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Progress continued in Q3

20 November, 2013 Copenhagen
DFDS increases financial performance in Q3 and maintains it through the efficiency and improvement projects
  • Q3 operating profit before depreciations (EBITDA) improved by 5% to DKK 530m
  • Pre-tax profit improved by 13% to DKK 307m
  • Continued progress on the North Sea
  • Ruling concerning competitive situation on Channel pending
  • Unchanged profit expectation of an EBITDA of DKK 1,100–1,300m for 2013
  • New policy for capital structure and distribution to shareholders

Q3 revenue was DKK 3,339m (DKK 3,170m) and EBITDA before special items rose to DKK 530m (DKK 503m).
The improved financial performance was driven by higher volumes in the North Sea and higher earnings on the Amsterdam–Newcastle passenger route. The result for the other shipping activities was lower, primarily due to declining demand in the Russian freight market and the continuing unsustainable level of competition on the Channel
The result for the transport and logistics activities was in total on a level with last year.

“We are pleased with the improved financial performance in the light of the continued weak growth in most northern European markets and generally strong price competition. We, therefore, maintain focus on the efficiency and improvement projects that are contributing to the improved performance. The profit expectation for the full year is unchanged, and a lower level of investment will improve the cash flow,” says CEO Niels Smedegaard.

The Board of Directors has adopted a new policy for the capital structure and distri-bution to shareholders. The policy maintains a return of DKK 14 per share, and sets clear targets for the capital structure. The policy is elaborated in a separate company announcement.

 

DFDS Key figures

Q1 2013

Q1 2012

Change, %

Change

DKK m
Revenue

3,339

3,170

5

169

EBITDA before special items

530

503

5

27

EBIT before special items

352

340

3

12

Profit before tax and special items

323

302

7

21

Special items, net

-16

-30

47

14

Profit before tax

307

272

13

35




The profit expectation, which was raised in March, is still an EBITDA for 2013 of DKK 1,100–1,300m before special items. Investments for the year are expected to be DKK 150m lower due to delayed delivery of a newbuilding.


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



Attachments:
UK anm q3 2013.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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