Profit and Loss Statement

Camillo Eitzen & Co ASA “Through dedication and innovation we will make a difference” 1st Quarter Report 2007 1ST QUARTER CORPORATE EVENTS • CECO reports improved EBITDA for all segments CECO reports operating result before depreciation (EBITDA) of MUSD 16.8 for continuing operations and MUSD 24.8 for discontinuing operations, totaling MUSD 41.6 for 1st quarter 2007 (Q1), down from total EBITDA of MUSD 42.2 for 4th quarter 2006 (Q4). Net result was MUSD 0.0 for continuing operations and MUSD 14.7 for discontinuing operations. • Delivery of SIGAS INGRID On 28 February, CECO took delivery of the 5,000 cbm pressurized LPG carrier SIGAS INGRID on long term charter with purchase option. • Sale of the OBO vessels Camillo Eitzen & Co ASA has sold the three OBO vessels for MUSD 101. SIBOELF and SIBOTURA were delivered to new owners on 12 and 21 March. SIBONINA will be delivered at the end of May. • Acquisition of shares in Eitzen Chemical ASA CECO acquired 9 million shares in Eitzen Chemical ASA on 22 March and 1 million shares on 2 April on a forward contract at respectively NOK 26.8 and NOK 27.12 per share, with delivery 27 September 2007. After the transactions, CECO owns 50.05 % of the shares in Eitzen Chemical ASA. Main events that have taken place after closing of Q1 • Acquisition of six newbuilding Supramax Bulkcarriers On 2 May, CECO signed agreements for long term time charter with purchase option for a total of six 60,000 dwt Supramax Bulkcarriers newbuildings. The vessels will be delivered from Japanese ship yards from 2010 to 2012. Long term cargo commitments of about 40 years total duration have been secured for the vessels. • Private placement On 3 May, CECO completed a private placement of 3,710,625 shares representing approx. 9.4 % of the registered share capital. The shares were subscribed for at a price of NOK 61.50 per share, raising gross proceeds of approx. NOK 228 million. CECO CONSOLIDATED RESULT The result relating to the OBO vessels is reported separate as discontinued operations, and thus not shown in the continued operations. Continuing Operations CECO reports freight income on T/C basis of MUSD 134.5 for Q1 (MUSD 117.0 for Q4). The increase is due to improved earnings from both the bulk and gas segments. Management fees and other income amounted to MUSD 25.9 (MUSD 68.2 Q4), which is mainly from Eitzen Maritime Services ASA. The reason for the decline from Q4 is due to one-off income in connection with demerger of Eitzen Chemical during Q4. Operating expenses owned vessels was MUSD 14.5 (MUSD 14.0 Q4). The increase is due to full quarter cost of gas vessels acquired during Q4, as well as some increases related to crew costs. T/C cost amounted to MUSD 96.4 down from MUSD 99.0 in Q4. The reduction is due to lower activity within the bulk segment, partly offset by vessel on T/C in to the gas segment. Other operating expenses are cost related to EMS, as a result of activity during the quarter. Administration cost was reduced by MUSD 3.7 during the quarter, mainly due to bonuses paid out in Q4 as well as one-off costs realized during Q4. EBITDA for Q1 amounted to MUSD 16.8, down from MUSD 37.7 in Q4. The main reason for the decrease is due to the one-off profit of MUSD 45 booked in connection with the demerger of the chemical segment during Q4. Eitzen Gas reported EBITDA of MUSD 15.8 (MUSD 7.9 Q4), Eitzen Bulk MUSD 0.4 (MUSD -11.6) and EMS MUSD 0.8 (MUSD -1.2) Net financial items were MUSD -5.3 (MUSD -7.9 Q4), of which interest income was MUSD 0.3 (MUSD 0.3 Q4) and interest expenses were MUSD 6.6 (MUSD 6.7). Other financial item was MUSD 1.0 which is mostly related to currency adjustments. Tax for the period is MUSD -2.0 which is mostly related to Sigloo Gas KS. Financial information Vessel book value increased by MUSD 9.4 during the quarter mainly due to delivery of SIGAS INGRID (MUSD 14.2) as well as substantial upgrades on gas vessels capitalised, partly offset by depreciation of MUSD 9.5 during the period. Investment in associated undertakings has increased by MUSD 38.7 as a result of the acquisition of 9 million shares in Eitzen