NORDIC SHIPHOLDING

Interim Report Q3 2022

1 December 2022

CVR-no. 76 35 17 16

Interim Report Q3 2022 Nordic Shipholding A/S - Company Announcement no. 14/2022

Summary

Voluntary solvent liquidation of the Company

As stated in the Company Announcement 12/2022 on 1 December 2022, with the commitment and continual support from the majority shareholder of Nordic Shipholding A/S, Nordic Maritime S.à r.l., the Board of Directors have decided to call for an extraordinary general meeting with the intention to initiate a voluntary solvent liquidation of the Company. No distribution of funds to the shareholders is anticipated upon completion of the liquidation.

To enable the liquidation to be solvent, the majority shareholder has agreed to waive the necessary part of its loan to the Group. It is expected that the aggregate cash balance of Nordic Shipholding A/S and its subsidiaries is sufficient to cover the estimated liquidation expenses and settlement of all creditors other than the main shareholder loan. Any excess funds will be used to repay the shareholder loan, whereafter it has been agreed with the majority shareholder to waive the remaining debt at that point in time. It is expected that the liquidation will be finalised by the end of 2023.

As a result of the solvent liquidation, a profit after tax of approximately USD 1.0 million is expected for 2022, including estimated liquidation costs but before income from the expected waiver of shareholder loan.

Financials

Please refer to Interim Report H1 2022 announced on 24 August 2022 for the discussion on the prior activities of the Company. In Q3 2022, the financial result was effected by administration costs and minor adjustments related to the prior activities of the Group.

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Interim Report Q3 2022 Nordic Shipholding A/S - Company Announcement no. 14/2022

Consolidated financial highlights

YTD 30 Sep

YTD 30 Sep

FY 2021

Amounts in USD thousand

2022

2021

Time charter equivalent revenue (TCE revenue)

2,918

7,476

10,380

EBITDA

77

(505)

42

Operating result (EBIT)

149

(7,016)

(3,899)

Net finance expenses

2,835

(1,095)

(1,864)

Result after tax

2,984

(8,111)

(5,763)

Equity ratio (%)

N.M.

-41.4%

-32.5%

Earnings per share, US cents

0.73

(2.00)

(1.42)

Market price per share DKK, period end

0.10

0.19

0.09

Market price per share USD, period end

0.01

0.03

0.01

Exchange rate USD/DKK, period end

7.59

6.42

6.54

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

N.M. Not Meaningful

Company data

Company

Nordic Shipholding A/S (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: Esben Søfren Poulsson, Chairman Philip Clausius, CEO

Executive Management

Philip Clausius, CEO

Board of Directors

Esben Søfren Poulsson, Chairman

Jon Robert Lewis, Deputy Chairman

Kanak Kapur

Philip Clausius

Auditors

PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab

Forward-looking statements

This report contains forward-looking statements reflecting Nordic Shipholding A/S's current beliefs of future events. Forward-looking statements are inherently subject to uncertainty, and Nordic Shipholding A/S'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 Q3 2022 Nordic Shipholding A/S - Company Announcement no. 14/2022

Management's review

Voluntary solvent liquidation of the Company

As stated in the Company Announcement 12/2022 on 1 December 2022, with the commitment and continual support from the majority shareholder of Nordic Shipholding A/S, Nordic Maritime S.à r.l., the Board of Directors have decided to call for an extraordinary general meeting with the intention to initiate a voluntary solvent liquidation of the Company. No distribution of funds to the shareholders is anticipated upon completion of the liquidation.

To enable the liquidation to be solvent, the majority shareholder has agreed to waive the necessary part of its loan to the Group. It is expected that the aggregate cash balance of Nordic Shipholding A/S and its subsidiaries is sufficient to cover the estimated liquidation expenses and settlement of all creditors other than the main shareholder loan. Any excess funds will be used to repay the shareholder loan, whereafter it has been agreed with the majority shareholder to waive the remaining debt at that point in time. It is expected that the liquidation will be finalised by the end of 2023.

Financial results for the period 1 January - 30 September 2022

Please refer to Interim Report H1 2022 announced on 24 August 2022 for the discussion on the prior activities of the Company. In Q3 2022, the financial result was effected by administration costs and minor adjustments related to the prior activities of the Group.

Financial position as at 30 September 2022

The comparison figures for 31 December 2021 are stated in parenthesis.

Total assets amounted to USD 5.0 million (USD 44.0 million).

Receivables balance was USD 0.8 million as at 30 September 2022 (USD 4.5 million). The decrease was primarily due to the partial refund of pool working capital following the sale of vessels in 2022.

Cash and cash equivalents stood at USD 4.2 million (USD 2.5 million), an increase of USD 1.7 million from 31 December 2021.

Between 31 December 2021 and 30 September 2022, equity improved from negative USD

14.3 million to negative USD 11.3 million as a result of the profit recognised during the period.

Current liabilities at USD 16.3 million (USD 58.3 million) comprised the loans from the majority shareholder of USD 15.9 million (USD 12.8 million) and other current liabilities of USD 0.4 million (USD 3.1 million).

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Interim Report Q3 2022 Nordic Shipholding A/S - Company Announcement no. 14/2022

Cash flow for the period 1 January - 30 September 2022

The comparison figures for the same period in 2021 are stated in parenthesis.

During the financial period under review, cash flow from operations was a net cash inflow of USD 2.7 million (net cash outflow of USD 0.7 million) due partially to the refund of working capital by the respective pool managers. The net proceeds from the sale of Nordic Anne, Nordic Agnetha and Nordic Amy were applied towards the repayment of bank loans in 9M 2022. Overall, cash and cash equivalents improved to USD 4.2 million as at 30 September 2022 from USD 2.5 million as at 31 December 2021.

Outlook for 2022

As a result of the solvent liquidation, a profit after tax of approximately USD 1.0 million is expected for 2022, including estimated liquidation costs but before income from the expected waiver of shareholder loan. Please also refer to Note 0 'Basis of preparation'.

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Interim Report Q3 2022 Nordic Shipholding A/S - Company Announcement no. 14/2022

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Nordic Shipholding A/S published this content on 01 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2022 13:53:04 UTC.