Belships

Quarterly Report • Feb 12, 2015

REPORT 4TH QUARTER 2014

12 February 2015

www.belships.com

HIGHLIGHTS

• Operating income of USD 5.5 m (USD 6.7 m)
• EBITDA of USD 2.4 m (USD 2.3 m)
• Net result of USD 0.4 m (USD 0.7 m)
• • All vessels operating normally modern fleet average age 4.7 years.
• Contract coverage 100% for delivered vessels USD 97 million fixed charter backlog.

Fourth quarter 2014 results

Belships operating income in 4th quarter 2014 was USD 5,484,000 (Q4 2013: USD 6,680,000), while EBITDA amounted to USD 2,414,000 (USD 2,344,000). The decrease in operating income is mainly related to M/T Belaia, which was redelivered in the beginning of March 2014. The Group's operating result amounted to USD 1,227,000 (USD 1,315,000), while total comprehensive income for 4th quarter 2014 was USD 319,000 (USD 693,000). Total comprehensive income for 2014 was USD ‐1,700,000 (USD ‐157,000). The decrease in comprehensive income is mainly explained by impairment of ship values and increase in ship operating expenses.

The accounts for 4th quarter of 2014 have been prepared in accordance with IAS 34 Interim Financial Reporting and are consistent with the principles applied in the annual accounts for 2013 and relevant changes to IFRS effective from 1 January 2014. The interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU.

Fleet status

M/S Belnor, M/S Belstar and M/S Belocean have continued the long‐term contracts to Canpotex of Canada. Canpotex is one of the world's largest exporters of potash, a fertilizer product imported in large volumes by countries such as China, India and Brazil. Net time charter rate is USD 16,000 per day, which is a favorable rate in the present market.

All ships have sailed without significant off‐hire, and operating expenses for 4th quarter 2014 are close to budget. Technical management of owned ships is handled by Belships Management (Singapore) with a fleet of 20 ships under technical management.

Newbuilding program

Belships newbuilding program with Imabari Shipbuilding in Japan includes 2 x 61.000 dwt eco‐design Supramax bulk carriers for delivery in September 2015 and 2nd quarter 2016. In addition Belships has signed a long‐term lease agreement incl. purchase option for a slightly larger sister vessel with delivery 1st quarter 2017.

Financial and corporate matters

31 December the Group's cash totaled USD 8.1 million compared to USD 7.8 million as per 30 September 2014.

The mortgage debt balance as at 31 December was USD 46.3 million and was reduced by USD 1.3 million during the quarter. Remaining newbuilding commitment amounts to USD 42.4 million. All payments in 2014 have been financed by the Group's surplus liquidity.

In August 2011 Belships entered into an interest rate swap agreement with 2 years forward start at 2.2% with a remaining duration of 3.5 years covering USD 20 million, reducing by USD 5 million per year. Hedging the Group's interest exposure is considered on an ongoing basis. The long‐term interest rate has decreased significantly the recent months. Belships expects only a modest increase in the interest rate level for the coming 3‐5 years. The hedging level of interest rate exposure is currently around 24%.

At the end of the 4th quarter of 2014, the book value per share amounted to NOK 10.33, while the equity ratio was 56.8%.

Market highlights

The predicted Q4 rally started towards end of October but culminated only two weeks later. Capesize‐index peaked at USD 27,000/day, whereas Panamax‐ and Supramax‐index went up to around USD 9,300‐9,900/day.

The Capesize‐index ended the fourth quarter at USD 4,910 per day, whereas the Panamax‐index ended at USD 6,953 per day. The Supramax‐index ended the quarter at USD 9,383 per day. As per today the Cape index stands at USD 6,739/day, Panamax‐index at USD 3,748/day and Supramax‐ index at USD 5,311/day. These indices are very close to all‐time low levels. The valuation of a 5‐year old Supramax is approximately USD 20 million according to the Baltic Exchange S&P assessment.

With freight rates so depressed, there is strong pressure on asset prices in all dry bulk sectors. Buyers turn their attention to Japanese tonnage, adding pressure to asset prices for Chinese built tonnage. Another factor is the recent strengthening of USD against JPY, leading to more sales candidates from Japanese owners.

