Income statementTORM's revenue for 2012 was USD 1,121 million, compared to USD 1,305 million in 2011. The weaker performance was primarily due to a 16% drop in the number of available earning days. Earnings at the so-called TCE (Time Charter Equivalent) level were USD 466 million in 2012, against USD 644 million in 2011. The mentioned decrease in available earning days corresponded to a reduction in TCE earnings of USD 102 million and lower freight rates in both the Tanker and Bulk Divisions, corresponding to a reduction in TCE earnings of USD 68 million. EBITDA, i.e. earnings before interest, depreciation, amortization and tax, was a loss of USD 49 million excluding restructuring effects, compared to a loss of USD 44 million in 2011. At an EBITDA level, the restructuring had an additional negative impact of USD 145 million on the financial statements for 2012. Total administrative expenses amounted to USD 67 million, which was a decrease of USD 4 million or 6% compared to the USD 71 million in 2011, mainly due to a reduction in the number of employees and despite the inflationary pressure. Since 2008, TORM has cut its administrative expenses by 26% or USD 23 million. TORM incurred a loss before tax of USD 579 million in 2012, compared to a loss of USD 451 million in 2011. This is in line with the revised forecast as of 27 February 2013. The results include special items of USD 210 million from the restructuring and recognized impairment charges of USD 116 million related to FR8 and the assets held for sale. The operating loss of USD 253 million excluding special items of USD -326 million was driven by the adverse market conditions during 2012 in both the product tanker and dry bulk segments. As previously mentioned, the results of both the Bulk and Tanker Divisions were significantly adversely affected by TORM's challenging financial position until the completion of the restructuring towards the end of the year.