Interim report – second quarter and first half year of 2020

ANNOUNCEMENT NO. 20 - 19 AUGUST 2020 Attached please find the full interim report as PDF fileToday, the Board of Directors approved the interim report for the second quarter of 2020. The report contains the following highlights:Results Adjusted Result* for Q2 2020: USD 29 (Q2 2019: USD -12 million) Assset Management: USD 11 million (USD -3 million)Dry Operator: USD -4 million (USD -6 million)Tanker Operator: USD 22 million (USD -3 million) Adjusted Result for H1...

Hellerup, 19/08/2020 (informazione.news - comunicati stampa - trasporti)

ANNOUNCEMENT NO. 20 - 19 AUGUST 2020

Adjusted Result* for Q2 2020: USD 29 (Q2 2019: USD -12 million)

Adjusted Result for H1 2020: USD 58 million (H1 2019: USD -5 million)

*”Profit/loss for the period” adjusted for “Profit from sale of vessels etc.”

Change in value of NORDEN's owned vessels and newbuildings: -5%

NORDEN raises its expectations for the full-year Adjusted Result to USD 40-80 million (previously USD 30-80 million). This is based on higher expectations for the Dry Operator business unit.

The Board of Directors has decided to initiate a share buy-back programme of up to USD 10 million, which will be announced separately.

A telephone conference will be held today at 10:30 a.m. (CET), where CEO Jan Rindbo and CFO Martin Badsted will comment on the interim report. It is requested that all participants have joined the meeting by latest 10:25 a.m. (CET) – international participants please dial in on +44 (0) 207 769 6470 or +1 718 354 1229, Danish participants please dial in on +45 7026 5045. Passcode is 5256489#. The accompanying presentation will be available on NORDEN's website.

Jan Rindbo, CEO, tel.: +45 3315 0451

Attachments