Annual Report 2007 and Expectations for 2008

10 Mar 2008

Some highlights:

Annual Report for 2007

• The profit for the year after tax amounted to USD 703 million (DKK 3,830 million), against the previously reported estimate of USD 670-700 million.
• The return on average equity was 70% (27% in 2006).
• EBITDA was USD 538 million (USD 166 million).
• The Board of Directors propose an ordinary dividend of DKK 35 per share, corresponding to a 44% payout ratio for the year.

Expectations for 2008

• NORDEN has, to a large extent, secured employment at high freight rates - particularly in the dry cargo segment.
• In 2008, NORDEN expects an EBITDA of USD 650-730 million.
• NORDEN expects a profit for the year after tax in the region of USD 750-830 million, including realised profits from the sale of vessels of USD 127 million and a negative fair value adjustment of certain hedging instruments of USD -21 million.

pdf Announcement No 7
pdf Full Annual Report 2007

Telephone conference and webcast of presentation

Today at 16:00 CET a telephone conference will be held where President & CEO Carsten Mortensen and CFO Ivar Hansson Myklebust will present and comment on the report as well as answer questions. More information