ANNOUNCEMENT NO. 157 – 18 August 2022  
INTERIM REPORT  
SECOND QUARTER  
AND FIRST HALF-YEAR 2022  
DAMPSKIBSSELSKABET NORDEN A/S
52, STRANDVEJEN, DK-2900 HELLERUP, DENMARK  
CVR NUMBER 67758919  
 
KEY POINTS  
SECOND QUARTER 2022  
Results  
Business highlights  
Guidance  
•
•
Profit for the period: USD 179 million  
(Q2 2021: USD 32 million).  
•
•
•
•
•
Trading focus adding value - significant shift in market  
exposure from dry cargo to product tankers across  
both business units.  
•
•
NORDEN expects profit for the year in the range  
of USD 560-640 million, in line with announced  
guidance in the beginning of August.  
Profit/loss for the period per business unit*:  
- Assets & Logistics: USD 26 million  
(USD 2 million).  
- Freight Services & Trading: USD 153 million  
(USD 30 million).  
Net asset value (NAV) of Assets & Logistics (including  
NORDEN’s cash position) increased DKK 100 per  
share during Q2.  
Based on the strong cash flows and favourable  
earnings outlook, the Board has decided to pay  
out an interim dividend for 2022 of DKK 30 per share  
to be distributed to shareholders at end of August.  
The interim dividend will count as part of the dividend  
policy of paying out minimum 50% of the net full-year  
result.  
Positive development in Assets & Logistics driven by  
higher tanker values and a fully covered dry cargo  
position until end of 2023 at profitable rates.  
•
•
Profit for H1: USD 296 million (H1 2021: USD 17 mil-  
lion), corresponding to earnings per share of DKK 57.  
Return on equity: 52% in Q2 (15%), 47% in H1 (4%).  
In addition, substantial market value has been built  
up also in Freight Services & Trading, which is  
expected to benefit earnings in H2 2022 and 2023.  
•
In addition, NORDEN will initiate a share buyback  
programme of USD 40 million, which will run until the  
beginning of November.  
* Q2 2021 comparison based on Asset Management and combined  
Dry Operator and Tanker Operator profit/loss for the period, respectively.  
Record margins in Freight Services & Trading due to  
high exposure towards surging MR tanker rates and  
a short position in dry cargo, benefitting from falling  
rates.  
“Fantastic second quarter result based on a significant shift in market exposure from dry cargo to product tankers. This has  
enabled NORDEN to capitalise on the exceptional product tanker rates, while also generating value in a weakening dry cargo  
market from an extensive cargo and cover portfolio. This highlights our trading ability and proactive risk management, which  
enables us to create value in both rising and falling markets”.  
CEO Jan Rindbo  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
2
 
KEY FIGURES  
AND RATIOS FOR NORDEN  
Q2  
Q2  
H1  
H1  
FY  
Q2  
Q2  
H1  
H1  
FY  
Amount in USD million  
2022  
2021  
2022  
2021  
2021  
2022  
2021  
2022  
2021  
2021  
Income statement  
Share-related key figures and  
financial ratios  
Revenue  
1,420.1  
372.1  
313.9  
-0.2  
854.7  
2,508.0  
619.8  
525.1  
28.2  
-
1,458.6  
204.6  
163.7  
-9.2  
3,551.8  
649.6  
532.2  
7.7  
No. of shares of DKK 1 each  
(including treasury shares)  
Contribution margin  
EBITDA  
129.3  
37,000,000 39,200,000 37,000,000 39,200,000 39,200,000  
105.4  
No. of shares of DKK 1 each  
(excluding treasury shares)  
Profit/loss from sale of vessels etc.  
Profit/loss from sale of vessels in JV  
-
-
35,487,010 37,660,561 35,487,010 37,660,561 36,763,061  
1,512,990 1,539,439 1,512,990 1,539,439 2,436,939  
-
-
-0.9  
Number of treasury shares  
Earnings per share (EPS), DKK 3)  
Depreciation, amortisation and  
impairment losses  
36  
5
57  
3
34  
-120.0  
195.0  
-14.6  
-65.0  
40.1  
-6.4  
-227.8  
326.5  
-27.2  
-122.0  
32.5  
-295.5  
245.5  
-34.8  
Diluted earnings per share  
(diluted EPS), DKK 3)  
EBIT  
36  
5
56  
3
34  
Financial items, net  
Profit for the period  
-13.0  
16.9  
Book value per share (excluding treasury  
shares) (DKK) 3)  
178.7  
31.8  
295.8  
204.5  
252  
246  
115  
200  
252  
246  
115  
200  
170  
166  
Share price at end of period, DKK  
Statement of financial position  
Total assets  
2,823.9  
1,248.5  
1,575.4  
1,699.1  
-450.6  
2,060.7  
690.6  
2,823.9  
1,248.5  
1,575.4  
1,699.1  
-450.6  
2,060.7  
690.6  
2,453.5  
993.3  
Other key figures and financial ratios 4)  
EBITDA ratio  
ROIC 5)  
Equity  
22.1%  
46.8%  
51.5%  
44.2%  
44,391  
716.20  
699.15  
12.3%  
12.0%  
15.1%  
33.5%  
41,982  
625.73  
616.72  
20.9%  
39.2%  
46.6%  
44.2%  
86,355  
716.20  
680.45  
11.2%  
4.9%  
15.0%  
17.1%  
Liabilities  
1,370.1  
1,424.7  
-734.1  
297.3  
1,370.1  
1,424.7  
-734.1  
297.3  
1,460.2  
1,631.0  
-637.7  
410.7  
Invested capital  
Net interest-bearing debt  
Cash and securities  
ROE 5)  
4.2%  
21.6%  
Equity ratio  
33.5%  
82,435  
625.73  
617.05  
40.5%  
566.5  
566.5  
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  
From investing activities  
349.9  
-36.9  
-13.4  
-13.6  
502.0  
46.3  
-65.1  
38.6  
433.9  
2.6  
1)  
The Energy Efficiency Operational Indicator (EEOI) is a measurement of efficiency and is defined as the amount of CO2  
emitted 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.  
