ANNOUNCEMENT NO. 229 – 3 November 2022  
INTERIM REPORT  
THIRD QUARTER 2022  
DAMPSKIBSSELSKABET NORDEN A/S
52, STRANDVEJEN, DK-2900 HELLERUP, DENMARK  
CVR NUMBER 67758919  
 
KEY POINTS  
THIRD QUARTER 2022  
Results  
Business highlights  
Guidance  
•
•
USD 243 million profit for the third quarter of 2022.  
•
•
Freight Services & Trading captured significant  
value in both dry and tankers during the quarter,  
generating a profit of USD 190 million.  
•
•
•
NORDEN expects profit for the year in the range  
of USD 650-730 million, in line with announced  
guidance in early October.  
Profit for the quarter split across:  
- Assets & Logistics: USD 53 million.  
- Freight Services & Trading: USD 190 million.  
Net asset value (NAV) of Assets & Logistics (including  
NORDEN’s cash position) increased DKK 69 per share  
to DKK 446 during Q3. Increase driven primarily by  
higher tanker values.  
The Board has decided to pay out an interim dividend  
of DKK 30 per share to be distributed to shareholders  
on 9 November.  
•
•
USD 539 million profit for Q1-Q3  
(earnings per share of DKK 107).  
In addition, NORDEN will initiate a share buyback  
programme of USD 50 million, which will run until  
February 2023.  
Return on equity:  
- 64% in the third quarter of 2022.  
- 58% in the first nine months of 2022.  
•
•
•
Dry cargo earnings generated from a short position  
(more cargoes than tonnage), profitable cover  
contracts and asset sales.  
Tanker earnings generated through high exposure  
as tanker rates surged. Earnings further boosted  
through arbitrage trading across regions.  
Gradually starting to cover high tanker exposure and  
have neutralised our dry cargo position for 2023  
across both business units.  
“NORDEN’s third quarter net profit of USD 243 million and 64% return on equity is a testimony to our unique trading model.  
During the quarter, NORDEN generated high dry cargo earnings in a weakening market. In addition, our large exposure to  
tankers enabled NORDEN to capitalise on surging tanker rates. As we head towards 2023, we expect to continue  
to benefit from our large exposure to tankers while profiting from a fully covered dry cargo portfolio.  
This positions NORDEN to continue to deliver strong returns to our shareholders”.  
CEO Jan Rindbo  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
2
 
KEY FIGURES  
AND RATIOS FOR NORDEN  
Q3  
2022  
Q3  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Q3  
2022  
Q3  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Amount in USD million  
Income statement  
Share-related key figures and  
financial ratios  
Revenue  
1,495.5  
409.6  
347.8  
19.5  
-
940.4  
178.0  
148.0  
13.4  
-
4,003.5  
1,029.4  
872.9  
47.7  
2,399.0  
382.6  
311.7  
4.2  
3,551.8  
649.6  
532.2  
7.7  
No. of shares of DKK 1 each  
(including treasury shares)  
Contribution margin  
EBITDA  
37,000,000 39,200,000 37,000,000 39,200,000 39,200,000  
No. of shares of DKK 1 each  
(excluding treasury shares)  
Profit/loss from sale of vessels etc.  
Profit/loss from sale of vessels in JV  
34,561,588 37,675,061 34,561,588 37,675,061 36,763,061  
2,438,412 1,524,939 2,438,412 1,524,939 2,436,939  
-
-
-0.9  
Number of treasury shares  
Earnings per share (EPS), DKK 3)  
Depreciation, amortisation and  
impairment losses  
51  
11  
107  
14  
34  
-114.1  
254.2  
-9.4  
-81.0  
78.3  
-11.1  
65.0  
-341.9  
580.7  
-36.6  
-203.0  
110.8  
-24.1  
81.9  
-295.5  
245.5  
-34.8  
Diluted earnings per share  
(diluted EPS), DKK 3)  
EBIT  
51  
11  
106  
13  
34  
Financial items, net  
Profit for the period  
Book value per share (excluding treasury  
shares) (DKK) 3)  
243.1  
538.9  
204.5  
292  
137  
292  
137  
170  
166  
Share price at end of period, DKK  
321.4  
163.6  
321.4  
163.6  
Statement of financial position  
Total assets  
2,834.3  
1,323.3  
1,511.0  
1,611.1  
-287.8  
2,203.1  
806.1  
2,834.3  
1,323.3  
1,511.0  
1,611.1  
-287.8  
2,203.1  
806.1  
2,453.5  
993.3  
Other key figures and financial ratios 4)  
EBITDA ratio  
ROIC 5)  
Equity  
23.3%  
62.7%  
63.8%  
46.7%  
43,210  
762.9  
15.7%  
22.4%  
27.3%  
36.6%  
44,133  
642.2  
21.8%  
47.8%  
57.6%  
46.7%  
129,565  
762.9  
13.0%  
10.6%  
12.6%  
36.6%  
126,568  
642.2  
15.0%  
17.1%  
21.6%  
40.5%  
170,270  
656.1  
Liabilities  
1,397.0  
1,550.3  
-744.2  
289.5  
1,397.0  
1,550.3  
-744.2  
289.5  
1,460.2  
1,631.0  
-637.7  
410.7  
Invested capital  
Net interest-bearing debt  
Cash and securities  
ROE 5)  
Equity ratio  
683.2  
683.2  
Total no. of vessel days for the Group  
USD/DKK rate at end of the period  
Average USD/DKK rate  
Cash flows  
739.0  
630.9  
701.0  
621.9  
629.2  
From operating activities  
From investing activities  
399.4  
-84.7  
154.4  
61.6  
901.4  
-38.4  
89.3  
433.9  
2.6  
1)  
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. The calculation of EEOI has changed as of FY2021 onwards, and now also  
includes vessels and voyages on T/C-out to third parties. Previously, only own voyages were included. Quarterly figures for  
2021 have therefore not been restated.  
100.2  
- hereof investments in property, plant  
and equipment  
-5.6  
-0.5  
-66.6  
-1.6  
-92.1  
2)  
Lost Time Injury Frequency (LTIF) is the frequency a seafarer is unable to work for more than 24 hours per 1 million working  
hours. NORDEN has worked closely together with technical management partner Synergy Marine Group to ensure safety  
onboard our vessels and makes continuous efforts towards safe working practices during all aspects of the operations.  
