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GOOD 2009 RESULT FOR CMB

01-25-2010 11:38 AM CET | Logistics & Transport

Press release from: CMB NV

CMB’s executive committee has discussed the preliminary results for the full year 2009.

The consolidated result for 2009 is estimated to be EUR 119 million, compared to EUR 212 million in 2008.

Bocimar’s contribution to the 2009 consolidated result amounts to EUR 121 million (2008: EUR 245 million).

Bocimar’s result for the fourth quarter takes into account a total capital gain of EUR 23 million realised on the sale of the vessels Mineral London (2006 – 173,949 dwt), Mineral Azalea (1999 – 171,199 dwt) and Mineral Hong Kong (2006 – 174,333 dwt). This brings the total amount of capital gains and losses realised in the course of 2009 to EUR 33 million (2008: EUR 168 million).

At the end of December 2009 Bocimar received more than 7 million FMG shares within the framework of the new agreement concluded with FMG in February 2009 by which two 2008 voyage charter contracts were terminated and replaced by three ten-year time charter contracts – with a profit split arrangement.

This brings the total number of FMG shares in the Group’s portfolio to 42.9 million. Based on the stock’s current price these shares represent a market value of approximately EUR 138 million.

The contribution of ASL Aviation to the 2009 consolidated result amount s to EUR 8 million (2008: EUR 6 million). Despite the fact that the aviation industry is experiencing turbulent times ASL Aviation and its subsidiaries have been able to maintain or strengthen their existing contracts.

The Other activities contribute EUR -10 million (2008: EUR -39 million) to the 2009
consolidated result. This result is mainly due to the recognition of exchange rate losses on the Group’s USD cash position.

* * *
The prospects for 2010 remain favourable. As already mentioned, Bocimar has covered almost its entire fleet for 2010 at rewarding levels. Also ASL Aviation will continue to benefit from its strong contract portfolio.

CMB, Compagnie Maritime Belge, is a maritime group with its registered offices in Antwerp. The company was founded in 1895. Its shares are quoted on Euronext. The CMB share is included in the Next 150 index and is also part of the NextPrime index. The CMB Group's main activities are all directly or indirectly related to the shipping industry, i.e. transport of dry cargo and related financial activities.

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