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The Group’s gross freight revenues totalled U$148.8 million (US$209.3 milion in 2003). The EBITDA result for the Group was US$27.1 million (US$24.3 million in 2003). The Group generated a profit before taxation of US$5.7 millon US$20.2 million in 2003) and a net profit of US$11.6 million (US$13.7 million in 2003).
The parent company, I.M. Skaugen ASA, showed a negative result of NOK 89 million. The total equity for the company is NOK 554 million, and of this NOK 170 million is free equity available for dividend payment.
The Board proposes the following allocations (NOK million):
| Dividend NOK | 53 million |
| Transfer to other equity | NOK 142 million |
| Total allocations | NOK 89 million |
THANKS
Finally, the Board would like to extend its thanks to everybody at I.M. Skaugen for their hard work and commitment in 2004. During a most challenging time, everyone has contributed to improving the company’s performance, whilst again reducing costs. The efforts made by all have ensured that we can move forward with confidence and realise both short- and long-term goals to the benefit of us all.
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| Erik Eik, Chairman |
Nils Gregusson |
Bertel O. Steen jr. |
Jon-Aksel Torgersen |
Christian Wessel |
Morits Skaugen jr., CEO |
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