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D/S Norden Annual Report 2020
3398_rns_2021-03-04_9b368da8-129e-4f5a-95f2-e031cd14ca91.pdf
Annual Report
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ANNOUNCEMENT NO. 56 - 4 MARCH 2021
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NORDEN
ANNUAL REPORT 2020
AND OUTLOOK 2021
Results
Adjusted Result* for full year 2020: USD 106 million (2019: USD 23 million).
- Asset Management: USD 29 million (USD -3 million).
- Dry Operator: USD 59 million (USD 8 million).
- Tanker Operator: USD 18 million (USD 18 million).
Markets
- Asset Management: Asset prices and period rates for both dry cargo and tankers ended lower in 2020, but there was upwards pressure in dry cargo in the final months of the year.
- Dry cargo: Spot markets plummeted in first half of 2020 and slowly recovered throughout second half of the year driven by strong Chinese imports.
- Tankers: A polarised year with market rates initially surging, only to then plummet in second half of 2020.
Business highlights
- Asset Management: NORDEN has during 2020 adjusted the exposure from Tankers to Dry Cargo.
- Dry Operator: Outstanding result with record-high activity levels, underlining the unit's ability to adapt its position and make use of volatile markets.
- Tanker Operator: Positive results in first half of 2020, while worst effects of second half 2020 were mitigated through active management of position.
Guidance
Following a very strong performance in 2020, NORDEN expects lower earnings in 2021 with an expected Adjusted Result for 2021 in the range of USD 20 to 60 million.
NORDEN remains committed to returning cash to its shareholders through the Company's dividend policy, paying out minimum 50% of the annual Adjusted Result.
- "Profit/loss for the period" adjusted for "Profit/loss from sale of vessels, etc".
"NORDEN delivered an outstanding performance in challenging and volatile markets, achieving an Adjusted Result of USD 106 million in 2020 - the best group result in 10 years. The result reflects the recent transformation of our business model and strategy to an asset-light platform based on trading opportunities, using data as an asset and strengthening our customer focus. The Board of Directors recommends a dividend payment of DKK 9 per share in line with our dividend policy of returning minimum 50% of the annual Adjusted Result to our shareholders."
CEO Jan Rindbo
Conference call and audiocast
A telephone conference as well as an audiocast will be held today at 10:30 a.m. (CET), where CEO Jan Rindbo and CFO Martin Badsted will comment on the annual report. Participants can join the audiocast to view and listen to the live presentation, while conference call participants have the ability to ask questions at the end of the call. The accompanying presentation will be available on NORDEN's website prior to the conference call and audiocast. It is requested that all conference call participants have joined the call by latest 10:25 a.m. (CET): Danish participants: (+45) 3272 0417 and international participants: UK: +44 (0) 2071 928338 or USA: +1 646 741 3167. Confirmation code: 5992705. The audiocast will be available on NORDEN's website subsequently. Audiocast link: https://edge.media-server.com/mmc/p/r8s4vixq Further information: Thomas France, Investor Communications Partner, +45 3315 0451.
DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, DENMARK, CVR-NO. 67758919
KEY FIGURES AND FINANCIAL RATIOS FULL-YEAR 2020
| Amounts in USD million | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | 2,597.8 | 2,583.9 | 2,451.4 | 1,808.6 | 1,251.2 |
| Contribution margin | 435.6 | 295.0 | 132.3 | 116.8 | 76.1 |
| EBITDA | 342.5 | 217.5 | 72.5 | 68.1 | 30.6 |
| Profit/(loss) from sale of vessels etc. | -18.2 | -3.6 | 8.8 | 0.9 | -45.5 |
| Depreciation, amortisation and impairment losses | -201.9 | -156.9 | -44.3 | -42.2 | -49.6 |
| EBIT | 119.4 | 56.8 | 39.4 | 23.3 | -64.5 |
| Financial items, net | -26.7 | -32.7 | -6.9 | -0.9 | -12.2 |
| Profit/loss for the year | 86.0 | 19.2 | 28.8 | 24.6 | -45.6 |
| Adjusted Result for the year 1) | 105.7 | 22.8 | 20.0 | 28.4 | -34.6 |
| Statement of financial position | |||||
| Total assets | 1,824.8 | 1,742.4 | 1,464.4 | 1,326.5 | 1,301.0 |
| Equity | 902.5 | 859.0 | 826.8 | 834.4 | 801.4 |
| Liabilities | 922.3 | 883.4 | 637.6 | 492.1 | 499.6 |
| Invested capital | 1,246.3 | 1,283.5 | 970.2 | 836.7 | 753.8 |
| Net interest-bearing debt | -343.8 | -424.5 | -143.4 | -2.3 | 47.6 |
| Cash and securities | 331.6 | 209.3 | 188.6 | 219.4 | 263.9 |
| Cash flows | |||||
| From operating activities | 396.0 | 280.5 | -15.8 | 6.3 | -79.7 |
| From investing activities | -45.1 | -90.9 | -78.4 | -0.2 | 102.1 |
| - hereof investments in property, plant and equipment | -27.1 | -102.7 | -202.7 | -75.4 | -36.8 |
| From financing activities | -228.2 | -211.2 | 95.4 | 3.0 | -85.3 |
| Environmental and social figures | |||||
| EEOI (gCO2/tonnes-mile) 2) | 8.8 | 8.7 | 8.6 | 8.8 | 9.0 |
| LTIF (million working hours) 3) | 0.6 | 1.5 | 0.3 | 1.6 | 0.9 |
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| --- | --- | --- | --- | --- | --- |
| Share-related key figures and financial ratios: | |||||
| No. of shares of DKK 1 each (including treasury shares) | 40,700,000 | 42,200,000 | 42,200,000 | 42,200,000 | 42,200,000 |
| No. of shares of DKK 1 each (excluding treasury shares) | 37,805,533 | 39,311,533 | 39,923,933 | 40,467,615 | 40,467,615 |
| No. of treasury shares | 2,894,467 | 2,888,467 | 2,276,067 | 1,732,385 | 1,732,385 |
| Earnings per share (EPS), DKK | 14 | 3 | 4 | 4 | -8 |
| Diluted earnings per share (diluted EPS), DKK | 14 | 3 | 4 | 4 | -8 |
| Dividend per share, DKK | 9.0 | 2.5 | 2.0 | 0.0 | 0.0 |
| Book value per share, DKK | 145 | 146 | 135 | 128 | 140 |
| Share price at year-end, per share DKK | 109.6 | 106.7 | 92.4 | 116.5 | 110.5 |
| Other key figures and financial ratios: | |||||
| EBITDA ratio | 13.2% | 8.4% | 3.0% | 3.8% | 2.4% |
| ROIC | 9.4% | 5.0% | 4.4% | 2.9% | -8.4% |
| ROE | 9.8% | 2.3% | 3.5% | 3.0% | -5.5% |
| Payout ratio (excluding treasury shares) 4) | 65.3% | 76.6% | 41.7% | 0.0% | 0.0% |
| Equity ratio | 49.5% | 49.3% | 56.5% | 62.9% | 61.6% |
| Price/book value | 0.8 | 0.7 | 0.7 | 0.9 | 0.8 |
| Total no. of ship days for the Group | 153,195 | 138,327 | 122,852 | 93,738 | 79,060 |
| USD rate at year-end | 605.76 | 667.59 | 651.94 | 620.77 | 705.28 |
| Average USD rate | 653.43 | 667.03 | 631.74 | 659.53 | 673.27 |
Key figures for 2016-2018 are not restated to reflect IFRS 16.
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 2020. The figures are adjusted for the Company's holding of treasury shares.
1) Adjusted Result for the year is computed as "Profit/loss for the period" adjusted for "Profit and loss from sale of vessels, etc." including adjustment for sale of vessels in joint ventures.
2) The Energy Efficiency Operational Indicator (EEOI) is a measurement of efficiency and is defined as the amount of $\mathrm{CO}_{2}$ emitted per tonne of cargo transported 1 mile.
