ANNOUNCEMENT NO. 111 – 5 May 2022  
INTERIM REPORT  
FIRST QUARTER 2022  
DAMPSKIBSSELSKABET NORDEN A/S
52, STRANDVEJEN, DK-2900 HELLERUP, DENMARK  
CVR NUMBER 67758919  
 
KEY POINTS  
FIRST QUARTER 2022  
Results  
Business highlights  
Guidance  
•
•
Profit for the period: USD 117 million  
(Q1 2021: USD -15 million).  
Assets & Logistics  
•
NORDEN expects profit for the year in the range of  
USD 270-350 million (incl. sales gains of USD 28 mil-  
lion from already sold vessels), in line with recently  
announced guidance in late April.  
•
•
•
Market value of owned and leased vessels at USD  
1,238 million.  
- Market value of owned vessels exceeded book val-  
ues by USD 110 million.  
Profit/loss for the period per business unit*:  
- Assets & Logistics: USD 41 million  
(USD -7 million).  
- Freight Services & Trading: USD 76 million  
(USD -8 million).  
•
•
For both business units, the distribution of earnings  
per quarter is expected to be more front loaded than  
normal.  
Realised gains on strong dry cargo market through:  
- Profitable dry cargo cover at high rates.  
- 6 dry cargo vessels sold at 10-year high price levels.  
- Declared extension options on lease portfolio.  
* Q1 2021 comparison based on Asset Management and com-  
bined Dry Operator and Tanker Operator profit/loss for the  
period, respectively.  
Given the war in Ukraine, sanctions on Russia, ongo-  
ing COVID-19 disruptions and macroeconomic uncer-  
tainties, freight market uncertainty and volatility is ex-  
pected to remain high. However, NORDEN’s business  
model is well equipped to manage this uncertainty.  
Commenced operations on 10-year port logistics  
contract in Gabon.  
Freight Services & Trading  
•
High exposure to a stronger product tanker market  
means increased forward values.  
•
Secured strong margins amid high market volatility:  
- Increased exposure on the right vessel types.  
- Regional arbitrage across Atlantic/Pacific markets.  
“Great Q1 result based on strong performances in both business units as we continue to capture value in the dry cargo market  
through vessel sales, profitable cover and by utilising regional market volatility. By shifting our market exposure from dry cargo to  
tankers, combined with excellent vessel positioning towards a much-improved tanker market in recent weeks, NORDEN expects  
a full-year result between USD 270-350 million”.  
CEO Jan Rindbo  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
2
 
KEY FIGURES  
AND RATIOS FOR NORDEN  
Amount in USD million  
Q1 2022  
Q1 2021  
FY 2021  
Q1 2022  
Q1 2021  
FY 2021  
Income statement  
Share-related key figures and financial ratios  
Revenue  
1,087.9  
247.7  
211.2  
28.4  
603.9  
75.3  
58.3  
-9.2  
3,551.8  
649.6  
532.2  
7.7  
No. of shares of DKK 1 each  
(including treasury shares)  
39,200,000 40,700,000 39,200,000  
Contribution margin  
EBITDA  
No. of shares of DKK 1 each  
(excluding treasury shares)  
35,861,431 37,419,993 36,763,061  
3,338,569 3,280,007 2,436,939  
Profit/(loss) from sale of vessels etc.  
Depreciation, amortisation and impairment losses  
EBIT  
Number of treasury shares  
-107.8  
131.5  
-12.6  
-57.0  
-7.6  
-295.5  
245.5  
-34.8  
204.5  
Earnings per share (EPS), DKK  
21  
-2  
34  
Diluted earnings per share  
(diluted EPS), DKK  
Book value per share (excluding treasury shares) (DKK) 3)  
Financial items, net  
-6.6  
21  
189  
236  
-2  
133  
147  
34  
170  
166  
Profit for the period  
117.1  
-14.9  
Share price at end of period, DKK  
Statement of financial position  
Total assets  
2,577.5  
1,014.2  
1,563.3  
1,725.1  
-710.9  
1,903.2  
786.6  
2,453.5  
993.3  
Other key figures and financial ratios 4)  
EBITDA ratio  
ROIC 5)  
Equity  
19.4%  
31.3%  
39.7%  
39.3%  
41,964  
670.02  
663.50  
9.7%  
-2.3%  
15.0%  
17.1%  
Liabilities  
1,116.6  
1,362.4  
-575.8  
261.8  
1,460.2  
1,631.0  
-637.7  
410.7  
Invested capital  
Net interest-bearing debt  
Cash and securities  
ROE 5)  
-7.2%  
21.6%  
Equity ratio  
41.3%  
40,453  
634.31  
617.35  
40.5%  
364.8  
Total no. of vessel days for the Group  
USD/DKK rate at end of the period  
Average USD/DKK rate  
170,270  
656.12  
629.18  
Cash flows  
From operating activities  
152.1  
83.2  
-51.7  
52.2  
-1.5  
433.9  
2.6  
1)  
The Energy Efficiency Operational Indicator (EEOI) is a measurement of efficiency and is defined as the amount of CO2 emit-  
ted per tonne of cargo transported 1 mile. The calculation of EEOI has changed as of FY2021 onwards, and now also includes  
vessels and voyages on T/C-out to third parties. Previously, only own voyages were included.  
From investing activities  
- hereof investments in property, plant and equipment  
From financing activities  
-60.8  
-269.4  
-92.1  
-261.9  
-21.8  
2)  
Lost Time Injury Frequency (LTIF) is the frequency a seafarer is unable to work for more than 24 hours per 1 million working  
hours. NORDEN is working closely together with technical management partner Synergy Marine Group to ensure safety  
onboard our vessels and makes continuous efforts towards safe working practices during all aspects of the operations.  
