NORDEN wins annual report award for the fifth time

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Oct 2011

The prize - C20 Regnskabsprisen - was presented for NORDEN's Annual Report 2010, which according to the jury is the best annual report from the OMXC20 listed companies to describe

a company's value creation, long term goals and operational and financial risks. The award is instituted by PwC in Copenhagen, but the winners are found by an independent and broadly composed jury headed by professor Thomas Plenborg from Copenhagen Business School.
It is the first time C20 Regnskabsprisen is presented. It is the fifth time NORDEN is awarded for its annual reports. It also happened in 2002, 2007 and 2010 (two prizes), when the Danish business newspaper Børsen and the Institute of State Authorised Public Accountants in Denmark (FSR) awarded annual reports.
The jury's reasons for awarding NORDEN's Annual Report 2010 include the following:
"By reading the annual report from NORDEN a reader of annual reports without previous knowledge about the shipping industry in general and NORDEN in specific is dressed to understand a company's value creation, long term goals and the risks taken by the company. This is done really well. (…) To be highlighted in particular is a detailed analysis of covered ship days and the rates in the contracts compared to the market rates. Clear longterm financial goals are set, as well as it is clearly described how to reach these goals. (…) The investor gets a clear impression of the company in which he has or might want to invest in.
The award was presented to Michael Tønnes Jørgensen, CFO of NORDEN, who received it on behalf of NORDEN and had the following reaction:
"The annual report is our informative labelling, in which we present what we consider most important to evaluate NORDEN. It is operation, organisation, markets and results in the past year. It is also our detailed plans and assumptions with respect to market developments in the year to come. Furthermore, it is the strategy and the longterm financial and commercial goals.
Source: DS Norden