Attached please find the full report as PDF file. Dampskibsselskabet NORDEN A/S _______________________________________________________________________________ NASDAQ OMX Copenhagen A/S Announcement no. 23 Nikolaj Plads 6 26 May 2009 DK-1067 Copenhagen K Interim report - first quarter 2009 First quarter - highlights The profit for the first quarter of 2009 was USD 73 million corresponding to DKK 415 million. The result includes positive fair value adjustments of certain hedging instruments of USD 55 million. The total EBITDA was USD 15 million. Both the Dry Cargo Department and the Tanker Department achieved an EBITDA of approximately USD 9 million. The first three months of the year have been an adjustment period in the Dry Cargo Department when NORDEN has taken advantage of the flexibility of its business model to adjust the capacity to the changed market conditions and has made settlements in a number of cargo contracts. In the first quarter, the Company's operations generated a positive cash flow of USD 61 million. Total cash and cash equivalents (including securities) increased to USD 875 million. The theoretical Net Asset Value (including purchase options) is estimated to be DKK 292 per share at the end of the quarter. In the Dry Cargo Department, the coverage for the rest of 2009 and for 2010 is 98% and 40%, respectively, at 1 April whereas the coverage in the Tanker Department is 46% and 38%, respectively. The expectations for 2009 have not changed since the guidance on 12 May: EBIT is expected to be USD 110-160 million, including profit from sale of vessels of approximately USD 55 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 because of the world financial crisis. 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 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. _______________________________________________________________________________ Dampskibsselskabet NORDEN A/S 52, Strandvejen DK-2900 HELLERUP www.ds-norden.com
Dampskibsselskabet NORDEN A/S, Interim report - first quarter 2009
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