Environmental and social figures  
EEOI (gCO2/tonnes-mile) 1)  
LTIF (days per million working hours) 2)  
3)  
4)  
Converted at the USD/DKK rate at end of period.  
9.3  
0.8  
9.1  
1.3  
8.6  
0.8  
The ratios were computed in accordance with ”Recommendations and Financial Ratios” issued by the Danish Association of  
Financial Analysts. However, ”Profit and loss from the sale of vessels, etc.” is not included in EBITDA. Please see definitions in  
the section “Definitions of key figures and financial ratios” in the Annual Report for 2021. The figures are adjusted for the Com-  
pany´s holding of treasury shares.  
5)  
Figures are annualised.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
3
 
COMMENTS ON THE DEVELOPMENT  
OF THE FIRST QUARTER 2022  
Results  
Cash flows & liquidity  
The profit for the first quarter of 2022 amounted to USD 117 million (USD -15 million).  
Profit from the sale of vessels contributed with USD 28 million.  
Cash flow from operating activities for the first quarter was positive by USD 152 million  
(USD -52 million), driven by a positive change in EBITDA, partly offset by a change in work-  
ing capital.  
Both depreciations and financial expenses increased significantly compared to Q1 2021,  
which is mainly due to IFRS 16 lease accounting as more timecharter vessels are being rec-  
ognised as right-of-use assets.  
At the end of the first quarter (before payment of dividend for the year), NORDEN had  
available liquidity of USD 515 million, which consists of USD 365 million in cash and cash  
equivalents supplemented by USD 150 million in undrawn credit facilities.  
Equity  
Equity amounted to USD 1,014 million at the end of Q1, compared to USD 993 million at  
the end of 2021. The development is mainly due to the result for the period, offset by div-  
idends paid and acquisition of treasury shares. The strong profit for the period increased  
return on equity to 40% in Q1 (-7%).  
Based on the strong liquidity position NORDEN bought back USD 25.5 million of own  
bonds in the first quarter of 2022.  
Profit/loss for the period  
Return on Equity  
Available liquidity  
Cash flow from operations  
USD million  
USD million  
USD million  
%
125  
100  
75  
600  
500  
400  
300  
200  
100  
0
500  
400  
300  
200  
100  
0
50  
40  
30  
20  
10  
0
50  
25  
0
-25  
-100  
-10  
Q1  
2021  
Q2  
2021  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q1  
2021  
Q2  
2021  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q1  
2021  
Q2  
2021  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q1  
2021  
Q2  
2021  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Note: Quarterly figures are annualised  
Cash and securities  
Undrawn credit facilities  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
4
 
MARKET DEVELOPMENTS  
Spot rates  
Dry cargo market  
Product tanker market  
Supramax  
USD thousand/day  
•
Market development and spot rates  
•
Market development and spot rates  
Although average spot rates were lower than in Q4 2021, the  
levels are still indicating a very strong market, considering that  
Q1 is typically the weakest season of the year. Rates continue  
to be supported by market inefficiencies including historically  
high congestion levels. The war in Ukraine and sanctions on  
Russia created longer voyage distances, although commodity  
volumes are not easily replaced. In contrast to normal patterns,  
Pacific rates were stronger than Atlantic rates, creating oppor-  
tunities for regional arbitrage. Average Supramax spot rates  
decreased 17% from USD 30,500 per day in Q4 2021 to USD  
25,150 per day in Q1 2022.  
Market continued to be poor during most of Q1, characterised  
by a lack of oil volumes to transport. The war in Ukraine and  
sanctions on Russia have impacted trading patterns consid-  
erably, creating a spike in oil prices at the end of the quarter.  
Particularly gasoil was in high demand in the Atlantic market,  
driving up exports and long distances originating from the  
Pacific basin. As a result, average MR spot rates increased by  
49% from USD 8,500 to 12,600 per day. Since the beginning of  
April, MR spot rates have increased significantly.  
50  
40  
30  
20  
10  
0
Oct-21 Nov-21 Dec-21 Jan-22 Feb-22  
Apr-22  
Mar-22  
Q4-21 and Q1-22  
Apr-22  
Source: Baltic Exchange  
MR (avg. between Atlantic and Pacific)  
•
•
Period rates and asset prices  
USD thousand/day  
The 1-year T/C rate for MR Eco vessels remained stable around  
USD 15,600 per day during Q1, yet period rates increased at  
the end of the quarter moving into Q2. Asset prices for 5-year  
MR vessels increased 2% to USD 31 million at the end of Q1.  
50  
40  
30  
20  
10  
0
•
•
Period rates and asset prices  
After stabilising in late 2021, the 1-year T/C rates for Supramax  
vessels increased by 16% from USD 24,125 per day to USD  
27,875 per day. Asset prices for 5-year old Supramax vessels  
increased by 6% from USD 29.8 million to USD 31.7 million.  
Oct-21 Nov-21 Dec-21 Jan-22 Feb-22  
Apr-22  
Mar-22  
Market outlook  
Q4-21 and Q1-22  
Apr-22  
Q2 rates for especially MR vessels started strong. Based on a  
tight oil market, volatility in product tanker rates is expected  
to remain high across regions, with global stock levels nearing  
historically low levels. Particularly the Ukraine-Russia war and  
sanctions against Russia are altering trading patterns, creating  
strong MR demand. The strong product tanker rates are ex-  
pected to continue in coming quarters.  
