A year of progress 2006 was a year of progress for DFDS - the market position was further strengthened and financial performance improved considerably. Return on invested capital exceeded the cost of capital due to a high level of activity in the freight market, as well as the adaptation and streamlining of operations introduced since 2001. We successfully completed several major, forward-looking investments in 2006, which was also the year in which the fleet-renewal process instigated in 2001 was completed. The need for investment in new tonnage will therefore be more limited in the coming years.