Chemical ASA. The remaining 1 million shares were not booked before Q2. As a result, CECO owned less than 50 % of Eitzen Chemical ASA at the end of the quarter, and thus Eitzen Chemical is not consolidated in the accounts. Total current assets decreased by MUSD 23, mainly as a result of decrease of vessels held for sale, partly offset by increased bank deposits. Cash at the end of Q1 amounted to MUSD 81.0 and as a result of sale of two OBO vessels during Q1. Vessels held for sale declined from MUSD 64.8 to MUSD 14.3. Long term interest bearing loans increased by MUSD 72.4 during the period due to the acquisition of the Eitzen Chemical shares on forward contracts (MUSD 39), as well as refinancing of debt related to the gas vessels (MUSD 44.4). The increase in long term interest bearing loans was offset by ordinary instalments. Interest bearing debt vessels held for sale have been reduced by MUSD 41.5 as a result of sale of the two OBO vessels. Total equity was MUSD 272.3 an increase of MUSD 14.2 from last quarter. The increase is due to result of MUSD 14.7 during the period off set by currency adjustments of MUSD -0.4. At the end of the quarter book equity ratio was 32 % compared to 31% at the end of Q4. Total outstanding number of shares at the end of the quarter was 39,553,126. As of end Q1 CECO share price was NOK 64 down from NOK 67.50 at the end of Q4. Lysaker, 15 May 2007 The Board of Directors of Camillo Eitzen & Co ASA GAS Q1 was characterized by increased demand in all the segments we operate in. The seasonal winter LPG market finally took of admittedly at a lower activity level than we normal expire due to the relative mild weather. The Petrochemical gas market continued to be very strong and increased demand for long haul voyages reduced the availability of vessels to such an extent that some requirement remained uncovered. Across the segment we experienced an increase in earning of about 7 % as a result of increased freight combined with reduced idle time The smaller semi/ref. units experienced a busy quarter with good COA coverage. The demand for pressurized vessels increasing notably and resulted in considerably freight increases. We experienced a 15 % freight increase on our pressurized fleet. Eitzen Gas posted in Q1 an EBITDA of MUSD 15.8 and EBIT of MUSD 6.6. Special Events • SIGAS INGRID was delivered 28 February 2007 ex. Yard to us. SIGAS INGRID is the third 5000 cbm pressurized LPG Carrier in a series of 5 which Eitzen Gas has taken on long term charter with purchase option from Japanese Owner. The vessel has subsequently been fixed on a profitable period charter to Vitol of London. Expectations The petrochemical gas market is expected to remain firm. Additional production capacity in the Middle East will come on stream in the next years resulting in increased demand for long haul shipping. Europe, Middle- and Far East will continue to be short of Petrochemical products and therefore able to absorb the additional production. Increased export volume out of the US Gulf and South America and growth in regional Far East shipping trade will also contribute in maintaining present high demand. Imbalances between the regional Petrochemical plants will ensure a continuous high demand for coastal shipping. The coastal LPG shipping market is expected to provide steady employment. The result for Q2 2007 is expected to be slightly above Q1 2007 due to increased activity and reduced off hire and idle time. Our medium to long-term forecast also remains positive. All our period contracts for 2007 have been renewed at increased freights and new contracts have been fixed at satisfactory levels which bring our total contract cover for 2007 up to 80 %. Eitzen Gas EBITDA USD mill. 2004 2005 2006 2007 • The up grading of the three 90 build 10.500 cbm Ethylene vessels acquire from Exmar late last year has been completed and the vessels have resumed service in the ENGC cooperation. The three vessels have subsequently been fixed to Iranian interest for long term business at a very satisfactory level. 