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Article Excerpt
OPERATOR: Good afternoon, ladies and gentlemen, and welcome to the TORM Quarter 3 Results Conference Call. (Operator Instructions).
I would now like to hand over to the Chairperson, Mr. Mikael Skov, CEO. Please begin your meeting and I will be standing by.
MIKAEL SKOV, CEO, DAMPSKIBSSELSKABET TORM: Thank you very much, welcome to our conference call regarding TORM's report for Q3 2008. I'm Mikael Skov, the CEO of TORM. With me here today are our CFO, Roland Andersen and Thomas Andersen, Investor Relations.
In today's presentation, we will start by providing you with an overview of the first three quarters of 2008. And as usual, we will open up for questions at the end of this very short presentation.
Page two. First let me give you a quick overview of what has happened so far in 2008. The year-to-date profit before tax was $290 million which is in line with our latest guidance of $355 million to $370 million. The product tanker market is growing extremely well, and the result before tax of Q3 was USD$91 million. The Company proposes an extraordinary dividend of DKK4.5 per share.
Page three. TORM has a good and strong relation with the banks and a solid balance sheet. Our new building program of 22 vessels is fully funded. Today, TORM has cash and committed unused credit facilities of more than USD$700 million. More than 50% of our current debt is due in 2013 or thereafter. At the end of Q3, the equity was USD$1.269 billion which exceeds our market cap with approximately USD$300 million.
Page four. We have taken a number of risk precautions both internally and vis-a-vis customers, suppliers and financial counterparties, in order to limit the affects if the financial crisis continues.
Page five. With that very short presentation of our Q3 reports, we will as we always do, open up for questions. And if you have any questions, please let us know. Thank you.
OPERATOR: Thank you, ladies and gentlemen. (Operator Instructors). Our first question comes from the line of Jacob Pedersen. Please go ahead with your question, announcing your company name and location.
JACOB PEDERSEN, ANALYST, SYDBANK: Yes, hello, everyone, it's Jacob Pedersen from Sydbank and congratulations for the fine third quarter results. I'd like you to talk some more of the prospects in the product tanker market, the drivers for rates looking forward, both demand side but also order book and the possibility of cancellations.
MIKAEL SKOV: Okay, thank you very much for that. To start commenting on at least on where the market is today, we are seeing a product...
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