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ANNUAL REPORT 2013
OUR VISION
NOCC shall be a leading and preferred tonnage provider to the major global car carrier
operators.
OUR MISSION
NOCC shall through investments in a fleet of high quality and efficient car carriers, first class
operations and customer service, create sustainable values for our customers and shareholders.
OUR CORE VALUES
We shall:
• have a long term perspective in our relationship with customers and other stakeholders
(“LONG-TERM VIEW”)
• be reliable, predictable and transparent (“TRUST”)
• provide efficient services adapted to our customers’ current and future needs
(“CUSTOMER ORIENTED”)
• through common efforts deliver quality in everything we do (“QUALITY”)
• build and maintain a team of committed and motivated employees with key technical,
commercial and financial expertise (“COMPETENCE”)
2 / Norwegian Car Carriers ASA – Annual Report 2013

CONTENT
Key figures /4
OUR BUSINESS
NOCC at a glance /5
Board members /9
Board of Directors’ report / 11
FINANCIAL STATEMENTS 2013
GROUP
Income statement / 19
Consolidated statement of comprehensive income / 20
Statement of financial position as at 31 December / 21
Statement of financial position as at 31 December / 22
Statement of cash flows / 23
Consolidated statement of changes in equity / 25
Notes / 27
PARENT
Profit and loss Statement / 68

Balance sheet 31 December 2013 / 69
Balance sheet 31 December 2013 / 70
Cash flow analysis / 71
Accounting principles / 72
Notes / 74
Auditor`s report / 82
Glossary / 84
Norwegian Car Carriers ASA – Annual Report 2013 / 3

Key figures
KEY FIGURES
INCOME STATEMENT 2013 2012 2011 2010 2009

(NOK MILLION)
Operating revenues and other income 466.4 393.6 363.0 338.2 298.7
EBITDA 223.6 168.5 115.1 81.0 121.4
Result before tax (4.0) (142.9) (85.9) (43.2) (94.0)
Discontinued operations 0.0 0.0 12.4 (24.1) -
Result after tax (3.9) (99.2) (74.9) (45.6) (81.2)
Net result attributable to shareholders (2.4) (77.9) (67.3) (43.3) (60.2)

STATEMENT OF FINANCIAL POSITION 2013 2012 2011 2010 2009
(NOK MILLION)
Fixed assets 2 263.3 1 966.5 1 706,1 1 291.2 763.4
Current assets 218.8 329.9 239.3 360.7 93.0
Total assets 2 482.0 2 296.5 1 945.4 1 651.8 856.4
Shareholders equity 626.3 556.2 465.7 393.5 168.8

Non-controlling interest 100.0 83.1 125.9 88.6 93,8
Total equity 726.3 639.3 591.6 482.0 262.6
Long-term liabilities 1 470.3 1 430.5 1 094.4 839.3 405.4
Short-term liabilities 285.4 226.6 259.4 330.5 188.4
Total liabilities 1 755.7 1 657.1 1 353.7 1 169,8 593.8
Total equity and liabilities 2 482.0 2 296.5 1 945.4 1 651,8 856.4

FINANCIAL KEY FIGURES 1) 2013 2012 2011 2010 2009
(NOK)
Average number of outstanding shares 242.2 180.3 126.5 57.1 14.3
Result per share (0.0) (0.4) (0.5) (0.8) (4.2)
Equity per share (excluding non-controlling interest) 2.6 3.1 3.7 6.9 7.6
Equity ratio 29.26 % 27.8 % 30.41 % 29.18 % 30.7 %
Cash flow per share including
0.6 0.6 0.4 1,0 6.5
non-controlling interest 2)
Cash flow per share excluding non-controlling
0.6 0.7 0.5 1.1 7.6
interest 2)
Dividend per share 0 0 0 0 0
Share price at 31 December 1.71 1.70 1.80 3.55 5.5
1) Treasury shares are excluded in these calculations.
2) Cash flow per share equals result before tax plus depreciation/write-downs divided by average number of shares outstanding. are excluded from these
calculations.

NOCC at a glance
OUR BUSINESS
NOCC AT A GLANCE
COMPANY HIGHLIGHTS BRIEF HISTORY
NOCC is an owner of car carriers and ro-ro vessels. The Company was founded in 1930 by
At the end of 2013 the Company owned a fleet of Sverre Ditlev-Simonsen under the name of
12 vessels, of which 2 were partly owned. In January Skipsaktieselskapet Eidsiva,. Over the years the
2014 the Company sold one partly owned 1994 Company has developed from being an owner and
built vessel for recycling, bringing the current fleet operator of dry cargo vessels, tankers and semi-
to 11 vessels. submersible drilling rigs and since the mid 1990s
the Company has concentrated its activity in the car
NOCC charters its vessels to major operators carriers, ro-ro vessels and ferry markets. The activity
which enter into shipment contracts with car has since 2010 been focused solely on car carriers.
manufacturers and car traders. The Company
concentrates its investments into modern, fuel In 2010 the Company entered into a business
efficient and flexible car carriers within the size combination agreement with Dyvi Holding AS,
range of 4 000–7 500 CEU, which are deep sea which involved the purchase of all the shares in
vessels ideally suited for transportation of both cars Dyvi Shipping AS. Dyvi was established in 1955
and “high and heavy” cargo. by Jan-Erik Dyvi and has owned car carriers on
a continuous basis from the delivery of the first
With 50 years continuous presence in the car car carrier newbuilding in 1964. As a part of the
carrier market, NOCC has built its business based transaction, the Company was renamed Norwegian
on long-term relationships with all the major car Car Carriers ASA.
carrier operators. The aim is to balance customer
commitments with the need to time vessel In March 2014 the shares of the Company was
acquisitions and disposals in accordance with the acquired by Car Carrier Investments AS, a company
market cycles. The vessels are currently employed owned 50/50 by Klaveness Invest AS, a subsidiary
on time charter contracts with a remaining duration of Klaveness Marine Holding AS, and Nautilus H
of between one month and six years. Technical Limited, a wholly owned subsidiary of J.P. Morgan
ship management is outsourced to external Global Maritime Investment Fund L.P.. Subsequent
ship management companies. Ship managers to completion of the acquisition the shares of the
are actively monitored in order to safeguard Company was de-listed from Oslo Stock Exchange
operational performance, safety and quality. and it has been decided to convert the Company
from a public limited company to a private limited
company. The Parent company will be renamed
Norwegian Car Carriers AS.

NOCC at a glance
EXECUTIVE TEAM
ENGEBRET DAHM JONAS GUNSTAD SVEIN HELGE GULDTEIG LARS NYFLØT
Chief Executive Officer Chief Financial Officer Senior Director Technical & Director Chartering and
(born 1965) (born 1972) Operations Commercial, (born 1966)
(born 1960)
Mr. Dahm was appointed Chief Mr. Gunstad joined NOCC Mr. Nyfløt joined NOCC
Executive Officer of the Company in August 2012. He has Mr. Guldteig holds an MBA from as Director of Business
in March 2012. Prior to this about 14 years’ experience ESCP-EAP in France/BI in Norway Development in 2004.
appointment, Mr. Dahm has from banking and financing and a MSc. in Marine Machinery & He has broad experience
served in the Company as Deputy within the shipping and Ships Operations from NTH as well from the Car Carrier industry
Chief Executive Officer and Chief offshore industry. Mr. Gunstad being a Licenced Marine Engineer with 15 Years in commercial
Financial Officer. Mr. Dahm has has held various positions from TMH. He has extensive management
broad experience from operational with international financial maritime and technical experience positions in NOSAC/Wilh.
and financial positions in the institutions like DVB Bank and from various positions, latest as Wilhelmsen/Wallenius
shipping industry amongst others Credit Agricole CIB. Prior to Technical Director with Marine Wilhelmsen Lines AS in
as Managing Director of Dyvi joining NOCC he held the Subsea AS and previously as General Scandinavia and Asia,
Shipping (2006-2010), head of position as Deputy Head Manager of Wilhelmsen Technical & of which the last 5 Years
the Beltunloader and Transloader of the Offshore Drilling & Operational Solutions AS. in Trade and Chartering
shipping activities in the Torvald Production Group at DVB Management positions in
Klaveness Group (2000-2004) and Bank. Mr. Gunstad holds WWL Head office Stockholm.
from Credit Agricole Indosuez (Credit a Master in Business and Mr Nyfløt holds a graduation
Agricole CIB), Paris 1998-2000. He Economics (“siviløkonom”) as Associate in Business
holds a Master in Business and from the Norwegian School of Administration from the
Economics (“siviløkonom”) from Management, BI (1998). Norwegian School of
Norwegian School of Economics Management (BI).
and Business Administration,
NHH (1991).
ENGEBRET DAHM
Chief Executive Officer
LARS NYFLØT SVEIN H. GULDTEIG JONAS GUNSTAD

Director Commercial & Chartering Senior Director Chief Financial Officer
Operations & Technical
Technical/Operations: 1 Finance: 1
Accounting: 3
Administration: 1

NOCC at a glance
TECHNICAL MANAGEMENT USDm 9 =

3%
LARGE PCTC
The technical management of NOCC’s = 5 vessels
fleet, counting 11 vessels at the date of
MIDSIZE PCTC
this report, is subcontracted to Wilhelmsen USDm 104
= 5 vessels
= 30%
Ship Management (nine vessels), Bergshav USDm 236
Management (one vessel) and Imperial Ship = 67% SMALL
PCTC/RORO
Management (one vessel). = 1 vessel
Market value of the owned vessels.
FLEET PROFILE
At the end of April 2014 the Company controls a fleet of 11 vessels, of which one vessel is partly owned.
NOCC’s fleet is spread over three sub-segments, five large car carriers with a capacity of around 6 500 CEU,
five medium sized car carriers of a capacity of 4 300 - 5 400 CEU and one ro-ro vessel. The Company is
targeting to expand its fleet of large and modern car carriers and as of April 2014, the five large car carriers
“NOCC Oceanic”, “Glovis Companion”, “NOCC Atlantic”, “Asian Emperor” and “Asian King” constitutes 67% of
the Company’s ship investments. The shortsea car carrier “Vinni“ was sold for recycling in January 2014.
SHARE OF SHARE OF
VESSEL TYPE BUILT CAPACITY CEU OWNERSHIP OWNERSHIP
31 DECEMBER 2013 30 APRIL 2014
LARGE PCTC
NOCC Oceanic PCTC 2012 6 450 100% 100%
Glovis Companion PCTC 2010 6 340 100% 100%
NOCC Atlantic PCTC 2009 6 754 53.75% 53,75%
Asian Emperor PCTC 1999 6 400 100% 100%
Asian King PCTC 1998 6 400 100% 100%
MIDSIZE PCTC
NOCC Kattegat PCTC 2004 5 379 100% 100%

NOCC Pamplona PCTC 2000 4 287 100% 100%
NOCC Puebla PCTC 1999 4 287 100% 100%
NOCC Caspian PCTC 1987 5 387 100% 100%
NOCC Coral PCTC 1987 5 387 100% 100%
RORO
Vinni Shortsea PCTC 1994 2 300 51% SOLD

Helena RoRo 1991 3 225 lm 100% 100%

NOCC at a glance
CONTRACT COVERAGE
While NOCC generally aims to employ its vessels on medium- to long-term charters, the Company will pursue an
active chartering strategy adapted to the prevailing market situation and its overall risk profile.
NOCC has during 2013 extended or entered into new charters for nine vessels with durations of two months to five
years. Subsequent to year end 2013 and up to the date of this report NOCC has concluded new charters for three
vessels with duration of 6-12 months. The concluded charter rates in 2013 were on average marginally higher than
the rates earned under the previous charters, indicating that the overall market balance in the car carrier market
remained basically unchanged in 2013.
CHARTER COVERAGE 2014 2015 2016 CHARTER EXPIRY
NOCC Oceanic K-Line September 2018
Glovis Companion Hyundai Glovis February 2020
NOCC Atlantic Hoegh Hyundai Glovis November 2014
Asian Emperor* Eukor May 2019
ECL
Asian King Eukor December 2018
Hyundai Glovis
NOCC Kattegat Hyundai Glovis November 2014
NOCC Pamplona NYK ECL May 2015
NOCC Puebla ECL August 2014
NOCC Caspian Hyundai Glovis May 2015
NOCC Coral Neptune lines July 2014
Helena Holmen July 2016

Board members
BOARD MEMBERS
CARL PETTER FINNE ANDRIAN ROMAN DACY JAMES MICHAEL STEPP, JR.
Chairman of the Board Vice Chairman of the Board Board member
(born 1971) (born 1967) (born 1974)
Board member since 2012 Board member since 2014 Board member since 2014
Carl Petter Finne is CEO of Klaveness Andrian Roman Dacy, Managing Director, is James Michael Stepp is a Vice President of
Marine Holding AS and holds a Master the CIO of J.P. Morgan Asset Management’s Acquisitions in J.P. Morgan Asset Management’s
in Shipping, Trade & Finance from Cass Global Maritime Investment Fund.. Prior Global Maritime Investment Fund. Mr. Stepp
Business School in London, in addition to his current role, Mr. Dacy was Global is a strategic and financial advisor with broad
to a Bachelor Degree from Wheaton Head of Shipping and Cruise investment international experience in the transportation
College, USA. Prior to joining the Torvald banking for JPMorgan from 2003- industry. Mr. Stepp joined J.P. Morgan Securities
Klaveness Group in 2008, Mr. Finne had 2008. From 2000-2003, Mr. Dacy was a LLC in 2006 as an Associate in the Investment
10 years investment banking experience member of JPMorgan’s Transportation Bank and has held the position of Vice President
from Nordea Markets and DNB Markets. Group’s investment banking team. Prior since 2011. Prior to joining J.P. Morgan, he was a
Mr. Finne is member of the board in to these roles, Mr. Dacy was Director of Managing Consultant at Morten Beyer & Agnew,
several companies. Mr. Finne holds Transportation investment banking at Inc. and a Senior Consultant for Arthur Andersen
personally and indirectly zero shares in Ceres S.A., and was an officer in the Global LLP. Mr. Stepp graduated from the University of
NOCC. Mr. Finne is a Norwegian citizen Shipping Groups of Chemical Bank and Virginia with a Masters in Business Administration
and resides in Oslo, Norway. Manufacturers Hanover Trust. Mr. Dacy and holds a BA in International Relations from
earned a BA from Dartmouth College and Georgetown University.
graduated with a Masters in International
Affairs from Columbia University.
ASLE ANDERSSON KRISTINE KLAVENESS COLIN WHITTINGTON

Board member Board member Board member
(born 1978) (born 1976) (born 1977)
Board member since 2014 Board member since 2012 Board member since 2014
Asle Andersson is the Senior Vice Kristine Klaveness is currently VP of Klaveness Colin Whittington is an Executive Director of
President at Klaveness Marine Holding Marine Holding AS. She holds an MBA from J.P. Morgan Asset Management. A J.P. Morgan
AS and holds a master of business and IMD and a Bachelor in Economics from employee since 2011, Mr Whittington plays an
economics degree from the Norwegian Princeton and she has work experience integral role in the structuring, implementation
School of Economics (NHH). Mr. from DnB NOR, Orkla Finans and the and oversight of J.P. Morgan Asset Management
Andersson has 12 years experience Torvald Klaveness Group. Mrs. Klaveness – Global Real Assets products and strategies.
within shipping holding various positions holds personally zero shares in NOCC, Prior to this, he was a corporate lawyer with Allen
in the Torvald Klaveness Group and but she indirectly owns 27% of the shares & Overy LLP for 10 years. Mr. Whittington holds
Klaveness Marine Holding. Mr Andersson in Klaveness Ship Investments AS, which a Bachelor of Laws (LLB) from The University of
is a Norwegian citizen and resides in owns 72 260 197 shares in NOCC. Kristine Birmingham and a Postgraduate Diploma in Legal
Bærum, Norway. Klaveness is a Norwegian citizen and resides Practice (LPC) from Nottingham Law School.
in Bærum, Norway.

Board members
50
NOCC CELEBRATING 50 YEARS IN CAR
CARRIERS
In 2014 NOCC is celebrating the 50 years

anniversary for its activities in car carrier shipping
and the innovations of Mr. Jan Erik Dyvi in the
car carrier industry. Based on experience from years
amongst others ferry business, Mr. Jan Erik Dyvi in car carrier
RS AS
developed in the early sixties the first roll on-roll
D Y VI S
shipping
off pure car carrier as we know it today. The worlds
first car carrier newbuilding the “Dyvi Anglia” with
R IE
HIP
a capacity of 425 car units was delivered in 1964.
AR
The vessel was built for transporting cars for Ford
PI
G
C
from United Kingdom to various ports in Northern AS AR
C
Europe. Mr. Dyvi expanded his fleet of roll-on-roll N O RW E G IA N
of car carriers during the sixties and early seventies.
NOCC has in 2014 been owners of car carriers on a
continuous basis for 50 years through the historical
activities of Dyvi Shipping and Eidsiva Rederi as
well as its activities since the business combination
between Dyvi Shipping and Eidsiva Rederi in 2010.

Board of Directors’ report
BOARD OF DIRECTORS’ REPORT

Norwegian Car Carriers ASA (“NOCC”) is a shipping company with investments primarily in car
carriers. At the end of 2013 NOCC controlled a fleet of 12 vessels. NOCC’s registered business
address is in Oslo, Norway.
The car carrier market started 2013 on a negative Investments AS during the first quarter of 2014
note but ended the year in a tight situation with and subsequent delisting of the shares from the
uncovered cargo requirements being postponed Oslo Stock Exchange represents a major turning
into 2014. On average the charter market for car point in the Company’s history. With strong
carriers in 2013 was stable compared to 2012. owners contributing with technical, financial and
management resources to the company, NOCC is
During 2013 NOCC focused on absorbing the large entering a new era.
investments in large and modern car carriers made
the recent years. Four large vessels of around 6,500
unit capacity were delivered to NOCC in the period ANNUAL ACCOUNTS
March 2012-February 2013. In parallel the company
continued to reduce its exposure to smaller The annual accounts have been prepared on
and older vessels. The shortsea ro-ro/car carrier a going concern basis and in the opinion of
“Vibeke” was sold for recycling at the end of 2013 the Board the accounts provide an accurate
and the sister-vessel “Vinni” was sold for recycling presentation of the Company’s business. The Board
in January 2014. confirms that the going concern assumption has
been met. NOCC has obtained an exemption from
The investments in modern and large vessels during the Norwegian Accounting Act (§ 3-4), and will only
2012-2013 enabled the company to considerably issue its annual report in English.
increase its charter backlog and to strengthen its
long term relationship with core customers. The
vessel “Glovis Companion” commenced a seven NOCC – GROUP
year charter from the delivery in February 2013. In
June 2013 NOCC also concluded a five year charter Income statement
for “NOCC Oceanic” for commencement early
For the full year 2013 NOCC’s total operating
September 2013.
income was NOK 466.4 million (NOK 393.6 million).
The increase in operating income is primarily
The Company continued to focus on reducing related to the addition of “Glovis Companion”
costs in order to improve profitability and to the fleet in February 2013 and a full year of
competitiveness . Financial costs were reduced operation for the other three large vessels delivered
through buy-back of parts of the outstanding bond during 2012. .
loan and administrative expenses were reduced
partly due to reduction in the number of staff . Excluding loss on sale of assets and total operating
expenses in 2013 amounted to NOK 368.8 million
In 2013 NOCC posted for the first time since 2008 (NOK 344.6 million). The increase in operating
a positive net result on the underlying business expenses during the year was primarily due to
activities due to delivery of new and large vessels the addition of one vessel during the year, which
with considerably higher earning capacity and was partly offset by lower administrative expenses
continued cost reduction programs. Non-recurring achieved through cost-cutting efforts.
items including the loss on sale of “Vibeke”, an
impairment charge in 2013 related to the sale The 51% owned vessel “Vibeke” was sold for
of “Vinni” in early 2014 as well as a provision for recycling in December 2013. The sale generated a
expenses in connection with the voluntary offer for consolidated book loss of NOK 13.7 million.
the shares in the Company brought down the 2013
results to a loss after tax of NOK 3.9 million. The earnings before interest, taxes, depreciation
and amortization (EBITDA) ended at NOK 223.6
The successful take-over of NOCC by Car Carrier million (168.5 million). Ordinary depreciation

was NOK 133.6 million (NOK 119.2 million). The Cash flow
increased depreciation is primarily due to the The cash flow from operating activities during 2013
addition of one modern and large vessel during the improved to NOK 236.1 million from NOK 146.9
year. The sale of the vessel “Vinni” for recycling in million in 2012.
January 2014 generated a book loss of NOK 11.3
million, which was accounted for as an impairment The cash flow from investment activities amounted
loss in Q4 2013. to NOK -256.4 million (NOK-608.2 million) net
after NOK 286.0 million investment in fixed assets
NOCC posted an operating profit (EBIT) for 2013 of and NOK 24.5 million from sale of fixed assets. The
NOK 72.6 million (loss of NOK 74.9 million). investment in fixed assets relate to the acquisition
of “Glovis Companion”, which was delivered to the
Net financial items amounted to NOK -76.4 million Company in February 2013. The sale of fixed assets
(NOK -67.9 million) of which net loss on foreign included the “Vibeke”, which was sold for recycling
exchange amounted to NOK -1.4 million (NOK -8.8 in December 2013.
million) and net unrealized gains from financial
instruments were NOK 18.2 million (NOK 15.8 The net cash flow from financing activities was
million), due to mark-to-market adjustments of NOK -10.7 million (NOK 615.2 million) of which
currency contracts and interest rate derivatives. raising of new debt for part-financing the “Glovis
Interest expenses in 2013 increased to NOK Companion” was NOK 261.1 million. Repayment
-95.6million (NOK -78.7 million) due to the net of debt amounted to -272.4 million (NOK -330.7
increase in debt associated with the new vessel million).
added to the fleet during the year.
The net decrease in cash was NOK -124.5 million
For 2013 the result after tax ended at a net loss of (NOK 71.8 million) with bank deposits ending
NOK -3.9 million (NOK -99.2 million). Adjusted for at NOK 164.6 million (NOK 280.5 million). The
non-recurring items related to gain/loss on sale decrease in cash is primarily related to the NOK
of fixed assets and impairment charges the result 80.0 million equity raised in October 2012 for the
after tax in 2013 was NOK 21.1 million, which is a purpose of acquiring the “Glovis Companion”. This
significant improvement compared to 2012. cash was invested in the vessel upon delivery in
February 2013.
Statement of financial position as at 31 December

2013
Total assets at the end of the year amounted to

NOK 2,482.0 million (NOK 2,295.9 million) of which
vessels were recorded with a book value of NOK
2,259.3 million (NOK 1,911.6 million). The increase
in the value of vessels is due to the addition of
“Glovis Companion” partly offset by the sale of
“Vibeke”.
Total liabilities at the end of the year amounted

to NOK 1,755.7 million (NOK 1,657.2 million). The
increase in interest bearing debt is attributable to
the debt incurred in connection with the delivery of
“Glovis Companion”.
The book equity including non-controlling interests

as of 31 December 2013 was NOK 726.3 million
(NOK 638.7 million). Excluding non-controlling
interests the book equity attributable to NOCC’s
shareholders as per end 2013 was NOK 626.3
million.

