NORDIC SHIPHOLDING
NORDIC SHIPHOLDING A/Sin
liquidation
ANNUAL REPORT 2022
CVR-no.:76351716
Address of Nordic Shipholding A/Sin liquidation
c/o Gorrissen Federspiel, Axel Towers, Axeltorv 2, DK-1609 Copenhagen, Denmark
Website: www.nordicshipholding.com
Registered office: Copenhagen, Denmark
Date of adoption of Annual Report 2022 by the General Assembly: 19 April 2023
Name of conductor | Signature of conductor |
Contents
Management's Review | |
2022 in brief | 1 |
Group Key Figures 2018-2022 | 2 |
Outlook for 2023 | 3 |
Financial Review 2022 | 4 |
Statutory Corporate Governance Statement | 7 |
Internal Control | 8 |
Corporate Social Responsibility (CSR) and Data Ethics | 9 |
Shareholders Information | 10 |
Management | 12 |
Liquidator's Statement | 13 |
Independent Auditor's Report | 14 |
Financial Statements | 18 |
List of Notes | 23 |
Definitions and calculation formulas | 38 |
2022 in brief
- The decision has been taken to solvently liquidate the Company and the Group in December 2022 subsequent to disposal of the remaining vessels, Nordic Anne, Nordic Agnetha and Nordic Amy, to their new owners in February 2022, March 2022 and April 2022, respectively. The Group's and the Company's results are affected by the disposal of the remaining activities and the ongoing liquidation.
- Please refer to Interim Report H1 2022 announced on 24 August 2022 for the discussion on the prior activities of the Company. In H2 2022, the financial result was affected by administration costs and adjustments related to the prior activities of the Group.
- 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 called for an Extraordinary General Meeting ('EGM') on 23 December 2022 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 consequence of the resolution passed during the EGM on 23 December 2022 to liquidate
the Company by voluntary solvent liquidation, the Board of Directors and the Executive Board resigned, the Company's name was changed to "Nordic Shipholding A/S in liquidation", and the Company's signature rule was changed to "The Company shall be bound by the signature of the liquidator". In addition, Miss Louise Celia Korpela, Gorrissen Federspiel Advokatpartnerselskab, was appointed as liquidator. For the purpose of this report, references to 'Nordic Shipholding A/S' also refer to 'Nordic Shipholding A/S in liquidation'.
- So far, the liquidation is proceeding as planned.
1
Group Key Figures 2018-2022
Amounts in USD thousand | 2022 | 2021 | 2020 | 2019 | 2018 |
Income statement | |||||
Revenue | 5,855 | 21,519 | 42,319 | 36,119 | 32,787 |
Time charter equivalent revenue (TCE revenue) | 2,908 | 10,380 | 27,766 | 22,498 | 19,173 |
EBITDA | (82) | 42 | 13,942 | 6,840 | 2,036 |
Operating result (EBIT) | 154 | (3,899) | (12,551) | 1,312 | (17,801) |
Net financials | 2,643 | (1,864) | (3,900) | (5,208) | (5,971) |
Result after tax | 2,797 | (5,763) | (16,451) | (3,906) | (23,772) |
Comprehensive income | 2,797 | (5,763) | (16,451) | (3,906) | (23,772) |
Balance sheet and cashflow data | |||||
Invested capital | 128 | 3,114 | 56,714 | 85,702 | 89,605 |
Net working capital (NWC) | 128 | 3,114 | 3,623 | 6,191 | 5,509 |
Equity | (11,515) | (14,312) | (8,549) | 7,902 | 11,808 |
Balance sheet total | 4,912 | 44,011 | 66,510 | 98,053 | 103,887 |
Investments in plant and equipment | - | - | 73 | 6,220 | 974 |
Net interest bearing debt | - | 39,926 | 53,652 | 67,363 | 68,505 |
Cash flow from operating activities | 3,027 | (711) | 14,766 | 3,204 | (2,738) |
Cash flow for the year | 1,949 | (2,848) | (139) | (3,071) | 5,288 |
Financial Ratios | |||||
EBITDA margin (%) | -1.4% | 0.2% | 32.9% | 18.9% | 6.2% |
Net result margin (%) | 47.8% | -26.8% | -38.9% | -10.8% | -72.5% |
Equity ratio (%) | -234.4% | -32.5% | -12.9% | 8.1% | 11.4% |
Net working capital/revenue | 27.7% | 15.7% | 11.6% | 16.2% | 15.5% |
Key figures per share | |||||
Earnings/(loss) per share USD | 0.01 | (0.01) | (0.04) | (0.01) | (0.06) |
Market price per share DKK, year end | 0.06 | 0.09 | 0.34 | 0.54 | 0.37 |
Market price per share USD, year end | 0.01 | 0.01 | 0.06 | 0.08 | 0.06 |
Exchange rate USD/DKK, year end | 6.95 | 6.54 | 6.09 | 6.66 | 6.51 |
Average number of full time employees | 1 | 1 | 1 | 1 | 1 |
Number of shares, year end | 406,158,403 | 406,158,403 | 406,158,403 | 406,158,403 | 406,158,403 |
2
Outlook for 2023
With the decision to liquidate the Company and the Group in December 2022, the Liquidator will liquidate the Company and its subsidiaries, which 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 until all expenses and creditors are covered. No distribution of funds to the shareholders is anticipated upon completion of the liquidation.
3
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Nordic Shipholding A/S published this content on 22 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2023 13:22:02 UTC.