Investor

Quarterly Key Figures

Table of content

  1. Quarterly Key Figures 2013 (are being updated) 
  2. Quarterly Key Figures 2012
  3. Quarterly Key Figures 2011
  4. Quarterly Key Figures 2010
  5. Quarterly Key Figures 2009
  6. Quarterly Key Figures 2008
  7. Quarterly Key Figures 2007
  8. Quarterly Key Figures 2006
  9. Quarterly Key Figures 2005
  10. Quarterly Key Figures 2004

 

1. Quarterly Key Figures 2013 (are being updated) 

Key figures in USD Million

2013

Q1

Q2

Q3

Q4

INCOME STATEMENT  

 

 

     

 

Revenue

 

500.3

 

 

 

Costs

 

-490.7

 

 

 

Profit before depreciation etc. (EBITDA)

 

9.6

 

 

 

Profit from sale of vessels etc.

 

2.1

 

 

 

Depreciation

 

-18.6

 

 

 

Share of results of joint ventures

 

0.0

 

 

 

Result from operation (EBIT)

 

-6.9

 

 

 

Fair value adjustment of certain hedging instruments

 

0.9

 

 

 

Net financials

 

-3.9

 

 

 

Result before tax

 

-9.9

 

 

 

Tax on the profit for the period

 

-1.3

 

 

 

Result for the period

 

-11.2

 

 

 

Result for the period for the NORDEN shareholders

 xxx.xx

-11.2

xxx.xx

xxx.xx

xxx.xx

 

 

 

 

 

 

STATEMENT OF FINANCIAL POSITION          

Non-current assets

 

1,160.2

 

 

 

Total assets

 

1,963.2

 

 

 

Equity at period-end

 

1,677.1

 

 

 

Liabilities

 

286.1

 

 

 

           

Invested capital

 

1,333.4

 

 

 

Net interest-bearing assets

 

343.7

 

 

 

Cash and securities

 

498.4

 

 

 

           

CASH FLOWS

 

 

 

 

 

From operating activities

 

-20.2

 

 

 

From investment activities

 

5.5

 

 

 

From financing activities

 

-1.0

 

 

 

Change in cash and cash equivalents for the period

 

-15.7

 

 

 

The ratios were computed in accordance with "Recommendations and Financial Ratios 2010" published by the Danish Society of Financial Analysts except from theoretical Net Asset Value which is not defined in the guidelines. Furthermore, "Profits from the sale of vessels, etc." has not been included in EBITDA.

2. Quarterly Key Figures 2012

Key figures in USD Million

2012

Q1

Q2

Q3

Q4

INCOME STATEMENT  

 

 

     

 

Revenue

2,131.4

532.6

523.5

555.2

520.1

Costs

-1,983.5

-483.0

-492.1

-532.2

-476.2

Profit before depreciation etc. (EBITDA)

 147.9

49.6

31.3

22.7

 44.3

Profit from sale of vessels etc.

 -23.9

0.2

-0.3

-1.4

 -22.4

Depreciation and impairment

 -388.5

-325.0

-21.7

-21.3

 -20.3

Share of results of joint ventures

 -0.8

0.4

0.2

-0.5

 -0.9

Profit from operation (EBIT)

 -265.4

-274.9

9.6

-0.6

 0.5

Fair value adjustment of certain hedging instruments

 -10.1

19.7

-39.9

17.9

 -7.8

Net financials

 1.7

0.7

-0.1

0.3

 0.8

Profit before tax

 -273.9

-254.4

-30.4

17.6

 -6.7

Tax on the profit for the period

 -5.0

-1.5

-1.4

-1.5

 -0.6

Profit for the period

 -278.9

-255.9

-31.8

16.1

 -7.3

Profit for the period for the NORDEN shareholders

 -278.8

-255.9

-31.8

16.1

 -7.2

 

 

 

 

 

 

STATEMENT OF FINANCIAL POSITION          

Non-current assets

1,149.8

1,324.5

1,340.3

1,325.3

 1,149.8

Total assets

 2,033.4

2,053.2

1,967.6

1,975.1

 2,033.4

Equity at period-end

 1,687.2

1,740.7

1,677.6

1,692.5

 1,687.2

Liabilities

 346.2

312.5

289.9

282.6

 346.2

           

