Eqva ASA

Quarterly Report • Nov 21, 2014

HAVYARD GROUP ASA is a fully integrated Ship Technology company and delivers products and services within the complete value chain from vessel design to support of vessels in operation. We focus on having the best competence within all the vital segments of the value chain.

Our vision is Improving Life At Sea and the motivation for our employees is to add value to and improve the situation for all who use our products.

Havyard Group delivers ship designs, ship equipment and construction of advanced vessels for offshore oil production, fishing and fish farming for shipyards and shipowners worldwide.

HAVYARD GROUP ASA

P.O.Box 215 6099 Fosnavåg Norway

Visiting address: Havilahuset, Mjølstadnesvegen, 6092 Fosnavåg, Norway

Phone: +47 70 08 45 50 havyard.group@havyard.com

DESIGN & SOLUTIONS

HAVYARD DESIGN & SOLUTIONS AS, dep. Fosnavåg HAVYARD DESIGN & SOLUTIONS AS, dep. Stavanger HAVYARD DESIGN & ENGINEERING Poland HAVYARD DESIGN & ENGINEERING Rijeka d.o.o HAVYARD South America ltda. HAVYARD China

SHIP TECHNOLOGY

HAVYARD SHIP TECHNOLOGY AS, dep. Fosnavåg HAVYARD SHIP TECHNOLOGY AS, dep. Leirvik HAVYARD SHIP TECHNOLOGY AS, dep. Turkey

POWER & SYSTEMS

HAVYARD POWER & SYSTEMS AS, dep. Ålesund HAVYARD PRODUCTION & SERVICE Sp. z o.o.

FISH HANDLING & REFRIGERATION

HAVYARD MMC FISH HANDLING AS, dep. Fosnavåg HAVYARD MMC REFRIGERATION AS dep. Vigra HAVYARD MMC REFRIGERATION AS dep. Tromsø HAVYARD MMC REFRIGERATION AS dep. Haugesund MMC GREEN TECHNOLOGY AS MMC Peru Sac

• Delivery of newbuild no. 120, a Havyard 832 Wave Edition with new bow design and twin skeg for increased stability
• o The design delivers up to all expectations, and this is an important milestone for extensive R&D investments in the Havyard Group
• A breakthrough contract for delivery of design and equipment packages of four Havyard 843 Anchor handling tug ships to the Brazilian shipping company and ship yard group Grupo CBO
• o First contract in Brazil for Havyard
• New administration building in Leirvik finished
• Dividend of NOK 2.68 pr. share paid out
• o Direct return of approx. 9 %
• EBIT-margin of 3.5 % for first three quarters of 2014
• Adjusted for IPO cost, the EBIT-margin is 4.4 %
• Design and production of prototype vessels in offshore, fishing vessel and live-fish carrier market
• o Lower margins to introduce the designs to the markets
• o A part of a diversification strategy to increase the Groups long term competitiveness
• The EBIT-margin are still negatively influenced by the fish and live fish-carrier segments
• o Substantial start-up challenges in the live fish-carrier segment
• o Havyard have confidence that the fish and live fish-carrier segments will have a positive development and profitability going forward, and this is still a priority area of the Group

OUTLOOK

• Diversified customer base, both geographically and on different segments
• Strong foothold in diversified markets
• o Nigerian offshore market
• o Windmill support
• Control of orders and production for the fishing and aquaculture market is still key for short term performance
• Quarterly dividends of 50-75 % of the earnings as stated in dividend policy

FINANCIAL SUMMARY

Financial result Havyard Group

MNOK	Q3-14 YTD	Q3-13 YTD	Q3-14	Q3-13	2013
Operating revenues	1 673	1 507	548	491	1 987
Cost of sales	1 172	1 014	384	345	1 352
Payroll expences	298	225	100	70	312
Other operating exp.	127	87	42	25	124
Operating expences	1 597	1 326	526	440	1 788
EBITDA	76	181	22	51	199
Depreciation	17	13	6	5	18
EBIT	59 1	168	16	46	181
Net financial	1	5	1	3	9
Profit before tax	60	173	17	49	190

1 The EBIT for 2014 includes cost for the IPO of approx. NOK 15 million

Group Key Figures

	2014 YTD	2013 YTD	2014 Q3	2013 Q3	2013
Operating revenue	1 673	1 507	548	491	1 987
EBITDA	76	181	22	51	199
EBIT	592	168	16	46	181
EBIT-margin	3.5 %3	11.1 %	3.0 %	9.4 %	9.1 %
Profit before tax	60	173	17	49	190
Earnings per share	1.90	5.68	0.63	1.60	6.13
NIBD	64	86	64	86	8
Working Capital	164	193	164	193	102