3) Lost Time Injury Frequency (LTIF) is the frequency a seafarer is unable to work for more than 24 hours per 1 million working hours due to work-related injury.
4) The payout ratio was computed based on proposed dividends for the year, including extraordinary dividends paid during the year.
NORDEN - Q4 AND FULL YEAR 2020
KEY POINTS
FOURTH QUARTER 2020
Results
Adjusted Result" for Q4 2020: USD 21 million (Q4 2019: USD 31 million).
- Asset Management: USD 5 million (USD 5 million).
- Dry Operator: USD 27 million (USD 14 million).
- Tanker Operator: USD -11 million (USD 12 million).
Markets
- Asset Management: Upward trend on dry cargo asset and period rates.
Tanker asset prices and period rates remained at low levels following a decline in the previous quarter. - Dry cargo: Dry cargo spot market continued to improve with the majority of growth placed in China.
- Tankers: Spot rates continued to be very weak in Q4, impacted by significant reductions in global oil demand.
Business highlights
- Asset Management: NORDEN continued to move exposure from tankers to dry cargo vessels and made use of dry asset opportunities at year-end.
- Dry Operator: Q4 brought another outstanding result achieved by taking only a limited amount of market risk during the period.
-
Tanker Operator: Continued to reduce exposure and optimise cover during a very challenging quarter. Increased transport of soft oils to further diversify market exposure.
-
"Profit/loss for the period" adjusted for "Profit/loss from sale of vessels, etc".
NORDEN - Q4 AND FULL YEAR 2020
KEY FIGURES AND RATIOS FOR NORDEN FOURTH QUARTER 2020
| Amounts in USD million | Q4 2020 | Q4 2019 | Q1-Q4 2020 | Q1-Q4 2019 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | 711.5 | 655.5 | 2,597.8 | 2,583.9 |
| Contribution margin | 107.8 | 105.8 | 435.6 | 295.0 |
| EBITDA | 80.4 | 84.4 | 342.5 | 217.5 |
| Profit/loss from sale of vessels etc. | -18.2 | 1.2 | -18.2 | -3.6 |
| Depreciation, amortisation and impairment losses | -51.8 | -47.4 | -201.9 | -156.9 |
| EBIT | 10.7 | 38.2 | 119.4 | 56.8 |
| Financial items, net | -6.6 | -6.7 | -26.7 | -32.7 |
| Profit/loss for the period | 2.8 | 32.4 | 86.0 | 19.2 |
| Adjusted Result for the period 1) | 21.0 | 31.2 | 105.7 | 22.8 |
| Statement of financial position | ||||
| Total assets | 1,824.8 | 1,742.4 | 1,824.8 | 1,742.4 |
| Equity | 902.5 | 859.0 | 902.5 | 859.0 |
| Liabilities | 922.3 | 883.4 | 922.3 | 883.4 |
| Invested capital | 1,246.3 | 1,283.5 | 1,246.3 | 1,283.5 |
| Net interest-bearing debts/assets | -343.8 | -424.5 | -343.8 | -424.5 |
| Cash and securities | 331.6 | 209.3 | 331.6 | 209.3 |
| Cash flows | ||||
| From operating activities | 66.3 | 136.0 | 396.0 | 280.5 |
| From investing activities | 22.5 | -32.9 | -45.1 | -90.9 |
| - hereof investments in property, equipment and vessels | -23.6 | -68.0 | -27.1 | -102.7 |
| From financing activities | -70.2 | -71.2 | -228.2 | -211.2 |