14,0 12,0 10,0 8,0 6,0 4,0 2,0 0,0 -2,0 13,8 7,3 1,12 15,8 12,4 8,9 5,3 1,47 4,09 1,78 10,7 8,2 7,8 Q1 Q2 Q3 Q4 BULK The strong economic development in China with GDP growth figures in excess of 10% remains the overall most important factor for a continued strong dry bulk market. During the first quarter however the market had a further strong boost from increased congestion. The quota system which was introduced in certain Australian Ports had worked well to control the waiting times of vessels but same was dropped in the autumn of 2006 and has consequentially tripled the average Australian congestion. The quota system has been reintroduced with effect from 1st April, 2007 and it is expected that the Australian congestion situation will come back into control. In addition the rest of the world economies continue at relatively strong growth rates. The expectation to the European economy has increased and India continues at growth rates around 9%. Especially the increase coal import into India has been a driving factor for the Handymax market. On the tonnage side 2007 will see a record delivery of Dry Bulk newbuildings of around 28 million deadweight ton. At the same time, the due to high freight rates the scrapping remains low. This is resulting in a historical high net addition of the fleet, however still matched by demand. On longer term the lack of scrapping over the past three years has created a large “overaged” fleet, which potentially will disappear from the market once a downturn comes. Q1 rates for Handymax (modern 52,000 deadweight ton tonnage) started at a strong US$ 31,000 level. After a short fall back in February where rates fell to US$ 29,000 level the market has steadily increased since and end the quarter at US$ 42,000 level. Eitzen Bulk posted in Q1 an EBITDA of MUSD 0.4 and EBIT of MUSD 0.3. The balanced result is a consequence of the process of turning the books from being long on cargoes into a balanced book slightly long on tonnage. Expectations . The underlining fundamentals remains strong for the rest of the year, but we anticipate that the re-introduction of the Quota system in Australia will eventually bring the congestion back to the same level as the beginning of the year. We do, however only expect to see a real reduction in congestion by the end of Q2. Until such time we expect the present strong market to continue. Once congestion eases the present pull in the market will slow, but with the strong fundamentals we do not expect a strong drop in market rates. Eitzen Bulk EBITDA USD mill. 2004 2005 2006 2007 20,0 14,0 20,6 8,0 2,0 -4,0 -10,0 13,7 2,8 5,3 12,1 0,4 3,0 -1,2 8,6 0,9 -6,9 7,3 -11,6 Q1 -16,0 Q2 Q3 Q4 STOCK LISTED SUBSIDIARIES Eitzen Chemical ASA (ECHEM) Figures 31.03.2007 CECO ownership Market capitalization Stock price Equity ratio (market adjusted) 50.05 % MNOK 4,501 NOK 26.20 44 % Eitzen Maritime Services ASA (EMS) Figures 31.03.2007 CECO ownership Market capitalization Stock price Equity ratio (book) 80.87 % MNOK 235 NOK 2.20 30 % During Q1 Eitzen Chemical took delivery of the three newbuilding vessels. On 16 March the company acquired 100 % of the shares in Mosvold Chemical KS, consisting of four chemical carriers ranging in size from 5,400 to 7,000 dwt. Furthermore, after the closing of Q1, two more vessels were delivered and the purchase option on SICHEM PALACE was declared. On 24 April the company signed an agreement for two coated newbuildings with delivery during 2008. The increased fleet was offset by sale of 50 % ownership in two vessels and at the same time, acquisition of remaining 50 % interest in SICHEM PEARL. On 2 May the company signed an agreement for sale of SITEAM SATURN. Eitzen Chemical reported freight income on T/C basis of MUSD 81.5 for Q1 (MUSD 75.3 Q4). The increase reflects the first full quarter earnings, delivery of three vessels during the period, as well as improved market rates. The result is partly off set by sale of two vessels in Q4 and one vessel in Q1, 20 % increase in bunker prices, as well as one vessel being out of service during the entire period, as a result of conversion to double hull. EBITDA for the quarter amounted to MUSD 38.9, up from MUSD 30.1 in Q4 2006. The