A/S Dampskibsselskabet TORM
The 2008 profit forecast – as upgraded on 25 April – of USD 250-270 million before tax is maintained

A/S Dampskibsselskabet TORM / News

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Highlights


	The 2008 profit forecast - as upgraded on 25 April - of USD 250-270 million
before tax is maintained. 

At USD 52 million, the profit before tax for the first quarter is in line with
expectations and represents an increase compared to 2007 if adjusted for TORM's
gain from the sale of the Norden shareholding. In the first quarter, we
acquired 50% of the shipping company FR8 which is a new element in fulfilling
our strategy Greater Earning Power 2.0, which will secure TORM's long-term
growth and value creation. In addition I am pleased that the freight rates for
both dry bulk carriers and product tankers have started out better than
expected in the beginning of the second quarter, announces Klaus Kjærulff,
CEO. 

	The profit for the first quarter of 2008 was USD 52.1 million before tax and
USD 52.2 million  after tax. The profit is in line with expectations and
satisfactory. 

	The cash flow from operating activities was USD 63.7 million in the first
quarter of 2008. 

	Earnings per share (EPS) were USD 0.8 for the first quarter of 2008 against
USD 9.7 for the corresponding period of 2007 (USD 0.5 excluding the gain from
the sale of the Norden shareholding). 

	Return on Invested Capital (RoIC) was 9.6% p.a., and Return on Equity (RoE)
was 18.9% p.a. for the quarter. At 31 March 2008, equity amounted to USD 1,130
million (DKK 5.332 million) equivalent to an increase of 4.5%. Subsequent a
dividend for 2007 of DKK 327.6 million (USD 64.5 million) was distributed to
shareholders in April. At 31 March, the non-booked excess value of the
Company's fleet amounted to USD 1,645 million (DKK 7,766 million) equivalent to
an increase of 4.3%. 

	Product tanker rates were in line with expectations in the first quarter,
reflecting the warm winter weather in Europe and the USA. Going into the second
quarter, rates in the western market have increased sharply, while they have
fallen back in the eastern market. With TORM's positioning of the fleet, the
rate levels for the second quarter are above expectations. The period tanker
market remains strong, supporting our positive expectations for the remainder
of the year. 

	A combination of bad weather, strikes and breakdown in loading installations
in major loading ports resulted in declining rates for the Company's Panamax
bulk fleet in the first quarter of 2008. The force majeure problems have now
been solved, and consequently the Panamax bulk carrier rates have increased to
a very high level of USD 75,000 per day. 

	On 25 April, following the sale of TORM Marlene, TORM upgraded the pre-tax
profit forecast for 2008 to USD 250-270 million. This forecast is maintained.		 


Teleconference	
TORM's Management will review the report on the first quarter of 2008 in a
teleconference and webcast (www.torm.com) today, 9 May 2008, at 17.00
Copenhagen time (CET). To participate, please call 10 minutes before the call
on tel.: +45 3271 4607 (from Europe) or +1 334 323 6201 (from the USA). A
replay of the conference will be available from TORM's website. 
Contact	A/S Dampskibsselskabet TORM		Telephone: +45 39 17 92 00
Tuborg Havnevej 18                                        Klaus Kjærulff, CEO
DK-2900 Hellerup                                            Mikael Skov, COO
Denmark		



Million USD	Q1 2008	Q1 2007	2007 
Income statement			
Net revenue	253.9	161.8	770.1
Time charter equivalent earnings (TCE)	199.6	125.9	602.6
Gross profit	111.2	69.1	335.7
EBITDA	94.6	60.1	294.2
Operating profit	65.1	45.6	208.4
Profit before tax	52.1	680.2	804.2
Net profit	52.2	674.4	791.7
Balance sheet 			
Total assets	3,153.3	2,227.6	2,951.8
Equity	1,129.6	1,389.4	1,081.2
Total liabilities	2,023.7	838.2	1,870.6
Invested capital	2,822.8	1,335.3	2,618.5
Net interest bearing debt	1,705.9	661.6	1,548.3
Cash flow			
From operating activities	63.7	47.3	194.0
From investing activities	-221.2	-45.5	-362.7
	Thereof investment in tangible fixed assets	-102.9	-28.8	-252.2
From financing activities	129.3	20.3	242.1
Net cash flow	-28.2	22.1	73.4
Key financial figures 			
Margins:			
	TCE 	78.6%	77.8%	78.2%
	Gross profit	43.8%	42.7%	43.6%
	EBITDA	37.3%	37.1%	38.2%
	Operating profit 	25.6%	28.2%	27.1%
Return on Equity (RoE) (p.a.)*)	18.9%	57.5%	67.1%
Return on Invested Capital (RoIC) (p.a.)	9.6%	13.8%	10.6%
Equity ratio	35.8%	62.4%	36.6%
Exchange rate USD/DKK, end of period	4.72	5.59	5.08
Exchange rate USD/DKK, average	4.97	5.69	5.44
Share related key figures**)			
Earnings per share, EPS		0.8	9.7	11.4
Diluted earnings per share, DEPS	 0.8	9.7	11.4
Cash flow per share, CFPS	0.9	0.7	2.8
Share price, end of period
(per share of DKK 5 each)	140.5	192.9	178.2
Number of shares, end of period	72.8	72.8	72.8
Number of shares (excl. treasury shares),
average	69.2	69.2	69.2
*)  The gain from the sale of the Norden shares is not annualized when
calculating the Return on Equity. 
**) Adjusted for the share split in May 2007.
 