Operating revenue EBIT

The EBIT for 2014 includes cost for the IPO of approx. NOK 15 million 3 Adjusted EBIT-margin excluding the IPO costs is 4.4 % for YTD

INCOME STATEMENT

The operating revenue for the Group in the third quarter of 2014 was NOK 548.0 million, compared to NOK 491.5 million in the corresponding period of 2013. The increase is mainly due to increased activity at the yard in Leirvik. There have been four vessels for outfitting in the third quarter 2014. The operating revenue for the first three quarters of 2014 was NOK 1,673.4 million, compared to NOK 1,507.3 million in the corresponding period in 2013.

For the third quarter of 2014, the Group recorded earnings before interest and tax (EBIT) of NOK 16.3 million, while the EBIT for the third quarter of 2013 was NOK 46.3 million. This corresponded to an EBIT margin of 3.0 % in the third quarter of 2014 compared to 9.4 % in the third quarter of 2013. The EBIT for the three first quarters of 2014 was NOK 59.1 million compared to NOK 167.8 million in the first three quarters of 2013. The corresponding margins were 3.5 % in 2014 and 11.1 % in 2013.

Margins were affected negatively, in particular for the Ship Technology division, by a higher than normal portion of the activity being related to construction of vessels with new designs, which typically have higher costs than repeat construction of existing and well-known designs. Some of the contracts executed had also been entered into in a more challenging market environment and had lower margins as effect thereof.

The income statement for the three first quarters of 2014 is negative influenced by costs regarding the Initial Public Offering (IPO). These costs include fees to the facilitators, fees to Oslo Børs, legal costs and costs to consultants. Total costs in the first half of 2014 related to the IPO are approximately NOK 15 million. The EBIT-margin for the Group excluding the IPO costs is 4.4 %.

FINANCIAL POSITION

The total assets in the Group have increased from NOK 1,532.5 million to NOK 1,967.5 million from the year end 2013 to the second quarter in 2014. The increase is mainly due to increased activity at the balance date which gives higher amount of work in progress and construction loans.

The total equity has decreased from NOK 668.4 million to NOK 623.5 million due to total dividend of NOK 85 million and reduction in minority interest as a result of the purchase of the remaining shares in Havyard Fish Handling & Refrigeration. The equity ratio has decreased from 44 % in the end of 2013 to 32 % in the third quarter of 2014 mainly due to the increase in total assets and the dividends.

Investments in financial assets and investments in associates decreased from NOK 289.4 million to NOK 262.4 million, mainly reflecting the sale of the Groups share in Forland Subsea AS in Q2 2014.

Current assets have increased from NOK 803.5 million in the end of 2013 to NOK 1,235.3 million in the third quarter of 2014. The reason is higher activity at the ship yard, and thereby higher amount of work in progress in the balance sheet.

Total liabilities are NOK 1,344.0 million in the third quarter of 2014, compared to NOK 864.1 million in 2013. The main reason for the increase is higher construction loans following increased activity.

CASH FLOW

Aggregate cash flow from operating activities is negative with NOK 87.5 million in the first three quarters of 2014, compared to a positive cash flow of NOK 188.2 million in the corresponding period of 2013. The reason for the reduction is mainly that for several of the projects under construction in the first three quarters of 2014, the prepayments have been received in previous periods but the main parts of the work has been conducted in the first three quarters of 2014. The order intake in 2013 was high, giving many projects in early stages and significant advances from customers at the year end of 2013. There was only one ship under outfitting at the ship yard in Leirvik at the end of 2013. The advances and low values on work in progress gave a positive cash flow from operating activities in 2013 and a negative effect in 2014. These periods and effects have to be seen in relation to each other. This effect is declining when Q3 14 is seen isolated, and the cash flow is positive with NOK 82 million for this quarter.

Aggregate cash flow from investing activities was positive with NOK 35.7 million the first three quarters of 2014, compared to a negative cash flow NOK 101.8 million in the corresponding period of 2013. The cash flow from investments in 2014 is mainly a result of the following factors:

• Negative effect of investment in a new administration building in Leirvik of approximately NOK 20 million
• Positive effect of the sale of the investment in Forland Subsea AS at cost price of approx. NOK 46 million
• Positive effect of repayment of loan from P/f 6. September of approx. NOK 33 million.