Invested capital

 1,314.2

1,451.0

1,434.5

1,439.5

 1,314.2

Net interest-bearing assets

 373.0

289.7

243.2

 253.0

 373.0

Cash and securities

 528.6

449.7

385.7

 392.6

 528.6

           

CASH FLOWS

 

 

 

 

 

From operating activities

122.1

40.4

31.8

 29.1

 20.8

From investment activities

 7.0

-27.7

-23.3

 -28.3

 86.3

From financing activities

 -37.9

-5.0

-46.9

 -3,1

 17.1

Change in cash and cash equivalents for the period

 91.2

7.7

-38.4

 -2.3

 124.2

The ratios were computed in accordance with "Recommendations and Ratios 2010" issued by the Danish Association of Financial Analysts. However, "Profits from the sale of vessels, etc." is not included in EBITDA. Please see definitions in the section “Definitions of key figures and financial ratios” (page 85) in the pdf Annual Report for 2012. The figures are adjusted for the Company’s holding of treasury shares.

3. Quarterly Key Figures 2011

Key figures in USD Million

2011

Q1

Q2

Q3

Q4

INCOME STATEMENT  

 

 

     

 

Revenue

2,272.8

548.1

561.2

537.2

626.3

Costs

-2,086.4

 -500.2

-520.9

-501.2

-564.1

Profit before depreciation etc. (EBITDA)

 186.4

 47.8

40.3

 36.0

62.3

Profit from sale of vessels etc.

-0.2

 -0.4

0.0

0.0

0.2

Depreciation and impairment

-81.2

-17.1

-19.6

-21.0

-23.5

Share of results of joint ventures

-0.5

 -0.4

0.4 

-0.2

-0.3

Profit from operation (EBIT)

104.5

 30.0

21.1 

14.9

38.5

Fair value adjustment of certain hedging instruments

-14.9

 32.7

-11.4 

-29.2

-7.0

Net financials

3.7

 8.1

1.9 

-5.3

-1.0

Profit before tax

93.3

70.8

11.5 

-19.6

30.6

Tax on the profit for the period

-5.5

-1.6

-1.5 

-1.5

-0.9

Profit for the period

87.8

 69.2

10.0 

-21.1

29.7

Profit for the period for the NORDEN shareholders

87.8

 69.2

10.0 

-21.1

29.7

 

 

 

 

 

 
STATEMENT OF FINANCIAL POSITION          

Non-current assets

1,634.4

 1,454.8

 1,529.5

 1,607.4

1,634.4

Total assets

2,350.3

 2,227.8

2,295.9

2,231.3

2,350.3

Equity at period-end

1,994.4

2,031.0

1,987.5

1,963.3

1,994.4

Liabilities

355.8

196.8 

 308.4

 267.9

355.8

           

Invested capital

1,752.3

 1,564.3

1,605.9

1,694.3

1,752.3

Net interest-bearing assets

242.1

 466.7

 381.6

269.1

242.1

Cash and securities

407.2

 510.0

 498.4

366.2

407.2

           

CASH FLOWS

 

 

 

 

 

From operating activities

120.1

 -2.0

68.3

11.6

42.2

From investment activities

-355.2

 -64.1

 -119.6

-99.5

-72.2

From financing activities

18.4 

 -45.9

 -55.3

 -19.7

139.3

Change in cash and cash equivalents for the period

-216.7

 -112.0

 -4.4

-107.7

7.4

 

4. Quarterly Key Figures 2010

Key figures in USD Million

2010

Q1

Q2

Q3

Q4

INCOME STATEMENT  

 

 

     

 

Revenue

2,189.6

516.3

585.5

496.1

591.7

Costs

 -1,950.0

 -436.9

-485.9

 -474.3

-552.9

Profit before depreciation etc. (EBITDA)

 239.6

 79.3

99.6

 21.9

38.8

Profit from sale of vessels etc.

