Copenhagen, August 18, 2011
All business areas achieved improved financial performance in the second quarter, despite high oil prices and more subdued growth in our markets. The improvement was underpinned by synergies, improvement projects and, not least, a strong effort of the 5,000 DFDS employees. "We are particularly pleased with the continued turnaround of the transport and logistics activities", says CEO Niels Smedegaard.
The total pre-tax profit forecast for the DFDS Group for 2011 is upgraded to around DKK 700m from DKK 595m. This is due to a combination of improved operations, lower interest charges and higher income from special items. "Even though growth in our markets is slowing down, this is balanced by the faster, more effective transformation of DFDS following the acquisition of Norfolkline. Our capital structure has likewise been strengthened more rapidly than expected," adds Niels Smedegaard.
Q2 financial performance:
Revenues increased by 57% to DKK 3,071m, driven mainly by the acquisition of Norfolkline but also by growth in Baltic Sea and North Sea Freight activities accounted for 80% of Group revenue Operating profit before depreciation (EBITDA) and special items increased by 32% to DKK 458m, an improvement of DKK 112m Improvement driven by both divisions and synergies and improvement projects Special items include profits of DKK 85m as well as integration and project costs of DKK 19m Pre-tax profit increased by DKK 160 m to DKK 301 m Profit forecast 2011 (full year):
Pre-tax profit before special items upgraded to around DKK 625m from DKK 550m Pre-tax profit upgraded to around DKK 700m from DKK 595m