We released better than expected in 2011 despite acid conditions. Although you should never write o

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We released better than expected in 2011 despite acid conditions. Although you should never write off trlastmarkedet, s accounts in 2012 yet svrere, and therefore we will manage costs and risks tight. But when spot rates itrlast expected to reach the bottom of r, continues we work with vkststrategien and analyzes nje, hvornr we must begin to invest in both new-Trlast and Tank, says President. Director Carsten Mortensen See Carsten Mortensen undergo the financial statements on video HERE legal operating earnings was with an operating profit (EBITDA) p $ 186 million better than the original March estimate, which was 135-175 one million US dollars . P because of the powerful fourth quarter earnings were also higher than the last forecast in November, which was 160 million-180 million dollars. Trlast included in the legal lb a number of short COAs and was generally well positioned geographically. Fair The approach was 26 percent account above the 1-rich T / C rates. Trlasts EBITDA on $ 171 million was better than expected. Adjusted for one-time items, earnings were 7 percent lower than in 2010, even though spot rates dropped 44 percent. Tank delivered an increasing contribution to the company's operating earnings account with an EBITDA account on $ 26 million against a 0-result before. The increase was due, inter alia, greater capacity and operational improvements. Fair The approach was 9 percent above the 1-rich account T / C rates. Norden had, as expected, no gains on the sale of vessels, while in 2010 there were gains on $ 28 million and $ 4 million in joint ventures. The falling ship prices have made the sale of vessels less attractive, while the Nordic countries have decided to strategically expand food consumption. account Without profits from the sale of vessels and depreciation, which rose 64 percent to $ 81 million, was the primary operating profit (EBIT) 104 million versus $ 223 million US dollars in 2010. Management writes in accounts that uncertainties in 2012 is significant with a view to slower global growth, gldskrise in the EU, monetary tightening in some developing countries, scarcity p funding and rising counterparty risks. Trlastmarkedet expected to be very challenging with lower rates, while the tanker market is expected to gradually improve, albeit account from a low level. Based on the known capacity expected EBITDA in Trlast and Tank to be respectively 85,000,000 to 125000000 dollar and 25 to 45 million dollars, and the total EBITDA is expected to be from 110000000 to 150000000 dollar. The company will continue to invest in tankers, and in Trlast there is increasing focus on finding the right time to reinvest, p Norden can rest ideally positioned, no market rises again. If the order book is delivered as planned and Norden not sells ships, depreciation and amortization charges to grow to 100 to 105 million dollars, and the primary operating profit (EBIT) is expected to be 10 million account to fifty million dollars. The forudstter, that there is no impairment on fldens values. legal EBITDA was $ 186 million Trlasts EBITDA on $ 171 million Tank EBITDA on $ 26 million primarily profit (EBIT) p 104 militants ions dollar Q4 2011 was indtjeningsmssigt legal best with an operating account profit fr depreciation and amortization (EBITDA) p $ 62,000,000. Both Trlast and Tank goat business volume and improved earnings compared to Q4 2010. Trlast got in Q4 EBITDA on $ 60 million, which was better than expected. Tank got in the quarter as expected EBITDA p 4 million account dollar Source: Norden