28.1

 -0.8

-2.2

 31.7

-0.6

Depreciation and impairment

-49.5

-9.9

-10.9

 -13.2

-15.5

Share of results of joint ventures

4.3

 -0.1

0.0

 4.6

 -0.2

Profit from operation (EBIT)

222.5

 68.6

86.5

 44.9

22.5

Fair value adjustment of certain hedging instruments

30.4

 -0.9

1.9

 4.4

 25.0

Net financials

 -2.2

 -3.5

-3.7

 5.1

 -0.1

Profit before tax

 250.8

64.2

84.7

 54.4

47.5

Tax on the profit for the period

 -6.0

-1.3

-1.3

-2.1

 -1.3

Profit for the period

244.8

 62.9

83.3

 52.3

 46.3

Profit for the period for the NORDEN shareholders

244.8

 62.9

83.3

 52.3

 46.3

 

 

 

 

 

 
STATEMENT OF FINANCIAL POSITION          

Non-current assets

 1,373.1

 1,069.2

1,085.2

1,232.2

 1,373.1

Total assets

2,250.5

 2,030.3

 2,098.7

 2,162.3

2,250.5

Equity at period-end

 1,998.1

1,869.9

 1,901.8

 1,951.5

1,998.1

Liabilities

252.4

160.4 

197.0

210.8

252.4

           

Invested capital

1,443.8

 1,229.5

 1,251.2

 1,247.1

1,443.8

Net interest-bearing assets

554.3

 640.5

 650.6

 704.4

554.3

Cash and securities

612.7

 701.5

711.6

 762.8

 612.7

           

CASH FLOWS

 

 

 

 

 

From operating activities

 298.4

 30.1

156.9

49.3

 62.1

From investment activities

-380.1

 -64.9

 -71.4

  -55.5

 -188.3

From financing activities

-65.5

 -2.6

 -52.7

-10.2

-0.0

Change in cash and cash equivalents for the period

 -147.2

 -37.3

 32.9

 -16.3

 -126.5

 

5. Quarterly Key Figures 2009

Key figures in USD Million

2009

Q1

Q2

Q3

Q4

INCOME STATEMENT  

 

 

     

 

Revenue1)

1,675.9

415.0

390.7

 399.4

470.5

Costs1)

 -1,550.2

 -400.2

 -362.0

 -371.0

-471.2

Profit before depreciation etc. (EBITDA)

125.6

 15.1

 28.8

 28.4

53.3

Profit from sale of vessels etc.

69.6

 16.4

 22.7

 12.5

 17.9

Depreciation and impairment

-39.5

 -8.3

-8.6

 -13.0

 -9.7

Share of results of joint ventures

1.0

 -1.7

 2.4

0.4

 -0.1

Profit from operation (EBIT)

156.7

 21.6

 45.3

28.4

 61.5

Fair value adjustment of certain hedging instruments

60.8

 54.9

 10.0

 6.9

 -11.0

Net financials

7.1

-2.3

 7.1

 3.4

 -1.1

Profit before tax

224.5

74.2

 62.3

 38.7

 49.3

Profit for the period

217.2

 72.5

60.0

 36.9

 47.8

Profit for the period for the NORDEN shareholders

217.2

72.5

60.0

 36.9

 47.8

 

 

 

 

 

 
STATEMENT OF FINANCIAL POSITION          

Non-current assets

1,027.8

934.7

973.1

 941.3

1,027.8

Total assets

 2,031.7

1,950.7

 1,922.4

 1,985.8

2.031.7

Equity at period-end

 1,805.0

1,744.5

 1,714.4

 1,756.6

1,805.0

Non-current liabilities

58.4

 98.6

 90.3

 58.4

58.4

Current liabilities

 168.3

 107.6

 117.7

 170.7

168.3

Invested capital

 1,133.2

 935.7

980.2

 1,043.9

1,133.2

Net interest-bearing assets

671.8

808.9

 734.2

 712.7

671.8

Cash and securities

 735.4

875.0

 800.4

 776.3

 735.4

           

CASH FLOWS

 

 

 

 

 

From operating activities

160.2

60.8

 109.5

 152.1

-162.2

From investment activities, including vessels

 -385.2

 4.1

 -18.1

 -83.8

 17.8

From financing activities

 -112.6

 -12.6

 -110.0

 -112.6

 122.6

Change in cash and cash equivalents for the period

 -32.4

52.3

 -18.7

 -44.4

 -21.6

1)Figures have not been adjusted in connection with changes (effective as of the financial year 2010) in the recognition method for share of results of joint ventures. For further description, see note 1 ( pdf Annual Report 2010) to the financial statements, "Significant accounting policies". 

