The following is excerpted from the question-and-answer section of the transcript.
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Question: Olrich back - - Analyst
: Yes, good afternoon, Jan and Martin. It's just a few questions from my side here. Can you perhaps explain the earnings that in assets and logistics
in Q4 compared to Q3? Because when I look at the coverage profile that you provide the quarter each quarter, it doesn't look very different. The
Q2 coverage profile that you provided in connection with Q2 and Q31. So I would have thought earnings and assets and logistics should have been
similar but, but I see quite a significant step down here. So what am I missing.
Question: Olrich back - - Analyst
: Yeah, but even adjusting for that, I see, your EBITA is down by some 20 million, right?
Yes, that's.
Question: Olrich back - - Analyst
: All right, but, but then actually along the same lines because when I then compare the forward-looking coverage profile for 25 and compared to
what you had for Q4, again, it looks quite similar. So you delivered, was it a bit around excluding the asset sales gains of around 20 million?
So annually that would make it 80 million for 2025 and obviously you haven't fully covered your your position. So do you expect a deterioration
of the product tanker coverage in assets and logistics? So these 20 million annualized to 80 won't materialize or is the 80 million accurate?
Question: Olrich back - - Analyst
: It's just when I look the difference between your coverage rate and capacity rate and multiply that with the capacity you have for 25 and and then
divided by four to credit per quarter and compare it to the similar capacity coverage table that you provided in connection with Q3 which for for
2024. And then I make the same calculation for Q4.
When I do that calculation, I get a very similar figure per quarter. So would it be fair to assume that per quarter in 25 as it and logistics should provide
should generate similar earnings as we see for Q4 excluding the asset sales game, of course.
Question: Olrich back - - Analyst
: Q4, the 25 the 25 outlook on the basis of the Q4 as in assets and logistics?
So is the Q4 for assets and logistics on the line earnings? Is that a fair estimate for what you're going to deliver in 25? Basically?
Yeah.
Question: Olrich back - - Analyst
: Okay. Understood. And then final question your face service and trading, it seems to have been recovering a bit in Q4 compared to earlier quarters.
So when do you have a time line to when it will break even again?
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FEBRUARY 06, 2025 / 2:00PM, DNORD.CO - Q4 2024 Dampskibsselskabet Norden A/S Analyst and Investor
Question: Olrich back - - Analyst
: Okay. Understood. Thank you for the question.
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