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Affected this time by the tankers market

  • 09 Nov 16

Norden had a bad Q3 16 due to the deterioration of the results in the Tankers division. Q3 16 figures: Revenue decreased to $314m (-21%) due to the dry cargo and tankers businesses (respectively -20% and -27%). EBITDA plunged to $4.1m (vs $41.5m in Q3 15). This was due to the collapse of the contribution from the Tankers division to $6m (vs $41.9m in Q3 15) while the Dry cargo division remained negative at $-1.9m (vs $-0.4m in Q3 15). EBIT turned negative to $-12.9m (vs $20.9m in Q3 15) after losses on the disposal of vessels of $-5.8m (vs $-3.1m in Q3 15). Reported net loss was $-14.1m (vs $+10.1m in Q3 15) after a positive change of $3.4m in the fair value adjustments of hedging instruments (vs $-4.6m in Q3 15). The adjusted result was negative at $-11.7m (vs $+17.8m in Q3 15). The operating cash flow was negative at $-29m (vs $-3m in Q3 15). The investment in vessels and prepayments on newbuildings were reduced to $3.6m (vs $28.4m in Q3 15), while the proceeds from the sale of two Handysize tankers brought in $61m. 9 months 2016: Based on revenue of $922m (-28%), EBITDA dropped to $27.8m (vs $140.5m in 9m 15), EBIT turned negative to $-48.2m (vs $86.7m in 9m 15) and the group net loss was $-33.6m (vs $+92m in 9m 15) after a positive change of $25.9m in the fair value adjustments of hedging instruments (vs $17.9m in 9m 15). The operating cash flow was negative at $-38.4m (vs $58.6m in 9m 15). The investments in vessels and prepayments on newbuildings decreased to $70.4m (-33%) and were covered by the proceeds from the sale of vessels of $134.9m. On 30 September 2016, the group had a net cash position of $67m (o/w gross debt of $225m in the balance sheet) and total equity of $813m. Taking into account T/C liabilities and prepayments related to the purchase of vessels, net commitments amounted to $752m. Norden has undrawn credit facilities of $285m above the outstanding net commitments of $179m related to the newbuilding programme.

Deterioration in the tanker market

  • 17 Aug 16

Q2 16 was a difficult quarter due to a poor dry cargo market despite some improvement in the Chinese imports of coal and iron ore and a weaker tanker market than expected. Q2 16 results. - Group revenue decreased to $312m (-26%) due to both divisions (-22% in dry cargo and -37% in tankers). Norden continued to be affected by weak rates in the dry cargo market and had to deal with lower rates in all vessel segments in the tanker market. - EBITDA collapsed to $12m (-76%), reflecting the negative turnaround of the dry cargo division to $-4.5m (vs $17.3m in Q2 15) and a lower contribution from the tankers division to $16.7m (-51%). - EBIT was negative at $-34m (vs $35.8m in Q2 15) after significant losses on the disposal of vessels in the dry cargo division ($-33.8m). - Net losses were $-24m (vs $+43.3m in Q2 15) after a positive change of $13.4m in the fair value adjustment of hedging instruments (vs $+12.6m in Q2 15). The adjusted net result was $-3.6m (vs $28.9m in Q2 15). H1 16 figures. Based on revenue of $608m (-31%), EBITDA dropped to $23.7m (-76%) due to the negative contribution of the dry cargo division ($-17m vs $31.2m in H1 15) and a lower EBITDA from the tankers division ($40.7m, -40%). EBIT was a negative $35.2m (vs $65.8m in H1 15) after significant losses on the disposal of vessels in the dry cargo division ($-33m) and net loss was $-19.4m (vs $82m in H1 15) after a similar positive change in the fair value adjustment of hedging instruments ($+22.5m vs $+22.6m in H1 15). The operating cash flow was negative at $-9.4m (vs $62.1m in H1 15). The investments in vessels and prepayments on newbuilding were reduced to $66.7m (-13%) and were covered by the proceeds from the sale of vessels ($73.9m, -34%). There was no dividend paid to shareholders and no share buy-backs. The repayment of the existing debt amounted to $19m. On 30 June 2016, the group had a lower net cash situation at $65m (vs $124m on 30 June 2015), o/w gross debt of $280m in the balance sheet and total equity of $835m. Net commitments were down $66m to $908m at the end of Q2 16 and gearing increased to 1.09x at the end of Q2 16. Norden has undrawn credit facilities of $285m.