Profit by division

Million USD	First quarter 2008
				 
 	Tanker Division	Bulk Division 	Not
Allocated	Total
Revenue	199.7	54.2	0.0	253.9
Port expenses, bunkers and commissions	-51.2	-2.7	0.0	-53.9
Freight and bunkers derivatives	-0.4	0.0	0.0	-0.4
Time charter equivalent earnings 	148.1	51.5	0.0	199.6
Charter hire	-30.0	-14.9	0.0	-44.9
Operating expenses	-39.6	-3.9	0.0	-43.5
Gross Profit	78.5	32.7	0.0	111.2
Profit from sale of vessels	0.0	0.0	0.0	0.0
Administrative expenses	-18.1	-1.6	0.0	-19.7
Other operating income	3.1	0.0	0.0	3.1
Depreciation and impairment losses	-28.9	-1.8	0.0	-30.7
Share of results of jointly controlled entities	1.1	0.0	0.1	1.2
Operating profit	35.7	29.3	0.1	65.1
Financial items	-	-	-13.0	-13.0
Profit/(Loss) before tax	-	-	-12.9	52.1
Tax	-	-	0.1	0.1
Net profit 	-	-	-12.8	52.2
The activity that TORM owns in a 50/50 joint venture with Teekay is included in
'Not allocated'.	 

Tanker and Bulk

Tanker Division 	The Tanker Division achieved an operating profit of USD 35.7
million for the first quarter of 2008. 
	
Unlike normal seasonal patterns, freight rates fell in the first quarter as
expected due to the warm winter. In the second quarter, freight rates have
increased significantly more than expected and are currently above
expectations. 

There are major differences between the product tanker markets in the Eastern
and the Western Hemispheres, the MR markets in the West, for example, obtaining
substantially better rates than the market in the East. TORM has a majority of
vessels in the Western Hemisphere, which has a favourable impact on earnings. 
 
The tanker market was affected by the following factors in the first quarter of
2008: 
Positive impact:	
	Low stocks of crude oil in Japan.
	Increased utilisation rate of the LR1 fleet as a result of new trading
patterns. 
	Changing trade patterns in the Western Hemisphere, with full petrol reserves
being exported to West Africa and South America. 

Negative impact:
	Warm winter weather in both Europe and the USA.
	High bunker costs.
	Lower growth in global oil consumption.
	US petrol reserves were 10% higher in the first quarter of 2008 than in the
first quarter of 2007. 

In the first quarter of 2008, TORM's Tanker Division obtained freight rates
that were 16% lower in the LR1 segment and 8% lower in the MR segment, whereas
earnings were 6% higher in the LR2 segment, relative to the first quarter of
2007. As a result of increased crude oil transport, the LR2 fleet experienced
strong earnings growth and performed well, compared with the market in general.
The LR1 and MR fleets experienced reasonable earnings growth, and more
especially the increased utilisation rate and arbitrage shipping secured strong
earnings in comparison with the market in general. 

In the first quarter of 2008, TORM acquired 50% of the shipping company FR8
from the oil trader Projector, which continues to control the remaining 50% of
FR8. With the acquisition of FR8 TORM gets closer to the market for oil
cargoes, which is a step in fulfilling the new strategy Greater Earning Power
2.0. 

