1003,338,747-147,4901,231,980-3,2963,552,1521,399,3402,528019,320,823726,73216,954,1556,083,0251,610,853

Other operating expenses group companies5,618,34441,8893,643,4121,549,359404,210

General administrative expenses5,998,5271,65619,3714,9685,969,0942,2504,500

OPERATING PROFIT BEFORE DEPRECIATION125,168,227-12,60711,377,134833,95826,970,1084,417,267643,4811,613,277650,029143,035-16,19613,620,6282,429,9843,895,540164,075-34,247,449-2,185,61751,358,41324,502,06828,023,870

Gain/(loss) sale of vessels-243,642-4,390-239,252

Gain/(loss) sale of other assets12,887,7158,812,119-3,983,4098,059,005

Ordinary depreciation vessels48,464,824235,0803,714,74139,543,663-7,889,562837,146673,154-49,8463,254,4368,219,4141,901,508

Ordinary depreciation other7,208,81445,050115,597129,1386,919,029

OPERATING PROFIT82,138,662-12,6078,812,11911,377,134833,95826,970,1084,182,187643,481-2,415,1828,059,005650,029143,035-16,1969,905,887-37,233,6667,889,5623,058,394-673,15449,846-129,138164,075-34,247,449-2,185,61741,184,94816,043,40226,122,362

Consolidated profit associated companies236,000196,00040,000

Interest income bank6,838,57636,13849,40655,46214,26531,92280,6688,3881,03014,7566,162,6796,12323,98735,050238,27294,941

Interest income other86,621-1566847,2311,589-11,1878,076,494-6,892-16,0932,018-7,655,428-932,810-366,202949,7170

Interest income group companies325,074-25,92523,535-1,348,1361,563,9701,138,159-1,026,529

Interest expenses other137,02728,20698253-18,19818126,649

Currency exchange gain/(loss)-4,600,167-8,322-43,718-20,255-1,954,03321,24002-2,390,259-12,033-96,333-57,265-39,1900

Unrealized currency exchange gain/(loss)-1,737,165-24,979-95,992-477,63832,486-6,100-1,080,657-149,00941,98414,4498,290

Unrealized currency exchange gain/(loss)

Interest mortgage debt35,144,55128,331,0895,717,0961,096,366

Interest leased vessels6,468,9678,1081,911,0724,549,788

Shares_Options_Bonds19,693,85124,812,990-5,119,139

Dividend from group companies0-4,800,0008,059,005-8,059,005-14,300,0009,550,000

Other_Fin_Items14,590,602-1,340-23,0493,171-5550-3,3665,049,0410-79,127-428-7199,725,070-153-8,10819,317-85,030-4,761

PROFIT BEFORE EXTRAORDINARY ITEMS75,821,508-12,7638,812,11911,403,677860,31526,953,1444,197,485-4,800,000196,000568,03939,874,849040,000650,029119,1311,526,183-4,378,056-57,127,2057,889,5622,131,555-673,15449,846-129,138-347,289-34,247,449-2,185,61736,618,93810,308,77325,025,995

Other extraordinary items

Profit before tax75,821,508-12,7638,812,11911,403,677860,31526,953,1444,197,485-4,800,000196,000568,03939,874,849040,000650,029119,1311,526,183-4,378,056-57,127,2057,889,5622,131,555-673,15449,846-129,138-347,289-34,247,449-2,185,61736,618,93810,308,77325,025,995

Taxes2,008,511315-7,500,0004,9257,449,6527,886798,785-5,004111,9511,140,000

Consolidated profit


NET PROFIT73,811,997-12,763-31516,312,11911,403,677860,31526,953,1444,197,485-4,800,000196,000568,03939,869,923-7,449,65240,000650,029111,244727,398-4,378,056-57,122,2017,889,5622,131,555-673,15449,846-129,138-459,240-34,247,449-2,185,61735,477,93810,308,77325,025,995

Goodwill78,475,709344,36978,131,340

Deferred tax, benefit5,994,86520,4979,903,076-12,666,7078,738,000

Vessels980,009,1286,502,383289,77931,727,806673,177,176-63,605,34727,631,2723,813,183-1,566,6922,070,609105,741,476172,034,78141,307,796

Newbuildings000

Provision for drydocking10,405,739250,6793,997,005408,0723,913,3861,824,68511,911

Other_Fixed_Assets10,802,04220,2621,547,422314,5856,930,30612,5226,9751,907,00072,899

Shares in Group Companies390,070,48545,00131,046207,928,383126,714171,194,962-46,002,28756,746,666

