5.1 Results

Gross revenues from operation of vessels ended at USD 463 million (USD 554 million in 2012). The revenues were somewhat impacted by continued weak dry bulk and container markets. Other revenues were USD 14 million (USD 17 million in 2012).

The company had an operating profit of USD 36 million (operating loss of USD 4 million in 2012). No impairments were carried out (USD 46 million in 2012). However, a reversal of USD 7.5 million was conducted related to a swap of a container newbuilding. Other extraordinary items affecting operating profit where a positive interest rate swap development of USD 3 million, a gain on sale of newbuilding contracts of USD 3 million and restructuring charges of USD 2 million. The net result from financial items was a loss of USD 5 million (loss of USD 6 million in 2012). Profit before tax was USD 31 million (loss of USD 10 million in 2012).

At year-end 2013, the consolidated equity including minority interests was USD 337 million (USD 310 million in 2012), corresponding to a book equity ratio of 43% (50% in 2012). Book equity excluding minority interests was USD 316 million. Interest-bearing debt at year-end was USD 299 million and cash and bank deposits were USD 149 million. During 2013, Klaveness had a positive cash flow from operating activities of USD 26 million (USD 53 million in 2012). New investments in fixed assets amounted to USD 146 million, consisting mainly of yard instalments on vessels under construction.