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Five-Year Highlights

In thousand of $, except Ordinary Shares, per Ordinary Share data and ratios.

  2011 2010 2009 2008 2007
STATEMENT OF OPERATIONS DATA 1
Total operating revenues 810,102 1,165,215 1,133,286 2,104,018 1,299,927
Total operating expenses 901,806 888,238 896,237 1,395,831 898,904
Net operating (loss) income -399,598 307,912 240,110 850,480 519,191
Net (loss) income from
continuing operations
before income taxes and
noncontrolling interest 		-528,478 164,222 105,833 701,264 503,991
Net (loss) income from
continuing operations 		-529,010 164,004 102,701 698,770 564,976
Discontinued operations2 - - - - 5,442
Net (loss) income attributable
to Frontline Ltd.		 -529,601 161,407 102,701 698,770 570,418
Net (loss) incompe from continuing
operations per ordinary share
- basic $-6.8 $2.07 $1.32 $9.15 $7.55
- diluted $-6.8 $2,01 $1.32 $9.14 $7.55
Net (loss) income per
ordinary Share
- basic $-6.8 $2.07 $1.32 $9.15 $7.62
- diluted $-6.8 $2.01 $1.32 $9.14 $7.62
Cash dividends
declared per share		 $0.22 $2.00 $0.90 $8.25 $8.30
BALANCE SHEET DATA (at end of year)
Cash and cash equivalents 160,566 176,639 82,575 190,819 168,432
Newbuildings and vessel
purchase options		 13,049 224,319 413,968 454,227 160,298
Vessels and equipment, net 312,292 1,430,124 678,694 438,161 208,516
Vessels under capital lease, net 1,022,172 1,427,526 1,704,666 2,100,717 2,324,789
Investments in
unconsolidated subsidiaries
and associated companies		 27,340 3,408 3,923 4,467 5,633
Total assets 1,840,569 3,797,920 3,715,218 4,027,728 3,762,091
Short-term debt and current
portion of long-term debt		 19,521 173,595 123,884 293,471 96,811
Current portion of obligations
under capital lease		 55,805 193,379 285,753 243,293 179,604
Long-term debt 493,992 1,190,763 760,698 614,676 376,723
Obligations under capital leases 957,431 1,336,908 1,579,708 1,969,919 2,318,794
Share capital 194,646 194,646 194,646 194,646 187,063
Total equity attributable
to Frontline Ltd.		 200,984 747,133 741,340 702,217 445,969
Ordinary shares outstanding 77,858,502 77,858,502 77,858,502 77,858,502 74,825,169
Weighted average ordinary
shares outstanding		 77,858,502 77,858,502 77,858,502 76,352,673 74,825,169
OTHER FINANCIAL DATA
Equity to assets ratio
(percentage)3		 10.9 19.7 20.0 17.4 11.8
Debt equity ratio4 7.6 3.9 3.7 4.4 6.7
Price earnings ratio5 -0.6 12.3 20.7 3.2 6.3
Time charter equivalent revenue6 493,346 861,829 896,843 1,493,912 938,960

1 The Company completed a restructuring of its business in December 2011, which involved the sale of 15 wholly-owned special purpose companies (which owned six VLCCs, including one on time charter, four Suezmax tankers and five newbuilding contracts) to an equity method investee of the Company, and the renegitiation of the majority of the Company's charter parties relating to vessels chartered in by the Company. A summary of the major changes to the balance sheet at December 31, 2011 is as follows:

  1. The net book value of 'Vessels and equipment,net' was reduced by $864.9 million.
  2. The net book value of 'Vessels and equipment under capital lease, net' was reduced by $156.3 million.
  3. Capital lease obligations with Ship Finance International Limited, a company affiliated with us, or Ship Finance, were reduced by $232.5 million and capital lease obligations with other counter parties were reduced by $29.8 million
  4. Bank debt was eliminated.
  5. The net book value of 'Newbuildings' was reduced by $237.1 million.
  6. Newbuilding commitments were reduced by $325.5 million.

2 The Company disposed of the container vessel and rig operations of Ship Finance in the first quarter of 2007 as a result of the spin off of Ship Finance. These operations have been recorded as discontinued operations in 2007.

3 Equity to assets ratio is calculated as total equity attributable to Frontline Ltd. divided by total assets.

4 Debt to equity ratio is calculated as total interest bearing current and long-term liabilities, including obligations under capital leases, divided by equity attributable to Frontline Ltd.

5 Price earnings ratio is calculated by dividing the closing year end share price by basic earnings per share.

6 A reconciliation of time charter equivalent revenues to total operating revenues as reflected in the consolidated statements of operations is as follows:


  2011 2010 2009 2008 2007
(in thousands of $)
Total operating revenues
Less:		 810,102 1,165,215 1,133,286 2,104,018 1,299,927
Other income (20,969) (20,678) (17,068) (17,918) (8,516)
Voyage expense (295,787) (282,708) (219,375) (592,188) (352,451)
Time charter equivalent revenue 493,346 861,829 896,843 1,493,912 938,360
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