Source: Baltic Exchange  
Market outlook  
Although the market is expected to trend lower, it is expected  
that levels will remain above historical averages. The long-term  
market impact of the war in Ukraine and sanctions on Russia  
is expected to be marginally negative as the effect of lost  
commodity volumes outweighs the effect of longer distances.  
Chinese stimulus of its economy will be an important driver,  
as will the impact of global inflation on commodity demand.  
Easening of congestion levels and slower global growth are  
expected to add to the gradual loosening of the market.  
Asset values – 5-year old vessels  
USD million  
35  
30  
25  
20  
15  
10  
Supramax  
MR  
Source: VesselsValue  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
5
 
ASSETS & LOGISTICS  
PROFITABLE DRY CARGO COVER & STRONG SALES GAINS  
Results  
Business highlights  
Assets & Logistics key figures  
Amount in  
USD million  
2022  
Q1  
2021  
Q1 Quarters  
Last 4  
•
Assets & Logistics delivered a profit of USD 41 million for the  
quarter (USD -7 million). Included in this amount is profit from  
vessel sales of USD 28 million.  
•
Realised gains on strong dry cargo market through:  
- Profitable dry cargo cover in 2022 at high rates.  
- Increasing dry cargo forward cover for 2023.  
Contribution margin  
O/A costs  
71.3  
-4.2  
48.9  
226.5  
-13.2  
-2.4  
- 6 dry cargo vessels sold at 10-year high price levels.  
- Declared extension options on dry cargo lease portfolio.  
Profit/loss from  
sale of vessels  
•
•
Market value of both owned and leased vessels at USD 1,238  
million at the end of Q1.  
28.4  
41.5  
-9.2  
-7.1  
44.4  
53.7  
Profit/loss for period  
•
•
Adjusting portfolio exposure slightly towards tankers:  
- Renewing tanker fleet with modern, fuel effcient vessels.  
- 3 Handysize tankers sold, 4 MR Eco vessels purchased.  
The market value of owned vessels exceeded book values by  
USD 110 million.  
Portfolio overview  
Dry Cargo Tankers  
Total  
Upward trend in dry cargo period rates and asset values pro-  
viding significant upside value on extension and purchase  
options.  
Active fleet  
Owned vessels1)  
Leased vessels1) 2)  
Total active  
12  
51  
63  
18  
19  
37  
30  
70  
100  
•
•
Current portfolio of leased vessels includes a total of 64,989  
extension option days. In addition comes 77 purchase options.  
For delivery  
Owned vessels1)  
Leased vessels1) 2)  
Total for delivery  
-
7
7
2
2
4
2
9
Commenced operations on 10-year port logistics contract in  
Gabon, Africa, operating a client transshipment solution.  
11  
Total  
70  
41  
111  
Purchase options  
55  
22  
77  
Extension option  
days  
Portfolio values  
48,980  
16,009  
64,989  
Amount in USD million  
Dry Cargo  
442  
Tankers  
446  
Total  
888  
1) Incl. sold vessels for future delivery  
2) Minimum lease period in excess of 2 years  
Market value of owned vessels and newbuildings (charter free)  
Estimated market value of T/C and cover portfolio  
(incl. estimated value of optionality)  
295  
737  
55  
350  
Total Asset Management portfolio value  
501  
1,238  
Market value of owned vessels vs. carrying amounts  
119  
-9  
110  
Note: Owned vessels in portfolio values and portfolio overview are excl. owned vessels from financial leasing transactions.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
6
 
FREIGHT SERVICES & TRADING  
SUBSTANTIAL PROFIT FROM UTILISING VOLATILITY  
Results  
Business highlights  
Freight Services & Trading key figures  
Amount in  
USD million  
2022  
Q1  
2021  
Q1 Quarters  
Last 4  
•
Generated a profit of USD 76 million in Q1 2022 (USD -8 mil-  
lion).  
•
High exposure to a stronger product tanker market means in-  
creased forward values.  
Contribution margin  
O/A costs  
176.4  
-32.3  
75.6  
26.4  
595.5  
-14.6 -123.7  
•
Result per vessel day amounted to USD 1,856 per day in Q1,  
increasing average result per vessel day since 2019 to USD  
769.  
•
Secured strong margins amid high market volatility through:  
- Increased exposure on right vessel types (Handysize in dry  
cargo, MR in product tankers).  
Profit/loss for period  
Vessel days  
-7.8  
282.8  
40,724 39,799 165,114  
Result per  
vessel day (USD/day) 1,856  
-196  
1,713  
- Regional arbitrage with good fleet distribution across basins.  
•
Annualised profit since 2019 reaching USD 116 million.  
•
•
Reducing dry cargo exposure in line with market outlook.  
Historical earnings since 2019  
Cargo cancellations and disruptions following sanctions on  
Russia have had an operational effect. However, the business  
unit is well equipped to manage market volatility.  
