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Annual Report 2012

Annual Report 2012

(NOK '000)Figures in NOK

(NOK '000)Figures in NOK '000SharecapitalSharepremiumreserveOther paid incapitalRetainedlossesTotalEquity as of 1 January 2011 753 168 111 344 4 807 071 -4 322 912 1 348 671Decreased nominal value -188 544 - 188 544 - -Decreased nominal value own shares 252 - - -252 -Increase in connection with private placement 278 953 18 597 - - 297 550Increase in connection with subsequent offering 1 430 95 - - 1 525Transaction cost - -12 378 - - -12 378Share incentive programme - - 2 498 - 2 498Result of the year - - - -1 029 807 -1 029 807Accumulated loss transfered to share premiumreserve and other paid in capital - -117 658 -4 998 113 5 115 771 -Equity as of 31 December 2011 845 259 - - -237 200 608 059Equity as of 1 January 2012 845 259 - - -237 200 608 059Result of the year - - - -824 039 -824 039Equity as of 31 December 2012 845 259 - - -1 061 240 -215 981For further information refer to the description in note 16 in the financial statements for the Group.Shareholder informationShareholders as of 31 December 2012 specified below:Name:Number ofshares OwnershipJason Shipping ASA 383 532 236 34.0%Skandinaviska Enskilda Banken AB 56 398 182 5.0%Odin Maritim 17 430 831 1.5%Apollo Asset Limited 15 945 000 1.4%Hustadlitt A/S 14 945 000 1.3%Sabaro Investments Ltd 14 200 000 1.3%MP Pensjon PK 14 011 700 1.2%Torgeir Herfindal 10 800 000 1.0%Toluma Norden AS 10 450 500 0.9%BNY Mellon 10 426 088 0.9%Other 578 872 786 51.3%Total numbers of shares excluding treasury shares 1 127 012 323 99.9%Treasury shares at 31 December 2012 1 010 000 0.1%Total numbers of shares including treasury shares 1 128 022 323 100.0%Total number of shareholders 2 678Foreign ownership 131 448 481 11.7%Earnings per shareBasic and diluted earnings per share are calculated by dividing net profit (loss) for the year attributable toordinary equity holders by the weighted average number of ordinary shares outstanding during the year. On 5February 2013 the Company held an extraordinary general meeting whereby a reverse share split in the ratio100:1 was approved. Refer to note 13 for further information. Earnings per share for both 2012 and 2011 havebeen calculated based on the weighted average number of shares adjusted for the reverse split. The followingreflects the income and share data used in the total operations basic and diluted earnings per sharecomputations:70

Figures in USD '000 2012 2011Net profit attributable to equity holders (NOK '000 ) -824 039 -1 029 807Number of shares outstanding end of period 1 127 012 323 1 127 012 000Weighted average number of shares outstanding in the period 1 127 012 323 991 672 702Weighted average number of ordinary shares for diluted earnings per share 11 270 123 9 916 727Earnings per share - basic/diluted earnings per share (NOK) -73.12 -103.85The Board proposes that no dividend will be paid for the fiscal year 2012.Treasury shares are not included in the weighted average number of shares. Shares under the share optionprogram are not included since they are out of money.Note 12 – Related party transactions(NOK '000)Sale to / purchase fromRelated party Type of transaction 2012 2011Entities with significant influence over the Company:Jason Shipping ASA Corporate administration - -46Jason Shipping ASA Rent - -1 351Companies which are/were a part of the JSHIP Group or controlled by a related party:EMS Seven Seas ASA 1) Corporate administration - 16Camillo Eitzen (Danmark) A/S Corporate administration - -286Eitzen IT A/S 1) IT services - -1 970Aage Figenschou AS 2) Consultancy services -560 -141Bsc - Bjørn Sjaastad Consulting 3) Consultancy services -1 400 -720Companies which are a subsidiary:Sichem Pearl Shipping Co Pte Ltd Advisory fee 705 850Sichem Pearl Shipping Co Pte Ltd Interest income 550 283Eitzen Chemical (Singapore) Pte Ltd Advisory fee 16 412 19 125Eitzen Chemical (Singapore) Pte Ltd Interest income 28 029 18 324Eitzen Chemical Shipping & Trading Pte Ltd Advisory fee 3 984 3 825Eitzen Chemical Invest (Singapore) Pte.Ltd. Advisory fee 443 425Eitzen Chemical Invest (Singapore) Pte.Ltd. Interest income 1 423 734Team Shipping AS Interest expense -3 -150Team Shipping AS Group contribution - 10Napoli Chemical AS Group contribution - 13 386Napoli Chemical AS Interest expense -1 -392Napoli Chemical KS Advisory fee 1 627 1 700Napoli Chemical KS Interest income 7 335 5 945Eitzen Chemical A/S Management/CEO services -1 043 -Eitzen Chemical A/S Corporate administration -996 -1 671Eitzen Chemical A/S Interest income 2 138 1 600Eitzen Chemical (Denmark) A/S Interest income - 1 366Eitzen Chemical Shipholding AS 4) Sale of companies - -Eitzen Chemical (France) S.A.S Interest income - 578Eitzen Chemical (USA) L.L.C. CEO services -2 496 -Eitzen Chemical (USA) L.L.C. Interest expense -729 -4701)2)3)The company was controlled by Jason Shipping ASA until 21 December 2011. Transaction balances include alltransactions up to that date.The company is controlled by Aage Rasmus Bjelland Figenschou.The company is controlled by Bjørn J. Sjaastad.71

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