- hereof investments in property, plant  
and equipment  
-0.2  
0.4  
-61.0  
-1.1  
-92.1  
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 has worked 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.  
From financing activities  
-165.1  
89.3  
-434.5  
67.5  
-261.9  
3)  
4)  
Converted at the USD/DKK rate at end of period.  
Environmental and social figures  
EEOI (gCO2/tonnes-mile) 1)  
LTIF (days per million working hours) 2)  
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  
Company´s holding of treasury shares.  
9.3  
-
9.5  
-
9.4  
0.4  
9.5  
0.6  
8.6  
0.8  
5)  
Figures are annualised.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
3
 
COMMENTS ON THE DEVELOPMENT  
OF THE SECOND QUARTER AND FIRST HALF-YEAR 2022  
Results  
As of 30 June 2022, NORDEN had available liquidity of USD 717 million, which consisted  
of USD 567 million in cash and cash equivalents supplemented by USD 150 million in  
undrawn credit facilities.  
The profit for the second quarter of 2022 amounted to USD 179 million (USD 32 million).  
For the first half of 2022, profit amounted to USD 296 million (USD 17 million) of which  
profit from vessel sales amounted to USD 28 million (USD -9 million).  
Equity and capital allocation  
Equity amounted to USD 1,249 million as of 30 June 2022 compared to USD 993 million at  
the end of 2021. The development is mainly due to the result for the period and positive  
fair value adjustments of cash flow hedges offset by dividends paid and acquisition of  
treasury shares.  
Both depreciations and financial expenses increased significantly compared to 2021,  
which is mainly due to IFRS 16 lease accounting as more timecharter vessels are being  
recognised as right-of-use assets and lease liabilities respectively.  
Cash flows & liquidity  
The strong profit for the period increased the annualised return on equity to 52% for Q2  
2022 (15%). For the first half of 2022 the annualised return on equity was 47% (4%).  
Cash flow from operating activities for the second quarter of 2022 was USD 350 million  
(USD -13 million) driven by the strong profitability and a positive change in working  
capital, which was mainly due to settlement of positive fair value adjustments on cash flow  
hedges. For the first half of 2022, cash flow from operating activities was USD 502 million  
(USD -65 million).  
The Board of Directors has decided to pay out an interim dividend for 2022 of DKK 30 per  
share. The interim dividend will be paid on 23 August 2022 and will count as part of the  
dividend policy of paying out minimum 50% of the net full-year result. The ex-dividend  
date for the interim dividend will be 19 August 2022. In addition, NORDEN will initiate  
a share buyback programme of USD 40 million, which will run until the beginning of  
November.  
Profit for the period  
Return on Equity  
Available liquidity  
Cash flow from operations  
%
USD million  
USD million  
USD million  
60  
50  
40  
30  
20  
10  
0
180  
150  
120  
90  
800  
700  
600  
500  
400  
300  
200  
100  
0
350  
300  
250  
200  
150  
100  
50  
60  
30  
0
-50  
0
Q2  
2021  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q2  
2022  
Q2  
2021  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q2  
2022  
Q2  
2021  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q2  
2022  
Q2  
2021  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q2  
2022  
Note: Quarterly figures are annualised  
Cash and securities  
Undrawn credit facilities  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
4
 
MARKET DEVELOPMENTS  
Spot rates  
Dry cargo market  
Product tanker market  
USD thousand / day  
•
Market development and spot rates  
•
Market development and spot rates  
80  
60  
40  
20  
0
During the first half of Q2, rate levels held out across  
Handysize, Supramax and Panamax segments despite altered  
trading patterns following sanctions on Russia and less  
Chinese activity. As anticipated, spot rates across all vessel  
segments started to gradually decline in line with lowered  
demand and lower congestion levels starting to show in  
China. Meanwhile, coal trade has risen to elevated levels  
following high European and Indian demand. Despite spot  
rates declining at the end of Q2, average Supramax spot rates  
increased by 15% from USD 25,150 in Q1 to USD 28,900 per  
day in Q2.  
An extraordinary market increase has benefitted all product  
tanker vessel types, with average MR spot rates more than  
tripling from USD 12,600 to USD 41,500 per day. Low  
inventory levels created a tight product tanker market, which  
was further exacerbated by sanctions on Russia. This resulted  
in longer distances as well as significant increases and  
volatility in product tanker rates across Atlantic and Pacific  
basins. While commodity demand levels are at normal levels,  
the volume of refined oil products transported on water is high  
and refineries are operating at high capacity.  
Jan-20  
Jul-20  
Jul-21  
Jan-22  
Jun-22  
Jan-21  
Supramax  
MR  
Source: Baltic Exchange  
Asset values  
5-year old vessels  
USD million  
•
•
Period rates and asset prices  
•
•
Period rates and asset prices  
The 1-year T/C rate for MR Eco vessels increased by 48% to  
USD 23,000 per day at the end of Q2. Similarly, asset prices for  
5-year MR vessels increased by 15% to almost USD 36 million  
at the end of Q2.  