From financing activities  
-331.8  
-198.9  
-766.3  
-131.4  
-261.9  
Environmental and social figures  
EEOI (gCO2/tonnes-mile) 1)  
LTIF (days per million working hours) 2)  
3)  
4)  
Converted at the USD/DKK rate at end of period.  
9.0  
1.6  
9.8  
1.4  
9.2  
0.8  
9.8  
0.7  
8.6  
0.8  
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 for 2021. The figures are adjusted for the  
Company´s holding of treasury shares.  
5)  
Figures are annualised.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
3
 
COMMENTS ON THE DEVELOPMENT  
OF THE THIRD QUARTER 2022  
Results  
As of 30 September 2022, NORDEN had available liquidity of USD 833 million, which  
The profit for the third quarter of 2022 amounted to USD 243 million (USD 65 million) of  
which profit from vessel sales amounted to USD 20 million (USD 13 million).  
consisted of USD 683 million in cash and cash equivalents supplemented by USD 150  
million in undrawn credit facilities.  
For the first nine months of 2022, profit amounted to USD 539 million (USD 82 million) of  
which profit from vessel sales amounted to USD 48 million (USD 4 million).  
Equity and capital allocation  
Equity amounted to USD 1,323 million as of 30 September 2022 compared to USD 993  
million at the end of 2021. The development is mainly due to the result for the period  
and positive fair value adjustments of cash flow hedges offset by dividends paid and  
acquisition of treasury shares.  
Both depreciations and financial expenses increased significantly compared to 2021,  
which is mainly due to IFRS 16 lease accounting as more timecharter vessels are being  
recognised as right-of-use assets and lease liabilities respectively.  
The strong profit for the period increased the annualised return on equity to 64% for Q3  
2022 (27%). For the first nine months of 2022 the annualised return on equity was 58%  
(13%).  
Cash flows & liquidity  
Cash flow from operating activities during the third quarter of 2022 was USD 399 million  
(USD 154 million) driven by the strong profitability and a positive change in working  
capital, which was mainly due to settlement of positive fair value adjustments on cash flow  
hedges. For the first nine months of 2022, cash flow from operating activities was USD 901  
million (USD 89 million).  
The Board of Directors has decided to pay out an interim dividend of DKK 30 per share.  
The interim dividend will be paid on 9 November 2022 and will count as part of the  
dividend policy of paying out minimum 50% of the net full-year result. The ex-dividend  
date for the interim dividend will be 7 November 2022. In addition, NORDEN will initiate a  
share buyback programme of USD 50 million, which will run until February 2023.  
Profit for the period  
Return on Equity  
Available liquidity  
Cash flow from operations  
USD million  
%
USD million  
USD million  
250  
200  
150  
100  
50  
75  
60  
45  
30  
15  
0
1,000  
800  
600  
400  
200  
0
500  
400  
300  
200  
100  
0
0
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q2  
2022  
Q3  
2022  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q2  
2022  
Q3  
2022  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q2  
2022  
Q3  
2022  
Q3  
2021  
Q4  
2021  
Q1  
2022  
Q2  
2022  
Q3  
2022  
Note: Quarterly figures are annualised  
Cash and securities  
Undrawn credit facilities  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
4
 
MARKET DEVELOPMENTS  
Spot rates  
Dry cargo market  
Product tanker market  
USD thousand / day  
90  
•
Market development and spot rates  
•
Market development and spot rates  
The decline in the dry cargo market was exacerbated during  
the quarter, as expected. Despite strong coal volumes, global  
commodity volumes transported grew less than the global  
supply of vessels. Congestion levels lessened, with reduced  
supply chain pressure in line with less Covid-19 related  
restrictions in general. Inefficiencies following the war in  
Ukraine lead to longer distances, to some extent making up  
for lower congestion. Average Supramax spot rates declined  
by 32% from USD 28,900 to USD 19,700.  
The product tanker market continues to exhibit extreme  
volatility across regions in the ongoing wake of the war in  
Ukraine and sanctions on Russian trade. Longer voyage  
distances and market inefficiencies result in soaring daily  
rates, with average MR spot rates further increasing by 15% to  
USD 47,500 in Q3. Refineries operating at high capacity, and  
demand for refined oil is used for direct consumption rather  
than restocking.  
60  
30  
0
Jan May Sep  
20 20 20  
May Sep Jan May Sep  
21 21 22 22 22  
Jan  
21  
Supramax  
MR  
Source: Baltic Exchange  
•
•
Period rates and asset prices  
•
•
Period rates and asset prices  
The 1-year T/C rate for MR Eco vessels increased by 25% to  
USD 28,900 per day at the end of Q3. Asset prices for 5-year  
MR vessels increased by 21% to USD 43 million at end Q3.  
Asset values  
The 1-year T/C rates for Supramax vessels decreased by  
43% from USD 25,250 to USD 14,500 per day as forward  
projections continue to drop. Asset prices for 5-year old  
Supramax vessels declined by 12% to USD 28 million.  
5-year old vessels  
USD million  
45  
Market outlook  
The base case for product tankers is that market conditions  
remain strong for the rest of 2022 moving into 2023. This  
is supported by longer distances and ongoing regional  
volatility. The full effect of already issued sanctions on Russia  
is expected to add to this once enforced at the end of 2022  
and early 2023, further supporting high and volatile rates.  
However, risks to the strong base case outlook remain high  
due to both political uncertainty and a weakening economic  
outlook.  
35  
25  
15  
Market outlook  
A slowdown in the world economy is expected in line with  
widespread market uncertainty. The dry cargo market is  
therefore expected to face further headwinds, compounded  
by less container market spillover effect and lower growth  
in global commodity volumes transported. Chinese trade  
levels expected to improve, but will not offset overall market  
developments.  
Jan May Sep  
20 20 20  
May Sep Jan May Sep  
21 21 22 22 22  
Jan  
21  
Supramax  
Source: VesselsValue  
MR  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
5
 
ASSETS & LOGISTICS  
TANKER PORTFOLIO DRIVING UP NET ASSET VALUE  
Results  
Business highlights  
Assets & Logistics key figures  
Amount in  
USD million  
2022  
Q3  
2021  
Q3 Quarters  
Last 4  
•
Assets & Logistics generated a profit of USD 53 million for the  
quarter (USD 8 million) with sales gains of USD 20 million.  