6. Quarterly Key Figures 2008

Key figures in USD Million

2008

Q1

Q2

Q3

Q4

INCOME STATEMENT  

     

 

     

 

Revenue1)

4,246.8

1,059.3

1,168.8

1,262.1

756.6

Costs1)

-3,741.0

 -938.3

 -987.1

-1,065.4

-750.3

Profit before depreciation (EBITDA)

505.7

 121.1

 181.7

196.6

6.3

Profit from sale of vessels

290.0

55.1

 122.0

82.2

30.7

Depreciation

-31.6

-6.5

 -6.3

-7.0

-11.8

Share of results of joint ventures

8.6

0.2

 1.2

1.5

5.7

Profit from operation (EBIT)

772.6

 170.0

 298.6

273.3

30.7

Fair value adjustments etc (IAS 39)

-81.1

0.9

 102.2

-143.9

-40.3

Net financials

29.1

32.7

 0.3

 -5.6

1.7

Profit before tax

720.5

203.6

 401.2

 123.8

-8.1

Profit for the period

 707.8

200.2

 397.6

 120.1

-10.1

Profit for the period for the NORDEN shareholders

707.8

200.2

 397.6

 120.1

-10.1

 

 

 

 

 

 
STATEMENT OF FINANCIAL POSITION          

Non-current assets

922.5

 676.6

 846.3

 905.4

 922.5

Total assets

2,041.7

1,700.8

1,810.0

 1,970.3

2,041.7

Equity at period-end

1,700.4

 1,504.2

1,580.3

 1,696.9

1,700.4

Non-current liabilities

91.7

94.3

 94.3

 91.7

91.7

Current liabilities

 249.6

 102.4

 135.3

 181.8

 249.6

Invested capital

940.4

902.6

1,129.7

 1,134.5

940.4

Net interest-bearing debt

 -759.9

 -601.6

 -450.7

 -562.4

-759.9

 

 

 

 

 

 

CASH FLOWS

 

 

 

 

 

From operating activities

 540.9

 117.0

 206.4

 86.6

130.9

From investment activities, including vessels

-56.7

 -65.3

 -37.5

 29.7

16.4

From financing activities

 -364.9

-18.3

 -320.1

 -5.7

-20.8

Change in cash and cash equivalents for the period

 119.3

  33.3

-151.1

110.6

126.5

1)Figures have not been adjusted in connection with changes (effective as of the financial year 2010) in the recognition method for share of results of joint ventures. For further description, see note 1 ( pdf Annual Report 2010) to the financial statements, "Significant accounting policies". 

7. Quarterly Key Figures 2007

Key figures in USD Million

2007

Q1

Q2

Q3

Q4

INCOME STATEMENT  

     

     

     

 

Revenue1)

2,933.1

476.2

627.5

779.3

1,050.1 

Costs1)

 -2,395.6

 -388.6

-522.1

 -641.8

 -843.1

Profit before depreciation (EBITDA)

 537.5

 87.6

105.4

 137.5

 207

Profit from sale of vessels

 163.1

 68.2

 47.2

 20.8

 26.9

Depreciation

 -19.5

 -5,2

 -4.9

 -4.5

 -4.9

Share of results of joint ventures

 1.6

 0.5

 0.1

 -0.6

 1.6

Profit from operation (EBIT)

 682.7

 151.1

 147.8

153.2

230.6 

Fair value adjustments etc (IAS 39)

 19.9

 -6.1

 -1.7

 39.3

-11.6 

Net financials

 22.7

 2.9

 5.6

 6.3

7.9 

Profit before tax

 725.3

 147.9

 151.6

 198.8

227.0 

Tax for the period

 -22.0

 -12.3

 -2.1

 -3.1

-4.6 

Profit for the period

703.3 

 135.6

 149.5

 195.7

222.4

 

 

 

 

 

 
STATEMENT OF FINANCIAL POSITION          

Non-current assets

 589.9

472.8

538.1

 589.2

589.9 

Total assets

 1,609.4

 1,021.7

1,107.5

 1,312.9

1,609.4 

Equity at period-end

1,311.2

849.3

 889.4

 1,088.2

1,311.2 

Liabilities

 298.2

 172.4

218.1

 224.6

298.2 

Cash and securities

 622.6

406.0 

390.6

 529.9

622.6 

Invested capital

 786.3

 544.9

620.4

 656.1

786.3 

Net interest-bearing debt

 -524.9

 -304.4

 -269.0

 -432.1

-524.9 

 

 

 

 

 

 