The 1-year T/C rates for Supramax vessels decreased by 9%  
from USD 27,875 to USD 25,250 per day in line with a lowered  
forward curve. Asset prices for 5-year old Supramax vessels  
remained stable at USD 31.6 million at end Q2.  
40  
35  
30  
25  
20  
15  
Market outlook  
Market outlook  
The extraordinarily high rate climate for product tankers is  
expected to hold up for the rest of 2022, as sanctions continue  
to create longer distances and ineffeciencies. Refinery  
output levels are projected to stay strong for the remainder  
of the year. While any premature phase-out of sanctions  
and an economic recession present potential downsides to  
the elevated rates, the full effect of current sanctions may  
only show itself when enforced at the end of 2022, further  
supporting high rates.  
Jan-20  
Jul-20  
Jul-21  
Jan-22  
Jun-22  
Jan-21  
MR  
Very low visibility ahead in the dry cargo market, yet overall  
projections indicate a gradual lowering of market rates for the  
remainder of 2022. This is in line with an expected reduction  
in global demand and risk of an economic recession. While  
China is expected to increase activity, the announced  
stimulus is likely insufficient to fully offset the negative global  
developments. However, the low orderbook on newbuildings  
combined with high coal volumes provide cushioning to any  
severe and enduring rate declines.  
Supramax  
Source: VesselsValue  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
5
 
ASSETS & LOGISTICS  
SIGNIFICANT INCREASE IN VALUE OF PORTFOLIO  
Results  
Business highlights  
Assets & Logistics key figures  
Amount in  
USD million  
2022  
Q2  
2021  
Q2 Quarters  
Last 4  
•
Assets & Logistics generated a profit of USD 26 million for the  
quarter (USD 2 million).  
•
Realised dry cargo gains and secured downside protection:  
- Fully covered dry cargo portfolio for 2022 and 2023 at  
profitable rates.  
Contribution margin  
O/A costs  
83.8  
-4.5  
33.5  
54.3  
256.0  
-14.5  
108.7  
-3.2  
8.5  
•
Significant increase in the net asset value (NAV) of the  
business unit portfolio (including NORDEN’s net cash position)  
to USD 1,868 million or DKK 377 per share. This represents  
an increase of USD 383 million or DKK 100 per share driven  
primarily by higher tanker values.  
- 3 dry cargo vessels sold at 10-year high price levels with  
profits to benefit results in H2.  
- 7 extension options declared on dry cargo leases.  
EBIT  
Profit/Loss from sale  
of vessels  
-0.2  
-
44.2  
77.2  
Profit/loss for the  
period  
25.6  
2.1  
•
Optimising tanker portfolio:  
- Adding 1 tanker vessel on lease with purchase option.  
- Entered into 3 long-term timecharter out contracts on MR  
tankers at profitable rates.  
•
Market value of both owned and leased vessels at USD 1,390  
million at the end of Q2. The market value of owned vessels  
exceeded book values by USD 182 million.  
Portfolio overview  
Dry Cargo Tankers  
Total  
•
•
Upward trend in product tanker period rates and asset values  
providing significant upside value on extension and purchase  
options.  
Active fleet  
Owned vessels1)  
Leased vessels1) 2)  
Total active  
12  
53  
65  
16  
19  
35  
28  
72  
100  
Current portfolio of leased vessels includes a total of 61,614  
extension option days. In addition comes 78 purchase options.  
Net asset value of Assets & Logistics1)  
For delivery  
Owned vessels1)  
Leased vessels1) 2)  
Total for delivery  
-
5
5
2
5
7
2
10  
12  
Amount in USD million  
Dry Cargo  
451  
Tankers  
504  
Total  
955  
Market value of owned vessels  
Estimated market value of  
T/C & Cover portfolio2)  
336  
99  
435  
1,390  
243  
Total  
70  
42  
112  
Total Assets & Logistics portfolio value  
Net cash position  
787  
603  
Purchase options  
55  
23  
78  
Newbuilding instalments  
-71  
Extension option  
days  
Other net assets (book values)  
Total business unit NAV  
306  
44,817  
16,797  
61,614  
1,868  
377  
1) Incl. sold vessels for future delivery  
2) Minimum lease period in excess of 2 years  
Business unit NAV per share, DKK  
Market value of owned vessels  
vs. carrying amounts  
127  
55  
182  
1)  
2)  
including NORDEN’s net cash position  
including estimated market value of optionality  
Owned vessels in portfolio values and portfolio overview are excl. owned vessels from financial  
leasing transactions. NAV per share based on USD/DKK rate and share count as of balance sheet  
at end Q2, excluding treasury shares held by NORDEN.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
6
 
FREIGHT SERVICES & TRADING  
RECORD MARGINS IN STRONG TRADING ENVIRONMENT  
Results  
Business highlights  
Freight Services & Trading key figures  
Amount in  
USD million  
2022  
Q2  
2021  
Q2 Quarters  
Last 4  
•
•
Profit of USD 153 million in Q2 2022 (USD 30 million).  
•
•
Significant shift in exposure from dry cargo to product tankers.  
Contribution margin  
O/A costs  
288.3  
-53.7  
153.1  
75.0  
808.8  
Result per vessel day at USD 3,560 in Q2, increasing average  
margin per vessel day since 2019 to USD 994.  
Very strong earnings from utilising high and volatile MR rates:  
- Benefitted from increased exposure ahead of exceptionally  
strong product tanker rates.  
