NORDIC SHIPHOLDING NORDIC SHIPHOLDING
Interim Report H1 2023
23 August 2023
CVR-no. 76 35 17 16
Interim Report H1 2023 Nordic Shipholding A/S in liquidation - Company Announcement no. 04/2023
Summary
The comparison figures for the period ended 30 June 2022 are stated in parenthesis.
With the decision to liquidate the Company and the Group in December 2022, the liquidation of the Company and its subsidiaries is expected to be finalised by the end of 2023.
All creditors and liquidation costs will be covered by the current cash held by the Company and the Group, and the solvent liquidation is ensured with the waiver of the majority shareholder loan when all other expenses and creditors are covered. No distribution of funds to the shareholders is anticipated upon completion of the liquidation.
So far, the liquidation is proceeding as planned. As at the date of this report, three of the Company's subsidiaries have commenced a strike-off and/or voluntary liquidation process, of which Nordic Hanne Pte. Ltd. was struck off from the register on 7 August 2023.
In H1 2023, the financial result was affected by administration costs and adjustments related to the prior activities of the Group. The Group recognised a loss after tax of USD
0.9 million in H1 2023 compared to a profit after tax of USD 3.6 million for the same period last year.
EBITDA decreased to a negative USD 0.5 million (USD 0.6 million). Other external costs decreased to USD 0.4 million (USD 0.7 million).
Between 31 December 2022 and 30 June 2023, equity reduced from negative USD 11.5 million to negative USD 12.4 million as a result of the loss recognised during the period.
During the financial period under review, cash flow from operations was a net cash outflow of USD 0.2 million (net cash inflow of USD 2.2 million) due to payments for operating expenses and liquidation costs. There was a USD 3.0 million repayment to the majority shareholder as partial settlement of the loan from the majority shareholder. Overall, cash and cash equivalents declined to USD 1.3 million as at 30 June 2023 from USD 4.5 million as at 31 December 2022.
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Interim Report H1 2023 Nordic Shipholding A/S in liquidation - Company Announcement no. 04/2023
Consolidated financial highlights
YTD 30 Jun | YTD 30 Jun | FY 2022 | |
Amounts in USD thousand | 2023 | 2022 | |
Time charter equivalent revenue (TCE revenue) | (28) | 3,055 | 2,908 |
EBITDA | (469) | 552 | (82) |
Operating result (EBIT) | (469) | 579 | 154 |
Net finance (expense)/income | (383) | 3,039 | 2,643 |
Result after tax | (852) | 3,618 | 2,797 |
Equity ratio (%) | -943.3% | -194.6% | -234.4% |
Earnings per share, US cents | (0.21) | 0.89 | 0.69 |
Market price per share DKK, period end | 0.06 | 0.10 | 0.06 |
Market price per share USD, period end | 0.01 | 0.01 | 0.01 |
Exchange rate USD/DKK, period end | 6.82 | 7.09 | 6.95 |
Number of shares, period end | 406,158,403 | 406,158,403 | 406,158,403 |
Average number of shares | 406,158,403 | 406,158,403 | 406,158,403 |
Company data
Company
Nordic Shipholding A/S in liquidation (the "Company")
C/O Gorrissen Federspiel, Axel Towers, Axeltorv 2,
DK-1609 Copenhagen, Denmark
CVR- no. 76 35 17 16
Website: www.nordicshipholding.com
Registered office: Copenhagen
Contact persons regarding this interim report: Louise Celia Korpela, the Liquidator
Auditors
PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab
Forward-looking statements
This report contains forward-looking statements reflecting Nordic Shipholding A/S in liquidation's current beliefs of future events. Forward-looking statements are inherently subject to uncertainty, and Nordic Shipholding A/S in liquidation's actual results may differ significantly from expectations. Factors which could cause actual results to deviate from the expectations include, but not limited to, changes in macroeconomic, regulatory and political conditions.
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Interim Report H1 2023 Nordic Shipholding A/S in liquidation - Company Announcement no. 04/2023
Management's review
Voluntary solvent liquidation of the Company
With the decision to liquidate the Company and the Group in December 2022, the liquidation of the Company and its subsidiaries is expected to be finalised by the end of 2023. As at the date of this report, Nordic Hanne Pte. Ltd. was struck off from the register on 7 August 2023.
All creditors and liquidation costs will be covered by the current cash held by the Company and the Group, and the solvent liquidation is ensured with the waiver of the majority shareholder loan when all other expenses and creditors are covered. No distribution of funds to the shareholders is anticipated upon completion of the liquidation.
Financial results for the period 1 January - 30 June 2023
The comparison figures for the same period in 2022 are stated in parenthesis.
In H1 2023, the financial result was affected by administration costs and adjustments related to the prior activities of the Group. The Group recognised a loss after tax of USD
0.9 million in H1 2023 compared to a profit after tax of USD 3.6 million for the same period last year.
EBITDA decreased to a negative USD 0.5 million (USD 0.6 million). Other external costs decreased to USD 0.4 million (USD 0.7 million).
Financial position as at 30 June 2023
The comparison figures for 31 December 2022 are stated in parenthesis.
Total assets amounted to USD 1.3 million (USD 4.9 million).
Cash and cash equivalents stood at USD 1.3 million (USD 4.5 million), a decrease of USD 3.2 million from 31 December 2022.
Between 31 December 2022 and 30 June 2023, equity reduced from negative USD 11.5 million to negative USD 12.4 million as a result of the loss recognised during the period.
Current liabilities at USD 13.7 million (USD 16.4 million) comprised loans from majority shareholder of USD 13.6 million (USD 16.1 million) and other current liabilities of USD 0.1 million (USD 0.3 million).
Cash flow for the period 1 January - 30 June 2023
The comparison figures for the same period in 2022 are stated in parenthesis.
During the financial period under review, cash flow from operations was a net cash outflow of USD 0.2 million (net cash inflow of USD 2.2 million) due to payments for operating expenses and liquidation costs. There was a USD 3.0 million repayment to the majority shareholder as partial settlement of the loan from the majority shareholder. Overall, cash and cash equivalents declined to USD 1.3 million as at 30 June 2023 from USD 4.5 million as at 31 December 2022.
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Interim Report H1 2023 Nordic Shipholding A/S in liquidation - Company Announcement no. 04/2023
Outlook for 2023
The outlook for 2023 remains unchanged as indicated in the 2022 Annual Report. With the decision to liquidate the Company and the Group in December 2022, the liquidation of the Company and its subsidiaries is expected to be finalised by the end of 2023.
All creditors and liquidation costs will be covered by the current cash held by the Company and the Group, and the solvent liquidation is ensured with the waiver of the majority shareholder loan when all other expenses and creditors are covered. No distribution of funds to the shareholders is anticipated upon completion of the liquidation.
Please also refer to Note 0 'Going concern assumption'.
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Interim Report H1 2023 Nordic Shipholding A/S in liquidation - Company Announcement no. 04/2023
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Nordic Shipholding A/S published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 08:17:05 UTC.
