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Interim report – First quarter of 2017

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Attached please find the full report as PDF file.

________________________________________________________________________________

Announcement no. 6

3 May 2017

 

Interim report – First quarter of 2017

Today, the Board of Directors approved the interim report for the first quarter of 2017. The full report in English is attached as PDF file and contains the following highlights:

  • Results

Adjusted result for Q1 2017: USD 1 million (Q1 2016: USD -5 million)

- Dry Cargo: USD -9 million (USD -20 million)

- Tankers: USD 10 million (USD 15 million)

Group EBIT Q1 2017: USD 0 million (USD -1 million)

  • Markets

- Coverage prevented NORDEN from benefitting from a dry cargo market that continued a gradual improvement on the back of strong year-on-year increase in Chinese imports.

- Tanker fleet well positioned to exploit local and temporary rate spikes in an otherwise challenging tanker market.

  • Performance

NORDEN TCE vs. benchmark:

- Dry Cargo +22%*

- Tankers +10%

  • Capacity and cover rest of year

- Dry Cargo: 80% of 26,199 days

- Tankers: 20% of 9,520 days

  • Vessel values and forward rates

11% increase in dry cargo values and 5% decrease in tanker values. Increasing forward rates benefitting 62,243 open days in Dry Cargo until 2022.

  • Guidance

Expectations for the adjusted result for the year maintained at USD -20 to +40 million with a dry cargo market that is expected to offer rates a little higher than in 2016 and a tanker market that still looks challenging throughout 2017.

CEO Jan Rindbo in comment:

”On the back of strong performance by our Tanker business in a challenging market, we present our first quarterly adjusted profit since 2015. In Tankers, we were able to make the most of regional and temporary market spikes and benefitted from the decision to increase our chartered fleet at relatively low costs at the end of 2016. In Dry Cargo, we did not benefit from the improving rates in the first quarter, but they have increased the value of NORDEN’s forward position in a year that overall still looks challenging in both segments.”

A telephone conference will be held today at 3:30 p.m. (CET), where CEO Jan Rindbo and CFO Martin Badsted will comment on the report. It is requested that all participants have joined the meeting by latest 3:25 p.m. (CET) – Danish participants please dial in on +45 3271 1660, overseas participants please dial in on +44 (0)20 3427 1915 or +1 646 254 3360. The telephone conference will be shown live at www.ds-norden.com, where the accompanying presentation will also be available.

For further information: CEO Jan Rindbo, tel. +45 3315 0451.

 

Key figures and ratios for the Group

USD million

1/1-31/3 2017 

 

1/1-31/3 2016 

 

Change Q1 2016-2017

 

1/1-31/12  2016

 

 

 

 

 

 

 

 

Income statement

 

 

 

 

 

 

 

Revenue

440.1

 

296.2

 

49%

 

1,251.2

Costs

-429.8

 

-284.8

 

51%

 

-1,220.6

Earnings before depreciation, etc. (EBITDA)

10.3

 

11.4

 

-10%

 

30.6

Profit from the sale of vessels, etc.

-0.2

 

0.8

 

-

 

-45.5

Depreciation and write-downs

-10.6

 

-13.3

 

20%

 

-49.6

Earnings from operations (EBIT)

0.1

 

-1.3

 

-

 

-64.5

Fair value adjustment of certain hedging instruments

-

 

9.1

 

-

 

34.5

Net financials

1.6

 

-2.4

 

-

 

-12.3

Results before tax

1.7

 

5.4

 

-69%

 

-42.2

Results for the period

0.7

 

4.6

 

-85%

 

-45.6

Adjusted result for the period*

0.9

 

-5.3

 

-

 

-34.6

 

 

 

 

 

 

 

 

Statement of financial position

 

 

 

 

 

 

 

Non-current assets 

761.8

 

943.3

 

-19%

 

767.1

Total assets

1,280.7

 

1,545.7

 

-17%

 

1,301.0

Equity

792.6

 

858.9

 

-8%

 

801.4

Liabilities

488.2

 

686.8

 

-29%

 

499.6

Invested capital

739.7

 

777.3

 

-5%

 

753.8

Net interest-bearing assets

52.8

 

81.6

 

-35%

 

47.6

Cash and securities

264.0

 

375.5

 

-30%

 

263.9

 

 

 

 

 

 

 

 

Cash flows

 

 

 

 

 

 

 

From operating activities

-9.4

 

6.6

 

-

 

-79.7

From investing activities

33.0

 

8.1

 

-

 

102.1

  - hereof investments in property, equipment and vessels

-4.2

 

-52.0

 

-92%

 

-36.8

From financing activities

-5.1

 

-5.5

 

-7%

 

-85.3

Change in cash and cash equivalents for the period

18.5

 

9.2

 

80%

 

-62.9

 

 

 

 

 

 

 

 

Financial and accounting ratios

 

 

 

 

 

 

 

Share-related key figures and financial ratios:

 

 

 

 

 

 

 

Number of shares of DKK 1 each (including treasury shares)

42,200,000

 

42,200,000

 

-

 

42,200,000

Number of shares of DKK 1 each (excluding treasury shares)

40,467,615

 

40,467,615

 

-

 

40,467,615

Number of treasury shares

1,732,385

 

1,732,385

 

-

 

1,732,385

Earnings per share (EPS)(DKK)

0.0 (0)

 

0.1 (1)

 

-82%

 

-1.1 (-8)

Diluted earnings per share (diluted EPS) (DKK)

0.0 (0)

 

0.1 (1)

 

-82%

 

-1.1 (-8)

Book value per share (excluding treasury shares) (DKK) 1)

19.6 (136)

 

21.2 (139)

 

-8%

 

19.0 (134)

Share price at end of period (DKK)

141.2

 

95.5

 

48%

 

110.5

Price/book value (DKK) 1)

1.0

 

0.7

 

43%

 

0.8

 

 

 

 

 

 

 

 

Other key figures and financial ratios:

 

 

 

 

 

 

 

EBITDA-ratio 2)

2.4%

 

3.9%

 

-39%

 

2.4%

ROIC

0.0%

 

-0.7%

 

-

 

-8.4%

ROE

0.1%

 

2.1%

 

-94%

 

-5.5%

Equity ratio

61.9%

 

55.6%

 

11%

 

61.6%

Total no. of ship days for the Group

22,093

 

18,217

 

21%

 

78,765

USD/DKK rate at end of period

696.55

 

654.48

 

6%

 

705.28

Average USD/DKK rate

698.27

 

677.30

 

3%

 

673.27

  

1) Converted at the USD/DKK rate at end of period.

2) The ratios were computed in accordance with ”Recommendations and Financial Ratios 2015” published by the Danish Society of Financial Analysts. However, ”Profits from the sale of vessels, etc.” has not been included in EBITDA.

* Adjusted result for the period was computed as "Results for the period" adjusted for "Profit from the sale of vessels, etc." and until 31/12-2016 "Fair value adjustment of certain hedging instruments".

 

________________________________________________________________________________

DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO. 67758919

 

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