-20.7 -156.7  
Profit/loss for period  
Vessel days  
29.7  
406.2  
43,008 42,012 166,109  
•
Year-on-year activity growth of 2% compared to Q2 2021.  
- Utilised regional arbitrage opportunities to capture rate  
volatility between Atlantic and Pacific basins.  
Result per  
vessel day (USD/day) 3,560  
707  
2,445  
- Declared several extension options on vessels added in  
2021, ensuring forward capacity at low rates.  
Historical performance  
•
•
Well positioned to utilise weakening dry cargo market:  
- Adjusted short-term exposure to a short position (more  
cargoes than tonnage) to benefit from falling freight rates.  
- Utilised strong customer relations to enter into forward cargo  
contracts for the rest of the year at attractive rates.  
Avg. since  
FY  
2021  
2019  
Result per vessel day (USD)  
Vessel days  
994  
1,214  
152,420 164,189  
10.6%* 10%  
Annual activity growth  
*
Based on 12-month rolling average compared to same  
period 2 years prior.  
Substantial market value built up, which is expected to  
benefit earnings in H2 2022 and 2023.  
Average no. of operated vessels  
Dry cargo vessels:  
Result per vessel day  
Activity levels  
USD / day  
No. of vessel days  
180,000  
3,000  
2,500  
2,000  
1,500  
1,000  
164,189  
2,733  
149,330  
2020  
136,220  
150,000  
120,000  
90,000  
60,000  
30,000  
0
10.6%  
annual  
1,214  
2021  
345  
Average  
944  
growth rate  
514  
H1 67,597  
2019  
H1 83,732  
2022  
500  
0
187  
Product tanker vessels:  
2019  
2020  
2022  
H1  
2021  
Result per vessel day  
Average result per vessel day  
Vessel days  
127  
2022 figures based on year-to-date profit and number of vessel days.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
7
 
OUTLOOK FOR 2022  
Guidance  
Seasonality and uncertainty  
Further information  
Thomas France  
Investor Communications Partner  
+45 3315 0451  
“NORDEN expects  
profit for the year  
in the range of USD  
560-640 million”  
In line with the guidance announcement  
in August, NORDEN expects profit for the  
year in the range of USD 560-640 million.  
This is based on high exposure towards  
substantially increased product tanker  
market rates, good short-term positioning  
towards a weakening dry cargo market,  
high long-term dry cargo cover at  
profitable rates and active asset trading.  
Given the war in Ukraine, sanctions on  
Russia, remaining COVID-19 disruption  
and macroeconomic uncertainties in  
general, the freight market uncertainty  
and volatility is expected to remain high.  
With an agile business model and strong  
operating platform, NORDEN is well-  
equipped to manage this uncertainty and  
adjust exposure accordingly.  
Assets & Logistics  
Events after the reporting date  
The Assets & Logistics business unit  
expects much better earnings in 2022  
based on high coverage at attractive rates  
on the dry cargo fleet.  
No significant events have occurred  
between the reporting date and the  
publication 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 operations or financial position.  
In addition, dry cargo vessel sale gains are  
expected to contribute positively.  
Freight Services & Trading  
Forward-looking statements  
The Freight Services & Trading business  
unit expects a net result significantly  
above the combined result for the two  
operators in 2021. The expectation is  
based on a margin per vessel day above  
the record level from 2021 (see table on  
page 7). The business unit remains well  
positioned to capitalise on a significantly  
improved tanker market, while having  
ensured downside protection and actively  
adjusted exposure to benefit from a  
weakening dry cargo market.  
This interim report contains certain forward-looking  
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 NORDEN’s  
realised results may therefore differ from projections.  
Factors that may cause NORDEN’s realised results  
to differ from the projections in this report include,  
but are not limited to: Changes to macroeconomic  
and political conditions – particularly in the Group’s  
principal markets; 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.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 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 30 June 2022 of
The interim consolidated financial
Besides what has been disclosed in the
Interim Report, no other significant chang-
es in the Group’s risks and uncertainties
have occurred relative to what was dis-
closed in the consolidated annual report
for 2021.
Dampskibsselskabet NORDEN A/S’
consolidated activities and cash flows for
the period 1 January to 30 June.
statements have not been subject to audit
or review by the Independent Auditors of
Dampskibsselskabet NORDEN A/S.
Dampskibsselskabet NORDEN A/S.
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
applied to be appropriate and the ac-
counting estimates made to be adequate.
Furthermore, we find the overall presenta-
tion 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 liabil-
ities and the financial position at 30 June
2022 as well as the result of
Hellerup, 18 August 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
Henrik Røjel
Christina Lerchedahl Christensen
Stine Gøttrup
(employee-elected)
(employee-elected)
(employee-elected)
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
9
 
CONSOLIDATED  
INCOME STATEMENT  
CONSOLIDATED STATEMENT  
OF COMPREHENSIVE INCOME  
Q2  
2022  
Q2  
2021  
H1  
2022  
H1  
2021  
FY  
2021  
Q2  
2022  
Q2  
2021  
H1  
2022  
H1  
2021  
FY  
2021  
Amount in USD million  
Amount in USD million  
Note  
2
Note  
Profit/loss for the period  
178.7
31.8
295.8
16.9
204.5
Revenue  
1,420.1
854.7
2,508.0
1,458.6
3,551.8
Other comprehensive income to be  
reclassified to the income statement:  
Other operating income  
Vessel operation costs  
Contribution margin  
9.4
-1,057.4
372.1
2.5
-727.9
129.3
18.2
-1,906.4
619.8
4.0
-1,258.0
204.6
6.7
-2,908.9
649.6
3
Fair value adjustment for the period,  
cash flow hedges  
7
70.7
-131.4
99.0
-171.4
-35.3
Other comprehensive income, total  
after tax  
Overhead and administration costs  
-58.2
-23.9
-94.7
-40.9
-117.4
70.7
-131.4
99.0
-171.3
-35.3
Profit/loss before depreciation,  
amortisation and impairment  
losses, etc. (EBITDA)  
Total comprehensive income for the  
period, after tax  
313.9
105.4
525.1
163.7
532.2
249.4
249.4
-99.6
-99.6
394.8
394.8
-154.4
-154.4
169.2
169.2
Profit/loss from sale of vessels etc.  
