Attached please find the full report as a PDF file as well as the full company announcement including Q4 2020 figures.

Annual Report 2020 and Outlook 2021

Today, the Board of Directors approved the annual report for 2020. The full report in English is attached as PDF file and contains the following highlights:

Adjusted result ("profit/loss for the period" adjusted for "profit from sale of vessels etc.") for the 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)

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.


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.

"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 0417and 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:

For further information:

Thomas France, Investor Communications Partner, +45 3315 0451.

Key figures and financial ratios


Amounts in USD million
Income statement     
Contribution margin435.6295.0132.3116.876.1
Profit and loss from sale of vessels, etc.-18.2-
Depreciation, amortisation and impairment losses-201.9-156.9-44.3-42.2-49.6
Financial items, net-26.7-32.7-6.9-0.9-12.2
Profit/loss for the year86.019.228.824.6-45.6
Adjusted results for the year 1105.722.820.028.4-34.6
Statement of financial position     
Total assets1,824.81,742.41,464.41,326.51,301.0
Invested capital1,246.31,283.5970.2836.7753.8
Net interest-bearing debts/assets-343.8-424.5-143.4-2.3-47.6
Cash and securities331.6209.3188.6219.4263.9

Cash flows     
From operating activities396.0280.5-15.86.3-79.7
From investing activities-45.1-90.9-78.4-0.2102.1
- hereof investments in property, plant and equipment-27.1-102.7-202.7-75.4-36.8
From financing activities-228.2-
Environmental and social figures     
EEOI (gCO2/tonnes-mile)
LTIF (million working hours)
Share-related key figures:     
No. of shares of DKK 1 each (including treasury shares)40,700,00042,200,00042,200,00042,200,00042,200,000
No. of shares of DKK 1 each (excluding treasury shares)37,805,53339,311,53339,923,93340,467,61540,467,615
No. of treasury shares2,894,4672,888,4672,276,0671,732,3851,732,385
Earnings per share (EPS), DKK14344-8
Diluted earnings per share (diluted EPS), DKK14344-8
Dividend per share, DKK9.
Book value per share, DKK145146135128140
Share price at year-end, per share DKK 1109.6106.792.4116.5110.5
Other key figures and financial ratios:     
EBITDA ratio13.2%8.4%3.0%3.8%2.4%
Payout ratio (excluding treasury shares) 465.3%76.6%41.7%0.0%0.0%
Equity ratio49.5%49.3%56.5%62.9%61.6%
Price/book value0.
Total no. of ship days153,195138,327122,85293,73879,060
USD rate at year-end605.76667.59651.94620.77705.28
Average USD rate653.43667.03631,74659.53673.27

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 sale of vessels, etc." is not included in EBITDA. Please see definitions in the section "Definitions of key figures and financial ratios". 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 from 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 CO2 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.


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