| Environmental and social figures | ||||
| EEOI (gCO2/tonnes-mile) 2) | 9.1 | 8.9 | 8.8 | 8.7 |
| LTIF (million working hours) 3) | 0.6 | 2.6 | 0.6 | 1.5 |
| Q4 2020 | Q4 2019 | Q1-Q4 2020 | Q1-Q4 2019 | |
| --- | --- | --- | --- | --- |
| Share related key figures: | ||||
| No. of shares of DKK 1 each (including treasury shares) | 40,700,000 | 42,200,000 | 40,700,000 | 42,200,000 |
| No. of shares of DKK 1 each (excluding treasury shares) | 37,805,533 | 39,311,533 | 37,805,533 | 39,311,533 |
| Number of treasury shares | 2,894,467 | 2,888,467 | 2,894,467 | 2,888,467 |
| Earnings per share (EPS), DKK | 0 | 6 | 14 | 3 |
| Diluted earnings per share (diluted EPS), DKK | 0 | 6 | 14 | 3 |
| Book value per share, DKK | 145.0 | 146.0 | 145.0 | 146.0 |
| Share price at end of period (DKK) | 109.6 | 106.7 | 109.6 | 106.7 |
| Other key figures and financial ratios: | ||||
| EBITDA ratio | 11.3% | 12.9% | 13.2% | 8.4% |
| ROIC | 3.4% | 13.6% | 9.4% | 5.0% |
| ROE | 1.3% | 14.5% | 9.8% | 2.3% |
| Equity ratio | 49.5% | 49.3% | 49.5% | 49.3% |
| Total no. of ship days for the Group | 41,414 | 34,183 | 153,195 | 138,327 |
| USD/DKK rate at end of the period | 605.76 | 667.59 | 605.76 | 667.59 |
| Average USD/DKK rate | 624.61 | 675.02 | 653.43 | 667.03 |
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 2020. The figures are adjusted for the Company's holding of treasury shares.
1) Adjusted Result for the year is computed as "Profit/loss for the period" adjusted for "Profit and loss from sale of vessels, etc." including adjustment for sale of vessels in joint ventures.
2) The Energy Efficiency Operational Indicator (EEOI) is a measurement of efficiency and is defined as the amount of $\mathrm{CO}_{2}$ emitted per tonne of cargo transported 1 mile.
3) Lost Time Injury Frequency (LTIF) is the frequency a seafarer is unable to work for more than 24 hours per 1 million working hours due to work-related injury.
NORDEN - Q4 AND FULL YEAR 2020
SELECTED SEGMENT FIGURES
FOURTH QUARTER 2020
Business unit key figures
Asset Management
| USD million | 2020 | 2019 |
|---|---|---|
| Q4 | Q4 | |
| Contribution margin | 54.1 | 48.2 |
| O/A costs | -4.9 | -6.2 |
| EBIT | -6.6 | 9.7 |
| Adjusted Result | 5.0 | 4.7 |
Dry Operator
| USD million | 2020 | 2019 |
|---|---|---|
| Q4 | Q4 | |
| Contribution margin | 51.9 | 29.9 |
| O/A costs | -17.5 | -10.5 |
| EBIT | 28.0 | 14.6 |
| Adjusted Result | 27.3 | 14.1 |
| Vessel days | 29,119 | 24,015 |
| Adj. Result per vessel day (USD/day) | 938 | 591 |
Tanker Operator
| USD million | 2020 | 2019 |
|---|---|---|
| Q4 | Q4 | |
| Contribution margin | 1.8 | 27.7 |
| O/A costs | -5.0 | -4.7 |
| EBIT | -10.7 | 13.9 |
| Adjusted Result | -11.3 | 12.4 |
| Vessel days | 12,357 | 9,360 |
| Adj. Result per vessel day (USD/day) | -914 | 1,325 |
Adjusted Result for the last 5 quarters
Asset Management
For further information on the segments, see page 6.
