Dampskibsselskabet NORDEN A/S, Interim report - first half-year 2009
Attached please find the full report as PDF file.
Dampskibsselskabet NORDEN A/S
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NASDAQ OMX Copenhagen A/S Announcement no. 26
Nikolaj Plads 6 19 August 2009
DK-1067 Copenhagen K
Interim report - first half-year 2009
First half-year - highlights
The profit for the first half-year of 2009 was USD 133 million corresponding to
DKK 742 million. The result includes profits from the sale of vessels of USD 39
million and positive fair value adjustments of certain hedging instruments of
USD 65 million.
The total EBITDA for the first half-year was USD 44 million, which is achieved
on the basis of an EBITDA in the Dry Cargo Department and the Tanker Department
of USD 41 million and USD 8 million, respectively.
In the second quarter, the Dry Cargo Department continued the progress from the
first quarter and achieved an EBITDA of USD 32 million, which was 275% higher
than the first quarter of 2009, but 81% lower than the second quarter of 2008
when the market rates were considerably higher. NORDEN's vessel types performed
better than the spot market in the first half-year.
The Tanker Department's EBITDA in the second quarter was a loss of USD 1
million, which is significantly below both the second quarter of 2008 and the
first quarter of 2009 due to the substantially worse market conditions. In the
first half-year, NORDEN's earnings in MR and Handysize were 11% and 13%,
respectively, above the average 12-month T/C rates in the market.
The adjustment of the Dry Cargo fleet has now been completed, and NORDEN is
well equipped for future challenges in the market. At the end of the first
half-year, NORDEN operated 118 active bulk carriers against 193 bulk carriers
at the end of the first half-year of 2008. In total, 99% of the capacity in the
last part of 2009 is employed at average earnings of USD 26,725.
In the first half-year, the Company's operations generated a positive cash flow
of USD 109 million. After payment of dividends of USD 98 million, prepayments
on newbuildings and proceeds from sale of vessels, the total cash and cash
equivalents (including securities) decreased to USD 800 million from USD 829
million at the turn of the year.
The theoretical Net Asset Value (including purchase options) is estimated to be
DKK 275 per share at the end of the half-year.
The expectations for 2009 have not changed since the guidance on 13 August:
EBIT is expected to be USD 122-172 million, including profit from sale of
vessels of approximately USD 67 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.
Mogens Hugo Carsten Mortensen
Chairman of the Board President & CEO
Today at 11.00 hours (CET), NORDEN will hold an information meeting at 52,
Strandvejen, DK-2900 Hellerup, where CEO Carsten Mortensen, CFO Michael Tønnes
Jørgensen and Senior Vice President Martin Badsted will comment on the report
for the first half-year and the expectations for the whole year.
Furthermore, a telephone conference will be held at 15.30 hours (CET). 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 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
52, Strandvejen
DK-2900 HELLERUP
CVR no. 67758919
www.ds-norden.com
