Interim report - first quarter of 2009

26 May 2009

Some highlights

• The profit for the first quarter of 2009 was USD 73 million corresponding to DKK 415 million. The result includes positive fair value adjustments of certain hedging instruments of USD 55 million.
• The total EBITDA was USD 15 million. Both the Dry Cargo Department and the Tanker Department achieved an EBITDA of approximately USD 9 million.
• The expectations for 2009 have not changed since the guidance on 12 May: EBIT is expected to be USD 110-160 million, including profit from sale of vessels of approximately USD 55 million, and EBITDA is expected to be USD 100-150 million. The Dry Cargo Department expects an EBITDA of USD 110-150 million, whereas the Tanker Department's EBITDA is expected to be USD 0-20 million. The uncertainty regarding expectations is still more significant than usual because of the world financial crisis.

Announcement No 23 (1.18 Mb)

Telephone Conference and Webcast at 15:30

NORDEN will hold a telephone conference in English at 15:30 CET where NORDEN 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 26 May 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