CASH FLOWS

 

 

 

 

 

From operating activities

466.7

63.4 

111.4 

 168.6

123.3 

From investment activities

 -4.6

75.2 

-51.4 

 -7.6

-20.8 

- of which investment in tantible assets

 -289.9

-56.6 

-169.1

-56.8

-7.4 

From financing activities

 -176.2

 -50.6

-76.2 

 -21.4

-28.0 

Change in cash and cash equivalents for the period

         285.9 

             88.0

          -16.2 

        139.6

74.5 

1)Figures have not been adjusted in connection with changes (effective as of the financial year 2010) in the recognition method for share of results of joint ventures. For further description, see note 1 ( pdf Annual Report 2010) to the financial statements, "Significant accounting policies". 

8. Quarterly Key Figures 2006

Key figures in USD Million

2006

Q1

Q2

Q3

Q4

INCOME STATEMENT          

Revenue1)

1,234.2

254.9

267.8

316.8

394.7

Costs1)

-1,068.1

-220.1

-237.4

-267.7

-342.9

Profit before depreciation (EBITDA)

166.1

34.7

30.4

49.1

51.7

Profit from sale of vessels

55.4

25.1

13.8

0.1

16.3

Depreciation

-20.3

-4.4

-4.9

-5.3

-5.8

Share of results of joint ventures

1.4

0.6

0.4

0.5

-0.1

Profit from operation (EBIT)

202.6

56.0

39.8

44.5

62.2

Fair value adjustments etc (IAS 39)

-27.0

3.3

-7.3

-26.0

3.0

Net financials

12.4

2.5

4.8

2.1

3.0

Profit before tax

188.0

61.9

37.3

20.6

68.2

Tax for the period

-11.5

-7.1

-4.5

-0.8

1.0

Profit for the period

176.5

54.7

32.8

19.7

69.2

 

 

 

 

 

 
STATEMENT OF FINANCIAL POSITION          

Non-current assets

482.8

351.4

426.9

448.8

482.8

Total assets

960.6

796.0

784.5

836.8

960.6

Equity at period-end

713.5

663.0

624.4

643.7

713.5

Liabilities

247.0

133.0

160.1

193.1

247.0

Cash and securities

317.7

340.0

271.0

271.6

317.7

Invested capital

556.6

408.8

456.2

492.3

556.6

Net interest-bearing debt

-157.0

-254.2

-168.2

-151.4

-157.0

 

 

 

 

 

 

CASH FLOWS

 

 

 

 

 

From operating activities

123.1

33.9

40.1

39.5

9.8

From investment activities

-84.3

25.8

-48.3

-60.0

-1.8

- of which investment in vessels (gross)

-94.1

-34.2

-39.9

-19.3

-0.8

From financing activities

-36.3

-34.6

-58.7

20.4

36.6

Change in cash and cash equivalents for the period

2.6

25.1

-66.9

-0.1

44.5

Please see section "Accounting policies" in the pdf Annual Report for 2006 for detailed information on accounting policies.

1)Figures have not been adjusted in connection with changes (effective as of the financial year 2010) in the recognition method for share of results of joint ventures. For further description, see note 1 ( pdf Annual Report 2010) to the financial statements, "Significant accounting policies". 

9. Quarterly Key Figures 2005

Key figures in USD Million

2005

Q1

Q2

Q3

Q4

INCOME STATEMENT          

Revenue1)

1,296.5

343.5

348.8

300.8

303.4 

Costs1)

 -1,080.5

-284.2

-273.9

 -258.5

 -263.9

Profit before depreciation (EBITDA)

 215.9

 59.3

74.9

 42.2

 39.5

Profit from sale of vessels

 120.1

 19.5

-0.0

 38.6

 62.1

Depreciation

 -16.3

 -4.0

-4.1

 -4.9

-3.3

Share of results of joint ventures

 8.3

 -0.0

7.9

 0.3

 0.2

Profit from operation (EBIT)

 328.0

 74.7

78.7

 76.2

 98.4

Fair value adjustments etc (IAS 39)

 26.0

 11.1

12.5

 3.6

 -1.2

Net financials

 -8.0

 -3.9

-3.6

 -0.6

 0.0

Profit before tax

 345.9

 81.9

 87.6

 79.2

 97.2

Tax for the period

 -9.6

-1.5

 -1.0

 -1.2

 -5.8

Profit for the period

 336.3

 80.4

 86.6

 78.0

 91.4

 

