IOT Holding ASA
Income statement 6 month periods ending 30. June 2007 and 2006
Unofficial translation from Norwegian
All amounts in NOK thousands
Operating revenues and operating costs
6 months
2007
Revenues
6 months
2006
Proforma
-
-
354
2 236
2 590
151
1 945
2 096
-2 590
-2 096
Net loss from sale of shares in affiliated company -90 390
Gain on sale of shares
3 550
Other financial income - net
22 140
Financial items – net
- 64 700
61 282
740
62 022
Income before tax and extraordinary items
-67 290
59 926
-5 500
-580
Gain on sale of subsidiary
86 603
-
Net income
13 813
60 506
306 006 146
306 006 146
233 006 146
233 006 146
0,03
0,26
Salaries
Other operating expenses
Total operating expenses
Operating profit/-loss
Income taxes
Extraordinary items
Average number of shares
Number of shares at the end of period
Net income per share
IOT Holding ASA
Balance Sheet 30. June, 2007
Unofficial translation from Norwegian
All amounts in NOK thousand
Assets
30.06
2007
31.12
2006
Investment in subsidiary and
affiliated company
Long-Term investment in shares
0
866 262
650 710
166 346
Total long-term assets
866 262
817 056
Short term investments
Short term receivables
Cash and bank deposits
325 094
263 397
3 240
315 094
189 199
Total current assets
588 491
507 533
1 454 753
1 324 589
Total assets
IOT Holding ASA
Balance Sheet 30.June, 2007
Unofficial translation from Norwegian
All amounts in NOK thousand
Equity and liabilities
30.06
2007
31.12
2006
Paid-in-capital
Share capital
Share premium
Other paid-in equity
Own shares
Total paid-in equity
7 650
627 734
34 845
-29 208
641 021
5 825
438 865
34 845
0
479 535
Retained earnings
628 255
614 442
1 269 276
1 093 977
Short term debt
Income taxes
Short-term debt
Total short-term debt
5 500
179 977
185 477
0
230 612
230 612
Total liabilities
185 477
230 612
1 454 753
1 324 589
Shareholders’ equity
Liabilities
Total equity and liabilities
IOT Holding ASA
Notes to financial statements for the 6 month period ending
30. June 2007 and 2006
The financial statements for the first half year 2007 and 2006 have been prepared in accordance
with Norwegian Generally Accepted Accounting principles consistent with the principles applied in
the annual financial statements for 2006. The financial statements for the 6-month periods are
unaudited.
In January, 2007, IOT Holding ASA sold its subsidiary, Independent Oil Tools AS (IOT) including
its wholly owned subsidiaries Premium Casing Services Pty Ltd (PCS) and Independent Tool Pool
AS. The total consideration for the shares in IOT and intercompany loans were NOK 380 million.
Net gain from the sale was NOK 103 million in the parent company accounts. On a consolidated
basis, taking into account the net equity in the subsidiary of NOK 17 million, the gain amounted to
NOK 86 million.
On February 2, 2007, the Company also sold 25 million shares in Petrojack ASA, equal to 30% of
the total outstanding shares of Petrojack. The total sales price was NOK 550 million. Cost price of
the shares was NOK 521 million, resulting in a net gain in the parent company accounts of NOK 29
million. In the consolidated accounts for 2006, Petrojack was accounted for using the equity
method. The book value of the shares sold included an equity interest in the 2006 net income of
Petrojack of NOK 90 million, resulting in a net loss on a consolidated basis of NOK 61 million.
Other investments in shares are considered long term investments and accounted for using the cost
method.
The income statement for first half year 2006 is shown on a proforma basis, including the parent
company only in order to be comparable with the same period in 2007.
Note 1 Investments in shares
Company
Det Norske Oljeselskap AS
Feed Control Norway AS
GB Phosphate Mining Ltd
Marine Farms ASA
Opra Technologies ASA
Petrojack ASA
Petrolia Drilling ASA
Petromena ASA
Total
Number of
shares
416 500
2 019 333
15 000
5 015 840
4 654 000
8 210 069
163 204 747
1 862 667
Book Value
Market Value
9 996 000
2 850 086
10 083
72 154 752
29 465 718
173 286 231
549 999 997
28 498 800
9 996 000
2 850 086
10 083
137 434 016
29 465 718
184 726 553
567 952 520
37 253 340
866 261 623
969 688 270
Note 2 Short term receivables
Short term receivables includes receivables from Independent Tool Pool AS of NOK 106 882 and a
sellers credit to Petrolia of NOK 150 000.
Note 3 Short term debt
Short term debt is mainly debt relating to purchase of shares.
Note 4 Shareholders` Equity
Shareholders` equity at January 1, 2007
Capital increase 2007
Purchase of own shares
Net income during the period
1 093 977
190 694
- 29 208
13 813
Shareholders`equity at June 30, 2007
1 269 276