Annualised profit (USD million)  
Average result per vessel day (USD)  
Average annual activity growth  
116.1  
769  
10.8%  
Average no. of operated vessels  
Dry cargo vessels:  
Quarterly Results  
Quarterly Activity levels  
USD million  
Vessel days  
45,000  
320  
41,074  
140  
120  
100  
80  
40,724  
37,333  
40,000  
35,000  
30,000  
25,000  
20,000  
15,000  
10,000  
5,000  
34,055  
75.7  
49.9  
60  
40  
19.2  
Product tanker vessels:  
10.8% per year  
6.4  
20  
0
-20  
Q1  
19  
Q2  
19  
Q3  
19  
Q4  
19  
Q1  
20  
Q2  
20  
Q3  
20  
Q4  
20  
Q1  
21  
Q2  
21  
Q3  
21  
Q4  
21  
Q1  
22  
Q1  
19  
Q2  
19  
Q3  
19  
Q4  
19  
Q1  
20  
Q2  
20  
Q3  
20  
Q4  
20  
Q1  
21  
Q2  
21  
Q3  
21  
Q4  
21  
Q1  
22  
132  
Quarterly result  
Average quarterly result - per year  
Vessel days  
Annual growth rate*  
Average quarterly no. of vessel days  
* Based on 12-month rolling average compared to same period 2 years prior.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
7
 
OUTLOOK FOR 2022  
Historic results - Freight Services & Trading  
Guidance  
Seasonality and uncertainty  
Further information  
Thomas France  
Investor Communications Partner  
+45 3315 0451  
In line with its recent announcement in  
late April, NORDEN expects profit for the  
year in the range of USD 270-350 million  
(incl. sales gains of USD 28 million from al-  
ready sold vessels). This is based on good  
geographical positioning and active trad-  
ing in a continued strong and volatile dry  
cargo market, combined with substantial  
increases in product tanker market rates  
and strong regional positioning.  
For both business units, the distribution  
of earnings per quarter is expected to  
be more front loaded than normal. Given  
the war in Ukraine, sanctions on Russia,  
remaining COVID-19 disruption and mac-  
roeconomic uncertainties in general, the  
freight market uncertainty and volatility is  
expected to remain high. New sanctions  
targeted at Russian exports may emerge  
which on balance is expected to be slight-  
ly negative for dry cargo rates and positive  
for tanker rates. With its agile business  
model and strong operating platform,  
NORDEN is well equipped to manage this  
uncertainty.  
Year  
2021  
Vessel days  
164,189  
1,214  
638  
Margin per vessel day  
3-year average margin per vessel day*  
* Average of last three financial years.  
Financial calendar for 2022  
18 August  
Interim report, second quarter and  
first half-year 2022  
4 November Interim report, third quarter 2022  
Assets & Logistics  
The Assets & Logistics business unit ex-  
pects much better earnings in 2022 based  
on high coverage at attractive rates on the  
dry cargo fleet.  
“NORDEN expects  
profit for the year  
in the range of USD  
270-350 million  
(incl. sales gains  
of USD 28 million  
from already sold  
vessels)”  
Events after the reporting date  
In addition, dry cargo vessel sales gains  
are expected to contribute positively.  
No significant events have occurred be-  
tween the reporting date and the publica-  
tion of this annual report, which have not  
already been included and adequately  
disclosed in the quarterly report, and  
which materially affect the assessment of  
the Company’s and Group’s results of op-  
erations or financial position.  
Forward-looking statements  
Freight Services & Trading  
This annual report contains certain forward-look-  
ing statements reflecting Management’s present  
judgement of future events and financial results.  
Statements relating to 2022 and the years ahead  
are inherently subject to uncertainty, and NOR-  
DEN’s realised results may therefore differ from  
projections. Factors that may cause NORDEN’s  
realised results to differ from the projections in  
this annual report include, but are not limited to:  
Changes to macroeconomic and political condi-  
tions – particularly in the Group’s principal mar-  
kets; changes to NORDEN’s rate assumptions and  
budgeted operating expenses; volatility in freight  
rates and tonnage prices; regulatory changes;  
counterparty risks; any disruptions to traffic and  
operations as a result of external events etc.  
The Freight Services & Trading business  
unit expects a net result above the com-  
bined result for the two operators in 2021.  
The expectation is based on a margin per  
vessel day which is higher than the aver-  
age realised over the last 3 years and in  
line with the record level from 2021 (see  
table), combined with continued 5-10%  
growth in activity levels. The business unit  
remains well positioned in both a strong  
and volatile dry cargo market, and a signif-  
icantly improved tanker market.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
8
 
STATEMENT BY THE BOARD OF DIRECTORS
AND EXECUTIVE MANAGEMENT
The Board of Directors and the Executive
Management have today reviewed and
approved the Interim Report for the peri-
od 1 January to 31 March 2022 of Damp-
skibsselskabet NORDEN A/S.
The interim consolidated financial state-
ments have not been subject to audit or
review by the Independent Auditors of
Dampskibsselskabet NORDEN A/S.
Besides what has been disclosed in the In-
terim Report, no other significant changes
in the Group’s risks and uncertainties have
occurred relative to what was disclosed in
the consolidated annual report for 2021.
activities and cash flows for the period 1
January to 31 March.
Furthermore, in our opinion the Manage-
ment Review gives a fair representation of
the Group’s activities and financial posi-
tion as well as a description of the materi-
al risks and uncertainties which the Group
is facing, relative to the disclosures in the
Annual Report for 2021.
We consider the accounting policies ap-
plied to be appropriate and the account-
ing estimates made to be adequate. Fur-
thermore, we find the overall presentation
of the Interim Report to present a true and
fair view.
The interim consolidated financial state-
ments of Dampskibsselskabet NORDEN
A/S have been prepared in accordance
with IAS 34 Interim Financial Reporting as
adopted by the EU and additional Danish
disclosure requirements for interim finan-
cial reporting of listed companies.
