Dampskibsselskabet NORDEN A/S, Interim report - third quarter 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. 34
Nikolaj Plads 6 19 November 2009
DK-1067 Copenhagen K
Interim report - third quarter 2009
Key figures and ratios (USDm) Third quarter - highlights:
Dry Cargo EBITDA For the third consecutive quarter, the Dry
Q3 2009 37 Cargo Department increased its earnings to an
Year-to-date 78 EBITDA of USD 37 million. The progress is a
result of decreasing fleet costs and long-term
coverage of the vessels at attractive rates.
In all vessel types, earnings were better than
the spot rates.
Tanker EBITDA The Tanker Department had an operating loss
Q3 2009 -6 (EBITDA) of USD -6.5 million in markets, which
Year-to-date 1 were worse than expected. However, the
International Energy Agency (IEA) is expecting
increasing oil consumption from 2010, and at
the same time, the cost base is improved due
to redelivery of 2 expensive, chartered LR1
vessels.
Net profit The total profits were slightly lower than
Q3 2009 37 expected due to the development in Tankers:
Year-to-date 169 the primary operating profit (EBIT) was USD 28
million for the quarter and USD 95 million
year-to-date. The net profit was USD 37
million for the quarter and USD 169 million
year-to-date.
Cash and securities The agreements on sale of 4 bulk carriers have
Q3 2009 776 further strengthened the Company's financial
position, and cash and cash equivalents, etc.
amounted to USD 776 million at the end of the
quarter. In comparison, outstanding payments
to the Company's newbuilding programme amount
to USD 545 million when known proceeds from
sale of vessels are deducted.
Theoretical NAV NORDEN still expects that the fourth quarter
DKK 261 per share will be the best quarter of the year earnings
wise; income from already covered ship days
(112% in Dry Cargo and 45% in Tankers)
contributes to an expected EBITDA of
approximately USD 48-58 million, and proceeds
from sale of vessels amount to USD 16 million.
Uncertainties particularly concern possible
postponements of contract cargoes and rates on
open ship days in Tankers.
Outlook 2009 The expectations for 2009 are narrowed down to
EBITDA 120-130 an EBITDA of USD 120-130 million (against
EBIT 150-160 previous USD 100-150 million) and an EBIT of
USD 150-160 million (against previous USD
122-172 million). The changes reflect a better
result in Dry Cargo and a worse result in
Tankers.
Coverage 2010 The coverage in Dry Cargo has increased to 56%
Dry Cargo 56% for 2010 (41% at the half-year) and to 30% for
Tanker 34% 2011 (21% at the half-year). The coverage in
Tankers remains unchanged at 34% for 2010.
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 third quarter 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