•
•
•
Strong dry cargo earnings and downside protection.  
- Profitable dry cargo cover, and fully covered for 2022-2023.  
- Selling vessels ahead of weakning market.  
Contribution margin  
O/A costs  
86.9  
-4.3  
59.7  
51.3  
291.6  
-16.4  
152.3  
-2.4  
•
Considerable increase in the net asset value (NAV) of the  
business unit portfolio (including NORDEN’s net cash position)  
to USD 2,019 million or DKK 446 per share. This in addition to  
issuing a dividend of DKK 30 per share. The increase amounts  
to USD 151 million or DKK 69 per share, driven primarily  
by higher tanker values, where the leased vessel and cover  
portfolio (including options) alone has doubled in value.  
- Declaring vessel purchase options with high spread.  
EBIT  
16.1  
Profit/Loss from  
sale of vessels  
Maintained high tanker exposure, generating value for 2023.  
- Leasing out and selling tanker vessels at elevated rates and  
price levels.  
19.5  
52.8  
13.4  
7.6  
50.3  
Profit/loss for  
the period  
122.4  
- Increasing coverage for 2023 at higher rates.  
Portfolio overview  
Future vessel sales gains for 2023 of approx. USD 19 million.  
Dry Cargo Tankers  
Total  
•
Market value of both owned and leased vessels at USD 1,421  
million at the end of Q3. The market value of owned vessels  
exceeded book values by USD 202 million.  
Active fleet  
Owned vessels1)  
Leased vessels1) 2)  
Total active  
10  
55  
65  
16  
19  
35  
26  
74  
100  
Net asset value of Assets & Logistics1)  
For delivery  
Owned vessels1)  
Leased vessels1) 2)  
Total for delivery  
0
5
5
2
7
9
2
12  
14  
Amount in USD million  
Dry Cargo  
327  
Tankers  
594  
Total  
921  
Market value of owned vessels  
Estimated market value of  
leased vessels & cover portfolio2)  
305  
195  
500  
1,421  
377  
Total  
70  
44  
114  
Total Assets & Logistics portfolio value  
Net cash position  
632  
789  
Purchase options  
56  
27  
83  
Newbuilding instalments  
-50  
Extension option  
days  
Other net assets (book values)  
Total business unit NAV  
271  
45,169  
20,847  
66,016  
2,019  
446  
1)  
Incl. sold vessels for future delivery  
Business unit NAV per share, DKK  
2)  
Minimum lease period in excess of 2 years  
Market value of owned vessels  
vs. carrying amounts  
57  
145  
202  
1)  
2)  
including NORDEN’s net cash position  
including estimated market value of optionality  
Owned vessels in portfolio values and portfolio overview are excl. owned vessels from financial  
leasing transactions. NAV per share based on USD/DKK rate and share count as of balance sheet  
at end Q3, excluding treasury shares held by NORDEN.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
6
 
FREIGHT SERVICES & TRADING  
SUBSTANTIAL EARNINGS IN TWO VOLATILE MARKETS  
Results  
Business highlights  
Freight Services & Trading key figures  
Amount in  
USD million  
2022  
Q3  
2021  
Q3 Quarters  
Last 4  
•
•
•
Profit of USD 190 million in Q3 2022 (USD 57 million), best  
ever quarterly result.  
•
Capturing exceptional value in weakening dry cargo market.  
- Generating high margins from short position (more cargoes  
than tonnage), benefitting from decreasing freight rates.  
- Currently maintaining short position in 2022 and neutral  
exposure for 2023.  
Contribution margin  
O/A costs  
322.7  
-57.5  
190.3  
126.7 1,004.8  
-27.6 -186.6  
Result per vessel day at USD 4,583 in Q3, increasing average  
margin per vessel day since 2019 to USD 1,253.  
Profit/loss for period  
Vessel days  
57.4  
539.1  
41,525 41,244 166,390  
Result per  
vessel day (USD/day) 4,583  
Stable year-on-year activity compared to Q3 2021.  
•
Strong margins from maintained long position (more tonnage  
than cargoes) in extraordinary product tanker market.  
- Actively trading across world regions through arbitrage to  
capture value amid large regional rate volatility.  
1,392  
3,240  
Historical performance  
- Tanker pool earnings markedly above market average.  
- Gradually starting to ease tanker exposure.  
Avg. since  
FY  
2021  
2019  
Result per vessel day (USD)  
Vessel days  
1,253  
1,214  
•
•
•
Enhanced operational margins from cost efficiencies, optimal  
voyage scheduling and improved fuel efficiency.  
153,332 164,189  
8.5% 10%  
Annual activity growth  
* Based on 12-month rolling average compared to same  
period 2 years prior.  
Strengthening global office network by opening Tokyo office  
to enhance and grow business with Japanese cargo owners.  
Relaunch of NORDEN Tanker Pool, offering clients added  
member services and attractive pool earnings.  
Average no. of operated vessels  
Dry cargo vessels:  
Result per vessel day  
Activity levels  
USD / day  
4,000  
No. of vessel days  
180,000  
164,189  
3,346  
149,330  
2020  
136,220  
150,000  
120,000  
90,000  
60,000  
30,000  
0
3,000  
2,000  
8.5%  
annual  
growth rate  
325  
1,214  
2021  
Average  
1,253  
Q1  
-
Q1  
-
1,000  
187  
514  
102,845  
125,257  
Product tanker vessels:  
Q3  
Q3  
0
2019  
2020  
2022  
2019  
2021  
2022  
Q1-Q3  
Result per vessel day  
Average result per vessel day  
Vessel days  
126  
2022 figures based on year-to-date profit and number of vessel days.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
7
 
OUTLOOK FOR 2022  
Guidance  
Seasonality and uncertainty  
Further information  
Thomas France  
Investor Communications Partner  
+45 3315 0451  
“NORDEN expects  
profit for the year  
in the range of USD  
650-730 million”  
In line with the guidance announcement in  
October, NORDEN expects profit for the  
year in the range of USD 650-730 million.  