NOCC Parent Company to 60 days in 2012. The scheduled off-hire mainly

Total operating revenues of the parent company relates to scheduled special surveys for three
Norwegian Car Carriers ASA was in 2013 NOK vessels and waiting time between contracts for one
14.3 million (NOK 3.7 million). After operating vessel.
expenses of NOK 32.1 million (NOK 37.4 million)
the operating result for 2013 ended at NOK -17.8 The total off-hire of 113 days (excluding the laid up
million (NOK -33.7 million). Net financial items vessel “Vibeke”) represents about 2.8% of available
amounted to NOK 23.5 million (NOK -3.9 million) ship days in 2013.
of which interest income from group companies
amounted to NOK 22.1 million (NOK 20.7 million).
The result after tax for 2013 was NOK 5.7 million FINANCING
(NOK -88.7 million).
In February 2013 the Company utilized a USD
It is proposed that the result for 2013 of NOK 39.1 million bank loan facility to fund part of the
5.7 million is added to other equity. As per 31 purchase price for the vessel “Glovis Companion”
December 2013 the parent company had other which was delivered to the Company on 6 February
equity of NOK -74.4 million. 2013. The facility has a five year tenor and is
carrying interest at Libor plus a margin. Part of the
purchase price was funded with cash held on the
EMPLOYMENT OF VESSELS balance sheet following the NOK 80 million private
placement concluded in November 2012.
Six of the Company’s vessels were re-chartered
during the course of 2013. The concluded charters During 2013 the Company has taken several steps
had durations of two months and up to five years. towards reducing the cost of capital. In November
The short-term contracts were concluded mainly and December 2013 the Company utilized the
for the Mid-sized vessels and were in line with the option to redeem part of the 2010/2015 NOK
strategy to employ these vessels on short-term 225 million 10.5% unsecured open bond issue.
charters in expectation of improved charter rates in An aggregate amount of NOK 80 million was
this segment going forward. The long-term charter redeemed at a price of 102.5% of par value. Part of
of five years was concluded for the large Panamax the redeemed amount was settled from excess cash
vessel “NOCC Oceanic”. held on the balance sheet. By year end 2013 the
outstanding notional amount under the bond loan
In line with the strategy the Company has was NOK 145.0 million of which NOK 2.6 million is
continued to build a charter backlog of long and held by the Company.
attractive contracts for the large vessels. The
average contract duration increased from an In December 2013 the Company refinanced a
average of about 1.9 years at the start of the year bank loan facility secured in three vessels. The
to about 2.1 years by the end of 2013. refinancing released net proceeds of approx. NOK
40 million and extended the final maturity until Q1-
2019. The refinancing also significantly reduced the
financing expenses going forward.
OPERATION OF THE FLEET
The technical performance of the fleet was

MARKET
unsatisfactory in 2013 and the fleet experienced
higher unscheduled off-hire compared to 2012. In
Following a weakening charter market in the fourth quar-
June 2013 “NOCC Oceanic” collided with a fishing
ter of 2012, the year of 2013 offered a steady, however
vessel off the coast of Japan, which regrettably led
slow, improvement of the car carrier market throughout
to the sad and tragic loss of one crew member
the year. Surplus tonnage, mainly in the mid-sized seg-
onboard the fishing vessel.
ment, was steadily absorbed in the first half of the year
and by the third quarter of 2013 there were very limited
Aggregate unscheduled off-hire for the fleet in
vessel capacity available for charter.
2013 was 40 days compared to 25 days in 2012.
Scheduled off-hire for the fleet in 2013 (excluding
The world sales of new cars continued its healthy growth
the laid up vessel “Vibeke”) was 73 days compared

13
Japan Korea Thailand/India/China Total for the five countries
12
11
Export of new cars (in million)
+8% 0%
10
9
8
7
6
5
4 +7% -2%
3
+1% +16% -3% +5%
2
1
0
2012 2013
by being about 5% higher in 2013 compared to 2012. during 2014-2017.

This growth was primarily fuelled by high sales growth in
the U.S. and China, which in aggregate was 12% higher The positive trend in global car sales has continued in the
in 2013 versus 2012. The Western European car sales first quarter of 2014 by being 5% higher than the corre-
showed improvement in the second half of the year, but sponding quarter in 2013. A total of 25 newbuildings are
the sale in 2013 as a whole ended well below 2012. The expected to be delivered in 2014 and so far only 4 vessels
car sales in developing economies (excluding China) have been recycled. Depending on the pace of recycling
showed positive growth in the first half of 2013, but start- this will imply a net fleet growth of about 3-4% for 2014.
ed to slow down in the second half. The year as a whole
came out approximately at the same level as observed The Board emphasizes that there is uncertainty attached
for 2012. to any assessment of the future market development.
Japanese car exports fell by 2% in 2013 compared to
2012 despite positive effects on the Japanese car in-
dustry’s competitiveness from the weakening Japanese RISK FACTORS
Yen. Exports of new cars from Korea were down 3% in
2013 compared to the previous year. The weaker exports
NOCC is exposed to a number of risks that can
from these two large exporters of new cars are due to an
affect the Company’s results, such as market risk,
increased regionalization of car manufacturing as well
liquidity risk and credit risk. These are normally
as higher utilization of transplant car capacity in the U.S.
related to volatility in charter income, charter
Japanese manufacturers have moved production of cer-
defaults, unforeseen operating expenses and
tain models to Thailand and Korean while some manu-
unforeseen capital expenditure requirements,
facturers have moved some production to India. Taking
fluctuations in interest rates and foreign exchange
into account a positive growth in exports from especially
rates as well as the refinancing risk for its loans.
Thailand, the combined export of new cars in 2013 from
Asia came out at par with 2012. Adding increased cross
Market risk for NOCC is primarily related to the
trades of new cars as well as increased shipment volumes
utilization and the rates obtained in connection
of used cars the demand for seaborne transportation in
with the chartering of the vessels. The car carrier
the car carrier market is believed to have grown at a pace
segment has over time proven less volatile than
marginally above the net growth in supply during 2013.
other more conventional shipping segments.
However, the Company is striving to mitigate the
The deep sea fleet grew by a net of two vessels in 2013
market risk and liquidity risk through employing
with 18 newbuildings being delivered and 16 vessels
the vessels on long-term charters with diversified
leaving the fleet. Measured in terms of capacity the net
charter expiries. Several of the Company’s
fleet growth in 2013 was 1.3%. By the end of the year the
employment contracts expire during 2014, and
fleet counted 669 vessels. The orderbook in April 2014
there is no guarantee that the Company will be
counts 62 newbuildings which are scheduled for delivery
able to continue to employ the vessels without any

interruptions or at sustainable rates. CORPORATE SOCIAL RESPONSIBILITY

NOCC generally has solid counterparties and The Board and management at NOCC believe that
therefore considers the counterparty risk as the Company needs to perform its business in a
manageable. None of the charterers are in default responsible manner in order to be sustainable.
and all charter-parties are running according to The aim is to operate the company in a way which
contract. generates long-term profitability in combination
with care for the environment, the human beings
There is a high focus on operational performance involved in our business as well as the society in
for the fleet and the Company is striving to general.
implement operational excellence, which is
expected to result in better operational reliability
and lower operating expenses going forward.
ENVIRONMENT
Revenues, operating expenses and financing costs
are generally denominated in USD, except for Deep sea oceangoing freight is a significant
“Helena”, which has revenues, operating expenses contributor to greenhouse gas emissions globally,
and financing in EUR. Administrative expenses and primarily CO2, NOx and Sox. The main source
the interest expenses and the outstanding principal for CO2 emissions is the bunker fuel emissions.
under the bond loan are denominated in NOK. According to certain scientific research reports
Due to the fact that the majority of the debt in the the share of global CO2 emissions from the global
Group is denominated in the same currency as the shipping industry was between 3-3.5% in 2007.
corresponding assets, most of the currency risk NOCC is striving to contribute to reduced CO2
is mitigated naturally. A portion of the USD/NOK emissions through several measures and projects
currency risk related to administrative expenses that have been undertaken.
and the FX exposure in connection with the NOK
bond loan is partly mitigated through FX forward Our customers have the operational control of
contracts and through maintaining part of the cash the vessels and are currently trading them at a
balance in NOK. lower service speed than in previous years. This
slow-steaming significantly reduces the bunker
The Company’s bank loans are generally subject consumption and thereby the CO2 emissions from
to floating interest rates, but as per 31 December NOCC’s fleet.
2013 approx. 52% of the interest rate exposure
was fixed through interest rate swaps or fixed rate NOCC is actively investing in its fleet to improve
loans. The current proportion of fixed and floating the fuel efficiency of the vessels. During the
interest rate is considered to be acceptable. The 2nd quarter of 2014 NOCC will make certain
refinancing risk is considered to be low as there are modifications to one vessel which involves a
no refinancing requirements until 2015. redesign and replacement of the bulbous bow
and the replacing the propeller to improve the
hydrodynamics of the vessel at lower speeds.
Through this project the fuel consumption at
ADMINISTRATION
moderate speeds is reduced by 10-15% with
corresponding reductions in the CO2 emissions. For
The Company’s administration is located in Oslo.
another vessel in the NOCC fleet a study is currently
During 2013 the Company had on average 11
undertaken with a view to install an exhaust gas
employees. Sick leave during 2013 amounted
cleaning system (scrubber) to reduce the emissions
to 69 days or 3% of the total working hours.
of sulphur oxides (SOx). NOCC has also installed a
The Company has not been affected by serious
trim and speed optimization tool on one vessel to
work related accidents during the year. As per
enable the crew to optimize the trim of the vessel
31 December 2013 30% of the employees of
with a view to optimize the fuel consumption.
the Company were women and the working
environment is regarded as good. As per 31
The recycling of vessels is a source for
December 2013 the Board of directors consisted of
contamination of the environment. NOCC is aware
5 members of which two women (40%). As per 30
of the environmental aspects in connection with
April 2014 the Board of directors consisted of six
the recycling of vessels and is therefore taking all
members of which one woman.

necessary precautions when selling vessels for legislation is adhered to by the Company and
recycling. The Norwegian Shipowners Association its managers, including the Maritime Labour
has been heavily involved in the preparation Convention (2006) which sets out the rights of the
and setting the standards for recycling of ships. seafarers when it comes to i.e. general working
This has resulted in the Hong Kong International conditions, payment of wages, working hours and
Convention for the Safe and Environmentally rest, right to medical care and annual leave.
Sound Recycling of Ships, 2009 (the “Hong Kong
Convention”). Norway has ratified the Hong Kong The performance and monitoring of compliance
Convention and NOCC is committed to follow the with internal and external rules and regulations by
standards set out in this convention. In 2013 and the ship managers is performed by our in-house
to date in 2014 the Company has sold two vessels technical department. NOCC’s has a zero tolerance
for recycling. In connection with the sale, NOCC vision when it comes to accidents in connection
prepared amongst others a recycling specification with the operation of the fleet. During 2013 there
for each of the vessels in line with the requirements were zero fatal accidents and the lost time injury
in the Hong Kong convention. Through the sales frequency was less than 0.1 days per vessel. There
contract the buyers have undertaken to follow were no accidents involving any administrative staff
such requirements. In order to monitor compliance during 2013. The attention to- and performance
with the requirements set out in the contract for of the safety management of the crew and other
recycling, NOCC is hiring a local representative to employees are part of the KPIs which have been
supervise the recycling process and to report and implemented for NOCC’s management.
propose corrective actions in case of any deviation
from the agreed specifications.
ANTI-CORRUPTION
Two of the Company’s technical managers, who
manage 10 out of 11 vessels in the NOCC fleet, NOCC has together with the employees developed
have obtained ISO 14001.2004 environmental a set of core values. The core values have been
certificates from Det Norske Veritas. Such implemented throughout the organization and the
certification entails that you need to have core values shall be a guiding factor for all activities
implemented company manuals with thorough of the Company. One of the core values is “Trust”.
procedures and practices on how to deal with We shall be reliable, predictable and transparent in
environmental matters. all we do. The vision, mission and core values of the
Company are available on the Company’s website,
www.noccasa.no.
HUMAN AND LABOR RIGHTS
The Company has developed and implemented a
The staff and crew onboard the vessels are key Code of Conduct which applies to all employees.
resources to the Company. The safety, health and With regard to anti-corruption the Code of
well-being of the staff and crew employed by the Conduct states that: “all employees of NOCC shall
Company are key success factors for the Company, be opposed to and will contribute to counteract all
and are therefore highly prioritized in order to forms of corruption. Accepting or offering bribes of
attract highly qualified and motivated employees. any nature by any NOCC employee is prohibited.”
The Code of Conduct specifically states that it is
There are 10 employees in the administration of prohibited by any NOCC employee to pay to obtain
the Company in Oslo, Norway. The crewing and something we do not have a legal entitlement
technical management for the vessels has been to, not even in cultures where such payments are
outsourced to third party managers. The managers commonplace.
are reputable and highly qualified managers and
the two managers responsible for 10 out of the The CFO, the Director Chartering and Commercial
current fleet of 11 vessels have obtained the ISO and the Senior Director Technical and Operations
9001.2008 certification from Det Norske Veritas for are each enforcing the anti-corruption policies in
their safety management systems in connection their respective departments/areas of responsibility.
with the ship management. The CEO is ultimately responsible for enforcing
anti-corruption policies and is following up
The crew onboard the vessels is primarily sourced the relevant departments as part of the daily
from the Philippines. International and local interaction.

CORPORATE GOVERNANCE The Company has only one share class. The Articles
of Association of the Company place no restriction
Risk management and internal control on the transferability of the shares other than those
set out in the financial securities act (Aksjeloven).
NOCC is committed to quality in every aspect At the general meeting on 12 June 2013 the board
of its business and is striving to implement best of directors was granted a power of attorney to
practice procedures in the internal control and risk purchase up to one million shares in the Company.
management functions. The Board seeks through The power of attorney will lapse on 30 June 2014
its work to ensure that the Company has good and this is deemed irrelevant due to the fact that
internal control and appropriate risk management there is only one shareholder in the Company.
systems in relation to the scope, nature and
conditions that apply to the Company’s business The Work of the Board
including the financial reporting. The administration
systematically reviews internal control systems and According to Norwegian law, the responsibility for
procedures and the Board conducts at least once a the overall management and oversight lies with the
year a review of the Company’s most important risk Board. The Board of Directors of Norwegian Car
areas and the risk management and internal control Carriers ASA held 20 meetings during 2013.
functions of the Company.
In 2013 the Board of Norwegian Car Carriers ASA
PricewaterhouseCoopers AS and predecessors that held 17 Board meetings and three meeting related
were subsequently merged into PwC have been to the acquisition of the shares in the Company
the Company’s external auditor since the early by Car Carrier Investments AS. The meetings
1950s. The Board meets the auditor at least once were held either physically, on the phone or by
a year without the Company’s senior management e-mail. The main focus of the Board during the
present. The auditor presents an annual plan for year has been budgets, financial statements, asset
carrying out audit work and reviews internal control management, reviewing investment proposals, risk
documentation including identified weaknesses management and financing issues. In December the
and proposals for improvement with the Audit focus of the impartial part of the Board was on the
Committee. The external auditor is attending Board contemplated bid by Car Carrier Investments AS for
meeting in which the annual accounts are on the all the shares of the Company.
agenda. At such meetings the auditor presents any
significant changes in the Company’s accounting
principles, evaluations of significant accounting OUTLOOK
estimates and any significant matters where there
has been disagreement between the auditor and As of April 2014, the car carrier market is believed
management, if any. The Board provides details to be fairly balanced with the whole world fleet
of the auditor’s remuneration, divided between trading. While NOCC has a cautiously optimistic
audit, attestation and other services, at the Annual view on the car carrier market going forward,
General Meeting. there are a number of uncertainties to the market
outlook. These include increasing deliveries of new
Shareholder matters buildings in 2014 and 2015, a still uncertain macro-
Following the take-over by Car Carrier Investments economic situation in certain regions and a more
AS of 100% of the shares in the Company and unstable geopolitical situation.
the subsequent delisting of the shares of the
Company on Oslo Stock Exchange, it was in the Following the take-over of the Company in March
extraordinary general meeting on 27 March 2014 2014, the new shareholders together with the
resolved to transform the Company from a public management have initiated a transformation plan
limited liability company (ASA) into a private limited to improve the long-term competitiveness and
liability company (AS). The Board shall consist of profitability and expand the business activity of
5–7 members as per the Company’s Articles of the Company. This plan focuses on operational
Association, and the Board shall be elected by the excellence, a continued renewal and expansion
General Meeting. There are no restrictions in the of the fleet, reducing cost of capital and cost
articles of association when it comes to election of rationalization.
board members.

RESPONSIBILITY STATEMENT
We confirm, to the best of our knowledge, that the financial information for the period 1 January to
31 December 2013 has been prepared in accordance with current applicable accounting standards, and
gives a true and fair view of the assets, liabilities, financial position and profit or loss of the entity and the
Group as a whole. We also confirm that the Board of Directors’ Report includes a true and fair review of the
development and performance of the business and the position of the entity and the Group, together with
a description of the principal risks and uncertainties facing the entity and the Group.
Oslo, 30 April 2014
Carl Petter Finne Andrian Roman Dacy James Michael Stepp, Jr.
Chairman Vice Chairman Board Member
Kristine Klaveness Asle Andersson Colin Whittington Engebret Dahm

Board Member Board Member Board Member CEO

FINANCIAL STATEMENTS - GROUP
INCOME STATEMENT
NOTE 2013 2012
(NOK 1 000)
OPERATING REVENUES AND EXPENSES
OPERATING INCOME
Charter income Note 5 465 403 387 647
Other income Note 6 1 010 5 961
Total income 466 414 393 608
OPERATING EXPENSES
Depreciation Note 13 133 589 119 195
Amortization intangible assets Note 12 6 191 6 130
Operating expenses vessels Note 7 193 118 173 076
Loss on sale of fixed assets Note 13 13 743 5 790
Impairment loss Note 13 11 252 118 066
Operating and administrative expenses Note 7,8 35 937 46 221
Total operating expenses 393 830 468 478
OPERATING RESULT 72 584 (74 870)
FINANCIAL INCOME AND EXPENSES
Other financial income Note 9 2 410 3 859

Net gain/(loss) on exchange Note 9 (1 362) (8 755)
Unrealised gain/ (loss) on financial instruments Note 21/9 18 166 15 751
Interest and other financial expenses Note 9 (95 588) (78 743)
NET FINANCIAL ITEMS Note 9 (76 374) (67 887)
Income/(loss) associated companies Note 15 (193) (189)
RESULT BEFORE TAX (3 983) (142 946)
Taxes Note 10 47 43 750
RESULT AFTER TAX (3 935) (99 196)
Result attributable to:

Non-controlling interest (1 509) (21 225)
Shareholders of the parent company (2 426) (77 971)
Basic and diluted earnings per share Note 11 (0.01) (0.43)
The notes on page 27 to 67 are an integrated part of the group accounts.

CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
NOTE 2013 2012
(NOK 1 000)
RESULT AFTER TAX (3 935) (99 196)
Items that will not be reclassified to profit or loss

Remeasurement of pension plan Note 8 (3 535) 4 206
Items that may be subsequently reclassified to profit or

loss
Reversal translation differences sold vessels Note 13 3 998 16 142
Translation differences 77 278 (43 819)
Other comprehensive income 81 276 (27 677)
Total comprehensive income/(loss) for the year 73 806 (122 667)
Total comprehensive income attributable to
Shareholders of the parent company 67 278 (95 328)

Non-controlling interest 6 527 (27 340)
Total comprehensive income/(loss) for the year 73 806 (122 667)
The notes on page 27 to 67 are an integrated part of the group accounts

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER
ASSETS NOTE 2013 2012
(NOK 1 000)
LONG-TERM ASSETS
Intangible assets Note 12 2 136 7 821
Long-term operating assets

Fittings and vehicles Note 13 1 050 740
Vessels Note 13 2 259 317 1 911 607
Deposit for vessel acquisition 0 32 101
Total long term operating assets 2 260 367 1 944 448
Financial fixed assets

Investments in associated and other companies Note 15 0 967
Long-term derivatives 147 0
Pension funds Note 8 0 1 830
Other long-term receivables Note 16 623 10 824
Total financial fixed assets 770 13 621
TOTAL FIXED ASSETS 2 263 273 1 965 890
CURRENT ASSETS
Accounts receivables and other current assets Note 16 54 183 49 454
Cash and cash equivalents Note 17 164 570 280 517
Total current assets 218 753 329 971
TOTAL ASSETS 2 482 026 2 295 861

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER
EQUITY AND LIABILITIES NOTE 2013 2012
(NOK 1 000)
EQUITY
Share capital Note 27 448 002 448 002

Share premium reserve 68 813 82 601
Other paid-in capital 156 650 155 835
Translation differences 14 431 (58 808)
Retained earnings (61 583) (71 990)
Non-controlling interest 100 035 83 072
Total equity 726 348 638 711
LONG TERM LIABILITIES

Deferred tax Note 10 1 277 2 070
Pension liability Note 8 895 0
Long-term debt Note 18 1 332 925 1 169 323
Bond loan Note 18 144 689 223 098
Derivatives Note 22 0 15 624
Other long-term debt Note 18 0 30 746
Total long term liabilities 1 479 786 1 440 861
CURRENT LIABILITIES
Current portion of long-term debt Note 18 179 232 138 076
Other current liabilities Note 20 84 813 63 473
Provisions Note 19 0
Derivatives Note 22 10 009 12 404
Public duties payable 1 838 2 336
Total current liabilities 275 892 216 290
TOTAL LIABILITIES 1 755 678 1 657 150
TOTAL EQUITY AND LIABILITIES 2 482 026 2 295 861
Oslo, 30 April 2014


STATEMENT OF CASH FLOWS
NOTE 2013 2012

(NOK 1 000)
Cash flow from operating activities

Cash flow from operations 236 081 146 908
Interest paid (93 429) (82 055)
Tax paid 0
Cash flow from operating activities 142 652 64 853
Cash flow from investment activities

Receipts from investments in associated companies 714 775
Purchases of fixed assets Note 13 (286 026) (743 555)
Sales of fixed assets Note 13 24 514 128 391
Interest received Note 9 4 369 6 203
Net cash flow from investment activities (256 429) (608 186)
Cash flow from financing activities

Issue of ordinary shares 0 201 904
Issue costs paid charged directly against equity (141) (9 990)
New loans borrowed 261 068 769 942
Repayment of loans (272 422) (330 733)
Capital paid in from non-controlling interests 9 189 2 074
Loans from non-controlling interests 9 978 5 396
Repayment of loans to non-controlling interests (644) (3 995)
Dividend paid to non-controlling interests (17 754) (19 418)
Net cash flow from financing activities (10 726) 615 180
Net change in cash, cash equivalents and drawings facilities

(124 503) 71 847
utilised
Cash, cash equivalents and drawing facilities utilised at 01.01 280 517 209 337
Currency gains/losses on cash, cash equivalents and drawing
8 556 (668)
facilities utilised
Cash, cash equivalents and drawing facilities utilised at 31.12 Note 17 164 570 280 517

NOTE 2013 2012
CASH FLOW FROM OPERATIONS

Loss before income tax including discontinued operations (3 983) (142 946)
Adjusted for:
Depreciation Note 13 133 589 119 195
Amortisation Note 12 6 191 6 130
Impairment loss Note 13 11 252 118 065
Share based option costs 815 (13)
Increase in pension funds Note 8 2 725 171
Profit on sales of fixed assets 13 035 7 609
Financial costs Note 9 95 588 78 743
Other financial income Note 9 (2 410) (3 859)
Share of results in associated companies Note 15 193 189
Financial gain by transfer of associated company to subsidiary 0 (532)
Unrealized currency (gain)/loss 1 362 8 755
Unrealised value change financial instruments Note 9 (18 166) (15 751)
Change in working capital
Customer receivables and other receivables (6 174) (12 863)
Due to suppliers and other short-term debt 2 064 (15 985)
Cash flow from operations 236 081 146 908
Restricted cash deposits included in cash holdings. Note 17 6 379 15 958

CONSOLIDATED STATEMENT OF CHANGES IN

EQUITY
EQUITY BELONGING TO THE
SHAREHOLDERS OF THE COMPANY
SHARE NON-
SHARE OTHER PAID TRANSLATION RETAINED TOTAL
PREMIUM TOTAL CONTROLLING
CAPITAL IN EQUITY DIFFERENCES EARNINGS EQUITY
RESERVE INTERESTS
(NOK 1 000)
Equity 31.12.2011 399 078 92 490 2 868 (37 245) 8 526 465 763 125 926 591 644
Implementation
effect of revised (4 799) (4 799) (4 799)
IAS 19
Equity 01.01.2012 -
399 078 92 491 2 868 (37 245) 3 728 460 920 125 926 586 846
restated
Result after tax 0 0 0 0 (77 971) (77 971) (21 225) (99 196)
Other comprehensive income
Remeasurement of
4 206 4 206 4 206
defined benefit plan
Translation
0 0 0 (21 563) 0 (21 563) (6 114) (27 677)
differences
Total
comprehensive (21 563) (73 765) (95 328) (27 339) (122 668)
income
Transactions with
shareholders
Reduction in par
(152 980) 0 152 980 0 0 0 0 0
value
Issue of shares 201 904 0 0 0 201 904 0 201 904
Incorporation and
(9 990) 0 0 0 (9 990) 0 (9 990)
issue costs
Options to
0 0 (13) 0 0 (13) 0 (13)
employees
Treasury shares 0 0 0 0
Other equity
100 0 (2 074) (1 974) (1 974)
changes
Transactions with
48 924 (9 890) 152 967 0 (2 074) 189 927 0 189 927
shareholders
Changes in interests and capital in subsidiaries that do

not involve changes in control
Purchase of non-
0 0 0 0 121 121 (1 222) (1 101)
controlling interest
Paid in from non-
0 0 0 0 0 0 5 125 5 125
Dividend to non-
0 0 0 0 0 0 (19 418) (19 418)
Total transactions
0 0 0 0 121 121 (15 515) (15 394)
with shareholders
Equity 31.12.2012 448 002 82 600 155 835 (58 808) (71 990) 555 639 83 072 638 710
2013
Result after tax 0 0 0 (2 426) (2 426) (1 509) (3 935)
Other comprehensive income

EQUITY BELONGING TO THE

SHAREHOLDERS OF THE COMPANY
SHARE NON-
SHARE OTHER PAID TRANSLATION RETAINED TOTAL
PREMIUM TOTAL CONTROLLING
CAPITAL IN EQUITY DIFFERENCES EARNINGS EQUITY
RESERVE INTERESTS
Remeasurement of
(3 535) (3 535) (3 535)
defined benefit plan
Translation
73 239 0 73 239 8 036 81 275
differences
Total
comprehensive 73 239 (5 961) 67 278 6 527 73 805
income
Transactions with shareholders
Incorporation and
(141) (141) (141)
issue costs
Options to
815 815 815
employees
Treasury shares 0 0
Other equity
(13 646) 16 368 2 722 (410) 2 312
changes
Transactions with
(13 787) 815 0 16 368 3 396 (410) 2 986
shareholders
Changes in interests and capital in subsidiaries that do

not involve changes in control
Purchase of non-controlling interest
Paid in from non-
28 599 28 599
controlling interest 1)
Dividend to non-
(17 754) (17 754)
Total transactions
0 0 0 0 0 0 10 846 10 846
with shareholders
Equity 31.12.2013 448 002 68 813 156 650 14 431 (61 583) 626 313 100 035 726 348
1) Paid in capital 8 769 and 19 830 converted Participant loan.
The notes on page 27 to page 67 are an integrated part of the consolidated financial statements.

NOTES
NOTE 1 ACCOUNTING PRINCIPLES as environmental and statutory requirements.
Management reviews annually the future useful
The office of Norwegian Car Carriers ASA is at lives of the vessels considering the factors referred
Drammensveien 167, 0277 Oslo. to above. On changes in useful life and/or residual
value the depreciation of the vessels is adjusted
The Group had at year end 2013 a fleet of 11 wholly prospectively.
or partly owned vessels.
Impairment of fixed assets
PREPARATION OF THE FINANCIAL STATEMENTS The Group assesses whether there is any need to
impair assets at each reporting date. Fixed assets
The consolidated financial statements of Norwegian
are evaluated for any impairment where there are
Car Carriers ASA (the “Parent Company”) and all the
indications that future earnings or fair value may
subsidiaries (the “Group”) have been prepared in
not justify the assets’ balance sheet value. The value
accordance with International Financial Reporting
in use is compared with fair value less cost to sell.
Standards (IFRS) as adopted by the EU.
In calculating the value in use management must

The consolidated financial statements have been
estimate future cash flows from the asset and cash
prepared at historical cost with the exception of
flow generating entities and calculate a suitable
financial instruments, which are measured at fair
discount rate in order to assess the present value of
value. The consolidated financial statements are
the future cash flows. Estimates of the recoverable
presented in NOK with all values rounded to the
amount of assets and companies are based partly
nearest thousand unless otherwise stated.
on assessments made by management, which
include estimates of future expectations, the assets’
The income statement is specified by the nature of
ability to generate income and an evaluation of
the individual income and cost items.
future market conditions. Changes in circumstances
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES and in the management’s assessments and
AND ASSUMPTIONS assumptions may result in a requirement to impair
assets in the relevant periods.
Preparation of the financial statements in
accordance with IFRS requires that management Impairment of intangible assets
make assessments, estimates and assumptions
The management assesses whether there are any
that affect the amounts that are reported in the
indicators of impairment for all intangible assets at
financial statements and the accompanying notes.
each reporting date.
Management base their estimates and assessments
on previous experience, and on other factors that
Intangible assets with indefinite useful lives are
are considered to be reasonable and prudent in the
tested for impairment either individually or at the
circumstances. The assessments form the basis for
cash-generating unit level.
evaluating the book value of assets and liabilities
which is not possible using other available sources.
CONSOLIDATION PRINCIPLES
Actual results may differ from the estimates. The
main areas of estimate uncertainty at the balance The consolidated financial statements comprise
sheet date and which involve a risk of material the financial statements of the Group and its
change in the financial statements in the carrying subsidiaries at the balance sheet date.
value of assets and liabilities in the subsequent
financial year are discussed below. Subsidiaries
Subsidiaries are all entities over which the Group

Depreciation of vessels has the power to govern the financial and
Depreciation is based on management’s operating policies generally accompanying a
estimates of the useful lives of the vessels and shareholding of more than one half of the voting
the residual value of the vessels less the costs rights. The existence and effect of potential voting
associated with scrapping. The estimates may be rights that are currently exercisable or convertible
changed as a result of changes in scrap values, are considered when assessing whether the Group
technological developments, competition, as well controls another entity. The Group also assesses

existence of control where it does not have more controlling interests are also recorded in equity.
than 50% of the voting power but is able to govern
the financial and operating policies by virtue of When the Group ceases to have control any
de-facto control. De-facto control may arise in retained interest in the entity is re-measured to its
circumstances where the size of the Group’s voting fair value at the date when control is lost, with the
rights relative to the size and dispersion of holdings change in carrying amount recognized in profit or
of other shareholders give the Group the power to loss. The fair value is the initial carrying amount for
govern the financial and operating policies, etc. the purposes of subsequently accounting for the
retained interest as an associate, joint venture or
The companies are consolidated in the financial asset. In addition, any amounts previously
consolidated financial statements from the recognized in other comprehensive income in
date the Group acquires control over the entity. respect of that entity are accounted for as if the
Correspondingly the company is removed from Group had directly disposed of the related assets or
the consolidated financial statements when control liabilities. This may mean that amounts previously
ceases. recognized in other comprehensive income are
reclassified to profit or loss.
The financial statements of the subsidiaries are
prepared for the same reporting period as the Associated companies
parent company, using consistent accounting Associated companies are all entities where the
policies. Group has material influence but not control.
Material influence normally exists for investments
On the purchase of subsidiaries that are in reality where the Group has between 20 per cent and 50
a purchase of net assets the acquisition will be per cent of the ownership shares. Investments in
treated for accounting purposes so that the associated companies are treated in accordance
acquisition cost is allocated over the individual with the equity method.
identifiable assets and liabilities on the basis of
their relative fair value at the date of acquisition. The Group’s share of the associated companies’
profit or loss is shown net on a separate line in the
Any contingent consideration to be transferred income statement. The Group’s share of changes
by the Group is recognized at fair value at the in equity is taken into account in equity capital.
acquisition date. Subsequent changes to the Accumulated changes following acquisition are
fair value of the contingent consideration that is entered against the recorded cost price.
deemed to be an asset or liability is recognized
in accordance with IAS 39 either in profit or loss Unrealised gains relating to transactions between
or as a change to other comprehensive income. the Group and the associated companies are
Contingent consideration that is classified as equity eliminated in relation to the Group’s ownership
is not re-measured, and its subsequent settlement interest in the associated company. Furthermore
is accounted for within equity. unrealised losses are eliminated unless the
transaction clearly shows that the asset transferred
Intercompany transactions, intra-group accounts has a reduced value. Accounting principles used
and unrealised group gains are eliminated in the by associated companies have been changed
consolidated financial statements. Unrealised losses where this has been necessary to ensure uniform
are also eliminated unless the transaction clearly accounting practice in the Group.
shows that the asset transferred has a reduced
value. Accounting principles used by subsidiaries The Group does not account for a share of
have been changed where this has been necessary losses if this means that the carrying value of the
to ensure uniform accounting practice in the Group. investment becomes negative (including unsecured
Transactions with non-controlling interests that receivables on the entity) unless the Group has
do not result in loss of control are accounted for made payments on behalf of the associated
as equity transactions – that is, as transactions company or given guarantees for the associated
with the owners in their capacity as owners. The company’s liabilities. If the carrying value of the
difference between fair value of any consideration investments after posting the share of the result
paid and the relevant share acquired of the carrying exceeds the expected discounted cash flows from
value of net assets of the subsidiary is recorded the company the interest is written down further to
in equity. Gains or losses on disposals to non- the expected discounted cash flows.

INCOME RECOGNITION Transactions and balance sheet items in foreign

currencies
Income is posted as income when an agreement
has been signed, the service has been delivered, Foreign currency transactions are converted to the
the income has been determined and is possible functional currency at the transaction date.
to quantify, the claims are clear and when other Realised currency gains or losses on settlement and
obligations have been fulfilled. conversion of monetary items in foreign currencies
to the rate of the balance sheet date, are posted
Charter income to the income statement under “Net gain/(loss) on
Income and costs related to the vessels’ exchange”.
charterparties are accrued based on the number of
Group companies
days the charter party has been in effect during the
period, using the current settlement method. The results and the financial position of a subsidiary
or associated company using a functional currency
SEGMENT REPORTING different from the Group’s presentation currency, is
The Group has one business area – international converted using the following procedure:
shipping within the car carrier and ro-ro segment.
The Group’s internal reporting does not distinguish (a) assets and liabilities in each balance sheet that
between different segments. are presented (including comparative figures)
are converted at the closing rate at the relevant
RELATED PARTIES balance sheet date,
Parties are regarded as being related if one (b) income and expenses in each income statement
party has the opportunity to directly or indirectly (including comparative figures) are converted at
exercise control over the other party or has the exchange rate prevailing at the dates of the
material influence over the other party’s financial transactions. Average exchange rate may in some
or operational decisions. Parties are also related cases be used if it does not deviate significantly
if they are subject to common control or subject from the exchange rate at the transaction date, and
to common material influence. All transactions
are based on the principle of arm’s-length dealing (c) translation differences are posted against the
(estimated market value). comprehensive revenue and specified under equity
as a separate item.
SHARES AND SHARE PREMIUMS
Ordinary shares are classified as equity. Expenses On the sale of all or parts of a foreign business the
that are directly related to the issue of new shares associated translation differences is reclassified
or options, less tax, are entered as a reduction in from the comprehensive income as a part of the
the consideration received under equity capital. gain or loss on sale and presented as part of gain/
Norwegian Car Carriers ASA’s holding of its own (-loss) under operating income.
shares is entered at par value as a deduction under
Other paid-in equity. The difference between the PROVISIONS
par value and the acquisition value is entered as a Provisions are accounted for when the Group has a
deduction under Other equity. liability (legal or constructive) that follows from past
events and it is likely that there will be a financial
FOREIGN EXCHANGE TRANSACTIONS settlement as a result of the event and the liability
Functional currency and presentation currency
can be reliably estimated.
The Group’s presentation currency is NOK. This CLASSIFICATION OF ITEMS IN THE BALANCE SHEET
is also the parent company’s functional currency.
Current assets and short-term liabilities include
Accounting transactions that are undertaken by
items that fall due for payment within one year
the respective Group companies are registered
after the balance sheet date. The short-term
in the currency that is normally used in the
part of long-term debt is classified as short-term
financial environment in which the entities operate
debt. Financially motivated share investments
(functional currency). The functional currencies that
are classified as current assets, while strategic
otherwise exist in the Group are USD and EUR.
investments are classified as fixed assets.

CASH AND CASH EQUIVALENTS FIXED ASSETS – VESSELS AND EQUIPMENT
Cash and cash equivalents include cash holdings, Fixed assets are recognized in the statement of
bank deposits, other short-term and especially financial position at historical cost less accumulated
on-going investments that will be redeemed within depreciation and write-downs. Historical cost prices
three months from the original time of placement, in the Group are kept in the functional currency
as well as overdrafts. Cash and cash equivalents associated with the asset and all accounting entries
are entered at nominal value in the balance sheet. related to the asset take place in the functional
Restricted funds are included. The overdraft is currency before conversion to the presentation
included as a loan under short-term debt. currency described above. In the case of rebuilding
contracts the cost price includes all costs incurred
RESTRICTED BANK DEPOSITS in the development and construction process
Disclosed as restricted bank deposits the Group has including building inspection costs and technical
tax deduction funds held on separate accounts. costs. In the case of vessels acquired the cost price
includes costs directly related to the purchase of
CURRENT ASSETS the vessel. Depreciation is calculated on a linear
basis after taking into account the asset’s scrap
Short-term customer receivables are posted at value and costs related to scrapping. Estimates
par value less provisions for estimated losses. The related to the lifetime and scrap value are reviewed
Group regularly reviews outstanding receivables at each reporting date. Vessels and equipment have
and prepares for each reporting period estimates an expected period of use of 10-30 years.
of doubtful receivables that form the basis for
provisions in the financial statements. Ordinary repair and maintenance costs are
posted to the financial statements when incurred.
Stocks of luboil, bunkers are recognized in the In accordance with IAS 16 docking costs are
balance sheet at cost, using the first-in/first-out capitalized. Capitalisation takes place when the
method (FIFO). docking has been completed and is depreciated
over the period until the next expected inspection.
INTANGIBLE ASSETS Any remaining capitalized amount from previous
Charter party contracts
inspections is expensed.
A charter party contract is recognized on Write-down of assets

acquisition of a business, and its fair value is based
Fixed assets are assessed for indications of
on estimated excess values compared to the
impairment at each reporting date and always
market value of a similar charter party contract at
when events or changes in circumstances indicate
the time of acquisition. Charter party contracts are
that the carrying value of the asset may not be
amortized on a straight line basis over their benefit
recoverable. When assessing the need for a write-
period.
down the assets are grouped at the lowest level
Impairment of intangible asset
where there exist identifiable and independent
cash flows. The write-down is calculated as the
Intangible assets with indefinite useful lives are not difference between the carrying value and the
amortised, but are tested for impairment annually, amount that is considered to be recoverable. The
either individually or at the cash-generating unit recoverable amount is the higher of the asset’s net
level. The assessment of indefinite life is reviewed sale price and the value in use for the company. The
annually to determine whether the indefinite life use value is calculated based on discounting the
continues to be supportable. If not, the change future cash flows that are expected to be generated
in useful life from indefinite to finite is made on from the asset. When it is estimated that the fair
a prospective basis. Gains or losses arising from value is lower than the carrying value this is written
derecognition of an intangible asset are measured down to the recoverable amount. The write-down
as the difference between the net disposal amount is registered as a cost in the cost category
proceeds and the carrying amount of the asset and that corresponds with the relevant asset.
are recognized in the income statement when the
asset is derecognized. Write-downs posted in earlier periods are reversed
only if there are changes in the estimates that
are used to calculate the recoverable amount.

