TEN Ltd. Reports Profits for the 12 Months and Fourth Quarter Ended December 31, 2024 and Announces Common Share Dividend
TEN reported strong financial results for 2024, with net income of $176.2 million ($5.03 per share) and gross revenues of $804.1 million. The company achieved an Adjusted EBITDA of $400 million and maintained a healthy fleet utilization of 92.5%. Operating income reached $278.6 million, including $48.7 million in capital gains from vessel sales.
The company announced a significant expansion with 21 new vessels, representing 36% dwt growth, bringing their proforma fleet to 82 vessels. A major development includes securing contracts for nine DP2 shuttle tankers with Brazil's Transpetro, valued at $2.0 billion in expected revenues. The Board authorized a common stock dividend of $0.60 per share, payable in July 2025.
TEN's financial position remains solid with $348.3 million in cash reserves as of December 31, 2024. The company recently sold a 2009-built suezmax tanker, generating $30.0 million in free cash and $2.5 million in capital gains.
TEN ha riportato risultati finanziari solidi per il 2024, con un reddito netto di 176,2 milioni di dollari (5,03 dollari per azione) e ricavi lordi di 804,1 milioni di dollari. L'azienda ha raggiunto un EBITDA rettificato di 400 milioni di dollari e ha mantenuto una sana percentuale di utilizzo della flotta del 92,5%. L'utile operativo ha raggiunto i 278,6 milioni di dollari, inclusi 48,7 milioni di dollari in guadagni in conto capitale derivanti dalla vendita di navi.
L'azienda ha annunciato un'espansione significativa con 21 nuove navi, che rappresentano una crescita del 36% in dwt, portando la loro flotta proforma a 82 navi. Un importante sviluppo include la sicurezza di contratti per nove petroliere shuttle DP2 con Transpetro del Brasile, con un valore previsto di 2,0 miliardi di dollari in ricavi. Il Consiglio ha autorizzato un dividendo sulle azioni ordinarie di 0,60 dollari per azione, pagabile a luglio 2025.
La posizione finanziaria di TEN rimane solida con 348,3 milioni di dollari in riserve di liquidità al 31 dicembre 2024. L'azienda ha recentemente venduto una petroliera suezmax costruita nel 2009, generando 30,0 milioni di dollari in liquidità libera e 2,5 milioni di dollari in guadagni in conto capitale.
TEN reportó resultados financieros sólidos para 2024, con un ingreso neto de 176,2 millones de dólares (5,03 dólares por acción) y ingresos brutos de 804,1 millones de dólares. La empresa logró un EBITDA ajustado de 400 millones de dólares y mantuvo una saludable utilización de la flota del 92,5%. El ingreso operativo alcanzó los 278,6 millones de dólares, incluidos 48,7 millones de dólares en ganancias de capital por la venta de buques.
La empresa anunció una expansión significativa con 21 nuevos buques, representando un crecimiento del 36% en dwt, llevando su flota proforma a 82 buques. Un desarrollo importante incluye asegurar contratos para nueve petroleros de transporte DP2 con Transpetro de Brasil, valorados en 2,0 mil millones de dólares en ingresos esperados. La Junta autorizó un dividendo de acciones ordinarias de 0,60 dólares por acción, pagadero en julio de 2025.
La posición financiera de TEN sigue siendo sólida con 348,3 millones de dólares en reservas de efectivo al 31 de diciembre de 2024. La empresa recientemente vendió un petrolero suezmax construido en 2009, generando 30,0 millones de dólares en efectivo libre y 2,5 millones de dólares en ganancias de capital.
TEN은 2024년 강력한 재무 결과를 보고했으며, 순이익은 1억 7620만 달러 (주당 5.03 달러)이고 총 수익은 8억 410만 달러입니다. 이 회사는 조정된 EBITDA 4억 달러를 달성했으며 건강한 선박 활용률 92.5%를 유지했습니다. 운영 소득은 2억 7860만 달러에 도달했으며, 여기에는 선박 판매로 인한 4870만 달러의 자본 이익이 포함됩니다.
회사는 21척의 신규 선박으로 상당한 확장을 발표했으며, 이는 36%의 dwt 성장에 해당하며, 이로써 프로포르마 함대는 82척이 되었습니다. 주요 개발 사항으로는 브라질의 Transpetro와 20억 달러의 예상 수익을 포함한 9척의 DP2 셔틀 유조선 계약을 확보한 것이 있습니다. 이사회는 2025년 7월에 지급될 주당 0.60달러의 보통주 배당금을 승인했습니다.