This is based on high exposure towards  
substantially increased product tanker  
market rates, very strong short-term po-  
sitioning towards a weakening dry cargo  
market, high long-term dry cargo cover at  
profitable rates and active asset trading.  
Given the war in Ukraine, full effect of  
sanctions on Russia, remaining COVID-19  
disruption and macroeconomic uncertain-  
ties in general, the freight market uncer-  
tainty and volatility is expected to remain  
high. With an agile business model and  
strong operating platform, NORDEN is  
well-equipped to manage this uncertainty  
and adjust exposure accordingly.  
Assets & Logistics  
Events after the reporting date  
The Assets & Logistics business unit  
expects much better earnings in 2022  
compared to 2021, based on high cov-  
erage on the dry cargo portfolio at prof-  
itable rates. In addition, a number of dry  
cargo vessel sales gains will contribute  
positively to the result.  
No significant events have occurred  
between the reporting date and the  
publication of this annual report, which  
have not already been included and  
adequately disclosed in the quarterly  
report, and which materially affect the  
assessment of the Company’s and Group’s  
results of operations or financial position.  
Freight Services & Trading  
Forward-looking statements  
The Freight Services & Trading business  
unit expects a net result significantly  
above the combined result for the two  
operators in 2021. The expectation is  
based on a margin per vessel day more  
than double the record level from 2021  
(see table on page 7). The business unit  
remains well positioned in its short-term  
exposure to capitalise on a weakening  
dry cargo market, while generating high  
margins from a significantly improved and  
volatile tanker market.  
This interim report contains certain forward-looking  
statements reflecting Management’s present  
judgement of future events and financial results.  
Statements relating to 2022 and the years ahead  
are inherently subject to uncertainty, and NORDEN’s  
realised results may therefore differ from projections.  
Factors that may cause NORDEN’s realised results  
to differ from the projections in this report include,  
but are not limited to: Changes to macroeconomic  
and political conditions – particularly in the Group’s  
principal markets; changes to NORDEN’s rate  
assumptions and budgeted operating expenses;  
volatility in freight rates and tonnage prices;  
regulatory changes; counterparty risks; any  
disruptions to traffic and operations as a result of  
external events etc.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
8
 
STATEMENT BY THE BOARD OF DIRECTORS
AND EXECUTIVE MANAGEMENT
The Board of Directors and the Executive
Management have today reviewed and
approved the Interim Report for the peri-
od 1 January to 30 September 2022 of
Dampskibsselskabet NORDEN A/S.
The interim consolidated financial
Besides what has been disclosed in the
Interim Report, no other significant chang-
es in the Group’s risks and uncertainties
have occurred relative to what was dis-
closed in the consolidated annual report
for 2021.
Dampskibsselskabet NORDEN A/S’
consolidated activities and cash flows for
the period 1 January to 30 September.
statements have not been subject to audit
or review by the Independent Auditors of
Dampskibsselskabet NORDEN A/S.
Furthermore, in our opinion the Manage-
ment Review gives a fair representation of
the Group’s activities and financial posi-
tion as well as a description of the materi-
al risks and uncertainties which the Group
is facing, relative to the disclosures in the
Annual Report for 2021.
We consider the accounting policies
applied to be appropriate and the ac-
counting estimates made to be adequate.
Furthermore, we find the overall presenta-
tion of the Interim Report to present a true
and fair view.
The interim consolidated financial state-
ments of Dampskibsselskabet NORDEN
A/S have been prepared in accordance
with IAS 34 Interim Financial Reporting as
adopted by the EU and additional Danish
disclosure requirements for interim finan-
cial reporting of listed companies.
In our opinion, the interim consolidated
financial statements give a true and fair
view of Dampskibsselskabet NORDEN
A/S’ consolidated assets, equity and
liabilities and the financial position at 30
September 2022 as well as the result of
Hellerup, 3 November 2022
Executive Management  
Jan Rindbo
Martin Badsted
Chief Executive Officer
Chief Financial Officer
Board of Directors  
Klaus Nyborg
Johanne Riegels Østergård
Karsten Knudsen
Chairman
Vice Chairman
Stephen John Kunzer
Helle Østergaard Kristiansen
Robert Hvide Macleod
Henrik Røjel
Christina Lerchedahl Christensen
Stine Gøttrup
(employee-elected)
(employee-elected)
(employee-elected)
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
9
 
CONSOLIDATED  
INCOME STATEMENT  
CONSOLIDATED STATEMENT  
OF COMPREHENSIVE INCOME  
Q3  
2022  
Q3  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Q3  
2022  
Q3  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Amount in USD million  
Note  
2
Amount in USD million  
Note  
Revenue  
1,495.5
940.4
4,003.5
2,399.0
3,551.8
Profit/loss for the period  
243.1
65.0
538.9
81.9
204.5
Other operating income  
Vessel operation costs  
Contribution margin  
7.3
-1,093.2
409.6
0.8
-763.2
178.0
25.5
-2,999.6
1,029.4
4.8
-2,021.2
382.6
6.7
-2,908.9
649.6
Other comprehensive income  
to be reclassified to the income  
statement:  
3
3
Fair value adjustment for the peri-  
od, cash flow hedges  
7
13.1
50.0
112.1
-121.4
-35.3
Overhead and administration costs  
-61.8
-30.0
-156.5
-70.9
-117.4
Other comprehensive income,  
total after tax  
Profit/loss before depreciation,  
amortisation and impairment  
losses, etc. (EBITDA)  
13.1
50.0
112.1
-121.3
-35.3
347.8
148.0
872.9
311.7
532.2
Total comprehensive income for  
the period, after tax  
256.2
256.2
115.0
115.0
651.0
651.0
-39.4
-39.4
169.2
169.2
Profit/loss from sale of vessels etc.  