Aggregate cash flow from financing activities are positive with NOK 56.4 million in the first three quarters of 2014, compared to a cash flow of NOK 0.5 million in the corresponding period of 2013. The positive cash flow is mainly a result of the placement of an unsecured bond loan of NOK 150 million on the Nordic ABM. The cash flow from financing activities is negative affected by repayment of long term debt of NOK 46 million, payment of dividend of NOK 25 million and the purchase of the minority shares in Havyard Fish Handling & Refrigeration of NOK 25 million.

ORDER STATUS, DELIVERIES AND BACKLOG

The order book of approximately NOK 2,080 million at the present moment are at a satisfactory level which secures the capacity utilization for the coming periods.

In the third quarter of 2014, the Group has signed a contract for delivery of ship design and equipment for four anchor handling tug supply (AHTS) vessels that are to be built and operated by the Brazilian shipping company and shipyard group CBO.

Two vessels was delivered during the first three quarters of 2014. This first one was the prototype live-fish carrier of the Havyard 587 design to Fosnavåg Shipping. In September, the Polarsyssel was delivered to Fafnir Offshore. This was a prototype vessel of the new Havyard 832 Wave Edition design. Two more vessels are planned to be finalized in 2014: one Havyard 857 Subsea Vessel, and one Havyard 832 PSV.

For 2015, the order backlog includes one PSV, two Service Operation Vessel (SOV), one AHTS Icebreaker, one fishing vessel and one live fish carrier.

In addition to this, the order backlog includes design contracts and equipment packages, both to domestic and foreign costumers for vessels built at yards worldwide.

Deliveries from the segments Fish Handling and Refrigeration and Power & Systems are also included in the order backlog. These orders include design, engineering and equipment for live-fish carriers, refrigeration systems, and control and automation systems for ships.

Order backlog

SEGMENTS SHIP TECHNOLOGY

The operating revenue was NOK 1 355.1 million in the first three quarters of 2014, compared to NOK 1 115.4 million in the corresponding period of 2013. The operating profit (EBIT) for the first three quarters of 2014 was NOK 27.6 million, a significant decline from NOK 85.7 million in the corresponding period of 2013. The EBIT margin has been reduced from 7.7 % in the first three quarters of 2013 to 2.0 % in the first three quarters of 2014.

The following vessels have been docked in the ship yard in Leirvik for the outfitting phase during the three first quarters in 2014:

• Hull no. 117, a prototype live fish carrier of the Havyard 587 design. Delivered in April 2014
• Hull no. 120, a prototype vessel of Havyard 832 Wave Edition design. Delivered in September 2014
• Hull no. 115, a Havyard 857 subsea vessel. Finalized in November 2014
• Hull no. 116, a Havyard 832 PSV. Finalized in November 2014.
• Hull no. 118, a prototype windmill support vessel with planned delivery in January 2015

The rebuild of Havila Phoenix has also contributed to the revenue in the first three quarters of 2014. Hull no. 121 a fishing vessel of the Havyard 535 design also has result effect.

Havyard 587, 535, the windmill support vessel and the 832 Wave Edition are prototype vessels, and the production of these prototypes has contributed to a significant part of the EBIT margin decline in the first three quarters of 2014 compared to 2013. The reason for this decline is partly that such designs are sold at a lower price to introduce them to new and existing markets, and partly that these designs are more complicated to construct than conventional designs. The introduction of these prototype vessels are a part of a

diversification strategy in Havyard, and must be considered a long term investment in the future competitiveness of the Group.

In addition there have been substantial start-up issues with the live fish carrier delivered in April. The claim costs for this vessel are influencing the EBIT-margin negatively in 2014.

SEGMENTS DESIGN & SOLUTIONS

The third quarter of the Design & Solution segment was characterized by full capacity utilization on both internal and external projects. The progression in the projects is overall satisfactory. Some of the prototype projects have higher time consumption than budgeted, and some of the external projects are below budgeted time consumption. The deliveries and EBIT-contribution of equipment packages are in line with the budget.

For the period up to Q3 2014, the operating revenue is NOK 157.5 million. This is a significant decline of NOK 44.2 million from the corresponding period of 2013. The reason for this is mainly large deliveries of equipment packages in Q3 2013, and this have a significant effect on the operating revenue.

