NORDEN Annual Report 2022 and Outlook 2023

Today, the Board of Directors approved the annual report for 2022 with selected highlights below: Today, the Board of Directors approved the annual report for 2022 with selected highlights below: Full-year results Returning capital to shareholders Outlook 2023 NORDEN expects profit for the year in the range ofUSD 330 -430 million ( DKK 2.3 -3 billion). Driven primarily by attractive cover and vessel sales gains in Assets & Logistics, combined with expected strong tanker...

Today, the Board of Directors approved the annual report for 2022 with selected highlights below:

Full-year results

Returning capital to shareholders

Outlook 2023

NORDEN expects profit for the year in the range of USD 330-430 million (DKK 2.3-3 billion). Driven primarily by attractive cover and vessel sales gains in Assets & Logistics, combined with expected strong tanker earnings in Freight Services & Trading.

Business unit performance

Assets & Logistics - Profit for the year: USD 193 million (2021: USD 5 million)

Freight Services & Trading - Profit for the year: USD 550 million (2021: USD 199 million)

"NORDEN achieved the best ever financial result by capturing value in volatile markets, continuously adapting to market developments and quickly capitalising on the most attractive opportunities. NORDEN proposes a final dividend of DKK 30 per share, and will initiate a new share buy-back programme of USD 50 million. For 2023, we expect another strong result, having already locked in high value for the year and being well positioned to capture on the opportunities that arise in our two markets."

CEO Jan Rindbo

For further information:

Martin Badsted, CFO, tel.: +45 3067 5894

Thomas France, Investor Communications Partner, tel: +45 3315 0451

The following files are available for download:

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