Dampskibsselskabet NORDEN A/S, Interim report - first half-year 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. 31
Nikolaj Plads 6                                                  20 August 2008
DK-1067 Copenhagen K 


Interim report - first half-year 2008

First half-year - highlights

The profit for the first half-year was USD 598 million. The profit is 110% up
on the same period last year and is the best half-year result in the Company's
history. The profit for the period of DKK 2.9 billion - translated -
corresponds to earnings of DKK 68 per share. 

The profit is influenced by profits from the sale of 5 vessels totalling USD
177 million and a positive fair value adjustment of certain hedging instruments
of USD 103 million, primarily as a consequence of the high oil prices at the
end of June. 

EBITDA for the first half-year increased by 57% to USD 303 million. The
increase is a result of a considerably higher freight income in a strong and
volatile dry cargo market combined with increased activity in the Dry Cargo
Department. The Tanker Department's EBITDA decreased primarily due to higher
costs of chartered tonnage and a weak spot market in the first quarter. 

The profit was achieved in volatile markets in both the dry cargo and tanker
segments. The first quarter was influenced by a substantial adjustment in the
very strong dry cargo market and a weak winter tanker market. On the other
hand, the second quarter was favourable for both the dry cargo and tanker
segments. 

In the first half-year, the Company's operations generated a positive cash flow
of USD 323 million. 

At the end of the first half-year, the active fleet consisted of 220 vessels,
and the number of vessels for delivery amounted to 97 units. 

At the beginning of August, 87% of the year's known capacity in the Dry Cargo
Department and 42% of the known capacity in the Tanker Department had been
covered. For 2009, the coverage was 53% in the Dry Cargo Department and 19% in
the Tanker Department. 

At the end of the first half-year of 2008, the Company's total theoretical Net
Asset Value (including the value of charter parties with purchase or extension
option) is estimated to be DKK 652 per share against DKK 452 per share at the
end of the first half-year of 2007. 

NORDEN increases its profit guidance for 2008 by USD 65 million and expects it
to be in the range of USD 950-1,030 million, including realised profits from
the sale of vessels of USD 269 million and a fair value adjustment of certain
hedging instruments (IAS 39) of USD 30 million. Previously, the annual profit
for 2008 was expected to be in the range of USD 885-965 million. EBITDA is
revised upwards for the tanker segment with a total of USD 15 million. The
remaining part is ascribed to the development of IAS 39 which is adjusted
upwards with USD 50 million. 


                  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, Executive Vice
President Jacob Meldgaard and Senior Vice President Martin Badsted will comment
on the first half-year 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 3271 4767 while
participants from abroad should dial +44 (0) 208 817 9301 or +1 718 354 1226.
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
                                   52, Strandvejen
                                  DK-2900 HELLERUP
                                  www.ds-norden.com