08:58 PACIFIC BASIN<02343> - Results Announcement (2) 2 Turnover, revenues and segment information The Group is principally engaged in the provision of ship chartering services and ship management services. Revenues recognised during the year are as follows: 2004 2003 US$'000 US$'000 Turnover Freight and charter-hire income 224,762 54,188 Ship management income 9,504 - ----------------------- 234,266 54,188 Bunkers, port disbursement and other charges (45,383) - ----------------------- Turnover on a time charter equivalent basis 188,883 54,188 ----------------------- Other revenues Interest income 78 2 Dividend income from unlisted investments 227 - Other income 126 - ----------------------- 431 2 ======================= Total revenues 189,314 54,190 ======================= The acquisition of the management companies under the Further Acquisitions brought the International Handybulk Carriers ( "IHC") pool under the control of the Group. Accordingly the Group now accounts for the turnover of its portion of income in the IHC pool by showing its share of gross income, less share of voyage related costs in arriving at its turnover on a time charter equivalent ("TCE") basis. The comparative figure presented represents net income from the IHC pool which is equivalent to the TCE earnings. (a) Primary reporting format - business segments An analysis of the Group's revenues and results for the year by business segments is as follows: Ship Ship Inter-segment chartering management elimination Group 2004 2004 2004 2004 US$'000 US$'000 US$'000 US$'000 Turnover 224,762 22,486 (12,982) 234,266 Bunkers, port disbursement and other charges (45,383) - - (45,383) --------------------------------------------------------- Turnover on a time charter equivalent basis 179,379 22,486 (12,982) 188,883 ========================================================= Segment results 108,812 2,906 - 111,718 Finance costs (10,215) - - (10,215) Share of loss of an associated company - (10) - (10) Share of profits of jointly controlled entities 2,504 - - 2,504 --------- Profit before taxation 103,997 ========= No business segment analysis is presented for the year ended 31 December 2003 as all of the Group's revenues and results were primarily attributable to the provision of ship chartering services. (b) Secondary reporting format - geographical segments The Directors consider that the nature of the provision of ship chartering services and ship management services, which are carried out internationally, and the way in which costs are allocated, precludes a meaningful allocation of operating profit to specific geographical segments. Accordingly, geographical segment results are not presented. For more details, please refer to the press announcement today.