19.5
13.4
47.7
4.2
7.7
Depreciation, amortisation  
and impairment losses  
Attributable to:  
4
5
-114.1
1.0
-81.0
-2.1
-341.9
2.0
-203.0
-2.1
-295.5
1.1
Shareholders of NORDEN  
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
254.2
78.3
580.7
110.8
245.5
Financial income  
6
6
3.6
-13.0
-1.2
-9.9
4.9
-41.5
0.7
-24.8
86.7
0.3
-35.1
Financial expenses  
Profit/loss before tax  
244.8
67.2
544.1
210.7
Tax  
-1.7
-2.2
-5.2
-4.8
-6.2
Profit/loss for the period  
243.1
65.0
538.9
81.9
204.5
Attributable to:  
Shareholders of NORDEN  
243.1
65.0
538.9
81.9
204.5
Earnings per share (EPS)  
Earnings per share (USD)  
6.9
6.9
1.7
1.7
15.2
15.1
2.2
2.2
5.5
5.4
Earnings per share, diluted (USD)  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
10  
 
CONSOLIDATED STATEMENT  
OF FINANCIAL POSITION  
30/9  
2022  
30/9  
2021  
31/12  
2021  
30/9  
2022  
30/9  
2021  
31/12  
2021  
Amount in USD million  
Note  
Amount in USD million  
Note  
Assets  
Equity and liabilities  
Share capital  
Vessels  
8
9
590.0
536.4
50.3
676.1
530.0
48.8
703.0
556.5
49.7
5.9
80.9
6.2
-117.2
917.1
806.1
6.2
-31.2
Right-of-use assets  
Property and equipment  
Prepayments on vessels and newbuildings  
Total Tangible assets  
Reserve for hedges  
Retained earnings  
Total Equity  
1,236.5
1,323.3
1,018.3
993.3
10  
28.8
46.4
11.3
1,205.5
1,301.3
1,320.5
Loans  
266.9
272.3
73.6
265.5
299.6
98.6
302.1
269.9
98.7
Investments in joint ventures  
Receivables from subleasing  
Total Financial assets  
-
10.0
10.0
10.8
11.9
22.7
10.0
9.1
Lease liabilities  
Bonds  
9
9
19.1
Total Non-current liabilities  
612.8
663.7
670.7
Total Non-current assets  
1,215.5
1,324.0
1,339.6
Loans  
33.7
324.5
272.8
0.1
86.3
283.7
205.3
-
39.9
337.8
226.1
13.9
-
Lease liabilities  
Trade payables  
Debt to joint ventures  
Tax payables  
Inventories  
164.1
59.8
101.7
21.7
117.1
23.7
Receivables from subleasing  
Freight receivables  
390.0
3.1
264.3
8.1
255.7
1.0
3.7
5.3
Receivables from joint ventures  
Other receivables  
Other payables  
Deferred income  
138.8
108.2
881.8  
16.4
69.0
83.7
733.3  
-
73.0
89.4
780.1  
9.4
35.7
17.8
18.9
Prepayments  
151.0
683.2
1,486.9  
131.9
1,618.8
129.2
289.5
832.3  
46.8
136.0
410.7
963.1  
150.8
1,113.9
Cash and cash equivalents  
Liabilities relating to vessels held for sale  
Total Current liabilities  
898.2
733.3
789.5
Vessels held for sale  
Total Current assets  
879.1
Total Liabilities  
1,511.0
2,834.3
1,397.0
2,203.1
1,460.2
2,453.5
Total Equity and liabilities  
Total Assets  
2,834.3
2,203.1
2,453.5
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
11  
 
CONSOLIDATED STATEMENT  
OF CASH FLOWS  
Q3  
2022  
Q3  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Q3  
2022  
Q3  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Amount in USD million  
Note  
Amount in USD million  
Note  
Profit/loss for the period  
243.1
65.0
538.9
81.9
204.5
Liquidity at beginning of the period  
Exchange rate adjustments  
500.4
-3.5
257.6
-0.8
389.3
-6.2
217.1
-1.3
217.1  
-2.4
Reversal of items from the income  
statement  
94.3
47.0
68.7
15.9
304.9
23.2
215.0
308.6
-96.4
Change in liquidity for the period  
Liquidity at end period  
-17.1
479.8
17.1
96.7
58.1
174.6
389.3
Change in working capital  
-220.5
273.9
479.8
273.9
Instalments on sublease  
receivables  
Cash and cash equivalents with rate  
agreements of more than 3 months, etc.  
15.2
-0.2
4.9
-0.1
35.9
-1.5
13.8
-0.9
24.8
-7.6
203.4
15.6
203.4
15.6
21.4
Income tax, paid  
Cash and cash equivalents at end  
period acc. to the statement of financial  
position  
Cash flows from operating activities  
399.4
154.4
901.4
89.3
433.9
683.2
289.5
683.2
289.5
410.7
Investments in vessels and vessels  
held for sale and other tangible  
assets  
8
-5.6
-0.5
-66.6
-1.6
-92.1
30/9  
2022  
30/9  
2021  
31/12  
2021  
Additions in prepayments on  
newbuildings  
Amount in USD million  
Note  
10  
-14.6
-1.0
-9.2
-
-119.3
8.0
-78.8
-
-155.8
-2.4
Investment in Joints Ventures  
Which can be explained as follows  
Demand deposits and cash balance  
Money market investment  
Proceeds from sale of vessels and  
newbuildings  
379.1  
233.7  
70.4  
164.6  
61.9  
200.1  
154.1  
56.5  
73.8
47.2
321.5
81.7
159.8
Change in cash and cash equiva-  
lents with rate agreements of more  
than 3 months, etc.  
