Dampskibsselskabet "NORDEN" A/S, Interim report - first quarter 2008

Attached please find the full report as PDF file.


Dampskibsselskabet ”NORDEN” A/S
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OMX Nordic Exchange Copenhagen A/S                          Announcement no. 26
Nikolaj Plads 6                                                     20 May 2008
DK-1067 Copenhagen K 




Interim report - first quarter 2008

The first quarter - highlights

The profit for the period for the first quarter was USD 200 million. The profit
is 48% up on the same period last year. The net profit of DKK 997 million -
translated - corresponds to earnings of DKK 24 per share against DKK 18 in the
first quarter of 2007. 

EBITDA for the first quarter increased by 38% to USD 121 million. The increase
is a result of considerably higher activity in the Dry Cargo Department,
showing a 41% increase in the number of ship days which were employed at higher
freight rates. The Tanker Department's EBITDA decreased due to a weaker spot
market. 

As expected, EBITDA was down by 42% on the fourth quarter of 2007 due to a
volatile dry cargo market and a declining product tanker market, which affected
the Company's vessels operating in the spot market. 

After the end of the quarter, the freight rates in both segments have increased
considerably, in the spot market and - especially with respect to dry cargo -
also in the period market. 

In the first quarter, the Company's operations generated a positive cash flow
of USD 117 million. 

At the end of the quarter, the active fleet consisted of 212 vessels, and the
number of vessels for delivery amounted to 90 units. 

At the beginning of May, 80% of the year's known capacity in the Dry Cargo
Department and 34% of the known capacity in the Tanker Department had been
covered. For 2009, the coverage was 50% in the Dry Cargo Department and 11% in
the Tanker Department. 

At the end of the period, the Company's total theoretical Net Asset Value
(including the value of charter parties with purchase or extension option) is
estimated to be DKK 659 per share. 

NORDEN maintains the previously stated profit expectations at the EBITDA and
EBIT level, however, makes an upward adjustment of the expected annual profit
for 2008 to be in the range of USD 885-965 million, including realised profits
from the sale of vessels of USD 265 million and a fair value adjustment of
certain hedging instruments of USD -21 million. The upward adjustment of USD 15
million is purely financial in character and is due to hedging of the dividend
paid. 



                    Mogens 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 and CFO Ivar H.
Myklebust will comment on the first quarter 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 9301 or +353 1 436 4265. 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