In our opinion, the interim consolidated
financial statements give a true and fair
view of Dampskibsselskabet NORDEN
A/S’ consolidated assets, equity and li-
abilities and the financial position at 31
March 2022 as well as the result of Damp-
skibsselskabet NORDEN A/S’ consolidated
Hellerup, 5 May 2022
Executive Management  
Jan Rindbo
Martin Badsted
Chief Executive Officer
Chief Financial Officer
Board of Directors  
Klaus Nyborg
Johanne Riegels Østergård
Karsten Knudsen
Chairman
Vice Chairman
Stephen John Kunzer
Helle Østergaard Kristiansen
Robert Hvide Macleod
Stine Gøttrup
Christina Lerchedahl Christensen
Henrik Røjel
(employee-elected)
(employee-elected)
(employee-elected)
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
9
 
CONSOLIDATED  
INCOME STATEMENT  
CONSOLIDATED STATEMENT  
OF COMPREHENSIVE INCOME  
Amount in USD million  
Note  
2
Q1 2022  
Q1 2021  
FY 2021  
Amount in USD million  
Note  
Q1 2022  
Q1 2021  
FY 2021  
Revenue  
1,087.9
603.9
3,551.8
Profit/loss for the period  
117.1
-14.9
204.5
Other operating income  
Vessel operation costs  
Contribution margin  
8.8
-849.0
247.7
1.5
-530.1
75.3
6.7
-2,908.9
649.6
Other comprehensive income to be  
reclassified to the income statement:  
3
Fair value adjustment for the period, cash flow hedges  
7
28.3
-39.9
-35.3
Other comprehensive income, total after tax  
28.3
-39.9
-35.3
Overhead and administration costs  
-36.5
-17.0
-117.4
Total comprehensive income for the period, after tax  
145.4
145.4
-54.8
-54.8
169.2
169.2
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
211.2
58.3
532.2
Attributable to:  
Profit/loss from sale of vessels etc.  
28.4
-107.8
-0.3
-9.2
-57.0
0.3
7.7
-295.5
1.1
Shareholders of NORDEN  
Depreciation, amortisation and impairment losses  
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
4
5
131.5
-7.6
245.5
Financial income  
6
6
0.3
-12.9
0.3
-6.9
0.3
-35.1
Financial expenses  
Profit/loss before tax  
118.9
-14.2
210.7
Tax  
-1.8
-0.7
-6.2
Profit/loss for the period  
117.1
-14.9
204.5
Attributable to:  
Shareholders of NORDEN  
117.1
-14.9
204.5
Earnings per share (EPS)  
Earnings per share (USD)  
3.2
3.2
-0.4
-0.4
5.5
5.4
Earnings per share, diluted (USD)  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
10  
 
CONSOLIDATED STATEMENT  
OF FINANCIAL POSITION  
31/3  
2022  
31/3  
2021  
31/12  
2021  
31/3  
2022  
31/3  
2021  
31/12  
2021  
Amount in USD million  
Note  
Amount in USD million  
Note  
Assets  
Equity and liabilities  
Share capital  
Vessels  
8
9
762.2
618.5
49.8
730.9
368.1
48.5
703.0
556.5
49.7
6.2
-2.9
6.5
-35.8
6.2
-31.2
Right-of-use assets  
Property and equipment  
Prepayments on vessels and newbuildings  
Total Tangible assets  
Reserve for hedges  
Retained earnings  
Total Equity  
1,010.9
1,014.2
815.9
786.6
1,018.3
993.3
10  
28.5
27.3
11.3
1,459.0
1,174.8
1,320.5
Loans  
297.4
274.5
73.4
307.1
238.9
-
302.1
269.9
98.7
Investments in joint ventures  
Receivables from subleasing  
Total Financial assets  
9.9
7.9
11.7
10.3
22.0
10.0
9.1
Lease liabilities  
Bonds  
9
9
17.8
19.1
Total Non-current liabilities  
645.3
546.0
670.7
Total Non-current assets  
1,476.8
1,196.8
1,339.6
Loans  
40.3
390.1
284.9
0.1
107.6
184.0
157.5
-
39.9
337.8
226.1
13.9
-
Lease liabilities  
Trade payables  
Debt to joint ventures  
Tax payables  
Inventories  
177.0
19.5
101.6
12.3
117.1
23.7
Receivables from subleasing  
Freight receivables  
322.7
6.2
190.0
9.9
255.7
1.0
0.6
1.5
Receivables from joint ventures  
Other receivables  
Other payables  
Deferred income  
92.7
51.1
68.9
570.6  
-
73.0
89.4
780.1  
9.4
31.1
15.1
18.9
107.3
916.0  
2.0
Prepayments  
159.1
364.8
1,080.4  
20.3
98.3
136.0
410.7
963.1  
150.8
1,113.9
Cash and cash equivalents  
261.8
689.0  
17.4
Liabilities relating to vessels held for sale  
Total Current liabilities  
918.0
570.6
789.5
Vessels held for sale  
Total Current assets  
1,100.7
706.4
Total Liabilities  
1,563.3
2,577.5
1,116.6
1,903.2
1,460.2
2,453.5
Total Equity and liabilities  
Total Assets  
2,577.5
1,903.2
2,453.5
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
11  
 
CONSOLIDATED STATEMENT  
OF CASH FLOWS  
Q1  
2022  
Q1  
2021  
FY  
2021  
31/3  
2022  
31/3  
2021  
FY  
2021  
Amount in USD million  
Note  
Amount in USD million  
Note  
Profit/loss for the period  
117.1
92.1
-65.0
9.1
-14.9
73.5
204.5
308.6
-96.4
24.8
Liquidity at beginning of the period  
Exchange rate adjustments  
389.3
-0.4
217.1
-0.1
217.1
-2.4
Reversal of items from the income statement  
Change in working capital  
-114.9
5.2
Change in liquidity for the period  
Liquidity at end period  
-34.1
354.8
-21.3
195.7
174.6
389.3
Instalments on sublease receivables  
Income tax, paid  
-1.2
-0.6
-7.6
Cash and cash equivalents with rate  
agreements of more than 3 months, etc.  