rates for both chemical and edible oil remain firm so far in Q2. Continuous healthy world economy, combined with high scrapping is factors which support a positive outlook for the remaining part of 2007. With additional two vessels delivered after closing of Q1 and 10 additional vessels still to be delivered during 2007 combined with positive market outlook, the Q2 result is expected to be improved compared to Q1. ECHEM share price development NOK 30,00 29,00 28,00 27,00 26,00 25,00 24,00 30.9.06 In Q1 EMS completed the sale of Crosscomar SA in Spain, established a newbuilding and projects office in Singapore, and established a crewing office in Ukraine together with a local partner. After the closing of Q1, EMS reached an agreement with a minority owner in EMS Ship Management India to acquire their shareholding. Furthermore, EMS agreed to acquire 100 % of the shares in Selandia. In May, EMS reached an agreement with the owners of “Provimar” to acquire their business. The acquisition will significantly expand the global reach and operating income of the Ship Supply division. These acquisitions strengthen EMS’ strategic position in the ship supply segment and provide a base for further expansion in India for ship management. Operating revenues for the quarter ended at MNOK 150, an increase of MNOK 5 from previous quarter. The growth in income comes from the Ship Management and Insurance Brokers, whereas Ship Supply had flat revenue. Nevertheless, the sales activities continued to be high and the inflow of orders during the quarter was good in EMS Ship Supply. EBITDA for the quarter ended at MNOK 4.0 up from MNOK -7.7 Q4 2006. The gross margin rate in Ship Supply reached 21.5 % up from 21.2 % in previous quarter and from 20.3 % for same quarter last year. EMS Ship Management operated 116 vessels on technical management as per end of Q1. Crew management manned 225 vessels with 2,600 seafarers out of a pool of 4,300. EMS is consolidated in CECO’s result and balance sheet as CECO owns more than 50 % of the shares in EMS. EMS share price development NOK 3,00 2,90 2,80 2,70 2,60 2,50 2,40 2,30 2,20 2,10 2,00 30.9.06 19.11.06 8.1.07 27.2.07 18.4.07 19.11.06 8.1.07 27.2.07 18.4.07 Source: Oslo Stock Exchange Source: Oslo Stock Exchange Please visit www.eitzen-chemical.com for further details and quarterly report. Please visit www.ems-asa.com for further details and quarterly report. Profit and Loss Statement (Consolidated) (USD 1,000) 2007 1Q 2006 4Q 2006 1Q 2006 1.1-31.12 Continuing operations Operating income Freight income Voyage related expenses Freight income on T/C basis Management fees and other income Profit/(loss) sale assets Profit from restructuring of Segment Total revenue Operating expenses Operating expenses owned vessels T/C vessels Other operating expenses Administration expenses Administration, Eitzen Bulk Profit Split Operating result before depreciation (EBITDA) Depreciation/amortization Operating result (EBIT) Interest income Interest expense Other financial items Profit before tax Tax Net profit from continuing operation 173,261 38,794 134,467 25,856 11 160,334 151,162 34,154 117,008 68,234 (76) 185,166 153,700 47,302 106,398 20,600 (2) 126,996 654,383 185,870 468,513 92,607 3,612 43,918 608,650 14,525 96,393 15,618 16,998 16,800 14,046 99,043 13,744 20,665 37,668 19,273 50,713 13,526 16,178 27,306 80,874 296,913 58,901 68,723 103,239 9,539 7,261 342 6,609 1,010 2,004 1,957 47 9,696 27,972 262 6,735 (1,439) 20,060 1,238 18,822 10,414 16,892 610 5,526 621 12,597 1,934 10,663 48,096 55,143 3,184 29,492 (518) 28,317 2,707 25,610 Discontinued operations Profit for the period from discontinued operations Net profit Profit attributable to the equity holders of the parent Profit attributable to the equity holders of the minority 14,671 14,718 11,423 3,295 (2,110) 16,712 17,039 (327) 3,117 13,780 12,855 925 3,570 29,180 27,729 1,451 Balance Sheet (Consolidated) (USD 1,000) 2007 31.03 2006 31.12 2005 31.12 ASSETS Non-current assets Intangible non-current assets Deferred tax asset Other intangible assets 1,935 27,367 29,302 1,924 27,367 29,291 2,104 20,391 22,495 Total