-0.2
-
28.2
-9.2
7.7
Attributable to:  
Depreciation, amortisation and  
impairment losses  
Shareholders of NORDEN  
4
5
-120.0
1.3
-65.0
-0.3
-227.8
1.0
-122.0
-
-295.5
1.1
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
195.0
40.1
326.5
32.5
245.5
Financial income  
6
6
1.0
-15.6
1.6
-8.0
1.3
-28.5
1.9
-14.9
19.5
0.3
-35.1
Financial expenses  
Profit/loss before tax  
180.4
33.7
299.3
210.7
Tax  
-1.7
-1.9
-3.5
-2.6
-6.2
Profit/loss for the period  
178.7
31.8
295.8
16.9
204.5
Attributable to:  
Shareholders of NORDEN  
178.7
31.8
295.8
16.9
204.5
Earnings per share (EPS)  
Earnings per share (USD)  
5.13
5.11
0.85
0.84
8.32
8.28
0.45
0.45
5.5
5.4
Earnings per share, diluted (USD)  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
10  
 
CONSOLIDATED STATEMENT  
OF FINANCIAL POSITION  
30/6  
2022  
30/6  
2021  
31/12  
2021  
30/6  
2022  
30/6  
2021  
31/12  
2021  
Amount in USD million  
Note  
Amount in USD million  
Note  
Assets  
Equity and liabilities  
Share capital  
Vessels  
8
9
672.9
569.2
49.7
733.2
416.0
48.6
703.0
556.5
49.7
5.9
67.8
6.2
-167.2
851.6
690.6
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  
1,174.8
1,248.5
1,018.3
993.3
10  
25.2
37.3
11.3
1,317.0
1,235.1
1,320.5
Loans  
281.3
266.0
73.5
371.3
256.9
98.6
302.1
269.9
98.7
Investments in joint ventures  
Receivables from subleasing  
Total Financial assets  
-
12.9
12.9
10.7
7.4
10.0
9.1
Lease liabilities  
Bonds  
9
9
18.1
19.1
Total Non-current liabilities  
620.8
726.8
670.7
Total Non-current assets  
1,329.9
1,253.2
1,339.6
Loans  
38.3
358.0
307.3
-
97.1
207.5
198.3
-
39.9
337.8
226.1
13.9
-
Lease liabilities  
Trade payables  
Debt to joint ventures  
Tax payables  
Inventories  
193.5
41.0
103.5
11.5
117.1
23.7
Receivables from subleasing  
Freight receivables  
406.7
2.3
234.5
13.4
255.7
1.0
2.2
3.2
Receivables from joint ventures  
Other receivables  
Other payables  
Deferred income  
111.8
116.7
934.3  
20.3
46.7
90.5
643.3  
-
73.0
89.4
780.1  
9.4
27.2
11.9
18.9
Prepayments  
164.8
566.5
1,402.0  
92.0
101.5
297.3
773.6  
33.9
136.0
410.7
963.1  
150.8
1,113.9
Cash and cash equivalents  
Liabilities relating to vessels held for sale  
Total Current liabilities  
954.6
643.3
789.5
Vessels held for sale  
Total Current assets  
1,494.0
807.5
Total Liabilities  
1,575.4
2,823.9
1,370.1
2,060.7
1,460.2
2,453.5
Total Equity and liabilities  
Total Assets  
2,823.9
2,060.7
2,453.5
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
11  
 
CONSOLIDATED STATEMENT  
OF CASH FLOWS  
Q2  
Q2  
H1  
H1  
FY  
Q2  
Q2  
H1  
H1  
FY  
Amount in USD million  
Note  
2022  
2021  
2022  
2021  
2021  
Amount in USD million  
Note  
2022  
2021  
2022  
2021  
2021  
Profit/loss for the period  
178.7
31.8
295.8
16.9
204.5
Liquidity at beginning of the period  
Exchange rate adjustments  
354.8
-2.3
195.7
-0.4
389.3
-2.7
217.1
-0.5
217.1
-2.4
Reversal of items from the income  
statement  
118.5
41.2
72.8
210.6
-23.8
146.3
308.6
-96.4
Change in liquidity for the period  
Liquidity at end period  
147.9
500.4
62.3
113.8
500.4
41.0
174.6
389.3
Change in working capital  
-121.5
-236.4
257.6
257.6
Instalments on sublease  
receivables  
Cash and cash equivalents with rate  
agreements of more than 3 months, etc.  