Reversal of Shares in Group Companies-390,070,485


Shares in associated companies2,442,240019,25038,29552,800026,07132,23101,904,732368,861

Reversal of Shares in Associated Comp-98,121

Consolidated Shares in Associated Comp2,344,119

Elim_Loan_Group-71,652,180

Loan to group companies162,95911,260,12434,050,69633,647,506-0-7,143,186

Other shares2,790,832-444,977624,5972,611,211

Other long term receivables7,298,1060024,1226,268,670611,314394,000

Pension premium

TOTAL FIXED ASSETS1,098,283,49920,26245,0011,547,42206,502,3830409,50038,295-444,977243,257,734-12,666,7070389,91634,076,76631,727,80632,231881,242,169-109,607,63427,631,2721,904,7323,813,183-1,566,692344,3696,9756,067,614408,072190,087,202173,932,365100,030,048

Receivables group companies-2,735,830952,047-410,49240,640,40084,908,708778,238383,097239,251,7372,021,016-478,100-1,007,169-63,836-467,245,819-29,545,230-18,054,881-2,507,244-54,09289,833,48127,257,26912,463,52318,498,718

Other Current Assets27,875,59610,500-325,585163,963-1,202,446-903,910-38,092-887,401185,53813,1583,548874,3590692,978-3,869,6041,897,61429,949,26439,456833,801

Inventories13,981,490517,050773,51984,73218,55001,001,852601,56810,911,61030,96841,641

Marketable securities130,335,48913,994,827116,340,662

Bank_Deposits44,370,227128,137597428,3441,166,4063,783,5431,289,392784,2471,623,271277,650150,0408,8525,689,909925,9651,520,1121,791,61024,572,704824,005117,352

TOTAL_CURRENT_ASSETS213,826,972138,637952,047-409,89541,260,2091,330,36988,263,3241,163,7201,129,252254,067,1652,021,0163,63813,158-857,129-51,436-344,340,889-28,619,265692,978-19,402,5221,783,548-54,092155,267,05928,151,69713,456,31718,498,718

Total Assets1,312,110,471158,899997,047-409,89541,260,2092,877,79188,263,3247,666,10301,538,75238,295-444,977497,324,899-12,666,70702,021,016393,55413,15833,219,63731,676,37132,231536,901,280-109,607,634-987,9931,904,7323,813,183-1,566,692692,978344,369-19,395,5477,851,163353,980345,354,261202,084,062113,486,36518,498,718

Share_Capital145,549,54360,00123,8462,963499,904500,000133,10310,415,837163,50513,1583,192,316127,367,89012,0001,000,000200,0002,000,000251,000

Share_Capital_Elim-135,133,706

Share_Capital_Cons10,415,837

Capital stock tresury shares-1,494,112-1,494,112

Share premium reserve58,861,3193,549,37155,310,982966

Total paid in capital67,783,04360,0013,573,2162,963499,904500,000133,10364,232,706163,50513,1583,192,316127,367,89012,0001,000,000200,0002,000,000251,966

Reserve for valuation variances

Elim shares in group companies-390,070,485

Elim shares in associated companies137,879

Elim Share Capital135,133,706

Other Equity330,439,544-326-2,575,855-16,312,119-412,85830,167,848-176,71962,566,2822,968,6184,800,0000322,77838,295-444,977355,750,923-7,210,15901,370,9871,968,75327,328,25336,000,17532,231-32,134,081-117,497,196-956,9341,904,7324,486,337-1,616,538692,978473,507-18,996,164154,931,13921,965,36779,188,68518,498,718

TOTAL RETAINED EARNINGS330,439,544-326-2,575,855-16,312,119-412,85830,167,848-176,71962,566,2822,968,6184,800,0000322,77838,295-444,977355,750,923-7,210,15901,370,9871,968,75327,328,25336,000,17532,231-32,134,081-117,497,196-956,9341,904,7324,486,337-1,616,538692,978473,507-18,996,164154,931,13921,965,36779,188,68518,498,718

Result of the year73,811,997-12,763-31516,312,11911,403,677860,31526,953,1444,197,485-4,800,000196,000568,03939,869,923-7,449,65240,000650,029111,244727,398-4,378,056-57,122,2017,889,5622,131,555-673,15449,846-129,138-459,240-34,247,449-2,185,61735,477,93810,308,77325,025,995