The amount of reversal may, however, only be so value and the transaction costs are posted to the
large that the carrying value after the reversal as a result. Investments are removed from the balance
maximum corresponds to the value the asset would sheet when the rights to receive cash flows from
have been carried at if the write-down had not been the investments cease or when these rights have
made. Such reversals are to be posted to the income been transferred and the Group has substantially
statement. transferred all risks and all gain potential from
ownership. Financial assets available for sale and
INVESTMENTS AND FINANCIAL ASSETS financial assets at fair value over profit or loss
The Group classifies investments in the following are measured at fair value following initial entry.
categories: at fair value over profit or loss, loans and Loans and receivables are measured subsequently
receivables and financial assets available for sale. at amortised cost using the effective interest rate
The classification depends on the intention with method.
the asset. Management classifies financial assets on
Write-downs of financial assets
acquisition.
The Group evaluates on each reporting date
1. Financial assets at fair value over profit or loss: whether there exist objective indications that
Financial assets at fair value over profit or loss financial assets or a group of financial assets are
are financial assets held for trading purposes. A impaired.
financial asset is classified in this category if it is
primarily acquired with a view to providing a gain If such indication of impairment exists relating to
from short-term price fluctuations. Derivatives are loans and receivables that are valued at amortised
classified as held for trading unless they are part of cost, the write-down amount is calculated as the
a hedging arrangement. Assets in this category are difference between the asset’s carrying value and
classified as current assets if expected to be settled the present value of discounted future cash flows
within 12 months; otherwise, they are classified as discounted at the item’s original effective interest
non-current. rate (future credit losses that have not occurred are
not included in the cash flow). The asset’s carrying
2. Loans and receivables: Loans and receivables value is reduced and the loss amount included in
are non-derivative financial assets with fixed or the consolidated income statement. If the fall in
determinable payments that are not traded in an value is subsequently reduced and the reduction
active market. They are classified as current assets can objectively be linked to an event that occurs
unless they fall due more than 12 months after the after the fall in value took place, the earlier loss is to
balance sheet date. Loans and receivables are shown be reversed in the consolidated income statement.
as customer receivables and other receivables, and
cash and cash equivalents in the balance sheet. If a financial asset classified as available for sale
has been subject to fall in value and previous
3. Financial assets available for sale: Financial assets reductions in value have been entered against the
available for sale are non-derivative financial assets comprehensive result then the cumulative loss that
that one chooses to place in this category or which is included in the comprehensive result is to be
do not belong in any other category. They are reclassified to the consolidated income statement.
classified as fixed assets as long as the investment The amount is measured as the difference between
does not mature or management intends to sell acquisition cost and current fair value, with a
the investment within 12 months from the balance deduction for losses on a fall in value that has
sheet date. previously been posted to the income statement.
Accounting and measurement Accounting for derivatives
Normal purchases and sales of investments are On initial entry derivatives are valued at fair
entered at the date of the agreement, which is the value. Subsequently the item is re-valued on each
date the Group undertakes to buy or sell the asset. reporting date.
All financial assets that are not accounted for at
fair value over profit or loss are carried initially at As at 31 December 2013 the Group had no
fair value with the addition of transaction costs. derivatives transactions that qualified for hedging
Financial assets that are carried at fair value over accounting under IAS 39. A change in value
profit or loss are entered on acquisition at fair of derivatives transactions is therefore posted
immediately in the income statement.

LOANS period in which they arise.

After initial recognition, loans are accounted for
at amortised cost using the effective interest rate. The Group has a defined contribution plan for some
The difference between the proceeds and the of its employees. The contributions are recognized
redemption value is recognized in the income as employee benefit expense when they are due.
statement over the term of the loan as part of the
COMPENSATION SCHEMES FOR EMPLOYEES
effective interest rate.
Share-based remuneration where the Group receives
Premiums or discounts and transaction costs are services from the employees in return for equity
taken into account in calculating the amortised cost capital instruments (options) in the Group are
when using the effective interest rate method. expensed over the entire vesting period. On each
reporting date the company reviews its estimates
BORROWING COSTS of the number of options that are expected to be
General and specific borrowing costs directly exercised. The company accounts for the relevant
attributable to the acquisition, construction or effect of the change in the original estimates in the
production of qualifying assets, which are assets that income statement with a corresponding adjustment
necessarily take a substantial period of time to get against equity. When the options are exercised the
ready for their intended use or sale, are added to the company issues new shares. Consideration received
cost of those assets, until such time as the assets are on exercise of the option less directly related
substantially ready for their intended use or sale. transaction costs is credited to share capital (nominal
value) and share premium.
All other borrowing costs are recognized in profit or
EARNINGS PER SHARE
loss in the period in which they are incurred.
Earnings per share are calculated by dividing the
DIVIDENDS result by the weighted average number of shares
Dividends proposed by the board are recognized outstanding in the reporting period. Own shares are
first as a liability in the financial statements when not included in the calculation. The calculation of
approved by shareholders in the general meeting. diluted earnings per share assumes no conversion,
exercise or other issue of potential ordinary shares
PENSION LIABILITY that would have a contrary diluting effect on
earnings per share.
The Group has a defined benefit-based pension
scheme. A benefit-based pension scheme defines the TAX
employee’s right to agreed future pension benefits
normally dependent on factors such as age, number The tax charges in the income statement consist of
of years of service and compensation.. tax payable and change in deferred tax. The annual
The liability is carried as the present value of pension tonnage tax is classified as other administration
liabilities on the balance sheet date less the fair value expenses in the financial statement.
of pension funds allocated for payment of benefits
together with corrections for non-recorded estimate Deferred income tax is provided with 28%, using
differences and costs related to previous periods’ the liability method, on all temporary differences
pension accrual. The pension liability is calculated between the tax base of financial items, their
annually by independent actuaries, based on a linear carrying value for financial reporting purposes, their
earnings model. The present value of the defined carrying value for financial reporting purposes as
benefit obligation is determined by discounting the well as any financial tax losses carried forward.
estimated future cash out flows using the market Deferred tax/deferred tax asset is calculated on all
yield on government bonds, at the balance sheet differences between accounting and tax values of
date, as there is no market for similar, high-quality assets and liabilities with the exception of:
corporate bonds in Norway that have terms of • temporary differences related to investments
maturity approximating the terms of the related in subsidiaries, associated companies or jointly
pension liability. controlled businesses when the temporary
differences will be reversed and this is not expected
Actuarial gains and losses arising from new to happen in the foreseeable future.
information and changes in actuarial assumptions
are posted to other comprehensive income in the The tax increasing and reducing temporary

differences that reverse or can reverse in the same A number of new standards and amendments
periods are presented net. to standards and interpretations are effective for
annual periods beginning after 1 January 2013,
Deferred tax is measured based on expected future and have not been applied in preparing these
tax rates for the companies in the Group where consolidated financial statements. None of these
temporary differences have arisen, and are entered is expected to have a significant effect on the
at nominal value and classified as long-term consolidated financial statements of the Group,
liabilities in the statement of financial position. except the following set out below:
Tax payable and deferred tax is accounted for Amendment to IAS 1, ‘Financial statement
directly against equity to the extent that the tax presentation’ regarding other comprehensive
items relate to equity transactions. income. The main change resulting from these
amendments is a requirement for entities to group
Deferred tax on underlying temporary differences items presented in ‘other comprehensive income’
related to participatory companies within (OCI) on the basis of whether they are potentially
the Norwegian tax area is included in the tax re-classifiable to profit or loss subsequently
calculation. If a participatory company is to be sold (reclassification adjustments). The amendments
this will not give rise to a tax effect. affect presentation only and have no impact on the
Group’s financial position or performance.
Deferred tax asset is recognized only when it
is justified by estimated future financial profits. IFRS 13, ‘Fair value measurement’, aims to
Deferred tax is presented net in the balance sheet. improve consistency and reduce complexity by
providing a precise definition of fair value and
POST-BALANCE SHEET EVENTS a single source of fair value measurement and
New information after the balance sheet date about disclosure requirements for use across IFRSs. The
the Group’s financial position on the balance sheet requirements, which are largely aligned between
date is included in the annual financial statements, IFRSs and US GAAP, do not extend the use of fair
and see note 5 for detailed information. Events value accounting but provide guidance on how it
after the balance sheet date that do not affect the should be applied where its use is already required
Group’s financial position on the balance sheet or permitted by other standards within IFRSs or US
date, but which will affect the Group’s financial GAAP.
position in the future, are stated if these are
material. IAS 19, ‘Employee benefits’, was amended in June
2011. The impact on the Group will be as follows:
CHANGES TO ACCOUNTING POLICIES, NEW to immediately recognize all past service costs; and
ACCOUNTING STANDARDS AND INTERPRETATIONS to replace interest cost and expected return on plan
assets with a net interest amount that is calculated
These consolidated financial statements have by applying the discount
been prepared in accordance with all mandatory rate to the net defined benefit liability (asset).
standards issued by the International Accounting The unrecognized actuarial gains and losses (the
Standards Board (IASB) and the International corridor) were from January 1, 2013 recognized
Financial Reporting Interpretations Committee in the balance sheet. The change had a negative
(IFRIC). impact on comprehensive income and net equity of
TNOK 3 535 in 2013.
2.1.2 Changes in accounting policy and disclosures
IFRS 9, ‘Financial instruments’, addresses the
(a) New and amended standards adopted by the classification, measurement and recognition
Group of financial assets and financial liabilities. IFRS
9 was issued in November 2009 and October
There are no IFRSs or IFRIC interpretations that 2010. It replaces parts of IAS 39 that relate to
are effective for the first time for the financial year the classification and measurement of financial
beginning on or after 1 January 2013 that would be instruments. IFRS 9 requires financial assets to
expected to have a material impact on the Group. be classified into two measurement categories:
those measured at fair value and those measured
(b) New standards and interpretations not yet at amortized cost. The determination is made
adopted

at initial recognition. The classification depends standard provides additional guidance to assist in
on the entities business model for managing its the determination of control where this is difficult
financial instruments and the contractual cash to assess. The Group is yet to assess IFRS 10’s full
flow characteristics of the instrument. For financial impact and intends to adopt IFRS 10 no later than
liabilities, the standard retains most of the IAS 39 the accounting period beginning on or after 1
requirements. The main change is that, in cases January 2014.
where the fair value option is taken for financial
liabilities, the part of a fair value change due to IFRS 12, ‘Disclosures of interests in other entities’,
an entities own credit risk is recorded in other includes the disclosure requirements for all
comprehensive income rather than the income forms of interests in other entities, including joint
statement, unless this creates an accounting arrangements, associates, special purpose vehicles
mismatch. The Group is yet to assess IFRS 9’s full and other off balance sheet vehicles. The Group is
impact. The Group will also consider the impact of yet to assess IFRS 12’s full impact and intends to
the remaining phases of IFRS 9 when completed by adopt IFRS 12 no later than the accounting period
the Board. beginning on or after 1 January 2014. There are no
other IFRSs or IFRIC interpretations that are not yet
IFRS 10, Consolidated financial statements’, builds effective that would be expected to have a material
on existing principles by identifying the concept impact on the Group.
of control as the determining factor in whether an
entity should be included within the consolidated
financial statements of the parent company. The

NOTE 2 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group prepares estimates and makes forecasts relating to the future. The accounting estimates that
follow from this will by definition seldom be fully in accordance with the final outcome. Estimates and
forecasts that represent a significant risk of material changes to the balance sheet values of fixed assets
during the next financial year are discussed below.
(a) Estimated useful life of vessels
The group uses a 30 year useful life for the vessels and has set a depreciation profile based on this. In cases
where vessels are used for longer than their estimated useful life these are subsequently entered in the
balance sheet at the estimated residual value plus any periodic docking.
(b) Estimated residual value of vessels
The vessels are depreciated down to an estimated residual value. The residual value is calculated based on
the price of steel at 1 January in the financial year less estimated demolition costs. The steel price is obtained
from ship brokers based on recent transactions involving similar ships.
For one vessel the charterer has an option to acquire the vessel at a pre-agreed price . This vessel is
depreciated down to the agreed purchase price in 2015 when the option becomes exercisable.
The residual value of the vessels is calculated based on the lightweight of the vessels. As per 31 December
2013 the aggregate lightweight of the vessels was 163,461 tons. The lightweight of the vessels is multiplied
by the steel price to derive the total scrap value . The below estimates of steel price has been applied in the
Group’s depreciation tables during the period 2008-2013:
2013 2012 2011 2010 2009 2008
USD/ton 450 480 450 325 275 600
The table below shows the Group sensitivity to fluctuations in steel price – other factors remaining constant:
INCREASE/REDUCTION IN STEEL PRICE EFFECT ON RESULT BEFORE TAX
(NOK 1 000)
2013 +/- 10% 2 397 / (2 397)

2012 +/- 10 % 2 881 / (2 881)
(c) Impairment tests
At each reporting date the management assesses whether there are any indicators of value impairments
related to non-financial assets. Whether there is a requirement to write down the vessels is assessed based on
a) vessel value appraisals obtained from two independent ship brokers and; b) the discounted estimated cash
flows from the vessels, based on the net result before financial items over the useful life of the vessels and
their expected residual value after 30 years operation. The cash flows are based on existing contracts as well
as estimated future cash flows from new contracts. A suitable discount rate is applied in order to calculate the
present value of the cash flows.
(d) Impairment tests intangible assets
The book value of intangible assets is NOK 2.1 million at balance sheet date, consisting entirely of the surplus
value of a charter contract. The surplus value of the charter contract is amortized in straight line over the
duration of the charter. The surplus value of the charterparty is subject to impairment testing when there are
identified indicators of such.

NOTE 3 TRANSACTIONS WITH NON-CONTROLLING OWNERS
2013 2012
(NOK 1 000)
Book value of bought non-controlling interests at time of purchase 0 1 342

Acquisition cost 0 (1 221)
Effect on parent`s equity 0 121
Transactions in 2013:
There has been no transactions with non-controlling owners during 2013.
Transactions in 2012:
In May 2012 the Group acquired 0.50 % in NOCC Atlantic DIS and in June 2012 the Group acquired another
0.25 % in NOCC Atlantic DIS bringing the ownership to 53.75 %.
NOTE 4 POST BALANCE SHEET EVENTS
CHARTERING
In April 2014 the employment for three vessels were renewed or extended for periods of 6-12 months.
FLEET
Primo January 2014 a 51% owned subsidiary of Norwegian Car Carriers ASA entered into an agreement for
the recycling of the 1994-built vessel “Vinni”. The vessel was delivered to the buyer ultimo January 2014. The
estimated book loss in connection with sale of the vessel “Vinni” has been booked as an impairment charge
in the 2013 accounts.
SHAREHOLDERS
On 20 January 2014 Car Carrier Investments AS (“CCI”), which is a 50/50 joint venture between Klaveness
Marine Holding AS and J.P. Morgan Global Maritime Investment Fund voluntarily offered to acquire all
the shares in the Company. On 26 February 2014 CCI announced that 95.63% of the shareholders of the
Company had accepted the voluntary offer. On 18 March CCI settled and took delivery of 95.63% of the
shares in the Company. Following a compulsory acquisition of the remaining 4.37% of the shares of the
Company, CCI at the date of this report owns 100% of the shares in the Company.
BOARD OF DIRECTORS AND MANAGEMENT
In an extraordinary general meeting held on 27 March 2014 the board members Mr. Jørgen G. Heje, Mr. Atle
Bergshaven and Mrs. Nini E. Høegh Nergaard resigned as members of the board of the Company. In addition
to Mr. Carl Petter Finne and Mrs. Kristine Klaveness, the following new members were elected to the board:
Mr. Andrian Roman Dacy, Mr. James Michael Stepp and Mr. Colin James Whittington from J.P. Morgan Global
Maritime Investment Fund, and Mr. Asle Andersson from Klaveness Marine Holding AS.

NOTE 5 OPERATING SEGMENTS
The Group has only one operating segment and as such the operations and internal reporting of the Group
are not organized in different operating segments.
The Group’s operating income is specified as follows:

2013 2012
(NOK 1 000)
Charter hire income 465 403 387 647

Total operating income 465 403 387 647
Operating income can be related to the following countries:

2013 2012
(NOK 1 000)
Norway 129 500 102 771
Korea 106 388 66 320
Singapore 95 797 98 824
Japan 60 770 61 243
Sweden 35 109 34 154
Panama 14 908 -
New Zealand 10 362 -
Belgium 2 012 13 182
Lebanon 11 932 5 089
Portugal - 5 789
France - 274
Italy (164) -
USA (1 209) -
Total operating income 465 403 387 647
Operating income is categorized according to domicile of the contractual counterparty. 3 customers each
represent more than 10 per cent of the operating income. During 2013 the total turnover for these customers
was NOK 303.2 million compared to NOK 315.4 million during 2012.
The Group’s vessels are flagged in the following countries:

BOOK VALUE VESSELS 2013 2012
(NOK 1 000)
Norway 742 608 719 471

Marshall Islands 1 048 688 694 457
Sweden 85 787 81 023
Panama 382 235 383 060
Bahamas - 33 596
Total book value vessels 2 259 317 1 911 607

NOTE 6 OTHER INCOME
The Group’s other income is specified as follows:

2013 2012
(NOK 1 000)
Compensation from charterer - Bergshav Car Carrier KS - 2 548

Non-controlling interests share of arbitration settlement Forest II KS - 2 853
Other operating income 1 010 560
Total other income 1 010 5 961
NOTE 7 OPERATING- AND ADMINISTRATIVE EXPENSES
2013 2012
(NOK 1 000)
Operating expenses vessels
Crew expenses 83 052 78 271

Technical operating expenses 57 687 47 875
Insurance 15 418 15 080
Other operating expenses 36 823 29 654
Bare boat hire 138 2 196
Total 193 118 173 076
Administrative expenses
Salaries/holiday pay 16 054 16 716

Board fees 1 147 935
Employment tax 2 576 2 436
Options to employees (non cash) 815 (13)
Legal fees 434 4 793
Other professional fees 3 243 8 055
Other operating expenses 10 265 10 752
Total 34 534 43 676
Pension costs 1 403 2 545

Total administrative expenses 35 937 46 221
Reference is made to note 23 for detailed information on the remuneration to senior management. The average number
of employees in the administration during 2013 has been 11.
SPECIFICATION OF AUDITOR FEES* 2013 2012

(NOK 1 000)
Audit fee 1 064 688

Other attestation services 292 1 102
Tax consultancy services 191 1 077
Other services 506 135
Total 2 052 3 003
*All amounts are excluding VAT.

NOTE 8 PENSIONS
The Group operates defined benefit pension plans. All of the plans are final salary pension plans, which
provide benefits to members in the form of a guaranteed level of pension payable for life. The level of
benefits provided depends on members’ length of service, their salary in the final years and the amount of
benefits from the social security system leading up to retirement. The liability is covered through Storebrand
Livsforsikring AS. The defined benefit plan was closed on 30 October 2012 and employees hired after this
date are benefitting from a defined contribution plan.
The Company’s pension schemes meet the requirements of the law on compulsory occupational pension.
Economic assumptions used as a basis for the calculation:

2013 2012
(NOK 1 000)
Discount rate 4.00 % 3.90 %

Expected rate of compensation increase 3.75 % 3.50 %
Expected rate of pension increase 0.60 % 0.20 %
Increase of social security base amount (G) 3.50 % 3.25 %
The actuarial assumptions relating to demographic factors are based on assumptions generally applied to insurance
(Table K 2013 for 2013 Table K 2005 for 2012).
Average remaining service period 16.00 16.00

Payroll tax / social security tax 14.10 % 14.10 %
Actives total 9 11
Pensioners total 10 10
2013 2012
(NOK 1 000)
Service cost 1 466 2 586

Interest cost on accrued pension liabilities (81) 57
Net pension costs in period 1 384 2 644
Net liability (assets) at beginning of period 23 570 27 854

Service cost 1 688 2 555
Interest costs on accrued pension liabilities 881 707
Past service cost (256) 0
Settlement (923) 0
Payroll tax / social security tax on employers contribution (271) (293)
Benefits paid (1 634) (1 643)
Remeasurements loss (gain) 2 340 (5 610)
Net liability (assets) at the end of period restated 25 395 23 570
Acturial losses (gains) not included in net liability period end 2012* 0 (593)
Net liability (assets) at the end of period 25 395 22 977

2013 2012
Fair value of assets at beginning of period 25 400 25 650
Return on pension funds 929 618
Settlement (923) 0
Contribution from employer 2 194 2 373
Payroll tax / social security tax on employers contribution (271) (293)
Benefits paid (1 634) (1 643)
Remeasurement (loss) gain (1 196) (1 305)
Fair value of assets at end of period 24 500 25 400
Funded status (underfunded) (895) 1 830

Net assets (liability) recognised in the Balance Sheet at the end of period
(895) 1 830
(restated 2012)
Acturial losses (gains) not included in net liability 2012* 0 593
Net assets (liability) recognised in the Balance Sheet at the end of period (895) 2 423
Net assets (liability) recognised in the Balance Sheet at the beginning of period 1 830 2 594
Pension cost (1 384) (2 644)
Effect of transition to IAS 19 R at beginning of period* 0 (4 798)
Employer contribution incl. payroll tax 2 194 2 373
Remeasurement loss (gain) (3 535) 4 305
Net assets (liability) recognised in the Balance Sheet at the end of period (895) 1 830
* Changes in IAS 19(R) require immediate recognition of past service costs and to replace interest cost and expected return on plan assets with a net interest
amount that is calculated by applying the discount rate. Actuarial losses at period end 2012 mainly consist of unrecognized losses on benefit obligation.
For materiality reasons the Company has chosen to present restated numbers for 2012 only, but are showing
the effects against opening balance 2012 below.
Movement of unrecognized acturial losses

2012
(NOK 1 000)
Unrecognised actuarial losses (gains) at beginning of year 4 798 761

Actuarial loss (gain) on plan assets 1 509 463
Actuarial loss (gain) on benefit obligation (5 581 452)
Recognised during year (134 221)
Net actuarial loss (gain) and remeasurement loss recognised in OCI in restated (592 551)
Unrecognised actuarial losses (gains) at end of year 0

NOTE 9 FINANCIAL ITEMS
2013 2012
(NOK 1 000)
Other financial income

Interest income 1 973 3144
Other financial income 437 715
Total interest and financial income 2 410 3 859

Net gain/(loss) on foreign exchange (1 362) (8 755)

Unrealized gain/(loss) on financial instruments
Unrealised value increase/(decrease), interest swap agreements 19 640 8 754
Unrealised value increase/(decrease), contingent fee agreement 1 213 64
Unrealised value increase/(decrease), FX contracts (2 687) 6 933
Total unrealized gain/(loss) on financial instruments 18 166 15 751

Interest and financial expenses
Interest expenses mortgage debt (70 538) (54 441)
Interest expenses bond loan (22 495) (23 507)
Other financial expenses (2 556) (795)
Total interest and other financial expenses (95 589) (78 743)
Net financial items (76 374) (67 887)
NOTE 10 TAX
With effect from 2012 all subsidiaries owning qualifying assets entered the Norwegian tonnage tax regime
according to tax code §8-10, where there is a final tax exemption for shipping income. The tax exemption
includes opeating profit and gain on income. Net financial income will be taxed at the ordinary tax rate of
28%.
In order to qualify for the Norwegian tonnage tax regime, tonnage taxed companies can prinsipally not
engage in any business other than charter and operation of owned or chartered vessels.
Norwegian tonnage taxed companies are obliged to pay an annual moderate tonnage tax, based on the net
registered tonnage. Tonnage tax is presented as Operating cost.
Income at entry NOK 7.9 million is booked at the gain/loss account and minimum 20% is taxable income per
year. Current tax liability of NOK 2.1 million appears as deferred tax in the financial statement. Current years
financial result is calculated according to tax code § 8-10 to 8-20.

