Managing Director's Financial Report 2005

INTERTANKO’s financial statements are presented on the basis of continuing business. The Secretariat’s personnel have not been subject to any mishaps or accidents in their working environment during the year. Health and safety policies and procedures are subject to regular review. The working environments in the respective offices are considered to be good.

It is the Management’s opinion that the financial statement, as presented, provides adequate information to assess the Association’s financial situation and the result for the year. Nothing has happened after the year-end which would materially effect the Association’s financial situation or the result for the year.

INTERTANKO’s Management has recommended that the surplus of USD 583 041 for 2005 be transferred to the Capital Fund, which at the end of the year stands at USD 1 460 525.

Peter Swift
Managing Director
27 February, 2006

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INTERTANKO Profit and Loss Account for the Year Ending 31 December 2005

Expressed in USD

	2005		2004	Note
I N C O M E
Membership Fees	3 894 516		3 694 522
Associate Membership Fees	735 318		666 591
Surcharge	448 045		0
Membership FDIP	143 999		152 000
Service Charge	476 321		330 925
Publications	472 016		408 477
Advertising	118 881		102 993
INTERTANKO Courses	1 898		2 234
Tanker Events- Income	388 372		274 348
Total Operating Income	6 769 366		5 632 090
E X P E N S E S
Salaries & Benefits	2 811 672		2 532 710	2
Social Security / Pensions	829 663		716 178
Meetings	179 153		141 520
Tanker Events- Expenses	298 389		329 453
Travels	446 828		377 355
Regional Representation	87 433		92 320
Consultancy	533 673		636 999
Representation U.S. Legislation	15 667		42 330
Public Relations	12 070		12 131
Projects / Research	56 641		38 185
Subscriptions	44 231		26 628
Printing	81 562		98 378
Post / Telephone	165 086		195 426
Office Expense / Rent	702 567		643 736
Total Operating Expenses	-6 264 635		-5 883 348
Operating Surpuls / Deficit	504 731		-251 258
Interest Income	41 821		8 279
Exchange Gains	112 717		10 754
Sum Non-Operating Income	154 538		19 033
Interest Expenses / Bank Charges	34 335		33 279
Depreciation	41 893		45 622
Sum Interest Exp. & Depreciation	-76 228		-78 901
Surplus / Deficit before Extraordinary Items	583 041		-311 126
Extraordinary Items	0		-149 196
Surplus / Deficit for the Year	583 041		-460 322

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INTERTANKO Balance Sheet as of 31 December 2005

Expressed in USD

	2005		2004	Note
A S S E T S
Fixed Assets
Office Furniture & Data Equipment	180 111		222 004	3
Total Fixed Assets	180 111		222 004
Long-term Investments
Long-term Mortgage Loans to Employees	2 506		3 362	4
Total Long-term Investments	2 506		3 362
Current Assets
Other Short-term Receivables	313 512		360 976
Accounts Receivable	194 791		48 100
Cash and Bank	1 587 966		936 395	5
Total Current Assets	2 096 269		1 345 472
TOTAL ASSETS	2 278 886		1 570 837
L I A B I L I T I E S  A N D  C A P I T A L
Capital
Capital Fund 01.01.--	887 484		1 337 806
Surplus/Deficit for the Year	583 041		-460 322
Capital Fund 31.12.--	1 460 525		877 484
Current Liabilities
Accounts Payable	22 295		67 834
Withheld Taxes, Social Security & Holiday Pay	185 143		227 152
Accrued Expenses & Deferred Income	610 923		398 367
Total Current Liabilities	818 361