Dampskibsselskabet "NORDEN" A/S, Interim report - first half 2007

Attached please find the entire report as PDF file.


Dampskibsselskabet ”NORDEN” A/S
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OMX Nordic Exchange Copenhagen A/S                          Announcement no. 28
Nikolaj Plads 6                                                  23 August 2007
1067 Copenhagen K




Interim report - first half 2007

First half - highlights


The profit for the first half-year was USD 285 million. The best half-year
result in the Company's history. The result includes profits from the sale of 5
vessels of USD 115 million and a fair value adjustment of certain hedging
instruments of USD -8 million. In the same period last year, profits from the
sale of vessels amounted to USD 39 million and fair value adjustments of
certain hedging instruments to USD -4 million. 

The net profit of DKK 1,599 million - translated at the average rate of the
period - corresponds to an earning of DKK 38 per share. 

EBITDA for the first half-year was USD 193 million - almost a trebling compared
to the same period last year. The operating earnings are stronger than expected
for both segments. 

The EBITDA for the Dry Cargo Department as well as the Tanker Department has
increased compared to the first half-year last year. For the first half-year,
the EBITDA for the Dry Cargo Department increased by 267% to USD 162 million,
while the EBITDA for the Tanker Department increased by 57% to USD 37 million -
which can be ascribed to a stronger dry cargo market, higher realised T/C
equivalents in an otherwise declining tanker market, and more ship days within
both segments. 

In the first half-year, the Company's operations generated a positive cash flow
of USD 175 million. 

The active fleet has been expanded from 153 to 191 vessels since the beginning
of the year. At the same time, the number of vessels for delivery has been
increased from 67 to 92 vessels, among other means, by contracting 14
newbuildings. 

At the end of the period, the total theoretical Net Asset Value is estimated to
be DKK 452 per share; of this, the value of the Company's 75 charter parties
with purchase option is DKK 254 per share. 

For 2007, NORDEN revises upward the expected annual result to be in the range
of USD 535-565 million, including realised profits from the sale of vessels of
USD 140 million and a positive fair value adjustment of certain hedging
instruments of USD 2 million. The upward adjustment of USD 85 million is
primarily due to a very strong dry cargo market with record levels for freight
rates as well as vessel prices. 




Mogens C. Hugo                             Carsten Mortensen
Chairman of the Board                      President & CEO




Today at 11.00 hours (CET), NORDEN will hold an information meeting at no. 49,
Amaliegade, DK-1256 Copenhagen K, where CEO Carsten Mortensen, CFO Jens
Fehrn-Christensen and Vice President Martin Badsted will comment on the first
half-year and the expectations for the whole year. 

Furthermore, a telephone conference will be held at 16.00 hours (CET). By 15.55
hours (CET) at the latest, Danish participants should dial +45 7026 5040 while
participants from abroad should dial +44 208 817 9103. The telephone conference
can also be followed live at www.ds-norden.com where the accompanying
presentation also is available. 

Further information: 
CEO Carsten Mortensen, tel. +45 3315 0451.

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                        Dampskibsselskabet ”NORDEN” A/S
                                 49, Amaliegade
                              DK-1256 COPENHAGEN K
                                www.ds-norden.com