TAX ON INCOME AS A RESULT OF ENTERING THE NORWEGIAN TONNAGE TAX

2013 2012
REGIME
(NOK 1 000)
Gain account balance 1 January 5 913 7 392

Taxable part of income (20%) 1 183 1 478
Gain account balance 31 December 4 731 5 913
Deferred tax on gain account balance (27%/28%) 1 277 1 656

Tax payable on taxable part * 331 414
Total tax liabilities 31 December 1 608 2 070
*Tax payable was included in deferred tax liability in the balance sheet 31 December 2012
BASIS FOR OTHER DEFERRED TAX / TAX BENEFITS 2013 2012

(NOK 1 000)
Loss carried forward (36 118) (10 296)

Temporary differencies (36 118) (10 296)
Deferred tax benefits (27%/28%) (9 752) (2 883)
These deferred tax benefits are not recognized in the balance sheet.
Taxes in the Profit & Loss statement

Reduction of tax liabilities in the Norwegian tonnage tax companies (65 308)
Gain account as a result of entering the Norwegian tonnage tax regime 2 070
Tax payable 331
Changes in deferred tax (tax benefits) (378)
Loss carried forward in 2012 non-capitalised 19 488
Total tax (tax income) 2012 (47) (43 750)
Taxable net financial result (25 821) (13 650)

Tonnage tax 903 674
DEFERRED TAX POSTED TO INCOME DEFERRED TAX

DEFERRED TAX AND DEFERRED TAX BENEFITS - BENEFIT STATEMENT BENEFIT
ORDINARY TAXED COMPANIES
OB 2013 2013 CB 2013
(NOK 1 000)
Deferred tax asset/(liability)

Operating assets (23) (4) (27)
Receivables and liabilities 7 147 (7 147) 0
Gains and losses account 1 907 (703) 1 203
Result differences interests in DIS/KS (16 249) 11 611 (4 638)
Pensions (678) 920 242
Other differences (970) 1 381 411
Loss carried forward 87 640 (24 724) 62 916
Net deferred tax asset benefit / (liability) 78 773 (18 667) 60 107
Of which non-capitalised 78 773 60 107
Deferred tax asset / (liability) in the balance sheet 0 0

COMPANIES
POSTED TO
DEFERRED ENTERING OTHER DEFERRED
DEFERRED TAX AND DEFERRED TAX BENEFITS INCOME
TAX BENEFIT TONNAGE CORRECTIONS TAX BENEFIT
- ORDINARY TAXED COMPANIES STATEMENT
TAX REGIME
OB 2012 OB 2012 2012 2012 CB 2012
(NOK 1 000)
Deferred tax asset/(liability)

Operating assets (128 443) 19 095 109 325 (23)
Receivables and liabilities 3 559 1 485 2 103 7 147
Gains and losses account (16 234) 0 18 140 1 907
Pensions (726) 0 48 (678)
Result differences interests in DIS/KS (4 584) 81 627 (93 292) (16 249)
Other differences (1 196) 0 226 (970)
Loss carried forward 101 819 (36 899) (19 504) 42 224 87 640
Net deferred tax asset benefit / (liability) (45 804) 65 308 (19 504) 78 773 78 773
Of which non-capitalised 0 78 773
Deferred tax asset / (liability) in the balance
(45 804) 0
sheet
The basis for deferred tax (tax benefit) is calculated on differences that exist at the end of the accounting year
between accounting and tax values.
Temporary differences relating to the group’s ships held in partnerships is included in the group’s
presentation of deferred tax and deferred tax liabilities.
RECONCILIATION OF EFFECTIVE TAX RATE

2013 2012
(NOK 1 000)
Result before tax (3 983) (142 946)

Tax income calculated on the result before tax (28%) 1 115 40 025
Tax effects of:
- Adjusted tax - tonnage tax companies (17 122) (13 275)
- Effect of change in tax rate 47 0
- Change in non-capitalised temporary differences 18 667 0
– Share of results in limited partnership and associated companies (16 229) (6 579)
– 28% of impairment of goodwill and other permanent differences 0 (19 431)
– Permanent differences 1 056 (34)
– Effect of entry to Norwegian tonnage tax regime / derecognition deferred tax
0 43 750
liability
- Other differences 12 513 (705)
Tax income (charge) in the profit and loss statement 47 43 750

NOTE 11 EARNINGS PER SHARE
2013 2012
(NOK 1 000)
Result after non-controlling interest (2 426) (77 971)

Weighted average number of outstanding shares 242 220 180 272

Basic and diluted earnings per share (in NOK) (0.01) (0.43)
Weighted average number of shares (in 1 000) 242 220 180 272
Number of shares as per 31 December (in 1 000) 242 220 242 220
Treasury shares (in 1 000) 56 56
Earnings per share is calculated by dividing the result for the period by a weighted average number of
ordinary shares outstanding in the period excluding treasury shares and options as these are antidilutive.
When calculating the diluted group earnings per share, the weighted average number of outstanding shares
during the year is applied.
2013 2012
Share options (total) 7 284 774 4 400 000

Share options vested as per 31 December 1 778 257 833 334
NOTE 12 INTANGIBLE ASSETS
SURPLUS VALUE OF
GOODWILL
CHARTER PARTY CONTRACT
(NOK 1 000)
1 January 2013
Opening balance 7 821
Amortisation (6 191)
Accumulated translation differences 506
Book value 31 December 2013 2 136
1 January 2012
Opening balance 59 116 14 735
Amortisation (6 130)
Impairment (59 116)
Accumulated translation differences (784)
Book value 31 December 2012 0 7 821
As per 31 December 2013 the remaining period under the charter contract was 0.25 years.
Amortization method: Linear.
Charterparty contract
The surplus value of the charterparty contract is amortized in straight line over the duration of the
charterparty. The surplus value of the charterparty contract relates to the purchase of shares in NOCC Atlantic
in January 2011.

NOTE 13 FIXED ASSETS
FITTINGS AND
VESSELS DOCKING TOTAL
VEHICLES
(NOK 1 000)
1 January 2012
Acquisition cost 2 179 615 208 731 8 569 2 396 916
Accumulated depreciation and write downs (501 304) (157 900) (7 446) (666 650)
Accumulated translation differences (111 706) 2 467 0 (109 239)
Book value 1 January 2012 1 566 604 53 298 1 124 1 621 027
Accounting year 2012

Book value 01.01.2012 1 566 604 53 298 1 124 1 621 027
Translation differences 2012 (120 677) (2 422) (123 099)
Additions 2012 700 982 12 325 236 713 543
Disposals 2012 (113 033) (7 947) (120 980)
Depreciation for the period of 2012 (89 657) (28 917) (620) (119 195)
Impairment 2012 (58 949) (58 949)
Book value 31 December 2012 1 885 270 26 337 740 1 912 347
31 December 2012
Accumulated translation differences (232 384) 45 0 (232 339)
Book value 31 December 2012 1 885 270 26 337 740 1 912 347
FITTINGS AND
VESSELS DOCKING TOTAL
VEHICLES
(NOK 1 000)
1 January 2013
Accumulated translation differences (232 384) 45 0 (232 339)
Book value 1 January 2013 1 885 270 26 337 740 1 912 347
Accounting year 2013

Book value 01.01.2013 1 885 270 26 337 740 1 912 347
Translation differences 2013 198 760 3 540 202 300
Additions 2013 305 519 12 609 699 318 826
Disposals 2013 (27 659) (605) (28 264)
Depreciation for the period of 2013 (112 220) (20 982) (388) (133 590)
Impairment 2013 (11 252) (11 252)
Book value 31 December 2013 2 238 418 20 899 1 050 2 260 367
31 December 2013
Accumulated translation differences (33 624) 3 585 - (30 039)
Book value 31 December 2013 2 238 418 20 899 1 050 2 260 367
Useful life 30 years 2-5 years 3-5 years

Write-downs fixed assets
The management and board are impairment testing the fixed assets of the Group on a quarterly basis. The
impairment testing is done on a single vessel basis. The key assumptions are market valuations obtained from
reputable ship brokers, as well as the discounted cash flows from the vessels. The discounted cash flows from
the vessels are calculated based on the respective vessels’ budgeted net result before financial items over the
useful life of the vessel plus the expected residual value at the end of the useful life. The budgeted net result
is the company’s estimate of future earnings, costs, off-hire and docking over the remaining life of the vessel
plus the residual value. The income, costs, off-hire and docking are assessed regularly based on prevailing
market conditions, the vessels’ size and age.
The discount rate is derived by applying the actual cost of the outstanding debt on the vessel (including any
fixed interest) and the required return on equity. The NOK 11.3 million impairment charge booked for 2013
relates to the vessel “Vinni”.
Disposal of vessels in 2013
The vessel “Vibeke” was sold in 2013. The net loss from sale was NOK 13.7 million including reversal of
translation differences. The vessel “Vinni” was sold in January 2014 and the calculated loss was booked as an
impairment charge in Q4 2013.
Current year docking addition
The addition for docking in 2013 amounts to NOK 12.6 million (NOK 12.3 million in 2012). Drydocking
expenses have been booked for the following vessels:
ADDITION DRYDOCKING 2013

(NOK MILLION)
NOCC Puebla 7 647

Glovis Companion 1 918
Helena 3 044
Total 12 609
Mortgages
All consolidated vessels have been mortgaged as security for bank loans. Please refer to Note 18.

NOTE 14 SUBSIDIARIES
Please see below an overview of the entities in the Norwegian Car Carriers ASA Group of companies.
OWNERSHIP/VOTING RIGHTS% 1)
NAME COUNTRY 2) 2013 2012
Wholly-owned subsidiaries:
NOCC Companion AS 3) Norway 100 %
NOCC Coral AS Norway 100 % 100 %
NOCC Caribbean AS 4) Norway 100 %
NOCC Oceanic AS Norway 100 % 100 %
Asian King AS Norway 100 % 100 %
Asian Emperor AS Norway 100 % 100 %
Eidsiva 2 Ro Ro AS Norway 100 % 100 %
Eidsiva Ro Ro AS Norway 100 % 100 %
Eidsiva Car Carrier AS Norway 100 % 100 %
Tor Belgia AS Norway 100 % 100 %
Østersjø-Fergen ANS 5) Norway 100 %
Ro-Ro Helena AS Norway 100 % 100 %
Ro-Ro Helena KS 5) Norway 100 %
Eidsiva Shipping Pte Ltd 6) Singapore 100 % 100 %
Rederiselskabet af 23/4 1996 Aps Denmark 100 % 100 %
NOCC Shipping AS Norway 100 % 100 %
NOCC I AS Norway 100 % 100 %
Dyviships XI AS 6) Norway 100 % 100 %
Dyviships XII AS 6) Norway 100 % 100 %
NOCC Atlantic AS Norway 100 % 100 %
Dyviships IV AS Norway 100 % 100 %
Dyviships IV DIS 7) Norway 100 % 100 %
Bellona Pte. Ltd. 8) Singapore 100 %
NOCC Shipowning AS Norway 100 % 100 %
Other subsidiaries:
NOCC Atlantic DIS Norway 53.75% 53.75%
Bergshav Car Carrier KS Norway 51 % 51 %
Forest II KS 9) Norway 50 %
Eidsiva 2 Ro Ro KS Norway 51 % 51 %
Dyviships XI DIS 10) Norway 56 %
1) Shares in limited partnerships (KS) and silent partnerships (DIS) include the ownership shares indirectly owned by the general partners of each KS or DIS.
2) Oslo is the business address for all Norwegian subsidiaries.
3) Entity established in 2013.
4) The entity was merged with NOCC Shipowning AS in 2013.
5) The entity was deleted from the register of business enterprises in 2013.
6) The entity was merged with NOCC Shipping AS in 2013.
7) The silent partnership Dyviships IV DIS was dissolved in 2013, and the business was transferred to the general partner Dyviships IV AS.
8) The entity was liquidated in 2013.
9) The entity was liquidated in 2012.
10) The silent partnership Dyviships XI DIS was dissolved in 2013.

NOTE 15 INVESTMENTS IN ASSOCIATED AND OTHER COMPANIES
2013 2012
(NOK 1 000)
Book value 01.01 957 1 970
Distribution funds (765) (825)

Adjustment ownership 12
Share of result before tax (193) (200)
Net book value 31.12 0 957
Book value 31.12. 0 957
Investments in other companies 10

Total investments in associated and other companies 967
NOCC`s investment in NOCC Atlantic DIS:
2012
In June 2012 NOCC acquired an additional 0.75% share in the silent partnership which brought the ownership to 53.75%.
2013
The silent partnership Dyviships XII DIS was in 2013 dissolved and the funds were partly repaid to the participants.
The Group’s share of the result, assets and liabilities in associated companies
INTEREST/VOTING
NAME, REGISTERED IN ASSETS LIABILITIES INCOME SHARE OF PROFIT
RIGHTS
(NOK 1 000)
2013
Dyviships XII DIS, Oslo (193)
- - - (193)
INTEREST/VOTING
NAME, REGISTERED IN ASSETS LIABILITIES INCOME SHARE OF PROFIT
RIGHTS
(NOK 1 000)
2012
Dyviships XII DIS, Oslo 1 016 (59) (200) (200) 34.47 %
1 016 (59) (200) (200)
See further information in note 24, transactions with related parties

NOTE 16 OTHER LONG-TERM RECEIVABLES, ACCOUNT RECEIVABLES AND OTHER

CURRENT ASSETS
OTHER LONG-TERM RECEIVABLES 2013 2012

(NOK 1 000)
Long-term receivables 10 203

Other 623 620
Total 623 10 824
Other long-term receivables mature more than 1 year and less than 5 years from the reporting date.
The receivables are non-interest bearing.
ACCOUNT RECEIVABLES AND OTHER CURRENT ASSETS 2013 2012

(NOK 1 000)
Prepaid costs 8 424 2 986

Prepaid insurance premiums 3 850 3 092
Stocks of luboil, bunkers 1) 8 761 8 761
Receivables in subsidiaries 2) 23 992 26 659
Insurance claims 3) 3 994 4 086
Current portion of long-term receivables 4 600 2 344
VAT receivables 564 710
Other current receivables - 816
Total 54 183 49 454
1) Stocks of luboil and bunkers are recognized in the balance sheet at cost, using the first-in/first-out method (FIFO).
2) NOK 6.5 million relates to the sellers credit to Abou Merhi Lines. There are no indicators at the date of reporting that any of the receivables are impaired.
No provisions for bad debt has been made as per 31 December 2013.
3) Insurance claims in connection with vessel damage are recognised at best estimate of recoverable amounts from the insurance company.
The book value of the Group`s Other long-term and current receivables by currency*:
2013 2012
(NOK 1 000)
NOK 5 787 7 889

USD 36 013 38 831
EUR 4 246 4 797
Total 46 046 51 517
* Excluding stock of luboil and bunkers.

NOTE 17 CASH AND CASH EQUIVALENTS
BANK DEPOSITS WITH RESTRICTIONS

2013 2012
(INCLUDED IN CASH AND CASH EQUIVALENTS)
(NOK 1 000)
Tax withholding funds 997 3 060

Restricted accounts 5 382 12 899
Total bank accounts with restrictions 6 379 15 958
In the cash flow statement cash and cash equivalents consist of the following:
2013 2012
(NOK 1 000)
Cash and cash equivalents (included restricted accounts) 164 570 280 517
Total 164 570 280 517
Amounts held on restricted accounts relate to office lease guarantees and cash held by NOCC Atlantic DIS on
a debt service retention account.
NOTE 18 DEBT
SECURED LONG-TERM DEBT AND BOND LOAN
2013
Specification of consolidated secured debt
LONG-TERM SHORT-TERM NOMINAL FIXED/

COMPANY VESSEL CURRENCY DEBT DEBT INTEREST FLOATING MATURITY
(>1 YEAR) (< 1 YEAR) 31.12.2012 INTEREST
(NOK 1 000)
NOCC I AS NOCC Kattegat USD 104 918 11 079 3.0 % floating March 2019
NOCC Puebla/
Dyviships IV DIS USD 221 106 19 039 5.6 % fixed March 2015
NOCC Pamplona
NOCC Coral AS NOCC Coral USD 30 444 - 5.5 % floating April 2015
NOCC Coral AS NOCC Caspian USD 30 357 - 5.5 % floating July 2015
Eidsiva 2 RoRo KS Vinni USD - 30 947 3.5 % floating January 2014*
NOCC Atlantic DIS NOCC Atlantic USD 193 884 23 414 3.4 % fixed July 2017
NOCC Oceanic AS NOCC Oceanic USD 284 501 19 461 3.0 % partly fixed March 2019
Asian King AS Asian King USD 121 586 22 806 4.3 % partly fixed March 2017
Asian Emperor AS Asian Emperor USD 119 610 20 677 3.7 % partly fixed June 2015
NOCC Companion AS Glovis Companion USD 203 299 18 291 5.0 % partly fixed March 2018
Ro-Ro Helena AS Helena EUR 23 221 13 519 4.5 % fixed July 2016
Total 1 332 925 179 084
* The outstanding debt in Eidsiva 2 RoRo KS was fully repaid in January 2014 in connection with sale of the vessel “Vinni”.

2012
Specification of consolidated secured debt
LONG-TERM SHORT-TERM NOMINAL FIXED/

COMPANY VESSEL CURRENCY DEBT DEBT INTEREST FLOATING MATURITY
(>1 YEAR) (< 1 YEAR) 31.12.2012 INTEREST
(NOK 1 000)
NOCC I AS NOCC Kattegat USD - 8 603 3.4 % floating September 2013

NOCC I AS NOCC Kattegat USD 104 159 10 491 3.1 % floating June 2016
NOCC Puebla/
Dyviships IV DIS USD 219 613 17 426 5.6 % fixed March 2015
NOCC Pamplona
NOCC Coral AS NOCC Coral USD 27 638 - 5.5 % floating April 2015
NOCC Coral AS NOCC Caspian USD 27 572 - 5.5 % floating July 2015
Eidsiva 2 RoRo KS Vinni and Vibeke USD 56 496 12 246 3.5 % floating November 2015
NOCC Atlantic DIS NOCC Atlantic USD 206 743 21 431 3.4 % fixed July 2017
NOCC Oceanic AS NOCC Oceanic USD 236 441 17 145 3.8 % floating August 2017
partly
Asian King AS Asian King USD 131 481 19 973 3.9 % March 2017
fixed
partly
Asian Emperor AS Asian Emperor USD 127 052 18 926 3.7 % June 2015
fixed
Ro-Ro Helena AS Helena EUR 32 128 11 837 4.5 % fixed July 2016
Total 1 169 323 138 076
Certain bank debt facilities contain financial covenants including minimum value adjusted equity, minimum
asset coverage and minimum cash and positive working capital.
BOND LOAN
In September 2010 the Company issued a NOK 200 million unsecured bond loan with maturity in September
2015. The bond is non-amortizing and is listed on Oslo Stock Exchange. In March 2012 the loan amount was
increased by NOK 25 million through a tap issue, and the proceeds were applied in order to redeem in full a
bond loan with maturity in 2013, see note 22. In November and December 2013, the Company exercised the
option to redeem in aggregate NOK 80 million of the outstanding bonds. As per 31 December 2013 the book
value of the outstanding bonds were NOK 144.7 million (outstanding notional amount NOK 142.4 million).
The bond loan is subject to semi-annual coupon payments with a fixed interest of 10.5%. The bond includes
financial covenants under which the Company has undertaken to maintain 1) a minimum 25% value adjusted
equity ratio for the Group and; 2) the parent company to maintain free cash of minimum NOK 20 million.
The bond loan may be redeemed at the Company’s sole discretion at a premium to par of 102.5% and 101%,
respectively 12 and 24 months prior to maturity
2013 2012
(NOK 1 000)
Debt to EUKOR - 11 789

Non-controlling interests share of participant`s loan - 18 956
Total - 30 746
The non-controlling interests share of participant loans is related to loans to the limited partnership Eidsiva
2 RoRo KS. The debt to EUKOR and the non-controlling interest share of participant loans are non-interest
bearing obligations.
Both items have in the 2013 accounts been reclassified as current liabilities, see note 20.