Chinese steam coal imports dropped sharply in 2014 to an annualized pace of just 135 million tons, the lowest level in more than three years. Most of this decline has come from Indonesian supplies, hitting the Panamax segment in particular. The Chinese government last year introduced a ban on dirty coal as part of China's environmentally friendly agenda. Coal will still be important for China, where new technologies for cleaner burning is required to generate sufficient power, due to difficulties related to replacing coal as a power source.

In 2014 Chinese iron ore imports amounted to 932 million tons, or approx. 14% higher compared to the year before. The ton‐mile growth was not as high since a significant part of Chinese iron ore import was sourced from Australia, rather than Brazil.

Strategy

Belships is concentrating 100% on the dry bulk market, with 3 x 58,000 dwt Supramax in service and 3 x Supramax newbuildings under construction by Imabari Shipbuilding in Japan for delivery from September 2015 until 1st quarter 2017. The newbuildings will be actively marketed for long‐term employment at a time closer to delivery, but Belships is in preliminary discussions with a few carefully selected charterers.

Outlook

Typically low steel demand during winter in China has continued to erode iron ore and steel prices with spot iron ore for delivery to China closing this week at around USD 62/ton. Demand and prices for iron ore and steel will remain low until activity picks up after Chinese New Year towards the end of February.

With increased capacity of iron ore from Australia and Brazil, the international iron ore prices have dropped more than 50% over the last 12 months. China will be encouraged to continue the import rather than exploit their domestic resources with low FE content.

Lately Belships has seen an increased activity in conversions of capesize newbuilding contracts to LR 1 tankers, and scrapping of older tonnage has also picked up considerably. Both these factors will

contribute positively towards a better market balance going forward. Most importantly, new ordering of bulk carriers has more or less come to a complete stop.

With international crude oil prices moving up again, the bunker price will follow in tandem. This will underpin the attractiveness of fuel efficient eco design newbuildings.

Belships' vessels are chartered out long‐term on a fixed rate to a reputable counterpart, and short term market fluctuations will therefore not affect the Group's cash flow. The charter parties represent a future nominal gross hire of USD 97 million.

Focus will be to further develop Belships as an owner/operator of modern bulk carriers to reputable counterparts. Our ambition is to build a portfolio of quality vessels and robust charter parties that will generate distributable cash flows.

Oslo, 12 February 2015 THE BOARD OF BELSHIPS ASA

Sverre Jørgen Tidemand, Chairman

Christian Rytter Kjersti Ringdal Sissel Grefsrud Carl Erik Steen

Questions should be directed to:

Ulrich Müller, CEO +47 22 52 76 15

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

BELSHIPS ASA
USD 1 000	Q4 2014	Q4 2013	2014	2013
Note
Freight revenue	4 394	5 555	17 912	22 094
Management fees	1 090	1 125	4 167	3 879
1 Operating income	5 484	6 680	22 079	25 973
Time‐charter hire	0	‐1 164	‐804	‐4 660
Ship operating expenses	‐1 214	‐1 234	‐5 434	‐5 059
Operating expenses ship management	‐1 064	‐1 152	‐3 741	‐3 706
General and administrative expenses	‐792	‐786	‐3 540	‐3 214
Operating expenses	‐3 070	‐4 336	‐13 519	‐16 639
Operating result (EBITDA)	2 414	2 344	8 560	9 334
Depreciation and amortization	‐1 187	‐1 029	‐4 274	‐4 251
Impairment of non‐current assets	0	0	‐3 200	‐2 700
Operating result (EBIT)	1 227	1 315	1 086	2 383
Interest income	59	63	124	142
Interest expenses	‐481	‐586	‐1 961	‐2 040
Other financial items	‐41	68	‐277	‐681
Currency gains/(‐losses)	‐326	‐132	‐550	208
Net financial items	‐789	‐587	‐2 664	‐2 371
Result before taxes	438	728	‐1 578	12
Taxes	‐20	‐32	‐23	‐166
Net result	418	696	‐1 601	‐154
Hereof non‐controlling interests	27	24	80	60
Hereof majority interests	391	672	‐1 681	‐214
Other comprehensive income
Actuarial gain/(loss) on defined benefit plans	‐99	‐3	‐99	‐3
Total comprehensive income	319	693	‐1 700	‐157
Hereof non‐controlling interests	27	24	80	60
Hereof majority interests	292	669	‐1 780	‐217
Earnings per share (US cent)	0.67	1.48	‐3.63	‐0.47
Diluted earnings per share (US cent)	0.67	1.48	‐3.62	‐0.46

