Consolidated Statement of Changes in Equity
30 June 2005
| Number of ordinary shares | Share capital US$000 | Share premium US$000 | Other reserves US$000 | Accumulated profits US$000 | Total Equity US$000 | |
| Balance - 31 December 2003 | 29 260 385 | 2 926 | 200 244 | (7 403) | (18 580) | 177 187 |
| March 2004 quarter Net Loss | - | - | - | - | (5 040)§ | (5 040)§ |
| Share-based payments | - | - | - | - | (172)§ | (172)§ |
| Share options exercised | 3 000 | - | 13 | - | - | 13 |
| Share split (a) | 29 263 385 | - | - | - | - | - |
| Capital reduction(b) | - | - | (100 000) | - | 100 000 | - |
| June 2004 quarter Net Profit | - | - | - | - | 11 500§ | 11 500§ |
| Share-based payments | - | - | - | 175§ | - | 175§ |
| Movement on cash flow hedges | - | - | - | 2 376 | - | 2 376 |
| Share options exercised | 20 600 | 1 | 44 | - | - | 45 |
| Balance - 30 June 2004 | 58 547 370 | 2 927 | 100 301 | (4 680)§ | 87 880§ | 186 428 |
| Balance - 31 December 2004(as previously reported) | 59 226 694 | 2 961 | 102 342 | (15 668) | 101 534 | 191 169 |
| Adoption of IRFS2 share-based payments | - | - | - | 1 321 | (1 321) | - |
| Balance - 31 December 2004 | 59 226 694 | 2 961 | 102 342 | (15 668)§ | 101 534§ | 191 169 |
| March 2005 Net Profit | - | - | - | - | 12 120 | 12 120 |
| SHare-based payments | - | - | - | 288 | - | 288 |
| Movement on cash flow hedges | - | - | - | 1 690 | - | 1 690 |
| Share options exercised | 176 800 | 9 | 538 | - | - | 547 |
| June 2005 Net profit | - | - | - | - | 7 122 | 7 122 |
| Share-based payments | - | - | - | 823 | - | 823 |
| Balance - 31 December 2003 | 29 260 385 | 2 926 | 200 244 | (7 403) | (18 580) | 177 187 |
| Movement on cash flow hedges | - | - | - | (52) | - | (52) |
| Share options exercised | 35 400 | 2 | 88 | - | - | 90 |
| Balance - 31 December 2003 | 29 260 385 | 2 926 | 200 244 | (7 403) | (18 580) | 177 187 |
| Restricted shares issued as remuneration # | 161 735 | 8 | - | - | - | 8 |
| Treasury shares held by company # | (107 825) | (5) | - | - | - | (5) |
| Shares vested # | - | - | 735 | (735) | - | - |
| Balance 30 June 2005 | 59 492 804 | 2 975 | 103 703 | (12 333) | 119 455 | 213 800 |
§ Reflects adoption of IFRS2 : share-based payment.
Share split : A special resolution was passed on 26 April 2004 to divide each of the ordinary shares of US$0.10 in the company into two ordinary shares of US$0.05 each.
Capital reduction : A special resolution was passed at the Annual General Meeting in April 2004, which was subsequently approved by the Court in Jersey , to extinguish accumulated losses by reducing the company's share premium account by US$100 million in order to permit future dividend payments.
# Restricted shares were issued to directors as remuneration. Of these shares, only 53 910 have vested, while the remainder of the shares are still held by the company as treasury shares. The US$0.7 million represents the costs of the shares which have vested, previously charged to other reserves.
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