NOTE 19 PROVISIONS FOR LIABILITIES
PROVISIONS PROVISIONS PROVISIONS

BOOK VALUE 31
MADE IN REVERSED IN USED DURING TOTAL
DECEMBER 2012
2013 2013 YEAR
(NOK 1 000)
Loss regarding terminated charter party 1)

Settlement cost non-controlling interests 2)
Book value 31 December 2013 - - - - -
PROVISIONS PROVISIONS PROVISIONS

BOOK VALUE 31
MADE IN REVERSED IN USED DURING TOTAL
DECEMBER 2011
2012 2012 YEAR
(NOK 1 000)
Loss regarding terminated charter party 1) 3 868 0 (3 868) 0

Settlement cost non-controlling interests 2) 2 167 0 0 (2 167) 0
Book value 31 December 2012 6 035 0 0 (6 035) 0
1) The charter party for Dyvi Adriatic was terminated in December 2010. The provision is related to the expected loss from this early termination and was
dissolved during the period up until March 2012.
2) A provision was made in 2011 in relation to a settlement of a claim from non-controlling interests in Forest II KS. The provision was dissolved in 2012.
NOTE 20 OTHER CURRENT LIABILITIES
2013 2012
(NOK 1 000)
Accrued mortgage interest 4 198 3 873

Participant loans 1) 8 477 644
Prepaid charterhire - 17 675
Accrued charterhire 25 947 -
Accrued costs 13 896 3 914
Debt to EUKOR 4 294 -
Due to suppliers 28 001 37 366
Total 84 813 63 472
1) Participant loans relate to the non-controlling interest’s share of loans from participants to Eidsiva 2 Ro Ro KS and to the former participants in Dyviships
XI DIS and Dyviships XII DIS which fall due within 12 months

NOTE 21 FINANCIAL RISK MANAGEMENT
Risk management overview
The Group is exposed to different financial market risks primarily through fluctuations in foreign exchange
rates and interest rates which may have an effect on the value of the Group’s assets, liabilities and future cash
flows.
In order to reduce and control these risks the management periodically reviews and evaluates the most
important financial market risks. When a risk factor is identified, measures may be taken to reduce the
specific risk. When deemed appropriate the financial market risks are mitigated by applying derivative
products for hedging purposes. If derivative transactions are entered into, only recognized ordinary derivative
instruments are applied. It is the policy of the management to execute financial derivative transactions with
recognised financial institutions only. None of the derivative transactions entered into by the Group are
designated as accounting hedges, and hedge accounting is not applied.
The Group has applied derivatives only for the purpose of managing risks related to fluctuations in interest
rates and foreign exchange rates. The Group has not applied financial derivatives speculatively and as
such derivatives have not been applied where there is no underlying exposure. The treatment of financial
derivatives for accounting purposes is further discussed in note 22 for the Group.
The risk of fluctuations in fuel oil is not directly relevant for the Group as the supply of fuel to the vessels is
for the account of the charterer.
Foreign exchange risks
As a Norwegian entity with revenues primarily denominated in USD, the Group is exposed to foreign
exchange risks. The Group is presenting its consolidated financial statements in NOK. The foreign exchange
exposure is primarily related to vessel-owning subsidiaries where the functional currency is USD and EUR,
as the case may be. Operating income and operating expenses for a vessel are usually in the same currency,
which naturally mitigates some of the risk. Foreign exchange fluctuations may have an adverse effect on the
Group’s activities, profitability, cash flow, results and or financial condition.
To partly mitigate the impact from adverse movements in foreign exchange rates, the Group enters into
forward contracts for USD/NOK to cover general and administrative expenses which are primarily in NOK. No
contracts have been entered for currencies other than USD/NOK.
Available liquidity is held in NOK, USD, EUR and to a small extent in SEK. The Group’s consolidated vessels
are denominated in USD and one in EUR, which are the functional currencies of the relevant vessel owning
subsidiaries.
The following table illustrates the sensitivity in the Group’s profit before tax and equity due to a defined
fluctuation in the USD/NOK exchange rate, assuming all other factors are held constant
INCREASE/DECREASE EFFECT ON EFFECT ON

USD EXCHANGE RATE RESULT BEFORE TAX EQUITY
(NOK 1 000)
2013 +/ - 10 % +/- 3 471 +/- 424

2011 +/ - 10 % +/- 3 373 +/- 30 147
As per 31 December 2013 the Group had entered into one forward foreign exchange contract under which

the Group has sold USD and bought NOK for delivery in February 2015 (USD 5 million). See note 22 Financial
Instruments for details on hedging transactions.
Net foreign exchange gains and -losses recognized to the profit and loss account:
2013 2012
(NOK 1 000)
Net gain/(loss) on exchange (note 9 ) (1 362) (8 755)

Unrealised gain/(loss) on FX forward contracts (note 9 ) (2 687) 6 933
Realized translation differences (3 998) (16 142)
Total (8 047) (17 964)
Interest rate risk
The Group is exposed to interest rate fluctuations primarily related to the Group’s long-term debt obligations.
In order to reduce the exposure to increased interest rates, the Group has adopted a strategy to hedge a
portion of the interest rate exposure associated with the long-term debt by entering into interest rate swaps.
Depending on development in interest rates and certain internal guidelines, the Group enters into hedging
transactions with a view to fix 50-70% of the interest rate exposure. The interest rate risk is assessed using a
dynamic model which takes into account different scenarios based on refinancing, alternative financing and
hedging.
As per 31 December 2013 the Group had entered into 6 interest rate swap agreements for a total nominal
value equivalent to NOK 766.0 million under which the Group received a floating interest rate and paid a
fixed rate on the nominal value. In addition to this, the Group has entered into another two interest swap
agreements for a total nominal amount of USD 35 million with forward start in 2015.
As per 31 December 2013 the proportion of fixed rate debt represented 54.7% of the interest-bearing debt.
The following table illustrates the sensitivity in the Group’s profit before tax from a certain fluctuation in
interest rates (interest swap included), all other factors held constant.
INCREASE/REDUCTION EFFECT ON
IN LOAN INTEREST RESULT BEFORE TAX
(NOK 1 000)
2013 +/-1% +/- 7 543

2012 +/-1% +/- 6 435
During 2013 and 2012 the Group’s borrowings at variable rate were denominated in USD. The impact on the
Group’s equity is immaterial. See detailed information of borrowings in Note 18 - Debt.
Credit risk
Credit risk occurs in transactions with financial instruments, cash deposited with banks and financial
institutions in addtion to risks related to customer receivables and other short-term receivables. The Group
deals primarily with recognized and creditworthy third parties. There have been very few disputes, if any,
with customers regarding payment and fulfilment of contractual terms. Customer receivables are monitored
continuously and the Group’s risk of loss on receivables is considered low. There is also credit risk related to
loans to associated companies. The maximum exposure is limited to the book value of the financial assets
including derivatives. The maximum exposure when it comes to customer receivables is deemed to be equal
to be the book value of customer receivables, see Note 16 - Other long-term receivables, account receivables
and other current assets.
The liquidity reserve of the Group is primarily deposited with major banks like Nordea Bank Norge ASA and
DNB ASA.

These banks have following credit ratings:
Nordea Bank Norge ASA A-1+/AA- (Standard & Poor's)

DNB Bank ASA A-1/A+ (Standard & Poor's)
Liquidity risk
The Group monitors the risk of shortage of available capital by carefully following up maturity dates for
financial investments, financial assets, and projected cash flows from operations. Careful management of
liquidity risk involves maintaining a sufficient holding of cash and tradable securities in order to maintain
sufficient liquidity to honour running obligations. The management monitors the liquidity reserve through
rolling forecasts based on expected cash flows.
The table below provides details of financial liabilities excluding derivatives, classified according to the
repayment structure. The amounts are undiscounted cash flows, and the classification has been done
according contractual maturity.
2020 AND
31 DECEMBER 2013 2014 2015-2016 2017-2019 TOTAL
LATER
(NOK 1 000)
Long-term interest bearing debt, secured 1) 179 301 604 161 737 348 1 520 810
Bond loan 2) 142 422 142 422
Derivatives 10 009 3 558 (3 439) (265) 9 863
Other short-term debt 81 974 81 974
Non-controlling interest's share of participant
8 477 8 477
loans
Total 279 761 750 141 733 909 (265) 1 763 546
Interest during the period3) 73 976 87 362 44 920 417 206 675
2019 AND
31 DECEMBER 2012 2013 2014-2015 2016-2018 TOTAL
LATER
(NOK 1 000)
Long-term interest bearing debt, secured 1) 138 076 875 859 301 631 1 315 566
Bond loan 2) 221 000 221 000
Derivatives 12 404 15 124 500 28 028
Other long-term debt 11 790 11 790
Other short-term debt 67 913 67 913
Non-controlling interest's share of participant
644 18 956 19 600
loans
Total 219 037 1 142 729 302 132 0 1 663 898
Interest during the period3) 73 230 117 887 23 201 0 214 318
1) Long-term interest bearing debt is converted from respectively USD and EUR at the rate on the balance sheet date.
2) The bond matures in September 2015, and consequently there is no short-term portion of this obligation.
3) Including interest under interest rate swaps.
Fair value of interest-bearing debt
NOCC’s bond loan with maturity in 2015 is at the date of this report traded at about 102.5% of par. Several
of the Group’s mortgage loans are subject to interest margins that are currently deemed to be below current
market levels. The difference between book-value and actual value of interest bearing debt is immaterial.

Capital management
The Group’s management has an objective to ensure that the Group maintains a certain solidity in order to
support the business and maximise the market capitalization of the Group. The Group manages its capital
structure and makes necessary changes on an ongoing basis according to an assessment of the economic
factors under which the business is operated and the prospects in the short- to medium term.
Management of the capital structure is carried out through adjusting dividends, through repurchases of the
company’s own shares, through reducing share capital or issuing new shares. The have been no changes to
the guidelines within this area during 2013.
The Group’s policy is to maintain an equity ratio of at least 30 per cent. As per 31 December 2013 the book
equity ratio was 29.26% (27.84% as per 31 December 2012). The bond loan includes a covenant under
which the Group has undertaken to maintain a minimum 25% value adjusted equity, and the Group was in
compliance with this covenant as per 31 December 2013.
The book equity ratio is calculated as book equity divided by total assets:
31 DECEMBER 2012 2013 2012

(NOK 1 000)
Total equity 726 348 639 304

Assets 2 482 026 2 296 454
Equity ratio 29.26 % 27.84 %
NOTE 22 FINANCIAL INSTRUMENTS
Measurement of fair value
The fair value of unquoted financial assets has been estimated using valuation techniques based on
assumptions that are not supported by observable market prices.
The fair value of foreign exchange contracts is set by using the forward rate on the balance sheet date and is
set by calculating the present value of future cash flows. In the case of all the above-mentioned derivatives
the fair value is confirmed by the financial institution that the Company has entered into the agreement with.
The following of the company’s financial instruments are not valued at fair value: cash and cash equivalents,
customer receivables, other receivables and long-term debt.
The book value of cash and cash equivalents is virtually the same as fair value due to the fact that these
instruments have short maturity dates. Correspondingly the book value of customer receivables and debt to
suppliers is virtually the same as the fair value as they are entered into on standard terms.
The Group classifies fair value measurements by using a fair value hierarchy that reflects the significance of
the input that is used in preparing the measurements. The fair value hierarchy has the following levels:
Level 1: the input is quoted prices (unadjusted) in an active market for identical assets or liabilities.
Level 2: the input is prices, other than quoted prices included in level 1, that are observable for the asset or
liability either directly (i.e. as prices) or indirectly (i.e. calculated from prices).
Level 3: the input to the asset or liability is not based on observable market data (non-observable input).

The following table presents the Group’s financial assets and liabilities measured at fair value as per 31
December 2013.
2013 LEVEL 1 LEVEL 2 LEVEL 3

(NOK 1 000)
Assets
Financial assets at fair value over profit or loss
- Derivatives held for trading purposes
Total assets - - -
Liabilities
Financial liabilities at fair value over profit or loss
- Derivatives held for trading purposes 9 506 357
Total liabilities - 9 506 357
During the reporting period there were no changes in the fair value measurement that involved transfers
between level 1 and level 2. Financial assets and liabilities in level 2 are entered in the balance sheet at market
value.
The following table presents the Group’s financial assets and liabilities measured at fair value as per 31
December 2012
2012 LEVEL 1 LEVEL 2 LEVEL 3
(NOK 1 000)
Assets
Financial assets at fair value over profit or loss
- Derivatives held for trading purposes - - -
Total assets - -
Liabilities
Financial liabilities at fair value over profit or loss
- Derivatives held for trading purposes 26 459 1 569
Total liabilities - 26 459 1 569
The following table presents the changes in level 3 instruments for the year ended 31 December 2013
DERIVATIVES
(NOK 1 000)
Opening balance (1 569)

Transfers into level 3 -
Gains and losses recognised in profit or loss 1 212
Closing balance (357)
The following table presents the changes in level 3 instruments for the year ended 31 December 2012
DERIVATIVES
(NOK 1 000)
Opening balance (1 633)

Transfers into level 3 0
Gains and losses recognised in profit or loss 64
Closing balance (1 569)
The NOK -0.4 million value of the contingent fee payment (equity kicker) is calculated based on the terms in
the loan agreement between the subsidiary Dyviships IV AS and DNB Bank ASA as lender under which the
lender is entitled to a certain contingent fee payment upon maturity of the debt. The contingent fee payment
is calculated based on the probability of there being excess value in the subsidiary upon maturity of the
financing as a result of fluctuations in the charter rates and asset values for the relevant vessels.

Derivatives
2013 2012
ASSETS LIABILITIES ASSETS LIABILITIES
(NOK 1 000)
Forward foreign exchange contracts 1) (1 823) 864 -

Interest swap agreements 2) 2 327 10 009 27 323
Other derivatives (embedded derivative) (357) 1 569
Total book values 147 864 28 028
1) Forward foreign exchange contracts

The Group had entered into one USD/NOK forward exchange contract as per 31 December 2013 , under
which USD 5 million was sold and NOK was bought at a rate of 5.78 for delivery in 02/2015.
2) Interest swap agreements

The notional amount of outstanding interest rate swap agreements was USD 119.9 million and EUR 4.4
million (2012: USD 112.8 million, EUR 6.05 million). The Group has in addition two interest rate swap
agreements with a total nominal amount of USD 35 million with forward start dates in 2015. As per 31
December 2013 the fixed interest rate varied from 0.8% to 4.1% + margin (2012: 0.55% to 4.1%). The floating
interest rates are based on 3 months and 6 months USD Libor.
NOTIONAL AMOUNT
CURRENCY NOTIONAL AMOUNT START DATE MATURITY DATE FIXED RATE
IN NOK1)
USD 12 025 73 130 May 2015 0,94 % 2)
USD 12 043 73 237 March 2017 0,80 % 2)
USD 36 416 221 464 March 2015 4,13 %
USD 40 638 247 137 July 2014 2,20 %
USD 18 798 114 320 February 2020 1,54 %
EUR 4 434 37 176 July 2016 3,63 %
USD 20 000 121 630 November 2015 November 2018 2,22 %
USD 15 000 91 223 March 2015 March 2020 2,04 %
1) See note 21
2) Current interest rate under step-up swap under which the interest rate will increase over time to to 1.61% and 1.63%, respectively.
Financial instruments by category
LOANS AND ASSETS AT FAIR VALUE

AS AT 31 DECEMBER 2013 AVAILABLE FOR SALE TOTAL
RECEIVABLES OVER PROFIT OR LOSS
(NOK 1 000)
Assets
Derivatives
Customer receivables and other
29 777 29 777
receivables (excluding prepayments)
Derivatives 147 147
Cash and cash equivalents 164 570 164 570
Total 194 494 - - 194 494

LIABILITIES AT FAIR OTHER FINANCIAL

VALUE OVER PROFIT LIABILITIES AT TOTAL
OR LOSS AMORTISED COST
Liabilities
Loans 1 655 581 1 655 581
Derivatives 10 009 10 009
Due to suppliers and other debt 46 235 46 235
Total 10 009 1 701 816 1 711 825
LOANS AND ASSETS AT FAIR VALUE

AS AT 31 DECEMBER 2012 AVAILABLE FOR SALE TOTAL
RECEIVABLES OVER PROFIT OR LOSS
(NOK 1 000)
Assets
Derivatives
Customer receivables and other
41 353 41 353
receivables (excluding prepayments)
Financial assets available for sale 10 10
Cash and cash equivalents 280 517 280 517
Total 321 870 10 321 880
LIABILITIES AT FAIR OTHER FINANCIAL

VALUE OVER PROFIT LIABILITIES AT TOTAL
OR LOSS AMORTISED COST
Liabilities
Loans - 1 551 531 1 551 531
Derivatives 28 028 28 028
Due to suppliers and other debt 51 594 51 594
Total 28 028 1 603 125 1 631 153

NOTE 23 REMUNERATION AND FEES
OTHER PENSION
SALARY BONUS BOARD FEES TOTAL
REMUNERATION COST
(NOK 1 000)
Remuneration to senior
management 2013
Engebret Dahm, CEO 1) 2 399 400 39 174 - 3 012
Jonas Gunstad, CFO 2) 1 792 133 28 137 - 2 090
Fridtjof Næss, COO 3) 1 056 - 124 888 - 2 068
Total 5 247 533 192 1 199 - 7 170
(NOK 1 000)
Remuneration to senior
management 2012
Lars Solbakken CEO 4) 1 166 - 8 40 30 1 243
Engebret Dahm, CEO 1) 2 208 - 23 183 23 2 436
Jonas Gunstad, CFO 2) 771 - 8 69 - 848
Fridtjof Næss, COO 3) 1 837 - 186 195 - 2 219
Total 5 981 - 224 487 6 745
AVERAGE STOCKMARKET THE

OPTIONS AWARDED TO
2013 2012 2011 STRIKE PRICE PER PERIODIC
SENIOR MANAGEMENT
PRICE 31.12.12 EXPENSE
(NOK 1 000)
Engebret Dahm, CEO 1 200 000 1 057 576 - 1.87 1.71 -

Jonas Gunstad, CFO 550 000 475 909 - 1.87 1.71 -
Fridtjof Næss, COO - 475 909 - - - -
Total 1 750 000 2 009 394
In connection with the early retirement of the former COO as from 1 July 2013, it was agreed upon one-time
compensation for forfeiting further accumulation of pension benefits, as well as a monthly pension for the
period July 2013 until March 2016 upon reaching the age of 67. The cost associated with the early retirement
was provisioned for in 2Q 2013 and the balance of this pension liability on 31 December 2013 was NOK 1 770
956.
Refer to note 26 for further information about the Group’s share option scheme. No options have been
exercised by senior management in 2013.