Tanker Division	 Q1 07	Q2 07	Q3 07	Q4 07		Q1 08
	Change
Q1 07
- Q1 08 	12 month avg.
LR2 (Aframax, 90-110,000 DWT)								
Available earning days	717	767	906	903		908	27%	
TCE per earning day1)	26,838	29,073	21,841	23,316		28,538	6%	25,561
Operating days	602	713	818	864		865	44%	
Operating expenses per operating day2)	7,888	8,144	6,471	6,466		8,270	5%	7,219
LR1 (Panamax 75-85.000 DWT)								
Available earning days	1,269	1,319	1,577	1,702		1,822	44%	
TCE per earning day1)	27,952	29,059	27,448	26,548		23,533	-16%	26,429
Operating days	520	633	685	695		682	31%	
Operating expenses per operating day2)	7,187	6,188	4,955	5,336		6,538	-9%	5,659
MR (45.000 DWT)								
Available earning days	1,643	1,652	2,223	2,497		2,490	52%	
TCE per earning day1)	24,676	28,143	22,978	21,715		22,716	-8%	23,511
Operating days	1,439	1,456	2,089	2,393		2,368	65%	
Operating expenses per operating day2)	7,666	7,480	6,147	8,224		8,260	8%	7,446
SR (35.000 DWT)								
Available earning days	n,a,	n,a,	732	1,104		1,088	n,a,	
TCE per earning day1)	n,a,	n,a,	16,129	17,121		21,034	n,a,	18,329
Operating days			732	1,104		910	n,a,	
Operating expenses per operating day2)			5,460	7,255		8,182	n,a,	7,084
1) TCE = Gross freight income less bunker, commissions and port expenses.
2) Operating expenses is related owned vessels.

Bulk Division	The Bulk Division achieved an operating profit of USD 29.3
million for the first quarter of 2008. 

The development in bulk rates remains largely dependent on the development in
single markets, primarily China and Australia, as well as India, Japan and
South America. In the first half of the quarter, supply disruptions in the form
of flooding in Australia, a cold winter in China, damage to railway
installations in Brazil and infrastructure problems in South America meant that
freight rates in the Panamax segment dropped from approximately USD 65,000 per
day to approximately USD 45,000 per day. In the second half of the first
quarter, the supply disruptions were rectified, and freight rates have risen to
approximately USD 75,000 per day at the beginning of the second quarter. 

The number of available earning days in the Panamax segment was 16% higher in
the first quarter of 2008 compared with the first quarter of 2007. 

Bulk Division	 Q1 07	Q2 07	Q3 07	Q4 07		Q1 08
	Change
Q1 07
- Q1 08 	12 month avg.
Panamax (60-80.000 DWT)								
Available earning days	1,205	1,222	1,258	1,287		1,394	16%	
TCE per earning day1)	22,955	25,467	27,019	27,443		36,909	61%	29,429
Operating days	450	493	546	559		565	26%	
Operating expenses per operating day2)	5,053	5,562	4,580	5,392		6,940	37%	5,630
1) TCE = Gross freight income less bunker, commissions and port expenses.
2) Operating expenses is related owned vessels.



Other activities	Other (non-allocated) activities consist of investments in
joint ventures of USD 0.1 million, financial items of USD -13 million and tax
of USD 0.1 million. 

Fleet development	Following the exercise of a purchase option at USD 23.4
million, TORM took delivery of the bulk carrier TORM Bornholm in the first
quarter of 2008. 

At the end of the first quarter of 2008, TORM's fleet totalled 63 vessels, 56
of which were product tankers and seven bulk carriers. 

	31 December 2007	Addition	Disposal	31 March. 2008
LR2 / Aframax	9.5			9.5
LR1 / Panamax	7.5			7.5
MR	29.0			29.0
SR	10.0			10.0
Tank	56.0			56.0
Panamax	6.0	TORM Bornholm		7.0
Bulk	6.0			7.0
Total	62.0			63.0

Planned			No vessels were contracted in the first quarter of 2008. 
fleet changes	




 

On 25 April, the bulk carrier TORM Marlene was sold at a price of USD 70
million. The vessel is expected to be delivered to the buyer in May 2008. 

Pools	At 31 March 2008, the three product tanker pools comprised 85 vessels. To
this should be added 26 vessels which TORM operates outside pools. At the end
of 2008, the three pools are expected to comprise a total of 97 vessels. 

