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INCOME STATEMENTS

USD '000
Notes
2006
2005
2004
         
Gross freight revenue
193 237
185 284
148 633
Operating revenue construction services
13 412
(70)
0
Revenue
206 649
185 214
148 633
 
Voyage related expenses incl. marketing
(52 969)
(45 475)
(38 876)
Time-charter hire
(63 763)
(55 950)
(54 871)
Cost of goods sold construction services
(13 397)
(325)
0
Salaries and social expenses
(19 317)
(15 100)
(10 815)
Depreciations and amortisation
(13 532)
(11 937)
(12 571)
Gains from sale of fixed assets
0
0
1 326
Other operating expenses vessels
(17 287)
(16 081)
(12 937)
Other operating expenses/administration costs
(5 276)
(5 926)
(6 234)
Operating profit
21 108
34 420
13 655
 
Result from investments in associates
383
54
63
Interest income
3 213
521
362
Other financial income
819
3 067
1 097
Changes in market value of financial instruments
21
848
(424)
Interest expenses
(13 185)
(9 517)
(9 639)
Other financial expenses
(2 868)
(1 643)
(1 214)
Gains/losses on exchange
671
1 174
181
Net result before variance of derivative of CB
10 162
28 924
4 081
Variance on derivative of the convertible bond (CB)
766
(8 250)
0
Net result before taxes
10 928
20 674
4 081
Taxes
(292)
(167)
5 866
Net result for the year
10 636
20 507
9 947
 
Minority interests
953
1 067
(122)
Majority interests
9 683
19 440
10 069
 
Earnings per share
0.36
0.79
0.44
Diluted earnings per share
0.33
1.00
0.38

 
 
I.M. Skaugen - Annual Report 2003