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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED AUGUST 31, 2006 AND 2005


NOTE 5: JOINT VENTURES


The following is a summary of the Company's proportionate share of the financial position, results of operations and cash flows from continuing operating, investing and financing activities of the joint ventures included in the consolidated financial statements:

(in thousands of $)

2006 2005
Current assets 42,408 39,946
Non-current assets 23,226 18,530
Current liabilities (23,650) (23,166)
Non-current liabilities (4,841) (9,396)
Net assets 37,143 25,914


(in thousands of $)

2006 2005
Revenues 71,193 66,036
Operating expenses 41,097 39,283
Depreciation and amortization 1,212 1,759
Interest income, net (374) (197)
Income tax provision 7,781 6,958
Net earnings from continuing operations 21,477 18,233
Cash provided by operating activities 14,451 17,792
Cash used for investing activities (1,194) (920)
Cash used for financing activities