DFDS announces record results for 2011

The annual result for DFDS of DKK 742m before tax was the highest so far. Revenue increased by 18% to DKK 11,6bn and combined with synergies and more efficient operations improved profits considerably for both of the Group's divisions. Several activities, that did not underpin the strategy, were divested in 2011.

DFDS has become a more focused and financially strong company with an ability to finance future growth, also after a proposed dividend of DKK 14.00 per share, an increase of 75% from DKK 8.00 last year. In 2011 we succeeded in achieving our two most important strategic objectives: The planned synergies from the integration of Norfolkline were reached, and then some, and the profit from logistics activities was improved significantly by more than 100 million kroner. We are very proud and satisfied with the record result, that has been achieved in a demanding year for the transport sector, says DFDS CEO Niels Smedegaard. It looks as if market conditions are set to become more challenging in 2012. We therefore foresee limited organic growth, but envisage opportunities to grow by acquisitions. We are ready for new growth, also financially, says Niels Smedegaard.

Expectations 2012

Profits for most of DFDS activities are expected to be unchanged or improved in 2012. The Logistics Division is overall expected to achieve improved profits in 2012. The Shipping Division expects unchanged profits in three of four business areas in spite of an increasing oil price. The business area North Sea will be negatively impacted by increased competition. A number of measures are being implemented to counter the increased competition as well as difficult market conditions in general, including a higher cost of bunker. On this background revenue is expected to be on a level with 2011 and an operating profit (EBITDA) before special items of DKK 1,300-1,350m (DKK 1,495m) is expected. Pre-tax profit before special items of DKK 450-500m (DKK 651m) is expected.

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