OTHER
REMUNERATION6)
(NOK 1 000)
Board 2013
Carl Petter Finne, Chairman 5) - - - 200 200
Jørgen G. Heje, Dep. Chairman - - 52 120 172
Jan Frederik Dyvi 6) - - 25 100 125
Kristine Klaveness 5) - - 25 120 145
Nini E. Høegh Nergaard - - - 120 120
Benedicte Bakke Agerup 7) - - - 60 60
Election Comittee
Jan Nylund 5) - - - 15 15
Knut G. Heje - - - 15 15
Andreas Mellbye - - - 50 50
Total 102 800 902
OTHER
REMUNERATION 9)
(NOK 1 000)
Board 2012
Carl Petter Finne, Chairman 5) 130 130
Jørgen G. Heje, Dep. Chairman - - 64 160 224
Jan Frederik Dyvi - - 50 120 170
Kristine Klaveness 5) 60 60
Nini E. Høegh Nergaard - - - 120 120
Benedicte Bakke Agerup 7) - - - 120 120
Tove Raanes 8) - - - 60 60
Stein Aukner 8) - - - 60 60
-
Election Comittee -
Jan Frederik Dyvi 8 8
Jan Nylund 5) 8 8
Knut G. Heje 15 15
Andreas Mellbye 75 75
Total - - 114 935 1 049
1) Engebret Dahm Deputy CEO from 1 July 2010 and CEO from 1 March 2012
2) Jonas Gunstad CFO from 1 August 2012
3) Fridtjof Næss COO until 30 June 2013
4) Lars Solbakken CEO until 29 February 2012
5) The fees are invoiced from Klaveness Marine Holding AS
6) Alternate board member until 31 October 2013
7) Board member until 12 June 2013
8) Board member until 7 June 2012
9) Including Audit Comittee Fees

Statement on executive remuneration in NOCC ASA
The statement on executive remuneration applies to remuneration for work carried out by senior executives
in NOCC. NOCC aims to employ management that at all times can protect shareholders’ interests in the best
manner. In order to achieve this the Company must be in a position to offer competitive terms with regard
to the total compensation package. Each year the board prepares guidelines and a statement is made to the
Annual General Meeting on compensation in accordance with § 5–6 of the Public Companies Act.
1. Principles for base salary
Senior executives are to be paid a competitive base salary based on the individual’s responsibility and
performance.
2. Principles for variable remuneration, incentive schemes etc.
A discretionary bonus scheme is available for senior executives. Senior executives may receive a bonus on the
basis of an annual evaluation.
3. Principles for non-cash remuneration
Senior executives may be offered various arrangements such as pensions, insurances and similar. Certain
benefits such as free broadband, home telephone and a mobile telephone are provided to senior executives
so that they are available to the Company. In line with other employees, senior executives are members of the
Company’s pension scheme. On reaching the age of 67 senior executives have a pension entitlement under
the employee pension scheme which, together with Social Security provides a pension equal to 70% of the
base salary up to 12 G assuming 30 years employment.
4. Post employment compensation
In the event of termination by the Company of the employment, the CEO is entitled to a NOK 2 390 000
compensation payment plus salary and other benefits during the notice period.
5. Option scheme
In 2009 the Company established a share option scheme under which all employees participate. The
purpose of the option program is to promote long-term value creation by contributing to employees and
shareholders having convergent interests. A similar share option scheme was implemented in 2012 under
which 3,300,000 options were awarded and further 3,500,000 options awarded in 2013. 1/3 of the awarded
options vest after 1 year and further 1/3 on each anniversary thereafter. Upon termination of employment,
awarded share options will be forfeited.
6. Information on preparation and decision making processes
The compensation package offered to the CEO is reviewed annually by the Board.
For specification of auditor’s fee, see note 7

NOTE 24 TRANSACTIONS WITH RELATED PARTIES
All associated companies set out in note 14 are related parties to NOCC. Receivables and transactions
between consolidated companies are eliminated in the consolidation and not shown in this note.
The Group invoiced management services for partly-owned vessels totalling NOK 2.6 million in 2013 and
NOK 3.7 million for 2012. In addition the Group invoiced NOK 0.6 million for management services to Eukor
Car Carriers Singapore Pte. Ltd. (“Eukor”). Eukor is indirectly 40% owned by Wilh. Wilhelmsen ASA which on
31 December 2013 held 6.5% of the shares in NOCC.
Individuals specified in note 23 form part of the Group’s management or board and are also related parties to
NOCC.
The Company has during 2013 entered into the following transactions with related parties:
In January 2013 NOCC renewed a charter for a period of nine months as from February 2013. In November
2013 the contract was further extended for a period of 12 months. The charterer is Hyundai Glovis Co. Ltd.
(“Glovis”). Glovis is indirectly 12.5% owned by Wilh. Wilhelmsen ASA, the parent company of Wilhelmsen
Lines Shipowning AS, which on the balance sheet date held 6.5% of the shares in NOCC.
In November 2013 NOCC renewed the charter for a vessel for a period of five months as from December
2013. The charterer is Eukor Car Carriers Singapore Pte. Ltd. (“Eukor”). Eukor is indirectly 40% owned by Wilh.
Wilhelmsen ASA, the parent company of Wilhelmsen Lines Shipowning AS, which at the balance sheet date
held 6.5% of the shares in NOCC.
The subsidiary NOCC Companion AS has entered into an agreement with Bergshav Management AS for the
technical management of “Glovis Companion”. Bergshav Management AS is a sister company to Bergshav
Shipping AS which as per balance sheet date held 6.7% of the shares in NOCC.
The NOCC Group has entered into ship management contracts for nine of its vessels with Wilhelmsen
Ship Management, a sister company of Wilh. Wilhelmsen ASA, the parent company of Wilhelmsen Lines
Shipowning AS, which as per balance sheet date owned 6.5% of the shares in NOCC.
All transactions with related parties take place at market terms. Apart from the transactions specified in this
note and note 24, there are no transactions or outstanding amounts of a material nature with related parties.
NOTE 25 OPERATING LEASES AND COMMITMENTS
Office
The Group administration is situated in rented premises in Drammensveien 167 in Oslo, Norway. For 2013 the
rent was NOK 1.3 million. The rent is subject to annual adjustment in line with the Norwegian consumer price
index.
The lease contract expires in January 2018, and the Company has an option for an extension of 5 years.

NOTE 26 SHARE OPTIONS
In 2009 Norwegian Car Carriers ASA established a share option scheme in which all employees participate.
In 2012 a rolling share option scheme was implemented for all employees. 3 300 000 share options were
granted in 2012, and further 3 500 000 share options were granted in 2013. Subject to certain adjustment
mechanisms in the share option agreement and following the private placement in October 2012, the
number of options awarded in 2012 was adjusted upwards by 159 774 options, and the relevant strike price
was reduced from NOK 2.12 to NOK 2.00.
As per 31 December 2013 there were 7 284 774 outstanding options which are vesting 1/3 after one year and
further 1/3 on each anniversary thereafter. The options expire two months after the last vesting date. Upon
termination of employment awarded share options are forfeited.
The number and weighted average exercise price of the share options is as follows:
01.01.2013-31.01.2013 01.01.2012 - 31.12.2012 01.01.2011 - 31.12.2011
WEIGHTED WEIGHTED WEIGHTED

AVERAGE AVERAGE AVERAGE
SHARES SHARES SHARES
EXERCISE EXERCISE EXERCISE
PRICE PRICE PRICE
Outstanding at the beginning of

4 400 000 2.53 2 006 666 3.75 2 110 000 3.75
period
Granted 3 500 000 1.75 3 300 000 2.12 150 000 3.75
Exercised - - - - - -
Forfeited (525 000) 2.12 (833 333) 3.75 (186 668) 3.75
Expired (250 000) 3.75 (73 333) 3.75 (66 666) 3.75
Modifications/dividends 159 774 2.00
Outstanding at the end of period 7 284 774 2.08 4 400 000 2.53 2 006 666 3.75
Vested options 1 778 257 2.79 833 334 3.75 1 039 998 3.75
Weighted Average Fair Value of
3 500 000 0.30 3 300 000 0.35 150 000 0.80
Options Granted during the period
OUTSTANDING OPTIONS VESTED OPTIONS
WEIGHTED
EXERCISE PRICE OUTSTANDING AVERAGE WEIGHTED VESTED WEIGHTED
OPTIONS PER REMAINING AVERAGE OPTIONS AVERAGE
31.12.2012 CONTRACTUAL EXERCISE PRICE 31.12.2012 EXERCISE PRICE
LIFE
0,00 - 1,00 - - - - -
1,00 - 2,00 6 434 774 2.26 1.86 978 257 2.00
2,00 - 3,00
3,00 - 4,00 850 000 1.60 3.75 800 000 3.75
4,00 - 5,00
5,00 -
Total 7 284 774 2.18 2.08 1 778 257 2.79

The fair value of options awarded is calculated using the Black-Scholes option pricing model.
The risk-free interest rate on the award date has been obtained from Norges Bank. The expected volatility
has been set at 40% based on an evaluation of the historic volatility of the Norwegian Car Carriers share. The
expected lifetime has been set at one year after vesting.
The strike price for the share options granted to employees in 2009 was in 2011 adjusted to NOK 3.75 per
share, and the strike price for the options issued in 2012 was set to NOK 2.12 per share and ajusted to NOK
2.00 per share following the private placement in October 2012. The strike price for the options granted in
2013 was NOK 1.75 per share.
The average fair value of options granted in 2013 was NOK 0.30 per option.
The Company reserves the right upon receipt of a notice of excercise of an option to make a cash payment in
lieu of issuing the corresponding shares.
All employee share options that were in the money upon completion of the voluntary offer for all the shares
in the Company on 18 March 2014 have been exercised and settled in cash by the Company.

NOTE 27 SHARE CAPITAL AND SHAREHOLDER INFORMATION
2013 2012 2011

(NOK 1 000)
Total number of shares 1 January 242 219 728 133 082 302 0
Shares issued 0 109 137 426 133 082 302
Total number of shares 31 December 242 219 728 242 219 728 133 082 302
Treasury shares (56 252) (56 252) (56 252)
Total shares used for calculating earnings per share 242 163 476 242 163 476 133 026 050
The share capital consists of:

NUMBER OF POSTED TO
PAR VALUE
SHARES BALANCE SHEET
(NOK 1 000)
Ordinary shares 242 163 476 1.85 448 002 431
As per 31 December 2013 the Company had 1 464 shareholders. All shares give the same rights in the
Company.
See note 11 for a calculation of earnings per share.
LIST OF SHAREHOLDERS WITH MORE THAN 1% INTEREST TOTAL INTEREST
KLAVENESS SHIP INVESTMENTS AS 72 260 197 29.83 %

HESNES INVESTMENT AS 17 248 987 7.12 %
BERGSHAV SHIPPING AS 16 216 000 6.69 %
WILHELMSEN LINES SHIPOWNING AS 15 749 290 6.50 %
CAICOS INVESTMENT LTD 13 072 257 5.40 %
ODIN MARITIM 12 113 999 5.00 %
SKAGEN VEKST 11 920 305 4.92 %
SKIPSAKSJESELSKAPET JOJOLO 8 834 704 3.65 %
AGRA AS 8 409 134 3.47 %
JACAJO AS 6 801 540 2.81 %
MP PENSJON PK 4 108 000 1.70 %
VERDIPAPIRFONDET DNB NAVIGATOR 3 752 414 1.55 %
BANAN AS 2 839 057 1.17 %
Total 193 325 884 79.81 %
Others 48 893 844 20.19 %
242 219 728 100.00 %
Members of the Board and other members of the senior management directly or indirectly own the following
number of shares:
Kristine Klaveness, Board member 19 510 253

Atle Bergshaven, Board member 16 216 000
Jørgen G. Heje1), Vice Chairman of the Board 12 233 065
Engebret Dahm, CEO 249 600
1) Jørgen G. Heje is the owner of Skipsaksjeselskapet Jojolo and he is chairman and indirect owner of 40% of the shares in Agra AS, which holds 8,409,134
shares in NOCC and is in addition chairman and indirect owner of 40% of the shares in Agra Holding AS which holds 133,334 shares in NOCC.

As per the date of this report, 100% of the shares in the Company is owned by Car Carrier Investments AS.
At the Annual General Meeting 12 June 2013, a power of attorney was given to the Board to increase the
share capital of the Company by up to NOK 15,000,000 for the purpose of issuing shares to employees under
the share incentive program. The subscription price shall be set by the Board . The authority shall remain in
force until 30 June 2014. The power of attorney given at the ordinary general meeting of the Company on 7
June 2012to increase the share capital of the Company by up to NOK 9,000,000 was revoked.
At the Annual General Meeting on 12 June 2013 a power of attorney was given to the Board to purchase
up to 1,000,000 shares in the Company. Within the authority the power of attorney may be used on several
occasions. The price per share paid shall correspond to the quoted price on Oslo Børs at the time of the
purchase. As per 31 December 2013 the Company owned 56,252 of its own shares, which represents 0.02% of
the outstanding shares. The Company did not trade in its own shares during 2013. The power of attorney to
buy shares in the Company for up to NOK 11,087,000 given to the Board in the ordinary general meeting on
7 June 2012 was revoked.

FINANCIAL STATEMENTS - PARENT COMPANY
FINANCIAL STATEMENTS - PARENT
PROFIT AND LOSS STATEMENT

NOTE 2013 2012
(NOK 1 000)
OPERATING INCOME AND EXPENSES
OPERATING INCOME
Other operating income 14 289 3 651
OPERATING EXPENSES
Salaries and related expenses Note 7, 8, 10 22 256 21 654
Ordinary depreciation Note 2 389 532
Other operating expenes Note 10 9 430 15 187
TOTAL OPERATING EXPENSES 32 074 37 372
OPERATING RESULT (17 785) (33 721)
FINANCIAL ITEMS
Income from group companies 17 275 650

Interest income group companies 22 128 20 724
Other financial income 1 169 1 352
Write-downs Note 3 - (459)
Net gain/ (loss) on foreign exchange 29 773 (2 825)
Unrealised gain/(loss) on financial instruments 818 6 933
Interest and financial expenses group (20 804) (4 676)
Interest expenses (22 495) (23 507)
Other financial expenses (4 407) (2 045)
NET FINANCIAL ITEMS 23 457 (3 853)
RESULT BEFORE TAX 5 671 (37 574)
Taxes Note 9 - (51 093)
RESULT AFTER TAX 5 671 (88 667)

BALANCE SHEET 31 DECEMBER 2013

ASSETS NOTE 2013 2012
(NOK 1 000)
FIXED ASSETS
Intangible assets
Deferred tax asset Note 9 - -
Fittings and cars Note 2 1 050 740
FINANCIAL FIXED ASSETS

Investments in subsidiaries Note 3 388 451 376 547
Investments in other companies Note 3 - -
Loans to companies in the same group Note 12 339 951 324 077
Pension funds Note 7 - 2 423
Other long-term receivables Note 4 623 620
TOTAL FINANCIAL FIXED ASSETS 729 025 703 668
TOTAL FIXED ASSETS 730 075 704 407
CURRENT ASSETS
Receivables on companies in the same group Note 12 45 436 139 231
Derivatives and financial instruments Note 13 1 682 -
Other receivables Note 12 2 616 33 244
TOTAL RECEIVABLES 49 734 172 475
Cash and cash equivalents Note 5 50 820 112 259

TOTAL CURRENT ASSETS 100 554 284 734
TOTAL ASSETS 830 629 989 141

BALANCE SHEET 31 DECEMBER 2013
EQUITY AND LIABILITIES NOTE 2013 2012

(NOK 1 000)
EQUITY
Paid-in capital
Share capital Note 6 448 106 448 106
Treasury shares Note 6 (104) (104)
Share premium reserve 62 320 62 462
Other paid in capital 156 650 155 835
TOTAL PAID-IN EQUITY 666 973 666 299
Other equity (81 812) (67 994)

TOTAL EQUITY Note 1 585 161 598 305
LONG-TERM LIABILITIES
Pension liability 895 -
Other long-term debt Note 4 140 826 221 000
Long-term debt to group companies Note 12 - 50 932
TOTAL LONG-TERM LIABILITIES 141 720 271 932
CURRENT LIABILITIES
Debt to group companies Note 12 89 413 107 554
Government duties payable 1 492 1 644
Accrued interest 3 863 5 995
Derivatives and financial instruments Note 13 - (864)
Other current liabilities 8 980 4 575
TOTAL CURRENT LIABILITIES 103 748 118 904
TOTAL LIABILITIES 245 468 390 835
TOTAL EQUITY AND LIABILITIES 830 629 989 141
Oslo, 30 April 2014


CASH FLOW ANALYSIS

2013 2012
(NOK 1 000)
Cash flow from operating activities
Cash flow from operations 21 613 (44 561)
Interest paid (26 733) (22 866)
Taxes paid
Net cash flow from operating activities (5 120) (67 427)
Cash flow from investment activities

Purchase and payments relating to subsidiaries - -
Sale of subsidiaries - 650
Receipts from subsidiaries and associated companies 240 2 074
Purchase of fixed assets (699) (412)
Expiry of financial instruments (2 430) -
Sale of fixed assets - 475
Loans to subsidiaries 27 849 (67 918)
Interest received 1 166 1 345
Net cash flow from investment activities 26 126 (63 786)
Cash flow from financing activities

Issue of ordinary shares 0 201 904
Issue costs paid (141) (9 990)
Loan repayments (80 174) 0
Net cash flow from financing activities (80 316) 191 914
Net change in cash and cash equivalents (59 310) 60 701
Cash and cash equivalents at 1 January 112 259 52 576

Currency gains/(losses) on cash and cash equivalents (2 129) (1 018)
Cash and cash equivalents at 31 December 50 820 112 259
CASH FLOW FROM OPERATIONS

Result before tax 5 671 (37 574)
ADJUSTED FOR:
Depreciation 389 532
Write-downs subsidiaries and associated companies - 459
Gain on sale of assets - (240)
Income from associated companies (17 275) (650)
Option costs 815 (13)
Increase/(decrease) in pension funds 3 318 171
Financial expenses 47 706 30 087
Interest and other financial income (23 297) (1 352)
Net foreign exchange gains (29 773) 2 825
Unrealized value change financial instruments (818) (6 933)
Change in working capital
Customer receivables and other receivables 30 624 (31 488)
Due to suppliers and other short-term debt 4 253 (384)
Cash flow from operations 21 613 (44 561)
Restricted cash included in cash holdings 1 857 3 060

ACCOUNTING PRINCIPLES
The office of Norwegian Car Carriers ASA is at monetary items and recorded at fair value with
Drammensveien 167, 0277 Oslo. changes in market value recorded in the income
statement.
PREPARATION OF THE FINANCIAL STATEMENTS
Pension liabilities
The financial statements of Norwegian Car Carriers
ASA have been prepared in accordance with the The Company is operating a defined benefit-based
Accounting Act 1998 and generally accepted pension scheme for employees hired on or prior
accounting principles in Norway. to 31 October 2012. A benefit-based pension
scheme defines the employee’s right to agreed
The financial statements have been prepared at future pension benefits normally dependent on
historical cost, with the exception of financial factors such as age, number of years of service and
instruments, which are measured at fair value. compensation.
The financial statements are presented in NOK with The liability is carried as the present value of pension
all values rounded to the nearest thousand unless liabilities on the balance sheet date less the fair value
otherwise stated. Both current assets and short-term of pension funds allocated for payment of benefits
liabilities have been converted at the exchange rate together with corrections for non-recorded estimate
on the balance sheet date. differences and costs related to previous periods’
pension accrual. The pension liability is calculated
Functional currency and presentation currency annually by independent actuaries, based on a linear
The Company’s presentation currency as well as the earnings model. The present value of the defined
functional currency is NOK. benefit obligation is determined by discounting the
estimated future cash out flows using the interest
Subsidiaries and associated companies in the rate on covered bonds at the balance sheet date.
Company’s financial statements
For employees hired on or later than 1 November
Except for short term investments in listed shares, 2012, the Company is operating a defined
the cost method is applied to investments in other contribution plan . The contributions are recognized
companies. The cost price is increased when funds as employee benefit expense when they are due.
are provided through capital increases or when
group contributions are made to subsidiaries. Classification of assets and liabilities
Dividends and group contributions exceeding
the portion of retained earnings after the date of Current assets and short-term liabilities include items
investment are reflected as a reduction in the cost that fall due for payment within one year after the
of the investment. Dividends/group contributions balance sheet date. Other items are classified as
from subsidiaries are reflected in the same year as fixed assets/long-term obligations.
the subsidiary makes a provision for the amount.
Dividends from other companies are reflected as Current assets are valued at the lower of acquisition
financial income when it has been approved. cost and fair value. Short-term debt is entered in the
balance sheet at the nominal amount at the time of
Interests in other limited partnerships establishment.
Limited partnership interests that relate to various Fixed assets are valued at acquisition cost written
small investments are entered as financial fixed down to fair value if the fall in value is expected to
assets in other enterprises. be permanent. Long-term liabilities are entered in
the balance sheet at the nominal amount at the time
Income recognition
of establishment.
Income on delivery of services is valued at the fair
value of the consideration. Services are posted to Short-term investments
income in line with execution of the contract. Short-term investments (shares and interests valued
as current assets) are valued at the lower of average
Foreign exchange contracts
acquisition cost and fair value on the balance sheet
Foreign exchange contracts are considered to be date. Dividends received and other distributions

from companies are posted to income as other Deferred tax is measured based on the expected
financial income. future tax rates where temporary differences have
arisen, and are entered at nominal value and
Tax classified as long-term liabilities in the statement of
The tax charges in the income statement consist of financial position.
tax payable and change in deferred tax.
Following a change in the tax legislation in 2005
Deferred income tax is provided for with a tax rate the tax losses can be carried forward indefinitely.
of 27%, using the liability method on all temporary
differences between the tax base of financial items, Due to uncertainties whether tax losses carried
their carrying value for financial reporting purposes, forward may be utilized within reasonable time, the
their carrying value for financial reporting purposes Company has not recognized all of its deferred tax
as well as any financial tax losses carried forward. assets in the balance sheet.
The tax position on all differences between

Cash flow statement
accounting and tax values of assets and liabilities
are calculated with a resulting deferred tax or The cash flow statement is prepared using the
deferred tax asset, with the exception of: indirect method. Cash and cash equivalents include
• temporary differences related to cash, bank deposits and other short-term liquid
investments in subsidiaries, associated companies investments that can be converted immediately
or jointly controlled businesses when the and with no significant price risk to a specific cash
temporary differences will be reversed and this is amount, and have a maturity date shorter than
not expected to happen in the foreseeable future. three months from establishment.
The tax increasing and reducing temporary

differences that reverse or can reverse in the same
periods are netted.

