Pro Forma Statements

Table 1
(thousands of $)
Selected income statement items, year ended December 31,
2005 2004
Sales 856.5 808.0
Cost of goods sold, excl. depreciation 616.7 607.2
Depreciation 37.7 23.0
Gross profit 202.1 177.8
SG&A 137.0 133.3
Operating profit 65.1 44.5
Interest expense 6.8
Profit before tax 65.1 37.7
Income taxes 23.4 13.6
Net income 41.6 24.1

Selected Balance Sheet items at December 31,

2005 2004
Cash 4.7 4.9
Accounts receivable 72.7 61.0
Inventories 15.2 12.5
Total current assets 92.6 78.4
Net fixed assets 361.8 304.6
Total assets 454.4 383.0

Current portion, LTD 3.0 3.0

Accounts payable 33.8 14.6
Other accrued expenses 5.1 5.5
Revolving credit, bank 51.8
Total current liabilities 41.9 74.9
Long-term (mortgage) debt 39.0 42.0
External funding needs
Net worth 307.8 266.1
Liabilities & net worth 454.4 383.0

495423653.xls Pro Forma 1