Copenhagen, August 22, 2013
Q2 revenue was DKK 3,051m (DKK 2,971m) and operating profit (EBITDA) before special items improved to DKK 307m (DKK 293m).
The improvement was mainly due to higher freight volumes in North Sea. Activity was also higher on the Channel, although price competition increased.
Operating profit for the other transport and logistics activities was overall in line with last year, while higher non-allocated Group costs, partly due to activities concerning acquisitions, reduced the result.
“We are pleased with the improved financial performance and the successful reversal of the trend in North Sea. We had aimed to achieve a larger improvement, but the current unsustainable competitive situation on the Channel reduced financial per-formance,” says CEO Niels Smedegaard.
The UK economy is now emerging from recession, and freight volumes are increasing in several of the markets linked to the North Sea. However, price pressure is still widespread, including passenger markets. In Russia, demand is slowing, which led to lower volumes on the Baltic route network.
“We continue our efforts to improve the top line, lower costs and reduce our working capital, and in recent months prospects for the economies of Northern Europe have brightened. All in all, we maintain our profit expectations for the full year,” says Niels Smedegaard
Profit expectations, which were raised in March, continue to be an operating profit (EBITDA) for 2013 of DKK 1,100–1,300m before special items. Seasonal fluctuations, particularly for passenger activities, determine that earnings in Q3 make up a large part of the full year result.
Niels Smedegaard, CEO +45 3342 3400
Torben Carlsen, CFO +45 33 42 32 01
Søren Brøndholt Nielsen, IR +45 33 42 33 59