2024년 12월 31일 기준 TEN의 재무 상태는 여전히 견고하며, 현금 보유고는 3억 4830만 달러입니다. 이 회사는 최근 2009년에 건조된 수에즈막스 유조선을 판매하여 3000만 달러의 자유 현금과 250만 달러의 자본 이익을 창출했습니다.
TEN a annoncé des résultats financiers solides pour 2024, avec un revenu net de 176,2 millions de dollars (5,03 dollars par action) et des revenus bruts de 804,1 millions de dollars. L'entreprise a atteint un EBITDA ajusté de 400 millions de dollars et a maintenu un taux d'utilisation de la flotte sain de 92,5%. Le revenu d'exploitation a atteint 278,6 millions de dollars, y compris 48,7 millions de dollars de gains en capital provenant de la vente de navires.
L'entreprise a annoncé une expansion significative avec 21 nouveaux navires, représentant une croissance de 36% en dwt, portant sa flotte proforma à 82 navires. Un développement majeur comprend la sécurisation de contrats pour neuf tankers de navette DP2 avec Transpetro du Brésil, d'une valeur estimée à 2,0 milliards de dollars en revenus. Le Conseil a autorisé un dividende sur actions ordinaires de 0,60 dollar par action, payable en juillet 2025.
La position financière de TEN reste solide avec 348,3 millions de dollars en réserves de liquidités au 31 décembre 2024. L'entreprise a récemment vendu un tanker Suezmax construit en 2009, générant 30,0 millions de dollars en liquidités libres et 2,5 millions de dollars en gains en capital.
TEN berichtete über starke Finanzergebnisse für 2024, mit einem Nettogewinn von 176,2 Millionen Dollar (5,03 Dollar pro Aktie) und einem Bruttoumsatz von 804,1 Millionen Dollar. Das Unternehmen erreichte ein bereinigtes EBITDA von 400 Millionen Dollar und hielt eine gesunde Flottenauslastung von 92,5%. Das Betriebsergebnis betrug 278,6 Millionen Dollar, einschließlich 48,7 Millionen Dollar an Kapitalgewinnen aus dem Verkauf von Schiffen.
Das Unternehmen kündigte eine bedeutende Expansion mit 21 neuen Schiffen an, was einem Wachstum von 36% in dwt entspricht und die proforma Flotte auf 82 Schiffe bringt. Eine wichtige Entwicklung ist die Sicherung von Verträgen für neun DP2 Shuttle-Tanker mit Transpetro aus Brasilien, die voraussichtlich 2,0 Milliarden Dollar an Einnahmen einbringen werden. Der Vorstand genehmigte eine Dividende von 0,60 Dollar pro Aktie, die im Juli 2025 ausgezahlt wird.
Die finanzielle Lage von TEN bleibt solide mit 348,3 Millionen Dollar an liquiden Mitteln zum 31. Dezember 2024. Das Unternehmen hat kürzlich einen 2009 gebauten Suezmax-Tanker verkauft, der 30,0 Millionen Dollar an freiem Cashflow und 2,5 Millionen Dollar an Kapitalgewinnen generierte.
- Strong net income of $176.2M ($5.03 per share) in 2024
- Secured $2.0B contract with Transpetro for nine shuttle tankers
- Significant fleet expansion of 21 vessels (36% dwt growth)
- Healthy cash reserves of $348.3M
- 2.8% reduction in vessel operating expenses per ship
- Sale of 2009 suezmax generating $30M free cash
- Higher total finance costs of $112.2M due to high interest rates
- Increased total debt to $1.8B due to fleet expansion
- Lower fleet utilization (92.5%) due to dry-docking activities
- Q4 2024 showed lower TCE rates at $30,107 per day compared to earlier quarters
Dynamic 21 vessel expansion -
Adjusted EBITDA of
Annual EPS of
Nine DP2 shuttle tankers on long-term employment to Brazil’s Transpetro with expected contracted revenues of
Sale of 2009-built suezmax generates
Uninterrupted dividend payments since NYSE listing in 2002
Market fundamentals remain strong
ATHENS, Greece, March 27, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE: TEN) (the “Company”) today reported results (unaudited) for the twelve months and fourth quarter ended December 31, 2024.