 

 

 

 

 

STATEMENT OF FINANCIAL POSITION

 

 

 

 

 

Non-current assets

 361.6

238.8 

 281.0

 301.4

 361.6

Total assets

 821.5

 564.2

583.5

 661.2

 821.5

Equity at period-end

 611.2

 393.7

 440.8

519.2

 611.2

Liabilities

 210.3

 170.4

 142.7

 142.0

 210.3

Cash and securities

314.9 

 200.9

 136.7

 162.1

 314.9

Invested capital

 409.6

 292.5

 401.5

 427.8

 409.6

Net interest-bearing debt

 -201.6

 -101.3

 -39.4

 -91.4

 -201.6

 

 

 

 

 

 

CASH FLOWS

 

 

 

 

 

From operating activities

 244.7

 108.9

47.0 

59.4

 29.4

From investment activities

 10.1

 5.2

 -65.9

 -9.1

 79.8

- of which investment in vessels (gross)

 -287.9

 -20.6

 -34.6

 -101.1

 -131.6

From financing activities

-76.0 

 -48.1

 -43.0

 -27.5

 42.6

Change in cash and cash equivalents for the period

 178.8

 66.0

 -61.9

 22.8

 151.8

Please see section "Accounting policies" in the pdf Annual Report for 2005 for detailed information on accounting policies.

1)Figures have not been adjusted in connection with changes (effective as of the financial year 2010) in the recognition method for share of results of joint ventures. For further description, see note 1 ( pdf Annual Report 2010) to the financial statements, "Significant accounting policies". 

10. Quarterly Key Figures 2004

Key figures in USD Million

2004

Q1

Q2

Q3

Q4

INCOME STATEMENT          

Revenue1)

1,166.6

229.7

304.3

294.0 

338.6 

Costs1)

-933.7

 -174.2

 -228.3

 -242.7

-288.4 

Profit before depreciation (EBITDA)

232.9

 55.6

 76.0

51.3

 50.1

Profit from sale of vessels

49.8

 32.8

 -0.0

 17.0

Depreciation

-13.3

 -3.1

-3.3

-3.3

 -3.7

Share of results of joint ventures

 0.2

 0.1

 0.1

 0.0

 0.0

Profit from operation (EBIT)

 269.5

 52.6

 105.5

 48.0

 63.5

Fair value adjustments etc (IAS 39)

 

 

 

 

 

Net financials

 -2.5

 -3.2

 -1.7

 -0.2

 2.6

Profit before tax

 267.1

 49.4

 103.8

 47.8

 66.1

Tax for the period

 -3.0

-0.3

 -1.3

 -0.3

 -1.0

Profit for the period

 264.1

 49.1

 102.5

 47.4

 65.1

 

 

 

 

 

 
STATEMENT OF FINANCIAL POSITION          

Non-current assets

 268.8

 265.9

 251.1

 268.4

 268.8

Total assets

 521.9

 445.0

 498.3

 536.1

 521.9

Equity at period-end

340.1

 255.5

 325.3

356.5 

 340.1

Liabilities

 181.9

 189.4

 173.0

 179.6

 181.9

Cash and securities

135.6

 100.5

 150.5

 168.4

 135.6

Invested capital

 322.4

 296.9

 299.1

 309.0

 322.4

Net interest-bearing debt

 -17.7

 41.4

 -26.2

 -47.5

 -17.7

 

 

 

 

 

 

CASH FLOWS

 

 

 

 

 

From operating activities

 191.3

 57.7

 55.0

51.3 

 27.3

From investment activities

 13.5

 -15.0

 48.2

 -30.0

 10.4

- of which investment in vessels (gross)

 57.8

 -19.1

 -21.9

 -19.1

 118.0

From financing activities

 -129.5

 2.7

 -58.5

 -3.2

 -70.5

Change in cash and cash equivalents for the period

75.3

 45.4

 44.7

 18.1

 -32.9

Please see section "Accounting policies" in the pdf Annual Report for 2004 for detailed information on accounting policies.

1)Figures have not been adjusted in connection with changes (effective as of the financial year 2010) in the recognition method for share of results of joint ventures. For further description, see note 1 ( pdf Annual Report 2010) to the financial statements, "Significant accounting policies".