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DFDS maintains strong position despite headwind

28 February, 2013 Copenhagen
DFDS' low annual results were affected by the recession in several of the key European markets
  • In 2012, DFDS achieved an operating profit (EBITDA) of DKK 1.1bn (-27%)
  • Pre-tax profit for the year was DKK 276m (-58%)
  • Results were affected by recession in key markets and overcapacity
  • Cash flow from operations amounted to DKK 0.9bn
  • High solvency ratio of 57% (55%)
    In 2013, operating profit (EBITDA) is expected to be DKK 1.05-1.25bn


Operating profit (EBITDA) before special items amounted to DKK 1,092m, 27% lower than in 2011, which was a record year for DFDS. Profit before tax and special items amounted to DKK 276m, compared with DKK 651m in 2011. Revenue increased by 1% to DKK 11.7bn.

Following DFDS’ continued solid capital structure, it is proposed that the dividend for the year be maintained at DKK 14.00 per share, equivalent to a payment of DKK 203m.

“We’re not satisfied with this year’s result, which was affected by the recession in several of our key European markets. The start-up of a new route in the Channel and a new competitor in the freight market between Sweden and the UK also reduced earnings. A ray of light is the Baltic region and Russia, where there is still growth,” says DFDS’ CEO Niels Smedegaard.

“Our strong cash flow of DKK 0.9bn shows that DFDS is a robust business, even in a headwind. We therefore maintain the dividend at the 2011 level. From a strategic perspective, we are in a strong position and we aim to grow further through acquisitions during 2013 to strengthen and expand our European network. At the same time, we are maintaining focus on streamlining and improving our operation through projects which encompass the entire business,” says Niels Smedegaard.

Outlook for 2013
“We expect the result for 2013 to be on a par with or slightly better than 2012. Overall, we expect little or no volume growth, and the result will continue to be weighed down by overcapacity in a number of markets,” says Niels Smedegaard.

Turnover is expected to rise by 5% due to the full-year effect of the expansion of the network in 2012. Operating result (EBITDA) before special items is expected to be DKK 1,050-1,250m. Depreciation and net financing costs are expected to be on a par with 2012.

 

DFDS key figures


DKK m
2012 2011 Change
%
Change Q4 2012 Q4 2011 Change
%
Change
Revenue 11,700 11,625 1 75 2,886 2,746 5 140
EBITDA before special items 1,092 1,495 -27 -403 187 305 -39 -118
Profit before tax and special items 276 651 -58 -375 -19 109 n.a. -128
Special items -124 91 n.a. -215 -27 -7 n.a. -20
Profit before tax 152 742 -80 -590 -46 102 n.a. -148

 

DFDS’ annual report for 2012 has been published and made available at www.dfdsgroup.com.

 
Contact persons:


Niels Smedegaard, CEO 
+45 33 42 34 00

Torben Carlsen, CFO 
+45 33 42 32 01

Søren Brøndholt Nielsen, IR
+45 33 42 33 59


UK_OMX_NO_05_28.02.2013_Annual Report.pdf 
UK_DFDS_Annual Report_2012.pdf 

Press Contact

Vice President, Communications
Gert Jakobsen

Tel: + 45 33 42 32 97
Mob: + 45 24 40 00 43

E-mail: gert.jakobsen@dfds.com

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