11.6
-0.1
3.7
-0.2
20.7
-1.3
8.9
-0.8
24.8
-7.6
66.1
39.7
66.1
39.7
21.4
Income tax, paid  
Cash and cash equivalents at end  
period acc. to the statement of financial  
position  
Cash flows from operating activities  
349.9
-13.4
502.0
-65.1
433.9
566.5  
297.3  
566.5  
297.3  
410.7  
Investments in vessels and vessels  
held for sale and other tangible  
assets  
8
-0.2
0.4
-61.0
-1.1
-92.1
30/6  
2022  
30/6  
2021  
31/12  
2021  
Additions in prepayments on  
newbuildings  
Amount in USD million  
Note  
10  
-9.7
9.0
-57.8
-
-104.7
9.0
-69.6
-
-155.8
-2.4
Which can be explained as follows  
Demand deposits and cash balance  
Money market investment  
Investment in Joints Ventures  
383.7  
100.5  
82.3  
182.5  
69.6  
200.1  
154.1  
56.5  
Proceeds from sale of vessels and  
newbuildings  
20.1
17.4
247.7
34.5
159.8
Change in cash and cash equiva-  
lents with rate agreements of more  
than 3 months, etc.  
Other cash and cash equivalents  
45.2  
566.5  
297.3  
410.7  
-56.1
26.4
-44.7
74.8
93.1
Cash flows from investing activities  
-36.9
-13.6
46.3
38.6
2.6
Dividend paid to shareholders  
Acquisition of treasury shares  
Proceeds from share options  
Proceeds from issue of bonds  
Proceeds from loans  
-
-17.3
1.8
-
-2.9
6.2
-96.7
-47.5
3.9
-53.0
-11.3
6.2
-53.0
-33.1
6.6
-
-
-
-
98.7
-
365.3
-
23.5
-25.5
-45.6
-223.2
1.1
474.9
-
417.1
-
Repayment of bonds  
-
Repayment of loans  
-18.0
-119.3
0.8
-212.9
-58.6
0.1
-227.8
-107.0
0.3
-395.1
-268.4
0.3
Instalments on lease liabilities  
Interest, received  
9
Interest, paid  
-13.1
-165.1
-7.9
89.3
-24.5
-434.5
-14.8
67.5
-35.0
-261.9
Cash flows from financing activities  
Cash flow from operating,  
investing and financing activities  
147.9
62.3
113.8
41.0
174.6
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 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  
Capital reduction  
-
99.0
295.8
0.3
394.8
-
-0.3
-
Acquisition of treasury shares  
Exercise of share options  
Share-based payment  
-
-
-47.5
3.9
-47.5
3.9
-
-
-
-
0.7
0.7
Dividends paid  
-
-
-
-
-105.4
8.7
-105.4
8.7
Dividends related to treasury shares  
Changes in equity  
-0.3
99.0
156.5
255.2
Equity at 30 June 2022  
5.9
67.8
1,174.8
1,248.5
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  
Capital reduction  
-
-171.3
16.9
0.3
-154.4
-
-0.3
-
Acquisition of treasury shares  
Exercise of share options  
Share-based payment  
-
-
-11.3
6.2
-11.3
6.2
-
-
-
-
0.6
0.6
Dividends paid  
-
-
-
-
-57.8
4.8
-57.8
4.8
Dividends related to treasury shares  
Changes in equity  
-0.3
-171.3
-40.3
-211.9
Equity at 30 June 2021  
6.2
-167.2
851.6
690.6
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 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 6 months ended 30 June 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 issuance 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  
financial 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 SECOND QUARTER AND FIRST HALF-YEAR 2022  
14  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
2. Segment information  
Q2 2022  
Q2 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  
60.1  
91.5  
0.3  
1,359.5  
-
-
1,419.6  
-
14.5  
88.8  
0.3  
839.9  
-
-
-88.8  
-
854.4  
-
-91.5  
0.2  
-
3.8  
-87.7  
0.2  
87.5  
-
0.5  
-
0.3  
-9.7  
-437.8  
921.9  
9.3  
-443.7  
976.4  
9.4  
-4.1  
-330.4  
509.5  
2.8  
-3.4  
-92.2  
-0.6  
92.8  
-
-337.9  
516.8  
2.2  
T/C equivalent revenue  
142.2  
-0.1  
99.5  
0.0  
Other operating income  
Charter hire and OPEX element  
Operating costs owned vessels  
Contribution margin  
-37.2  
-21.1  
83.8  
-4.5  
-642.9  
-
-592.6  
-21.1  
372.1  
-58.2  
-27.1  
-18.1  
54.3  
-3.2  
-437.3  
-
-371.6  
-18.1  
129.3  
-23.9  
288.3  
-53.7  
-
75.0  
-20.7  
-
Overhead and administration costs  
-
-
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
79.3  
-0.2  
-46.9  
1.3  
234.6  
-
-
-
-
-
-
-
-
-
-
-
313.9  
-0.2  
51.1  
-
54.3  
-
-
-
-
-
-
-
-
-
-
-
105.4  
-
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  
-73.1  
-
-120.0  
1.3  
-42.3  
-0.3  
8.5  
0.1  
-22.7  
-
-65.0  
-0.3  
40.1  
1.6  
33.5  
0.4  
161.5  
0.6  
195.0  
1.0  
31.6  
1.5  
Financial expenses  
-8.3  
25.6  
-
-7.3  
154.8  
-1.7  
153.1  
-15.6  
180.4  
-1.7  
-6.3  
2.3  
-0.2  
2.1  
-1.7  
31.4  
-1.7  
29.7  
-8.0  
33.7  
-1.9  
31.8  
Profit/loss before tax  
Tax  
Profit/loss for the period  
25.6  
178.7  
Adjusted for:  
Profit/loss from sale of vessels, etc.  