Dry Operator
Tanker Operator
Asset Management TCE, USD per day
| Q4 2020 | ||
|---|---|---|
| Days | TCE | |
| Tankers | ||
| Handysize | 642 | 13,757 |
| MR | 2,644 | 15,535 |
| LR1 | 92 | 19,056 |
| Tanker total | 3,378 | 15,293 |
| Dry Cargo | ||
| Handysize | 459 | 12,236 |
| Supramax | 2,689 | 10,953 |
| Panamax | 1,734 | 12,854 |
| Dry Cargo total | 4,882 | 11,749 |
Tanker Operator TCE, USD per day
| Q4 2020 | ||
|---|---|---|
| Days | TCE | |
| Handysize | 1,310 | 9,966 |
| MR | 3,171 | 13,133 |
| Total | 4,481 | 12,207 |
NORDEN - Q4 AND FULL YEAR 2020
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
USD million
Q4 2020
Q4 2019
| Asset Management | Dry Operator | Tanker Operator | Eliminations | Total | Asset Management | Dry Operator | Tanker Operator | Eliminations | Total | |
|---|---|---|---|---|---|---|---|---|---|---|
| Segment information | ||||||||||
| Revenue - services rendered, external | 20.1 | 601.6 | 89.5 | 0.0 | 711.2 | 19.2 | 508.1 | 127.7 | 0.0 | 655.0 |
| Revenue - services rendered, internal | 83.5 | 0.0 | 0.0 | -83.5 | 0.0 | 72.3 | -38.6 | 0.0 | -33.7 | 0.0 |
| Revenue - sublease financial income | 0.3 | 0.0 | 0.0 | 0.0 | 0.3 | 0.5 | 0.0 | 0.0 | 0.0 | 0.5 |
| Voyage costs | -1.4 | -247.7 | -28.4 | 1.8 | -275.7 | -8.0 | -204.4 | -51.3 | 0.0 | -263.7 |
| T/C equivalent revenue | 102.5 | 353.9 | 61.1 | -81.7 | 435.8 | 84.0 | 265.1 | 76.4 | -33.7 | 391.8 |
| Other operating income | -1.6 | -0.6 | -2.8 | 0.0 | -5.0 | 0.2 | 0.2 | 4.7 | 0.0 | 5.1 |
| Charter hire and OPEX element | -26.5 | -301.4 | -56.5 | 81.7 | -302.7 | -17.3 | -235.4 | -53.4 | 33.7 | -272.4 |
| Operating costs owned vessels | -20.3 | 0.0 | 0.0 | 0.0 | -20.3 | -18.7 | 0.0 | 0.0 | 0.0 | -18.7 |
| Contribution margin | 49.2 | 51.9 | 1.8 | 0.0 | 107.8 | 48.2 | 29.9 | 27.7 | 0.0 | 105.8 |
| Overhead and administration costs | -4.9 | -17.5 | -5.0 | 0.0 | -27.4 | -6.2 | -10.5 | -4.7 | 0.0 | -21.4 |
| Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) | 49.2 | 34.4 | -3.2 | 0.0 | 80.4 | 42.0 | 19.4 | 23.0 | 0.0 | 84.4 |
| Profit/loss from sale of vessels, etc. | -18.2 | 0.0 | 0.0 | 0.0 | -18.2 | 1.2 | 0.0 | 0.0 | 0.0 | 1.2 |
| Depreciation, amortisation and impairment losses | -37.9 | -6.4 | -7.5 | 0.0 | -51.8 | -33.5 | -4.8 | -9.1 | 0.0 | -47.4 |
| Share of profit/loss of joint ventures | 0.3 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit/loss from operations (EBIT) | -6.6 | 28.0 | -10.7 | 0.0 | 10.7 | 9.7 | 14.6 | 13.9 | 0.0 | 38.2 |
| Financial income | -0.2 | 0.6 | 0.0 | 0.0 | 0.4 | 0.4 | 1.2 | 0.1 | 0.0 | 1.7 |
| Financial expenses | -6.2 | -0.6 | -0.2 | 0.0 | -7.0 | -4.6 | -2.9 | -0.9 | 0.0 | -8.4 |
| Profit/loss before tax | -13.0 | 28.0 | -10.9 | 0.0 | 4.1 | 5.5 | 12.9 | 13.1 | 0.0 | 31.5 |
| Tax | -0.2 | -0.7 | -0.4 | 0.0 | -1.3 | 0.4 | 1.2 | -0.7 | 0.0 | 0.9 |
| Profit/loss for the period | -13.2 | 27.3 | -11.3 | 0.0 | 2.8 | 5.9 | 14.1 | 12.4 | 0.0 | 32.4 |
