SEMCO MARITIME A/S Annual Accounts 2007 CVR-no. 25 49 07 62 Management report Report, continued Development of activities and financial situation Annual result The annual result of the year amounts to DKK 1.281,6 million compared to DKK 887,7 million last year. The result from ordinary operations after tax amounts to DKK 43,4 million compared to DKK 46,8 million last year. The result in 2007 was due to a positive development of the earnings in the parent company as well as in the subsidiaries. The average number of employees in the financial year was 1361 compared to 939 in 2006. As per 31 December 2007 the number of employees in Semco Maritime was 1388 compared to 1347 employees as per 31 December 2006. The increase of activities of the parent company was as expected and has, in a market a lack of manpower, been able to increase the amount of engineers and technicians significantly. Furthermore the activities at the shipyard In Esbjerg has reached the expected level of activities. The result in 2006 was positively influenced by the proceeds from the sale of the fire fighting divisions in Odense and Hvidovre and proceeds from the sale of office buildings in Esbjerg. Incoming orders in 2007 has been very satisfactory and the company has a record large order book. Semco Maritime AS, Norway has had an increasing level of activities and a satisfactory result. Semco Maritime Middle East Ltd., UAE is in tough competition and has not shown satisfactory results. 9
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