The revenue from design packages YTD 2014 is NOK 105 million, and the revenue from equipment packages is NOK 52 million. The operating profit (EBIT) has decreased by NOK 14.7 million to NOK 28.9 million from the three first quarters of 2013.

The EBIT-margin shows a slight decrease from the corresponding period in 2013. The main reason for the decline is a higher share of prototype designs in 2014 than in 2013.

SEGMENTS POWER & SYSTEMS

The Power & Systems segment has increased the operating revenue by NOK 35.2 million to NOK 178.6 million compared with NOK 143.4 million in the first three quarters of 2013. This reason for the increase in revenue is mainly the increasing activity in the subsidiary Havyard Production & Service (HPR). This company supplies Ship Technology with electricians, plumbers and other types of labor needed in ship outfitting. Of the total segment revenue of NOK 178.6 million, HPR contributes with NOK 124 million.

The operating profit (EBIT) is NOK 16.5 million compared to NOK 28.9 million in the first three quarters of 2013. This reflects the lower margins in the expanding Havyard Production & Service subsidiary compared to the other parts of the Power & Systems segment, and explains the drop in EBIT margin from 20.2 % in first three quarters of 2013 to 9.2 % in the corresponding period of 2014. Another explanation the the margin decline is a restructuring in 2014, where electro installation is moved to the Ship Technology segment. The EBIT-margin in this part of the operations was relatively high in 2013.

SEGMENTS FISH HANDLING & REFRIGERATION

The operating revenue has increased from NOK 216.7 million in the first three quarters of 2013 to NOK 231 in the corresponding period of 2014. The increase of NOK 14.3 million is mainly related to increased activity in service and aftermarket in the Refrigeration division, and increased sale of equipment in the Fish Handling division.

The operating profit (EBIT) of NOK 9.7 million in the first three quarters of 2014 is equal to the operating profit in the corresponding period of 2013.

In the first three quarters of 2014 the EBIT-margin is 4.2 %, compared to 4.7 % in the first three quarters of 2013.

The Refrigeration division has been through a restructuring process which has given a positive effect in 2014, and this positive effect is expected to continue during the coming periods. Costs have been reduced and the services provided is more focused towards the parts of the market segment which has higher margins.

The Fish Handling division has seen reduced margins due to more complex projects in the aquaculture segment. This complexity has resulted in substantial cost overruns in a few larger projects.

HEALTH, SAFETY & SECURITY

The Groups total sick leave is 2.44 % as of September 2014, with an YTD average of 3.02 %. The sick leave has been steadily decreasing during 2013 and 2014. The reduction is a result of a long term focus on Inclusive working condition, job presence during sick leave and occupational health care.

During the last 12 months the Group has had a total of 20 injuries resulting in absence from work. This figure includes the subcontractors at the ship yard in Leirvik. The average length of the absence following injuries is 18.9 days. An extensive action plan is implemented with the target of reducing injuries both for own employees and subcontractors, and this work has starting to show positive effects.

In addition to health and safety the Group is focusing on quality. Internal audits in accordance with ISO 9001/ISO 14001, several supplier audits and audits from costumers are being performed in 2014. Quality deviations are measured, documented in action lists and handled as quickly and effectively as possible.

PRINCIPAL RISKS AND UNCERTANTIES

Havyard Group defines operational risk as the ability to deliver at the right time, with the right quality and at the right cost. The delivery of vessels, design packages and equipment in accordance with these parameters are a substantial risk element, and is the most significant factor that affects Havyard Group´s financial results.

Other risk factors are interest rates, exchange rates and our customers' ability to meet its obligations.

Havyard Group works systematically with risk management in all its segments and subsidiaries. All managers are responsible for risk management and internal control within their business segment. Reference is made to the annual report for 2013 for a further description of risk factor and risk management.

