In the interim report of 2002 the shipping activities (Aktieselskabet Dampskibsselskabet Svendborg and Dampskibsselskabet af 1912, Aktieselskab and the jointly owned Tank- og Ruteskibe I/S combined – exclusive shares in the associated companies) were expected to reach a negative result of up to DKK 1 billion before special items and tax. The result of the shipping activities is now estimated to be positive around DKK 500 million.


The combined result for Aktieselskabet Dampskibsselskabet Svendborg and Dampskibsselskabet af 1912, Aktieselskab including shares in the associated companies was in the interim report estimated to DKK 9 billion after tax and before adjustments for exchange rates and securities. Due to mainly the above-mentioned development of the shipping activities around DKK 10.5 billion is now estimated, which corresponds to the 2001 level.


After adjustments for exchange rates and securities, which are estimated to a net income of DKK 1.5 billion, a net result after tax around DKK 12 billion is expected (2001: DKK 8.8 billion).


The above estimates are based on preliminary figures.


Enquiries can be directed to Mr. Jess Søderberg, Chief Executive, tel. +45 3363 3611.



Copenhagen, 24 February 2003