Q1 REAFFIRMS OUTLOOK FOR 2014
DFDS announces good Q1 results with the revenue increase of 5%
- Revenue growth of 5% driven by organic growth and acquisitions
- Easter timing & one-off income in 2013 decreased EBITDA by 9% to DKK 91m
- Pre-tax profit before special items improved by DKK 8m to DKK -110m
- Strong quarterly result for North Sea supported by recovery of UK economy
- Baltic Sea impacted by Russian ban on meat imports
- Reaffirmed outlook for EBITDA of DKK 1,250–1,400m for 2014
- Q1 revenue increased by 5% to DKK 2,848m (DKK 2,713m) and operating profit before depreciation (EBITDA) and special items decreased by 9% to DKK 91m (DKK 100m). Q1 is low season for DFDS, particularly for the passenger activities.
As Easter occurred in March last year, earnings from passenger activities in Q1 2014 were considerably lower than last year. Moreover, the result in Q1 2013 included a one-off income of DKK 10m related to the acquisition of LD Lines.
“The Q1 result was slightly ahead of our expectations, and that trend continued in April. We are gaining confidence in the economic recovery of Europe, and particularly the recovery of the UK economy. Our customer focus initiative is starting to come through in our top line as our Logistics Division achieved 9% organic growth in Q1. We remain firm on our full-year profit outlook supported by the ongoing recovery of Europe’s economies and our continued focus on efficiency and improvement projects,” says CEO Niels Smedegaard.
North Sea operations achieved strong profit growth underpinned by the continuing recovery of the UK economy. In the Baltic region market conditions were adversely impacted by a Russian ban on meat imports effective from the end of January 2014.
The Logistics Division achieved revenue growth of 14% in Q1 driven by major new contracts, organic growth and two acquisitions.
The profit outlook for 2014 is unchanged an EBITDA of DKK 1,250–1,400m before special items.
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