intangible non-current assets Tangible non-current assets Vessels Property Cargo handling Equipment Office equipment and furniture 283,796 958 1,381 2,961 289,096 274,396 958 1,476 2,781 279,611 495,987 906 1,484 3,422 501,799 Total tangible non-current assets Financial non-current assets Investment in associated undertakings Other financial assets Loan Pension assets 330,119 1,007 314 331,440 649,838 291,378 1,007 312 292,697 601,599 5,414 17,720 840 23,974 548,268 Total financial non-current assets Total Non-current assets Current assets Vessels held for sale Inventories Shares held for sale Receivable subsidiary companies Receivable associated companies Trade and other receivables Prepayments Financial instruments regarding hedging activities Bank deposits Total current assets TOTAL ASSETS 14,272 17,345 2,994 684 64,731 14,433 7,740 81,023 203,222 853,060 64,778 12,404 2,928 7,865 70,406 8,212 8,574 51,550 226,717 828,316 17,195 2,800 148 640 67,422 7,858 12,060 79,291 187,414 735,682 Balance Sheet (Consolidated) (USD 1,000) 2007 31.03 2006 31.12 2005 31.12 EQUITY AND LIABILITY Equity attributable to equity holders of the parent Equity - majority Minority interests Total equity 260,441 11,874 272,315 248,597 9,473 258,070 202,806 17,716 220,522 Non-current liabilities Interest bearing loans and borrowings Pension obligation Deferred tax liabilities Total non-current liabilities 361,113 449 12,565 374,127 288,735 384 8,609 297,728 338,631 301 7,831 346,763 Current liabilities Trade and other payables Interest bearing loans and borrowings Interest bearing loans and borrowings, vessels held for sale Financial instruments regarding hedging activities Income tax payable TOTAL CURRENT LIABILITIES 91,960 80,691 81,809 115,731 99,900 49,007 17,786 4,295 11,886 206,618 59,255 7,794 7,929 272,518 10,068 9,422 168,397 TOTAL LIABITITIES 580,745 570,246 515,160 TOTAL EQUITY AND LIABILITY 853,060 828,316 735,682 The financial statements above are prepared in accordance with the International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS). For accounting principles and reconciliation of the profit and loss statement and the balance sheet accounts please consult the transition note. EQUITY (Consolidated) 2007 1Q 258,070 14,718 (473) 272,315 2006 4Q 243,523 16,712 (2,165) 258,070 2006 1Q 220,523 13,780 (4,668) 2,942 232,577 2006 1.1-31.12 220,523 29,180 16,830 (8,463) 258,070 Equity as of beginning period Result Shareholder issue Minorities acquired, TESMA Holding AS merger with Strømme ASA Other changes Equity end of period SEGMENT REPORTING (Consolidated) 2007 1Q 99,588 11 418 278 35,019 15,757 6,580 26,944 19,732 24,816 23,145 24,365 762 595 2006 4Q 92,178 (11,638) (11,782) 24,258 7,857 (1,005) 942 (8) (158) (353) 6,388 4,516 2,684 22,359 (84) (1,199) (1,696) 2006 1Q 60,062 1 5,296 5,140 24,752 6 13,821 8,772 22,003 (3) 8,038 3,034 8,538 6,846 4,983 19,805 565 397 2006 1.1-31.12 291,445 (14,434) (15,024) 100,019 2,610 47,310 21,424 83,465 1,135 28,972 8,498 27,740 20,483 13,072 87,278 (148) 891 (131) BULK Bulk Total revenue Profit(/loss) sale assets Bulk EBITDA Bulk EBIT GAS Gas Total revenue Profit(/loss) sale assets Gas EBITDA Gas EBIT CHEMICAL Chemical Total revenue Profit(/loss) sale assets Chemical EBITDA Chemical EBIT OBO OBO Total revenue Profit(/loss) sale assets OBO EBITDA OBO EBIT EMS EMS Total revenue Profit(/loss) sale assets EMS EBITDA EMS EBIT CASH FLOW STATEMENT (Consolidated) Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net change cash Cash balance beginning period Cash balance end period KEY FIGURES (Consolidated) 57,954 10,847 (39,328) 29,473 51,550 81,023 63,001 (72,758) (7,585) (17,342) 68,892 51,550 26,815 (67,378) 38,521 (2,042) 79,291 77,249 67,143 (509,854) 414,970 (27,741) 79,291 51,550 Note 41.6 30.4 0.37 0.75 378.6 1 2 31.9 % 7.2 % 18.8 % % 39,553,126 39,553,126 64.00 1. (Equity / total assets) 2. (Net profit / average book equity) 3. ((EBIT)/(Total assets – current liabilities)) EBITDA (MUSD) EBIT (MUSD) Earnings per share (basic/diluted) Cash flow per share Net interest bearing debt (MUSD) Equity ratio Return on equity (annualised) 42.5 30.7 