Annual report 2009 and outlook for 2010
Attached please find the full report as PDF file.
Dampskibsselskabet NORDEN A/S
_______________________________________________________________________________
NASDAQ OMX Copenhagen A/S Announcement no. 8
Nikolaj Plads 6 9 March 2010
1067 Copenhagen K
Annual report 2009 and outlook for 2010
Today, the Board of Directors approved the annual report for 2009. The full
report is attached as PDF file and contains the following highlights:
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| Key figures and | Highlights: |
| ratios (USD million) | |
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| Dry Cargo EBITDA | As expected, the fourth quarter was the best of the |
| Q4 61 | year affirming the positive trend in operating |
| Full year 139 | earnings (EBITDA) seen throughout the year. |
| | |
| Tanker EBITDA | The earnings growth in the fourth quarter was |
| Q4 -5 | generated by the Dry Cargo Department, whereas |
| Full year -4 | earnings in the Tanker Department were affected by |
| | the poor spot rates during most of the quarter. |
| NORDEN EBITDA | |
| Q4 53 | For 2009 as a whole, operating earnings (EBITDA) were |
| Full year 126 | in line with the most recent announced expectations. |
| | Earnings for the year were above the spot rates for |
| | the most significant vessel types in Dry Cargo and |
| | Tankers. |
| | |
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| EBIT 157 | EBIT amounted to USD 157 million, which is at the |
| | high end of the most recent forecast interval of USD |
| | 150-160 million. |
| | |
| Net profit 217 | Net profit of USD 217 million represents a return on |
| | equity of 12.4%. |
| | |
| Dividend | The Board of Directors proposes a dividend of DKK 7 |
| per share DKK 7 | per share. This corresponds to approximately |
| | 25% of the net profit being distributed to the |
| | shareholders (excluding treasury shares). |
| | |
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| Theoretical | Theoretical NAV of DKK 268 per share, of which DKK 58 |
| NAV DKK 268 | are estimated values of charter parties with purchase |
| | and extension option. |
| | |
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| Cash & | Cash and securities of a total of USD 736 million at |
| securities 736 | year-end. |
| | |
| Credit facility of | A credit facility of USD 200 million is expected to |
| 200 million | be finalised in the second quarter of 2010 and will |
| | provide the Company with added flexibility to pursue |
| | attractive investment opportunities. |
| | |
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| Settlement with RTI | A settlement with RTI will provide NORDEN with a cash |
| Ltd. (Rusal) | payment of USD 23 million and a contract of 2 million |
| | tonnes of cargo. The settlement has been included in |
| | the outlook for 2010. |
| | |
| Outlook 2010 | NORDEN plans to increase activities within both |
| EBITDA 155-205 | segments in 2010. EBITDA in Dry Cargo is expected to |
| Sales profits 26 | increase to USD 190-220 million, EBITDA in Tankers is |
| EBIT 135-185 | expected to decrease to negative USD 5-25 million, |
| | and NORDEN's EBITDA is expected to increase to USD |
| | 155-205 million. EBIT is expected to amount to USD |
| | 135-185 million due to fewer known profits from the |
| | sale of vessels and increased depreciation on a |
| | growing fleet of owned vessels. |
| | |
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| 2010 coverage | Coverage for both 2010 and 2011 has increased since |
| at 1 March | the turn of the year. |
| Dry Cargo 79% | |
| Tanker 43% | |
| | |
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Today at 15.30 hours (CET), NORDEN will hold a telephone conference. By 15.25
hours (CET) at the latest, Danish participants should dial +45 3271 4767 while
participants from abroad should dial +44 (0) 208 817 9301 or +1 718 354 1226.
The telephone conference can be followed live at the website www.ds-norden.com.
The telephone conference will be recorded and made available on our website
subsequently.
Further information: CEO Carsten Mortensen, tel. +45 3315 0451.
_______________________________________________________________________________
Dampskibsselskabet NORDEN A/S
52, Strandvejen
DK-2900 HELLERUP
CVR no. 67758919
www.ds-norden.com
