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Five-Year Highlights

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

  2009 2008 2007 2006 2005
STATEMENT OF OPERATIONS DATA 1
Total operating revenues 1,133,286 2,104,018 1,299,927 1,558,369 1,495,975
Total operating expenses 896,237 1,395,831 898,904 850,623 713,919
Net operating income 240,110 850,480 519,191 803,401 858,137
Net income from
continuing operations
before income taxes and
minority interest 		105,833 701,264 503,991 661,330 761,078
Net income from
continuing operations 		102,701 698,770 564,976 502,486 592,743
Discontinued operations2 - - 5,442 13,514 14,096
Net income 102,701 698,770 570,418 516,000 606,839
Earnings from continuing
operations
- basic $1.32 $9.15 $7.55 $6.72 $7.92
- diluted $1.32 $9.14 $7.55 $6.72 $7.92
Net income per
Ordinary Share
- basic $1.32 $9.15 $7.62 $6.90 $8.11
- diluted $1.32 $9.14 $7.62 $6.90 $8.11
Cash dividends
declared per share		 $0.90 $8.25 $8.30 $7.00 $10.10
BALANCE SHEET DATA (at end of year)
Cash and cash equivalents 82,575 190,819 168,432 197,181 92,782
Newbuildings and vessel
purchase options		 413,968 454,227 160,298 166,851 15,927
Vessels and equipment, net 678,694 438,161 208,516 2,446,278 2,584,847
Vessels under capital lease, net 1,704,666 2,100,717 2,324,789 626,374 672,608
Investments in
unconsolidated subsidiaries
and associated companies		 3,923 4,467 5,633 17,825 15,783
Total assets 3,715,218 4,027,728 3,762,091 4,589,937 4,454,817
Short-term debt and current
portion of long-term debt		 123,884 293,471 96,811 281,409 228,135
Current portion of obligations
under capital lease		 285,753 243,293 179,604 28,857 25,142
Long-term debt 760,698 614,676 376,723 2,181,885 2,101,061
Obligations under capital lease 1,579,708 1,969,919 2,318,794 723,073 706,279
Share capital 194,646 194,646 187,063 187,063 187,063
Stockholders' equity 741,340 702,217 445,969 668,560 715,166
Ordinary Shares outstanding 77,858,502 77,858,502 74,825,169 74,825,169 74,825,169
Weighted average ordinary
shares outstanding		 77,858,502 76,352,673 74,825,169 74,825,169 74,825,169
OTHER FINANCIAL DATA
Equity to assets ratio
(percentage)3		 20.0 17.4 11.8 14.6 16.1
Debt equity ratio4 3.7 4.4 6.7 4.8 4.3
Price earnings ratio5 20.7 3.2 6.3 4.6 4.7
Time charter equivalent revenue6 896,843 1,493,912 938,960 1,154,029 1,155,135

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. Noncontrolling 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 year ended December 31, 2005 the Company disposed of portions of its dry-bulk operations, which have been recorded as discontinued operations in the year ended December 31, 2005.

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:


  2009 2008 2007 2006 2005
(in thousands of $)
Total operating revenues
Less:		 1,133,286 2,104,018 1,299,927 1,558,369 1,495,975
Other revenue (17,068) (17,918) (8,516) (5,294) (3,877)
Voyage expense (219,375) (592,188) (352,451) (399,046) (336,963)
Time charter equivalent revenue 896,843 1,493,912 938,360 1,154,029 1,155,135
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