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PressReleases 
Articles Bonus at Ulstein
Tuesday, March 23rd, 2010
Last week, Ulstein Group presented very good preliminary profit results for 2009. This means that Ulstein Group employees in total will receive a bonus of more than NOK 40 million. All 800 employees will receive a group bonus for 2009.
Due to internationalisation and growth, Ulstein Group has been working to achieve a common bonus system for all employees, and the new arrangement for profit distribution was initiated as of 01.01.2009. The system consists of two components - employees can achieve both a group bonus and a company bonus dependent on profit compared to budget.
The preliminary results for 2009 are exceptionally good. Ulstein Group had operating revenues of NOK 3.6 billion, and an operating profit of NOK 521 billion.
Profit distribution
”We are very happy that we after solid results have a profit sharing bonus system. We have had very high activity and have delivered products and services on time and to agreed price and quality. Together with good cost control and project management, this has resulted in a fine profit which to a high degree is executed by our employees”, says CEO Gunvor Ulstein pleased.
Bonus with an egalitarian profile
Profit distribution in Ulstein Group has a strong social profile. The bonus in the different companies is equally distributed regardless of position or income. The group bonus is based upon monthly wages. Apart from this, Ulstein Group has no stock options or special bonuses for managers.
Apprentices and trainees included
In addition to the regular employees, Ulstein Group has included apprentices, trainees and technical/industrial production students (TAF) in the bonus system. The bonus is paid based on job attendance, i.e. any absence during the year is withdrawn from the bonus.
Due to different results among the Group's various companies, there is a variation within the Group in the size of bonus, from NOK 25.000 to NOK 160.000. The differences result from the individual companies' results, while there will not be large differences among the employees within one company.