| Adjusted for: | ||||||||||
| Profit/loss from sale of vessels, etc. | 18.2 | 0.0 | 0.0 | 0.0 | 18.2 | -1.2 | 0.0 | 0.0 | 0.0 | -1.2 |
| Profit/loss from sale of vessels, etc in joint venture | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Adjusted Results for the period* | 5.0 | 27.3 | -11.3 | 0.0 | 21.0 | 4.7 | 14.1 | 12.4 | 0.0 | 31.2 |
*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 - Q4 AND FULL YEAR 2020
CONSOLIDATED STATEMENT OF CASH FLOWS
| USD million | Q4 2020 | Q4 2019 | Q1-Q4 2020 | Q1-Q4 2019 |
|---|---|---|---|---|
| Profit/loss for the period | 2.8 | 32.4 | 86.0 | 19.2 |
| Reversal of items from the income statement | 82.7 | 60.6 | 259.7 | 206.7 |
| Change in working capital | -20.0 | 43.4 | 37.3 | 50.5 |
| Instalments on sublease receivables | 4.5 | 4.1 | 17.4 | 11.7 |
| Income tax, paid | -3.7 | -4.5 | -4.4 | -7.6 |
| Cash flows from operating activities | 66.3 | 136.0 | 396.0 | 280.5 |
| Investments in vessels and vessels held for sale and other tangible assets | -23.6 | -68.0 | -27.1 | -102.7 |
| Additions in prepayments on newbuildings | -18.9 | -2.6 | -71.9 | -43.2 |
| Investments in joint ventures | 0.0 | 0.0 | 0.0 | -1.0 |
| Proceeds from sale of vessels and newbuildings | 52.0 | 23.9 | 52.0 | 98.3 |
| Sale of securities | 0.0 | 0.0 | 0.0 | 4.9 |
| Change in cash and cash equivalents with rate agreements of more than 3 months, etc. | 13.0 | 13.8 | 1.9 | -47.2 |
| Cash flows from investing activities | 22.5 | -32.9 | -45.1 | -90.9 |
| Dividend paid to shareholders | 0.1 | 0.0 | -14.6 | -12.0 |
| Acquisition of treasury shares | -13.0 | -5.2 | -24.0 | -9.4 |
| Proceeds from loans | 0.0 | -80.0 | 132.0 | 219.1 |
| Repayment of loans | -5.4 | 65.8 | -117.1 | -245.9 |
| Instalments on lease liabilities | -45.1 | -41.5 | -175.3 | -124.8 |
| Interest, received | 0.2 | 0.0 | 1.0 | 1.5 |
| interest, paid | -7.0 | -10.3 | -30.2 | -39.7 |
| Cash flows from financing activities | -70.2 | -71.2 | -228.2 | -211.2 |
| Cash flow from operating, investing and financing activities | 18.6 | 31.9 | 122.7 | -21.6 |
| USD million | Q4 2020 | Q4 2019 | Q1-Q4 2020 | Q1-Q4 2019 |
| --- | --- | --- | --- | --- |
| Liquidity at beginning of the period | 198.0 | 60.7 | 92.9 | 115.2 |
| Exchange rate adjustments | 0.5 | 0.3 | 1.5 | -0.7 |
| Change in liquidity for the period | 18.6 | 31.9 | 122.7 | -21.6 |
| Liquidity at end period | 217.1 | 92.9 | 217.1 | 92.9 |
| Cash and cash equivalents with rate agreements of more than 3 months, etc. | 114.5 | 116.4 | 114.5 | 116.4 |
| Cash and cash equivalents at end period acc. to the statement of financial position | 331.6 | 209.3 | 331.6 | 209.3 |
| 31/12 | 31/12 | |||
| USD million | 2020 | 2019 | ||
| Which can be explained as follows | ||||
| Demand deposits and cash balance | 120.5 | 28.3 | ||
| Money market investment | 188.8 | 163.6 | ||
| Other cash and cash equivalents | 22.3 | 17.4 | ||
| 331.6 | 209.3 |
NORDEN - Q4 AND FULL YEAR 2020