(Amounts in USD 1,000)

 

CONSOLIDATED

Income Statements

Ref

2015

2014

Operating revenue

 

422,449

491,312

Operating expenses

 

-303,901

-297,187

Operating margin

(1)

118,548

194,125

Operating margin, %

 

28%

40%

Depreciation and amortization

 

-107,025

-96,883

Impairment of vessels

 

-159,465

-29,000

Impairment of intangibles

 

-6,705

 

Gain/(loss) on sale of assets

 

16,317

18,728

Gain on sale of interest rate derivatives (CIRR)

 

368

368

Gain/(loss) on currency derivative contracts

 

-30,775

-3,023

Operating profit

(2)

-168,735

84,316

Operating profit margin, %

 

-40%

17%

Net financial items

 

-21,384

-12,685

Result from associated companies

 

-1,560

1,808

Profit /(loss) before taxes

 

-191,679

73,439

Profit marging before taxes

 

-45%

15%

Tax benefit/(expense)

 

-4,737

-2,729

Net profit /(loss)

 

-196,416

70,710

Minorities interest

 

-9,729

12,563

Net profit/(loss) attributable to shareholders

 

-186,687

58,147

Net profit margin, %

 

-44%

12%

Statements of Financial Position

 

12/31/2015

12/31/2014

Non-current assets

 

1,766,916

1,995,809

Current assets

 

264,747

264,774

Working capital

(3)

34,299

-17,419

Total assets

 

2,035,122

2,260,584

Shareholders’ equity

 

632,215

784,982

Non-current liabilities

 

1,139,165

1,154,742

Current liabilities

 

230,448

282,193

Total equity and liabilities

 

2,035,122

2,260,584

Statements of Cash Flows

 

2015

2014

Net cash flow from operations

(4)

42,462

184,345

Net change in cash

(4)

43,623

43,401

       

Key Figures

2015

2014

Weighted average no. of outstanding shares (1,000)

 

518,318

387,591

Weighted average no. of diluted outstanding shares (1,000)

 

757,123

389,144

Earnings per share (USD)

-0.36

0.15

Diluted earnings per share (USD)

 

-0.36

0.15

Cash flow per share in USD

(5)

0.08

0.48

Share price per year end (USD)

 

0.16

0.46

Share price per year end (NOK)

 

1.40

4.04

Price/earnings per share (P/E)

(6)

-0.44

3.06

Price/cash flow per share (P/CF)

(7)

2.00

0.96

Book shareholders’ equity per share (USD)

(8)

0.75

2.03

Operating margin share

(9)

0.23

0.50

Book equity ratio

(10)

0.33

0.36

Liquidity ratio

(11)

1.15

0.94

 

Definitions
(1) Earnings before interests, tax, depreciation and amortization (EBITDA)
(2) Earnings before interests and taxes (EBIT)
(3) Total current assets less total current liabilities
(4) See Statements of Cash Flows for details
(5) Net cash flow from operation divided on weighted average number of shares outstanding
(6) Stock Exchange price on December 31 divided on earnings per share
(7) Stock Exchange price on December 31 divided on cash flow per share
(8) Shareholders’ equity divided on number of outstanding shares
(9) Operating margin divided on weighted average number of outstanding shares
(10) Book equity divided on total assets
(11) Current assets divided on current liabilities