Adjusted Results for the period*  
0.2  
-
-
0.2  
-
-
-
-
25.8  
153.1  
-
178.9  
2.1  
29.7  
-
31.8  
* 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 SECOND QUARTER AND FIRST HALF-YEAR 2022  
15  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
2. Segment information – continued  
H1 2022  
H1 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  
98.3  
183.2  
0.6  
2,408.8  
-
-
2,507.1  
-
33.9  
167.3  
0.6  
1,424.1  
-
-
1,458.0  
-
-183.2  
-167.3  
0.3  
-
0.9  
-
-
0.6  
-16.7  
265.4  
-0.1  
-788.3  
1,620.8  
18.3  
7.7  
-797.3  
1,710.7  
18.2  
-8.1  
-572.3  
851.8  
4.9  
-
-580.4  
878.2  
4.0  
T/C equivalent revenue  
-175.5  
193.7  
-0.3  
-167.3  
Other operating income  
-
-0.6  
Charter hire and OPEX element  
Operating costs owned vessels  
Contribution margin  
-72.7  
-37.5  
155.1  
-8.7  
-1,174.4  
-
175.5  
-1,071.6  
-37.5  
619.8  
-94.7  
-54.4  
-35.8  
103.2  
-5.6  
-755.3  
-
167.9  
-641.8  
-35.8  
204.6  
-40.9  
-
-
-
-
-
-
464.7  
-86.0  
101.4  
-35.3  
Overhead and administration costs  
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
146.4  
28.2  
-93.2  
1.0  
378.7  
-
-
-
-
-
-
-
-
-
-
-
525.1  
28.2  
97.6  
-9.2  
-81.5  
-
66.1  
-
-
-
-
-
-
-
-
-
-
-
163.7  
-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  
-134.6  
-
-227.8  
1.0  
-40.5  
-
-122.0  
-
82.4  
0.5  
244.1  
0.8  
326.5  
1.3  
6.9  
25.6  
1.3  
32.5  
1.9  
0.6  
Financial expenses  
-15.6  
67.3  
-0.2  
-12.9  
232.0  
-3.3  
-28.5  
299.3  
-3.5  
-12.2  
-4.7  
-0.3  
-5.0  
-2.7  
24.2  
-2.3  
21.9  
-14.9  
19.5  
-2.6  
Profit/loss before tax  
Tax  
Profit/loss for the period  
67.1  
228.7  
295.8  
16.9  
Adjusted for:  
Profit/loss from sale of vessels, etc.  
Adjusted Results for the period*  
-28.2  
-
-
-28.2  
9.2  
-
-
9.2  
38.9  
228.7  
-
267.6  
4.2  
21.9  
-
26.1  
* 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 SECOND QUARTER AND FIRST HALF-YEAR 2022  
16  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
3. Expenses by nature  
6. Financial income and expenses  
Q2  
Q2  
H1  
H1  
FY  
Q2  
Q2  
H1  
H1  
FY  
Amount in USD million  
2022  
2021  
2022  
2021  
2021  
Amount in USD million  
2022  
2021  
2022  
2021  
2021  
Vessel operating costs  
Overhead and administration costs  
Total  
1,057.4  
58.2  
727.9  
23.9  
1,906.4  
94.7  
1,258.0  
40.9  
2,908.9  
117.4  
Interest income  
0.8  
0.2  
0.1  
-
1.1  
0.2  
0.3  
-
0.3  
-
Fair value adjustment, cross currency swaps  
1,115.6  
751.8  
2,001.1  
1,298.9  
3,026.3  
Exchange rate adjustments  
-
1.5  
-
1.6  
-
Total financial income  
1.0  
1.6  
1.3  
1.9  
0.3  
These costs can be split by nature:  
Voyage costs excluding bunker oil  
Bunker oil  
188.7  
255.0  
157.0  
171.9  
358.6  
438.7  
275.6  
295.8  
609.6  
659.0  
Interest costs  
4.4  
-
2.4  
0.1  
5.5  
-
7.8  
-
4.5  
0.1  
11.1  
0.1  
Fair value adjustment, cross currency swaps  
Interest expense on lease liabilities  
Exchange rate adjustments  
Total financial expenses  
Expenses related to the service component of  
right-of-use assets  
8.7  
2.5  
15.6  
16.7  
4.0  
10.3  
-
23.9  
-
71.1  
48.6  
137.3  
91.6  
205.9  
Expenses related to short-term leases  
Operating costs owned vessels*  
Other external costs  
Staff costs  
521.5  
21.3  
332.3  
12.0  
5.5  
934.3  
37.6  
559.2  
20.8  
1,361.1  
73.3  
8.0  
28.5  
14.9  
35.1  
7.1  
12.4  
9.3  
20.4  
7. Fair value adjustment – hedging Instruments  
50.9  
24.5  
751.8  
82.2  
46.6  
97.0  
30/6  
2022  
30/6  
2021  
31/12  
2021  
Total  
1,115.6  
2,001.1  
1,298.9  
3,026.3  
Amount in USD million  
* 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  
99.0  
67.8  
4.1  
-171.4  
-167.3  
4.1  
-35.3  
-31.2  
4. Depreciation  
Q2  
Q2  
H1  
H1  
FY  
Amount in USD million  
2022  
2021  
2022  
2021  
2021  
Fair value adjustment for the period, cash flow  
hedges can be specified as follows:  
Vessels  
10.0  
109.7  
0.3  
10.8  
53.9  
0.3  
20.4  
206.9  
0.5  
22.2  
99.4  
42.6  
252.1  
0.8  
Right-of-use assets  
Property and equipment  
Total  
0.4  
Bunker hedging  
38.0  
22.7  
5.5  
120.0  
65.0  
227.8  
122.0  
295.5  
- of which has been transferred to the income statement  
due to inefficiency  
-
27.5  
2.3  
-1.8  
-187.7  
-0.5  
1.9  
-39.0  
0.4  
FFA hedging  
5. Share of profit/loss of joint ventures  
Q2  
2022  
Q2  
2021  
H1  
2022  
H1  
2021  
FY  
2021  
Foreign currency risk hedging  
Amount in USD million  
End  
67.8  
-167.3  
-31.2  
Profit/loss from shares in joint ventures  
Share of Profit/loss from sale of vessels  
Share of impairment of tangible assets  
Total  
1.3  
-
-
-
1.0  
-
0.3  
2.3  
-0.9  
-0.3  
1.1  
The fair value measurement hierarchy of hedging is measured based upon significant observable inputs  
(level 2).  
