Q4 2011 REPORT AND PRELIMINARY RESULT 2011

Revenues in Q4 2011 were USD 27.8 million (USD 28.6 million in Q4 2010) with an EBITDA of USD 13.5 million (USD 11.1 million). After depreciation of USD 7.5 million (USD 7.6 million) and an impairment write-down of USD 25 million (nil) the operating loss (EBIT) was USD 19.0 million (profit USD 3.5 million).

The EBITDA for the year was USD 43.7 million (USD 53.1 million in 2010), with an EBIT loss of USD 12.0 million (profit USD 9.4 million).

The Q4 net financial expenses were USD 2.2 million (USD 0.3 million). The loss before tax in the quarter was USD 21.2 million (profit USD 3.2 million), with a net loss after tax of USD 24.0 million (profit USD 0.7 million).