DHT Holdings, Inc. Reports First Quarter 2011 Results And Declares Quarterly Dividend Of $0.10 Per Share

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

Reconciliation of non-IFRS financial measures ($ in thousands except shares and per share amounts)
		1Q 2011			1Q 2010
		Jan. 1 - Mar.			Jan. 1 - Mar.
		31, 2011			31, 2010
		Unaudited			Unaudited
Net Income		4,014			(2,209	)
Amortization of unrealized loss of interest rate swaps		466			6,060
Fair value (gain)/loss on derivative financial instrument		(716	)		(5,073	)
Net Income adjusted for non-cash financial items		3,764			(1,222	)
Weighted average number of shares (diluted)		57,599,218			48,688,005
Net Income adjusted for non-cash financial items per share		0.07			(0.03	)
Net income		4,014			(2,209	)
Amortization of unrealized loss of interest rate swaps		466			6,060
Fair value (gain)/loss on derivative financial instruments		(716	)		(5,073	)
Depreciation and amortization		6,753			7,008
Free cash flow from operations after contractual debt service		10,517			5,786
Free cash flow from operations after contractual debt service per share		0.18			0.12

DHT HOLDINGS, INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2011

FINANCIAL INFORMATION

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ($ in thousands except per share amounts)
ASSETS		Note			March 31, 2011			December 31, 2010
					Unaudited			Audited
Current assets
Cash and cash equivalents				$	102,184			58,569
Accrued charter hire					404			464
Prepaid expenses					3,602			2,713
Total current assets					106,190			61,746
Vessels		5			461,100			412,744
Other assets					384			21
Other long term receivables					836			844
Deposit for vessel acquisition		5			6,700			5,500
Total assets					575,211			480,855
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses					5,329			4,449
Derative financial instruments					3,086			3,065
Prepaid charter hire					7,833			8,088
Total current liabilities					16,248			15,602
Non-current liabilities
Long term debt		4			292,365			265,231
Derative financial instruments		4			2,486			3,224
Other long term liabilities					420			457
Total non-current liabilities					295,271			268,912
Total liabilities					311,519			284,514
Stockholders' equity
Common stock		6,7			641			487
Paid-in additional capital		6,7			308,144			240,537
Retained earnings/(deficit)					(43,065	)		(42,188	)
Other components of equity					(2,029	)		(2,495	)
Total stockholders equity					263,691			196,341
Total liabilities and stockholders' equity					575,211			480,855

CONDENSED CONSOLIDATED STATEMENT OF INCOME STATEMENT ($ in thousands)
					1Q 2011				1Q 2010
		Note			Jan. 1 - Mar. 31, 2011				Jan. 1 - Mar. 31, 2010
					Unaudited				Unaudited
Gross revenues				$	22,269			$	22,417
Operating expenses
Voyage expenses					(1,299	)			-
Vessel expenses					(6,434	)			(7,180	)
Depreciation and amortization		5			(6,753	)			(7,008	)
General and administrative					(2,437	)			(1,827	)
Total operating expenses					(16,923	)			(16,015	)
Operating income					5,346				6,402
Interest income					43				19
Interest expense					(1,600	)			(3,933	)
Fair value gain/(loss) on derative financial instruments		4			250				(4,697	)
Profit/(loss) before tax					4,038				(2,209	)
Income tax expense					(23	)			-
Net income/(loss) after tax				$	4,014			$	(2,209	)
Attributable to the owners of parent				$	4,014			$	(2,209	)
Basic net income per share					0.07				(0.05	)
Diluted net income per share					0.07				(0.05	)
Weighted average number of shares (basic)					57,544,595				48,688,005
Weighted average number of shares (diluted)					57,599,218				48,688,005
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit for the period				$	4,014			$	(2,209	)
Other comprehensive income:
Reclassification adjustment from previous cash flow hedges					466				6,060
Total comprehensive income for the period				$	4,480			$	3,851
Attributable to the owners of parent				$	4,480			$	3,851

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW ($ in thousands)
					1Q 2011			1Q 2010
		Note			Jan. 1 - Mar. 31, 2011			Jan. 1 - Mar. 31, 2010
					Unaudited			Unaudited
Cash Flows from Operating Activities:
Net income				$	4,014			(2,209	)
Items included in net income not affecting cash flows:
Depreciation and amortization					6,800			7,056
Amortization related to interest and swap expense					(250	)		987
Deferred compensation related to options and restricted stock					221			244
Changes in operating assets and liabilities:
Accrued charterhire, prepaid expenses and long term receivables					(821	)		(281	)
Accounts payable, accrued expenses, prepaid charter hire and long term liabilities					588			(975	)
Net cash provided by operating activities					10,553			4,822
Cash Flows from Investing Activities:
Decrease/(increase) in vessel acquisitions deposits					(1,200	)		-
Investment in vessels					(55,102	)		-
Investment in fixtures and fittings					(371	)		-
Net cash used in investing activities					(56,673	)		-
Cash flows from Financing Activities
Issuance of common stock		6,7			67,540			-
Cash dividends paid		7			(4,892	)		(97	)
Issuance of long term debt, net of acquisition costs					27,088			-
Repayment of long-term debt					-			(28,000	)
Net cash provided by/(used) in financing activities					89,736			(28,097	)
Net increase/(decrease) in cash and cash equivalents					43,615			(23,275	)
Cash and cash equivalents at beginning of period					58,569			72,664
Cash and cash equivalents at end of period					102,184			49,389
Specification of items included in operating activities:
Interest paid					1,481			4,275
Interest received					43			27

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY ($ in thousands except shares) Unaudited
		Common Stock						Paid-in			Retained				Cash Flow				Total
		Shares			Amount			Additional Capital			Earnings				Hedges				equity
Balance at January 1, 2010		48,675,897		$	487		$	239,624		$	(33,824	)		$	(14,363	)		$	191,924
Total comprehensive income											(2,209	)			6,060				3,851
Cash dividends declared and paid											(97	)							(97	)
Issue of common stock																			-
Compensation related to options and restricted stock		26,284						244											244
Balance at March 31, 2010		48,702,181			487			239,868			(36,130	)			(8,303	)			195,922
Balance at January 1, 2011		48,921,961		$	487		$	240,537		$	(42,188	)		$	(2,495	)		$	196,341
Total comprehensive income											4,014				466				4,480
Cash dividends declared and paid											(4,892	)							(4,892	)
Issue of common stock		15,425,300			154			67,387											67,541
Compensation related to options and restricted stock								221											221
Balance at March 31, 2011		64,347,261			641			308,145			(43,066	)			(2,029	)			263,691

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2011

Note 1 – General information

DHT Holdings, Inc. (“DHT” or the “Company”) is a limited company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange. The Company’s principal executive office is located at 26 New Street, St Helier, Jersey, Channel Islands.

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