CONSOLIDATED BALANCE SHEETS

BELSHIPS ASA
USD 1 000		2014	2013
ASSETS	Note
Fixed assets
Ships		88 920	95 424
Newbuilding instalments	2	14 125	5 650
Other fixed assets		2 345	3 088
Total fixed assets		105 390	104 162
Current assets
Trade debtors		44	12
Other receivables		967	968
Cash and cash equivalents		8 064	14 282
Total current assets		9 075	15 262
Total assets		114 465	119 424
EQUITY AND LIABILITIES
Equity
Paid‐in capital		43 563	43 305
Retained earnings		21 080	23 252
Non‐controlling interests		408	401
Total equity		65 051	66 958
Long‐term liabilities
Mortgage debt	3	40 651	42 460
Financial instruments		515	816
Pension obligations		1 138	1 644
Total long‐term liabilities		42 304	44 920
Short‐term liabilities
Current portion of mortgage debt	3	5 000	5 138
Trade creditors		381	562
Other short‐term liabilities		1 729	1 846
Total short‐term liabilities		7 110	7 546
Total equity and liabilities		114 465	119 424

CONSOLIDATED CASH FLOW STATEMENTS

BELSHIPS ASA
USD 1 000	2014	2013
Cash flow from operating activities
Net result before taxes	‐1 578	12
Adjustments to reconcile profit before tax to net cash flows:
Depreciations on fixed assets	4 274	4 251
Impairment of ships	3 200	2 700
Share‐based compensation expense	259	12
Difference between pension exps. and paid pension premium	‐262	‐197
Net finance costs	2 664	2 371
Working capital adjustments:
Change in trade debitors and trade creditors	‐213	65
Change in other short‐term items	‐91	‐362
Interest received	124	142
Interest paid	‐1 961	‐2 040
Income tax paid	‐35	‐75
Net cash flow from operating activities	6 381	6 879
Cash flow from investing activities
Prepayment newbuilding contracts	‐8 475	‐5 650
Paid out on purchase of other investments	‐898	‐221
Net cash flow from investing activities	‐9 373	‐5 871
Cash flow from financing activities
Repayment of long‐term debt	‐51 661	‐10 993
Proceeds from new loan	50 000	0
Payment of transaction costs related to new loan	‐575	0
Dividend paid to shareholders	‐393	0
Share issue (net)	0	14 293
Net cash flow from financing activities	‐2 629	3 300
Net change in cash and cash equivalents during the period	‐5 621	4 308
Cash and cash equivalents at 1 January	14 282	10 204
Change currency NOK deposits	‐597	‐230
Cash and cash equivalents at end of period	8 064	14 282

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

BELSHIPS ASA

USD 1 000
		Majority interest
	Paid‐in Retained
	Share	Treasury	Share	Other	v Other	Non‐	Total
	capital	shares	premium	paid‐in	equity	controlling	equity
As at 31 December 2014			reserves	equity		interests
Equity as at 31 December 2013	14 272	‐166	13 751	15 448	23 252	401	66 958
Net result for the period	0	0	0	0	‐1 681	80	‐1 601
Other comprehensive income	0	0	0	0	‐99	0	‐99
Total comprehensive income	0	0	0	0	‐1 780	80	‐1 700
Dividend to shareholders	0	0	0	0	‐393	0	‐393
Share‐based compensation exp.	0	0	0	259	0	0	259
Non‐controlling interest transactions	0	0	0	0	0	‐73	‐73
Equity as at 31 December 2014	14 272	‐166	13 751	15 707	0 21 079	408	65 051
As at 31 December 2013
Equity as at 31 December 2012	6 722	‐166	7 009	15 436	23 469	319	52 789
Net result for the period	0	0	0	0	‐214	60	‐154
Other comprehensive income	0	0	0	0	‐3	0	‐3
Total comprehensive income	0	0	0	0	‐217	60	‐157
Share issue	7 550	0	6 742	0	0	0	14 292
Share‐based compensation exp.	0	0	0	12	0	0	12
Non‐controlling interest transactions	0	0	0	0	0	22	22
Equity as at 31 December 2013	14 272	‐166	13 751	15 448	23 252	401	66 958