Other cash and cash equivalents  
63.0  
683.2  
289.5  
410.7  
-137.3
24.1
-182.0
98.9
93.1
Cash flows from investing activities  
-84.7
61.6
-38.4
100.2
2.6
Dividend paid to shareholders  
Acquisition of treasury shares  
Proceeds from share options  
Proceeds from issue of bonds  
Proceeds from loans  
-140.6
-41.3
0.2
-
-237.3
-88.8
4.1
-53.0
-11.2
6.3
-53.0
-33.1
6.6
0.1
0.1
-
-
-
-
98.7
-
-
-
22.7
-25.5
-64.4
-345.3
4.4
474.9
-
417.1
-
Repayment of bonds  
-
Repayment of loans  
-18.8
-122.1
3.3
-116.6
-72.6
-
-344.4
-179.6
0.3
-395.1
-268.4
0.3
Instalments on lease liabilities  
Interest, received  
9
Interest, paid  
-12.5
-331.8
-9.9
-37.0
-766.3
-24.7
-131.4
-35.0
-261.9
Cash flows from financing activities  
-198.9
Cash flow from operating,  
investing and financing activities  
-17.1
17.1
96.7
58.1
174.6
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
12  
 
CONSOLIDATED STATEMENT  
OF CHANGES IN EQUITY  
Shareholders of NORDEN  
Share Reserve for  
Retained  
earnings  
Total  
equity  
Amount in USD million  
capital  
hedges  
Equity at 1 January 2022  
6.2
-31.2
1,018.3
993.3
Total comprehensive income for the period  
Capital reduction  
-
112.1
538.9
0.3
651.0
-
-0.3
-
Acquisition of treasury shares  
Exercise of share options  
Share-based payment  
-
-
-88.8
4.1
-88.8
4.1
-
-
-
-
1.0
1.0
Dividends paid  
-
-
-
-
-253.5
16.2
218.2
-253.5
16.2
330.0
Dividends related to treasury shares  
Changes in equity  
-0.3
112.1
Equity at 30 September 2022  
5.9
80.9
1,236.5
1,323.3
Shareholders of NORDEN  
Share Reserve for  
Retained  
earnings  
Total  
equity  
capital  
hedges  
Amount in USD million  
Equity at 1 January 2021  
6.5
4.1
891.9
902.5
Total comprehensive income for the period  
Capital reduction  
-
-121.3
81.9
0.3
-39.4
-
-0.3
-
Acquisition of treasury shares  
Exercise of share options  
Share-based payment  
-
-
-11.2
6.3
-11.2
6.3
-
-
-
-
0.9
0.9
Dividends paid  
-
-
-
-
-57.8
4.8
-57.8
4.8
Dividends related to treasury shares  
Changes in equity  
-0.3
-121.3
25.2
-96.4
Equity at 30 September 2021  
6.2
-117.2
917.1
806.1
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
13  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
1. Basis of preparation and changes to NORDEN’s accounting policies  
1.1 Basis of preparation  
Standards not yet in force  
The interim consolidated financial statements for the 9 months ended 30 September 2022 have been  
prepared in accordance with IAS 34 Interim financial reporting as adopted by the EU and additional Danish  
disclosure requirements for the interim financial reporting of listed companies.  
The new and amended standards and interpretations that are issued, but not yet effective, up to the date  
of issuance of the Group’s consolidated financial statements. The Group intends to adopt these new and  
amended standards and interpretations, if applicable, when they become effective.  
The interim consolidated financial statements do not include all the information and disclosures required  
in the annual financial statements and should be read in conjunction with the Group’s annual consolidated  
financial statements for the year ended 31 December 2021.  
New and amended financial reporting standards are either irrelevant or insignificant to NORDEN.  
Significant accounting estimates and judgements  
The accounting estimates and judgements, which Management deems to be significant to the preparation of  
the consolidated financial statements, are impairment test and non-lease component for leases under IFRS 16  
Leases. Reference is made to note 1.4 “Significant accounting estimates and judgements” on page 79 for a  
further description in the consolidated annual report for 2021.  
The accounting policies, judgements and estimates are consistent with those applied in the consolidated  
annual report for 2021, apart from changes described below.  
1.2 Changes in accounting policies and disclosures  
The Group has adopted standards and interpretations effective as of 1 January 2022. The Group has not early  
adopted any other standard, interpretation or amendments that have been issued but are not yet effective.  
Adoption of new or amended IFRSs  
NORDEN has implemented amendments and interpretations to existing standards effective as of 1 January  
2022. None of these interpretations or amendments have had any significant effect on the accounting policies  
applied by NORDEN.  
For a complete description of accounting policies, see the notes to the consolidated financial statements for  
2021, pages 76-114 in the consolidated annual report for 2021.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
14  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
2. Segment information  
Q3 2022  
Q3 2021  
Freight  
Freight  
Assets &  
Logistics  
Services &  
Trading  
Assets &  
Logistics  
Services &  
Trading  
Amount in USD million  
Eliminations  
Total  
Eliminations  
Total  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income  
Voyage costs  
55.6  
93.8  
0.4  
1,439.3  
-
-
1,494.9  
-
18.2  
86.7  
0.3  
921.9  
-
-
940.1  
-
-93.8  
-86.7  
0.2  
-
0.6  
-
-
0.3  
-8.3  
-490.5  
949.0  
8.0  
3.2  
-495.6  
999.9  
7.3  
-7.0  
-325.6  
596.3  
0.5  
-
-332.6  
607.8  
0.8  
T/C equivalent revenue  
141.5  
-0.7  
-90.6  
98.2  
0.3  
-86.7  
Other operating income  
-
-
Charter hire and OPEX element  
Operating costs owned vessels  
Contribution margin  
-37.4  
-16.5  
86.9  
-4.3  
-634.3  
-
90.6  
-581.1  
-16.5  
409.6  
-61.8  
-29.9  
-17.3  
51.3  
-2.4  
-470.1  
-
86.7  
-413.3  
-17.3  
178.0  
-30.0  
-
-
-
-
-
-
322.7  
-57.5  
126.7  
-27.6  
Overhead and administration costs  
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
82.6  
19.5  
-43.4  
1.0  
265.2  
-
-
-
-
-
-
-
-
-
-
-
347.8  
19.5  
48.9  
13.4  
-44.1  
-2.1  
16.1  
-0.4  
-7.9  
7.8  
99.1  
-
-
-
-
-
-
-
-
-
-
-
148.0  
13.4  
-81.0  
-2.1  
Profit/loss from sale of vessels, etc.  
Depreciation, amortisation and impairment losses  
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
Financial income  
-70.7  
-
-114.1  
1.0  
-36.9  
-
59.7  
1.1  
194.5  
2.5  
254.2  
3.6  
62.2  
-0.8  
-2.0  
59.4  
-2.0  
57.4  
78.3  
-1.2  
Financial expenses  
-7.8  
-5.2  
191.8  
-1.5  
190.3  
-13.0  
244.8  
-1.7  
-9.9  
Profit/loss before tax  
53.0  
-0.2  
67.2  
-2.2  
Tax  
-0.2  
7.6  
Profit/loss for the period  
52.8  
243.1  
65.0  
Adjusted for:  
Profit/loss from sale of vessels, etc.  
