Copenhagen , November 20, 2013
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 distribution 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. 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