Results		The first quarter of 2008 showed a gross profit of USD 111 million,
against USD 69 million for the 
First quarter 	corresponding quarter of 2007. Profit before depreciation
(EBITDA) for the period was USD 95 million, 
2008	against USD 60 million for the first quarter of 2007. The increase in both
gross profit and EBITDA was primarily due to higher earnings in the Bulk
Division and an increased number of earning days in the Tanker Division, which
however was offset by generally lower earnings per vessel during the period. 

In the first quarter of 2008, depreciation amounted to USD 31 million.

The operating profit for the first quarter of 2008 was USD 65 million, against
USD 46 million in the same quarter of 2007. Of this amount, the Tanker and Bulk
divisions contributed USD 36 million and USD 29 million, respectively. 

In the first quarter of 2008, financial item amounted to USD -13 million,
against USD 635 million in the same quarter of 2007. The difference is
explained by TORM's sale of its stake in Norden in the first quarter of 2007 at
a profit of USD 643 million. 

Profit after tax was USD 52 million, against USD 674 million in the first
quarter of 2007 (USD 36 million excluding the gain from the sale of the Norden
shareholding). 

Assets	Total assets rose during the first quarter of 2008 from USD 2.952
million to USD 3,153 million, primarily as a result of the acquisition of 50%
of the shipping company FR8. 

Liabilities	As a consequence of the acquisition of 50% of FR8 and instalments
on the Company's newbuilding programme the Company's net interest bearing debt
rose from USD 1,548 million to USD 1,706 million during the first quarter of
2008. The Company has significant undrawn credit facilities at its disposal and
has at the beginning of the second quarter of 2008 signed agreements for
refinancing the debt arising from the OMI acquisition and the continued growth
in the Company, including the existing newbuilding programme. 

Equity	During the first quarter of 2008, equity rose from USD 1,081 million to
USD 1,130 million which is the result of earnings during the period. As a
result of an increase in total assets, equity as a percentage of total assets
dropped from 36.6% at 31 December 2007 to 35.8% at 31 March 2008. 

At 31 March 2008, TORM held 3,556,364 treasury shares, corresponding to 4.9% of
the Company's share capital, which is unchanged compared to 31 December 2007. 

Subsequent 	On 25 April 2008, TORM sold TORM Marlene at a price of USD 70
million. 
events	

Expectations	TORM maintains the profit forecast for 2008 of USD 250-270
million, as stated in Announcement No. 9 of 25 April 2008. 

Sensitivity	At the beginning of the second quarter of 2008, 71% of the earning
days of the Company's Panamax bulk carriers were covered for the remainder of
the year.  For the Tanker Division, approximately 49% of the remaining earning
days for the year were covered at the beginning of the second quarter. 

At 31 March, TORM had hedged the price of 6.9% of the remaining bunker
requirement for 2008 and the market value of the contracts was USD 1.3 million. 

Safe Harbor	Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current  views 
Forward-looking	with respect to future events and financial performance and may
include statements concerning plans, objectives, goals, strategies, 
statements	future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts. 
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, Management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although TORM believes that these assumptions were reasonable  when
made, because these assumptions are inherently  subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control,  TORM cannot assure you that it will achieve or
accomplish  these expectations, beliefs or projections. 

Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward looking statements include the
strength of world economies and currencies, changes in charter hire rates and
vessel values, changes in demand for tonne miles of oil carried by oil
tankers, the effect of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled dry-docking, changes
in TORM's operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations including
requirements for double hull tankers or actions taken by regulatory
authorities, potential liability from pending or future litigation, domestic
and international political conditions, potential disruption of shipping routes
due to accidents and political events or acts by terrorists. Risks and
uncertainties are further described in reports filed by TORM with the US
Securities and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K. 

Forward looking statements are based on management's current evaluation, and
TORM is only under obligation to update and change the listed expectations to
the extent required by law. 

The TORM share

The price of a TORM share was DKK 140.5 as of 31 March 2008, against DKK 178.2
at the beginning of the year - a reduction of DKK 37.7 per share, corresponding
to a return of -21% in the quarter. 

Accounting policies

The interim report for the first quarter of 2008 has been prepared using the
same accounting policies as for the Annual Report 2007, except that the Company
has changed its accounting policy for the recognition of investments in joint
ventures so that these are recognised according to the equity method.
Previously, joint ventures were recognised on a pro rata basis. The change in
accounting policy is due to the fact that the Company finds it inappropriate to
aggregate the items of joint ventures with items of entities that form an
integral part of the Company's activities. The change has no effect on the
income statement or on equity, but the profit for the year of joint ventures
and the investment in these are presented in a single line item in the income
statement and the balance sheet, respectively. The operating profit and net
cash flows for 2007 were increased by USD 3.4 million and reduced by USD 11.5
million, respectively, and invested capital at 31 December 2007 was increased
by USD 12.8 million as a result of the change. 