Adjusted Results for the period*  
-19.5  
-
-
-19.5  
-13.4  
-
-
-13.4  
33.3  
190.3  
-
223.6  
-5.8  
57.4  
-
51.6  
* 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  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
15  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
2. Segment information – continued  
Q1-Q3 2022  
Q1-Q3 2021  
Freight  
Freight  
Assets &  
Logistics  
Services &  
Trading  
Assets &  
Logistics  
Services &  
Trading  
Amount in USD million  
Eliminations  
Total  
Eliminations  
Total  
Revenue – services rendered, external  
Revenue – services rendered, internal  
Revenue – sublease financial income  
Voyage costs  
153.9  
277.0  
1.0  
3,848.1  
-
-
4,002.0  
-
52.1  
254.0  
0.9  
2,346.0  
-
-
2,398.1  
-
-277.0  
-254.0  
0.5  
-
1.5  
-
-
0.9  
-25.0  
406.9  
-0.8  
-1,278.8  
2,569.8  
26.3  
10.9  
-1,292.9  
2,710.6  
25.5  
-15.1  
291.9  
-
-897.9  
1,448.1  
5.4  
-
-913.0  
1,486.0  
4.8  
T/C equivalent revenue  
-266.1  
-254.0  
Other operating income  
-
-0.6  
Charter hire and OPEX element  
Operating costs owned vessels  
Contribution margin  
-110.1  
-54.0  
242.0  
-13.0  
-1,808.7  
-
266.1  
-1,652.7  
-54.0  
-84.3  
-53.1  
154.5  
-8.0  
-1,225.4  
-
254.6  
-1,055.1  
-53.1  
382.6  
-70.9  
-
-
-
-
-
-
787.4  
-143.5  
1,029.4  
-156.5  
228.1  
-62.9  
Overhead and administration costs  
Profit/loss before depreciation, amortisation  
and impairment losses, etc. (EBITDA)  
229.0  
47.7  
643.9  
-
-
-
-
-
-
-
-
-
-
-
872.9  
47.7  
146.5  
4.2  
165.2  
-
-
-
-
-
-
-
-
-
-
-
311.7  
4.2  
Profit/loss from sale of vessels, etc.  
Depreciation, amortisation and impairment losses  
Share of profit/loss of joint ventures  
Profit/loss from operations (EBIT)  
Financial income  
-136.6  
2.0  
-205.3  
-
-341.9  
2.0  
-125.6  
-2.1  
-77.4  
-
-203.0  
-2.1  
142.1  
1.6  
438.6  
3.3  
580.7  
4.9  
23.0  
0.2  
87.8  
0.5  
110.8  
0.7  
Financial expenses  
-23.4  
120.3  
-0.4  
-18.1  
423.8  
-4.8  
-41.5  
544.1  
-5.2  
-20.1  
3.1  
-4.7  
83.6  
-4.3  
79.3  
-24.8  
86.7  
-4.8  
Profit/loss before tax  
Tax  
-0.5  
Profit/loss for the period  
119.9  
419.0  
538.9  
2.6  
81.9  
Adjusted for:  
Profit/loss from sale of vessels, etc.  
Adjusted Results for the period*  
-47.7  
-
-
-47.7  
-4.2  
-
-
-4.2  
72.2  
419.0  
-
491.2  
-1.6  
79.3  
-
77.7  
* 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  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
16  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
3. Expenses by nature  
6. Financial income and expenses  
Q3  
2022  
Q3  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Q1  
2022  
Q1  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Amount in USD million  
Amount in USD million  
Vessel operating costs  
Overhead and administration costs  
Total  
1,093.2  
61.8  
763.2  
30.0  
2,999.6  
156.5  
2,021.2  
70.9  
2,908.9  
117.4  
Interest income  
3.3  
0.3  
-
-
-
4.4  
0.5  
-
0.3  
-
0.3  
Fair value adjustment, cross currency swaps  
Exchange rate adjustments  
Total financial income  
-
.
1,155.0  
793.2  
3,156.1  
2,092.1  
3,026.3  
-1.2  
-1.2  
0.4  
0.7  
3.6  
4.9  
0.3  
These costs can be split by nature:  
Voyage costs excluding bunker oil  
Bunker oil  
172.4  
323.2  
151.0  
176.4  
531.0  
761.9  
426.6  
472.2  
609.6  
659.0  
Interest costs  
4.9  
-
3.3  
-
12.6  
-
7.8  
0.1  
11.1  
0.1  
Fair value adjustment, cross currency swaps  
Interest expense on lease liabilities  
Exchange rate adjustments  
Total financial expence  
Expenses related to the service component of  
right-of-use assets  
7.6  
0.5  
13.0  
6.6  
-
24.4  
4.5  
16.9  
-
23.9  
-
72.6  
55.0  
209.9  
146.6  
205.9  
9.9  
41.5  
24.8  
35.1  
Expenses related to short-term leases  
Operating costs owned vessels*  
Other external costs  
Staff costs  
508.5  
8.7  
363.5  
9.4  
1,442.8  
32.7  
922.7  
30.2  
1,361.1  
73.3  
6.6  
4.7  
19.0  
14.2  
20.4  
63.0  
33.2  
793.2  
158.8  
3,156.1  
79.6  
97.0  
7. Fair value adjustment – hedging Instruments  
30/9  
2022  
30/9  
2021  
31/12  
2021  
Total  
1,155.0  
2,092.1  
3,026.3  
Amount in USD million  
* Technical management services (inclusive of cost related to seafarers) is included in operating costs owned  
vessels.  
