Annual Key Figures

Key figures in USD Million	2008	2007	2006	2005	2004
INCOME STATEMENT
Revenue	4,246.8	2,933.1	1,234.2	1,296.5	1,166.6
Costs	-3,741.1	-2,395.6	-1,068.1	-1,080.5	-933.7
Profit before depreciation (EBITDA)	505.7	537.5	166.1	215.9	232.9
Profit from sale of vessels	290.0	163.1	55.4	120.1	49.8
Depreciation and impairment	-31.6	-19.5	-20.3	-16.3	-13.3
Share of results of joint ventures	8.6	1.6	1.4	8.3	0.2
Profit from operation (EBIT)	772.6	682.7	202.6	328.0	269.5
Fair value adjustments etc (IAS 39)	-81.1	19.9	-27.0	25.9
Net financials	29.1	22.7	12.4	-8.0	-2.5
Profit before tax	720.5	725.3	188.0	345.9	267.1
Tax for the year	-12.7	-22.0	-11.5	-9.6	-3.0
Profit for the year	707.8	703.3	176.5	336.3	264.1

BALANCE SHEET
Non-current assets	922.5	589.9	482.8	361.6	268.8
Total assets	2,041.7	1,609.4	960.6	821.5	521.9
Equity at year-end	1,700.4	1,311.2	713.5	611.2	340.1
Liabilities	341.3	298.2	247.0	210.3	181.9
Cash and securities	828.7	622.6	317.7	314.9	135.6
Invested capital	940.4	786.3	556.6	409.6	322.4
Net interest-bearing debt	-759.9	-524.9	-157.0	-201.6	-17.7

CASH FLOWS
From operating activities	540.9	466.7	123.1	244.7	191.3
From investment activities	-56.7	-4.6	-87.1	10.1	13.5
- of which investment in tangible assets	-424.9	-289.9	-215.9	-337.4	-86.4
From financing actitivities	-364.9	-176.2	-33.4	-76.0	-129.5
Change in cash and cash equivalents for the year	119.3	285.9	2.6	178.8	75.3

QUARTERLY FIGURES	More	More	More	More	More

FINANCIAL HIGHLIGHTS	More	More	More	More	More

SPREADSHEETS	More	More	More

Please see section "Accounting policies" (page 57) in the Annual Report for 2008 (2.39 Mb) for more details on accounting policies.