In addition, TORM has implemented IAS 34, Interim Financial Reporting'. The
implementation has not led to any changes in the income statement or equity,
but has caused minor changes to the presentation and a few additions to the
disclosures. 

The accounting policies are described in more detail in the Annual Report 2007.

The interim report for the first quarter of 2008 is unaudited, in line with the
normal practice. 

Information

Teleconference	

TORM will host a telephone conference for financial analysts and investors on 9
May 2008 at 17:00 Copenhagen time (CET), reviewing the interim report for the
first quarter of 2008. The conference call will be hosted by Klaus Kjærulff,
CEO and Mikael Skov, COO, and will be conducted in English. 

To participate, please call 10 minutes before the conference on tel.: +45 3271
4607 (from Europe) or +1 334 323 6201 (from the USA). The teleconference will
also be webcast via TORM's website www.torm.com The presentation material can
be downloaded from the website. 

		Next reporting

		TORM's interim report for the first half of 2008 will be released on 20
August 2008. 

Statement by the Board of Directors and Management on the Interim Report

The Board of Directors and Management have considered and approved the interim
report for the period 1 January - 31 March 2008. 

The interim report, which is unaudited, has been prepared in accordance with
the general Danish financial reporting requirements governing listed companies,
including the measurement and recognition provisions in IFRS which are expected
to be applicable for the Annual Report 2008. 

We consider the accounting policies applied to be appropriate, and in our
opinion the interim report gives a true and fair view of the Group's assets,
liabilities, financial position and of the results of operations and
consolidated cash flows. 

Copenhagen, 9 May 2008

	Management			Board of Directors

	Klaus Kjærulff, CEO		Niels Erik Nielsen, Chairman
	Mikael Skov, COO		Christian Frigast, Deputy Chairman 
			Peter Abildgaard
			Lennart Arrias
			Margrethe Bligaard
			Bo Jagd
			Gabriel Panayotides
						Michael Steimler
					Nicos Zouvelos	

About TORM	TORM is one of the world's leading carriers of refined oil products
as well as being a significant participant in the dry bulk market. The Company
operates a combined fleet of more than 120 modern vessels, principally through
a pooling cooperation with other respected shipping companies who share TORM's
commitment to safety, environmental responsibility and customer service. 

TORM was founded in 1889. The Company conducts business worldwide and is
headquartered in Copenhagen, Denmark. TORM's shares are listed on the
Copenhagen Stock Exchange (ticker TORM) as well as on the NASDAQ (ticker TRMD).
For further information, please visit www.torm.com. 

 
Income Statement
Million USD	Q1 2008	Q1 2007	2007
Revenue	253.9	161.8	770.1
Port expenses, bunkers and commissions	-53.9	-36.9	-170.4
Freight and bunkers derivatives	-0.4	1.0	2.9
Time charter equivalent earnings	199.6	125.9	602.6
Charter hire	-44.9	-34.4	-151.4
Operating expenses	-43.5	-22.4	-115.5
Gross profit (Net earnings from shipping activities) 	111.2	69.1	335.7
Profit from sale of vessels	0.0	0.0	0.0
Administrative expenses	-19.7	-11.2	-55.0
Other operating income	3.1	2.2	13.5
Depreciation and impairment losses	-30.7	-14.8	-89.1
Share of results of jointly controlled entities	1.2	0.3	3.3
Operating profit	65.1	45.6	208.4
Financial items	-13.0	634.6	595.8
Profit before tax	52.1	680.2	804.2
Tax	0.1	-5.8	-12.5
Net profit 	52.2	674.4	791.7
Earnings per share, EPS *) 			
Earnings per share, EPS (USD) 	0.8	9.7	11.4
Earnings per share, EPS (DKK) **) 	3.7	55.4	62.3











































*)   The comparative figures for EPS for Q1 2007 are restated to reflect the
share split carried out in May 2007. 
**) The key figures have been translated from USD to DKK using the average
USD/DKK exchange change rate for the period in question. 

