Fair value of cash flow hedge  
Fair value adjustment at the beginning period  
Fair value adjustment for the period, net  
End  
-31.2  
112.1  
80.9  
4.1  
-121.4  
-117.3  
4.1  
-35.3  
-31.2  
4. Depreciation, amortisation and impairment losses  
Q3  
Q3  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
Amount in USD million  
2022  
2021  
2021  
Fair value adjustment for the period, cash flow  
hedges can be specified as follows:  
Vessels  
4.3  
109.5  
0.3  
10.5  
70.3  
0.2  
24.7  
316.4  
0.8  
32.7  
169.7  
0.6  
42.6  
252.1  
0.8  
Right-of-use assets  
Property and equipment  
Total  
Bunker hedging  
-11.5  
17.3  
5.5  
114.1  
81.0  
341.9  
203.0  
295.5  
- of which has been transferred to the income statement  
due to inefficiency  
-
88.6  
3.8  
-0.4  
-134.7  
-0.5  
1.9  
-39.0  
0.4  
5. Share of profit/loss of joint ventures  
FFA hedging  
Q3  
2022  
Q3  
2021  
Q1-Q3  
2022  
Q1-Q3  
2021  
FY  
2021  
Foreign currency risk hedging  
Amount in USD million  
End  
80.9  
-117.3  
-31.2  
Profit/loss from shares in joint ventures  
Share of Profit/loss from sale of vessels  
Share of impairment of tangible assets  
Total  
1.0  
-
-2.1  
2.0  
-
-1.8  
-
2.3  
-0.9  
-0.3  
1.1  
The fair value measurement hierarchy of hedging is measured based upon significant observable inputs  
(level 2).  
-
-
-
-
-0.3  
-2.1  
1.0  
-2.1  
2.0  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
17  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
7. Fair value adjustment – hedging Instruments – continued  
8. Vessels  
30/9  
2022  
30/9  
2021  
31/12  
2021  
30/9  
2022  
30/9  
2021  
31/12  
2021  
Amount in USD million  
Amount in USD million  
As of 30 September 2022, outstanding hedging contains:  
Cost at 1 January  
951.3  
61.4  
-
1,079.7  
0.8  
1,079.7  
104.1  
-1.3  
Additions  
Bunker hedging  
Disposals  
-1.3  
Fair value at 1 January  
7.4  
27.0  
9.2  
40.3  
24.8  
-57.4  
16.9  
9.2  
42.3  
29.4  
-73.5  
7.4  
Transferred from prepayments on vessels and newbuildings  
Transferred to tangible assets held for sale  
Cost  
56.8  
-313.7  
755.8  
47.8  
76.6  
Adjustments  
-171.0  
956.0  
-307.8  
951.3  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
Fair value at end of period  
61.4  
-107.3  
-11.5  
Depreciation and impairment losses at 1 January  
Depreciation  
-248.3  
-29.6  
-17.5  
4.9  
-312.3  
-32.7  
-
-312.3  
-42.6  
-14.4  
-
FFA hedging  
Impairment losses  
Fair value at 1 January  
-39.0  
86.6  
-5.2  
-316.6  
392.6  
-5.2  
-288.1  
546.5  
-292.2  
-39.0  
Reversal of impairment losses  
-
Adjustments  
Disposals related to derecognised assets  
Transferred to tangible assets held for sale  
Depreciation and Impairment losses  
-
1.3  
1.3  
Realised contracts, transferred to revenue  
Realised contracts, transferred to operating costs  
Fair value at end of period  
112.9  
-71.9  
88.6  
124.7  
-165.8  
63.8  
-279.9  
119.7  
-248.3  
-205.5  
-134.7  
Carrying amount  
590.0  
676.1  
703.0  
Foreign currency risk hedging  
Fair value at 1 January  
Adjustments  
0.4  
3.4  
3.8  
0.1  
0.4  
0.5  
0.1  
0.3  
0.4  
Fair value at end of period  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
18  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
9. Leases – lessee  
10. Prepayments on vessels and newbuildings  
30/9  
2022  
30/9  
2021  
31/12  
2021  
30/9  
2022  
30/9  
2021  
31/12  
2021  
Amount in USD million  
Amount in USD million  
Right-of-use assets  
Cost at 1 January  
Additions  
Cost at 1 January  
11.3  
119.3  
-56.8  
-44.9  
-0.1  
15.5  
78.8  
-47.8  
-
15.5  
155.8  
-76.6  
-83.4  
-
958.3  
216.3  
80.1  
527.3  
327.0  
74.8  
527.3  
443.1  
67.5  
Additions  
Transferred to vessels  
Transferred to tangible assets held for sale  
Transferred to other items  
Cost  
Remeasurements  
Disposals related to redelivered vessels  
Cost  
-59.7  
-79.6  
849.5  
-79.6  
958.3  
-0.1  
46.4  
1,195.0  
28.8  
11.3  
Depreciation at 1 January  
Depreciation  
-401.8  
-316.4  
59.6  
-228.6  
-169.7  
78.8  
-228.7  
-252.1  
79.0  
Impairment  
-
-
-
Carrying amount  
28.8  
46.4  
11.3  
Depreciations related to redelivered vessels  
Depreciation  
-658.6  
-319.5  
-401.8  
11. Related party disclosure  
Carrying amount  
536.4  
530.0  
556.5  
No significant changes have occurred to related parties or types and scale of transactions with these parties  
other than what is disclosed in the consolidated annual report for 2021.  
Lease Liabilities  
Lease liabilities at 1 January  
Additions  
607.7  
250.1  
84.3  
355.4  
334.0  
74.4  
355.4  
454.7  
66.9  
12. Contingent assets and liabilities  
Remeasurements  
Since the end of 2021, no significant changes have occurred to contigent assets and liabilities other than those  
referred to in this interim report.  
Instalments made  
-345.3  
-
-179.6  
-0.9  
-268.4  
-0.9  
Disposals related to cancelled leases  
Lease liabilities at end of period  
596.8  
583.3  
607.7  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
19  
 
NOTES TO THE INTERIM CONSOLIDATED  
FINANCIAL STATEMENTS  
13. Overview of deliveries of owned vessels and CAPEX  
Deliveries of owned vessels  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Number of vessels  
2022  
2023  
2023  
2023  
2023  
2024  
2024  
Total  
MR  
2
1
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
1
1
1
Panamax  
Supramax  
Logistics assets  
-
1
CAPEX  
Q4  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Amount in USD million  
2022  
2023  
2023  
2023  
2023  
2024  
2024  
Total  
Newbuilding payments  
and secondhand purchases  
24  
-
24  
-
3
5
-
-
-
-
-
51  
20  
Other CAPEX*  
4
4
7
Future payments to NORDEN from sold vessels: USD 203.4 million.  
* Capex includes ordinary dockings, acquisition and installation of scrubbers and ballast water treatment systems.  
14. Events after the reporting date  
See page 8 in the Management Review.  
—
—
NORDEN  
INTERIM FINANCIAL REPORT THIRD QUARTER 2022  
20