The overall result, as well as the present financial position of the company is considered acceptable by the Board during the present economic 'cyclical down turn. A dividend payment for 2002 of NOK 7.00 per share (NOK 7.50 in 2001), totalling USD 5.5 million, will be proposed at the Annual General Meeting on 27 February.
I.M.Skaugen as a group reported a net pre-tax result of US$ 4.8 million (US$10.4 million in 2001) and net result after tax of US$11 million (US$ 0 in 2001). The EBITDA result* is US$25.8 million for 2002 (US$33.9 million for 2001). The results for 2002 are affected by an unrealised currency loss of US$4 million due to the appreciation of the Norwegian krone against the US dollar during 2002 of about 23 percent. I.M. Skaugen has a convertible bond of NOK 124 million nominated in NOK.
The markets served by Norgas Carriers experienced a "10 year low" in terms of earnings on t-c basis and the results improved due to focus on cost and efficiency programs, which we have successfully implemented. The shuttle tanker business of SPT create a more steady earning level and we enjoyed another year with improved market share of the US oil imports (14%). The outlook for I.M. Skaugen in 2003 is considered positive, despite current political turbulence and the sluggish economic growth prospects in the world. A looming conflict in Iraq and the ongoing conflicts in Israel and Palestine make any predictions more uncertain.