 
Income statement by quarter

Million USD	Q1 07	Q2 07	Q3 07	Q4 07	Q1 08
Revenue	161.8	179.5	198.9	229.9	253.9
Port expenses, bunkers and commissions	-36.9	-38.8	-45.6	-49.1	-53.9
Freight and bunkers derivatives	1.0	-0.8	0.3	2.4	-0.4
Time charter equivalent earnings	125.9	139.9	153.6	183.2	199.6
Charter hire	-34.4	-34.8	-41.2	-41.0	-44.9
Operating expenses	-22.4	-23.6	-29.9	-39.6	-43.5
Gross profit (Net earnings from shipping activities) 	69.1	81.5	82.5	102.6	111.2
Profit from sale of vessels	0.0	0.0	0.0	0.0	0.0
Administrative expenses	-11.2	-12.8	-14.3	-16.7	-19.7
Other operating income	2.2	2.9	2.5	5.9	3.1
Depreciation and impairment losses	-14.8	-15.1	-23.7	-35.5	-30.7
Share of results of jointly controlled entities	0.3	1.4	2.2	-0.6	1.2
Operating profit	45.6	57.9	49.2	55.7	65.1
Financial items	634.6	1.1	-15.4	-24.5	-13.0
Profit before tax	680.2	59.0	33.8	31.2	52.1
Tax	-5.8	7.0	-2.9	-10.8	0.1
Net profit	674.4	66.0	30.9	20.4	52.2
 
Assets

Million USD	31 March
2008	31 March
2007	31 December 2007
			
NON-CURRENT ASSETS			
			
Intangible assets			
Goodwill	87.6	0.0	87.7
Other intangible assets	5.6	0.0	7.5
Total intangible assets	93.2	0.0	95.2
			
Tangible fixed assets			
Land and buildings	4.1	0.4	4.2
Vessels and capitalized dry-docking	2,171.5	1,123.3	2,169.8
Prepayments on vessels	331.0	194.7	259.4
Other plant and operating equipment	6.7	3.3	5.9
Total tangible fixed assets	2,513.3	1,321.7	2,439.3
			
Financial fixed assets			
Investment in jointly controlled entities	119.0	3.6	0.0
Loans to jointly controlled entities	113.8	30.5	118.8
Other investments	12.7	11.5	11.0
Other financial assets	44.6	0.0	44.6
Total financial assets	290.1	45.6	174.4
			
TOTAL NON-CURRENT ASSETS	2,896.6	1,367.3	2,708.9
			
CURRENT ASSETS			
			
Bunkers	22.8	14.3	19.7
Freight receivables, etc.	71.9	50.7	90.0
Other receivables	71.6	30.6	24.0
Prepayments	13.6	6.8	4.2
Receivable from sale of the investment in Norden	0.0	704.2	0.0
Cash and cash equivalents	76.8	53.7	105.0
			
TOTAL CURRENT ASSETS	256.7	860.3	242.9
			
TOTAL ASSETS	3,153.3	2,227.6	2,951.8

 
Liabilities and Equity

Million USD	31 March
2008	31 March
2007	31 December
2007
			
EQUITY			
			
Common shares	61.1	61.1	61.1
Treasury shares	-18.1	-18.1	-18.1
Revaluation reserves	6.2	7.9	7.3
Retained profit	1,007.2	1,248.9	953.6
Proposed dividends	64.5	73.9	64.5
Hedging reserves	4.4	11.7	8.7
Translation reserves	4.3	4.0	4.1
TOTAL EQUITY	1,129.6	1,389.4	1,081.2
			
LIABILITIES			
			
Non-current liabilities			
Deferred tax liability	55.6	62.6	55.6
Mortgage debt and bank loans	1,005.3	659.4	884.6
Acquired liabilities related to options on vessels	12.2	0.0	12.2
Acquired time charter contracts	11.7	0.0	16.0
TOTAL NON-CURRENT LIABILITIES	1,084.8	722.0	968.4
			
Current liabilities			
Mortgage debt and bank loans	777.4	55.9	768.7
Other financial liabilities	10.0	0.0	0.0
Trade payables	42.3	16.1	42.6
Current tax liabilities	13.2	11.5	14.5
Other liabilities	76.4	30.4	52.7
Acquired time charter contracts	18.1	0.0	19.8
Deferred income	1.5	2.3	3.9
TOTAL CURRENT LIABILITIES	938.9	116.2	902.2
			
