Quarterly Reports 2008

Important events, Q1–3:

Revenue rose by 3% to DKK 6.4 billion.
Operating profit before depreciation (EBITDA) was reduced by 23% to DKK 828 million
Pre-tax profit was reduced by 41% to DKK 262 million
Improvement plan for Passenger Shipping incurred year-to-date restructuring costs of DKK 30 million
Costs for bunker and haulage rose in Q3, but falling oil prices reduces future cost levels
Lower volumes on the freight market spread during Q3 and a new round of capacity adjustments to market conditions has been instigated
Due to the current negative economic trend the pre-tax profit expectation for 2008 is changed to a level of DKK 250-300 million. At the half-year a pre-tax profit of DKK 325-375 million was ex-pected a pre-tax profit of DKK 325-375 million was expected

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