Fosnavåg, 20 November 2014 The Board of Directors and CEO Havyard Group ASA

INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Havyard Group ASA

(NOK 1,000)	2014 YTD	2013 YTD	2014 Q3	2013 Q3	2013
	(unaudited)		(unaudited)
Sales revenues	1 668 602	1 504 889	544 727	490 689	1 982 679
Other operating revenues	4 763	2 377	3 233	758	4 253
Operating revenues	1 673 365	1 507 266	547 960	491 447	1 986 932
Cost of sales	1 172 241	1 014 452	383 421	345 135	1 352 109
Payroll expenses etc.	298 467	225 186	100 046	69 804	312 077
Other operating expenses	126 922	86 979	42 250	25 522	124 230
Operating expenses	1 597 630	1 326 617	525 717	440 461	1 788 415
Operating profit before depreciation and amortization - EBITDA	75 735	180 649	22 243	50 986	198 517
Depreciation	16 680	12 833	5 972	4 723	17 942
Operating profit - EBIT	59 055	167 816	16 271	46 263	180 575
Financial income	8 524	12 726	2 614	5 657	21 666
Financial expenses	15 302	10 501	4 664	3 466	16 922
Share of profit/loss of associate	8 200	3 147	3 187	1 049	4 196
Profit before tax	60 477	173 188	17 408	49 503	189 515
Income tax expense	14 108	44 829	3 484	12 814	49 055
Profit for the period	46 369	128 359	13 924	36 689	140 460
Attributable to :
Equity holders of parent	42 866	127 924	14 119	35 933	138 100
Non-controlling interest	3 503	435	-195	756	2 360
Total	46 369	128 359	13 924	36 689	140 460
Earnings per share (NOK)	1.90	5.68	0.63	1.60	6.13

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Havyard Group ASA

(NOK 1,000)	2014 YTD	2013 YTD	2014 Q3	2013 Q3	2013
	(unaudited)		(unaudited)
Profit for the period	46 369	128 359	13 924	36 689	140 460
Other comprehensive income
Items that will not be reclassified to income statement
Total	-	-	-	-	-
Items that will be reclassified to income statement
Translation differences	-	-	-	-	5 213
Fair value adjustment available-for-sale financial assets	-	-	-	-	19 993
Total	-	-	-	-	25 206
Other comprehensive income	-	-	-	-	25 206
Total comprehensive income	46 369	128 359	13 924	36 689	165 666
Attributable to :
Equity holders of parent	42 866	127 924	14 119	35 933	162 882
Non-controlling interest	3 503	435	-195	756	2 783
Total	46 369	128 359	13 924	36 689	165 666

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Havyard Group ASA

(NOK 1,000)

ASSETS

	2014 Q3	2013
	(unaudited)
Non current assets
Goodwill	23 918	23 918
Licenses, patents and R&D	49 947	41 483
Property, plant and equipment	258 570	240 167
Investment in associates	90 354	84 143
Loan to associates	14 436	15 185
Investment in financial assets	172 071	205 294
Other non current receivable	122 942	118 839
Total non current assets	732 238	729 030
Current Assets
Inventory	35 789	38 872
Accounts receivables	60 499	82 122
Other receivables	84 682	139 551
Construction WIP in excess of prepayments	768 316	261 574
Cash and cash equivalents	285 996	281 381
Total Current Assets	1 235 282	803 500
TOTAL ASSETS	1 967 520	1 532 530

EQUITY AND LIABILITIES

	2014 Q3	2013
	(unaudited)
Equity
Share capital	1 126	1 126
Share premium reserve	5 462	5 462
Treasury shares	-7	-16
Retained earnings	609 420	640 865
Non-controlling interest	7 494	21 002
Total equity	623 495	668 438
Long term liabilities
Deferred tax liability	59 335	45 227
Loans and borrowings, non-current	208 770	98 123
Other long-term liabilities	4 261	19 107
Total long term liabilities	272 366	162 457
Current liabilities
Accounts payables	110 358	128 278
Taxes payable	30 172	57 903
Provision for dividend	60 000	-
Public duties payables	19 410	16 916
Construction loans	660 073	134 788
Loans and borrowings, current	26 182	43 183
Prepayments in excess of construction WIP	71 856	232 802
Other current liabilities	93 605	87 766
Total current liabilities	1 071 659	701 635
Total liabilities	1 344 025	864 092
TOTAL EQUITY AND LIABILITIES	1 967 520	1 532 530

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Equity per end of period	623 495	654 763
Changes in equity through the period	-44 942	128 359
Other changes	-6 315	-
Dividends	-84 996	-
Net profit for the period	46 369	128 359
Equity at the end of previous year	668 438	526 404
	30.09.14	30.09.13
(NOK 1,000)