TWELVE MONTHS 2024 SUMMARY RESULTS
TEN generated
Fleet utilization for the twelve months of 2024, reflecting heightened dry-docking activity and repositioning voyages, was at
Adjusted EBITDA for 2024 reached approximately
Vessel operating expenses for 2024 totaled
Depreciation and amortization combined for 2024 were
During 2024, scheduled debt repayments amounted to
Total finance costs for 2024 amounted to
Cash reserves as of December 31, 2024, and after payments of
Q4 2024 SUMMARY RESULTS
In the fourth quarter of 2024, TEN’s fleet which had on average two more vessels from the 2023 equivalent quarter and four vessels on drydock, generated gross revenues of
As a result of the four vessels undergoing scheduled dry dockings during this 2024 fourth quarter, fleet utilization settled at
Vessel operating expenses for the fourth quarter of 2024 were
Depreciation and amortization costs combined were
Despite new loans for vessel acquisitions, interest and finance costs during the fourth quarter of 2024, were
DIVIDEND – COMMON SHARES
In line with the Company’s semi-annual common stock dividend policy, TEN’s Board of Directors has authorized the payment of
SUBSEQUENT EVENTS
After participating in an international tender, on March 14, 2025, TEN was selected by Petrobras Transporte S.A. (“Transpetro”), Brazil’s largest oil and gas transportation company, to build nine DP2 methanol ready shuttle tankers which upon delivery will commence 15-year employment with estimated gross revenues of
The Transpetro vessels are scheduled to be delivered between 2027 and 2028. The total contract price for all nine vessels is in the region of
On March 26, 2025, the Company sold to third party interests a 2009-built suezmax tanker for a price, which after payment of outstanding debt, will generate free cash of about
STRATEGY & OUTLOOK
In a tanker market with continuing favorable fundamentals, shipyards operating at capacity and not being able to deliver new vessels before the second half of 2027, the ongoing alternative fuels debate pulling the brakes on potential overordering and OPEC+ gradually reversing the output cuts in place since 2022, the outlook for the tanker market continues to remain positive.
On top of that, the various geopolitical events around the globe which have been additive to the strong market over the last few years are not expected to dissipate anytime soon and remain, in some capacity, alive to provide support to both charter rates and asset values.
In this favorable environment, TEN continues to adopt its client driven policy to build vessels for the long term needs of its blue-chip customers and target accretive growth opportunities in the various sectors it operates. In addition, and taking advantage of still healthy asset prices, management is exploring divesting some of its first-generation tankers to make space for new, more eco-friendly ones both in the conventional and the specialized tanker front.
This timely “sales and purchase” activity over the years has enabled TEN to build modern vessels that added an edge, making TEN one of the largest, diversified and versatile energy transporters in the world. In 2007, the acquisition and construction of nine ice-strengthened vessels from Western Petroleum established TEN as one of the major ice-class tanker owners globally. In 2014, an Equinor order for nine aframax vessels for long-term employment solidified TEN as one of this prime name major vessel providers. In early 2024, a five-vessel modern fleet acquisition from Norway’s Viken Crude made TEN one of the biggest operators of dual-fuel LNG vessels in the water while the nine DP2 suezmax shuttle tankers announced recently, on top of the three under construction and four already in the water, make TEN one of the largest operators of suezmax DP2 shuttle tankers globally.
This latest shuttle tanker order in particular, is a testament to TEN’s industrial approach which on the one hand provides cashflow stability, visibility and enhanced long term relations with significant and private energy concerns, while on the other, creates a platform to smooth the cyclicality inherent in the conventional tanker sector.
“This period has been a milestone year for TEN with the largest growth program in its history representing 21 vessels of 2.6 million dwt under construction resulting in a proforma fleet of 82 vessels with a minimum revenue backlog of
TEN’s CURRENT NEWBUILDING PROGRAM
# | Name | Type | Delivery (exp) | Status | Employment |
CONVENTIONAL TANKERS | |||||
1 | Dr Irene Tsakos | Suezmax – Scrubber Fitted | Q2 2025 | Under Construction | Yes |
2 | Silia T | Suezmax – Scrubber Fitted | Q4 2025 | Under Construction | Yes |
3 | TBN | MR – Scrubber Fitted | Q1 2026 | Under Construction | In Negos |
4 | TBN | MR – Scrubber Fitted | Q1 2026 | Under Construction | In Negos |
5 | TBN | Panamax LR1 – Scrubber Fitted | Q2 2027 | Under Construction | In Negos |
6 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2027 | Under Construction | In Negos |
7 | TBN | Panamax LR1 – Scrubber Fitted | Q4 2027 | Under Construction | In Negos |
8 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | In Negos |
9 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | In Negos |
SHUTTLE TANKERS | |||||
1 | Athens 04 | DP2 Shuttle Tanker | Q2 2025 | Under Construction | Yes |
2 | Paris 24 | DP2 Shuttle Tanker | Q2 2025 | Under Construction | Yes |
3 | Anfield | DP2 Shuttle Tanker | Q3 2026 | Under Construction | Yes |
4 | TBN | DP2 Shuttle Tanker | Q3 2027 | Under Construction | Yes |
5 | TBN | DP2 Shuttle Tanker | Q4 2027 | Under Construction | Yes |
6 | TBN | DP2 Shuttle Tanker | Q1 2028 | Under Construction | Yes |
7 | TBN | DP2 Shuttle Tanker | Q2 2028 | Under Construction | Yes |
8 | TBN | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
9 | TBN | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
10 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
11 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
12 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 32-years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 82 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 10.1 million dwt.
ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Conference Call Details:
As announced previously, today, Thursday, March 27, 2025 at 11:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877-405-1226 (US Toll-Free Dial In) or +1 201-689-7823 (US and Standard International Dial In). Please quote “Tsakos” to the operator and/or conference ID 13752384. Click here for additional participant International Toll-Free access numbers.
Simultaneous Slides and Audio Webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.tenn.gr and click on Webcasts & Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
For further information, please contact:
Tsakos Energy Navigation Ltd.
George Saroglou, President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis - Markella Kara
+212 661 7566
ten@capitallink.com
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES | ||||||||||||||||
Selected Consolidated Financial and Other Data | ||||||||||||||||
(In Thousands of U.S. Dollars, except share, per share and fleet data) | ||||||||||||||||
Three months ended | Year ended | |||||||||||||||
December 31 (unaudited) | December 31 (unaudited) | |||||||||||||||
STATEMENT OF OPERATIONS DATA | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Voyage revenues | $ | 188,260 | 220,241 | 804,061 | $ | 889,566 | ||||||||||
Voyage expenses | 34,393 | 36,674 | 152,875 | 155,724 | ||||||||||||
Charter hire expense | 3,355 | 6,079 | 17,966 | 24,680 | ||||||||||||
Vessel operating expenses | 50,632 | 49,300 | 198,049 | 194,914 | ||||||||||||
Depreciation and amortization | 41,547 | 37,540 | 159,902 | 144,241 | ||||||||||||
General and administrative expenses | 15,920 | 7,502 | 45,373 | 33,339 | ||||||||||||
Gain on sale of vessels | - | - | (48,662 | ) | (81,198 | ) | ||||||||||
Impairment charges | - | 26,367 | - | 26,367 | ||||||||||||
Total expenses | 145,847 | 163,462 | 525,503 | 498,067 | ||||||||||||
Operating income | 42,413 | 56,779 | 278,558 | 391,499 | ||||||||||||
Interest and finance costs, net | (24,744 | ) | (27,928 | ) | (112,151 | ) | (100,821 | ) | ||||||||
Interest income | 3,972 | 4,472 | 15,124 | 14,582 | ||||||||||||
Other, net | (22 | ) | (149 | ) | 99 | (176 | ) | |||||||||
Total other expenses, net | (20,794 | ) | (23,605 | ) | (96,928 | ) | (86,415 | ) | ||||||||
Net income | 21,619 | 33,174 | 181,630 | 305,084 | ||||||||||||
Less: Net income attributable to the noncontrolling interest | (2,348 | ) | (1,412 | ) | (5,399 | ) | (4,902 | ) | ||||||||
Net income attributable to Tsakos Energy Navigation Limited | $ | 19,271 | 31,762 | 176,231 | $ | 300,182 | ||||||||||
Effect of preferred dividends | (6,750 | ) | (6,750 | ) | (27,000 | ) | (30,184 | ) | ||||||||
Undistributed income allocated to non-vested restricted common stock | - | - | (959 | ) | - | |||||||||||
Deemed dividend on Series D preferred shares | - | - | - | (3,256 | ) | |||||||||||
Net income attributable to common stockholders of Tsakos Energy Navigation Limited | $ | 12,521 | 25,012 | 148,272 | $ | 266,742 | ||||||||||
Earnings per share, basic and diluted | $ | 0.42 | 0.85 | 5.03 | $ | 9.04 | ||||||||||
Weighted average number of common shares, basic | 29,505,603 | 29,505,603 | 29,505,603 | 29,505,603 | ||||||||||||
Weighted average number of common shares, diluted | 29,628,104 | 29,505,603 | 29,505,603 | 29,505,603 | ||||||||||||
BALANCE SHEET DATA | December 31 | December 31 | ||||||||||||||
2024 | 2023 | |||||||||||||||
Cash | 348,312 | 376,694 | ||||||||||||||
Other assets | 192,035 | 236,800 | ||||||||||||||
Vessels, net | 2,919,783 | 2,600,021 | ||||||||||||||
Advances for vessels under construction and acquisitions | 246,392 | 150,575 | ||||||||||||||
