Company Announcement 4/2023

August 23, 2023

NORDIC SHIPHOLDING A/S

Company Announcement: 04/2023

Published via NASDAQ OMX on August 23, 2023

H1 Result 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.

For further information please contact:

Miss Louise Celia Korpela, the Liquidator of Nordic Shipholding A/S:

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