0.42 (0.44) 412.2 31.1 % 26.8 % 22.4 % 39,553,126 39,553,126 67.50 34.2 21.9 0.38 (0.06) 354.0 29.8 % 24.4 % 14.3 % 36,053,126 36,053,126 71.00 123.7 68.2 0.77 (0.73) 412.2 31.1 % 12.2 % 12.3 % 37,803,126 39,553,126 67.50 ROCE (annualised) 3 Average outstanding number of shares Number of shares Share price (NOK) Notes: Selected notes 1. Business Combination On 26 March 2007 CECO acquired 9,000,000 (5.24%) shares in ECHEM and on 2 April 2007 CECO acquired additional 1,000,000 (0.58%) shares in the same company. After the last mentioned acquisition CECO owns 50.05% of ECHEM. In connection with the acquisition, the fair values have been recognized as follow, using CECO’s general accounting principles: ECHEM Amount before Acquisition (5.82%) 92,086 2,544 759 95,389 3,855 3,574 7,429 (56,877) (9,007) 36,934 (USD 1,000) Vessels Other intangible assets Other non-current assets Total non-current assets Other current assets Bank deposits Total current assets Total long-termed debt Total current liabilities TOTAL VALUE RECOGNIZED Fair Value adjustment (5.82%) 7,157 7,157 7,157 Fair Value (5.82%) 99,243 2,544 759 102,546 3,855 3,574 7,429 (56,877) (9,007) 44,091 In Q1 20007 the investment in ECHEM was accounted for as an investment in associated undertakings by use of the equity method. As a result of the acquisition of additional 1,000,000 shares on 2 April 2007 CECO obtained control over ECHEM and for accounting purposes it will be treated as a subsidiary and will be consolidated in the groups account as from Q2 2007 accordingly. In Q1 20007 the investment in ECHEM was accounted for as an investment in associated undertakings by use of the equity method. As a result of the acquisition of additional 1,000,000 shares on 2 April 2007 CECO obtained control over ECHEM and for accounting purposes it will be treated as a subsidiary and will be consolidated in the groups account as from Q2 2007 accordingly. Freight income on T/C basis: MUSD 81.5 Operating result before depreciation (EBITDA) MUSD 38.9 Result: MUSD 0.8 Minority: MUSD 0.4 2. Principles and reporting These financial statements are the unaudited interim consolidated financial statements of CECO ASA and its subsidiaries for the three month period ended 31 March 2007. The Interim Financial Statements are prepared in accordance with the International Accounting Standard 34 (IAS 34). These Interim Financial Statements should be read in conjunction with the consolidated financial statement for the year ended 31 December 2006 as they provide an update of previously reported information. The accounting policies used in the Interim Financial statements are consistent with those used in the annual financial statements. The presentation of the interim financial statements is consistent with the annual financial statements. 3. Discontinuing operation Profit and Loss Statement (Consolidated) (USD 1,000) 2007 1Q 2006 4Q 2006 1Q 2006 1.1-31.12 Discontinuing operations Operating income Freight income Voyage related expenses Freight income on T/C basis Management fees and other income Profit/(loss) sale assets Total revenue Operating expenses Operating expenses owned vessels T/C vessels Other operating expenses Administration expenses Administration, Eitzen Bulk Profit Split Operating result before depreciation (EBITDA) Depreciation/amortization Operating result (EBIT) Interest income Interest expense Other financial items Profit before tax Tax Result Minority interest Majority interest from discontinued operations 7,212 7,212 19,731 26,943 6,451 6,451 (63) 6,388 8,553 8,553 8,553 27,803 27,803 (63) 27,740 2,077 50 24,816 1,856 16 4,516 1,682 25 6,846 7,081 176 20,483 1,671 23,145 143 900 21 22,409 7,738 14,671 3,151 11,520 1,832 2,684 375 915 10 2,154 4,264 (2,110) (194) (1,916) 1,863 4,983 60 889 (20) 4,134 1,017 3,117 845 2,272 7,411 13,072 608 4,295 295 9,680 6,110 3,570 1,195 2,375 2007 1Q CASH FLOW STATEMENT Net cash flow from operating activities (2,092) 2006 4Q 2006 1Q 2006 1.1-31.12 3,974 7,147 17,971 Camillo Eitzen & Co ASA Strandveien 50 P.O.Box 216 1326 Lysaker Norway Tel: + 47 67 11 98 00 Fax: +47 67 11 98 01 www.camillo-eitzen.com