Annual Report 2008 and Expectations for 2009

10 Mar 2009

Some highlights:

Annual Report for 2008

• Although below expectations, NORDEN's profit was the best to date. The net profit for the year  was up approximately 1% to USD 708 million or DKK 3,609 million. The return on average equity was 47%. 
• The Tanker Department achieved its highest operating profit to date, whereas the Dry Cargo fourth quarter earnings were heavily impacted by the dry cargo market meltdown. NORDEN's total EBITDA therefore dropped by 6% to USD 506 million. 
• Profits from the sale of vessels, etc. rose by 78% to USD 290 million, contributing to an increase of 13% in NORDEN's operating profit (EBIT) to USD 773 million, corresponding to an EBIT margin of 18%.
• Cash and cash equivalents rose by USD 187 million to USD 807 million.
• The Board of Directors proposes an ordinary dividend of DKK 13 per share (DKK 35). 

Expectations for 2009

• At 1 March 2009, NORDEN had secured employment of 101% of the year's ship days in Dry Cargo, whereas the coverage in Tankers was 35%.
• The economic crisis has caused significant uncertainty and affected customers in both segments. Although the known capacity in Dry Cargo has been covered, it is uncertain to what extent the Company's cargo programme and contracted T/C income will actually be realised if the current very low market rates and demand for key commodities prevail. The Tanker Department's market outlook is also subject to significant uncertainty. The Company has allowed for this uncertainty by indicating wider margins than normally for expected earnings.
• Expected EBITDA is USD 100-340 million (USD 100-300 million in Dry Cargo and USD 20-50 million in Tankers). 
• Expected profits from the sale of vessels are USD 25 million, and expected EBIT is USD 85-325 million. 

Announcement No 6 (15.9 Kb)
Full Annual Report 2008 (2.39 Mb)

Telephone Conference and Webcast at 15:30

NORDEN will hold a telephone conference in English at 15:30 CET where President & CEO Carsten Mortensen and SVP Martin Badsted will present and comment on the report as well as answer questions.

The conference will be transmitted via webcast. More

Information meeting for press and analysts at 11:00 - live transmission via webcast

An information meeting for invited guests from the press, analysts and investors will be held in the board room of NORDEN's head quarters at 52, Strandvejen, DK-2900 Hellerup on 10 March 2009 at 11:00.

The information meeting will be transmitted live live via webcast - and will furthermore be recorded and made available after the live transmission. More