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Five-Year Highlights

In thousand of $, except Ordinary Shares, per Ordinary Share data and ratios.

  2008 2007 2006 2005 2004
STATEMENT OF OPERATIONS DATA 1
Total operating revenues 2,104,018 1,299,927 1,558,369 1,495,975 1,842,923
Total operating expenses 1,395,831 898,904 850,623 713,919 737,389
Net operating income 850,480 519,191 803,401 858,137 1,125,108
Net income from
continuing operations
before income taxes,
minority interest and
cumulative effect of
change in accounting
principle		 701,264 503,991 661,330 761,078 970,936
Net income from
continuing operations
before cumulative effect of
change in accounting principle		 698,770 564,976 502,486 592,743 905,763
Discontinued operations2 - 5,442 13,514 14,096 117,619
Net income 698,770 570,418 516,000 606,839 1,023,382
Earnings from continuing
operations before cumulative
effect of change in accounting
principle per Ordinary share
- basic $9.15 $7.55 $6.72 $7.92 $12.21
- diluted $9.14 $7.55 $6.72 $7.92 $12.21
Net income per
Ordinary Share
- basic $9.15 $7.62 $6.90 $8.11 $13.79
- diluted $9.14 $7.62 $6.90 $8.11 $13.79
Cash dividends
declared per share		 $8.25 $8.30 $7.00 $10.10 $13.60
BALANCE SHEET DATA (at end of year)
Cash and cash equivalents 190,819 168,432 197,181 92,782 96,879
Newbuildings and vessel
purchase options		 454,227 160,298 166,851 15,927 24,231
Vessels and equipment, net 438,161 208,516 2,446,278 2,584,847 2,254,361
Vessels under capital lease, net 2,100,717 2,324,789 626,374 672,608 718,842
Investments in
unconsolidated subsidiaries
and associated companies		 4,467 5,633 17,825 15,783 28,881
Total assets 4,027,728 3,762,091 4,589,937 4,454,817 4,211,160
Short-term debt and current
portion of long-term debt		 293,471 96,811 281,409 228,135 137,332
Current portion of obligations
under capital lease		 243,293 179,604 28,857 25,142 21,498
Long-term debt 614,676 376,723 2,181,885 2,101,061 1,879,598
Obligations under capital lease 1,969,919 2,318,794 723,073 706,279 732,153
Share capital 194,646 187,063 187,063 187,063 187,063
Stockholders' equity 702,217 445,969 668,560 715,166 917,968
Ordinary Shares outstanding 77,858,502 74,825,169 74,825,169 74,825,169 74,825,169
Weighted average ordinary
shares outstanding		 76,352,673 74,825,169 74,825,169 74,825,169 74,192,939
OTHER FINANCIAL DATA
Equity to assets ratio
(percentage)3		 17,4 11.8 14.6 16.1 21.8
Debt equity ratio4 4.4 6.7 4.8 4.3 3.2
Price earnings ratio5 3.2 6.3 4.6 4.7 3.2
Time charter equivalent revenue6 1,493,912 938,960 1,154,029 1,155,135 1,477,537

1The Company distributed the majority of its remaining shareholding in Ship Finance International Limited ("Ship Finance") in March 2007 and no longer consolidates Ship Finance as of March 31, 2007. A summary of the major changes to the financial statements is as follows;

  1. Vessels leased from Ship Finance, which were previously reported as wholly owned are reported as vessels held under capital lease.
  2. Capital lease obligations with Ship Finance, which were previously eliminated on consolidation are reported as liabilities with the related interest recorded in the income statement.
  3. Debt incurred by Ship Finance, which was previously reported as debt of the Company is no longer reported.
  4. Derivative instruments held by Ship Finance are no longer reported.
  5. Minority interest expense relating to Ship Finance is no longer reported.
  6. Profit share expense relating to amounts due to Ship Finance is shown in the income statement.
  7. Results from Ship Finance's container ships, jack-up rigs and Panamax vessels are no longer reported in the Company's consolidated results

2 The Company disposed of the container vessel and rig operations of Ship Finance in the first quarter of 2007 as a result of the spin off of Ship Finance. These operations have been recorded as discontinued operations in 2007 and 2006. The results from container vessels have also been recorded in discontinued operations in 2005. These operations have been recorded as discontinued operations for all applicable years presented, which are 2007, 2006 and 2005. During the years ended December 31, 2005 and 2004 the Company disposed of portions of its dry-bulk operations, which have been recorded as discontinued operations in the years ended December 31, 2005, 2004 and 2003.

3 Equity to assets ratio is calculated as total stockholders' equity divided by total assets.

4 Debt to equity ratio is calculated as total interest bearing current and long-term liabilities, including obligations under capital leases, divided by stockholders' equity.

5 Price earnings ratio is calculated by dividing the closing year end share price by basic earnings per share.

6 A reconciliation of time charter equivalent revenues to total operating revenues as reflected in the consolidated statements of operations is as follows:


  2008 2007 2006 2005 2004
(in thousands of $)
Total operating revenues
Less:		 2,104,018 1,299,927 1,558,369 1,495,975 1,842,923
Other revenue (17,918) (8,516) (5,294) (3,877) (3,777)
Voyage expense (592,188) (352,451) (399,046) (336,963) (361,609)
Time charter equivalent revenue 1,493,912 938,360 1,154,029 1,155,135 1,477,537
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