KEY FINANCIAL FIGURES

BELSHIPS ASA

		2014	2013
EBITDA	USD 1000	8 560	9 334
Interest coverage ratio		0.37	1.01
Current ratio	%	127.64	202.25
Equity ratio	%	56.83	56.07
Earnings per share	US cent	‐3.63	‐0.47
Earnings per share	NOK	‐0.23	‐0.03
Book value per share	NOK	10.33	8.70
Number of issued shares (excluding treasury shares)		46 804 000	46 804 000
Average number of issued shares (excluding treasury shares)		46 804 000	33 679 000

NOTES TO THE CONSOLIDATED ACCOUNTS

The figures are not audited

Note 1 Segment information

BELSHIPS ASA

USD 1 000	January ‐ December 2014
	Dry cargo	Product	Technical	Admini‐	Group	Total
		tank	managm.	stration	transacts.
Freight revenue	16 846	774	0	0	292	17 912
Management fees	0	0	4 288	618	‐739	4 167
Operating income	16 846	774	4 288	618	‐447	22 079
Time‐charter hire	0	‐804	0	0	0	‐804
Ship operating expenses	‐5 865	0	0	0	431	‐5 434
Operating expenses ship management	0	0	‐3 741	0	0	‐3 741
General and administrative expenses	‐47	‐10	0	‐3 499	16	‐3 540
Operating expenses	‐5 912	‐814	‐3 741	‐3 499	447	‐13 519
Operating result (EBITDA)	10 934	‐40	547	‐2 881	0	8 560
Depreciation and amortization	‐4 126	0	‐51	‐97	0	‐4 274
Impairment of non‐current assets	‐3 200	0	0	0	0	‐3 200
Operating result (EBIT)	3 608	‐40	496	‐2 978	0	1 086
Interest income	0	0	37	87	0	124
Interest expenses	‐1 942	0	0	‐19	0	‐1 961
Other financial items	‐270	0	‐32	25	0	‐277
Currency gains/(‐losses)	‐10	0	20	‐560	0	‐550
Net financial items	‐2 222	0	25	‐467	0	‐2 664
Result before taxes	1 386	‐40	521	‐3 445	0	‐1 578
Taxes	0	0	‐23	0	0	‐23
Net result	1 386	‐40	498	‐3 445	0	‐1 601
Hereof non‐controlling interests	0	0	80	0	0	80
Hereof majority interests	1 386	‐40	418	‐3 445	0	‐1 681
Other comprehensive income
Actuarial loss on defined benefit plans	0	0	0	‐99	0	‐99
Total comprehensive income	1 386	‐40	498	‐3 544	0	‐1 700
Hereof non‐controlling interests	0	0	80	0	0	80
Hereof majority interests	1 386	‐40	418	‐3 544	0	‐1 780

