(Amounts in USD 1,000)

CONSOLIDATED

INCOME STATEMENTS

Ref

2016

2015

Operating revenue

469,123

422,449

Operating expenses

-340,829

-303,901

Operating margin

(1)

128,295

118,548

Operating margin, %

27%

28%

Depreciation and amortization

-111,771

-107,025

Impairment of vessels

-60,180

-159,465

Impairment of intangibles

-1,015

-6,705

Impairment of long-term receivables and subsidiaries

-15,379

-

Gain/(loss) on sale of assets

-423

16,317

Net gain on bargain purchase

18,312

-

Gain on sale of interest rate derivatives (CIRR)

368

368

Gain/(loss) on currency derivative contracts

-7,762

-30,775

Operating profit

(2)

-49,555

-168,735

Operating profit margin, %

-11%

-40%

Net financial items

-46,675

-21,384

Result from associated companies

19

-1,560

Profit /(loss) before taxes

-96,212

-191,679

Profit margin before taxes

-21%

-45%

Tax benefit/(expense)

626

-4,737

Net profit /(loss)

-95,586

-196,416

Non-controlling interest

-13,469

-9,729

Net profit/(loss) attributable to shareholders

-82,117

-186,687

Net profit margin, %

-18%

-44%

 

STATEMENTS OF FINANCIAL POSITION

12/31/2016

12/31/2015

Non-current assets

2,132,652

1,766,916

Current assets

279,639

264,747

Working capital

(3)

-65,071

34,299

Total assets

2,413,390

2,035,122

Shareholders' equity

549,107

632,215

Non-current liabilities

1,420,695

1,139,165

Current liabilities

344,710

230,448

Total equity and liabilities

2,413,390

2,035,121

 

STATEMENTS OF CASH FLOWS

2016

2015

Net cash flow from operations

(4)

64,841

42,462

Net change in cash

(4)

-60,364

43,623

 

KEY FIGURES

2016

2015

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

842,021

518,318

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

842,021

757,123

Earnings per share (USD)

-0.10

-0.36

Diluted earnings per share (USD

-0.10

-0.36

Cash flow per share in USD

(5)

0.08

0.08

Share price per year end (USD)

0.16

0.16

Share price per year end (NOK)

1.40

1.40

Price/earnings per share (P/E)

(6)

-1.67

-0.44

Price/cash flow per share (P/CF)

(7)

2.11

2.00

Book shareholders' equity per share (USD)

(8)

0.65

0.75

Operating margin share

(9)

0.15

0.23

Book equity ratio

(10)

0.27

0.33

Liquidity ratio

(11)

0.81

1.15

 

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

Board Of Directors

Financial Statements

Notes