3rd Quarter Report 2002 (SEA)

Highlights:

• Profit before minority interests for the first nine months of the year amounted to DKK 189 million.
  
• DFDS enters into the Danish tonnage tax regime with effect from 1 January 2002, and DKK 326 million of deferred tax is reversed.
• Settlement made with DSV had a negative impact of DKK 117 million.
  
• New three-year freight agreement entered into with DFDS Transport Group (DSV).
  
• DKK 150 million write-down on older freight ships.
  
• Adjusted operating profit (EBITA)* for the first nine months increased by 35% to DKK 248 million compared to the same period last year.
  
• New ro-pax concept implemented on the Esbjerg-Harwich route.
  
• DFDS Seaways’ new route to Poland, which opened on 2 October 2002, attracted a satisfactory number of passengers.
  
• DFDS continues to expect, excluding the write-down, a profit before tax and extraordinary items of DKK 130 million for the full year 2002.
  
• DFDS expects a profit after tax and extraordinary items but before minority interests in the region of DKK 175 million for the full year 2002.

* After adjustment for the write-down and profit on sale of ships, buildings, and terminals.

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