For the year, I.M. Skaugen Group reported a pre-tax profit of US$6 million in 2004 (US$20.2 million in 2003, which included a net gain from sale of assets of US$19.3 million). The result on an EBITDA basis is US$ 28 million in 2004 (US$24.4 million in 2003).
I.M. Skaugen Group reported a pre-tax result of US$5.3 million in 4Q04 (minus US$2.9 million in 4Q03). The EBITDA for 4Q04 was US$ 12.1 million (US$5.4 in 4Q03) and up from US$7.5 million in 3Q04 and US$8.2 in 1H04.
With the current outlook for our business units, and based on both the contract coverage and spot market conditions, we think 2005 should become a year with good financial performance for the company and with significantly higher EBITDA earnings.
At the Annual general meeting on 1st March 2005, the Board will recommend a dividend payment of NOK 7.50 per share (NOK7 in 2004 and NOK20 in 2003). This dividend represent approx 5 percent yield on the share price at year-end.
The gas carrier markets for Norgas, has seen improved earnings levels throughout 2004, particularly in the second half of the year.
The Maersk Norgas Gas Carriers's (MNGC) specialisation is the smaller-sized vessel segment of the petrochemical gas and LPG industry. The MNGC alliance had its first year of operation in 2004 and operates 35 ethylene specific vessels - more than twice the number controlled by the 'number two operator' and retained through 2004 its approx. 60 percent market share of the ethylene transportation volume.
SPT - which undertakes tanker lightering activities - achieved a solid performance despite of high volatility in the oil and corresponding tanker markets through the year. However, full-year earnings managed to exceed US$16 million (on 100 percent basis) and this is satisfactory compared to US$ 19 million in 2003. SPT was responsible for lightering an average of 1.02 million barrels of crude oil per day during 2004 equals to more than 10 per cent of all sea-borne oil imports into the US.