Announcement No. 2, 2014

Feb 25 2014

Financial report for 2013

Year of transitions
“2013 was yet a difficult year for J. Lauritzen (JL) and the result is certainly unsatisfactory by any measure. But the efforts made and changes implemented during the year are significant and will, when they take effect, mean a new JL, very different from the JL of the past and stronger positioned for the future,” says Jan Kastrup-Nielsen, President and CEO.

JL’s result was USD (284.6)m compared to USD (349.7)m in 2012. The result had been anticipated since mid-2013 and as such, has been analyzed, understood and worked with over the past six months. The result was significantly impacted by one-off items with a net effect of USD (185.0)m (2012: USD (254.4)m) partly caused by Lauritzen Bulkers again being hit by a sizeable counterparty default in the capesize bulk carrier segment. Adjusted for one-off items, JL’s result was USD (99.6)m compared to USD (95.4)m in 2012.

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