Minority Interests-67,000-196,000-40,000169,000

TOTAL SHAREHOLDERS' EQUITY471,967,58446,912997,0470-409,89541,571,5251,183,50089,519,4267,666,103001,023,91938,295-444,977459,853,552-14,659,81102,021,0162,243,50313,15831,247,96731,622,11932,23138,111,608-109,607,6341,186,6211,904,7323,813,183-1,566,692692,978344,369-18,455,405-34,247,449-2,185,617190,778,07634,274,140104,466,64718,498,718

Pension liabilities4,247,74873,2024,174,546

Deferred taxes1,533,36901,752,368-219,000

Deferred income00

Provisions for losses

Mortgage debt/lease obligations802,772,268013,986544,767,406106,113,970131,000,00020,883,900

Rev_Loan_Group-71,652,180

Loan from group companies034,610,674033,647,5063,394,000

Other long term debt2,074,214482,79140,263-49,0281,302,833317,487

TOTAL LONG TERM DEBT810,627,599073,20239,268,0111,752,36854,248544,718,378107,197,802164,964,99324,277,900

Taxes payable-14,4880-1,5090-11,174219,302-221,107

Provisions for dividends

Payables group companies-9,277,23821,06200-4,169,273-2,139,365-50,674,107-2,174,61467,09439,104,8472,539,59724,320,715-10-16,162,863

Balance differance-183,713000002000000000004,198003000000000048,08500000

Other current liabilities38,807,01490,925000-311,3161,694,291-1,256,102000443,139002,372,6091,993,10400300,59100304,966,5080000000-1,007,2372,993,765023,057,6682,844,939904,6810

TOTAL CURRENT LIABILITIES29,515,287111,987000-311,3161,694,291-1,256,102000441,63100-1,796,6641,993,10400-1,849,9490219,30230-45,928,7060-2,174,61400000-940,14342,098,6122,539,59747,378,3822,844,929-15,258,1820

TOTAL LIABILITIES AND SHAREHOLDERS' EQUI1,312,110,471158,899997,0470-409,89541,260,2092,877,79188,263,3247,666,103001,538,75238,295-444,977497,324,899-12,666,70702,021,016393,55413,15833,219,63731,676,37132,231536,901,280-109,607,634-987,9931,904,7323,813,183-1,566,692692,978344,369-19,395,5477,851,163353,980345,354,261202,084,062113,486,36518,498,718

LEIF HEGH & CO

RESULTS BY YEAR

LEIF HEGH & CO

OPERATING PROFIT BEFORE DEPRECIATION - PER SEGMENT

LEIF HEGH & CO

OPERATING PROFIT BEFORE DEPRECIATION - PER SEGMENT4TH QUARTER

LEIF HEGH & CO

CASHFLOW

LEIF HEGH & CO

RESULT PER SHARE

LEIF HEGH & CO

CASHFLOW PER SHARE

LEIF HEGH & CO

PRICING MULTIPLES

LEIF HEGH & CO

DEBT/CASH DEVELOPMENT

Highlights 2001The strategy of focusing on RORO and Contract Shipping continued

Sale Cool Carriers AB to J.Lauritzen: sales gain 13 MUSD

Finalizing sale of Hegh Lines Liner operation: delivered to Oldendorff.

Sale Teekay Shipping shares (1 548 000): sales gain 36 MUSD

Sale Gorthon Lines shares: sales gain 4.5 MUSDcontinuedJ:\brukere\BUDE\Corp\Diverse\020214 Results presentation

LEIF HEGH & CO

Highlights 2001

Flexibility and diversification paid off

Far East:Acquired KIWI CAR CARRIERS (NZ) and KIWI TERMINAL SERVICES.

Entered into a co-operation agreement with COSCO for RORO transportation to- and from P.R.China

Europe / short sea:HUAL subsidiary CETAM and EMC (in which HUAL owns 24 %) carried about 600 000 CEU in the European short sea market in 2001. CETAM jointly with L.Dreyfus, chosen (LoI) by AIRBUS to transport plane parts for the Airbus A380 project: One newbuilding in 2004 plus one option for 2007 delivery to enter 20 year t/c contract(s)

continued

HUAL

Highlights 2001LNG:

Steady expansion based on long term contracts

Entered into 20 years t/c with Statoil (on behalf of the Snhvit partners) for a 145 000 cbm LNG carrier to be built be Mitsubishi Heavy Industries for LHC jointly with Mitsui O.S.K. Lines Ltd. (subject Stortinget March 2002)

Hegh Galleon entered 17 year t/c with Enron LNG Shipping.

highlights 2001

Documents

71share price per 31

98balanseleif hegh co

682kontantstrmleif hegh

to usd 164 million

to usd 99 million

to usd 2

to usd 4

60kontantstrm pr