10.0
66.1
21.4
Cash flows from operating activities  
152.1
-51.7
433.9
Cash and cash equivalents at end period  
acc. to the statement of financial position  
364.8
261.8
410.7
Investments in vessels and vessels  
held for sale and other tangible assets  
8
-60.8
-95.0
-
-1.5
-11.8
-
-92.1
-155.8
-2.4
Additions in prepayments on newbuildings  
Investment in Joints Ventures  
10  
31/3  
2022  
31/3  
2021  
31/12  
2021  
Amount in USD million  
Note  
Proceeds from sale of vessels and newbuildings  
227.6
17.1
159.8
Change in cash and cash equivalents with  
rate agreements of more than 3 months, etc.  
Which can be explained as follows  
Demand deposits and cash balance  
Money market investment  
11.4
48.4
93.1
217.8
74.7
135.9
97.1
200.1
154.1
56.5
Cash flows from investing activities  
83.2
52.2
2.6
Other cash and cash equivalents  
72.3
28.8
Dividend paid to shareholders  
Acquisition of treasury shares  
Proceeds from share options  
Proceeds from issue of bonds  
Proceeds from loans  
-96.7
-30.2
2.1
-53.0
-8.4
-
-53.0
-33.1
6.6
364.8  
261.8  
410.7  
-
-
98.7
23.5
-25.5
-27.6
-103.9
0.3
109.6
-
417.1
-
Repayment of bonds  
Repayment of loans  
-14.9
-48.4
0.2
-395.1
-268.4
0.3
Instalments on lease liabilities  
Interest, received  
9
interest, paid  
-11.4
-269.4
-6.9
-21.8
-35.0
-261.9
Cash flows from financing activities  
Cash flow from operating, investing and financing activities  
-34.1
-21.3
174.6
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
12  
 
CONSOLIDATED STATEMENT  
OF CHANGES IN EQUITY  
Shareholders of NORDEN  
Share Reserve for  
Retained  
earnings  
Total  
equity  
Amount in USD million  
capital  
hedges  
Equity at 1 January 2022  
6.2
-31.2
1,018.3
993.3
Total comprehensive income for the period  
Acquisition of treasury shares  
Exercise of share options  
Share-based payment  
-
-
-
-
-
-
-
28.3
117.1
-30.2
2.1
145.4
-30.2
2.1
-
-
-
0.3
0.3
Dividends paid  
-
-
-105.4
8.7
-105.4
8.7
Dividends related to treasury shares  
Changes in equity  
28.3
-7.4
20.9
Equity at 31 March 2022  
6.2
-2.9
1,010.9
1,014.2
Shareholders of NORDEN  
Share Reserve for  
Retained  
earnings  
Total  
equity  
capital  
hedges  
Amount in USD million  
Equity at 1 January 2021  
6.5
4.1
891.9
902.5
Total comprehensive income for the period  
Acquisition of treasury shares  
Exercise of share options  
Share-based payment  
-
-
-
-
-
-
-
-39.9
-14.9
-8.4
-
-54.8
-8.4
-
-
-
-
0.3
0.3
Dividends paid  
-
-
-57.8
4.8
-57.8
4.8
Dividends related to treasury shares  
Changes in equity  
-39.9
-76.0
-115.9
Equity at 31 March 2021  
6.5
-35.8
815.9
786.6
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
13  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
1. Basis of preparation and changes to NORDEN’s accounting policies  
1.1 Basis of preparation  
Standards not yet in force  
The interim consolidated financial statements for the 3 months ended 31 March 2022 have been prepared  
in accordance with IAS 34 Interim financial reporting as adopted by the EU and additional Danish disclosure  
requirements for the interim financial reporting of listed companies.  
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of is-  
suance of the Group’s consolidated financial statements. The Group intends to adopt these new and amended  
standards and interpretations, if applicable, when they become effective.  
The interim consolidated financial statements do not include all the information and disclosures required in  
the annual financial statements and should be read in conjunction with the Group’s annual consolidated finan-  
cial statements for the year ended 31 December 2021.  
New and amended financial reporting standards are either irrelevant or insignificant to NORDEN.  
Significant accounting estimates and judgements  
The accounting estimates and judgements, which Management deems to be significant to the preparation of  
the consolidated financial statements, are impairment test and non-lease component for leases under IFRS 16  
Leases. Reference is made to note 1.4 “Significant accounting estimates and judgements” on page 79 for a  
further description in the consolidated annual report for 2021.  
The accounting policies, judgements and estimates are consistent with those applied in the consolidated  
annual report for 2021, apart from changes described below.  
1.2 Changes in accounting policies and disclosures  
The Group has adopted standards and interpretations effective as of 1 January 2022. The Group has not early  
adopted any other standard, interpretation or amendments that have been issued but are not yet effective.  
Adoption of new or amended IFRSs  
NORDEN has implemented amendments and interpretations to existing standards effective as of 1 January  
2022. None of these interpretations or amendments have had any significant effect on the accounting policies  
applied by NORDEN.  
