Stock Exchange Release no. 52
Made public via OMX on 26 March 2009
Annual report of Nordic Tankers for 2008
Profit after tax amounted to USD 4.6 million for 2008, which is in accordance
with the expectations announced in stock exchange release no. 51 of 11 March
2009.
Today, the Supervisory Board of Nordic Tankers approved the annual report for
2008. The annual report in its entirety is attached as a PDF file.
•The financial results were negatively affected by the writedown of the value
of the company's chemical tankers of USD 8.5 million and weaker operating
results for the fourth quarter of 2008 because of the deteriorating market
conditions resulting from the global financial crisis.
•Moreover, the financial results were negatively affected by a number of
transactions made by the former Supervisory Board chaired by Steen Bryde,
including:
oA loss of USD 2.9 million on a holding in the listed property company Tower
Group
oProvisions of USD 2.0 million for any losses on other transactions made by the
former Supervisory Board
•The sale of the LR1 tanker NORDIC LISBETH for USD 70 million had a positive
effect on the financial statements, reflected in a gain of USD 15.1 million
after tax.
•For 2009, we expect a profit after tax between USD 0 and 3 million excluding
possible write downs on the vessels. The expected results reflect the great
uncertainty that plague the shipping industry as a result of the global
financial crisis.
•At the general meeting on 23 April 2009, the Supervisory Board is going to
present a new strategy with the overall objective of ensuring Nordic Tankers a
positive development.
”The Supervisory Board considers the financial results to be unsatisfactory.
2008 was a very turbulent year for Nordic Tankers, but in the light of the
financial crisis and the events surrounding the former board's management, the
financial results are acceptable”, says Chairman Klaus Kjærulff.
“2009 will be a challenging year, but Nordic Tankers is fundamentally a healthy
company with first-class vessels built for the future, and we look forward to
once again creating value for the company's many loyal shareholders”, continues
Klaus Kjærullf.
For further information, please see the annual report for 2008 or contact::
Chairman of the Supervisory Board Klaus Kjærulff, tel.: +45 40 10 81 11
CEO Flemming K. Sørensen, tel.: +45 40 45 53 59
