Copenhagen, May 13, 2011
"In the first quarter, we have seen a mixed picture on the freight market, with strong growth in the Baltic region and lower growth on the North Sea. Results in the transport and logistics area have greatly improved, and the positive developments in passenger activities have continued. Overall, the first quarter has got us off to a good start for the rest of the year," says CEO Niels Smedegaard.
The integration of Norfolkline and the derived synergies are ahead of plan. "To further improve our competitive edge, we are simultaneously implementing two major improvement projects: Headlight, to boost our earnings in the Logistics Division, and Light Crossing, to streamline operations on the English Channel," adds Niels Smedegaard.
Revenue increased by 67% to DKK 2,698m mainly driven by the acquisition of Norfolkline and organic growth on the Baltic Sea and North Sea Operating profit before depreciation (EBITDA) and special items increased by 76% to DKK 183m Higher bunker costs mainly impact the business areas Passenger and Channel negatively. Bunker surcharges and savings on consumption balances the impact in the other business areas Special items include a profit of DKK 83m from the sale of DFDS Canal Tours and integration costs of DKK 49m Pre-tax profit improved by DKK 69m to DKK 7m Profit expectations 2011:
The profit expectation for the full-year 2011 is unchanged a pre-tax profit of DKK 550m, including special items concerning integration costs and profit from the sale of DFDS Canal Tours Investments are reduced by DKK 300m compared to previous expectations due to asset sales
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