Latest Outlook

The Group still expects a result lower than the 2010 result, as stated in the interim report in August 2011, including the USD 0.7bn gain from the divestment of Netto Foodstores Limited, UK. The Group expects a profit for 2011 in the range of USD 3.1-3.5bn including divestment gains.

The Group’s Container activities now expect a negative result for the full year as a consequence of lower rates on especially the Asia-Europe trade.

Oil and gas activities expect a profit at the same level as for 2010, based on an oil price of USD 105 per barrel, higher level of exploration activities and a share of the oil and gas production of around 120 million barrels which is 13% below 2010.

The result for Terminal activities, Tankers, offshore and other shipping activities as well as Other businesses is expected to be above 2010 excluding divestment gains.

For Retail activities the result, excluding divestment gains, is now expected to be below 2010.

Cash flow from operating activities is expected to develop in line with the result, while cash flow used for capital expenditure is expected to be significantly higher than in 2010.

The outlook for 2011 is subject to uncertainty, not least due to developments in the global economy, oil price and global trade conditions.