Group profit and loss statement

(USD 1 000)

	Note	2009	2008
Gross revenue		1 264 150	1 476 121
Net income from associates	4	110	92
Voyage expenses		(449 245)	(547 611)
Time-charter expenses	5	(190 675)	(196 605)
Operating expenses	6,8	(329 433)	(329 554)
Gross result		294 907	402 443
General and administrative expenses	7,8	(113 147)	(116 515)
Operating result before depreciation, amortisation and capital gain (loss) on non-current assets (EBITDA)		181 760	285 928
Depreciation	9	(151 093)	(141 355)
Impairment of goodwill	9	(13 735)	-
Compensation	17	43 312	-
Capital gain (loss) on non-current assets	9	1 156	53 052
Operating result (EBIT)		61 399	197 625
Interest income	19	5 752	7 742
Interest expenses		(50 464)	(72 930)
Other financial items	10	9 148	(7 387)
Currency gains (losses)	11	165	20 759
Net financial items		(35 400)	(51 816)
Result before taxes		25 999	145 809
Taxes	12	95 084	16 868
Net result		121 083	162 678
Allocated to:
Minority interests		(104)	(762)
Shareholders		121 187	163 440
Earnings per share (USD) - basic/diluted	13	1.42	1.95
STATEMENT OF COMPREHENSIVE INCOME		2009	2008
Net result		121 083	162 678
Cash flow hedges changes in fair value		84 786	(86 381)
Cash flow hedges transferred to profit and loss statement		23 352	(1 086)
Net gain/(loss) on available-for-sale investments		5 183	(4 718)
Exchange rate differences on translating foreign operations		1 270	(10 422)
Other comprehensive income		114 591	(102 608)
Total comprehensive income		235 674	60 070
Allocated to:
Minority interest		(1 075)	(415)
Shareholders		236 749	60 485