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Final Approval of 2008 Financial Statements
The Board of Directors of Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTC symbol “NSEEF”) has on April 20, 2009 approved the consolidated Financial Statements for 2008 for Norse Energy Corp. ASA. The Annual General Meeting will be held on May 19, 2009 in Oslo.
In completing the consolidated financial statements for 2008, certain reclassifications and adjustments were made to the preliminary Financial Statements which were published on February 27, 2009. These adjustments came mainly as a result of the subsequent events notified in the press release dated April 14, 2009 concerning the farm-out of the BM-CAL 5 license. This resulted in an impairment charge of USD 18.3 million. A final tax review resulted in tax income of USD 1.7 million, as well as a reclassification of taxes liabilities of USD 11.1 million from Current liabilities to Non-current liabilities.
The net effect of these reclassifications and adjustments is a decrease in EBITDA from USD 44.4 million to USD 41.2 million. Net profit/loss for the year before taxes decreased from a profit of USD 9.7 million to loss of USD 11.6 million. Net profit/loss for the year also decreased from a profit of USD 9.1 million to a loss of USD 10.5 million.
Based on the above adjustments and reclassifications, the company had Equity of USD 67.7 million, Current Liabilities of USD 147.6 million and Long-Term Liabilities of USD 182.7 million per year-end 2008.
A complete annual report will be posted on the company's website within the next few days.
For further information please contact:
Anders Kapstad, CFO
Tel.: +47 6751 6112
Cell: +47 918 17 442
Email: akapstad@norseenergy.com
The Board of Directors of Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTC symbol “NSEEF”) has on April 20, 2009 approved the consolidated Financial Statements for 2008 for Norse Energy Corp. ASA. The Annual General Meeting will be held on May 19, 2009 in Oslo.
In completing the consolidated financial statements for 2008, certain reclassifications and adjustments were made to the preliminary Financial Statements which were published on February 27, 2009. These adjustments came mainly as a result of the subsequent events notified in the press release dated April 14, 2009 concerning the farm-out of the BM-CAL 5 license. This resulted in an impairment charge of USD 18.3 million. A final tax review resulted in tax income of USD 1.7 million, as well as a reclassification of taxes liabilities of USD 11.1 million from Current liabilities to Non-current liabilities.
The net effect of these reclassifications and adjustments is a decrease in EBITDA from USD 44.4 million to USD 41.2 million. Net profit/loss for the year before taxes decreased from a profit of USD 9.7 million to loss of USD 11.6 million. Net profit/loss for the year also decreased from a profit of USD 9.1 million to a loss of USD 10.5 million.
Based on the above adjustments and reclassifications, the company had Equity of USD 67.7 million, Current Liabilities of USD 147.6 million and Long-Term Liabilities of USD 182.7 million per year-end 2008.
A complete annual report will be posted on the company's website within the next few days.
For further information please contact:
Anders Kapstad, CFO
Tel.: +47 6751 6112
Cell: +47 918 17 442
Email: akapstad@norseenergy.com
22/4 2009 10:48 jantt 08495 Det er vel indregnet i kursen, da man ved at CAL-5 er opgivet.
De skal jo nok gå i panik på hegnar.
De skal jo nok gå i panik på hegnar.
22/4 2009 10:54 Aqualight 08497 Ha ha ja hvis vi kender dem ret så panikker de totalt fra morgenstunden, og så begynder de at få troen igen omkring kl.13 same same. men jeg henter nok lidt af det de smider. endnu en dag med gamle gode nyheder fra Norse arkivet skal findes frem for at banke troen på selskabet ind i markede, igen same same
Aqualight :)
Aqualight :)
22/4 2009 12:06 Hegu 08498 Ikke noget specielt i denne meddelelse. Ren regnskabsteknik.
Med venlig hilsen
:)Hegu
Med venlig hilsen
:)Hegu
22/4 2009 14:47 Helme5 08515 Enig, disse "midler" er jo forlængst brugt, og har primær regnskabsmæssig betydning, da (rest)afskrivningen tages på en gang.
Lidt samme stunt som med Coral, dog var det samlede engagement i BM-CAL 5 ikke den store succes.
UAS er og bliver vejen de kommende år, så vil der derefter blive råd til Brasilien
Lidt samme stunt som med Coral, dog var det samlede engagement i BM-CAL 5 ikke den store succes.
UAS er og bliver vejen de kommende år, så vil der derefter blive råd til Brasilien