USD 1 000
	2014					2013
Dry Product 1Q	Techn.	Admin/	Total	Dry	Product	Techn.	Admin/	Total
cargo tank	manag.	Grp.trs.		cargo	tank	manag.	Grp.trs.
Freight revenue 4 233 774	0	91	5 098	4 137	1 118	0	89	5 344
Management fees 0 0	1 016	‐35	981	0	0	1 013	‐26	987
Operating income 4 233 774	1 016	56	6 079	4 137	1 118	1 013	63	6 331
Time‐charter hire 0 ‐804	0	0	‐804	0	‐1 143	0	0	‐1 143
Ship operating expenses ‐1 493 0	0	109	‐1 384	‐1 429	0	0	106	‐1 323
Operating expenses ship management 0 0	‐922	0	‐922	0	0	‐825	0	‐825
General and administrative expenses ‐11 ‐10	0	‐827	‐848	‐6	‐11	0	‐834	‐851
Operating expenses ‐1 504 ‐814	‐922	‐718	‐3 958	‐1 435	‐1 154	‐825	‐728	‐4 142
Operating result (EBITDA) 2 729 ‐40	94	‐662	2 121	2 702	‐36	188	‐665	2 189
Depreciation and amortization ‐964 0	‐12	‐21	‐997	‐1 028	0	‐13	‐20	‐1 061
Operating result (EBIT) 1 765 ‐40	82	‐683	1 124	1 674	‐36	175	‐685	1 128
Dry Product	Techn.	Admin/	Total	Dry	Product	Techn.	Admin/	Total
2Q cargo tank	manag.	Grp.trs.		cargo	tank	manag.	Grp.trs.
Freight revenue 3 992 0	0	68	4 060	4 328	1 130	0	90	5 548
Management fees 0 0	1 195	‐31	1 164	0	0	879	‐30	849
Operating income 3 992 0	1 195	37	5 224	4 328	1 130	879	60	6 397
Time‐charter hire 0 0	0	0	0	0	‐1 165	0	0	‐1 165
Ship operating expenses ‐1 521 0	0	109	‐1 412	‐1 300	0	0	106	‐1 194
Operating expenses ship management 0 0	‐790	0	‐790	0	0	‐788	0	‐788
General and administrative expenses 0 0	0	‐1 165	‐1 165	‐8	‐24	0	‐807	‐839
Operating expenses ‐1 521 0	‐790	‐1 056	‐3 367	‐1 308	‐1 189	‐788	‐701	‐3 986
Operating result (EBITDA) 2 471 0	405	‐1 019	1 857	3 020	‐59	91	‐641	2 411
Depreciation and amortization ‐963 0	‐13	‐20	‐996	‐1 037	0	‐13	‐19	‐1 069
Operating result (EBIT) 1 508 0	392	‐1 039	861	1 983	‐59	78	‐660	1 342
Dry Product 3Q	Techn.	Admin/	Total	Dry	Product	Techn.	Admin/	Total
cargo tank	manag.	Grp.trs.		cargo	tank	manag.	Grp.trs.
Freight revenue 4 292 0	0	68	4 360	4 401	1 152	0	94	5 647
Management fees 0 0	966	‐34	932	0	0	949	‐31	918
Operating income 4 292 0	966	34	5 292	4 401	1 152	949	63	6 565
Time‐charter hire 0 0	0	0	0	0	‐1 188	0	0	‐1 188
Ship operating expenses ‐1 531 0	0	107	‐1 424	‐1 415	0	0	107	‐1 308
Operating expenses ship management 0 0	‐965	0	‐965	0	0	‐941	0	‐941
General and administrative expenses 0 0	0	‐735	‐735	0	‐11	0	‐727	‐738
Operating expenses ‐1 531 0	‐965	‐628	‐3 124	‐1 415	‐1 199	‐941	‐620	‐4 175
Operating result (EBITDA) 2 761 0	1	‐594	2 168	2 986	‐47	8	‐557	2 390
Depreciation and amortization ‐1 054 0	‐11	‐29	‐1 094	‐1 037	0	‐17	‐38	‐1 092
Impairment of non‐current assets ‐3 200 0	0	0	‐3 200	‐2 700	0	0	0	‐2 700
Operating result (EBIT) ‐1 493 0	‐10	‐623	‐2 126	‐751	‐47	‐9	‐595	‐1 402
Dry Product	Techn.	Admin/	Total	Dry	Product	Techn.	Admin/	Total
4Q cargo tank	manag.	Grp.trs.		cargo	tank	manag.	Grp.trs.
Freight revenue 4 329 0	0	65	4 394	4 323	1 141	0	91	5 555
Management fees 0 0	1 111	‐21	1 090	0	0	1 160	‐35	1 125
Operating income 4 329 0	1 111	44	5 484	4 323	1 141	1 160	56	6 680
Time‐charter hire 0 0	0	0	0	0	‐1 164	0	0	‐1 164
Ship operating expenses ‐1 320 0	0	106	‐1 214	‐1 340	0	0	106	‐1 234
Operating expenses ship management 0 0	‐1 064	0	‐1 064	0	0	‐1 152	0	‐1 152
General and administrative expenses ‐36 0 Operating expenses ‐1 356 0	0 ‐1 064	‐756 ‐650	‐792 ‐3 070	‐37 ‐1 377	‐10 ‐1 174	0 ‐1 152	‐739 ‐633	‐786 ‐4 336
Operating result (EBITDA) 2 973 0	47	‐606	2 414	2 946	‐33	8	‐577	2 344
Depreciation and amortization ‐1 145 0	‐15	‐27	‐1 187	‐984	0	‐14	‐31	‐1 029

Note 2 Newbuilding contracts

Belships ASA has placed order for two newbuilding contracts for fuel efficient Supramax bulk carriers from Imabari Shipbuilding Co. Ltd. The ships will be delivered during the second half of 2015 and first half of 2016. Total newbuilding cost amounts to USD 56.5 million of which USD 5.65 million was paid in June 2013, additional USD 5.65 million was paid in June 2014 and USD 2.83 million was paid in September 2014, in total USD 14.13 million are paid.

