AWO Prospectus - COSL Drilling Europe AS

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Awilco Offshore ASA Cash flow statement Actual Pro forma All figures in NOK 1000 01.01 - 31.03 01.01 - 31.12 01.01 - 31.03 2005 2004 2004 Cash flow generated by/used in operations Profit before tax (34 109) 89 168 (10 511) Tax payable 0 (10 424) (181) Depreciation 13 108 40 805 7 294 Foreign exchange effects unrealized 8 875 (46 683) 11 569 Cash flow from operations -12 126 72 866 8 172 Change in debtor, creditors , accruals and provisions 23 736 28 887 7 586 Net cash flow from operations 11 610 101 754 15 758 Cash flow generated by/used in investments Invested in fixed assets (279 701) (262 261) (53 091) Proceeds from sale of fixed assets 0 0 0 Net sale/(purchase) of shares 0 0 0 Net cash flow from investments -279 701 -262 261 -53 091 Cash flow generated by/used in financial activities Dividend and/or group contribution etc 0 5 049 0 New debt 573 618 105 573 69 400 Repayment debt (569 260) (29 772) (15 072) Equity contributions 965 000 164 728 1 100 Net cash flow from financial activities 969 358 245 577 55 428 Net cash flow for the year 701 267 85 070 18 095 Cash and cash equivalents per opening balance 146 602 61 532 61 532 Cash and cash equivalents per end of period 847 869 146 602 79 627 Equity The Company's share capital is NOK 1.111.333.500 made up of 111.133.350 shares with a par value of NOK 10 per share. All shares of the Company are of the same class and are equal in all respects. The Company's articles of association do not provide for shares of other classes. 40 Actual Pro forma Group equity 31.03.05 31.12.04 31.03.2004 Equity per 1. January (N GAAP) 269 458 31 735 31 735 Reversed pro forma effects/effect of IFRS impl. 11 716 5 262 5 262 Capital transfers, group contribution etc 0 5 049 0 Equity contributions 965 000 164 728 1 100 Dividend 0 0 0 Profit/(loss) in period -23 097 62 685 -7 579 Equity per 31. December (IFRS) 1 223 078 269 458 30 518 Effects of IFRS implementation Balance sheet effects Adjusted net book value of rigs 4 309 Adjusted accruals 3 000 Tax effect of adjustments 28 % -2 047 Net equity effect 5 262
7.5 Auditor’s statement Awilco Offshore ASA In connection with the financial statements set out above, the Company’s auditors have issued the following report to the Board of Directors of the Company. Report on the review of pro forma financial statements and adjustments We have reviewed the pro forma adjustments described in the prospectus of Awilco Offshore ASA Section 7 and the application of these adjustments to the pro forma statements of income for 2004, the accompanying pro forma balance sheet for the twelve months ending 31 December 2004 and the cash flow statement for the same period. All the above mentioned statements are prepared according to IFRS. We have also reviewed the corresponding pro forma accounts for the 1st quarter of 2004. The pro forma financial statements and adjustments are the responsibility of the Company’s Board of Directors and Managing Director. We conducted our review in accordance with the Norwegian Auditing Standard on Review Engagements RS 910. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the adjustments and the application of the adjustments in the financial statements does not reflect appropriate effect in the pro forma accounts to meet the objectives described above. Oslo, 22 april 2005 ERNST & YOUNG AS Sondre Kvaalen State Authorised Public Accountant 7.6 Other financial information Functional currency and use of financial instruments The functional currency for the majority of the Company’s operation is USD, as the majority of revenues and expenses, as well as assets and liabilities, are denominated in USD. The Company currently has no intention to engage in the use of hedging or speculation activity through the use of financial instruments. Per share data Figures in NOK 1Q2005 1Q2004 2004 Actual Proforma Proforma Earnings per share -0.21 -0.12 1.03 Dividend per share - - - 41
Page 1 and 2: Prospectus Listing of the shares of
Page 3 and 4: Table of Contents Awilco Offshore A
Page 5 and 6: Awilco Offshore ASA Statements of r
Page 7 and 8: Definitions Awilco Offshore ASA And
Page 9 and 10: Awilco Offshore ASA The project pri
Page 11 and 12: Awilco Offshore ASA 2. Summary in N
Page 13 and 14: 2.2 Finansielle forhold Awilco Offs
Page 15 and 16: Awilco Offshore ASA d. The pre-empt
Page 17 and 18: Awilco Offshore ASA In the event of
Page 19 and 20: 4. Company description 4.1 Company
Page 21 and 22: Awilco Offshore ASA 4.3 Relation to
Page 23 and 24: Awilco Offshore ASA Capacities: Var
Page 25 and 26: Contracts No contracts have been se
Page 27 and 28: Awilco Offshore ASA (1983) and hold
Page 29 and 30: 6. Market overview 6.1 Market posit
Page 31 and 32: Awilco Offshore ASA accommodation u
Page 33 and 34: Jack-ups Jack-ups have legs that ar
Page 35 and 36: Awilco Offshore ASA The fleet of
Page 37 and 38: Awilco Offshore ASA the regime. An
Page 39 and 40: Awilco Offshore ASA The useful live
Page 41: Awilco Offshore ASA Balance sheet A
Page 45 and 46: Awilco Offshore ASA 8. Share capita
Page 47 and 48: Awilco Offshore ASA Shareholder pol
Page 49 and 50: Awilco Offshore ASA In addition to
Page 51 and 52: Awilco Offshore ASA 1. The Contract
Page 53 and 54: Awilco Offshore ASA Keppel Option A
Page 55 and 56: Awilco Offshore ASA 2. A pre- and p
Page 57 and 58: 10. Taxation 10.1 Introduction Awil
Page 59 and 60: 10.4 Inheritance tax Awilco Offshor
Page 61 and 62: Awilco Offshore ASA Political risks
Page 63 and 64: Awilco Offshore ASA Appendix 1 Rig
Page 65 and 66: Awilco Offshore ASA 63
Page 77 and 78: Awilco Offshore ASA Appendix 6 Firs
Page 91: Filipstad Brygge 1 PO Box 1363 Vika

AWO Prospectus - COSL Drilling Europe AS

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