Probably at a bottom but a long recovery in perspective

  • 02 Mar 16

"2015 was yet another horror year in dry cargo, and Norden put a large number of tools to use to mitigate the effect of an historically miserable dry cargo market" said CEO Jan Rindbo. +FY2015 figures+: 2015 was really an awful year. Norden posted revenue of $1,653m (-19%, o/w -27% in Dry cargo, +10% in Tankers). EBITDA was positive and better than expected at $20.5m (vs $-261m in 2014), including the provision for onerous contracts of $-145m (vs $-230m in 2014). EBITDA was negative in the Dry cargo division ($-111m vs $-293m in 2014 - while we expected $-137m) and positive EBITDA surged in the Tankers division ($142m vs $44m in 2014) in line with our estimate. Negative EBIT was $-282m (vs $-335m in 2014) including the depreciation and write-downs of $-249m (vs $-68m in 2014) and losses from the sale of vessels of $-31m. Group net losses were significant at $-285m (vs $-416m in 2014) roughly in line with expectation. It included a positive fair value adjustment on hedging instruments of $9m (vs $-62m in 2014). The good news was the positive operating cash flow of $77m after two consecutive negative years (reminder: $-46m in 2014, $-9m in 2013, $122m in 2012). Cash out-flows included higher gross capex at $159m (vs $110m in 2014) while the sale of vessels/newbuildings and prepayments received on sold vessels brought $156m in cash (vs $19m in 2014). There was no dividend paid in respect of FY2014. The net cash situation in the balance sheet improved very slightly at year-end 2015 ($-67m vs $-8m in 2014). Securities/cash and cash equivalents increased to $366m (vs $238m in 2014) while gross financial debt increased to $298m (vs $231m in 2014). Taking into account lease liabilities and prepayments related to the purchase of vessels, net commitments were reduced by 21% to $989m. Logically, no dividend in respect of FY2015 is proposed.

Strong contribution from the tankers division.

  • 16 Nov 15

Q3 15 was characterised by a strong contribution from the tankers division. +Q3 2015 results+: Based on revenue of $400m (-11%, o/w -15% in dry cargo, +2% in tankers), EBITDA turned positive to $41.5m (vs $-11m in Q3 14) thanks to the improvement in the contribution from the dry cargo division ($4m vs $-16m in Q3 14) and the surge in the contribution from the tankers division ($44.5m vs $8m in Q3 14). The operating result reached $21m (vs $-28m in Q3 14) after lower depreciation costs (-10% to $17m) and losses from the sales of vessels of $-3m (vs none in Q3 14). Group net profit was $10m (vs net loss of $-46m in Q3 14) after a lower negative change in the fair value adjustment of hedging instruments ($-5m vs $-11m in Q3 14). +9 months 2015 figures+: Revenue reached $1,280m (-16%), EBITDA was positive at $140.5m (vs $-26m in 9m 14) thanks to the reversal to a positive contribution from the dry cargo division ($37m vs $-37m in 9m 14) and the surge in the contribution from the tankers division ($114m vs $19.5m in 9m 14). Group EBIT reached ($87m vs $-77m in 9m 14) and net profit was $92m (vs $-114m in 9m 14). The operating cash flow was positive at $59m (vs $-17m in 9m 14), the investments in vessels and the prepayments on newbuilding were $105m (vs $89m in 9m 14) while the proceeds from the sale of vessels amounted to $112m. There was no dividend paid to shareholders and no share buy-back and the change of gross debt was $38m. On 30 September 2015, the group had a net cash position of $90m, o/w gross debt of $268m in the balance sheet and total equity of $1,231m. Commitments related to the building of vessels represent $256m over 2015-19. Norden has undrawn credit facilities of $345m.

Strong earnings from the tankers division

  • 12 Aug 15

Strong Q2 15 results: Based on revenue of $424m (-16%, o/w -28% in dry cargo, +39% in tankers), EBITDA turned positive to $51.7m (vs $-7.4m in Q2 14) due to the positive turnaround of the dry cargo division ($18.6m vs $-5.7m vs in Q2 14) and strong EBITDA from the tankers division ($35.3m vs $0.9m in Q2 14). Positive EBIT reached $35.8m (vs $-27.2m in Q2 14) after depreciation costs of $17m (vs $16m in Q2 14), a gain of $1.8m (vs $0m in Q2 14) on the disposal of vessels and a lower negative share of results from joint ventures ($-0.7m vs $-3.8m in Q2 14). Group net profit was $43.4m (vs $-41.6m in Q2 14) after a positive change of $13m in the fair value adjustment of hedging instruments (vs $-11m in Q2 14). H1 15: Based on revenue of $879m (-17%), EBITDA was positive at $99m (vs $-15m in H1 14) thanks to the positive contribution of the dry cargo division ($34m vs $-21m in H1 14) and the strong EBITDA from the tankers division ($70m vs $11m in H1 14). EBIT reached $65.8m (vs $-49.7m in H1 14) and net profit was $82m (vs $-68.2m in H1 14). The operating cash flow was positive ($62m), below the investments in vessels and prepayments on newbuilding ($77m, +36%). Unlike last year, the proceeds from the sale of vessels were significant at $112m and there was no dividend paid to shareholders and no share buy-backs. The repayment of the existing debt amounted to $14m. Therefore, the group had a higher net cash situation at $124m, o/w gross debt of $217m on 30 June 2015 (vs net cash of $79m on 30 June 2014) in the balance sheet and total equity of $1.2bn. Net commitments decreased to $1,007m (down $91m) at the end of Q2 15 and gearing was lower at 0.83x at the end of Q2 15. Norden has undrawn credit facilities of $402m.