TOTAL LIABILITIES	2,023.7	838.2	1,870.6
			
TOTAL EQUITY AND LIABILITIES	3,153.3	2,227.6	2,951.8


 
Equity 1 January - 31 March 2008

Million
USD	Common	Treasury	Retained	Proposed	Revaluation	Hedging	Translation	Total 
	shares	shares	profit	dividends	reserves	reserves	reserves	
 	 	 	 	 	 	 	 	 
Equity at 1 January 2008	61.1	-18.1	953.6	64.5	7.3	8.7	4.1	1,081.2
Changes in equity Q1 2008:								
Exchange rate adjustment arising on translation								
   of entities using a measurement currency different								
   from USD	-	-	-	-	-	-	0.2	0.2
Reversal of deferred gain/loss on hedge instruments at the 								
   beginning of year	-	-	-	-	-	-8.7	-	-8.7
Deferred gain/loss on hedge instruments at the end of the								
   period	-	-	-	-	-	4.4	-	4.4
Fair value adjustment on available for sale investments 	-	-	-	-	-1.1	-	-	-1.1
Transfer to profit or loss on sale of available for sale 								
   investments	-	-	-	-	-	-	-	0.0
Net gains/losses recognised directly in
equity	0.0	0.0	0.0	0.0	-1.1	-4.3	0.2	-5.2 
Net profit for the period	 	 	52.2	 	 	 	 	52.2
Total recognized income/expenses for the
period	0.0	0.0	52.2	0.0	-1.1	-4.3	0.2	47.0 
Purchase treasury shares, cost	-	-	-	-	-	-	-	0.0
Disposal treasury shares, cost	-	-	-	-	-	-	-	0.0
Dividends paid	-	-	-	-	-	-	-	0.0
Dividends paid on treasury shares	-	-	-	-	-	-	-	0.0
Exchange rate adjustment on dividends paid	-	-	-	-	-	-	-	0.0
Share-based compensation	-	-	1.4	-	-	-	-	1.4
Total changes in equity Q1 2008:	0.0	0.0	53.6	0.0	-1.1	-4.3	0.2	48.4
Equity at 31 March 2008	61.1	-18.1	1,007.2	64.5	6.2	4.4	4.3	1,129.6



 
Equity 1 January - 31 March 2007

Million
USD	Common	Treasury	Retained	Proposed	Revaluation	Hedging	Translation	Total 
	shares	shares	Profit	dividends	reserves	reserves	reserves	
 	 	 	 	 	 	 	 	 
Equity at 1 January 2007	61.1	-18.1	574.5	73.9	579.8	5.6	4.0	1,280.8
Changes in equity Q1 2007:								
Exchange rate adjustment arising on translation								
   of entities using a measurement currency different								
   From USD	-	-	-	-	-	-	0.0	0.0
Reversal of deferred gain/loss on hedge instruments at the 								
   beginning of year	-	-	-	-	-	-5.6	-	-5.6
Deferred gain/loss on hedge instruments at the end of the								
   period	-	-	-	-	-	11.7	-	11.7
Fair value adjustment on available for sale investments	-	-	-	-	71.4	-	-	71.4
Transfer to profit or loss on sale of available for sale								
   investments	-	-	-	-	-643.3	-	-	-643.3
Net gains/losses recognised directly in
equity	0.0	0.0	0.0	0.0	-571.9	6.1	0.0	-565.8 
Net profit for the period	 	 	674.4	 	 	 	 	674.4
Total recognized income/expenses for the
period	0.0	0.0	674.4	0.0	-571.9	6.1	0.0	108.6 
Purchase treasury shares, cost	-	-	-	-	-	-	-	0.0
Disposal treasury shares, cost	-	-	-	-	-	-	-	0.0
Dividends paid	-	-	-	-	-	-	-	0.0
Dividends paid on treasury shares	-	-	-	-	-	-	-	0.0
Exchange rate adjustment on dividends paid	-	-	-	-	-	-	-	0.0
Total changes in equity Q1 2007:	0.0	0.0	674.4	0.0	-571.9	6.1	0.0	108.6
Equity at 31 March 2007	61.1	-18.1	1,248.9	73.9	7.9	11.7	4.0	1,389.4