Total assets | $ | 3,706,522 | 3,364,090 | |||||||||||||
Debt and other financial liabilities, net of deferred finance costs | 1,747,094 | 1,562,657 | ||||||||||||||
Other liabilities | 192,231 | 148,786 | ||||||||||||||
Stockholders' equity | 1,767,197 | 1,652,647 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 3,706,522 | 3,364,090 | |||||||||||||
Three months ended | Year ended | |||||||||||||||
OTHER FINANCIAL DATA | December 31 | December 31 | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net cash provided by operating activities | $ | 87,805 | 92,204 | 307,684 | $ | 395,279 | ||||||||||
Net cash used in investing activities | $ | (18,745 | ) | (83,600 | ) | (441,606 | ) | $ | (137,441 | ) | ||||||
Net cash (used in) provided by financing activities | $ | (66,649 | ) | (25,415 | ) | 105,540 | $ | (190,583 | ) | |||||||
TCE per ship per day | $ | 30,107 | 35,565 | 32,550 | $ | 36,822 | ||||||||||
Operating expenses per ship per day | $ | 9,480 | 9,607 | 9,350 | $ | 9,617 | ||||||||||
Vessel overhead costs per ship per day | $ | 2,791 | 1,365 | 2,005 | $ | 1,535 | ||||||||||
12,271 | 10,972 | 11,355 | 11,152 | |||||||||||||
FLEET DATA | ||||||||||||||||
Average number of vessels during period | 62.0 | 59.7 | 61.8 | 59.5 | ||||||||||||
Number of vessels at end of period | 62.0 | 60.0 | 62.0 | 60.0 | ||||||||||||
Average age of fleet at end of period | Years | 10.2 | 10.7 | 10.2 | 10.7 | |||||||||||
Dwt at end of period (in thousands) | 7,613 | 7,408 | 7,613 | 7,408 | ||||||||||||
Time charter employment - fixed rate | Days | 2,946 | 2,641 | 11,475 | 9,703 | |||||||||||
Time charter and pool employment - variable rate | Days | 1,507 | 1,424 | 5,744 | 6,311 | |||||||||||
Period employment coa at market rates | Days | 123 | 83 | 123 | 230 | |||||||||||
Spot voyage employment at market rates | Days | 747 | 1,253 | 3,582 | 4,659 | |||||||||||
Total operating days | 5,323 | 5,401 | 20,924 | 20,903 | ||||||||||||
Total available days | 5,704 | 5,495 | 22,625 | 21,713 | ||||||||||||
Utilization | 93.3 | % | 98.3 | % | 92.5 | % | 96.3 | % | ||||||||
Non-GAAP Measures | ||||||||||||||||
Reconciliation of Net income to Adjusted EBITDA | ||||||||||||||||
Three months ended | Year ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income attributable to Tsakos Energy Navigation Limited | $ | 19,271 | 31,762 | 176,231 | $ | 300,182 | ||||||||||
Depreciation and amortization | 41,547 | 37,540 | 159,902 | 144,241 | ||||||||||||
Interest Expense | 24,744 | 27,928 | 112,151 | 100,821 | ||||||||||||
Gain on sale of vessels | - | - | (48,662 | ) | (81,198 | ) | ||||||||||
Impairment charges | - | 26,367 | - | 26,367 | ||||||||||||
Adjusted EBITDA | $ | 85,562 | 123,597 | 399,622 | $ | 490,413 | ||||||||||
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. We are using the following Non-GAAP measures: | ||||||||||||||||
(i) TCE which represents voyage revenue less voyage expenses is divided by the number of operating days less 90 days lost for the fourth quarter and 468 days for the twelve-month of 2024 and 136 days for the prior year quarter of 2023 and 577 days for twelve-month period of 2023, respectively, as a result of calculating revenue on a loading to discharge basis. | ||||||||||||||||
(ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award. | ||||||||||||||||
(iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award. | ||||||||||||||||
(iv) Adjusted EBITDA. See above for reconciliation to net income. | ||||||||||||||||
Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. | ||||||||||||||||
The Company does not incur corporation tax. | ||||||||||||||||
