I.M. Skaugen has a focus on two key business areas - Norgas, the gas transportation operation, which also includes the company's business activities in China and Skaugen PetroTrans (SPT), its shuttle tanker activities. Norgas is continuing its successful long-term focus on achieving a reduction of its overall 'EBIT break-even levels'. At the same time, improved scheduling of the Norgas fleet has increased earnings, resulting in significant improvements in the EBITDA earning capacity. The main objective for SPT remains to strengthen its industry-leading levels of customer service, safety and dependability, so it remains a core business within its customers' total logistics operations.
All of our I.M. Skaugen's businesses are closely dependent on strong relationships with our alliance partners - SPT operating alongside Teekay and Norgas partnering with A.P. Møller-Mærsk. Both these alliances are performing successfully and enable I.M. Skaugen to offer a significant global presence, backed up by the strengths of two recognised industry leaders within their field of operations.
Between 1st January 2005 and the end of 2Q05 the I.M. Skaugen share price rose from NOK 154 to NOK 182 - a yield of 23 per cent including the dividend paid in March 2005 equal to NOK 7.50 per share.
The accounts of I.M. Skaugen ASA are, as from 1st January 2005, presented in accordance with International Financial Reporting Standards (IFRS). The changes in accounting standards effects are, among other things, presented in the Transition to International Financial Reporting Standards document. The results for 2004 were prepared in accordance with IFRS, while previous periods presented in the report are in accordance with NGAAP.