Markedsrapport – Desember 2007 - NRP AS

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Markedsrapport – Desember 2007 Side 74 Ness, Risan & Partners AS NRP Fleetfinance IV DIS Company facts Key Data Investment Policy Guidelines* The silent partnership and agreements Foundation date 28.06.2007 Shipping sub-segment < 40% The company primarily invests in shipping Called Capital NOK 200 mill One single Charter < 25% projects syndicated by leading industry Uncalled Capital NOK 160 mill Charters on BB > 70% players in Norway. The investment return Life time 7 years One single Company < 20% shall primarily relate to bare boat (BB) Return target 12% - 15% pa Currency hedging > 60% contracts Instruments KS/DIS shares *Limites to NAV exposure apply after end of investment period Net Asset Value, Capital Account and Currency Net Asset Value NOK mill Capital Account per 1% share NOK Currency Portfolio Value 58,1 Capital contributions from partners 1 000 000 NOK/USD 5,44 Bank deposits 37,6 Capital distributions to partners 0 USD/EUR Receivables 0,0 Net Asset value of Company 999 934 Accrued cost 3,1 Remaining capital to be drawn Payment liability -1,1 from partners in Investment Period 1 000 000 Currency Hedging 2,3 Uncalled Capital 1 600 000 Net Asset Value 100,0 Nominal return -66 Currency hedging as Portfolio companies uncalled capital 37,4 Committed undrawn capital 2 600 000 % of NAV 70 % Return % Nominal return of capital contributions IRR p.a. 2) IRR per quarter and accumulated for the period perioden 3) IRR p.a. 4) since foundation since foundation 1 kv 2 kv 3 kv 4 kv Per year per year 0,0 % 0,0 % 2007 0,0 % 0,0 % 0,0 % 8 portfolio investments made during Q3. Due to high demand for new project issued, the share of capital per portfolio company is lower than preferred. The portfoliocompanies are performing according to budgets except that the offshore new builds are somewhat delayed. These delays have been compensated by the sellers / charterers. For several projects, the interest rate has been fixed at better terms than assumed in the project base case calculation. Gains from interest fixing is only included in the valuation on Bulk Transloading per the end of Q3. 220 200 180 160 140 120 100 80 60 40 20 0 NRP FleetFinance IV DIS (NOK millions) Net asset value Capital distributions 1) Accumulated return since incorporation in relation to capital contributions disregarding timing of payments Capital contr ibutions 2) Internal Rate of Return (IRR) since incorporation as a yearly rate based on capital contributions, distributions and latest reported NAV. 3) IRR per quarter (or relevant part of quarter) based on capital contribution, distributions and reported NAV at period end. NAV for one period is input for the next period. 4) IRR as a yearly rate based on capital contributions, distributions and reported NAV at period end. Reported NAV for one period is used as input for the next period. 1)-4) alle measures before tax and effect of the profit distribution agreement 1 kv 05 2 kv 05 3 kv 05 4 kv 05 1 kv 06 2 kv 06 3 kv 06 4 kv 06 1 kv 07 2 kv 07 3 kv 07
Side 75 Markedsrapport – Desember 2007 NRP Fleetfinance IV DIS Shares bought during the quarter Shares sold during the quarter Date Project Name Share Price per 1% Transaction type Date Project Name Share Price per 1% Transaction type All projects bought during Q3 2007 Overview of Portfolio Companies Portfolio Weight Share Value Uncalled # of Charter CP Expiry Sub Board Purchase Companies 1) 2) per % capital vsls type Segment rep. obligation per % or option USD 000 Bulk Transloading DIS 7 % 16 % 156 75 3 ETA Star BB 2022 Bulk TransloadingYes Option TDS Containers VI DIS 5 % 10 % 190 127 2 Zim / CMA CMG TC 2011 Container Yes Open United Cape DIS 4 % 14 % 99 120 1 ETA Star BB 2018 Bulk Yes Obligation Gram LPG Carrier II DIS 4 % 10 % 130 100 4 n.a. Open open LPG/VCM Yes Open Sentosa Offshore DIS 3 % 14 % 83 0 4 Swiber Offshore BB 2017 AHTS Yes Option Tioman Offshore DIS 3 % 10 % 109 0 1 Swiber Offshore BB 2017 Pipelay Barge Yes Option Oceanlink Reefer DIS 2 % 19 % 46 50 2 Oceanlink BB 2017 Reefer Yes Option Oceanlink Reefer II DIS 1 % 19 % 28 45 1 Oceanlink BB 2017 Reefer Yes Option 1) Portfolio weight in relation to Called Capital, 2) Share of capital per Portfolio Company Diversification Segment split - value weighted Expiry of charter party agreements per vessel Bulk Container Reefer LPG OSV Pipelay Barge 0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 2006 2009 2012 2014 2017 2020 2023 Ness, Risan & Partners AS
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Markedsrapport 2007 Ness,Risan&Part
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Markedsrapport – Desember 2007 - NRP AS

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