Attached please find below text as part of the full interim report.
NORDEN
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Copenhagen Stock Exchange Announcement no. 21
Nikolaj Plads 6 24 May 2007
1067 Copenhagen K
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Interim report - first quarter 2007
The first quarter - highlights
The profit for the first quarter was USD 136 million and is the best interim
result in the Company's history. The profit includes profits from the sale of 3
vessels of USD 68 million and a fair value adjustment of certain hedging
instruments of USD -6 million. In the same period last year, profits from the
sale of vessels amounted to USD 25 million and fair value adjustments to an
income of USD 3 million.
The net profit of - translated - DKK 759 million corresponds to an earning of
DKK 18 per share (DKK 8 in the same period last year).
EBITDA for the first quarter was USD 88 million - an increase of 152% compared
to the same period last year. To this date, the highest operating earnings
achieved within a quarter.
The EBITDA for the Dry Cargo Department as well as the Tanker Department has
increased compared to the first quarter last year. For the first quarter, the
EBITDA for the Dry Cargo Department increased by 213% to USD 72 million, while
the EBITDA for the Tanker Department increased by 44% to USD 19 million - which
can be ascribed to a stronger dry cargo market, higher realised T/C
equivalents for tankers, and more ship days within both segments.
In the first quarter, the Company's operations generated a positive cash flow
of USD 63 million.
The active fleet has been expanded from 153 vessels to 167 during the quarter.
At the same time, the number of vessels for delivery has been increased from
67 to 84 vessels, amongst other means, by contracting 11 newbuildings.
As at 31 March, the Company's 14 owned vessels and 25 owned newbuildings are
estimated to have an added value of USD 523 million, compared to the book value
of the vessels and the newbuilding price estimates, resulting in a Net Asset
Value per share (excluding value of purchase options for vessels) of DKK 177,
against DKK 132 at the same time last year.
At the end of the first quarter and according to a theoretical valuation, the
Company's 74 charter parties with purchase option had a value of USD 1,502
million, corresponding to DKK 194 per share. The total theoretical Net Asset
Value was thus DKK 371. The calculation of theoretical value is subject to
significant uncertainty, however.
For 2007, NORDEN revises upward the expected annual result to be in the range
of USD 430-460 million, including realised profits from the sale of vessels of
USD 120 million and a fair value adjustment of certain hedging instruments of
USD 2 million. The upward adjustment of USD 30 million is primarily due to a
stronger dry cargo market.
Mogens C. Hugo Carsten Mortensen
Chairman of the Board President
Today at 15.00 hours (CET), NORDEN will hold a telephone conference where CEO
Carsten Mortensen and Vice President Martin Badsted will comment on the first
quarter and the expectations for the whole year. By 14.55 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
Dampskibsselskabet ”NORDEN” A/S, Interim report - first quarter 2007
| Source: Dampskibsselskabet NORDEN A/S
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