-
-0.3  
-
-
-0.3  
-0.3  
-
1.3  
1.0  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
17  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
7. Fair value adjustment – hedging Instruments – continued  
8. Vessels  
30/6  
2022  
30/6  
2021  
31/12  
2021  
30/6  
2022  
30/6  
2021  
31/12  
2021  
Amount in USD million  
Amount in USD million  
As of 30 June 2022, outstanding hedging contains:  
Cost at 1 January  
951.3  
60.2  
-
1,079.7  
0.7  
1,079.7  
104.1  
-1.3  
Additions  
Bunker hedging  
Disposals  
-1.3  
Beginning, 1 January  
7.4  
53.2  
9.2  
37.2  
21.9  
-47.4  
20.9  
9.2  
42.3  
29.4  
-73.5  
7.4  
Transferred from prepayments on vessels and newbuildings  
Transferred to tangible assets held for sale  
Cost  
45.9  
-168.6  
888.8  
47.8  
76.6  
Fair value adjustments  
-93.1  
1,033.8  
-307.8  
951.3  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
End  
85.4  
-108.0  
38.0  
Depreciation at 1 January  
Depreciation  
-209.8  
-20.4  
-
-249.8  
-22.2  
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  
12.4  
-5.2  
-264.8  
176.6  
-94.3  
-5.2  
-288.1  
546.5  
-292.2  
-39.0  
45.8  
-184.4  
30.5  
81.3  
Fair value adjustments  
-240.2  
-209.8  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
End  
134.6  
-80.5  
27.5  
Impairment at 1 January  
-38.5  
-15.8  
22.8  
-62.5  
-
-62.5  
-14.4  
38.4  
-187.7  
Impairment losses for the year  
Transferred to tangible assets held for sale  
Impairment  
2.1  
Foreign currency risk hedging  
Beginning, 1 January  
Fair value adjustments  
End  
-31.5  
-60.4  
-38.5  
0.4  
1.9  
2.3  
0.1  
-0.6  
-0.5  
0.1  
0.3  
0.4  
Carrying amount  
672.9  
733.2  
703.0  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
18  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
9. Leases – lessee  
10. Prepayments on vessels and newbuildings  
30/6  
2022  
30/6  
2021  
31/12  
2021  
30/6  
2022  
30/6  
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  
11.3  
104.7  
-45.9  
-44.9  
25.2  
15.5  
69.6  
-47.8  
-
15.5  
155.8  
-76.6  
-83.4  
11.3  
958.3  
171.4  
48.1  
527.3  
175.1  
42.4  
527.3  
443.1  
67.5  
Additions  
Transferred to vessels  
Remeasurements  
Disposals related to redelivered vessels  
Cost  
Transferred to tangible assets held for sale  
-44.7  
-35.3  
709.5  
-79.6  
958.3  
Cost  
37.3  
1,133.1  
Impairment  
-
-
-
Depreciation at 1 January  
Depreciation  
-401.8  
-206.9  
44.8  
-228.6  
-99.4  
-228.7  
-252.1  
79.0  
Carrying amount  
25.2  
37.3  
11.3  
Depreciations related to redelivered vessels  
Depreciation  
34.5  
-563.9  
-293.5  
-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  
569.2  
416.0  
556.5  
Lease Liabilities  
Lease liabilities at 1 January  
Additions  
607.7  
191.6  
47.9  
355.4  
175.7  
41.1  
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  
Instalments made  
-223.2  
-
-107.0  
-0.8  
-268.4  
-0.9  
Disposals related to cancelled leases  
Lease liabilities at end of period  
624.0  
464.4  
607.7  
—
—
NORDEN  
INTERIM FINANCIAL REPORT SECOND QUARTER AND FIRST HALF-YEAR 2022  
19  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
13. Overview of deliveries of owned vessels and CAPEX  
Deliveries of owned vessels  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Number of vessels  
2022  
2022  
2023  
2023  
2023  
2023  
2024  
Total  
MR  
-
-
2
-
-
-
-
-
-
-
-
-
-
2
1
Logistics assets  
1
CAPEX  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Amount in USD million  
2022  
2022  
2023  
2023  
2023  
2023  
2024  
Total  
Newbuilding payments  
and secondhand purchases  
18  
1
47  
-
4
-
-
3
-
-
-
72  
16  
Other CAPEX*  
5
5
5
Future payments to NORDEN from sold vessels: USD 145.2 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 SECOND QUARTER AND FIRST HALF-YEAR 2022  
20