INTERIM CONSOLIDATED STATEMENT OF CASHFLOW

Havyard Group ASA

(NOK 1,000)	2014 YTD	2013 YTD	2014 Q3	2013 Q3	2013
	(unaudited)		(unaudited)
CASH FLOW FROM OPERATIONS
Profit/(loss) before tax	60 477	173 188	17 409	49 503	189 515
Taxes paid	-26 921	-40 568	-	-140	-55 890
Depreciation	16 680	12 833	5 972	4 723	17 942
Share of (profit)/loss from associates	-8 200	-3 147	-3 187	-1 049	-4 196
Changes in inventory	3 083	15 871	-1 196	3 954	17 514
Net changes in construction loans	525 285	85 351	267 802	-32 955	-129 297
Changes in accounts receivables/construction WIP	-485 119	-24 333	-212 455	89 232	184 018
Changes in accounts payable	-17 920	-46 847	45 410	-10 510	-18 612
Changes in other current receivables/liabilities	-154 829	15 816	-37 813	39 700	121 222
Net cash flow from/(to) operating activities	-87 464	188 164	81 942	142 458	320 287
CASH FLOW FROM INVESTMENTS
Investments in property, plant and equipment	-32 875	-26 483	-7 385	-8 763	-30 369
Investment in intangible assets	-10 672	-11 681	-4 944	-3 681	-22 994
Investment in/disposal of financial assets	80 623	7 674	-293	7 674	-49 421
Changes in long term receivables	-1 425	-71 308	32	929	-37 740
Net cash flow used in investing activities	35 651	-101 798	-12 590	-3 841	-140 524
CASH FLOW FROM FINANCING ACTIVITIES
New long term debt	146 400	14 540	-	7 103	16 845
Repayment long term debt	-45 784	-14 065	-3 100	-4 689	-18 754
Purchase/sale of treasury shares	5 999	-	5 999	-	2 000
Purchase of minority shares in Havyard Fish Handling & Refrigeration	-25 191	-	-	-
Dividends	-24 996	-	-	-	-24 792
Net cash flow from/ (used in) financing activities	56 428	475	2 899	2 414	-24 701
Net change in cash and cash equivalents	4 615	86 842	72 252	141 032	155 063
Cash and cash equivalents at start of the period	281 381	126 319	213 745	61 046	126 319
Cash and cash equivalents from purchase of subsidiaries
Cash and cash equivalents at end of the period	285 996	213 161	285 996	202 078	281 381
Restricted bank deposits at the end of the period	115 465		115 465	141 120	148 206
Available cash and cash equivalents at the end of the period	170 531	213 161	170 531	60 958	133 175

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENT Havyard Group ASA

1. Corporate information

Havyard Group ASA is a public limited company based in Norway, and its head office is located in Fosnavåg, Herøy. The group in total employs approximately 900 people as of 30 September 2014, of whom approximately 800 are employed in Norway. Havyard Group ASA was incorporated as a public limited company 25 February 2014, and was listed on the Oslo Stock Exchange 1 July 2014.

2. Basis of preparation and changes to the Group's accounting policies

The Interim Condensed Consolidated Financial Statements for the period ended 30 September 2014 have been prepared in accordance with IAS 34 Interim Financial Reporting. The Interim Condensed Consolidated Financial Statements are not subject to audit, and do not include all the information and disclosures required in the annual Financial Statements. It should be read in conjunction with the Group's annual Financial Statements as of 31 December 2013. The same use of estimates has been applied as in the Financial Statements for 2013.

3. Segment information

	2014 Q3 YTD
(NOK 1,000)	Ship Technology	Design & Solution	Power & Systems	Fish handling & refrigeration	Elimination / Other	Havyard Group
Total operating revenue	1 355 124	157 509	178 607	231 032	(248 907)	1 673 365
Operating profit /loss EBITDA	36 404	31 404	16 776	14 472	(23 321)	75 735
Depreciation	8 811	2 543	273	4 786	267	16 680
Operating profit/(loss) EBIT	27 593	28 861	16 503	9 686	(23 588)	59 055
Net financial items	(1 315)	(2 057)	(9)	(4 969)	1 572	(6 778)
Share of profit/(loss) from associate	-	-	-	-	8 200	8 200
Profit/(Loss) before tax	26 278	26 804	16 494	4 717	(13 816)	60 477

