(Amounts in USD 1,000)

CONSOLIDATED

INCOME STATEMENTS

Ref

2017

2016

Operating revenue

415,309

469,123

Operating expenses

-262,412

-340,829

Operating margin

(1)

152,897

128,295

Operating margin, %

37%

27%

Depreciation and amortization

-122,032

-111,771

Impairment of vessels

-126,299

-60,180

Impairment of intangibles

-

-1,015

Impairment of long-term receivables and projects

-24,000

-15,379

Gain/(loss) on sale of assets

46

-423

Net gain on bargain purchase

-

18,312

Gain on sale of interest rate derivatives (CIRR)

368

368

Gain/(loss) on currency derivative contracts

-264

-7,762

Operating profit

(2)

-119,283

-49,555

Operating profit margin, %

-29%

-11%

Net financial items

-76,254

-106,994

Result from associated companies

580

19

Profit /(loss) before taxes

-194,957

-156,531

Profit margin before taxes

-47%

-33%

Tax benefit/(expense)

-9,087

626

Net profit /(loss)

-204,044

-155,905

Minorities interest

-39,720

-13,469

Net profit/(loss) attributable to shareholders

-164,324

-142,436

Net profit margin, %

-40%

−30%

STATEMENTS OF FINANCIAL POSITION

12/31/2017

12/31/2016

Non-current assets

1,857,413

2,132,652

Current assets

187,662

279,639

Working capital

(3)

-37,154

-65,071

Total assets

2,045,075

2,413,390

Shareholders' equity

425,874

549,107

Non-current liabilities

1,346,647

1,420,695

Current liabilities

224,816

344,710

Total equity and liabilities

2,045,075

2,413,390

STATEMENTS OF CASH FLOWS

2017

2016

Net cash flow from operations

(4)

99,938

64,841

Net change in cash

(4)

-48,009

-60,364

 

KEY FIGURES

2017

2018

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

894,624

842,021

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

894,624

842,021

Earnings per share (USD)

-0.18

-0.17

Diluted earnings per share (USD)

-0.18

-0.17

Cash flow per share in USD

(5)

0.11

0.08

Share price per year end (USD)

0.22

0.21

Share price per year end (NOK)

1.81

1.85

Price/earnings per share (P/E)

(6)

-1.20

-1.27

Price/cash flow per share (P/CF)

(7)

1.97

2.79

Book shareholders' equity per share (USD)

(8)

0.45

0.65

Operating margin share

(9)

0.17

0.15

Book equity ratio

(10)

0.23

0.27

Liquidity ratio

(11)

0.83

0.81

 

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

Vessels

Ownership

Board Of Directors

Financial Statements

Notes