 
Cash flow statement 

Million USD	Q1 2008	Q1 2007	2007
Cash flow from operating activities			
Operating profit	65.1	45.6	205.0
Adjustments:	 	 	 
Reversal of profit from sale of vessels	0.0	0.0	0.0
Reversal of depreciation and impairment losses	30.7	14.8	89.1
Reversal of other non-cash movements	-1.1	6.1	6.6
Dividends received	0.2	0.2	1.3
Dividends received from joint controlled entities	1.3	0.0	2.6
Interest received and exchange rate gains	5.2	0.5	16.2
Interest paid	-23.9	-9.4	-73.2
Income taxes paid	-1.3	0.7	-9.5
Change in inventories, accounts receivables and payables	-12.5	-11.2	-44.1
Net cash inflow/(outflow) from operating activities	63.7	47.3	194.0
Cash flow from investing activities	 	 	 
Investment in tangible fixed assets	-102.9	-28.8	-252.2
Investment in equity interests and securities	-118.4	-0.5	0.0
Loans to jointly controlled entities	0.0	-16.3	-37.4
Acquisition of enterprises and activities	0.0	0.0	-810.2
Sale of equity interests and securities	0.0	0.0	736.9
Sale of non-current assets	0.1	0.1	0.2
Net cash inflow/(outflow) from investing activities	-221.2	-45.5	-362.7
Cash flow from financing activities	 	 	 
Borrowing, mortgage debt and other financial liabilities	137.6	25.5	1,807.9
Repayment/redemption, mortgage debt	-8.3	-5.2	-1,141.8
Dividends paid	0.0	0.0	-424.0
Purchase/disposals of treasury shares	0.0	0.0	0.0
Cash inflow/(outflow) from financing activities	129.3	20.3	242.1
Increase/(decrease) in cash and cash equivalents	-28.2	22.1	73.4
Cash and cash equivalents, beginning balance	105.0	31.6	31.6
Cash and cash equivalents, ending balance	76.8	53.7	105.0

 
Cash flow statement per quarter

Million USD	Q1 07	Q2 07	Q3 07	Q4 07	Q1 08
Cash flow from operating activities					
Operating profit	45.6	57.9	49.2	52.3	65.1
Adjustments:	 	 	 		
Reversal of profit from sale of vessels	0.0	0.0	0.0	0.0	0.0
Reversal of depreciation and impairment losses	14.8	15.1	32.3	26.9	30.7
Reversal of other non-cash movements	6.1	-6.2	4.5	2.2	-1.1
Dividends received	0.2	1.1	0.0	0.0	0.2
Dividends received from joint controlled entities	0.0	2.0	0.1	0.5	1.3
Interest received and exchange rate gains	0.5	9.3	4.2	2.2	5.2
Interest paid	-9.4	-14.1	-27.4	-22.3	-23.9
Income taxes paid	0.7	0.1	-0.2	-10.1	-1.3
Change in inventories, accounts receivables and
payables	-11.2	7.4	-42.5	2.2	-12.5 
Net cash inflow/(outflow) from operating activities	47.3	72.6	20.2	53.9	63.7
Cash flow from investing activities	 	 	 		
Investment in tangible fixed assets	-28.8	-115.2	-16.5	-91.7	-102.9
Investment in equity interests and securities	-0.5	0.3	0.2	0.0	-118.4
Loans to jointly controlled entities	-16.3	-909.1	892.1	-4.1	0.0
Acquisition of enterprises and activities	0.0	0.0	-808.6	-1.6	0.0
Sale of equity interests and securities	0.0	704.2	32.7	0.0	0.0
Sale of non-current assets	0.1	0.0	0.0	0.1	0.1
Net cash inflow/(outflow) from investing
activities	-45.5	-319.8	99.9	-97.3	-221.2 
Cash flow from financing activities	 	 	 		
Borrowing, mortgage debt and other financial
liabilities	25.5	795.4	873.8	113.2	137.6 
Repayment/redemption, mortgage debt	-5.2	-107.6	-977.7	-51.3	-8.3
Dividends paid	0.0	-72.7	-351.3	0.0	0.0
Purchase/disposals of treasury shares	0.0	0.0	0.0	0.0	0.0
Cash inflow/(outflow) from financing activities	20.3	615.1	-455.2	61.9	129.3
Increase/(decrease) in cash and cash equivalents	22.1	367.9	-335.1	18.5	-28.2
Cash and cash equivalents, beginning balance	31.6	53.7	421.6	86.5	105.0
Cash and cash equivalents, ending balance	53.7	421.6	86.5	105.0	76.8

News Source: NASDAQ OMX

09.05.2008  Financial News transmitted by DGAP
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