The Elimination/Other segment includes IPO costs of NOK 15 million

	2013 Q3 YTD
(NOK 1,000)	Ship Technology	Design & Solution	Power & Systems	Fish handling & refrigeration	Elimination / Other	Havyard Group
Total operating revenue	1 115 437	201 619	143 434	216 671	(169 895)	1 507 266
Operating profit /loss EBITDA	90 209	44 767	29 217	14 151	2 305	180 649
Depreciation	4 500	1 143	331	3 925	2 934	12 833
Operating profit/(loss) (EBIT)	85 709	43 624	28 886	10 226	(629)	167 816
Net financial items	2 136	(146)	198	(4 345)	4 382	2 225
Share of profit/(loss) from associate	-	-	-	-	3 147	3 147
Profit/(Loss) before tax	87 845	43 478	29 084	5 881	6 900	173 188

	2013
(NOK 1,000)	Ship Technology	Design & Solution	Power & Systems	Fish handling & refrigeration	Elimination / Other	Havyard Group
Total operating revenue	1 479 811	262 500	208 306	325 393	(289 078)	1 986 932
Operating profit /loss EBITDA	83 651	57 282	41 340	15 008	1 236	198 517
Depreciation	6 165	1 545	461	5 027	4 744	17 942
Operating profit/(loss) (EBIT)	77 486	55 737	40 879	9 981	(3 508)	180 575
Net financial items	3 089	(313)	343	(6 212)	7 837	4 744
Share of profit/(loss) from associate	-	-	-	-	4 196	4 196
Profit/(Loss) before tax	80 575	55 424	41 222	3 769	4 329	189 515

	2014 Q3
(NOK 1,000)	Ship Technology	Design & Solution	Power & Systems	Fish handling & refrigeration	Elimination / Other	Havyard Group
Total operating revenue	465 287	35 723	68 005	76 200	(97 255)	547 960
Operating profit /loss EBITDA	11 928	7 641	6 473	3 317	(7 116)	22 243
Depreciation	2 968	836	60	1 983	125	5 972
Operating profit/(loss) (EBIT)	8 960	6 805	6 413	1 334	(7 241)	16 271
Net financial items	(623)	-	-	(700)	(727)	(2 050)
Share of profit/(loss) from associate	-	-	-	-	3 187	3 187
Profit/(Loss) before tax	8 337	6 805	6 413	634	(4 781)	17 408

"Elimination / Other" contains parent company items and elimination of intra-group transactions.

4. Non-current financial investments

2013

Ownership share/ voting share	Business office	Equity as of last year (100%)	Result as of last year (100%)	Carrying amount
10.9%	Faroe Island	526 668	134 107	61 818
16.8%	Torangsvåg	482 540	-14 614	80 187
				63 289
				205 294

Company	Ownership share/	Business	Equity as of last year	Result as of last year	Carrying
	voting share	office	(100%)	(100%)	amount
P/F 6. September 2006	10.9%	Faroe Island	526 668	134 107	61 818
Vestland Offshore Invest AS	16.8%	Torangsvåg	482 540	-14 614	80 187
Other non-current financial investments					30 066
Carrying amount as of 30.06.14					172 071

5. Issued capital and reserves

	2014 Q3	2013
Number of ordinary shares	22 528 320	1 126 416
Par value (NOK)	0,05	1,00
Share capital (NOK)	1 126 416	1 126 416

All shares have equal rights.

2014

The General meeting held 26.03.14 decided to split the shares in the ratio 1:20. After the split, the number of shares is 22 528 320. The nominal amount is NOK 0.05.

Dividends and group contributions

The Group has paid a dividend of MNOK 60.0 in October 2014.

2013

The share capital was 1 126 416 at a nominal amount of NOK 1.00.

Dividends and group contributions

The Group has paid a dividend of MNOK 24.8 based on the 2013 financial statement.

Shareholders as of 30.09.2014	Controlled by	Number of shares	Ownership
Havila Holding AS		14 300 000	63.5 %
Geir Johan Bakke AS	Geir Johan Bakke (CEO)	1 172 520	5.2 %
Nominee		545 000	2.4 %
Nominee		494 600	2.2 %
Nominee		489 308	2.2 %
Nominee		471 883	2.1 %
Other shareholders (<2 %)		5 055 009	22.4 %
Number of shares		22 528 320	100.0 %

Ultimate controlling company of the Group is Havila Holding AS. Boardmembers Hege Sævik Rabben and Vegard Sævik have indirect ownership in the group through their ownership in Havila Holding AS.

Parent company Havila Holding AS is a limited company based in Norway, and its head office is located in Fosnavåg, Herøy.