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Norden announces Annual report 2009 and outlook for 2010 |
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Wednesday, 10 March 2010 |
 Yesterday, the Board of Directors approved the annual report for 2009. The full report is attached as PDF file and contains the following highlights:
Highlights:
As expected, the fourth quarter was the best of the year affirming the
positive trend in operating earnings (EBITDA) seen throughout the year. The earnings growth in the fourth quarter was generated by the Dry Cargo Department, whereas earnings in the Tanker Department were affected by
the poor spot rates during most of the quarter. For 2009 as a whole, operating earnings (EBITDA) were in line with the
most recent announced expectations. Earnings for the year were above the spot rates
for the most significant vessel types in Dry Cargo and Tankers. EBIT amounted to USD 157 million, which is at the high end of the most
recent forecast interval of USD 150-160 million. Net profit of USD 217 million represents a return on equity of 12.4%. The Board of Directors proposes a dividend of DKK 7 per share. This
corresponds to approximately 25% of the net profit being distributed to the
shareholders (excluding treasury shares). Theoretical NAV of DKK 268 per share, of which DKK 58 are estimated
values of charter parties with purchase and extension option. Cash and securities of a total of USD 736 million at year-end. A credit facility of USD 200 million is expected to be finalised in the
second quarter of 2010 and will provide the Company with added flexibility to pursue
attractive investment opportunities.
A settlement with RTI will provide NORDEN with a cash payment of USD 23
million and a contract of 2 million tonnes of cargo. The settlement has
been included in the outlook for 2010. NORDEN plans to increase activities within both segments in 2010. EBITDA
in Dry Cargo is expected to increase to USD 190-220 million, EBITDA in Tankers
is expected to decrease to negative USD 5-25 million, and NORDEN's EBITDA
is expected to increase to USD 155-205 million. EBIT is expected to amount
to USD 135-185 million due to fewer known profits from the sale of vessels and
increased depreciation on a growing fleet of owned vessels. Coverage for both 2010 and 2011 has increased since the turn of the
year.
Source: Dampskibsselskabet NORDEN A/S
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