For a complete description of accounting policies, see the notes to the consolidated financial statements for  
2021, pages 76-114 in the consolidated annual report for 2021.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
14  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
2. Segment information  
Q1 2022  
Q1 2021  
Freight  
Freight  
Assets &  
Logistics  
Services &  
Trading  
Assets &  
Logistics  
Services &  
Trading  
Amount in USD million  
Eliminations  
Total  
Eliminations  
Total  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income  
Voyage costs  
38.2  
91.7  
0.3  
1,049.3  
-
-
1,087.5  
-
19.4  
78.5  
0.3  
584.2  
-
-
603.6  
-
-91.7  
-78.5  
0.1  
-
3.9  
-87.8  
-0.2  
88.0  
-
0.4  
-
-
3.4  
-75.1  
-0.3  
75.4  
-
0.3  
-7.0  
-350.5  
698.9  
9.0  
-353.6  
734.3  
8.8  
-4.0  
-241.9  
342.3  
2.1  
-242.5  
361.4  
1.5  
T/C equivalent revenue  
123.2  
-
94.2  
-0.3  
Other operating income  
Charter hire and OPEX element  
Operating costs owned vessels  
Contribution margin  
-35.5  
-16.4  
71.3  
-4.2  
-531.5  
-
-479.0  
-16.4  
247.7  
-36.5  
-27.3  
-17.7  
48.9  
-2.4  
-318.0  
-
-269.9  
-17.7  
75.3  
-17.0  
176.4  
-32.3  
-
26.4  
-14.6  
-
Overhead and administration costs  
-
-
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
67.1  
28.4  
-46.3  
-0.3  
144.1  
-
-
-
-
-
-
-
-
-
-
-
211.2  
28.4  
46.5  
-9.2  
-39.2  
0.3  
11.8  
-
-
-
-
-
-
-
-
-
-
-
58.3  
-9.2  
Profit/loss from sale of vessels, etc.  
Depreciation, amortisation and impairment losses  
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
Financial income  
-61.5  
-
-107.8  
-0.3  
-17.8  
-
-57.0  
0.3  
48.9  
0.1  
82.6  
0.2  
131.5  
0.3  
-1.6  
0.5  
-6.0  
-0.2  
-1.0  
-7.2  
-0.6  
-7.8  
-7.6  
0.3  
Financial expenses  
-7.3  
-5.6  
77.2  
-1.6  
75.6  
-12.9  
118.9  
-1.8  
-5.9  
-7.0  
-0.1  
-7.1  
-6.9  
Profit/loss before tax  
41.7  
-0.2  
-14.2  
-0.7  
Tax  
Profit/loss for the period  
41.5  
117.1  
-14.9  
Adjusted for:  
Profit/loss from sale of vessels, etc.  
Adjusted Results for the period*  
-28.4  
-
-
-28.4  
9.2  
-
-
9.2  
13.1  
75.6  
-
88.7  
2.1  
-7.8  
-
-5.7  
* Adjusted result for the period was computed as “profit/loss for the period” adjusted for “Profit and loss from sale of vessels, etc.” including vessels in joint ventures.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
15  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
3. Expenses by nature  
6. Financial income and expenses  
Q1  
Q1  
FY  
Q1  
Q1  
FY  
Amount in USD million  
2022  
2021  
2021  
Amount in USD million  
2022  
2021  
2021  
Vessel operating costs  
Overhead and administration costs  
Total  
849.0  
36.5  
530.1  
17.0  
2,908.9  
117.4  
Interest income  
0.3  
-
0.2  
0.1  
0.3  
0.3  
-
Exchange rate adjustments  
Total financial income  
885.5  
547.1  
3,026.3  
0.3  
0.3  
These costs can be split by nature:  
Voyage costs excluding bunker oil  
Bunker oil  
Interest costs  
3.5  
-
2.2  
-
11.1  
0.1  
169.9  
183.7  
66.2  
118.6  
123.9  
43.0  
609.6  
659.0  
205.9  
Fair value adjustment, cross currency swaps  
Interest expense on lease liabilities  
Exchange rate adjustments  
Total financial expenses  
7.9  
1.5  
12.9  
4.7  
-
23.9  
-
Expenses related to the service component of right-of-use assets  
6.9  
35.1  
Expenses related to short-term leases  
Operating costs owned vessels*  
Other external costs  
Staff costs  
412.8  
16.4  
5.3  
226.9  
17.7  
4.0  
1,361.1  
73.3  
20.4  
7. Fair value adjustment – hedging Instruments  
31/3  
2022  
31/3  
2021  
31/12  
2021  
31.2  
885.5  
13.0  
547.1  
97.0  
Amount in USD million  
Total  
3,026.3  
* Technical management services (inclusive of cost related to seafarers) is included in operating costs owned  
vessels.  
Fair value of cash flow hedge  
Fair value adjustment at the beginning period  
Fair value adjustment for the period, net  
End  
-31.2  
28.3  
-2.9  
4.1  
-39.9  
-35.8  
4.1  
-35.3  
-31.2  
4. Depreciation  
Q1  
Q1  
FY  
Amount in USD million  
2022  
2021  
2021  
Fair value adjustment for the period, cash flow  
hedges can be specified as follows:  
Vessels  
10.4  
97.2  
11.4  
45.5  
0.1  
42.6  
252.1  
0.8  
Right-of-use assets  
Property and equipment  
Total  
Bunker hedging  
54.8  
15.6  
5.5  
0.2  
- of which has been transferred to the income statement  
due to inefficiency  
107.8  
57.0  
295.5  
-
-58.6  
0.9  
-1.8  
-49.4  
-0.2  
1.9  
-39.0  
0.4  
FFA hedging  
5. Share of profit/loss of joint ventures  
Foreign currency risk hedging  
Q1  
2022  
Q1  
2021  
FY  
2021  
End  
-2.9  
-35.8  
-31.2  
Amount in USD million  
The fair value measurement hierarchy of hedging is measured based upon significant observable inputs  
(level 2).  
