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Release Date:
Release ID: 165

STRONG 2008 RESULT FOR CMB

CMB’s executive committee has discussed the preliminary results for the full year 2008.

Bocimar’s result for the fourth quarter takes into account, inter alia, a capital gain of EUR 2 million realised on the sale of Nantong NK-002 (2008 – 29,100 dwt). This brings the total amount of capital gains realised in the course of 2008 to EUR 167 million.

Furthermore Bocimar’s result for the fourth quarter is negatively influenced by a provision for doubtful debt in the amount of EUR 16 million. It concerns a receivable from Armada (Singapore) Pte Ltd. that has recently filed for protection from its creditors.

Moreover an amount of EUR 13 million of deferred taxes was written back in the fourth quarter. The contribution of the Other activities to the 2008 consolidated result amounts to EUR –33 million (2007: EUR 0 million) and takes into account inter alia:

- A write-off amounting to EUR 35 million on CMB’s share portfolio (mainly Fortis

and Fortescue Metals Group shares);

- A negative exchange rate difference of EUR 5 million on the Holding’s USD position.

The airfreight activities (Air Contractors and Europe Air Post) that were taken over earlier this year, contribute EUR 6 million to the 2008 result.

* * *

The prospects for 2009 remain favourable. As already mentioned, Bocimar has covered

almost its entire fleet for 2009 at rewarding levels. However, this does not mean that the Group is completely immune to the consequences of the worldwide economic downturn.

* * *



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