Remaining instalments	%	USD mill. per ship	Scheduled due date Hull S‐K085	Scheduled due date Hull S‐K086
#3	10 %	2.83	Paid September 2014	30 March 2015
#4: Launching	10 %	2.83	3 months before delivery	3 months before delivery
#5: Delivery	60 %	16.95	Sept 2015	Mar/Apr 2016

Note 3 Mortgage debt

Mortgage debt as of 31 December 2014 was USD 46.3 million. Arrangement fee and other costs related to drawdown of the new loan is recorded as a reduction of debt in the balance sheet and amortized over the loan period in accordance with the amortized cost principle.

FLEET LIST

As at 31 December 2014

Ship		Ownership	Built year	Dwt	Employment	T/C‐rate (net USD/day)
Supramax
M/S Belstar	1	100 %	2009	58 018	T/C to 08/19	16 000
M/S Belnor	1	100 %	2010	58 018	T/C to 05/20	16 000
M/S Belocean	1	100 %	2011	58 018	T/C to 03/21	16 000
Imabari newbuilding	2	100 %	2015	61 000
Imabari newbuilding	2	100 %	2016	61 000
Imabari newbuilding	3	T/C	2017	63 000

1) In case of any sale, Belships has an option to cancel two of the three time charter parties after respectively 5 and 7 years from the ships were delivered.

2) Belships has signed an agreement with Canpotex Shipping Services Ltd to replace M/S Belnor or M/S Belocean with one of the newbuildings. The rate will be adjusted to USD 17.300/day net with effect from the date of delivery and until the expiry of the existing c/p period.

3) Delivery during 1st quarter of 2017 for long‐term lease with purchase option. Charter period is eight years with three annual renewal options. Purchase option may be exercised at the end of year 4 to JPY 3.01 billion, with an annual decrease of JPY 110 million.

CHARTER COVERAGE

Canpotex was established in 1972 by three Canadian potash producers: Agrium, Mosaic and PotashCorp. Canpotex manages transportation and has invested in 5,000 specialized railcars and two port terminals. Canpotex has supplied over 185 million mt of potash since 1974 to customers in countries like Australia, Brazil, China, India, Indonesia and Japan.

20 LARGEST SHAREHOLDERS

As at 5 February 2015
Name	Number of	%
	shares
SONATA AS	28 856 030	60.94%
TIDSHIPS AS	6 201 058	13.10%
LONGBOW LIMITED	2 308 680	4.88%
SKANDINAVISKA ENSKIL A/C CLIENTS ACCOUNT	958 297	2.02%
GEMSCO AS	703 188	1.49%
TIDEMAND SVERRE JØRGEN	582 782	1.23%
BELSHIPS ASA	498 000	1.05%
CARLINGS AS	400 000	0.84%
IMPORTER AS	338 476	0.71%
TIDINVEST II AS	315 414	0.67%
JENSSEN & CO A/S	302 816	0.64%
CHREM CAPITAL AS	270 000	0.57%
KONTRARI AS	250 000	0.53%
SØLAND LIV	240 000	0.51%
GRANADA MANAGEMENT A	220 000	0.46%
STEEN CARL ERIK	207 203	0.44%
ABG SUNDAL COLLIER N MARKET‐MAKING INNLAN	180 023	0.38%
JSL AS	175 000	0.37%
ASL HOLDING AS	175 000	0.37%
NAGATSUKA TORU	149 000	0.31%
OTHER SHAREHOLDERS	4 021 033	8.49%
Total outstanding shares	47 352 000	100.00%

Lilleakerveien 4, P.O.Box 23, Lilleaker, N‐0216 Oslo, Norway Tel: +47 22 52 76 00 chartering@belships.no www.belships.com Enterprise no: NO930 776 793MVA