NOTES
NOTE 1 EQUITY
SHARE
SHARE TREASURY OTHER PAID OTHER
2013 PREMIUM TOTAL
CAPITAL SHARES IN EQUITY EQUITY
RESERVE
(NOK 1 000)
Equity capital at 1 January 2013 448 106 (104) 62 462 155 835 (67 994) 598 305
Transaction cost share issuance 2012 (141) (141)
Share-based compensation 815 815
Remeasurement for pension plan - see
(4 128) (4 128)
Note 7
Recalculation of previous years currency
(19 257) (19 257)
difference - see Note 12
Activated loan costs - see Note 4 3 897 3 897
Result for the year 5 671 5 671
Equity capital at 31 December 2013 448 106 (104) 62 321 156 650 (81 812) 585 161
As per 31 December 2013 the Company held 56,252 treasury shares.
The NOK 26.6 million Group contribution to NOCC Shipping AS is booked against investment in the
subsidiary.
SHARE
SHARE TREASURY OTHER PAID OTHER
2012 PREMIUM TOTAL
CAPITAL SHARES IN EQUITY EQUITY
RESERVE
(NOK 1 000)
Equity capital at 1 January 2012 399 247 (169) 72 452 2 868 20 507 494 905
Share issuance in 2012:
Private placement 201 904 201 904
Transaction cost share issuance (9 990) (9 990)
Purchase of treasury shares 0
Reduction in share capital (153 045) 65 152 980 0
Share-based compensation (13) (13)
Other changes in equity 167
Result for the year (88 667) (88 667)
Equity capital at 31 December 2012 448 106 (104) 62 462 155 835 (67 994) 598 305
As per 31 December 2012 the Company held 56,252 treasury shares.
Group contribution to NOCC Shipping AS 68 558

Group contribution from NOCC Shipping AS 28 700
The NOK 39.9 million net Group contribution to NOCC Shipping AS is booked against investment in the
subsidiary.

NOTE 2 FIXED ASSETS
FIXED ASSETS 2013 FITTINGS AND VEHICLES

(NOK 1 000)
Acquisition cost at 1 January 2013 7 399

Additions/improvements operating assets 699
Disposals operating assets 0
Acquisition costs 31 December 2013 8 098
Accumulated depreciation 1 January 2013 (6 659)

Depreciation for the year (389)
Accumulated depreciation 31 December 2013 (7 048)
Net book value 31 December 2013 1 050
Useful life 3-5 years
FIXED ASSETS 2012 FITTINGS AND VEHICLES

(NOK 1 000)
Acquisition cost at 1 January 2012 7 163

Additions/improvements operating assets 412
Disposals operating assets (176)
Acquisition costs 31 December 2012 7 399
Accumulated depreciation 1 January 2012 (6 127)

Depreciation for the year (532)
Accumulated depreciation 31 December 2013 (6 659)
Net book value 31 December 2012 740
Useful life 3-5 years

NOTE 3 INVESTMENTS IN SUBSIDIARIES AND ASSOCIATED COMPANIES
REGISTERED OWNERSHIP/
SUBSIDIARIES/LIMITED COMPANIES EQUITY RESULT 2013 BOOK VALUE
OFFICE VOTING
(NOK 1 000)
Rederiselskabet af 23/4-96 ApS Copenhagen 100.00 % 3 611 102 3 061

NOCC Shipping AS Oslo 100.00 % 245 263 38 147 273 525
NOCC Shipowning AS Oslo 100.00 % 116 684 (61 805) 111 865
Ro-Ro Helena KS* Oslo 90.00 % - 3 237 -
Aggregate total subsidiaries 388 451
*Liquidated and deleted from the Register for Business Enterprises in 2013.
TOTAL WRITE-DOWNS/WRITE-OFFS OF FINANCIAL FIXED ASSETS 2013 2012

Write-off Eidsiva Shipping Pte Ltd 13 246 0
Write-off Tor Cimbria RoRo KS 0 459
Total 13 246 459
Roro Helena KS was in 2013, dissolved and deleted from The Corporate Register in Brønnøysund. The
investment in the vessel “Helena” is directly continued in RoRo Helena AS, a 100 % owned subsidiary of
NOCC Shipowning AS.
NOCC Shipping AS carried in 2013 through a non-statutory merger with Eidsiva Shipping Pte Ltd, a former
100% owned subsidiary of Norwegian Car Carriers ASA.
Further to this, NOCC Shipping AS merged in 2013, with its 100% owned subsidiaries Dyviships XI AS and
Dyviships XII AS.
NOTE 4 RECEIVABLES AND LIABILITIES
RECEIVABLES DUE LATER THAN ONE YEAR AFTER THE BALANCE SHEET DATE 2013 2012
(NOK 1 000)
Other long-term receivables 623 620

Total long-term receivables 623 620
LONG-TERM DEBT DUE LATER THAN ONE YEAR AFTER THE BALANCE SHEET DATE 2013 2012
(NOK 1 000)
Bond loans 140 826 221 000

Total long-term debt 140 826 221 000
See Note 18 of the Group accounts for further information regarding the Bond loan.
For 2013 the Company changed accounting principle with regard to activating loan costs on the bond loan.
These loan costs have been booked in the Balance Sheet, and will be amortised over the remaining tenor of
the loan. The effect of this change was booked against Other Equity 01.01.2013 - reference is made to Note 1.

NOTE 5 BANK
RESTRICTED BANK DEPOSITS 2013 2012

(NOK 1 000)
Restricted deposits*) 859 1 645

Tax deduction funds 997 3 060
Total restricted funds 1 857 4 705
Other bank deposits 48 963 107 554
Total bank deposits 50 820 112 259
* Funds serving as security for office lease obligations
NOTE 6 SHARE CAPITAL AND SHAREHOLDER INFORMATION
THE SHARE CAPITAL CONSISTS OF: TOTAL PAR VALUE POSTED TO BALANCE SHEET
(NOK)
Ordinary 242 219 728 1.85 448 106 497

Treasury shares (56 252) 1.85 (104 066)
Total 242 163 476 448 002 431
For further shareholder information, please refer to note 27 in the Group accounts.
NOTE 7 PENSIONS
The company is obliged to provide a service pension scheme under the Norwegian Mandatory Service
Pensions Act.
The Group is operating two pension schemes which includes 9 active and 10 retired members. The scheme
gives rights to certain future benefits. For employees hired prior to 31 October 2012, the pension scheme is
based on a defined benefit plan and the pension will depend on the number of years of employment, the
salary level at retirement and the amount of contribution from the Social Security system. The
obligation is covered through Storebrand Livsforsikring. For employees hired on 1 November 2012 or later,
the pension scheme is based on a defined contribution plan and the pension will depend on the contribution
and the return on the contribution up until retirement as well as the contribution from the Social Security
system. As per 31 December 2013 there was one employee that benefitted from the defined contribution
plan.
As there is no difference in the pension liabilities between the parent company and the Group, reference is
made to note 8 in the Group accounts.
Norwegian Car Carriers ASA presents its consolidated accounts in accordance with IFRS. Norwegian
accounting standard 6A gives the parent company the right to apply IAS 19R in the parent company’s
accounts when these are presented in accordance with Norwegian accounting standards. IAS 19R was in the
Group accounts implemented over OCI, with retrospective effect back to 2012.This effect was in the accounts
of the parent company booked against Other Equity - reference is made to Note 1.
Besides this there are no material differences between the treatment of principle change between group
accounts and parent company.
Please refer to group accounts for comparable figures regarding principle change.
NOTE 8 OPTIONS
The company has a share option scheme in which all employees participate.
As there is no difference between the parent company and the option liabilities of the Group, reference is
made to note 26 in the Group accounts.
NOTE 9 TAX
Calculation of deferred tax asset

TEMPORARY DIFFERENCES 2013 2012
(NOK 1 000)
Operating assets (101) (83)

Receivables 0 0
Financial instruments (1 682) (864)
Gains and losses account 3 720 4 649
Pensions 895 (2 423)
Other differences 1 481 260
Net temporary differences 4 313 1 540
Result difference regarding limited liability companies 0 (20 589)
Loss carried forward 183 071 242 098
Basis for deferred tax asset 187 384 223 049
27% (28%) deferred tax 50 594 62 454

Of which non-capitalised deferred tax benefit (50 594) (62 454)
Deferred tax benefit in the balance sheet 0 0
Basis for tax charge, change in deferred tax and tax payable
2013 2012
Result before tax 5 671 (37 574)

Non-deductible expenses/income 21 188 920
Basis of year’s tax charge 26 859 (36 654)
Changes in temporary differences 6 669 (16 727)
Basis for tax payable in the profit and loss account 33 528 (53 381)
+/- Group contributions received/given 26 630 28 700
Taxable income 60 159 (24 681)
Specification of tax charge:

The tax charge for the year is specified as follows: 2013 2012
Tax payable on the result for the year (16 844) 14 947
Tax effect on change in deferred loss brought forward 16 528 (6 911)
Excess/shortfall provided in previous year 317 -
Total tax payable 0 8 036
Effect on deferred tax from group contributions (7 456) (8 036)
Change in deferred tax 7 456 (51 094)
Tax income/(expense) 0 (51 094)

Explanation why the tax for the year differ from 28% of profit before tax:
The tax charge for the year is specified as follows 2013 2012
28% tax income /(-expense) before tax (1 588) 10 521

Tax effect non-deductible expenses (5 933) (258)
Tax effect change in temporary differences (1 867)
Tax effect change on Group contribution (7 456)
Excess/shortfall provided in previous year (317) -
Change in non-capitalised deferred tax asset 11 860 (62 454)
Effect from change in result difference in limited liability companies 5 559 1 274
Other effects (258) (177)
Tax income/(expense) in the profit and loss statement 0 (51 094)
NOTE 10 OTHER OPERATING EXPENSES
SALARY EXPENSES 2013 2012

(NOK 1 000)
Salaries 16 705 15 687

Board fees 647 838
Employment tax 2 517 2 384
Option costs 815 (13)
Other benefits 169 214
Total 20 853 19 109
Pension costs 1 403 2 545
Total 22 256 21 654
For 2013 the number of full-year equivalent employees was 11.

See note 23 to the Group accounts for further information on remuneration to the senior management.
AUDITOR* 2013 2012

(NOK 1 000)
Audit fees 392 260

Other certification services 11 993
Tax advice 56 1 077
Other services 216 0
Total 675 2 330
*All amounts are excluding VAT

NOTE 11 GUARANTEE LIABILITIES
THE COMPANY HAS PROVIDED GUARANTEES FOR THE FOLLOWING: CURRENCY AMOUNT
(NOK 1,000)
Asian King AS Asian King NOK 159 564
Asian Emperor AS Asian Emperor NOK 102 230
NOCC Coral AS NOCC Caspian NOK 30 408
NOCC Coral AS NOCC Coral NOK 30 408
NOCC Oceanic AS NOCC Oceanic NOK 195 771
NOCC Companion AS NOCC Companion NOK 113 586
NOCC I AS NOCC Kattegat NOK 82 093
Dyviships IV AS NOCC Puebla/NOCC Pamplona NOK 170 282
Ro-Ro Helena AS Helena NOK 75 453
Liability for uncalled capital in limited liability subs. NOK 68 566
Liability for deriviatives in subsidiary NOK 9 179
NOTE 12 RECEIVABLES FROM GROUP COMPANIES
LONG-TERM RECEIVABLES OTHER RECEIVABLES

2013 2012 2013 2012
(NOK 1 000)
Group companies 339 951 324 077 45 436 139 231

Associated companies 0 0 0 0
Total 339 951 324 077 45 436 139 231
LONGT-TERM DEBT SHORT-TERM DEBT

2013 2012 2013 2012
(NOK 1 000)
Group companies 0 50 932 89 413 107 554

Associated companies 0 0 0 0
Total 0 50 932 89 413 107 554
All agreements between companies in the Group are entered into on market terms.
The Company has historically booked long-term receivables and debt in foreign currency at historical rate
of exchange. The Company has from the accounting year 2013 changed this practice, and all long-term
receivables and debt in foreign currency are booked at the rate of exchange on the date of the balance sheet.
The effect of this recalculation has been booked against Other Equity 01.01.2013 - see Note 1.
OTHER RECEIVABLES
(NOK 1 000)
Prepaid expenses 1 587
VAT 388
Other receivables 641
Total 2 616

The following transactions with related parties were reflected in the accounts of the Company:
2013 2012
(NOK 1 000)
Management fees 13 960 3 722

Guarantee fees 8 158 -
Group interests received 22 128 5 540
Group interests paid (7 559) (241)
Please refer to Note 24 of the Group Accounts for further information regarding transactions with related
parties.
NOTE 13 FOREIGN EXCHANGE CONTRACTS ETC.
2013 2012
(NOK 1 000)
Forward foreign exchange contracts

USD/NOK forward contract with maturity 12 September 2013 - (638)
USD/NOK forward contract with maturity 13 February 2015 (1 823) (226)
Other derivatives
Interest swap fixed interest 2.22% with start date 16. November 2015 895
Interest swap fixed interest 2.035% with start date 26. March 2015 2 611
Total 1 682 (864)
Forward foreign exchange contracts
The Group had entered into one USD/NOK forward exchange contract as per 31 December 2013 , under
which USD 5 million was sold and NOK was bought at a rate of 5.78 for delivery in 02/2015.
Further to this, the Company entered in 2013, into two interest swaps with different start dates in 2015.
For further information, please refer to note 22 of the Group accounts.

Auditor`s report
AUDITOR`S REPORT

Auditor`s report

Glossary
GLOSSARY
BAREBOAT CHARTER (B/B): An arrangement painting of ship bottom. Usually carried out every
for the hiring of a ship, whereby crew costs and 2½ to 5 years.
other operating expenses are not included in the
agreement for a fee payable as a specific sum per LANE METRES: A measurement of the area of the
time period. The party that hires the ship covers crew total cargo decks of a vessel which traditionally is
costs and all other operating expenses, including used for pure ro-ro vessels and mostly in EU. The
docking and maintenance, in addition to all voyage “lane metres” measurement is an alternative to using
related costs. On redelivery, the ship shall be in the total “square metres” which is a more common
same good condition as when delivered, normal measurement of the cargo deck capacity of car
wear and tear excepted. carriers. “Lane metres” represents the length of
available cargo space based on the assumption of
CAR CARRIER: A roll on/roll off vessel specialized for cargo being trailers requiring stowage width of 2.5
transportation of cars and other rolling cargo. One to 3 meters.
normally distinguishes between a Pure Car Carrier
(“PCC”) and a Pure Car and Truck Carrier (“PCTC”). A OFF-HIRE: The time a ship is prevented being
PCC is a car carrier specialized for transportation of gainfully employed for its owner or charterer, e.g.
cars only with limited strength external and internal time used for repairs.
ramps and decks and few, if any, hoistable decks. A
PCTC is a car carrier which in addition to cars can OPERATING EXPENSES: Expenses for crew as well
transport trucks, railcars, heavy machinery and other as all other expenses directly connected with the
“high and heavy” cargo due to a higher strength running of the ship, including maintenance and
ramps (normally 100-150 mt) and car decks as well insurance.
as having normally 3 to 4 hoistable decks making it
easier to accommodate high cargo. RO-RO VESSEL: A roll on/roll off vessel specialized
for transportation of rolling cargo as well as non-
CEU: “Car equivalent unit” corresponding to 10 rolling cargoes on trailers or other cargo platforms
m3 of cargo. A volume measurement replacing the with wheels. Typically these cargoes are industrial
traditional square measurement of the “RT-43” car products or raw materials. Ro-ro vessels differ from
unit, given that today’s cargo is more diversified – ref PCTC in as much as all decks normally are designed
PCTC above. The RT-43 reference is to a car unit of for a majority of heavier and taller cargoes, and
about 9.4 m3 and 1.40 m height – smaller and lower normal deck heights are therefore 4.5 to 6.0 metres.
than the size of the average car being shipped today. The deadweight capacity of a ro-ro vessel would
typically be higher in relation to the available cargo
CHARTERER: The party hiring and paying for ships volume as the density of ro-ro cargoes is much
or ship space. higher than for cars. Modern design trends appear
to merge the PCTC and the ro-ro specifications, and
CLASSIFICATION SOCIETY: A non governmental therefore blur the distinction.
independent organisation, e.g. Det norske Veritas,
controlling and verifying that the technical condition, SHIP MANAGEMENT: The administration of a
the safety and quality of a ship complies with its own ship, including services like technical operation,
rules, as well as those of national authorities. maintenance, crewing, insurance as well as safety
and security measures.
DEADWEIGHT TON (DWT or TDW): A measure of
the weight carrying capacity of the ship. The total SHORT-SEA (REGIONAL) TRADE: Seaborne
DWT is the weight of the ship and the cargo the ship trade that moves within regional trade routes (not
may carry over and above bunkers, fresh water, spare intercontinental).
parts etc.
TIME CHARTER (T/C): An arrangement for the
DEEP-SEA (GLOBAL) TRADE: Seaborne trade that hiring of a ship complete with the crew for a fee,
moves on inter-continental trade routes. payable as a specific sum per time period. The party
that hires the ship pays for bunkers, port and canal
DRY DOCK: Putting a ship into dry dock for charges and any other voyage related costs.
inspection and repairs of underwater parts, and

NORWEGIAN CAR CARRIERS ASA
Office address:
Drammensveien 167
0277 Oslo
Mailing address:
P.O. Box 304 Skøyen
0213 Oslo
Telephone: + 47 23 11 64 64
Fax: + 47 23 11 64 60
E-mail: nocc@noccasa.no

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ANNUAL REPORT 2013

OUR CORE VALUES

2 / Norwegian Car Carriers ASA – Annual Report 2013

FINANCIAL STATEMENTS 2013

Profit and loss Statement / 68

Norwegian Car Carriers ASA – Annual Report 2013 / 3

INCOME STATEMENT 2013 2012 2011 2010 2009

Shareholders equity 626.3 556.2 465.7 393.5 168.8

1) Treasury shares are excluded in these calculations.

4 / Norwegian Car Carriers ASA – Annual Report 2013

COMPANY HIGHLIGHTS BRIEF HISTORY

Norwegian Car Carriers ASA – Annual Report 2013 / 5

ENGEBRET DAHM JONAS GUNSTAD SVEIN HELGE GULDTEIG LARS NYFLØT

LARS NYFLØT SVEIN H. GULDTEIG JONAS GUNSTAD

6 / Norwegian Car Carriers ASA – Annual Report 2013

TECHNICAL MANAGEMENT USDm 9 =

Market value of the owned vessels.

NOCC Kattegat PCTC 2004 5 379 100% 100%

Vinni Shortsea PCTC 1994 2 300 51% SOLD

Norwegian Car Carriers ASA – Annual Report 2013 / 7

CHARTER COVERAGE 2014 2015 2016 CHARTER EXPIRY

NOCC Oceanic K-Line September 2018

Glovis Companion Hyundai Glovis February 2020

NOCC Atlantic Hoegh Hyundai Glovis November 2014

Asian Emperor* Eukor May 2019

NOCC Pamplona NYK ECL May 2015

NOCC Puebla ECL August 2014

NOCC Caspian Hyundai Glovis May 2015

NOCC Coral Neptune lines July 2014

Helena Holmen July 2016

8 / Norwegian Car Carriers ASA – Annual Report 2013

ASLE ANDERSSON KRISTINE KLAVENESS COLIN WHITTINGTON

Norwegian Car Carriers ASA – Annual Report 2013 / 9

In 2014 NOCC is celebrating the 50 years

10 / Norwegian Car Carriers ASA – Annual Report 2013

BOARD OF DIRECTORS’ REPORT

Norwegian Car Carriers ASA – Annual Report 2013 / 11

Statement of financial position as at 31 December

Total assets at the end of the year amounted to

Total liabilities at the end of the year amounted

The book equity including non-controlling interests

12 / Norwegian Car Carriers ASA – Annual Report 2013

NOCC Parent Company to 60 days in 2012. The scheduled off-hire mainly

The technical performance of the fleet was

Norwegian Car Carriers ASA – Annual Report 2013 / 13

by being about 5% higher in 2013 compared to 2012. during 2014-2017.

14 / Norwegian Car Carriers ASA – Annual Report 2013

interruptions or at sustainable rates. CORPORATE SOCIAL RESPONSIBILITY

Norwegian Car Carriers ASA – Annual Report 2013 / 15

16 / Norwegian Car Carriers ASA – Annual Report 2013

Norwegian Car Carriers ASA – Annual Report 2013 / 17

Oslo, 30 April 2014

Kristine Klaveness Asle Andersson Colin Whittington Engebret Dahm

18 / Norwegian Car Carriers ASA – Annual Report 2013

FINANCIAL STATEMENTS - GROUP

FINANCIAL INCOME AND EXPENSES

Other financial income Note 9 2 410 3 859

Result attributable to:

Basic and diluted earnings per share Note 11 (0.01) (0.43)

The notes on page 27 to 67 are an integrated part of the group accounts.

Norwegian Car Carriers ASA – Annual Report 2013 / 19

Items that will not be reclassified to profit or loss

Items that may be subsequently reclassified to profit or

Profit and loss Statement / 68