Interim report January - March 1999

INTERIM REPORT JANUARY - MARCH 1999 Freight rates improved during the first quarter of 1999 compared to fourth quarter 1998. Income before taxes reached SEK 53 M (January-March 1998: SEK 26 M). Available liquidity was more than SEK 1,000 M, the adjusted equity/assets ratio 30 percent. EARNINGS AND REVENUE Income before taxes During the report period, the income of the NTA Group before taxes was SEK 53 M. During the first quarter of 1998, the Group reported income before taxes of SEK 26 M. Revenue Group revenue during the report period amounted to SEK 360 M (364). CASH EARNINGS Cash earnings totaled SEK 115 M (118). Cash earnings per share (CEPS) were SEK 0.55 (0.64). CEPS is defined as income after financial items, excluding profit on sale of vessels and items affecting comparability, plus depreciation and minus taxes paid, divided by the average number of shares outstanding. NET ASSET VALUE On December 31, 1998, net asset value was SEK 10 per share (USD 1.20), based on valuations by independent shipbroking firms. The valuation of newbuilding contracts was NTA's own estimate. During the first quarter of 1999, vessel prices are believed to have been largely unchanged. Net asset value on March 31, 1999 was thus about SEK 10 per share (USD 1.30). A change of 10 percent in the market value of the fleet would affect net asset value by about SEK 2.65 (USD 0.32) per share. FINANCIAL POSITION On March 31, 1999, the NTA Group's available liquidity amounted to SEK 1,050 M (Dec. 31, 1998: 897), including overdraft facilities and confirmed lines of credit totaling SEK 10 M (Dec. 31, 1998: 10) and after subtracting SEK 183 M (Dec. 31, 1998: 115) in restricted funds. On March 31, 1999, the visible equity/assets ratio was 39 percent (Dec. 31, 1998: 38). The adjusted equity/assets ratio, which takes into account the market value of the fleet and commitments related to the current newbuilding program, amounted to 30 percent (Dec. 31, 1998: 30). ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/04/22/19990422BIT00500/bit0001.doc http://www.bit.se/bitonline/1999/04/22/19990422BIT00500/bit0002.pdf