The Third Five Years: 1960-1964 Mr. Yardstick’s Operational Review

Welcome ladies & gentlemen to the Benchmarkco Ltd presentation to discuss the company’s 1960-1964 5-year results. Starting with the customary disclaimers, time travelers should be aware that in today’s presentation we will be making certain backward looking statements that discuss past events and performance. These statements are subject to risk and uncertainties that could cause results of real companies to deviate from the computations of our virtual operation.

With me today is our CFO Mr Fair Squareview. During today’s meeting I will firstly review our operating performance over the last five years as well as industry trends before I pass on the presentation to Mr Squareview, who shall take you through our financial figures.

Value Destruction Galore

You cannot blame Mr Squareview for not giving you adequate warning at the end of our previous presentation. There are only three words that can describe the results of our tanker operation during the five-year period just ended: “value destruction galore.” Please turn to Figure 15, bearing in mind that the “Y axis” has shrunk while at the same time we have introduced substantially larger ships into our benchmarks with significantly higher capital costs and correspondingly higher earnings breakeven. Please also bear in mind that a couple of spikes on the chart are seasonal winter upturns while trend profitability should be judged on a year round basis.

This is only an excerpt of The Third Five Years: 1960-1964 Mr. Yardstick’s Operational Review

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