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Norden loss of 269m dollar in 2012

Norden loss of 269m dollar in 2012

06-03-2013 17:00:00

Norden lost 269 million dollar in 2012 compared to a net profit of 88 million dollar in 2011.
The fourth quarter of 2012 was better than expected and was the second best quarter of the year earnings-wise.

”I am pleased that the operating earnings are in the high end of the expectations and even more pleased that Norden manages to generate positive cash flows from operating activities of USD 122 million and furthermore earns USD 22 million on new activity in a declining market. We enter a challenging 2013 in a strengthened position, and we will now focus on investing in fuel efficient dry cargo vessels, of which we have already ordered 7 in recent months. Our appetite for investments will continue in 2013”, says CEO Carsten Mortensen.

EBITDA for the year amounted to USD 148 million, which was in the high end of the expectations (USD 110-150 million).

Dry Cargo generated an EBITDA of USD 131 million, which is higher than the expectations (USD 105-125 million), but 24% down from last year. Tankers generated an EBITDA of USD 28 million. The results are in line with 2011 and above the latest announced expectations for the year (USD 15-25 million).

As a result of the write-down of the book value of the vessels of USD 300 million, which took place in the first quarter of 2012, additional ordinary depreciation of USD 89 million and loss on vessel sales of USD 24 million, EBIT amounted to a negative USD 265 million.

In 2013, Norden expects an EBITDA of USD 15-45 million. The Dry Cargo Department is expected to break even operationally, and the Tanker Department is expected to generate operating earnings of USD 25-45 million.

Source: Norden

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