NORDEN Annual Report 2021 and outlook 2022


Today, the Board of Directors approved the annual report for 2021 with selected highlights below:

Full-year results
• Profit for the year: USD 205 million (2020: USD 86 million)
• Return on equity: Increased to 22% (2020: 10%)
• Adjusted Result: USD 198 million (2020: USD 106 million)

Returning capital to shareholders
• Proposed dividend of DKK 18 per share
• Initiating new share buyback programme of up to USD 30 million

Outlook 2022
Based on good positioning and active trading in a continued strong and volatile dry cargo market, NORDEN expects profit for the year to improve further to a range of USD 210-280 million (incl. currently known vessel sales gains of USD 37 million).

Business unit performance
Asset Management - Profit for the year: USD 5 million (2020: USD 9 million)
• Value of portfolio increased to USD 1.3 billion
• Profitable forward cover, positioned for significantly improved earnings in 2022

Dry Operator - Profit for the year: USD 230 million (2020: USD 59 million)
• Extraordinary results and record high activity levels
• Utilising market volatility and capitalising on rising dry cargo rate

Tanker Operator - Loss for the year: USD -30 million (2020: USD 18 million).
• Optimised portfolio through added T/C capacity and extension options
• Positioned for market improvements in second half of 2022

”NORDEN achieved the best result in 11 years with a profit of USD 205 million dollars based on active trading, record high activity levels and good execution in a strong dry cargo market. NORDEN continues to deliver profitable growth, and we are pleased to share this great result with NORDEN’s shareholders with a proposed dividend of DKK 18 per share. For 2022 we expect an even better result in the range of USD 210-280 million”.

CEO Jan Rindbo

Announcement no. 54

Annual Report 2021

Summary of Q4 and full-year 2021 results

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