Profit/loss from shares in joint ventures  
Share of Profit/loss from sale of vessels  
Share of impairment of tangible assets  
Total  
-0.3  
0.3  
-
2.3  
-0.9  
-0.3  
1.1  
-
-
-
-0.3  
0.3  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
16  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
7. Fair value adjustment – hedging Instruments – continued  
8. Vessels  
31/3  
2022  
31/3  
2021  
31/12  
2021  
31/3  
2022  
31/3  
2021  
31/12  
2021  
Amount in USD million  
Amount in USD million  
As of 31 March 2022, outstanding hedging contains:  
Cost at 1 January  
951.3  
60.5  
-
1,079.7  
1.5  
1,079.7  
104.1  
-1.3  
Additions  
Bunker hedging  
Disposals  
-1.3  
Beginning, 1 January  
7.4  
44.0  
50.9  
-47.5  
54.8  
9.2  
20.4  
16.3  
-32.1  
13.8  
9.2  
42.3  
29.4  
-73.5  
7.4  
Transferred during the year  
Transferred to tangible assets held for sale  
Cost  
45.2  
-83.6  
973.4  
-
76.6  
Fair value adjustments  
-58.9  
1,021.0  
-307.8  
951.3  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
End  
Depreciation at 1 January  
Depreciation  
-209.8  
-10.4  
-
-249.8  
-11.4  
1.3  
-249.8  
-42.6  
1.3  
FFA hedging  
Depreciations related to derecognised assets  
Transferred to tangible assets held for sale  
Depreciation  
Beginning, 1 January  
-39.0  
-41.4  
47.5  
-5.2  
-68.8  
60.4  
-5.2  
-288.1  
546.5  
-292.2  
-39.0  
40.5  
-179.7  
30.1  
81.3  
Fair value adjustments  
-229.8  
-209.8  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
End  
-25.7  
-58.6  
-35.8  
-49.4  
Impairment at 1 January  
-38.5  
-15.8  
22.8  
-62.5  
-
-62.5  
-14.4  
38.4  
Impairment losses for the year  
Transferred to tangible assets held for sale  
Impairment  
2.2  
Foreign currency risk hedging  
Beginning, 1 January  
Fair value adjustments  
End  
-31.5  
-60.3  
-38.5  
0.4  
0.5  
0.9  
0.1  
-0.3  
-0.2  
0.1  
0.3  
0.4  
Carrying amount  
762.2  
730.9  
703.0  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
17  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
9. Leases – lessee  
10. Prepayments on vessels and newbuildings  
31/3  
2022  
31/3  
2021  
31/12  
2021  
31/3  
2022  
31/3  
2021  
31/12  
2021  
Amount in USD million  
Amount in USD million  
Right-of-use assets  
Cost at 1 January  
Additions  
Cost at 1 January  
Additions  
11.3  
95.0  
15.5  
11.8  
-
15.5  
155.8  
-76.6  
-83.4  
11.3  
958.3  
133.2  
26.0  
527.3  
81.2  
527.3  
443.1  
67.5  
Transferred to vessels  
Transferred to vessels held for sale  
Cost  
-45.2  
-32.6  
28.5  
Remeasurements  
Disposals related to redelivered vessels  
Cost  
34.5  
-
-25.4  
-15.2  
627.8  
-79.6  
958.3  
27.3  
1,092.1  
Impairment  
-
-
-
Depreciation at 1 January  
Depreciation  
-401.8  
-97.2  
-228.6  
-45.5  
-228.7  
-252.1  
79.0  
Carrying amount  
28.5  
27.3  
11.3  
Depreciations related to redelivered vessels  
Depreciation  
25.4  
14.4  
-473.6  
-259.7  
-401.8  
11. Related party disclosure  
No significant changes have occurred to related parties or types and scale of transactions with these parties  
other than what is disclosed in the consolidated annual report for 2021.  
Carrying amount  
618.5  
368.1  
556.5  
Lease Liabilities  
Lease liabilities at 1 January  
Additions  
607.7  
134.9  
25.9  
355.4  
81.8  
355.4  
454.7  
66.9  
12. Contingent assets and liabilities  
Since the end of 2021, no significant changes have occurred to contigent assets and liabilities other than those  
referred to in this interim report.  
Remeasurements  
34.9  
Instalments made  
-103.9  
-
-48.4  
-0.8  
-268.4  
-0.9  
Disposals related to cancelled leases  
Lease liabilities at end of period  
664.6  
422.9  
607.7  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
18  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
13. Overview of deliveries of owned vessels and CAPEX  
Deliveries of owned vessels  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Number of vessels  
2022  
2022  
2022  
2023  
2023  
2023  
2023  
Total  
MR  
-
-
-
-
2
-
-
-
-
-
-
-
-
2
1
Logistics assets  
1
CAPEX  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Amount in USD million  
2022  
2022  
2022  
2023  
2023  
2023  
2023  
Total  
Newbuilding payments  
and secondhand purchases  
12  
2
5
-
47  
-
-
-
5
5
5
1
-
74  
13  
Other CAPEX*  
5
Future payments to NORDEN from sold vessels: USD 57.7 million.  
* Capex includes ordinary dockings, acquisition and installation of scrubbers and ballast water treatment systems.  
14. Events after the reporting date  
See page 8 in the Management Review.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT FIRST QUARTER 2022  
19